Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — FY2014 Earnings Presentation
61 slides from Zurich Insurance's earnings presentation, Feb 12, 2015
Slide 1: Annual results 2014
Annual results 2014 Investor presentation February 12, 2015 Zurich Insurance Group
Slide 2: Results overview
Results overview Martin Senn, Chief Executive Officer
Slide 3: Key financials
Key financials ROE below target, strong Z-ECM and cash remittances FY-14 KEY RESULTS TARGET METRICS OVER STRATEGIC PERIOD FY-14 Target BOP BOPAT ROE1 11.1% 12 - 14% USD 4.6bn (-1%) 9M-14 Target Z-ECM2 127% 100 – 120% NIAS Cumulative FY-14 Net cash 3-year target USD 3.9bn (-3%) remittances USD 3.7bn
Slide 4: Report card – Group
Report card – Group Continuing progress towards our 2016 targets GROUP STRATEGY 2014 KEY ACTIONS 2015 PRIORITIES Prioritizing Investments in corporate, Continue investments in NAC and commercial and select retail Global Corporate / CLP investment in 1 markets Targeted investments in select ret
Slide 5: Report card – General Insurance
Report card – General Insurance Improving AY profitability, more to be done on “turnarounds” PRIORITY MARKETS1 MANAGE FOR VALUE GWP2 (USDm) BOP (USDm) Completed Russia Retail exit 35,584 36,333 2,912 2,894 Further profit improvement actions launched in 3,068 188 36 65 3,371 3,068 209 manage for
Slide 6: Report card – Global Life
Report card – Global Life Continued growth in priority markets, in-force management initiatives underway PRIORITY MARKETS1 MANAGE FOR VALUE APE (USDm) NBV (USDm) Exit of marginal positions 5,203 1,022 Initiatives underway to deliver up to USD 100m BOP 801 9452 increase from in-force management i
Slide 7: Report card – Farmers Exchanges
Report card – Farmers Exchanges1 Positive momentum continues NET PROMOTER SCORE2 RETENTION3 76.8% 35.6 37.1 33.3 34.5 75.9% 30.0 75.3% 74.8% 74.7% FY-13 Q1-14 Q2-14 Q3-14 Q4-14 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 NET GAIN / LOSS OF AGENTS4 NEW BUSINESS COUNT GROWTH5 16.4% 193 208 4.4% 6.8% 45 -32 -2.7% -1
Slide 8: Key messages
Key messages General Good progress in improving accident year profitability, further Insurance improvement needed in 2015 and beyond Progressing bank distribution and CLP growth strategy, Global Life implementing in-force management initiatives Farmers On the right track, further positive momentum i
Slide 9: Financial highlights
Financial highlights George Quinn, Chief Financial Officer
Slide 10: Group – Business operating profit
Group – Business operating profit Weaker result for Q4 BOP BY SEGMENT (USDm) RECONCILIATION (USDm) -1% -27% 454 4,680 4,638 1,113 1,393 4,084 812 1,564 322 2,859 2,894 736 160 2,112 573 518 280 27 385 294 27.3% tax rate 1,272 1,273 308 1,351 4,638 3,895 411 408 420 1,402 1,516 1,573 10 32 129 73 -26
Slide 11: General Insurance – Topline
General Insurance – Topline Broadly stable, but with some competitive pressures GWP GROWTH IN LC1 (%) RATE CHANGE2 (%) Q4-13 Q3-14 Q4-14 3% GC 8% 5% 2% 1% 12% -1% NAC 2% 6% 0% 1% 2% 0% EMEA -2% 3% 2% 2% -2% 3% IM 12% 5% 5% 5% 34% 2% Total3 3% 4% 2% 2% 7% FY-14 FY-13 FY-12 1 In local currency. 2 GWP
Slide 12: General Insurance – Combined ratio
