Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — H1 2017 Earnings Presentation
66 slides from Zurich Insurance's earnings presentation, Aug 10, 2017
Slide 1: Half year results 2017 – Building a strong foundation
Half year results 2017 – Building a strong foundation Investor and media presentation August 10, 2017 Zurich Insurance Group
Slide 2: Content
Content MAIN SECTION (Use symbols to navigate through the document) APPENDIX (Use symbols to navigate through the document) Key highlights Group Group BOP and NIAS P&C catastrophe reinsurance program Property & Casualty (P&C) Farmers Exchanges Life Group solvency Farmers Group debt Group Functions a
Slide 3: Strong first half performance with delivery on key priorities
KEY HIGHLIGHTS Strong first half performance with delivery on key priorities Group Strong first half performance with BOP1 up 14% and BOPAT ROE1 of 12.5% Expenses ~USD 550m of net savings achieved to-date P&C Stabilized top-line; improved combined ratio performance; stable reserve strength Life BOP
Slide 4: On track to achieve our financial targets
KEY HIGHLIGHTS On track to achieve our financial targets BOPAT ROE (%)1 Z-ECM RATIO (%) CUMULATIVE CASH REMITTANCES (USDbn) 12.5% >12.0% 134% >9.5 120% 100% on track HY-17 Target Q2-17e2 Target range expected FY-17 2017 - 2019 Target CUMULATIVE NET EXPENSE SAVINGS (USDm) ~USD 550m as of HY-17 2015 2
Slide 5: Continued delivery across all businesses
KEY HIGHLIGHTS Continued delivery across all businesses P&C LIFE FARMERS EXCHANGES2 COMBINED RATIO (%)1 BOP GROWTH IN LOCAL CURRENCY (%) COMBINED RATIO (%) 106.4% 104.9% 98.1% 97.8% 10.4% 10.5% 2.6% 2.9% +18% 31.7% 32.4% 96.0% 94.4% 65.7% 65.1% -1.8% -2.6% HY-16 HY-17 HY-16 HY-17 FY-16 HY-17 Cat ER
Slide 6: Strong first-half year with Group BOP up 14% excluding Ogden
KEY HIGHLIGHTS Strong first-half year with Group BOP up 14% excluding Ogden BOP (USDm) OGDEN IMPACT (USDm)1 +14% 2,456 289 2,163 2,167 1,229 209 1,204 1,020 650 650 562 766 794 794 26 3 83 80 -395 -301 -301 HY-16 HY-17 HY-17 Reported Ex. Ogden P&C Life Farmers Group Functions and Operations Non-Core
Slide 7: Q2-17 CFO update
@ ZURICH Q2-17 CFO update
Slide 8: Strong BOP performance with most businesses growing profits
GROUP – BOP AND NIAS Strong BOP performance with most businesses growing profits BOP (USDm) BOP TO NIAS WALK (USDm) +13% 1,096 1,238 106 -38 23 119 600 -476 648 76 338 308 1,238 32.9% tax rate 896 376 398 6 48 -242 -145 Q2-17 RCG1 Restructuring Other Shareholder Q2-17 Q2-16 Q2-17 BOP costs2 taxes NI
Slide 9: Stable and positive rates, volumes stabilized
P&C – TOPLINE Stable and positive rates, volumes stabilized TOPLINE DEVELOPMENT RATE CHANGE (%)1 Q2-17 GWP (USDm) Q2-17 GWP Growth in local currency (%) Q2-17 DEVELOPMENT EMEA 3,063 -5% 2% Slightly declining North America 5,051 -1% 1% Stable APAC 614 3% 2% Slightly increasing Latin America 663 9% 1%
Slide 10: Lower BOP driven by non-technical result
P&C – BOP COMPONENTS Lower BOP driven by non-technical result BOP BREAK DOWN (USDm) KEY DRIVERS (USDm) 648 648 600 600 76 105 -140 39 -61 89 24 540 520 32 -25 Q2-16 EMEA North APAC Latin GRe Q2-17 Q2-16 Q2-17 America America UW result Investment result1 Other2 BOP EMEA North America APAC Latin Ameri
Slide 11: Accident year loss ratio ex-cat improving year to date
P&C – COMBINED RATIO DETAILS Accident year loss ratio ex-cat improving year to date COMBINED RATIO (%)1 LOSS RATIO (%)1 103.6% 98.1% 97.8% 98.9% 98.4% 31.7% 31.7% 32.4% 30.3% 31.4% 71.8% 68.6% 67.1% 3.5% 66.4% 65.4% 3.8% 2.6% 5.8% 2.9% 71.8% 66.4% 68.6% 67.1% 65.4% 68.2% 65.7% 65.1% 66.3% 64.5% 0.1%
Slide 12: Absolute expenses reducing, OUE ratio decreasing
