# Zurich Insurance Group
**Zurich Insurance Group Ltd** is a Swiss multi-line insurance company headquartered in Zurich, listed on the [SIX Swiss Exchange](https://www.edgepedia.org/six-swiss-exchange) under the symbol ZURN, which sells life and property & casualty (P&C) insurance in more than 200 countries and territories and serves more than 82 million customers with more than 65,000 employees.[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) In the United States, a wholly owned Zurich subsidiary, Farmers Group, Inc., provides non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receives fees for those services.[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf)
| Key fact | Detail |
|---|---|
| Founded | 1872 as the "Versicherungs-Verein" (Insurance Association), a marine-reinsurance subsidiary of the "Schweiz" Marine Insurance Company (established 1869)[2](https://www.zurich.com/about-us/history-and-heritage) |
| Scale | More than 82 million customers, more than 200 countries and territories, more than 65,000 employees[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) |
| FY2025 results | Business operating profit USD 8.9 billion (highest ever), net income USD 6.8 billion, Core ROE 26.9 percent, Core EPS USD 45.1 (up 13 percent)[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) |
| P&C, FY2025 | BOP USD 5.1 billion (up 22 percent), combined ratio 92.6 percent (improved 1.6 points), insurance revenue USD 48,234 million (up 8 percent)[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf) |
| Capital | Swiss Solvency Test ratio estimated at 259 percent at end-2025 against a Group floor of 160 percent; shareholders' equity USD 28,515 million[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf) |
| Market value | Market capitalization CHF 88,076,892,757 at December 31, 2025, on 146,355,754 registered shares of CHF 0.10 nominal value[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) |
| Dividend policy | Target pay-out ratio of around 75 percent of sustainable net income attributable to shareholders, with a minimum of the prior-year dividend per share[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) |
| Specialty lines | USD 9 billion specialty portfolio with more than 1,200 specialist underwriters, 400 risk engineers, and 4,000 claims professionals; BOXX Insurance acquired July 2025[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) |
## How the business works
Zurich reports its results across Property & Casualty, Life, and Farmers businesses.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf) In 2025 the combined ratio was 92.6 percent, improved 1.6 percentage points from 94.2 percent in 2024, and P&C business operating profit rose 22 percent to USD 5.1 billion on insurance revenue of USD 48,234 million, up 8 percent with price increases of 2 percent over the year.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf) • [4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024) Favorable prior-year development, the release of reserves set in earlier years, contributed 1.8 percent in 2025, which the company reports as remaining within its indicated 1 to 2 percent range.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf)
**The investment result.** Because insurers collect premiums before paying claims, the investment portfolio is a second profit source. In 2024 the net investment result on Group investments was USD 6,814 million, up 45 percent, with a net investment return of 4.6 percent versus 3.3 percent in 2023.[5](https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2025/docs/2025-0220-01.pdf?sc_lang=en) In 2025 the result rose a further 11 percent to USD 7,552 million on average investments of USD 162,764 million.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf)
**Life and capital-light lines.** Zurich's Life business emphasizes capital-light lines, including unit-linked products.[4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024) In 2024 capital-light gross premiums reached USD 29.6 billion, up 6 percent like-for-like, with unit-linked gross premiums of USD 20.9 billion, up 5 percent, and unit-linked new business premiums up 18 percent; Life delivered a record business operating profit of USD 2.2 billion, up 8 percent.[4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024) In 2025 Life BOP rose a further 2 percent to a record USD 2.3 billion.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf)
**Farmers and bancassurance.** Farmers Group, Inc., a wholly owned Zurich subsidiary, provides non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receives fees for those services.[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) In 2025 Farmers achieved its highest BOP on record at USD 2.4 billion, with Farmers Management Services contributing USD 2.2 billion, up 4 percent, on a managed gross earned premium margin of 7.0 percent.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf) Bank distribution is the other major channel: in 2024 it was a key growth driver, particularly in Latin America through the joint venture with [Banco Santander](https://www.edgepedia.org/banco-santander) and in Germany through the distribution agreement with [Deutsche Bank](https://www.edgepedia.org/deutsche-bank).[4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024)
## History
Zurich was incorporated in 1872 under the name "Versicherungs-Verein" (Insurance Association) as a subsidiary of the "Schweiz" Marine Insurance Company, which had been established in 1869; its main purpose was to write marine reinsurance for the parent company.[2](https://www.zurich.com/about-us/history-and-heritage) The company later traded as Zurich Financial Services, and changed its name to Zurich Insurance Group to more accurately reflect its business and role in society.[2](https://www.zurich.com/about-us/history-and-heritage)