General Insurance – Combined ratio Improved accident year profitability, lower PYD COMBINED RATIO SPLIT (%) COMBINED RATIO BY REGION (%) 100.7% 98.0% 97.3% 4.4% 3.2% 2.3% 96.2% GC 94.3% 96.5% NAC 97.0% 96.0% 98.3% 97.2% 95.6% EMEA 98.1% 104.6% IM 102.3% 97.3% Total -2.0% -2.4% -0.6% 98.0% FY-12 FY-1
Slide 13: General Insurance – BOP components
General Insurance – BOP components Stable operating profits but improved UW result BOP BREAK DOWN (USDm) KEY DRIVERS (USDm) +1% 18 2,859 2,894 78 2,112 605 812 207 55 22 2,894 2,859 2,587 2,384 2,288 -184 -72 -57 -112 -239 -95 -52 FY-121 FY-13 FY-14 FY-13 UWR Investment RCG NTR NCI FY-14 Income Unde
Slide 14: Global Life – New business
Global Life – New business Strong growth in Europe and APME despite currency headwinds APE (USDm)1 NBM & NBV1 NET INFLOWS2 & AUM NBM (%) Net inflows (USDbn) 21.9 27.0 22.1 5.5 +18% 1.4 5,203 -2.7 4,767 72 147 4,418 566 -4% -1% 500 208 NBV (USDm) AuM (USDbn) 173 125 530 1,060 267 266 1,160 1,022 254
Slide 15: Global Life – BOP
Global Life – BOP Growth in revenues and in new business investment BOP BY SOURCE OF EARNINGS (USDm) REGIONAL BOP & KPI (USDm) D FY-131 -18% -9% 8% 59% N/M Loadings & fees 3,449 886 4,336 6% 841 Inv. margin 541 743 -3% 222 202 141 131 Technical margin 1,159 4% -63 Operating costs -1,901 -12% US LATA
Slide 16: Farmers Exchanges – KPIs
Farmers Exchanges1 – KPIs Continued growth momentum GWP GROWTH (%) COMBINED RATIO (%)4 SURPLUS5 (USDbn) 2.4% 105.4% 38.4% 36.6% 6.1% 100.5% 33.3% 99.4% 0.6% 6.0% 5.2% 6.3 5.9 5.6 -0.9% 99.3% 5.0 5.4 94.5% 94.2% 4.6 -2.1% -3.7% 1.0 1.0 0.9 Q4-132 Q1-14 Q2-14 Q3-14 Q4-143 FY-122 FY-13 FY-14 FY-12 FY-1
Slide 17: Farmers – KPIs
Farmers – KPIs Improved result at Farmers Re BOP (USDm) MGEP MARGIN (%)1 FARMERS RE CR (%)2 1’573 7.3% 103.7% 1’516 1’402 7.2% 7.2% 100.2% 5.9% 98.3% 5.6% 4.9% 1'383 1'390 1'428 97.8% 94.6% 93.4% 125 190 -26 FY-12 FY-13 FY-14 FY-12 FY-13 FY-14 FY-12 FY-13 FY-14 Catastrophes 3 FMS FRe CR (excl. catas
Slide 18: Group – Balance sheet and capital
Group – Balance sheet and capital Strong solvency capital on all key metrics SHAREHOLDERS’ EQUITY (USDm) SOLVENCY RATIOS (%) 2,539 -1,229 285% 258% 302% -136 34,735 278% 3,895 217% 215% 32,503 -2,837 185% 126% 127% 127% 114% FY-13 Dividend1 NIAS Net CTA (excl. Pension FY-14 Z-ECM SST3 Solvency I URG
Slide 19: Group – Cash remittances & dividend proposal
Group – Cash remittances & dividend proposal Good cash remittances across all segments NET CASH REMITTANCES (USDbn) CUMULATIVE DIVIDEND (USDbn)1 3.7 17.3 2.9 14.6 2.1 2.4 2.4 11.8 1.4 0.9 9.1 0.6 0.6 0.7 1.2 0.9 6.3 0.5 0.1 -1.1 -1.1 -1.0 3.6 FY-12 FY-13 FY-14 1.4 2008 2009 2010 2011 2012 2013 2014
Slide 20: Factors influencing 2015
Factors influencing 2015 General Further improvement in ex-cat accident year loss ratio Insurance USD 50m negative Brazilian EW1 ‘year one’ impact, profitable from ‘year two’ Continued strong performance in bank distribution and CLP Global Life Starting to see benefit from in-force managemen
Slide 21: Key messages
Key messages General Good progress in improving accident year profitability, further Insurance improvement needed in 2015 and beyond Progressing bank distribution and CLP growth strategy, Global Life implementing in-force management initiatives Farmers On the right track, further positive momentum i
Slide 22: 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’).
