Zurich Insurance reported net profit of 3.5 billion dollar for the first half of the year, up 14 percent from the same period a year earlier. Operating profit increased at a similar pace, rising from 4.2 billion dollar to 4.8 billion dollar, according to the results published on Thursday.

Adjusted earnings per share rose 11.5 percent to 24.20 dollar, the company said.

Lower Premiums for Corporate Clients

In the property and casualty business, gross written premiums increased 7 percent to 29.9 billion dollar. The combined ratio stood at 92.7 percent. Overall pricing increased by 1 percent, with a 4 percent rise in the retail business partly offset by a 1 percent decline in the commercial segment.

Within Global Specialty, gross written premiums climbed 8 percent to 5.5 billion dollar, «primarily driven by the construction business, as growing demand for artificial intelligence is fuelling investment in data centre infrastructure not only in the US but around the world,» Zurich said.

Strong Growth in Life Insurance

Zurich also reported a record result in its life insurance business. Premiums in its protection business rose 10 percent to 5.9 billion dollar, while performance in the retail segment was described as «solid». Overall, gross written premiums increased 1 percent to 19.5 billion dollar.

The insurer raised its outlook for operating profit in the life business for full-year 2026. It now expects growth of at least 10 percent, compared with its previous guidance of growth in the «mid to high single-digit percentage range».

Farmers Exchanges in the US also delivered growth, with gross written premiums rising 4 percent to 15.6 billion dollar. The combined ratio was 82.4 percent.

Chief Executive Mario Greco, who has recently faced scrutiny following a Finma investigation and the governance questions it raised, commented on the first-half results: «Growth is accelerating in the businesses where we see the strongest demand and the most attractive margins, including Specialty, Middle Market, SMEs and life insurance. Our ability to allocate capital to the most attractive opportunities across our portfolio positions us well to sustain this performance. At the halfway point of our current strategic cycle, we are ahead of plan across all our targets.»