Financial results and reports (investor media presentation including commentary annual results 2025)

Driving growth, delivering value

Full year results 2025

February 19, 2026

Investor and media presentation Zurich Insurance Group

© Zurich

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‌Content

Key highlights

Financial performance

Other important information

Group

Group

Disclaimer

P&C Life Farmers

P&C Life Farmers

Dividend policy 2023-2025 targets Customer KPIs

Solvency

Outlook

Other segments

Solvency and balance sheet

Investment details

Alternative performance measures

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February 19, 2026 Full year results 2025 2 © Zurich

‌Key messages

1 In local currencies and after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.

2 For all references to Farmers Exchanges see the disclaimer and cautionary statement.

3 Estimated Swiss Solvency Test (SST), calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority (FINMA). The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA.

Durable growth, leading ROE and strong cash conversion

Core EPS (USD)1

Core ROE (%)2

Cash remittances (USDbn)

Dividend per share (CHF)

>51.9

+9% CAGR

45.1

37.9

40.1

34.2

27.4

29.5

21.5

7.1 7.4

4.4 4.6 4.8

3.4 3.4

+7% CAGR

30

28

26

24

22

20 20

25%

23%

>23%

16%

14%

14%

11%

27% >19

FY-19

FY-20

FY-21

FY-22

FY-23

FY-24

FY-25

FY-27

target

FY-19

FY-20

FY-21

FY-22

FY-23

FY-24

FY-25

FY-27

target

FY-19

FY-20

FY-21

FY-22

FY-23

FY-24

FY-25

2025-27

target

FY-19

FY-20

FY-21

FY-22

FY-23

FY-24

FY-25

1 Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).

2 Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.

Strong start to the 2025-2027 cycle

Core ROE (%)1

26.9%

Cash remittances (USDbn)

>19.0

Core EPS growth (%)2

+13%

51.9

SST (%)3

≥160%

259%

>23%

45.1

40.1

FY-25 Target

2025-2027

FY-25 Target 2025-2027

FY-24

baseline

FY-25 2027 target

(>9% CAGR)

FY-25e Target

2023-2025

1 Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.

2 Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT).

3 On Swiss Solvency Test (SST), see footnote on page 3.

All businesses delivering strong momentum

GWP (USDbn)1

BOP (USDbn)

NIAS (USDbn)

10% CAGR

8.9

7.4

7.8

-0.9

-1.0

-0.9

4.2

3.9

2.1

2.2

2.3

2.3

2.3

2.4

25% CAGR

6.8

5.8

4.4

6% CAGR

86.6

76.6

79.7

46.6

44.4

32.2

33.1

36.2

FY-23

FY-24

FY-25

FY-23

FY-24

FY-25

FY-23 FY-24 FY-25

P&C Life Farmers Other2

1 Gross written premiums for P&C and Life Protection. Gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).

2 Group Functions & Operations and Non-Core Businesses.

‌Continued strong combined ratio delivery, exceptional profitability across both segments

P&C - Group (%)

P&C - Commercial (%)

P&C - Retail (%)

-1.8ppts

94.5% 94.2% 92.6%

-0.3ppts

91.4% 92.3% 91.0%

-5.5ppts

99.8% 96.5% 94.4%

FY-23 FY-24 FY-25

FY-23 FY-24 FY-25

FY-23 FY-24 FY-25

Combined ratio

Disciplined Commercial growth; Retail supported by strong net new business growth and rates

P&C GWP growth by driver - Commercial (USDbn)1 P&C GWP growth by driver - Retail (USDbn)2

+4%

28.3

27.2

0.0

0.2

+16%

19.4

0.1

16.7

FY-24

Rate change

Exposure change Net new business

and other

FY-25

FY-24

Rate change

Exposure change

Net new business and other

M&A FY-25

1 Other includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. Excludes crop which increased USD 0.1bn year-on-year.

