Zurich in Asia Pacific reports Gross Premiums of USD 7.5 billion and 8% growth in Business Operating Profit to USD 633 million; Life Gross Premiums up 16%
Singapore, February 19, 2026 – Zurich Insurance Group (Zurich) today reported a record full-year performance in Asia Pacific for the 12 months ended 31 December 2025, delivering Gross Premiums of USD 7.5 billion1 with Business Operating Profit (BOP) of USD 633 million, up 8% year-on-year (yoy). The result reflects a strong performance in the Life business alongside continued momentum in Property & Casualty (P&C) across both Commercial and Retail insurance.
- Life Gross Premiums2 up 16% yoy like-for-like3 to USD 3.2 billion, with New Business Contractual Service Margin (CSM) of USD 362 million; Life BOP of USD 286 million
- P&C Gross Written Premiums of USD 4.3 billion, up 8% yoy, 4% like-for-like4, BOP of USD 346m, with a Combined Ratio of 94.3%
- Record overall BOP of USD 633 million, up 8% yoy with US$3.1 billion of claims paid during FY2025
Tulsi Naidu, CEO, Asia Pacific, Zurich Insurance Group said, “I am delighted to report another year of strong progress across our Asia Pacific business. These full-year results reflect the continued robust development of our franchise in the region supported by the investments we have made in recent years in each of our three segments - Life, Commercial Insurance and Retail P&C – resulting in revenue growth, alongside increased scale and profitability.”
“The Life performance is a particular highlight, underpinned by strong trading performance across our markets, disciplined in-force portfolio management, and continued delivery of new customer initiatives. We are seeing strong results in the independent distribution channel in Australia, Japan and Hong Kong, coupled with positive agency and partnership momentum in Indonesia and Malaysia.”
“In Property and Casualty, the combination of our expanded footprint and deep capabilities across retail and commercial insurance have resulted in a scaled business with more than $4 billion GWP, which is well positioned for continued growth."
Life delivered Gross Premiums of USD 3.2 billion, up 16% yoy like-for-like. Highlights include: Strengthening Zurich’s leading market position in Retail Life in Australia and recording a significant Group Life milestone through the award of the Australian Retirement Trust mandate, the second largest super annuation fund in the country with 2.4 million members; successful entry into the Japan Unit Linked market with the launch of the Future Link range of funds; and the Hong Kong Life business delivering rapid growth due to a supportive market environment complemented by high quality service and product propositions.
P&C delivered GWP of USD 4.3 billion, up 8% yoy, 4% like-for-like2, reflecting strong top-line momentum across the portfolio. Zurich’s retail franchise grew strongly with market share gains across Asia Pacific, expanding its personal lines portfolios and deepening reach through new distribution partnerships. The Group continued to invest in its Commercial Insurance business, growing footprint in India and Malaysia, as well as investing in skills and capabilities across the region.
During FY2025, Zurich paid USD 3.1 billion in claims and strengthened its customer experience and brand presence across the region. Transactional Net Promoter Score (TNPS) exceeded 60 for the year, improving by 2.9 points over the prior year, reflecting Zurich’s ongoing commitment to service quality and claims experience. Across the region, Zurich received more than 100 industry awards with recognition in a range of areas ranging from underwriting expertise, digital and AI capability to leadership and ESG.
Tulsi Naidu concluded: “We remain focused on the growth of Zurich’s franchise across Asia Pacific and have a long-term positive outlook for the region. These results, coupled with the continued improvement in our brand and customer advocacy, position us well to meet the future opportunities across our markets.”
For further information, please contact:
Ben Evetts
Head of Communications & Marketing, Zurich APAC
ben.evetts@zurich.com.sg
1Includes Life Gross Premiums and P&C Gross Written Premium (GWP)
2GWP for Protection, gross policyholder inflows (incl. deposits) for all other lines of business
3Like-for-like comparisons represent the change in local currencies
4In local currency and after adjusting for Zurich Kotak General Insurance business
Reflecting its purpose to ‘create a brighter future together,’ Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project has been supporting reforestation and biodiversity restoration in Brazil’s Atlantic Forest.
The Group has more than 65,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN) is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. Further information is available at www.zurich.com.
Disclaimer and cautionary statement
Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy, underwriting and claims results, business initiatives (including, but not limited to, sustainability matters), as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans, policies, initiatives and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators, and the possibility of conflict between different governmental standards and regulatory regimes may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and the Group and on whether the targets will be achieved. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.