Slide 23: Appendix
@ ZURICH Appendix
Slide 24: General Insurance – Q4 Combined ratio
General Insurance – Q4 Combined ratio Accident year CR stable, despite some adverse items COMBINED RATIO SPLIT (%) COMBINED RATIO BY REGION (%) 106.6% 9.7% 98.3% 99.4% 1.7% 1.9% 95.5% GC 94.4% 96.9% NAC 90.4% 99.1% 99.6% 98.6% 98.2% EMEA 100.5% 111.9% IM 103.4% 99.4% Total -2.7% -2.0% -0.7% 98.3% Q4
Slide 25: General Insurance – Q4 BOP components
General Insurance – Q4 BOP components BOP significantly lower than PY BOP BREAK DOWN (USDm) KEY DRIVERS (USDm) 736 -30% 736 82 27 129 518 58 47 40 36 518 2 614 627 530 -18 -3 -39 -20 -505 -18 -63 Q4-121 Q4-13 Q4-14 Q4-13 UWR Investment RCG NTR NCI Q4-14 Income Underwriting result Investment inc. / R
Slide 26: GI – Combined ratio details
GI – Combined ratio details AY loss ratio further improved, ~1% increase in the ER LOSS RATIO (%) EXPENSE RATIO (%) 75.5% 30.3% 30.5% 31.1% 31.2% 29.7% 29.7% 70.3% 9.7% 68.3% 68.6% 13.6% 13.7% 13.9% 13.7% 4.4% 68.2% 13.5% 13.2% 3.2% 1.7% 66.8% 1.9% 2.3% 68.0% 67.5% 68.5% 68.9% 67.0% 65.1% 16.8% 16.2
Slide 27: GI – Loss ratio details
GI – Loss ratio details Continued improvement in accident year profitability LOSS RATIO (%) 75.5% 69.4% 67.5% 67.6% 70.3% 9.7% 67.4% 68.6% 67.7% 5.8% 66.3% 66.8% 68.2% 2.2% 3.0% 2.2% 3.7% 1.7% 65.9% 1.6% 1.9% 1.9% 2.3% 3.0% 67.2% 67.9% 68.2% 68.5% 66.4% 67.8% 66.8% 68.9% 65.6% 63.6% 64.4% 67.0% -1.9
Slide 28: Non-life – Ultimate loss ratios by accident year
Non-life1 – Ultimate loss ratios by accident year Stable positive development in recent accident year loss ratios ULTIMATE NET LOSS RATIOS2 (%) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 In the year 73.3% 69.6% 72.7% 74.6% 72.3% 73.5% 74.2% 71.3% 69.4% 66.6% 1 year later 68.1% 66.2% 71.7% 74.
Slide 29: GI – Paid and incurred losses
GI – Paid and incurred losses Consistent reserving approach over time for the group DEVELOPMENT OF PAID TO ULTIMATE LOSSES KEY TAKEAWAYS GI total AY 2008 2009 2010 2011 2012 2013 2014 In the year 8'476 8'110 7'816 8'241 7'621 7'603 7'330 Overall consistent 1 year later 14'035 13'146 13'115 13'461
Slide 30: GI – Paid to incurred by business
GI – Paid to incurred by business Consistent reserving approach at a regional level too DEVELOPMENT OF PAID TO ULTIMATE LOSSES RATIO1 KEY TAKEAWAYS GI regions AY 2008 2009 2010 2011 2012 2013 2014 In the year 1 year later 23% 47% 19% 42% 19% 43% 20% 43% 19% 48% 18% 43% 18% This regional view 2 yea
Slide 31: GI Global Corporate – KPIs
GI Global Corporate – KPIs Results impacted by adverse PYD FY-14 KEY FINANCIALS GWP Zurich rate Combined USD 879m USD 767m Growth1 change2 Ratio 3% 2% 96% 94.3% 96.2% 20.8% 21.8% KEY DRIVERS 73.6% 74.4% Growth driven by strong new business, partly off set by impact of selected re-underwriting acti
Slide 32: GI North America Commercial – KPIs
GI North America Commercial – KPIs Growth in selected pockets, with slightly improved CR FY-14 KEY FINANCIALS GWP Zurich rate Combined USD 972m USD 923m Growth1 change2 Ratio 2% 2% 96% 97.0% 96.5% 28.9% 30.1% KEY DRIVERS 68.0% 66.4% Modest growth from rate tiering strategies and execution on strat
Slide 33: GI EMEA – KPIs