2 Other includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. M&A includes the acquired Zurich Kotak General Insurance and AIG's global personal travel insurance and assistance business.

Middle Market with continued underlying growth maintaining strong profitability

Middle Market GWP (USDm)

Middle Market rate change (%)

U.S. Middle Market combined ratio (%)

Ø 87.4%

120%

100%

80%

60%

40%

20%

0%

FY-20 FY-21 FY-22 FY-23 FY-24 FY-25

Rest of World

FY-25

7,858

-4

-14%

+1%

AY CoR ex Cat

Specialty growth supported by AI infrastructure demand and attractive margins

Global Specialty remains a profitable growth driver (USDbn, %)

U.S. Construction benefiting from hyperscalers' buildout (USDbn, %)

Ø 86.5%

Ø 92.0%

9.4

9.6

8.4

8.7

1.9

4% CAGR

1.6

1.7

1.4

9% CAGR

FY-22 FY-23 FY-24 FY-25 FY-22 FY-23 FY-24 FY-25

AY CoR ex Cat GWP AY CoR ex Cat GWP

Portfolio actions significantly improving profitability; strong execution in crop, motor trend remains favorable

North America Crop (%) North America Motor (%)

100.7%

101.8%

90.7%

-10.0ppts

-13.7ppts

114.5%

119.4%

100.8%

%

FY-23 FY-24 FY-25 FY-23 FY-24 FY-25

11%

15%

15%

Combined ratio

Combined ratio

Rate change

Retail P&C with accelerated profitable growth supported by strong rates and improving motor results in EMEA

P&C Retail BOP (USDm)

Retail Motor - Combined ratio (%)

Retail Motor combined ratio improvements (%)

-8.5ppts

+307%

1,471

980

362

105.0%

101.5%

96.5%

-16.8ppts

-8.6ppts

-13.1ppts

-12.3ppts

Germany

Switzerland

FY-23 FY-24 FY-25

9%

11%

16%

FY-23 FY-24 FY-25

6%

7%

8%

Italy

%

Spain

%

GWP growth

Rate change

FY-23 FY-24 FY-25

NatCat: Earnings volatility addressed through sophisticated risk selection and exposure management

Reduced catastrophe exposure against a backdrop of business growth and inflation

Reduced market share of Cat losses over time

Indexed (FY-21 = 100) 2%

140

130

120

1%

0%

FY-21 FY-22 FY-23 FY-24 FY-25e

4%

110

100 2%

90

2021 2022 2023 2024 2025

0%

FY-21 FY-22 FY-23 FY-24 FY-25e

GWP1Inflation1PML2AAL2

CAT losses market share3 Premium market share3

1 P&C GWP indexed (IFRS 4 based for 2021-2022, IFRS 17 based for 2022-2025). Advanced economies' consumer prices inflation, as per IMF's World Economic Outlook Database.

2 AAL: average annual loss (gross of catastrophe reinsurance treaties); PML: probable maximum loss (gross of cat reinsurance treaties), based on a 100-year return period. P&C business across all regions and perils. 2025 refers to HY-25.

3 CAT losses market share estimated based on Zurich's net losses and industry insured losses as per Swiss Re Sigma reports (Munich Re for 2025). Premium market share based on NAIC and Axco for North America, and EIOPA for Europe (2025 estimated).

‌Life delivers consistent profit growth, fuelled by Protection

BOP (USDm)

BOP contribution by line of business (%)2

14%

FY-25

28%

58%

+10% underlying growth

in FY-25

2,235

154

2,288

2,081

FY-24

FY-25

Non-recurring items1

+8% CAGR

2,060

1,963

1,812

1,554

1,486

1,423

1,258

1,130

FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23

2,288

2,235

Protection Unit-linked Savings & annuities

1 Of which USD 55m for the non-completion of the German back book disposal and USD 99m of reserve releases in H2-24.

2 BOP contribution by line of business based on CSM amortization, risk adjustment release, fee result and short-term insurance technical result. GWP and BOP contribution are before the impact of non-controlling interests.