P&C – EXPENSE RATIO DETAILS Absolute expenses reducing, OUE ratio decreasing OTHER UNDERWRITING EXPENSE (OUE) RATIO (%) -0.5ppts 16.3% 15.6% 15.8% 15.2% 15.4% 14.7% 14.1% 14.9% Expense savings expected to increase over the year Higher NEP over Q2-Q4 due to skew in Crop NEP Leads to reduction i
Slide 13: Business mix drives increase in commission ratio
P&C – EXPENSE RATIO DETAILS Business mix drives increase in commission ratio COMMISSION RATIO (%) +1.0ppts 16.0% 15.7% 15.4% 15.4% 14.9% 14.7% 13.9% 14.7% Development driven by mix Growth in Latin America mass consumer and shrinkage in large commercial business Should be viewed in conjunction
Slide 14: Normal quarterly volatility drives differences by region
P&C – COMBINED RATIO BY SEGMENT AND CUSTOMER UNIT Normal quarterly volatility drives differences by region COMBINED RATIO (CR) BY SEGMENT (%)1 CR BY CUSTOMER UNIT (%)1 100.9% 100.5% 8.9% 7.0% 99.7% 98.9% 96.4% 95.3% 96.0% 96.8% 96.3% 94.0% 0.8% 1.9% 0.2% 4.3% 90.1% 2.9% 80.7% 92.0% 93.5% 95.1% 98.9%
Slide 15: Lower yields and equity dividends, gap to new money yields narrowing
P&C – INVESTMENT RESULT Lower yields and equity dividends, gap to new money yields narrowing INVESTMENT RESULT IN BOP (USDm) INVESTMENT INCOME YIELD INVESTMENT INCOME YIELD OF GROUP INVESTMENTS (%)1,3 540 520 2.7% 2.6% 39 52 Q2-16 Q2-17 501 468 INVESTMENT INCOME & REINVESTMENT YIELD OF DEBT SECURITI
Slide 16: Improved technical margins and expense reductions support 10% growth in BOP
LIFE – BOP BY SEGMENT AND SOURCE Improved technical margins and expense reductions support 10% growth in BOP BOP BY SEGMENT (USDm) BOP BY SOURCE OF EARNINGS (USDm) D Q2-16 Reported LC +10% 338 Loadings & fees 630 190 820 -3% 1% 308 9 0 0 31 -9 -1 77 Inv. margin 155 36% 39% 68 8 39 Technical margin 2
Slide 17: Focus on improving business mix contributes to NBV growth of 7%
LIFE – NEW BUSINESS Focus on improving business mix contributes to local currency new business value growth of 7% APE (USDm)1 NBM & NBV1 Q2-17 PRODUCT VIEW -1% local currency -4% NBM (%) APE 11% 1,154 22.3% 23.6% 1,103 33% 258 29% 268 39 +7% local 16 9 45 currency NBV (USDm) 28% +4% 218 227 NBV -2%
Slide 18: Expanding margins in protection products and bancassurance
LIFE – NEW BUSINESS PROTECTION AND BANCASSURANCE Expanding margins in protection products and bancassurance PROTECTION PRODUCTS (USDm)1,2 BANCASSURANCE DISTRIBUTION (USDm)1,2 APE 787 APE 830 751 793 752 689 219 257 175 537 611 578 HY-15 HY-16 HY-17 HY-15 HY-16 HY-17 Other Bancassurance Bank JVs +14%
Slide 19: AUM growth of 9% driven by positive net flows and markets
LIFE – NET INFLOWS AND ASSETS UNDER MANAGEMENT AUM growth of 9% driven by positive net flows and markets with reduced volumes of low-margin savings business in EMEA NET INFLOWS BY SEGMENT (USDbn) AUM DEVELOPMENT (USDbn) 272 249 15 3 5 40 4.2 36 1.2 106 0.2 2.7 99 0.0 1.3 3.0 0.1 0.0 114 125 1.3 -0.2
Slide 20: Growth in asset base offset by lower yields
LIFE – INVESTMENT RESULT Growth in asset base offset by lower yields, gap to new money yields narrowing INVESTMENT RESULT IN BOP GROSS OF PH (USDm)1 INVESTMENT INCOME YIELD INVESTMENT INCOME YIELD OF GROUP INVESTMENTS (%)2,3 968 3.2% 3.0% 150 803 45 Q2-16 Q2-17 819 758 INVESTMENT INCOME / REINVESTME
Slide 21: Rate increases in Auto continue to drive growth
FARMERS EXCHANGES1 – GROWTH Rate increases in Auto continue to drive growth GWP GROWTH (%) GROWTH BY BUSINESS LINE (%) 5.5% 5.5% 5.9% Auto 7.2% 0.8% Home 3.8% 3.8% 3.9% 3.8% 6.2% 3.6% 3.0% Specialty 2.0% 2.1% 0.4% 1.9% Business Insurance 1.1% 1.5% -61.6% Discontinued3 -29.6% 1.5% Total 3.8% Q2-16 Q3
Slide 22: Strong improvement of combined ratio driven by Auto
