P&C revenues accelerate as AI drives data center construction demand and Middle Market growth broadens. Life Protection grows ahead of 2027 targets.
- Property & Casualty (P&C) gross written premiums rose 8% on a like-for-like1 basis. Commercial Insurance grew 9% driven by Global Specialty and Middle Market. Retail is up 7%.
- Life delivered profitable growth as gross premiums2 increased 5% at excellent margins, with protection premiums2 up 9% on a like-for-like1 basis.
- Farmers underlying fee income3 up 4%. Farmers Exchanges4 GWP up 4%, supported by policy count increase, with further acceleration in April.
- Excellent capital position, with the Swiss Solvency Test (SST) ratio estimated at 265%5 as of March 31, 2026.
All our businesses started the year strongly, with growth accelerating across targeted business lines and customer segments, including Specialty, Middle Market and Life Protection. Combined with our geographic diversification, these results highlight the resilience of our business model and the strength of our franchise. Thanks to our strong capital position, we are well positioned to navigate the current uncertain environment and stay on track to meet or exceed our 2027 targets.
Claudia Cordioli, Group Chief Financial Officer
In USD billions, for the three months ended March 31, 2026
(For a more comprehensive set of financial highlights see full media release in PDF)
P&C GWP
15.6 2025: 13.3 Change in USD: 17%Life GWP2
9.9 2025: 9.4 Change in USD: 5%Farmers Exchanges4 GWP
7.7 2025: 7.4 Change in USD: 4%Accelerated growth in strategic segments
Zurich’s P&C business grew strongly in the first quarter, with GWP up 8% on a like-for-like1 basis. On a reported basis, growth was 17%, reflecting the weakening of the U.S. dollar and the timing of certain large contracts.
Commercial Insurance GWP increased 9% on a like-for-like1 basis, or 18% on a reported basis, supported by disciplined underwriting and strong customer demand. Growth was broad based across regions, with particularly strong performances in North America and EMEA, up 10% and 8% respectively, on a like-for-like1 basis. The high margin U.S. construction business increased volume by 21% and brought the growth of GWP for the USD 10 billion Global Specialty Business to 7% like-for-like1. The Group’s construction and surety portfolios are well positioned to further benefit from long-term investment trends, including data centers and infrastructure. Middle Market GWP rose 7% like-for-like1, led by an outstanding performance in EMEA, supported by investments in new capabilities. Overall, the commercial rate levels are in line with the second half of 2025, with attractive margins in many Specialty lines and in the Middle Market customer segment, while property and E&S remain softer.
Retail GWP increased 7% on a like-for-like1 basis, or 15% in U.S. dollars, reflecting growth across all regions. Retail rate increases remained stable year on year, supported by disciplined underwriting and active portfolio management, contributing to continued margin expansion. Motor was the leading growth contributor, driven by higher new business volumes and average rate increases of 8%, with strong contributions from Germany, Italy and Spain. While Travel continued to perform well, the outlook remains dependent on the development of macroeconomic and geopolitical uncertainties indirectly affecting global travel demand.
Zurich increased its reinsurance protection for property catastrophe and U.S. casualty risks through its January and April renewal cycles, reflecting its disciplined approach as well as favorable market conditions. This included the successful placement of a USD 150 million catastrophe bond in the institutional market, providing diversified, multi-year protection against U.S. named storms and earthquakes.
Zurich’s Life insurance business delivered continued top-line growth in the first quarter. GWP2 increased 5% in U.S. dollars, driven primarily by the Protection business, where premiums2 grew 9% on a like-for-like1 basis, reflecting strong performances across EMEA, Latin America and Asia Pacific. This strong contribution was partly offset by lower sales of lower margins savings products, following exceptionally high sales volumes in Spain in the prior year period.
Farmers Management Services continued to grow, with underlying fee income up 4%3 in the first quarter, supported by growth at the Farmers Exchanges4 and brokerage entities.
The Farmers Exchanges4, which are owned by their policyholders, grew GWP by 4%, supported by an increase in new business. Policy count6 increased by around 84k in the quarter, with additional 49k policies added in the month of April, showing further significant acceleration of growth trends. The exclusive agency channel returned to policy count growth in March and April, benefiting from improved incentives and distribution management actions to improve agent productivity. Growth was particularly strong in the independent agency channel, supported by expanded geographic reach, enhanced pricing segmentation and agency efficiency.
Middle East exposure and broader geopolitical environment
The Group’s exposure to geopolitical conflicts and tensions in the Middle East remains limited, with no material impact on performance expected. Against a backdrop of heightened geopolitical and macroeconomic uncertainty, Zurich continues to focus on supporting its customers as risks across the market continue to be reassessed.
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1 Like-for-like comparisons represent the change in local currencies and after adjusting for acquisitions, disposals, methodological changes, any reclassifications and for the impact of large captive arrangements which were booked with one quarter lag in 2025.
2 Gross written premiums for Protection, gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).
3 Reflects Farmers Management Services management fees excluding the reimbursement of certain ancillary services costs that are BOP neutral. Including those, Q1-26 revenue at USD 1,223 million (USD 1,139 million in Q1-25).
4 Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., 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.
5 Estimated Swiss Solvency Test (SST) ratio as of March 31, 2026, 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.
6 Number of net policy growth refers to continued books of business. Discontinued books of business comprised 253k and 281k policies as of March 31, 2026, and December 31, 2025, respectively.
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Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded more than 150 years ago, which has grown into a business serving more than 82 million customers in more than 200 countries and territories, while delivering industry-leading total shareholder returns.
Reflecting its purpose to ‘create a brighter future together,’ Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project has been supporting reforestation and biodiversity restoration in Brazil’s Atlantic Forest.
The Group has more than 65,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
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Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy, underwriting and claims results, business initiatives (including, but not limited to, sustainability matters), as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans, policies, initiatives and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators, and the possibility of conflict between different governmental standards and regulatory regimes may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and the Group and on whether the targets will be achieved. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.
All references to ‘Farmers Exchanges’ mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. The three Exchanges are California domiciled interinsurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and certain of its subsidiaries are appointed as the attorneys-in-fact for the three Exchanges and in that capacity provide certain non-claims services and ancillary services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the Farmers Exchanges but is provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company.
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