Protection GWP up 5% like-for-like, LatAm rebounds in H2

Profitable growth…

…led by EMEA and Asia Pacific

Brazil regaining momentum

Protection GWP (USDm)

+5%

Like-for-like1

Protection GWP by region (USDbn)4

2.5

+2%

2.6

4.7

2.4

+5%

2.6

3.8

+7%

500

Brazil Santander JV: Protection GWP (USDm)5

16.7%

8,724

16.3%

9,673

FY-24 FY-25

%

Margin on GWP (%)2

EMEA

Asia Pacific

Latin America

400

300

200

100

Q1-24

Q2-24

Q3-24

Q4-24

Q1-25

Q2-25

Q3-25

Q4-25

0

FY-24 FY-25 Like-for-like change (%)2

1 In local currencies and after adjusting for methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.

2 Life Protection BOP contribution based on CSM amortization, risk adjustment release, short term insurance technical result. GWP and BOP contribution are before the impact of non-controlling interests.

3 Source: GlobalData, McKinsey, Swiss Re Institute, Zurich estimates.

4 Total does not match with the sum of regions due to intercompany eliminations.

5 At constant FX.

Highest ever Life CSM, up 18% driven by strong new business and favorable FX

CSM walk (USDm) FY-25 line of business split (USDm)

+18%

1,325

15,405

448

1,231

598

147

13,760

11,657

-1,646

13,760 1,231 1,646

FY-24 New

Business CSM

Expected return1

Operating Variances

Economic Variances

FX/Other CSM before

release

CSM

amortization

FY-25

CSM

New business CSM

CSM

amortization

Protection Unit-linked Savings & annuities

1 Discount unwind and contribution of expected realization of real-world excess-return over discount rates.

2 Sum of expected return, new business CSM and CSM amortization.

Farmers Exchanges1

‌Increasing policy count; Agency Brokerages enhancing customer acquisition and retention

GWP (USDm)

+4%

Farmers Exchanges1: PIF2 quarter-on-quarter change (thousand)

42

62

-58

-269

-320 -342 -347

107

Agency Brokerages3: PIF quarter-on-quarter change (thousand)

23 29 29 30

28,371

29,600

+5%

Q1-24

Q2-24

Q3-24

Q4-24

Q1-25

Q2-25

Q3-25

Q4-25

Q1-25

Q2-25

Q3-25

Q4-25

FY-24 FY-25

x

GWP growth from continuing operations

1 For all references to Farmers Exchanges see the disclaimer and cautionary statement.

2 Represent policies in force from continuing operations.

3 Policies in force managed by the brokerage entities excluding Farmers brand; quarter-on-quarter change in policies managed not material for periods before January 2025.

Farmers Exchanges1

Farmers Exchanges'1 has a strong foundation for sustainable future growth

Combined ratio2 (%) Surplus ratio (%)

111.6%

95.4% 95.2%

5.7%

87.8% 90.5%

6.1%

79.1%

3.2%

FY-25 52.9%

34-38%

arget range

H1-23

H2-23

H1-24

H2-24

H1-25

H2-25

Surplus ratio

Catastrophe losses

Combined ratio excl. Cats

1 For all references to Farmers Exchanges see the disclaimer and cautionary statement.

2 Combined ratio before quota share reinsurance.

Farmers Exchanges1

Exposure management at the Farmers Exchanges'1 evidenced by California wildfire incurred losses well below market share

Los Angeles Wildfire incurred losses compared to expected losses, based on premium share (%)2

Farmers

Exchanges

Losses > premium share

Losses ~ premium share

Losses < premium share

Peer 1

Peer 2

Peer 3

Peer 4

Peer 5

Peer 6

Peer 7

Peer 8

Peer 9

Farmers Management Services (FMS) & Farmers Re

Farmers Management Services and Farmers Re driving positive momentum

FMS BOP (USDm) Farmers Re BOP (USDm)

