Zurich Insurance Group Ltd · SIX:ZURN

Zurich Insurance — Debt Investor Presentation (October 2026)

36 slides from Zurich Insurance's debt investor presentation, October 2026

  1. Slide 1: Introduction to Zurich Group

    Introduction to Zurich Group Credit investor update October 2026 ©©Zurich Zurich

  2. Slide 2: A global insurer with a highly diversified business

    Group overview A global insurer with a highly diversified business Key figures1 FY-25 BOP by region (%)4 FY-25 BOP by business (%)4 USD 87bn Gross written premiums and deposits USD 8.9bn Business operating profit (BOP) 6% 6% 24% 26.9% Core return on equity (ROE)2 36% USD USD 8.9bn 8.9bn 52% 8% Core

  3. Slide 3: Scaled and globally diversified industry leader

    Group overview Scaled and globally diversified industry leader Global footprint North America #5 in commercial insurance Asia Pacific #4 in crop insurance #3 in Life, #8 in P&C #6 in U.S. personal lines EMEA through Farmers Exchanges3 #2 in P&C direct, #4 in Unit-Linked Top 2 global commercial #4 in

  4. Slide 4: Our proposition to investors

    Investment case Our proposition to investors Long-term Capital allocation Culture and strategy philosophy leadership Scaled industry leader, Strongly capitalized, Emphasis on quality globally diversified conservative balance sheet underwriting Focused on customer, Deploying capital at Driving respon

  5. Slide 5: Durable growth, leading ROE and strong cash conversion

    Investment case Durable growth, leading ROE and strong cash conversion Core EPS (USD)1 Core ROE (%)2 Cash remittances Dividend per share (USDbn) (CHF) >51.9 27% >19 +9% CAGR 25% 7.4 45.1 7.1 23% >23% +7% CAGR 30 40.1 28 37.9 34.2 26 16% 4.8 24 27.4 29.5 14% 14% 4.4 4.6 22 20 20 21.5 11% 3.4 3.4 FY-2

  6. Slide 6: 2025-2027 targets raise the bar

    Targets 2025-2027 targets raise the bar 2016-2019 2020-2022 2023-2025 2025 - 2027 targets BOPAT ROE1 >12% >14% >20% >23% Earnings per share Expense savings CAGR USD 1.5bn ≥5% 8% Core EPS CAGR3 > 9% Cumulative cash remittances USD >9.5bn USD >11.5bn USD >13.5bn >USD 19bn Z-ECM SST2 100%-120% ≥160% ≥1

  7. Slide 7: Confident to meet or exceed 2025-2027 targets

    Targets Confident to meet or exceed 2025-2027 targets Core ROE (%)1 Cash remittances Core EPS growth (%)2 SST (%)3 (USDbn) 266% 27.1% >19.0 11.5% >23% >9% ≥160% FY-26e FY-25 7.4 HY-26 Target Cumulative Target HY-26 vs. HY-25 Target HY-26e Floor 2025-2027 2025-2026 2025-2027 2025-2027 1 Business oper

  8. Slide 8: Creating the global leader in Specialty insurance

    Acquisition of Beazley Plc. Creating the global leader in Specialty insurance Establishing the leader in global …with strong positions in key Specialty requires global approach Specialty… market segments and underwriting sophistication Commercial Specialty FY-25 GWP (USDbn)1 Zurich Pro-forma Cross-b

  9. Slide 9: Financing structure preserves financial flexibility and capital strength

    Acquisition of Beazley Plc. Financing structure preserves financial flexibility and capital strength Funding structure (USDbn) Strong capital position 10.9 ~-30ppts 259% ~3.0 160% floor SST ratio (%) ~2.9 27% ~+3ppts Aa range2 20.7% ~5.0 20% Moody’s leverage ratio (%) Total consideration1 Existing c

  10. Slide 10: P&C - Sophisticated risk selection delivering profitable growth at low volatility

    Property & Casualty P&C - Sophisticated risk selection delivering profitable growth at low volatility Key figures (FY-25) FY-25 BOP by region (%)1 USD 50.4bn Gross written premiums 7% 4% 2% Rate change 39% USD 5.1bn USD 5.4bn Cash remittances 50% Strong North America and EMEA footprint 92.6% Combine

  11. Slide 11: A balanced footprint and business mix leveraging an open distribution architecture

    Property & Casualty A balanced footprint and business mix leveraging an open distribution architecture Footprint Business mix Distribution FY-25 Insurance revenue by region (%)1 FY-25 Insurance revenue by line of business (%)1 FY-25 Gross written premiums by distribution channel (%) 6% 7% 8% 16% 19%

