Zurich reports record profits and growth in 2024

Written by Adam Cadle

20/02/2025

Zurich Insurance Group has reported record financial results for 2024, with significant growth across its core businesses.

The company’s business operating profit (BOP) reached US$7.8bn, a 5% increase from the previous year, while net income attributable to shareholders surged 34% to US$5.8bn.

Zurich’s core return on equity (ROE) climbed to 24.6%. The company’s Swiss Solvency Test (SST) ratio also strengthened to 252%.

The P&C division saw an 8% rise in BOP, reaching US$4.2bn. The segment’s combined ratio improved to 94.2%, driven by underwriting discipline and strong commercial insurance growth. Gross written premiums increased by 5% to US$46.6bn.

The life segment achieved a record BOP of US$2.2bn, up 8% year-on-year. Growth was supported by strong performance in unit-linked and protection businesses, with gross premiums rising to US$33.1bn. Zurich’s consolidation of its life protection business is expected to drive further efficiency and growth.

Looking ahead, Zurich expects core EPS growth to exceed 9% annually from 2025 to 2027. The company has set ambitious financial targets, including a core ROE of over 23% by 2027 and cumulative cash remittances exceeding US$19bn over the period.

CEO Mario Greco highlighted Zurich’s ability to deliver consistent results. “All our businesses delivered an outstanding performance in 2024,” he said.

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