7.0%

7.0%

+4%

49

2,103

2,035

39

2,074 2,152

+27%

243

192

FY-24

FY-25

FY-24

FY-25

FMS ex-Agency bokerages Agency Brokerage BOP contribution

%

MGEP margin

‌Solvency

Very strong capital position with SST ratio at 259%

1 On Swiss Solvency Test (SST) see footnote on page 3. SST ratio is defined as: Available Financial Resources (AFR) / Target Capital (TC). AFR is net of Market Value Margin (MVM) of USD 3.5bn in FY-25e (USD 3.7bn in FY-24).

2 Capital actions include dividend, debt movements and M&A.

‌2026 Outlook

Durable growth at industry-leading levels of return

1 For all references to Farmers Exchanges see the disclaimer and cautionary statement.

Financial performance

23 © Zurich

‌Diversified business growing consistently at highly attractive margins

BOP by region (USDm)

7,751

580

586

2,286

2,370

3,062

-1,133

FY-24

+14%

+14%

In local currencies

8,856

637

633

2,387

2,673

3,604

-1,078

FY-25

BOP by business (USDm)

+14%

4,204

5,129

-48

-900

-104

-870

7,751

FY-24

+14%

In local currencies 8,856

FY-25

EMEA

North America

Farmers Asia Pacific

Latin America Other1

P&C Life

Farmers

Group Functions and Operations Non-Core Businesses

1 Includes Group Functions and Operations, Non-Core Businesses and Group Reinsurance.

Commentary

• Group business operating profit (BOP) was at a record level of USD 8.9bn, with 14% growth in local currencies.

• EMEA BOP increased by 18% driven by strong performance both in P&C and Life. P&C BOP benefited from strong topline growth, a notable Retail recovery, and an improved investment result. Life BOP benefited from a strong underlying performance which offset the non-repeat of USD 154m favorable one-offs in the prior year.

• North America BOP was 13% above prior year mainly due to solid growth and a strong underwriting performance in P&C.

• Asia Pacific BOP was 8% above prior year mainly driven by Life.

• Latin America BOP increased 10% driven by Life.

• By business, P&C BOP increased 22% on a reported basis and in local currencies compared with the prior year period driven by higher insurance revenues primarily driven by a strong Retail performance as well as a lower combined ratio due to improved pricing sophistication and risk selection as well as higher earned premium rates.

• Life BOP of USD 2.3bn exceeded the previous year record level. Both the insurance service result and fee result improved year on year, benefiting from a record-high CSM, short-term insurance revenue growth, and higher assets under management.

• Farmers delivered record BOP of USD 2.4bn, with FMS benefiting from underlying growth at the Farmers Exchanges and a stable MGEP margin. Farmers Re result driven by improved underwriting at the Exchanges.

• Higher Group Functions and Operations operating cost compared to the prior-year, driven by unfavorable FX.

• The Group's Non-Core Businesses reported a lower operating loss, driven by favorable year-on-year loss development and the absence of the prior year's reinsurance loss.

  
  
  

  Record net income attributable to shareholders of USD 6.8bn

  BOP to NIAS walk (USDm)

  -299

  -419

  -7

  8,856

1,058

623

26.6%

Effective tax rate

-2,610

403

390

Net impact of capital gains / losses (USDm)1

-226

Mark-to-market (FVTPL securities and real estate)

Net realized capital losses

Impairments,

FX and other2

Net impact of capital gains / (losses)

FY-25

Net impact of Restructuring

Other

Net gains/

Income taxes

FY-25

FY-24

BOP

capital gains/ losses1

costs

adjustments

(losses) on disposal

attributable to shareholders

NIAS

Non-controlling interests

1 Net impact of capital gains/losses and impairments on Group investments and unit-linked investments, net of change in liabilities for investment contracts and other funds as well as re-/insurance finance income/expenses.