FARMERS EXCHANGES1 – PROFITABILITY Strong improvement of combined ratio driven by Auto COMBINED RATIO (%)2 SURPLUS3 -5.4% -3.2% 37.0% 37.1% 112.1% 108.6% 105.4% 5.4% 106.7% 12.1% 4.6% 12.1% 5.5 5.4 106.7% 102.1% 96.5% 93.3% Q2-16 Q2-17 Q2-16 Q2-17 FY-16 Q2-17 Farmers Exchanges Auto2 Catastrophe loss
Slide 23: Profitability measures slow down new business
FARMERS EXCHANGES1 – GROWTH DRIVERS Profitability measures slow down new business NET PROMOTER SCORE2 RETENTION (%)3 NEW BUSINESS (%)4 43.2 82.1% 42.7 81.2% -1.6% -16.0% FY-16 HY-17 FY-16 HY-17 FY-16 HY-17 1 See footnote 1 on slide 21. 2 Survey based measure of customer loyalty for Farmers Exclusive
Slide 24: Steady growth in management fees and stable margin
FARMERS MANAGEMENT SERVICES – OVERVIEW Steady growth in management fees and stable margin BOP (USDm) MGEP MARGIN (%)1 350 352 7.0% 7.0% Q2-16 Q2-17 Q2-16 Q2-17 © Zurich 1 Margin on gross earned premiums of the Farmers Exchanges. Regarding Farmers Exchanges see footnote 1 on slide 21. August 10, 2017
Slide 25: Strong improvement of Farmers Re ex-cat combined ratio
FARMERS LIFE AND FARMERS RE – OVERVIEW Strong improvement of Farmers Re ex-cat combined ratio BOP (USDm) FARMERS LIFE1 APE & NBV (USDm) FARMERS RE1 CR (%) APE 45 24 24 108.4% 103.1% 26 12.2% 11.9% 42 41 NBV 96.2% 91.2% 26 22 3 -15 Q2-16 Q2-17 Q2-16 Q2-17 Q2-16 Q2-17 Farmers Life1 Farmers Re1 Catastr
Slide 26: Reduced Group center expenses and FX benefit Group Functions result
GROUP FUNCTIONS AND OPERATIONS & NON-CORE BUSINESSES – BOP Reduced Group center expenses and FX benefit the Group Functions and Operations result GROUP FUNCTIONS AND OPERATIONS BOP (USDm) NON-CORE BUSINESSES BOP (USDm) 48 -39 -78 -107 -164 -145 6 -242 Q2-16 Q2-17 Q2-16 Q2-17 Headquarters (HQ) Holdin
Slide 27: Capital position remains strong and above target range
GROUP – SOLVENCY RATIOS Capital position remains strong and above target range Z-ECM AND SST1 RATIO (%) INDICATIVE Z-ECM RATIO DEVELOPMENT (%) 240% 227% 217% -4% 220% 6% 134% 0% 196% 1% 0% 200% 189% 185% 180% 6% 125% 160% 140% 134% 127% 125% 122% 121% 120% 114% 100% FY-12 FY-13 FY-14 FY-15 FY-16 Q2-
Slide 28: Retained earnings and FX drive growth in shareholders' equity
GROUP – BALANCE SHEET AND CAPITAL STRUCTURE Retained earnings and FX drive growth in shareholders’ equity SHAREHOLDERS’ EQUITY (USDm) CAPITAL STRUCTURE (%)1 30,717 9% 8% 402 -32 125 19% 17% 29,325 896 73% 75% Q1-17 NIAS Net URG/L CTA Pension Q2-17 FY-16 Q2-17e1 plans & other Senior debt Hybrid debt
Slide 29: 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 30: Appendix
@ ZURICH Appendix
Slide 31: 2017-2019 Financial targets
KEY HIGHLIGHTS 2017-2019 Financial targets BOPAT ROE1 in excess of 12% and increasing, despite higher equity base USD 1.5bn in net savings by 2019 compared to the 2015 baseline Z-ECM target ratio of 100-120% Cash remittances in excess of USD 9.5bn over 2017-2019 period © Zurich 1 Business Operating
Slide 32: Material impact from the change in the Ogden discount rate
GROUP – OGDEN IMPACT Material impact from the change in the Ogden discount rate BOPAT ROE (%) BOP (USDm) P&C COMBINED RATIO (%) +1.5% +289 -1.7% 12.5% 2,456 99.5% 97.8% 2.9% 2.9% 11.0% 2,167 1,229 32.4% 32.4% 1,020 650 650 65.2% 65.1% 794 794 3 83 -301 -301 -1.0% -2.6% HY-17 HY-17 HY-17 HY-17 HY-17
Slide 33: Reinsurance program in line with Group risk appetite
P&C – CATASTROPHE REINSURANCE Reinsurance program in line with Group risk appetite CATASTROPHE REINSURANCE TREATIES (USDm) 10 200 Combined global cat treaty2 105 10 200 US wind swap 10 200 750 Single global USD 200m treaty, which can be applied to any region2 Global cat treaty 10 750 200 750 350 Reg
Slide 34: Rate increases in Auto drive growth
