Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — H1 2021 Earnings Presentation
70 slides from Zurich Insurance's earnings presentation, Aug 12, 2021
Slide 1: Disciplined execution drives strong first half performance
Disciplined execution drives strong first half performance Half year results 2021 August 12, 2021 Investor and media presentation Zurich Insurance Group
Slide 2: Content
Content MAIN SECTIONS OTHER IMPORTANT INFORMATION (use symbols to navigate through the document) (use symbols to navigate through the document) Key highlights Disclaimer Group results and outlook Dividend policy Property & Casualty (P&C) Customer KPIs Life P&C reinsurance program/ Life Sources of ea
Slide 3: Key messages
Key messages Focused execution drives Execution of group strategy drives strong performance across all businesses; HY-21 BOP BOP to pre-COVID level up 60% at pre-pandemic levels despite ongoing pandemic and high natural catastrophes Improved customer Net promoter score improved in most major markets
Slide 4: Execution of Group strategy drives strong performance across all businesses
KEY HIGHLIGHTS Execution of Group strategy drives strong performance across all businesses; HY-21 BOP at pre-pandemic levels GROUP BOP (USDm) TOP-LINE 22'034 18'555 18'937 P&C GWP 2,714 (USDm) 2,815 1,702 2'043 1'911 1'648 3'225 Life APE3 2'728 (USDm) 2'528 87 -73 11,726 -686 -438 10'458 10'103 Farm
Slide 5: Improvement in customer satisfaction drives higher retention and new business
KEY HIGHLIGHTS Improvement in customer satisfaction drives higher retention and new business increasing customer numbers and revenues CUSTOMER SATISFACTION CUSTOMER GROWTH P&C RETAIL GWP LIKE-FOR-LIKE GROWTH (%)3 NPS (HY-21 vs. FY-20) 1 +2 ~600k 8% Net new customers vs. FY-202 +3 +9 +1ppts P&C Retai
Slide 6: Reshaped commercial P&C portfolio delivering strong growth
KEY HIGHLIGHTS Reshaped commercial P&C portfolio delivering strong growth, with rate increases in excess of loss cost inflation P&C COMMERCIAL GWP LIKE-FOR-LIKE GROWTH (%)1 RATE CHANGE AND LOSS TREND - NORTH AMERICA 17% 13% 14% 8% 7% 6% 3% 1% 1% H1-20 H2-20 H1-21 FY-16 FY-17 FY-18 FY-19 FY-20 HY-21
Slide 7: Strong Life result from continued execution of long-term strategy
KEY HIGHLIGHTS Strong Life result from continued execution of long-term strategy to focus on protection and capital light savings products APE BY PRODUCT (USDm) APE BY DISTRIBUTION CHANNEL (%) LIFE BOP LIKE-FOR-LIKE (USDm) 1 +11% +14% like-for-like1 +31% +0ppt 1,911 748 2% 1,673 182 -6ppts +4ppts 17
Slide 8: Farmers Exchanges with more diversified and strengthened distribution
KEY HIGHLIGHTS Farmers Exchanges1 with more diversified and strengthened distribution post acquisition DISTRIBUTION LANDSCAPE CHANNEL MIX AND NEW BUSINESS POLICIES IN FORCE (%)2 Past Today Independent agents Introduction of standard +6ppts +4ppts selling non-standard auto & home products 9% and spec
Slide 9: Well on track to meet 2022 targets
KEY HIGHLIGHTS Well on track to meet 2022 targets BOPAT ROE (%)1 CASH REMITTANCES EPS GROWTH (%)2 SST (%)3 (USDbn) 206% ~15% >14% >11.5 ≥5% p.a. ≥160% ~2% >7.4 13.0% FY-21e FY-20 3.4 n.a. HY-21 Target Cumulative Target HY-21 Target HY-21e Target to FY-21 2020-2022 COVID-19 impact and catastrophe nor
Slide 10: Delivering our ambition to be one of the most responsible businesses
KEY HIGHLIGHTS Delivering our ambition to be one of the most responsible and impactful businesses in the world with more to come in H2-21 ACHIEVEMENTS1 TARGETS AND COMMITMENTS 270 Align our business to a 1.5°C future USD 6bn -30% in CO2 emissions in companies invested operations since in scope for c
Slide 11: CFO update
@ ZURICH CFO update
Slide 12: P&C and Life drive strong development in Group BOP
GROUP – BUSINESS OPERATING PROFIT P&C and Life drive strong development in Group BOP BOP BY REGION (USDm) BOP BY BUSINESS (USDm) HY-21 BOP IMPACTS TO BE CONSIDERED +60% +60% 2,714 2,714 201 21 • Catastrophes in excess of long-term average 290 778 1,702 81 266 778 1,702 • Lower COVID-19 impact versus
Slide 13: Strong growth in net income attributable to shareholders