2 Other include impact of capital gains/losses and impairments on unit-linked investments, change in liabilities for investment contracts and other funds, re-/insurance finance income/expenses.

Commentary

• Net impact of capital gains / losses was USD 1.1bn favorable for the full year, with positive mark-to-market performance of assets1 partially offset by capital losses and policyholder sharing.

  • The net mark-to-market of assets was USD 1.9bn favorable, driven mostly by favorable capital markets.

  • The full year net realized capital losses were USD 0.2bn, predominantly from fixed income portfolios as unrealized losses crystalized upon sale.

  • Impact from Impairments, FX and other was USD 0.6m adverse and consist mostly of policyholder participation in capital gains and losses and to lesser extent from FX losses.

• Restructuring costs totaled USD 0.3bn for the full year, in line with the prior-year.

• Other adjustments of USD 0.4bn include amortization of intangibles from business combinations, certain non-claims related litigation cost, charitable contributions and smaller non-BOP items. Current year includes TravelGuard integration costs.

• No material net gains / (losses) on disposals.

  1 Securities classified as Fair Value through Profit and Loss for IFRS reporting purposes.

  
  
  

  ‌Profitable growth supported by positive rate changes

  FY-25 top-line development

  	GWP (USDm)	GWP like-for-like growth (%)1	Rate change (%)2	Rate change outlook	Insurance revenue (USDm)	Insurance revenue like-for-like growth (%)1
  EMEA	21,707	6%	3%	Moderating	20,652	6%
  North America	23,110	3%	1%	Moderating	22,119	2%
  Asia Pacific	4,279	4%	1%	Stable	4,107	5%
  Latin America	3,501	10%	1%	Stable	3,245	13%
  Total3	50,422	5%	2%	Moderating	48,234	4%

  1 In local currency and after adjusting for the AIG global personal travel insurance and assistance business as well as the Zurich Kotak General Insurance business.

  2 GWP development due to premium rate change as a percentage of the renewed portfolio (monitored business) against the comparable prior year period.

  3 Total includes Group Reinsurance and Eliminations.

  
  
  

  Commentary

• Insurance revenue rose 4% on a like-for-like basis driven by the earn-through of growth in gross written premiums.

• Gross written premiums rose 8% on a reported and 5% on a like-for-like basis. Growth was supported by higher premium rates of 2% on a Group basis.

• Middle Market gross written premiums increased 1% on a reported and 2% on a like-for-like basis as strong underlying growth was offset by a 18% reduction of U.S. program business to further improve profitability.

• Rate change of 2% remains favorable and was driven by retail rate increases of 5% while commercial rates remained stable year over year.

• In EMEA, gross written premiums increased 6% on a like-for-like basis, driven by a strong performance across the whole region and in particular by the specialty, motor and property portfolios.

• In North America, gross written premiums increased 3% on a like-for-like basis. Underlying strong growth was offset by a planned reduction of program business to improve profitability.

• In Asia Pacific, gross written premiums rose 4% on a like-for-like basis, with strong contribution from the motor, property and specialty portfolios.

• In Latin America, gross written premiums rose 10% on a like-for-like basis, with strong commercial property growth and increased retail motor sales across the region.

P&C - BOP components

Exceptional growth in key segments drives P&C BOP up 22%

BOP by segment (USDm)

+21%

In local currencies

BOP by component (USDm)

+21%

In local currencies

5,129

+22%

2,042

-162

-133

343

223

219

346

4,204

1,539

1,508

4,204

-31

-89

5,129

FY-24

FY-25

FY-24

Insurance service result

Net investment result

Other1

FY-25

EMEA

North America

Asia Pacific Latin America

Group Reinsurance

Insurance service result Net investment result Other1

1 Includes Fee result, Other result and non-controlling interests.

© Zurich