  12. Slide 12: Leading Commercial business, high quality portfolio

    Property & Casualty Leading Commercial business, high quality portfolio Commercial insurance ranking Globally diversified footprint Underwriting performance FY-25 GWP (USDbn)1 FY-25 GWP (USDbn) Combined ratio (%) 110% Chubb 30.1 30.1 105% Specialty 31% 28% Other2 100% Axa Middle International 20% 25

  13. Slide 13: Retail franchise improvement, driving profitable growth

    Property & Casualty Retail franchise improvement, driving profitable growth Operational excellence Performance improvement Customer loyalty driving growth Combined ratio (%) GWP growth (%)2 Post 16% Pricing sophistication COVID-19 100% 11% 8% 2% Claims steering 95% FY-22 FY-23 FY-24 FY-252 Transacti

  14. Slide 14: Cat reinsurance program

    P&C Cat reinsurance program Group catastrophe reinsurance protection (USDm) 225 400 400 400 1,200 1,200 1,200 400 550 150 449 850 650 650 300 489 200 U.S. peak perils U.S. all perils Europe all perils1 Rest of world all perils Global aggregate cat treaty2 North America earthquake swap Global top cat

  15. Slide 15: Life - Differentiated underwriter of capital-light products displaying durable growth

    Life Life - Differentiated underwriter of capital-light products displaying durable growth Key figures (FY-25) FY-25 BOP by region (%) USD 36.2bn Gross written premiums and deposits 18% USD 2.3bn Business operating profit (BOP) 13% USD 2.3bn USD 1.7bn Cash remittances 1% 68% Focused on capital light

  16. Slide 16: Life business with a balanced distribution mix and focused on capital light products

    Life Life business with a balanced distribution mix and focused on capital light products Footprint Business mix Distribution FY-25 Gross written premiums by region (%)1 FY-25 Gross written premiums by line of business (%)1 FY-25 Gross written premiums by distribution channel (%)1 2% 9% 11% 17% 26%

  17. Slide 17: Best-in-class profit growth, with all regions contributing to it

    Life Best-in-class profit growth, with all regions contributing to it Life BOP (USDm) BOP growth by region Life BOP growth (%)1 CAGR FY-19 to FY-25 CAGR FY-19 to FY-25 CAGR +7% 2,235 2,288 2,060 EMEA 7% Zurich 7% 1,963 1,812 1,486 1,423 Asia Pacific 6% Generali 5% Latin America 8% Allianz 3% Total2

  18. Slide 18: Highly attractive Life business driven by Protection products

    Life Highly attractive Life business driven by Protection products Key driver of Zurich Life BOP Protection addressable market Profitable growth BOP contribution by line of business (%)1 Market: Protection GWP (USDbn)2 Zurich: Protection GWP (USDbn) Margin on GWP (%)1 16.7% 16.3% 14% +4% CAGR >720 9

  19. Slide 19: Farmers - A unique earnings stream with high cash conversion and low capital intensity

    Farmers Farmers - A unique earnings stream with high cash conversion and low capital intensity Key figures (FY-25) FY-25 BOP by business (%) USD 29.6bn Farmers Exchanges gross written premiums 10% 0% Farmers Management Services (FMS) fee USD 4.8bn income USD 2.4bn 7.0% FMS Managed GEP margin Farmers

  20. Slide 20: A unique business structure

    Farmers A unique business structure Zurich owned Policyholder owned Farmers Group, Inc. Farmers Exchanges1 Services Provides non-claims and ancillary services to the Exchanges Carry underwriting risk and handle claims, as well as own the (e.g., underwriting, policy administration, premium collection

  21. Slide 21: Farmers Exchanges with a nationwide presence and significant scale in a consolidating market

    Farmers Farmers Exchanges1 with a nationwide presence and significant scale in a consolidating market FY-25 U.S. personal lines P&C DWP Market share (%)2 A major U.S. personal lines player nationwide2 FY-25 market share (%) State Farm 19% 13% North East Progressive Mid West 12th Allstate 10% West3 8

  22. Slide 22: Farmers Exchanges' outstanding underwriting result, despite California wildfires

    Farmers Farmers Exchanges’1 outstanding underwriting result, despite California wildfires, drives strong surplus ratio Combined ratio2 (%) Surplus ratio (%) 111.6% FY-25 17.5% 95.4% 95.2% 52.9% 5.7% 87.8% 90.5% 15.1% 6.1% 34-38% 14.7% 79.1% 3.2% Target range 94.1% 89.7% 80.1% 81.7% 75.9% 75.8% H1-23

