Zurich Insurance Q1 Surplus Ratio Rises to 42.6%

Zurich Insurance Group posted a strong first quarter, with property and casualty (P&C) gross written premiums rising 5% year-over-year to about $13.3 billion, driven by rate increases and improved margins in commercial and retail segments. Life insurance premiums jumped 18% to $9.4 billion, bolstered in particular by unit-linked products and growth from the Sabadell joint venture in Spain. The Farmers Exchanges unit also grew its gross written premiums by 5%, supported by increased new business and retention. Natural catastrophe losses, mainly from California wildfires, impacted Zurich's combined ratio, but the group’s surplus ratio increased to 42.6%, exceeding its target range. Analysts observed strong current results but expect rate moderation in EMEA and North America in coming quarters. Zurich highlighted its disciplined execution and diversified business model as key strengths amid ongoing macroeconomic uncertainty.