Zurich Insurance Group has reported strong performance in the first quarter of 2025 (Q1 2025), driven by growth across its property and casualty (P&C), life and farmers sectors.  

The company’s P&C gross written premiums (GWP) rose by 5% to $13.3bn, up from $12.6bn the previous year, supported by a 4% increase in premium rates. 

The life sector saw an 18% increase in GWP, reaching $9.3bn, compared with $7.9bn in the prior-year quarter.  

Farmers exchanges reported a 5% rise in GWP, amounting to $7.4bn.  

Zurich’s Swiss Solvency Test (SST) ratio stood at 256% as of 31 March 2025, up from 253% the previous year. 

New business premiums grew in Europe, the Middle East and Africa, surging by 44% on a like-for-like basis.  

This was attributed to retail savings growth in Spain, unit-linked products in Italy and protection products in Switzerland.  

North America’s new business premiums more than doubled, driven by unit-linked sales, the company highlighted.  

However, the Asia-Pacific region saw a 20% decline in new business premiums on a like-for-like basis due to repricing actions in Japan and the timing of group scheme renewals in Australia.  

Latin America’s growth was propelled by unit-linked sales through the joint venture with Banco Santander. 

Q1 also witnessed natural catastrophe losses, with a combined ratio impact of 3.2%, compared with 1.6% in the same period last year.  

This increase was attributed to the California wildfires in January.  

Zurich Group chief financial officer Claudia Cordioli said: “Our businesses started the year positively, delivering revenue growth, underpinned by a strong capital position and expanding margins. With our geographically diversified business, outstanding track record and robust balance sheet, I am confident that we will continue to deliver on our targets despite the volatile environment.”  

The insurer reported a net income attributable to shareholders after tax of $5.8bn in 2024, a 34% increase from 2023.