GI EMEA – KPIs Brighter top-line outlook, good overall profitability FY-14 KEY FINANCIALS GWP Zurich rate Combined USD 956m USD 1’154m Growth1 change2 Ratio 0% 2% 96% 98.1% 96.0% 30.5% 31.1% KEY DRIVERS 67.6% 64.9% Growth in the UK and Germany, in Switzerland personal lines and Spain commercial li
Slide 34: GI International Markets – KPIs
GI International Markets – KPIs Improvement required from 2014 levels FY-14 KEY FINANCIALS GWP Zurich rate Combined USD 169m USD 40m Growth1 change2 Ratio 8% 4% 105% 102.3% 104.6% 42.4% 42.9% KEY DRIVERS 59.9% 61.7% Higher rate increases due to actions to improve profitability in LatAm, partly off
Slide 35: GI – Rate change monitor
GI – Rate change monitor Overall fairly stable, but with some pockets of pricing pressure Q4-14 ZURICH RATE CHANGE ASSESSMENT Business Assessment Rate increases are generally at adequate levels but we see some market pressure, mainly in US Group property lines. Modest rate increases in all regions a
Slide 36: GI – Natural catastrophe reinsurance
GI – Natural catastrophe reinsurance Program further benefitted from lower reinsurance prices NATURAL CATASTROPHE REINSURANCE TREATIES1 (USDm) 20 10 20 10 150 150 10 500 500 150 10 20 500 20 10 Single global USD 150m treaty, which can be applied to any region2 10 650 150 10 930 300 500 Single global
Slide 37: Global Life – BOP by region
Global Life – BOP by region One-off impacts offset each other BOP BY REGION (USDm) KEY DRIVERS (USDm) 0% 1,273 1,351 1,272 -23 49 1,273 63 -31 -56 131 1,272 83 134 131 141 83 173 243 173 141 222 222 245 155 245 841 778 841 819 778 0 -7 -63 -7 -63 FY-12 FY-13 FY-14 FY-13 Europe Latin North APME Other
Slide 38: GL – New business by pillar
GL – New business by pillar Strong volume growth led by CLP FY-14 KEY FINANCIALS1 APE (USDm) CLP single 5,203 NBM PVNBP 4,767 4,418 premium 1,703 1,908 1,394 1,506 1,584 1,741 22.1% USD 53.0 bn USD 7.4 bn 1,558 1,441 1,554 FY-12 FY-13 FY-14 KEY DRIVERS NBV (USDm) 1,060 949 269 1,022 Strong increas
Slide 39: GL – Net inflows & Assets under management
GL – Net inflows & Assets under management Net inflows and asset growth offset by currency impacts NET INFLOWS BY REGION (USDbn)1 AUM DEVELOPMENT (USDbn) 5.5 0.1 0.1 267 21 -28 266 5 2.2 31 31 1.4 0.8 0.5 0.7 114 112 0.5 0.4 2.2 0.5 0.5 0.4 0.4 -0.5 -4.7 122 122 -2.7 Balance Net inflows Market FX Ba
Slide 40: GL North America – Key financials
GL North America – Key financials High new business strain and one-off items in the technical margin impacting BOP BOP BY SOURCE OF EARNINGS (USDm) KEY FINANCIALS & KPI (USDm) D FY-131 284 Loadings & fees 401 1 403 13% 243 173 160 141 Inv. margin 44 109 117 120 -7% Technical margin 43 26% -42 Operat
Slide 41: GL Latin America – Key financials
GL Latin America – Key financials Strong growth in revenues in local currency BOP BY SOURCE OF EARNINGS (USDm) KEY FINANCIALS & KPI (USDm) D FY-131 245 234 Loadings & fees 812 32 844 222 5% 191 170 155 142 Inv. margin 130 23% 124 119 Technical margin 242 -6% Operating costs -256 FY-12 FY-13 FY-14 1%
Slide 42: GL Europe – Key financials
GL Europe – Key financials BOP broadly flat excluding one-off impacts BOP BY SOURCE OF EARNINGS (USDm) KEY FINANCIALS & KPI (USDm) D FY-131 920 819 841 Loadings & fees 1,609 684 2,293 3% 778 Inv. margin 302 504 482 -11% 409 434 384 202 177 Technical margin 656 6% Operating costs -1,033 FY-12 FY-13 F