GROUP – NET INCOME ATTRIBUTABLE TO SHAREHOLDERS Strong growth in net income attributable to shareholders driven by BOP growth and higher realized capital gains BOP TO NIAS WALK (USDm) 25.0% Effective tax rate -178 408 -39 172 +86%2 -769 115 2'714 124 2'193 1'181 HY-21 BOP Realized capital Restructur
Slide 14: 2021 outlook
GROUP – OUTLOOK 2021 outlook • Commercial pricing expected to increase further over second half with rate in excess of loss cost inflation • Net earned premium growth expected to be around 10% for the full year • Losses from natural catastrophes expected to be around 5 percentage points for the full
Slide 15: Strong growth and rate change across all regions
P&C – TOP-LINE Strong growth and rate change across all regions HY-21 TOP-LINE DEVELOPMENT TOTAL RATE CHANGE (%)2 GWP like-for-like GWP (USDm) Rate change (%)2 Rate change outlook growth (%)1 8.1% 7.5% EMEA 10,238 6% 5% Stable North America 9,961 16% 14% Stable 3.8% Asia Pacific 1,562 10% 5% Stable
Slide 16: Underwriting improvements drive doubling in P&C BOP
P&C – BOP COMPONENTS Underwriting improvements, cost discipline and more favorable impact from COVID-19 drive doubling in P&C BOP BOP (USDm) BREAK DOWN BY COMPONENT (USDm) +37% vs. HY-20 adjusted3 +108% 1,889 1,559 1,559 111 1,375 118 438 127 18 1'177 751 865 606 -109 121 830 46 706 837 837 901 620
Slide 17: Portfolio quality demonstrated by improvement in accident year combined ratio
P&C – COMBINED RATIO DETAILS Portfolio quality demonstrated by 3-point improvement in accident year combined ratio ex-cat and COVID-19 COMBINED RATIO (%) LOSS RATIO (%) EXPENSE RATIO (%) AY excl. Cat AY excl. Cat Excl. and COVID1 93.7% 90.6% -3.0ppts and COVID1 61.3% 59.5% -1.8ppts COVID1 32.4% 31.1
Slide 18: All regions and customer units show significant improvement in underlying profitability
P&C – COMBINED RATIO BY SEGMENT AND CUSTOMER UNIT All regions and customer units show significant improvement in underlying profitability AY COMBINED RATIO (CR) EX CATASTROPHES AND COVID BY REGION (%)1 AY CR EX CATASTROPHES AND COVID BY CUSTOMER UNIT (%)1 -2.4ppts -2.6ppts -0.8ppts -1.9ppts -1.3ppts
Slide 19: Lower investment result driven by reduction in portfolio yield
P&C – INVESTMENT RESULT Lower investment result driven by reduction in portfolio yield INVESTMENT RESULT IN BOP (USDm) INVESTMENT INCOME YIELD OF GROUP INVESTMENTS (%)1 2.8% 2.4% 943 899 42 62 HY-20 HY-21 901 837 BOOK & REINVESTMENT YIELD OF DEBT SECURITIES (%)2 HY-20 HY-21 2.7% 2.4% 1.9% 1.7% HY-20
Slide 20: Life BOP ex-COVID up 38%
LIFE – BUSINESS OPERATING PROFIT Life BOP ex-COVID up 38%; continued focus on protection and capital light saving products supported margin improvement BOP (USDm) KEY DRIVERS • COVID-19: HY-21 impact of USD 137m +38% versus USD 123m at HY-20 excl. COVID-19 +44% 939 • Australia: benefited from re-pri
Slide 21: EMEA and Asia Pacific drive growth in Life gross premiums and deposits
LIFE – PREMIUMS, NET INFLOWS AND ASSETS UNDER MANAGEMENT EMEA and Asia Pacific drive growth in Life gross premiums and deposits GWP AND DEPOSITS (USDm) NET INFLOWS BY SEGMENT (USDbn) ASSETS UNDER MANAGEMENT (USDbn) +8% +5% +12% like-for-like1 +1% like-for-like1 0% 14,603 2.1 2.1 303 305 1 2 6 -7 13,
Slide 22: NBV up 37% on a like-for-like basis
LIFE – NEW BUSINESS AND NEW BUSINESS MIX NBV up 37% on a like-for-like basis due to more favorable business mix, higher sales volumes and improved margins APE (USDm)1 NBV (USDm)1 NBM (%)1 NEW BUSINESS MIX (%) +11% +37% HY-21 APE1 like-for-like2 like-for-like2 10% +14% +44% +6.5ppts 16% 38% USD 1,911
Slide 23: Higher investment result in Life
LIFE – INVESTMENT RESULT Higher investment result in Life driven by realized gains and favorable FX movements; ongoing pressure on portfolio yield INVESTMENT RESULT IN BOP, GROSS OF PH (USDm)1 INVESTMENT INCOME YIELD OF GROUP INVESTMENTS (%)2 2.5% 2.5% 1,733 246 1,354 HY-20 HY-21 1'360 1'487 BOOK &
Slide 24: Growth in exclusive agents and improved productivity drive growth in gross premiums
FARMERS EXCHANGES1 – OVERVIEW Growth in exclusive agents and improved productivity together with MetLife acquisition drive growth in gross premiums NPS & RETENTION (%) EXCLUSIVE AGENTS NEW BUSINESS SALES (%)2 GWP (USDm) +7% like-for-like3 52.8 Total number Exclusive 50.4 of agents2 +2.3% Agents +16.
