Zurich Insurance Group has reported record financial results for 2024, with significant growth across its core businesses. The company’s business operating profit (BOP) reached US$7.8 billion, a 5% increase from the previous year, while net income attributable to shareholders surged 34% to US$5.8 billion.
Zurich’s core return on equity (ROE) climbed to 24.6%. Adjusted earnings per share increased by 10% to US$42.2. The company’s Swiss Solvency Test (SST) ratio also strengthened to 252%.
As a result of this performance, Zurich has proposed an 8% increase in its dividend, raising it to CHF 28 per share. Over the past eight years, the company has distributed more than CHF 28 billion to shareholders through dividends and share buybacks.
The property and casualty (P&C) division saw an 8% rise in BOP, reaching US$4.2 billion. The segment’s combined ratio improved to 94.2%, driven by underwriting discipline and strong commercial insurance growth. Gross written premiums increased by 5% to US$46.6 billion.
The Life segment achieved a record BOP of US$2.2 billion, up 8% year-on-year. Growth was supported by strong performance in unit-linked and protection businesses, with gross premiums rising to US$33.1 billion. Zurich’s consolidation of its life protection business is expected to drive further efficiency and growth.
The Farmers business delivered a BOP of US$2.3 billion, maintaining last year’s record level. The Farmers Exchanges improved their combined ratio significantly to 91.4%, a drop of 11.9 percentage points from the prior year. Gross written premiums increased by 4% to US$28.4 billion.
Zurich reported that the Farmers Exchanges faced an estimated pre-tax loss of US$600 million from the 2025 California wildfires, with an additional US$250 million in reinstatement premiums. Zurich’s own exposure, including Farmers Re, is estimated at US$200 million. Despite these losses, the company’s strong capital base ensures its ability to manage such events.
Looking ahead, Zurich expects Core EPS growth to exceed 9% annually from 2025 to 2027. The company has set ambitious financial targets, including a Core ROE of over 23% by 2027 and cumulative cash remittances exceeding US$19 billion over the period.
CEO Mario Greco highlighted Zurich’s ability to deliver consistent results. “All our businesses delivered an outstanding performance in 2024,” he said. “We continue to experience positive rate momentum in our commercial business and a healthy pricing environment in retail, positioning us strongly at the start of the new cycle for which we have already set our most ambitious targets yet. This reinforces our ability to execute and deliver on our plans and our commitment to create consistent long-term value for all our stakeholders.”
Do you have something to say about the recent data? Share your thoughts in the comments below.
