Zurich Insurance Posts $3.07B H1 Profit Amid P&C Growth, California Fires

Zurich Insurance Group reported strong financial results for the first half of 2025, with a net profit of approximately $3.07 billion, marking a 1% increase year-over-year, supported by growth in both non-life and life insurance segments. The property and casualty (P&C) division generated an operating profit of $2.4 billion, up 9%, with a combined ratio improving to 92.4%, partly due to reduced natural catastrophe losses despite impacts from the California wildfires. Commercial Insurance contributed $1.8 billion in operating profit, showing growth in middle market and specialties lines, while the retail segment also improved its combined ratio through pricing and portfolio strategies. Life protection and savings products saw growth, with premiums rising 7% in non-life and 12% in life business, alongside a 34% increase in brokerage fee income driven by new business momentum. CEO Mario Greco emphasized the company's strong underwriting discipline, diversified portfolio, and capital position as key to delivering shareholder value despite volatile market conditions. Zurich maintained its 2025-2027 targets, including a return on equity target of at least 23%, which it already exceeded at 26.3% for the half-year period.