Record-Breaking Group Business Operating Profit
Group business operating profit reached a record USD 4.2 billion, up 6% year-on-year, with positive progression across all geographic and business segments.
Highest Ever Core ROE
Core ROE increased to 26.3%, representing a sizable 15 percentage point improvement, driven by ongoing capital allocation optimization.
Strong Property & Casualty Performance
Property & Casualty achieved an all-time high BOP of USD 2.4 billion, up 9% year-over-year, with a combined ratio improvement of 1.2 percentage points to 92.4%.
Life Segment Growth
Life segment sustained last year's record BOP of $1 billion, growing 4% year-on-year on an underlying basis with gross written premiums up 14% and new business premiums up 20%.
Farmers' Strong Performance
Farmers delivered its strongest half year ever with BOP up 4% to USD 1.2 billion, and the Farmers Exchanges reported a combined ratio of 90.5% despite California wildfires.
Financial Resilience
SST ratio of 255% at the end of June indicates strong financial resilience, coupled with high cash conversion.