Zurich is targeting more than 9% annual growth in core earnings per share between this year and 2027, plus cash inflows of more than $US19 billion ($29.9 billion). 

Adjusted earnings per share rose 10% last year, and CEO Mario Greco says the insurer is well positioned amid “positive premium rate dynamics in the corporate insurance business and a healthy pricing environment in the retail insurance sector”.  

“We have set our most ambitious targets yet,” he said. 

Zurich recorded a 34% jump in annual net profit to $US5.81 billion ($9.14 billion) last year. The operating result grew 5% to $US7.75 billion ($12.19 billion).  

The property and casualty unit’s combined operating ratio improved 0.2 points to 94.2%, while written premium rose 5% to $US46.62 billion ($73.36 billion) and insurance revenue was up 6% at $US44.79 billion ($70.45 billion).

In the Asia-Pacific region, Zurich’s operating profit was up 6% to $US586 million ($922 million). 

The region’s P&C business combined operating ratio improved 0.7 points to 92.9%, driven by rate and claims management in motor and health in Australia, Japan and Indonesia.  

P&C operating profit in Asia-Pacific rose 21% to $US343 million ($539 million, while gross written premium gained 12% to $US3.96 billion ($6.23 billion), driven by strong growth across all lines and markets, especially retail motor and travel. 

“For commercial lines, a focused approach to market development in Australia, Singapore and Hong Kong, alongside investments to strengthen our leadership teams, resulted in significant new business wins and solid retention rates,” the group said.

Zurich’s Asia-Pacific life business posted a 4% rise in gross premium, a 2% decline in new business premium and a 10% drop in operating profit.

“This is a pleasing set of results for our APAC business,” Asia-Pacific CEO Tulsi Naidu said. “The stellar performance across P&C reflects consistent growth across our markets, supported by pricing and underwriting improvement.

“Our life business results remain broadly in line with an exceptional 2023 result and ongoing proposition development has driven new launches in a number of our markets in the first half of 2025.”

The Asia-Pacific business paid $US2.75 billion ($4.32 billion) in claims last year and says its front-line teams have completed more than 17,000 hours of “customer mastery and empathy” training.

The Asia-Pacific business includes Australia, Japan, Hong Kong, Singapore, Indonesia, Malaysia, China and India. Australia currently accounts for 67% of life gross premiums and deposit and 35% of P&C gross written premiums in the region.

From the latest Insurance News magazine: We run the numbers on another record-breaking year for global natural disasters