Slide 43: GL APME – Key financials
GL APME – Key financials Good growth in fee and technical margins BOP BY SOURCE OF EARNINGS (USDm) KEY FINANCIALS & KPI (USDm) D FY-131 191 176 Loadings & fees 363 160 524 10% 138 134 131 83 Inv. margin 59 6% Technical margin 146 6% -10 -38 -53 Operating costs -278 -9% FY-12 FY-13 FY-14 Acquisition
Slide 44: Global Life – Embedded value result
Global Life – Embedded value result Operating return on MCEV ~8% EMBEDDED VALUE DEVELOPMENT1 (USDm) 49 166 -347 20 386 -996 9 764 413 1,022 -1,695 19,499 19,290 Opening New Expected Operating Operating Other Economic Other Dividends Injections Other Foreign Closing embedded business contr. exp. assu
Slide 45: Global Life – MCEV free surplus roll-forward
Global Life – MCEV free surplus roll-forward Operating cash generation of USD 0.6bn, excluding variances FREE SURPLUS DEVELOPMENT (USDm) 11 171 363 -996 -41 413 -267 1,681 -1,431 2,790 2,696 Opening Cash strain Expected Expected Operating Economic & Dividends Injections Other Foreign Closing free su
Slide 46: Zurich Santander – Quarterly results
Zurich Santander – Quarterly results Continued growth offset in USD by adverse FX development PROFIT BEFORE TAX GI & LIFE (100%) INTANGIBLES AMORTIZATION (100%) -20 -20 -21 -20 -18 -19 -18 -18 -18 -17 165 155 171 163 163 170 173 174 177 163 -12 -11 -8 -7 -7 -6 159 156 -21 -16 -13 -25 121 133 123 135
Slide 47: Farmers Exchanges – Q4 KPIs
Farmers Exchanges1 – Q4 KPIs Continued growth momentum GWP GROWTH (%) COMBINED RATIO (%)4 SURPLUS5 (USDbn) 2.4% 102.4% 38.4% 36.6% 3.1% 33.3% 95.4% 95.7% 0.6% 2.0% 1.8% 6.3 5.9 5.6 -0.9% 99.3% 4.6 5.0 5.4 93.6% 93.7% -2.1% -3.7% 1.0 1.0 0.9 Q4-132 Q1-14 Q2-14 Q3-14 Q4-143 Q4-122 Q4-13 Q4-14 FY-12 FY
Slide 48: Farmers – Q4 KPIs
Farmers – Q4 KPIs Strong result at Farmers Re BOP (USDm) MGEP MARGIN (%)1 FARMERS RE CR (%)2 411 408 420 7.3% 7.2% 99.3% 7.1% 3.6% 96.7% 1.6% 95.2% 1.8% 340 345 369 95.7% 95.1% 93.4% 68 75 42 Q4-12 Q4-13 Q4-14 Q4-12 Q4-13 Q4-14 Q4-12 Q4-13 Q4-14 Catastrophes 3 FMS FRe CR (excl. catastrophes) 1 Margi
Slide 49: Farmers Exchanges – GWP
Farmers Exchanges1,2 – GWP Continued growth momentum DEVELOPMENT OF GWP BY BUSINESS LINE (USDm) 0.0% +2.4% 18,643 18,635 4,367 4,472 8,647 8,405 -2.8% 2,035 2,045 -0.5% 4,750 4,873 +2.6% 1,126 1,165 +3.4% +4.4% +6.9% 1,681 1,755 417 446 947 1,010 +6.6% 248 +11.9% 221 2,078 2,208 +6.3% 459 484 +5.4%
Slide 50: Farmers Exchanges – PIF/VIF
Farmers Exchanges – PIF/VIF1 PIF trends also much more positive DEVELOPMENT OF PIF/VIF1 BY BUSINESS LINE (THOUSANDS) -1.3% -0.2% 19,298 19,043 19,075 19,043 9,962 9,710 -2.5% 9,715 9,710 -0.1% -1.6% 4,809 4,798 -0.2% 4,875 4,798 414 415 +0.1% 417 415 -0.6% 886 982 +10.8% 977 982 +0.5% 2,941 2,980 +1
Slide 51: Farmers Exchanges – Combined ratio
Farmers Exchanges – Combined ratio Year-on-year improvement helped by lower catastrophe losses COMBINED RATIO BY BUSINESS LINE (%)1 101.3% 102.3% Auto Auto 99.5% 100.1% 97.2% 86.6% Home Home 100.8% 83.0% 98.2% 91.9% EA Business Insurance EA Business Insurance 105.4% 96.6% 101.8% 100.5% Bristol West2
Slide 52: Farmers Exchanges – Combined ratio history
Farmers Exchanges – Combined ratio history Catastrophe losses drive volatility in quarterly combined ratio QUARTERLY COMBINED RATIO (%) Catastrophes impact1 Incl. Incl. Incl. 17 Catastrophe California 13 Catastrophe 120 Events wildfires Events Incl. 115 13 Catastrophe Events Incl. 13 Catastrophe 110
