Zurich Insurance Group Reports Strong Performance and Strategic Growth in 2026
Zurich Insurance Group has reported a robust start to 2026, showcasing strong performance in its major lines. The company experienced an 8% increase in property and casualty (P&C) gross written premiums (GWP) on a like-for-like basis during the first quarter, while life protection premiums rose by 9%. Notably, Farmers Exchanges also saw a substantial increase in policy numbers, continuing into April.
On a reported basis, Zurich's P&C GWP surged by 17%, influenced by currency fluctuations and the strategic timing of large contract signings. This follows a record-breaking year in 2025, achieving an $8.9 billion operating profit and an improved combined ratio of 92.6%, indicative of effective underwriting and risk management strategies.
The commercial insurance sector proved to be a key growth contributor, with GWP up by 9% on a like-for-like basis and 18% on a reported basis. Growth was particularly strong in North America and the EMEA regions, which saw increases of 10% and 8%, respectively. In the U.S., construction volumes rose notably by 21%, enhancing Global Specialty premiums by 7%.
Zurich identified strategic growth opportunities in the construction and surety segments, propelled by investments in data centers and infrastructure projects. The Middle Market sector expanded by 7%, supported by rate increases in specialty insurance and the Middle Market segments. Retail GWP also climbed 7%, aided by motor business growth in Germany, Italy, and Spain, where rates improved by 8%.
Life Insurance and Market Expansion
In life insurance, protection premiums grew by 9% across regions including EMEA, Latin America, and Asia Pacific, which offset slower savings sales in Spain. Meanwhile, Farmers Management Services reported a 4% rise in underlying fee income alongside substantial policy growth at Farmers Exchanges.
Zurich expanded its reinsurance portfolio, making significant purchases such as a $150 million catastrophe bond for U.S. storm and earthquake coverage. The group's Swiss Solvency Test ratio stood at an estimated 265% by the end of March, reflecting sound financial health.
Zurich is poised to complete its £8.2 billion acquisition of Lloyd's specialist Beazley, aiming to establish a leading specialty insurance platform. Financed through equity, cash, and new debt, the acquisition is expected to boost Zurich's earnings per share immediately. Group CFO Claudia Cordioli emphasized Zurich's strong capital base and diversified business portfolio as key drivers of growth and expressed confidence in exceeding 2027 targets.