Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Zurich Financial Services — Q1 2004 Earnings Presentation
16 slides from Zurich Insurance's earnings presentation, May 19, 2004
Slide 1: Q1 Results Reporting 2004
Q1 Results Reporting 2004 Zurich, May 19, 2004
Slide 2: 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. Forward-looking statements include statements regarding our targeted profi
Slide 3: Agenda
Agenda • Introduction and Overview James J. Schiro • Q1 Results 2004 Patrick O’Sullivan • Q&A © Zurich Financial Services - May 19, 2004 3
Slide 4: Introduction and Overview
Introduction and Overview James J. Schiro Chief Executive Officer May 19, 2004
Slide 5: Financial highlights
Financial highlights in USD millions Q1 2004 Q1 2003 Change Gross written premiums and policy fees 14,307 13,493 6% Business operating profit 942 779 21% Net income 702 134 424% ROE, annualized 16.2% 12.9%1 3.3 pts Business operating profit ROE, annualized 14.8% 10.1%1 4.7 pts General Insurance comb
Slide 6: Q1 Results 2004
Q1 Results 2004 Patrick O’Sullivan Group Finance Director May 19, 2004
Slide 7: Business operating profit by segment
Business operating profit by segment in USD millions Q1 2004 Q1 20031 Change General Insurance 621 556 12% Life Insurance 229 165 39% Farmers Management Services 276 260 6% Other Businesses 1 -33 nm Corporate Center -185 -169 -9% Total 942 779 21% 1 Certain reclassifications and restatements have be
Slide 8: Net income by segment
Net income by segment in USD millions Q1 2004 Q1 20031 Change General Insurance 458 323 42% Life Insurance 223 -23 nm Farmers Management Services 177 158 12% Other Businesses 16 -32 nm Corporate Center -172 -292 41% Total 702 134 424% 1 Certain reclassifications and restatements have been made to 20
Slide 9: General Insurance financial highlights
General Insurance financial highlights in USD millions Q1 2004 Q1 2003 Change Gross written premiums and policy fees 11,092 9,756 14% Net earned premiums and policy fees 7,323 5,927 24% Net underwriting result 222 109 104% Business operating profit 621 556 12% Net income 458 323 42% Loss ratio 72.0%
Slide 10: Insurance reserves development
Insurance reserves development in USD millions 2004 Reserves for losses and LAE, net, as of January 1 37,013 Losses and LAE incurred Current year 5,342 Prior periods 70 Losses and LAE paid -4,330 Other movements (FX and divestments) -640 Reserves for losses and LAE, net, as of March 31 37,455 © Zuri
Slide 11: Life Insurance financial highlights
Life Insurance financial highlights in USD millions Q1 2004 Q1 2003 Change GWP, policy fees & insurance deposits 5,365 5,553 -3% Business operating profit 229 165 39% Net income 223 -23 nm New business premiums (APE) 514 503 2% New business profit margin (as % of APE) 9.8% 6.3% 3.5 pts © Zurich Fina
Slide 12: Farmers Management Services financial highlights
Farmers Management Services financial highlights in USD millions Q1 2004 Q1 2003 Change Management fees & other related revenue 485 468 4% Management & other expenses -205 -195 -5% Net investment result 21 16 31% Business operating profit 276 260 6% Net income 177 158 12% Gross operating margin 55.8
Slide 13: Shareholders' equity
Shareholders’ equity in USD millions 21'000 -3 6 702 19'000 625 20,114 17'000 1 18,784 15'000 Balance as of Change in net Translation Treasury stock Net income Balance as of 3 Dec 31, 2003 unreal. gains 2 adjustments trx and other Mar 31, 2004 on investmts. 1 Restated to reflect implementation of ne
Slide 14: Q1 Results Reporting 2004 Q&A
Q1 Results Reporting 2004 Q&A
Slide 15: Appendix
Q1 Results Reporting 2004 Appendix
Slide 16: Business operating profit reconciliation: originally reported versus restated per Q1 2004
Business operating profit reconciliation: originally reported versus restated per Q1 2004 reported DIG B36 restated Segment restated in USD millions in Q1’03 & IFRS 2 PH split shifts for Q1’03 General Insurance 536 20 556 Life Insurance 256 -911 165 Farmers Management Services 260 260 Other Business
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