Unless otherwise stated, all premium and revenue growth figures in this media release are on a like-for-like1 basis.
Industry-leading returns: Core earnings per share2 increased 11.5% to USD 24.2; core return on equity2 of 27.1%; net income attributable to shareholders at USD 3.5 billion.
Strong margins in preferred growth areas generated an all-time high business operating profit (BOP) of USD 4.8 billion, up 13%.
Accelerated premium growth: Global Specialty up 8%, with Construction growing 18%, driven by global data center and energy infrastructure demand; Middle Market up 7%; Life protection up 10%, ahead of targets.
Property & Casualty (P&C): Gross written premiums (GWP) rose 7% to USD 29.9 billion; BOP up 16% to USD 2.8 billion, at an attractive combined ratio of 92.7%.
Life: GWP3 at USD 19.5 billion, with Protection premiums growing double digit across key regions and margins expanding significantly. As a result, BOP rose 23% to USD 1.3 billion for the first time and is expected to grow by at least 10% in 2026.
Farmers: Farmers Exchanges4 are outpacing peers in a competitive U.S. market with policy count up 215k and accelerating growth across distribution channels. GWP up 4% to USD 15.6 billion, combined ratio at 82.4%. Farmers BOP rose 2% to USD 1.2 billion.
Very strong capital position: Swiss Solvency Test (SST) ratio stood at 266%5.
Zurich Insurance Group (Zurich) delivered strong and accelerating growth across all businesses, with momentum in preferred areas such as Specialty, Middle Market, Life and Farmers, where demand is being driven by technology advancements, construction, evolving protection needs and shifting market dynamics. Growth is underpinned by high margins, reflecting Zurich's ability to select within its portfolios the areas with the greatest opportunities. The combination of accelerating volume growth and attractive margins generated industry-leading returns. Zurich's diversified business mix and disciplined portfolio management enable the Group to deliver consistently over time, regardless of specific market conditions.
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Our growth is accelerating in business segments where we see the strongest demand and attractive margins, such as Specialty, Middle Market, SMEs and Life. Our ability to select growth opportunities within our portfolios ensures we can sustain this performance over time. At the midpoint of our current cycle, we are ahead of all our targets.
Mario Greco, Group Chief Executive Officer
Select financial highlights (unaudited)
in USD billions, for the 6 months ended June 30, 2026, unless otherwise stated
(For a more comprehensive set of financial highlights see full media release in PDF)
BOP
4.8 2025: 4.2 Change 13%
NIAS
3.5 2025: 3.1 Change 14%
Core ROE2
27.1% 2025: 26.3% Change: 0.8pts
Core EPS (in USD)2
24.2 2025: 21.7 Change: 11.5%
P&C: Capturing growth opportunities while maintaining underwriting discipline
P&C BOP grew 16% to USD 2.8 billion and GWP rose 7% to USD 29.9 billion, approaching USD 30 billion for the first time, with a combined ratio of 92.7%. Overall P&C rates are up 1%, with retail rates up 4%, partly offset by a 1% decline in commercial rates.
Commercial Insurance BOP was up 12% to USD 2.0 billion and GWP rose 6% to USD 18.3 billion, with an attractive combined ratio of 91.2%. Growth was particularly strong in preferred areas such as Global Specialty and Middle Market, where Zurich has built leading positions and capabilities.
Global Specialty premiums increased 8% to USD 5.5 billion, mainly driven by Construction as growing AI demand continues to boost the need for data center infrastructure not just in the U.S. but also across the globe. Leveraging Zurich's proven expertise, Construction delivered particularly strong growth of 18% globally at attractive margins. The Group further strengthened its position through the expansion of 'Data Center Project Guard,' a dedicated insurance and risk management solution for large-scale data center projects, into Europe and Latin America. Zurich entered into a new data center construction quota share reinsurance arrangement, providing up to USD 1 billion of risk capacity to support the growth of its global data center portfolio.
U.S. Commercial premiums increased 5%, led by Crop and Captive business, partly offset by lower volumes in Large Property and U.S. Programs, reflecting disciplined underwriting. International Commercial6 GWP increased 7%, with growth led by Canada, Australia and Germany, while maintaining attractive margins.
The Middle Market customer segment grew 7% to USD 4.4 billion, with contributions from all regions. In the U.S., GWP rose 9% excluding U.S. Programs, or 2% overall, driven by growth in target industries such as manufacturing, financial institutions and technology. In Germany and Italy, premiums increased by double digits, with strong growth across the rest of continental Europe as the Group further expanded its proven model across the continent.
Retail BOP grew 14% to USD 825 million and GWP rose 8% to USD 11.5 billion, supported by average rate increases of 4%. Growth was driven by enhanced customer loyalty, strong performance in Motor and SME segments and continuous investing in pricing capabilities and portfolio optimization, leading to improved profitability as reflected in the combined ratio of 94.0%. Key regions contributed to growth, with Latin America up 20%, EMEA up 7% and Asia Pacific up 9%.
Life: Meeting changing protection and retirement needs
Life delivered record half-year earnings as Protection growth accelerates and margins expand. Protection premiums were up 10% to USD 5.9 billion, with strong growth in EMEA, Latin America and Asia Pacific. Retail continued to deliver robust results, while Corporate Life & Pensions posted a particularly strong performance as the Group meets the rising demand of large corporates for life insurance solutions to protect employees and their families. Zurich also invested in strengthening its capabilities to offer such products to serve the SME segment, further supporting profitable growth.
Unit-linked volumes expanded 5% to USD 11.0 billion, with strongest contributions from Ireland, Italy and Japan, as customers sought solutions that combine investment opportunities with risk protection for wealth planning and retirement income.
Life increased GWP3 by 1% to USD 19.5 billion and delivered a BOP increase of 23% reaching USD 1.3 billion, as growth in higher margin protection and unit-linked premiums were offset by lower savings premiums. Favorable market developments also impacted Life BOP positively through higher investment and fee results.
Life BOP is now expected to grow by at least 10% in 2026, compared with the previously announced guidance of at least mid-single digit percentage growth.
Farmers: Building growth momentum through agency productivity and innovation
In the first six months, Farmers outpaced peers in a competitive market. Farmers Exchanges4 GWP rose 4% to USD 15.6 billion, powered by strong policy count growth, higher new business and better Motor customer retention. Policy count increased by 215k in the first half, with growth accelerating in the second quarter and broadening across distribution channels. This performance was supported by technology and platform modernization, enhancing pricing capabilities and expanding digital self-service to enable customers to manage policies and complete transactions online.
Farmers delivered BOP of USD 1.2 billion, driven by record fee income at Farmers Management Services resulting from continued profitable premium growth at Farmers Exchanges4. The business maintained an excellent combined ratio of 82.4%, contributing to a further strengthening of its capital position. As a result, the surplus ratio increased to 58.7%, providing additional capacity to support future growth. Reflecting the sustained improvement in operating performance and capital position, S&P Global upgraded the financial strength rating of the Farmers Exchanges4 from A to AA- with a stable outlook.
(C) 2026 Electronic News Publishing, source ENP Newswire