FARMERS EXCHANGES1 – GWP AND PIF/VIF Rate increases in Auto drive growth DEVELOPMENT OF GWP (USDm) DEVELOPMENT OF PIF/VIF (000’s)1 +1.7% -2.2% 9,883 10,047 18,689 18,273 3,768 4,024 6.8% 7,846 7,627 -2.8% 2.6% 497 510 750 4.3% 299 295 -1.2% 711 783 678 -4.6% 2,584 2,605 0.8% 4,835 4,796 -0.8% 1,243
Slide 35: Strong improvement of Auto combined ratio
FARMERS EXCHANGES1 – COMBINED RATIO Strong improvement of Auto combined ratio COMBINED RATIO BY BUSINESS LINE (%)1 106.0% 106.7% Auto2 111.5% Auto2 112.1% 99.5% 100.1% Bristol West2 101.5% Bristol West2 100.2% 21st Century 103.1% 21st Century 103.5% CA/HI2 107.9% CA/HI2 108.7% 109.7% 110.6% Home 110
Slide 36: Well diversified capital base by risk type
GROUP – Z-ECM COMPONENTS Well diversified capital base by risk type Q1-17 AFR1 COMPOSITION (USDbn) Q1-17 RBC1,2 SPLIT (%) 10% Market risk Shareholders equity 29 5% 2% Re-ins credit risk 7% P&R risk1 Dividend accrual 1 50% Natural cat risk 23% Life insurance risk Net intangibles 19 Operational risk 3
Slide 37: Solvency ratios resilient to market movements
GROUP – SOLVENCY RATIO SENSITIVITIES1 Solvency ratios resilient to market movements Z-ECM IMPACT2 SST IMPACT2 Actual value as of FY-16 125% Actual value as of FY-16 227% Interest rate +100 bps 128% Interest rate +100 bps 233% Interest rate -100 bps 118% Interest rate -100 bps 207% USD appreciation +
Slide 38: Low average debt cost and balanced maturity profile
GROUP – DEBT Low average debt cost and balanced maturity profile DEBT (USDbn) AND AVERAGE DEBT COST (%) MATURITY PROFILE (USDbn)1 11.2 2.1 10.1 1.9 0.6 0.2 4.2 1.5 4.5 1.4 Average debt 1.3 2015 2016 cost (%) 0.5 1.2 0.1 Senior 2.0 1.3 0.9 0.8 1.8 0.7 1.5 7.1 0.5 5.6 Subordinated 5.7 5.5 0.2 1.0 1.0
Slide 39: Commentary
@ ZURICH Commentary
Slide 40: Page 3: Key highlights – Key messages
COMMENTARY Page 3: Key highlights – Key messages Strong first half performance, with BOP up 14% excluding the USD 289m Q1 impact of Ogden, and stable on reported basis. The Group is on track to deliver on the strategic targets outlined at the investor day in November 2016, with absolute expense savi
Slide 41: Page 4: Key highlights – Status on financial targets
COMMENTARY Page 4: Key highlights – Status on financial targets The second quarter builds on the first quarter performance and shows that the Group continues to make good progress in terms of profitability across the businesses, and is on track to meet the financial targets set out at the November 2
Slide 42: Page 5: Key highlights – Proof points by business
COMMENTARY Page 5: Key highlights – Proof points by business Property & Casualty (P&C) gross written premiums have stabilized and are up slightly on a like for like basis in the half year, reflecting improved retention and new business volumes. The combined ratio improved 0.3ppts against the FY-16 l
Slide 43: Page 6: Key highlights – Group BOP
COMMENTARY Page 6: Key highlights – Group BOP Year to date BOP was flat in headline terms, however, allowing for the USD 289m first quarter charge relating to the change in the UK Ogden discount rate, BOP for the first half of 2017 was up 14%. Excluding Ogden, all business units have contributed to
Slide 44: Page 8: Group – BOP and NIAS
COMMENTARY Page 8: Group – BOP and NIAS Q2-17 BOP was up 13% with most reporting lines contributing to this performance. The Q2-17 results have been presented based on the revised management structure as announced last year, with prior year comparative figures also restated. This mainly affects the
Slide 45: Page 9: P&C – Topline
COMMENTARY Page 9: P&C – Topline Gross written premium (GWP) for the second quarter was down 3% on a reported basis and down 1% in local currency. Adjusting for the disposals of South Africa, Morocco, Middle East and Taiwan, overall premium growth was slightly up in local currency. On the same basis
