Market landscape
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Group comparison — Europe's largest insurers
Key figures from the latest annual reports for the whole insurance group. Monetary values are converted to CHF for comparability; the small number below each value is the prior year, with an arrow showing the year-on-year change. Superscripts refer to the notes under each table.
| Group | |||||||
|---|---|---|---|---|---|---|---|
AXAFrance · EUR | 107,4371 102,594 | 9,1112 7,334 | 90.6% 91.0% | 224.0%3 216.0% | 16.0%4 15.2% | 43,896 46,407 | 156,0005 |
AllianzGermany · EUR | 173,8526 167,194 | 10,0217 9,236 | 92.2% 93.4% | 218.0% 209.0% | 18.1%8 16.9% | 58,311 56,079 | 156,875 156,626 |
GeneraliItaly · EUR | 91,2559 88,527 | 3,88010 3,463 | 92.6%11 94.0% | 219.0% 210.0% | n/a12 | 29,820 28,262 | 88,00013 |
Zurich Insurance GroupSwitzerland · USD | 39,93414 36,926 | 5,384 4,605 | 92.6% 94.2% | 259.0%15 253.0% | 26.9%16 24.6% | 22,584 20,174 | 65,00017 |
Lloyd's of LondonUnited Kingdom · GBP | 61,72118 59,163 | 11,30019 10,234 | 87.6% 86.9% | 200.0%20 205.0% | 22.0%21 21.0% | 53,08722 50,209 | n/a23 |
Talanx (HDI)Germany · EUR | 45,56424 44,780 | 2,306 1,839 | 89.1%25 90.3% | n/a26 220.0% | 19.7% 17.9% | 12,525 10,845 | 29,464 29,976 |
ChubbUnited States · USD31 | 52,22927 49,106 | 8,166 7,343 | 85.7% 86.6% | n/a28 | 15.0%29 15.0% | 58,416 50,705 | 43,00030 43,000 |
CNP AssurancesFrance · EUR | 36,36332 34,782 | 1,388 1,471 | n/a33 | 256.0% 237.0% | n/a34 | 21,10435 19,569 | 8,479 8,300 |
Crédit Agricole AssurancesFrance · EUR | 48,73236 40,548 | 1,88837 1,822 | 94.6%38 94.4% | 195.0%39 200.0% | n/a40 | n/a40 | 7,100 6,700 |
BNP Paribas CardifFrance · EUR | 37,66541 33,852 | 98042 898 | n/a43 | 169.0%44 158.0% | n/a45 | n/a45 | 9,000 9,000 |
CovéaFrance · EUR | 25,47746 25,782 | 1,642 1,113 | 97.8%47 99.7% | 221.0% 191.0% | n/a48 | 19,71649 19,065 | 25,00050 |
MAPFRESpain · EUR | 27,10551 26,145 | 1,00352 839 | 92.2%53 94.4% | 205.3% 207.4% | 12.4% 12.0% | 8,333 7,905 | n/a54 |
Prudential plcUnited Kingdom · USD | 22,42755 19,216 | 3,15156 1,810 | n/a57 | 262.0%58 280.0% | 14.0%59 14.0% | 15,933 13,854 | 15,33860 15,412 |
HelvetiaSwitzerland · CHF | 11,55061 11,553 | 575 502 | 93.1% 95.0% | 320.0%62 288.0% | 14.1% 12.8% | 13,00463 | 21,13863 |
Die MobiliarSwitzerland · CHF | 5,173 4,943 | 82564 391 | 97.0% 97.1% | 519.0%65 518.0% | 10.5%64 5.9% | 8,674 7,075 | 5,85866 5,841 |
- AXA: 1 Premiums = gross written premiums & other revenues (IFRS 17 basis). 2 FY2025 net income lifted by the disposal of AXA IM to BNP Paribas. 3 Solvency II; 224% at 31.12.2025 (≈215% from 1.1.2026 after grandfathering ended). 4 Underlying RoE (an APM), not a plain IFRS RoE. 5 Group workforce ≈156,000; prior-year headcount not separately stated.
- Allianz: 6 Premium volume = total business volume (insurance + asset management + banking). 7 IFRS net income attributable to shareholders; Allianz headlines a higher 'core net income'. 8 Core RoE; Allianz does not headline a plain IFRS RoE.
- Generali: 9 Gross written premiums, Life + P&C combined. 10 Net result, group share (the adjusted net result is slightly higher). 11 P&C discounted combined ratio (undiscounted FY2025 ≈94.3%). 12 Operating RoE not disclosed in the FY2025 results release. 13 ≈88,000 headcount (plus ≈163,000 advisors); prior-year not separately stated.