  23. Slide 23: Very strong capital position

    Investment and capital management Very strong capital position Financial Strength Ratings SST ratio (%)2 Rating Agency Rating / Outlook 300% 267% 266% AA / Stable 253% 259% 234% Aa2 / Stable 216% 221% 222% 212% 204% ICR1 aa / Stable 200% 182% FSR1 A+(Superior)/stable 160% floor Consistent Financial

  24. Slide 24: Moderate leverage and balanced refinancing needs

    Investment and capital management Moderate leverage and balanced refinancing needs Group capital structure (%)1 Maturity profile (USDbn)4 24.8% 24.1% 8% 7% 2.7 2.4 0.3 17% 17% 4% 4% 0.6 1.8 19% 20% 0.8 1.2 1.3 2.4 0.4 52% 52% 0.6 1.8 0.8 0.8 0.7 0.5 0.6 0.4 0.2 1.0 0.9 0.3 0.6 0.5 FY-24 FY-25 2027 2

  25. Slide 25: Investment portfolio - Overview

    Investment and capital management Investment portfolio - Overview HY-26 Group investments (%)1 HY-26 asset quality (%) HY-26 duration (# years)2 5% USD 58bn USD 78bn 8.7 3% 4% 7.9 6% 11% 10% 8% 33% 23% 29% 2% 4.7 USD 177bn 3.8 36% 31% 15% 27% 44% 15% Government and Credit and Life P&C Government and

  26. Slide 26: Credit and private debt portfolio

    Investment and capital management Credit and private debt portfolio HY-26 rating of credit and private debt securities (%) USD 26.3bn USD 19.8bn USD 12.3bn USD 5.5bn USD 3.6bn USD 10.1bn 1% 4% 2% 15% 11% 25% 31% 26% 6% 40% 47% 51% 29% 56% 80% 74% 30% 14% 2% 19% 15% 7% 10% 1% 1% Non-financial credit

  27. Slide 27: Private debt portfolio

    Investment and capital management Private debt portfolio Private debt by sector Investment approach Market Income Investment ✓ >20 years of experience HY-26 (USDbn, %) Return Additional details value grade (%) ✓ Almost 100% is senior/first lien HY-261 Senior corporate • Majority EUR and GBP ✓ 2/3 ra

  28. Slide 28: We focus on enabling the net-zero transition while building resilience to evolving risks

    Sustainability We focus on enabling the net-zero transition while building resilience to evolving risks Our approach Selected achievements in 2025 Increased 2030 commitments Achieve net-zero target for operational +24% GWP, fees and net flows from emissions (USD insurance sustainable solutions 2.1bn

  29. Slide 29: Appendix

    @ ZURICH Appendix 29° © Zurich

  30. Slide 30: SST is more conservative than Solvency II

    Capital management SST is more conservative than Solvency II General information SST Solvency II Most onerous impact Risk measure Expected shortfall 99% (~BBB) Value at risk 99.5% (~BBB) • Market risk (including investment Internal model (ZIE1): Standard formula (other entities): credit) • Premium,

  31. Slide 31: SST is more conservative than Solvency II

    Capital management SST is more conservative than Solvency II Yield curves and transitionals SST1 Solvency II Most onerous impact Base for risk-free yield Swaps (EUR, GBP, USD) Swaps (CHF, EUR, GBP, USD) curves2 Government bond (CHF) CHF, USD: FINMA CHF, EUR, USD: EIOPA Specified by EUR: EIOPA GBP: P

  32. Slide 32: Overview of debt instruments

    Debt Overview of debt instruments Issued Nominal (m) Coupon (%) Callable Maturity ISIN SST eligibility Senior 2019 CHF 200 0.750 Jul 2027 Oct 2027 CH0419040792 2018 CHF 200 1.000 Jul 2028 Oct 2028 CH0398633542 2018 EUR 500 1.500 Sep 2028 Dec 2028 XS1890836296 2022 CHF 400 1.125 Apr 2029 Jul 2029 CH1

  33. Slide 33: Other important information

    Other important information 33 © Zurich

  34. Slide 34: For further information

    For further information Call us Visit or follow us Investor Relations and Rating Agency Management • Adrienne Lim +41 76 270 30 39 • Francesco Bonsante +41 44 628 00 68 • Samuel Han +41 44 625 32 57 • Johannes Herholdt +41 44 625 25 53 Investor Relations website Financial results and reports Events

  35. Slide 35: Disclaimer and cautionary statement

    Disclaimer and cautionary statement Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Fo

  36. Slide 36: Thank you

    Thank you ©©Zurich Zurich

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