From January to September 2025, Zurich’s gross written premiums amounted to USD 38,9 billion. Compared with the same period last year, this represents growth of 8 percent, according to a statement released on Thursday.

The development was driven by exceptional growth in the retail customer segment and continued positive momentum in the commercial insurance business.

Life insurance gross written premiums increased by 11 percent during the reporting period to USD 26,8 billion. New business premiums climbed 16 percent to USD 14,7 billion. Fee income rose by 17 percent, supported mainly by business with capital-efficient savings and protection products.

Higher income in the protection business

Zurich cited, for example, a new capital-efficient savings product in Spain distributed through a joint venture with Banco Sabadell. In the protection segment, gross premiums rose by 2 percent on a comparable basis. Particularly strong growth was recorded in EMEA, where protection gross premiums increased by 6 percent, driven by contributions from most core markets. The fee-based business also maintained strong momentum, with revenue growth of 14 percent.

«The momentum remains strong across all our business areas, reflecting excellent results in the retail business, profitable premium growth in life insurance, and accelerated policy growth at Farmers,» said CFO Claudia Cordioli (image below).

Claudia Cordioli. (Image: Zurich)

The commercial insurance business remains «highly profitable,» the company added. Zurich continues to benefit from its focus on the middle market and specialty segments, supported by long-term growth trends such as investments in infrastructure and technology-related construction projects.

Farmers Exchanges also with higher premiums

Zurich noted that its U.S. subsidiary, Farmers Management Services, also recorded continued growth. Farmers Exchanges increased gross written premiums by 5 percent to USD 22,6 billion. Strong underlying performance improved the surplus ratio to an excellent 50,9 percent. The number of policies written accelerated in the third quarter, with the portfolio growing by 103'000 policies over the past six months.

Europe’s fifth-largest insurance group also highlighted its strong capital position. The Swiss Solvency Test (SST) ratio stood at 257 percent at the end of September.

The company does not disclose profit figures for the third quarter.