Slide 46: Page 10: P&C – BOP components
COMMENTARY Page 10: P&C – BOP components P&C BOP for Q2-17 was USD 600m, 7% lower than in the second quarter of last year. The decline was mainly driven by lower FX gains in Latin America included in other items, with a higher underwriting result partly offset by a lower investment result. Looking a
Slide 47: Page 11: P&C – Combined ratio details
COMMENTARY Page 11: P&C – Combined ratio details The P&C combined ratio improved by 0.5ppts in Q2-17 to 98.4% driven by improvement in the loss ratio of 1.5ppts, in part offset by higher levels of commission driven by mix. The accident year loss ratio excluding catastrophes for the second quarter of
Slide 48: Page 12: P&C – Expense ratio details
COMMENTARY Page 12: P&C – Expense ratio details The expense ratio in Q2-17 was 31.4% and shows the expected improvement of roughly 2ppts vs the Q1 level. This was driven by the combined effect of continued reduction in absolute expense levels, and higher volumes due to the additional crop premium. T
Slide 49: Page 13: P&C – Expense ratio details
COMMENTARY Page 13: P&C – Expense ratio details Compared to Q2-16 the quarter discrete commission ratio increased by 1.5ppts, while the HY-17 commission ratio increased by 1ppt vs FY-16. The main driver of the increase relates to changes in both geographic and product mix. This is predominately the
Slide 50: Page 14: P&C – Combined ratio by segment and customer unit
COMMENTARY Page 14: P&C – Combined ratio by segment and customer unit Looking at the combined ratio by segment and customer unit: The EMEA combined ratio for Q2-17 reflects a combination of higher large losses and the aforementioned one-time adjustment to commissions. Together these add slightly ove
Slide 51: Page 15: P&C – Investment result
COMMENTARY Page 15: P&C – Investment result The Q2-17 investment result of USD 520m includes fair value movements of USD 52m, mainly from the Group’s hedge fund portfolio. Investment income was down 7% on a reported basis and 3% in local currency compared to the prior year. This decline is slightly
Slide 52: Page 16: Life – BOP by segment and source
COMMENTARY Page 16: Life – BOP by segment and source Life BOP increased 13% in local currency and 10% in US dollars compared to the prior year quarter, to USD 338m. In EMEA, local currency BOP earnings increased by 1%, but decreased by 4% in USD. Growth in the UK, Ireland, Spain and Italy were offse
Slide 53: Page 17: Life – New business
COMMENTARY Page 17: Life – New business Q2-17 Life new business Annual Premium Equivalent (APE) volumes decreased by 1% in local currency compared to the prior year quarter. In EMEA, increased corporate pension sales in Switzerland and Ireland and unit-linked sales in Ireland and Italy were offset b
Slide 54: Page 18: Life – New business protection and bancassurance
COMMENTARY Page 18: Life – New business protection and bancassurance The Group continues to execute on its strategy of low risk Life product offerings, with protection business accounting for nearly 80% of new business value written in the quarter. Looking at the past three years, unadjusted for the
Slide 55: Page 19: Life – Net inflows and assets under management
COMMENTARY Page 19: Life – Net inflows and assets under management Net inflows were positive for the quarter and year to date, with sales of individual protection and unit linked business in Santander Brazil and unit-linked volumes in Italy and Ireland being the main contributors. The decline in inf
Slide 56: Page 20: Life – Investment result