- Zurich Insurance Group: 14 P&C gross written premiums; no single group GWP headline (Life GWP is additional). 15 Swiss Solvency Test; FY2025 259% is an estimate (filed with FINMA by end-April). 16 Core ROE (operating, excludes unrealised gains/losses). 17 ≈65,000 headcount; prior-year not separately stated.
- Lloyd's of London: 18 Whole-market aggregate gross written premiums (Lloyd's is an insurance market, not a single company). 19 Result before tax (Lloyd's headlines a pre-tax figure). 20 Market-wide solvency ratio (the central solvency ratio was 496%/435%). 21 Lloyd's-disclosed 'return on capital', not a statutory RoE. 22 Net resources / market capital base. 23 No market-wide headcount is reported.
- Talanx (HDI): 24 Insurance revenue (IFRS 17); Talanx does not headline gross written premiums. 25 Group net combined ratio (primary P&C + reinsurance). 26 FY2025 year-end Solvency II not yet published (deferred to the SFCR); 233% on the internal model at 30.9.2025.
- Chubb: 27 Consolidated gross premiums written (P&C + Life); net premiums written were $54,842m/$51,468m. 28 US/Swiss-regulated — no Solvency II ratio is published. 29 Reported US-GAAP RoE; core operating RoE ≈13.7%/13.8%. 30 ≈43,000 global workforce (10-K, rounded in both years). 31 Chubb is run as a US-based global insurer (shown with the US flag), but Chubb Limited is legally incorporated and domiciled in Zurich, Switzerland — its European seat.
- CNP Assurances: 32 Premium income (non-GAAP chiffre d'affaires), not IFRS 17 insurance revenue; 2025 perimeter changed. 33 Life/savings/protection insurer — no group P&C combined ratio. 34 RoE not disclosed. 35 Equity attributable to owners (excludes the CSM-based 'patrimoine économique').
- Crédit Agricole Assurances: 36 Total premium income (non-GAAP), not IFRS 17 insurance revenue. 37 Net income, group share of CAA. 38 P&C France (Pacifica), incl. discounting, net of reinsurance. 39 Solvency II; FY2024 disclosed as 'above 200%'. 40 RoE and equity not disclosed in the results releases.
- BNP Paribas Cardif: 41 Gross written premiums (= BNP Paribas Insurance business-line GWP). 42 IFRS after-tax net income per SFCR (FY2024 restated); the pre-tax headline (€1,960m/€1,600m) is higher. 43 Creditor-protection/savings insurer — no P&C combined ratio. 44 Solvency II SCR coverage (standard formula). 45 RoE and IFRS book equity not separately disclosed.
- Covéa: 46 Total gross earned premiums incl. the reinsurance segment / PartnerRe (≈€8,192m in 2025). 47 Group combined ratio (France non-life 98.7%, PartnerRe non-life 96.6% separately). 48 Mutual group — RoE not disclosed. 49 Accounting equity (fonds propres comptables). 50 ≈25,000 headcount; prior-year not separately stated.
- MAPFRE: 51 Written and accepted premiums (IFRS 17 insurance revenue was €26,352m in 2025). 52 Attributable profit; FY2024 €902m is after a €90m Verti Germany goodwill writedown. 53 Non-life combined ratio. 54 No exact audited group headcount is disclosed (MAPFRE self-describes as 30,000+).
- Prudential plc: 55 Prudential plc (LSE/HKEX) — an Asia/Africa life insurer reporting in USD (not Prudential Financial US). Gross premiums earned (supplementary IFRS 4 measure); IFRS 17 insurance revenue was $11,080m/$10,358m. 56 Profit attributable to parent equity holders. 57 Pure life/health insurer — no P&C combined ratio. 58 Hong Kong IA Group-Wide Supervision (GWS) shareholder cover ratio. 59 Operating return on IFRS shareholders' equity (not statutory). 60 Excl. commission-based sales staff.
- Helvetia: 61 Business volume = premiums written + deposits. FY2025 income-statement items are Helvetia standalone (Baloise consolidates into the P&L from 2026). 62 Swiss Solvency Test (Helvetia standalone). 63 FY2025 equity and employees include Baloise after the Dec 2025 merger (Helvetia Baloise); the prior-year standalone is not comparable, so no trend is shown. Employees are FTE.
- Die Mobiliar: 64 FY2025 net income (and RoE) lifted by one-offs, mainly the partial sale of the Swiss Marketplace Group stake at its Sept 2025 IPO. 65 Swiss Solvency Test. 66 FTE excl. apprentices (total headcount ≈6,572/6,593). Swiss-only cooperative group.
