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Zurich reports higher H1 profit as Beazley deal nears completion
Zurich said North America P&C profit fell 2% and the region’s combined ratio rose 1.1 points to 92.8% in the first half of 2026 while the Beazley acquisition is set to close in the second half.
Zurich Insurance Group posted business operating profit of $4.8 billion for the first half of 2026, up 13% year on year, with net income attributable to shareholders rising 14% to $3.5 billion, helped by a 35% jump in net investment result to $4.1 billion, according to its half-year report.
The insurer also reported strong P&C and Life performance globally, with momentum across all four operating regions. However, the North America segment showed pressure, with P&C business operating profit down 2% or $18 million year on year.
In North America, the combined ratio deteriorated 1.1 percentage points to 92.8% in the first half of 2026 versus 91.7% a year earlier, driven by less favourable prior-year reserve development, a higher loss ratio, and increased expenses, partially offset by lower catastrophe losses.
For US market participants, the focus is on Zurich’s pending acquisition of Beazley plc. The deal was announced in March 2026, approved by Beazley shareholders in April, and would pay 1,310 pence per share in cash for aggregate consideration of GBP 8.1 billion, about $10.8 billion, with closing expected in the second half of 2026 subject to remaining regulatory approvals.