- Group business operating profit (BOP) up 6% to a record USD 4.2 billion; Core ROE climbs to a best-ever 26.3%, Core EPS up 7%.
- Property & Casualty (P&C) BOP is up 9% to an all-time high of USD 2.4 billion; Insurance revenue increased 7% to a record USD 23.0 billion.
- P&C combined ratio (COR) of 92.4% improved 1.2 percentage points driven by strong underwriting performances in Commercial (90.5%) and Retail (94.1%).
- Life reported BOP of USD 1.0 billion, up 4% excluding a prior year one-off; gross written premiums (GWP) up 14% overall and 3% in Protection1; contractual service margin (CSM) at an all-time high.
- Farmers delivered the strongest half-year BOP ever, up 4% to USD 1.2 billion; Farmers Exchanges2 GWP up 5% and COR of 90.5% leading to a surplus ratio of 45.7%; policy count returns to growth in Q2.
- Net income attributable to shareholders at USD 3.1 billion, up from USD 3.0 billion in prior year.
- Very strong capital position with Swiss Solvency Test (SST) ratio at 255%.3
"I am proud of these outstanding results, which reinforce the strength of our underwriting discipline and operational execution. This performance underscores our ability to effectively manage our diversified portfolio, strong capital position, and high cash conversion to deliver continued industry-leading value to our shareholders, even in a volatile market environment. P&C posted profitable growth, supported by favorable pricing trends, focused management actions and superior risk selection. The Life business maintained last year’s record performance, with continued premium expansion and rising demand for protection solutions. Farmers Exchanges reported excellent underwriting results and increased its policy count for the first time in more than a decade."
Mario Greco, Group Chief Executive Officer