Slide 53: Other Operating Businesses
Other Operating Businesses Lower financing costs in 2014 QUARTERLY BOP SPLIT (USDm) YTD BOP SPLIT (USDm) -3 20 -7 -43 -51 -196 -113 -282 -143 -137 -191 -219 -224 -188 -171 -167 -172 -149 -843 -678 -221 -232 -230 -213 -222 -280 -286 -960 -356 -1,039 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 FY-
Slide 54: Group Investments – Asset allocation
Group Investments – Asset allocation Zurich’s sources of investment risk and return are balanced ASSET ALLOCATION1 RISK DIVERSIFICATION2 RISK DRIVERS2,3 Total Group Investments: USD 205bn 4% 5% 0% 5% 10% 1% 100% 5% 4% 35% 40% 31% 25% 80% 18% Sum of single Investment Investment security risks risks r
Slide 55: Group Investments – Debt securities portfolio
Group Investments – Debt securities portfolio Debt securities portfolio is of a high quality BY CATEGORY BY RATING Total debt securities: USD 154bn 2% 13% 20% 23% 46% 41% 18% 38% Government and government related bonds MBS/ABS AAA AA A BBB Non-investment grade Corporate bonds February 12, 2015 Annua
Slide 56: Investment income yield
Investment income yield1 Higher risk premium off-set by lower yields and USD appreciation GENERAL INSURANCE GLOBAL LIFE GROUP 1.95% 2.64% 2.16% Equity 1.80% Equity 2.51% Equity 1.91% 2.30% 3.17% 2.61% 2.62% 3.44% 3.02% Debt 2.64% Debt 3.52% Debt 3.07% 3.09% 3.78% 3.40% 5.43% 5.55% 5.71% Real estate
Slide 57: Group – Economic capital models
Group – Economic capital models Very strong capital position Z-ECM RATIO DEVELOPMENT (%) SST1 RATIO DEVELOPMENT (%) 6% -6% 9% -6% -11% 7% -8% 6% 217% 127% 127% 215% FY-13 Business Market Capital Other2 9m-14 FY-13 Business Market Capital Other2 HY-14 Profit change movements Profit change movements 1
Slide 58: Group – Z-ECM components
Group – Z-ECM components Well diversified capital base by risk type 9M-14 AFR COMPOSITION (USDbn) RBC BY RISK TYPE AND BUSINESS ALM / Market risk Shareholders equity 34 10% Operational risk Business risk 16% 38% Dividend accrual 2 P&R risk1 2% 4% Re-ins credit risk Net intangibles 18 8% 3% Life insu
Slide 59: Group – Solvency ratio sensitivities
Group – Solvency ratio sensitivities1 Solvency ratios resilient to market movements SOLVENCY RATIO IMPACT2 126% Actual value as of HY-14 215% 285% 125% Interest rate +100 bps 217% 242% 123% Interest rate -100 bps 212% 329% 130% Equities +20% 219% 303% 121% Equities -20% 210% 267% 107% Credit spreads
Slide 60: For further information
For further information CALL US VISIT OR FOLLOW US Investor Relations James Quin +41 44 625 21 10 Aaron Beharelle +41 44 625 25 50 André Meier +41 44 625 37 75 Gianni Vitale +41 44 625 48 26 Rating Agency Management Michèle Matlock +41 44 625 28 50 www.zurich.com Events Patricia Heina +41 44 625 38
Slide 61: Calendar
Calendar: - March 24-26, Morgan Stanley European Financials Conference 2015, London - April 1, Annual General Meeting 2015, Zurich - May 7, Results for three months to March 31, 2015 - May 21, Investor Day, Zurich - June 2-3, DB Global Financials Conference 2015, New York - August 6, Half year resul
Zurich Insurance Group — FY2014 Earnings Presentation on 6ix