**The Greco era.** [Mario Greco](https://www.edgepedia.org/mario-greco) took over as Group CEO in March 2016, and in July 2016 Zurich introduced a simpler, more customer-oriented approach to support its global and local businesses.[2](https://www.zurich.com/about-us/history-and-heritage)
**COVID-19 response.** During the pandemic Zurich supported customers with financial relief through premium rebates, payment holidays, and extended coverage.[2](https://www.zurich.com/about-us/history-and-heritage)
## By the numbers
Full-year 2024 group business operating profit was USD 7,751 million, up 5 percent from USD 7,381 million in 2023, and net income attributable to shareholders was USD 5,814 million, up 34 percent.[5](https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2025/docs/2025-0220-01.pdf?sc_lang=en) Segment detail for 2024: P&C BOP USD 4,204 million on gross written premiums of USD 46,624 million with a combined ratio of 94.2 percent; Life BOP USD 2,235 million on gross premiums of USD 33,061 million; Farmers BOP USD 2,286 million.[5](https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2025/docs/2025-0220-01.pdf?sc_lang=en) • [4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024) Core return on equity was 24.6 percent in 2024, up 1.6 points from 23.0 percent.[6](https://www.otcmarkets.com/financialReportViewer?id=423328&symbol=ZURVY)
**Capital and solvency.** The Swiss Solvency Test (SST) ratio, the Swiss regulatory capital measure, was reported at 252 percent at end-2024 in the FY2024 results release,[5](https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2025/docs/2025-0220-01.pdf?sc_lang=en) while the FY2025 financial overview shows the prior-year comparative as 253 percent.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf) At end-2025 the SST ratio was an estimated 259 percent, well above the Group's own floor of 160 percent, with shareholders' equity up 12 percent to USD 28,515 million.[3](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf)
**Targets.** Zurich's 2025–2027 targets are compound annual growth in core EPS above 9 percent from a baseline of USD 40.1, Core ROE above 23 percent in 2027, and cumulative cash remittances above USD 19 billion over the three-year cycle; the proposed 2024 dividend rose 8 percent to CHF 28 per share.[4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024)
## Recent developments
The earnings trajectory has been upward. Group BOP moved from USD 7,381 million in 2023 to USD 7,751 million in 2024 and a record USD 8.9 billion in 2025, with net income rising from USD 4,351 million in 2023 to USD 5,814 million in 2024 and USD 6.8 billion in 2025; Core EPS reached USD 45.1 in 2025, up 13 percent, and Core ROE 26.9 percent.[5](https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2025/docs/2025-0220-01.pdf?sc_lang=en) • [1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf)
**Buybacks and dividends.** On October 30, 2024, Zurich completed a share buyback of up to CHF 1.1 billion launched on June 17, 2024, repurchasing 2,221,529 shares at an average price of CHF 495.15.[4](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024) The dividend policy targets a pay-out ratio of around 75 percent of sustainable net income attributable to shareholders, subject to a minimum of the prior-year dividend per share.[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf)
**Specialty reorganization.** Zurich has established a new Global Specialty business unit to manage a USD 9 billion specialty portfolio supported by more than 1,200 specialist underwriters, 400 risk engineers, and 4,000 claims professionals.[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf) In July 2025 it acquired BOXX Insurance, a Toronto-based global cyber protection specialist, adding nearly one million customers across five continents, a step the company describes as closing the cyber coverage gap.[1](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf)
## References
1. [Zurich Insurance Group Annual Report 2025](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/financial-reports/2025/annual-report-2025-en.pdf)
2. [History and Heritage, Zurich Insurance Group](https://www.zurich.com/about-us/history-and-heritage)
3. [Financial overview — annual results 2025, Zurich Insurance Group](https://www.zurich.com/-/media-assets/project/zurich/dotcom/investor-relations/docs/results/2025/q4/financial-overview-annual-results-2025.pdf)
4. [Letter to Shareholders — Annual results 2024, Zurich Insurance Group](https://www.zurich.com/investor-relations/shareholder-area/letter-to-shareholders/annual-results-2024)
5. [Zurich full-year 2024 results news release (20 February 2025)](https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/media/news-releases/2025/docs/2025-0220-01.pdf?sc_lang=en)
6. [Zurich Insurance Group Ltd — financial report (OTC Markets, ZURVY)](https://www.otcmarkets.com/financialReportViewer?id=423328&symbol=ZURVY)
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*Topic: Encyclopedia › Society and history › Economics and business › Finance › Insurance*
*Initially written Sep 17, 2026 · Reviewed: Oct 10, 2026 · Edited: Oct 10, 2026; Oct 15, 2026 · Last review: Oct 10, 2026*
*Copyright 2026 EdgeChat AI, a subsidiary of Biostate AI.*
License: Edgepedia Community License 1.0, https://www.edgepedia.org/edgepedia/license