Zurich Insurance Group has opened 2026 with momentum building across every major line, posting first-quarter results that show property and casualty gross written premiums up 8% on a like-for-like basis, life protection premiums climbing 9% and the Farmers Exchanges adding policy counts well into April.

On a reported basis, P&C GWP jumped 17%, with the wider gap to the underlying figure reflecting a weaker US dollar and the timing of certain large contracts. The Swiss insurance group's pace marks an acceleration on an already record 2025, when business operating profit hit US$8.9 billion and the combined ratio improved 1.6 percentage points to 92.6%.

Commercial insurance did the heavy lifting, with GWP up 9% like-for-like and 18% on a reported basis. North America and EMEA climbed 10% and 8% respectively, while US construction volumes leapt 21%, lifting Global Specialty by 7% like-for-like.

Zurich said construction and surety stand to benefit from sustained spending on data centres and infrastructure.

Middle Market grew 7% like-for-like, with rate momentum holding firm in specialty and middle market even as property and excess and surplus segments stayed softer. Retail GWP advanced 7% like-for-like, led by motor business in Germany, Italy and Spain, where average rates rose 8%.

In life, protection premiums climbed 9% across EMEA, Latin America and Asia Pacific, more than offsetting easing savings sales in Spain. Farmers Management Services lifted underlying fee income by 4%, with the Farmers Exchanges adding around 84,000 policies in the quarter and a further 49,000 in April.

Zurich also stepped up its reinsurance buying at the January and April renewals, including a US$150 million catastrophe bond covering US named storms and earthquakes. The Swiss Solvency Test ratio stood at an estimated 265% at the end of March.

Peers in the rearview

Zurich's print arrives as European composite insurers post broadly resilient numbers. Allianz reported a 6.6% rise in first-quarter operating profit to €4.5 billion, the German group told investors, while AXA flagged 6% growth in gross written premiums and other revenues to €38 billion.

Industry reporting suggests Zurich's 8% like-for-like P&C growth sits at the top end of the peer pack, and its 265% SST ratio is the strongest capital position among Europe's major composites.

The results land just as Zurich's £8.2 billion (US$10.9 billion) takeover of Lloyd's specialist Beazley enters its closing stretch. The recommended cash-and-shares offer was agreed in early March and Beazley shareholders backed the deal in April, with court sanction now the remaining hurdle.

The combination — funded through a roughly US$5 billion equity raise alongside cash and new debt — will create one of the largest specialty insurance platforms globally and is expected to be immediately accretive to Zurich's earnings per share.

Once closed, the enlarged specialty book will reshape Zurich's competitive footing against Chubb, AIG and AXA XL in commercial lines.

Group chief financial officer Claudia Cordioli tied the start of the year to Zurich's diversified mix and capital strength.

"All our businesses started the year strongly, with growth accelerating across targeted business lines and customer segments, including Specialty, Middle Market and Life Protection," she said, adding that Zurich remains on course to meet or exceed its 2027 targets.