COMMENTARY Page 20: Life – Investment result Life investment income, which is gross of policyholder sharing, decreased by 7% to USD 758m. This decline is slightly higher than in Q1-17, driven mainly by the reduction in equity exposure mentioned last year and the corresponding lower income. Reinvestm
Slide 57: Page 21: Farmers Exchanges – Growth
COMMENTARY Page 21: Farmers Exchanges – Growth Gross Written Premium trends in the second quarter were unchanged from the first quarter, with strong rate-driven growth in Auto partially offset by the accelerated run-off of the 21st Century Direct Auto book outside of California and Hawaii. Overall A
Slide 58: Page 22: Farmers Exchanges – Profitability
COMMENTARY Page 22: Farmers Exchanges – Profitability The combined ratio ex-catastrophes saw a 3.2ppts improvement as rate and underwriting actions had an increasing impact on improving profitability. While catastrophe losses in the first quarter were exceptionally high, the level experienced in the
Slide 59: Page 23: Farmers Exchanges – Growth drivers
COMMENTARY Page 23: Farmers Exchanges – Growth drivers Actions taken to restore the profitability in Auto continue to have a modest impact on retention. These actions also caused a reduction of new business production, albeit with the decline showing some moderation in the second quarter. © Zurich A
Slide 60: Page 24: Farmers Management Services – Overview
COMMENTARY Page 24: Farmers Management Services – Overview Business Operating Profit at Farmers Management Services increased slightly in second quarter. Management fees increased broadly in line with Gross Earned premiums however subscription fees were lower given the reduction in new business prod
Slide 61: Page 25: Farmers Life and Farmers Re – Overview
COMMENTARY Page 25: Farmers Life and Farmers Re – Overview Business Operating Profit of Farmers Life increased slightly to USD 42m. APE was unchanged, while NBV increased primarily due to improved persistency, expense assumptions and sales mix, partially offset by the negative effect of higher inter
Slide 62: Page 26: Group Functions and Operations & Non-Core Businesses – BOP
COMMENTARY Page 26: Group Functions and Operations & Non-Core Businesses – BOP Group Functions and Operations business operating loss improved USD 97m to USD 145m. The improvement was driven by a combination of expense savings at the Group center, which were only partially offset by lower recharges
Slide 63: Page 27: Group – Solvency ratios
COMMENTARY Page 27: Group – Solvency ratios The end-March Z-ECM ratio previously estimated at 129% was finalized at 128%. The estimate for end-June is 134%, which is 9ppts higher than at the start of the year. Strong operational capital generation from the businesses have added 6ppts, with positive
Slide 64: Page 28: Group – Balance sheet and capital structure
COMMENTARY Page 28: Group – Balance sheet and capital structure Shareholders’ equity increased USD 1.4bn to USD 30.7bn over the second quarter driven mainly by retained earnings. FX movements, in particular the strengthening of the Euro and British Pound relative to the US dollar, led to an increase
Slide 65: For further information
For further information CALL US VISIT OR FOLLOW US Investor Relations Richard Burden +41 44 628 96 40 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 Investor Relations website Financial result
Slide 66: Calendar
CALENDAR: September 14, 2017, UBS Best of Switzerland Conference 2017, Ermatingen September 26-27, 2017, Bank of America Merrill Lynch Conference, London November 9, 2017, Update for the nine months ended September 30, 2017 November 15, 2017, Investor Day, London © Zurich Insurance Company L
Zurich Insurance Group — H1 2017 Earnings Presentation on 6ix