Zurich Insurance Group (ZURN) Q1 2026 earnings summary

Executive summary

• Strong start to 2026 with high-quality growth across targeted business lines and customer segments, including Specialty, Middle Market, and Life Protection, with notable expansion in North America, EMEA, and Latin America.

• Confident in meeting or exceeding 2027 targets, supported by a diversified product and geographic mix and robust capital position.

• Disciplined revenue growth and robust capital position underpin performance, with Swiss Solvency Test (SST) ratio at 265%-275%.

• Farmers Exchanges GWP increased 4%, with policy count up by 84,000 in Q1 and further acceleration in April.

• Life segment delivered 5% GWP growth in USD, with protection premiums up 9% like-for-like, offset by lower savings product sales.

Financial highlights

• Group P&C gross written premiums (GWP) up 8% like-for-like and 17% in USD, with Commercial P&C up 9%.

• Global Specialty GWP grew 7% like-for-like; U.S. construction business up 21%.

• Middle Market generated $2.2 billion in premiums globally in Q1.

• Retail P&C GWP rose 7% like-for-like, with rate increases of 5%.

• Life GWP: $9.9bn (up 5% in USD year-over-year), with protection business premiums up 9%.

• New business CSM in Life up 18% year-on-year at a 7.4% margin.

• Farmers Management Services fee income rose 4% year-on-year.

Outlook and guidance

• Confident in achieving or exceeding 2027 targets due to strong business momentum and capital position.

• Growth expected to continue in targeted business lines, with further benefits anticipated from long-term investment trends in data centers and infrastructure.

• Expect continued growth in Middle Market, especially in continental Europe and U.S. in the latter part of the year.

• Life margins expected to remain strong, with broad-based growth and improved quality mix.

• Commercial rate environment in North America has stabilized and is expected to remain favorable.