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Annual Report 2024

Setting the pace


Annual Report (English)

Annual Report (German)

Setting the pace

‘Setting the pace’ embodies our ambition to remain strong and competitive in the long term. Over the past eight years Zurich has delivered industry-leading total shareholder returns.

But we cannot stand still.

Our new bold three-year plan and climate transition plan highlight our determination to accelerate our efforts aimed at achieving sustainable growth, while allowing us to seize opportunities in the market.

We’re setting a new pace for ourselves; one that will allow us to remain flexible and reactive amid the challenges facing our industry, and our customers.

Our 2024 financial highlights

Business operating profit (BOP)
0.0 bn USD
Net income attributable to shareholders (NIAS)
0.0 bn USD
Proposed dividend per share1
0 CHF
Estimated Swiss Solvency Test ratio2
0%  

1 Proposed dividend, subject to approval by shareholders at Annual General Meeting 2025.
2 Estimated Swiss Solvency Test (SST) ratio as of December 31, 2024, 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.

  • Michel Lies and Mario Greco

    Raising the bar

    Zurich is performing exceptionally well, generating market-leading shareholder returns, but we see new opportunities to accelerate our success story. To reflect our growing confidence, we have launched a new three-year plan with the most ambitious targets in Zurich’s history.

    Michel M. Liès
    Chairman of the Board of Directors

    Mario Greco
    Group Chief Executive Officer


  • Commercial Insurance

    In 2024

    • Leading commercial insurer, with a strong underwriting culture.

    Actions 2025-2027

    • Cement underwriting discipline and risk selection in existing lines.
    • Intensify focus on underwriting and claims capabilities.
    • Prioritize targeted growth (focused on middle market and specialties), while maintaining strong profitability.

    To be achieved by end-2027

    • Expanded Commercial franchise with stable margins across the cycle.

    Business targets

    • BOP to exceed USD 4.2 billion in full year 2027.
    • Middle market GWP to exceed USD 10 billion in full year 2027.

  • Retail

    In 2024

    • Customer focused, digitally enabled Retail insurance franchise.

    Actions 2025-2027

    Return to long-term profitability by:

    • Achieving excellence in pricing and claims across geographies.
    • Improving portfolio mix.
    • Leveraging scale and technology assets.
    • Enhancing customer experience with new initiatives to earn loyalty and drive financial impact.

    To be achieved by end-2027

    • Technically excellent Retail business across the footprint.

    Business targets

    • Return to long-term level of profitability.
    • Accelerate focus on customer loyalization.

  • Life

    In 2024

    • Capital-light Life franchise, profits fueled by Protection business.

    Actions 2025-2027

    • Manage and grow protection as ‘one business’ globally under a single umbrella.
    • Improve technical excellence in underwriting and pricing.
    • Enhance customer focus.

    To be achieved by end-2027

    • Growing Protection business, stepped-up underwriting capabilities.

    Business targets

    • Grow protection GWP by CAGR of 8%.

  • Farmers

    In 2024

    • Unique exposure to Farmers1 fee business.

    Actions 2025-2027

    • Continue business transformation that has returned Farmers1 to profitability and improved capital position.
    • Grow policies in force.

    To be achieved by end-2027

    • Transform Farmers1 business delivering sustainable growth.

    Business targets

    • Continue the transformation enabling sustainable growth at Farmers Exchanges1.

1 Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc. (FGI), a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services.

Our new 2025-2027 financial targets1

Core ROE2
>0%
Core EPS CAGR3
>0%
Cumulative cash remittances
>0 billion USD

1 Subject to a Swiss Solvency Test (SST) ratio floor of 160%. Estimated Swiss Solvency Test (SST) ratio as of December 31, 2024, 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.
2 Business operating profit after tax (BOPAT) divided by average shareholders’ equity excluding unrealized gains and losses.
3 Core earnings per share (EPS) based on BOPAT.


  • Our climate transition plan

    Zurich published its first climate transition plan in 2024. It outlines how we are carrying out the commitment, made in 2019, to become a net-zero business by 2050 across our insurance business, investments and operations.

    The ambition goes further. We want to ensure insurance can remain affordable by enabling an economy-wide transition to net-zero emissions and at the same time, help to make society more resilient to the effects of climate change.

    Our transition will be an ongoing, iterative process reflecting the changing context in the shift to net-zero and developments in our own business. As a result, our plan will evolve over time, and we will update it annually.

    Our plan is built on four mutually reinforcing aims

    Click on the arrows to read more.


  • Our climate transition plan

    1. Enabling an economy-wide transition to net-zero

    For more than 150 years, we have protected individuals and organizations against risk so they can invest in the future with confidence.

    Today, this includes supporting our customers and investee companies to succeed in the transition to net-zero.

    We believe a successful transition will support our business.


    2. Making society more resilient

    Climate hazards are likely to intensify for decades to come, even if the world reaches net-zero emissions by 2050.

    So, we are using our expertise to help more companies, cities and communities better understand, prevent and reduce risks before they materialize, while also supporting them to build back better after loss and damage.



  • Our climate transition plan

    3. Advocating for supportive policies

    Our net-zero ambition is dependent on the transition of the real-world economy and an effective public policy framework.

    That’s why we want to put our data, expertise and global network to use in shaping and advocating for policies that can help achieve a just, resilient and economically successful transition.


    4. Evolving how we operate

    We are continuing to decarbonize our own operations and supply chain.

    We are investing in our people and fostering a culture of learning and knowledge-sharing so that our organization evolves with our ambition.

    This enables our employees to engage with customers, suppliers and the companies we invest in on their transition journey.


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