Reinsurers (shown separately)
Reinsurers report on a different basis (e.g. combined ratio relates to P&C reinsurance), so they are listed apart from the primary insurers.
| Group | |||||||
|---|---|---|---|---|---|---|---|
Munich ReGermany · EUR | 56,1831 56,572 | 5,693 5,292 | 73.5%2 77.3% | 298.0% 287.0% | 18.3% 18.2% | 31,082 30,598 | 43,982 43,584 |
Swiss ReSwitzerland · USD | 34,1643 36,114 | 3,7544 2,567 | 79.4%5 89.9% | 250.0%6 257.0% | 19.6% 15.0% | 19,8907 17,338 | 15,238 15,360 |
- Munich Re: 1 Insurance revenue (IFRS 17), group total. 2 Property-casualty reinsurance combined ratio (excl. Global Specialty Insurance from FY2025; FY2024 restated on this basis).
- Swiss Re: 3 Group total insurance revenue (no separate group gross-premiums-written line is reported). 4 Net income attributable to common shareholders (total group net income 4,762/3,238). 5 P&C Reinsurance segment combined ratio. 6 Group SST ratio (250% as of 1.1.2026, incl. proposed capital repatriation); reported with a delay. 7 Common shareholders' equity (total incl. NCI/AT1: 25,739/23,240).
Swiss market — cross-group view
A high-level comparison of the Swiss entities / Switzerland business of these groups: gross premium volume in Switzerland, Swiss employees and the non-life combined ratio where disclosed.
| Entity | |||
|---|---|---|---|
| Zurich Switzerland | 3,8971 3,746 | n/a2 | 94.0% 95.9% |
| AXA Switzerland | 6,6403 6,200 | 4,7004 | 90.1% 90.4% |
| Allianz Suisse | n/a5 | n/a | n/a |
| Generali (Schweiz) | n/a6 | n/a | n/a |
| Helvetia (Swiss home market) | n/a7 | n/a | n/a |
| Die Mobiliar | 5,173 4,943 | 6,5728 6,593 | 97.0%9 97.1% |
| Baloise (Switzerland) | n/a10 3,785 | n/a | n/a |
| Swiss Life (Switzerland) | 10,20011 9,900 | n/a12 | n/a12 |
| Vaudoise Assurances | 1,51913 1,436 | n/a14 | 96.4% 97.9% |
- Zurich Switzerland: 1 P&C gross written premiums & policy fees (Life reported separately). 2 Swiss headcount not disclosed (group ≈65,000 worldwide).
- AXA Switzerland: 3 Total premium volume; FY2024 ≈6,200 implied by the disclosed +7% growth. 4 ≈4,700 staff (excl. ≈3,100 in distribution); prior-year not separately stated.
- Allianz Suisse: 5 No standalone consolidated Swiss results published; only per-entity FINMA financial-condition reports — figures not verifiably disclosed for both years.
- Generali (Schweiz): 6 No consolidated Swiss-group results published since FY2022 (then GWP CHF 1,832.8m, combined ratio 95%, 2,184 employees).
- Helvetia (Swiss home market): 7 Switzerland home-market segment not broken out in the press releases; Helvetia merged with Baloise in Dec 2025 → Helvetia Baloise Holding AG.
- Die Mobiliar: 8 Headcount, excl. trainees. 9 Elevated by weather/elementary claims (92.8% in 2023). Swiss-only cooperative group.
- Baloise (Switzerland): 10 FY2024 Switzerland-segment business volume CHF 3,785m; no separate Swiss combined ratio. FY2025 absorbed into the merged Helvetia Baloise.
- Swiss Life (Switzerland): 11 Switzerland-segment premiums. 12 Predominantly life/pensions — no non-life combined ratio; Swiss headcount not split out (group ≈11,000 FTE).
- Vaudoise Assurances: 13 Total revenue (Swiss-only group); FY2024 ≈1,436 implied by +5.7% growth. 14 >2,000 FTE group-wide; an exact yearly headcount is not given.
Monetary figures converted to CHF at ECB reference rates as of 31 Dec 2025 (EUR/CHF 0.930, USD/CHF 0.792, GBP/CHF 1.066); both years use the same rate so the trend reflects business change, not currency moves. Premium and solvency definitions differ by group (IFRS 17 insurance revenue vs. gross written premiums; Solvency II vs. Swiss Solvency Test) — see the per-group notes.
Figures FY2025 vs. FY2024; compiled 2026-06 from each group's annual report / full-year results. Please verify against the primary sources before citing.