Slide 25: Growth in Farmers Exchanges drives increase in fees
FARMERS MANAGEMENT SERVICES – OVERVIEW Growth in Farmers Exchanges1 drives increase in fees with partial offset from lower investment income and deal costs BUSINESS OPERATING PROFIT (USDm) MGEP MARGIN (%)1 +5% 6.8% like-for-like2 6.6% +10% 728 662 12 HY-20 HY-21 756 651 HY-21 MGEP MARGIN BREAKDOWN (
Slide 26: Farmers Life and Farmers Re overview
FARMERS LIFE AND FARMERS RE – OVERVIEW Farmers Life with improved new business, BOP impacted by COVID related mortality; Farmers Re impacted by catastrophes BOP (USDm) FARMERS LIFE APE FARMERS LIFE NBV FARMERS LIFE NBM (%)1 (USDm)1 (USDm)1 117 58 147% 151% 10 52 38 50 35 106 60 -10 HY-20 HY-21 HY-20
Slide 27: Increased financing costs related to MetLife transaction
GROUP FUNCTIONS AND OPERATIONS & NON-CORE BUSINESSES – BOP Increased financing costs related to MetLife transaction; Improved Non-Core Businesses from lower market volatility GROUP FUNCTIONS AND OPERATIONS BOP (USDm) NON-CORE BUSINESSES BOP (USDm) 21 -153 -192 -28 -22 -167 -232 -348 -446 -39 HY-20 H
Slide 28: Strong underlying capital generation lead to increased SST
GROUP – SOLVENCY Strong underlying capital generation combined with favorable markets lead to increased SST; Market sensitivities reduced1 4% 2% -11% 206% 23% 182% 9% -2% SST ratio (%)1 15% Interest rates 5% Credit spreads 3% Equity markets and other FY-20 Economic profit / COVID-19 impact Market As
Slide 29: Decline in shareholders' equity driven by dividend payment
GROUP – BALANCE SHEET AND CAPITAL STRUCTURE Decline in shareholders’ equity driven by dividend payment and lower unrealized gains SHAREHOLDERS’ EQUITY (USDm) CAPITAL STRUCTURE (%)1 -5% 38'278 2'193 11% 10% -3,199 -405 36'448 16% 19% -869 449 74% 71% FY-20 NIAS Dividend Currency Net Pension HY-21 FY-
Slide 30: 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
Slide 31: Appendix
@ ZURICH Appendix
Slide 32: We are focused on continuing to reward our shareholders
GROUP – DIVIDEND POLICY We are focused on continuing to reward our shareholders DIVIDEND POLICY1 DIVIDEND PER SHARE (CHF) +4% NIAS2 payout ratio of ~75% 20 20 19 18 17 Dividend increases based on sustainable earnings growth FY-16 FY-17 FY-18 FY-19 FY-20 Minimum target of prior year level © Zurich 1
Slide 33: Update on brand consideration and net new customers
CUSTOMER KPIs Update on brand consideration and net new customers BRAND CONSIDERATION NET NEW CUSTOMERS (m customers)2 52.2 Awareness 0.6 20% 51.6 Consideration 15 markets1 60% 20% Preference FY-20 Net new customers HY-21 Ownership Top 3 Top 5 Below top 5 © Zurich 1 Retail markets in scope: Argentin
Slide 34: Balance sheet and large loss volatility well managed through reinsurance
P&C – REINSURANCE PROGRAM Balance sheet and large loss volatility well managed through reinsurance GROUP CATASTROPHE REINSURANCE PROTECTION GLOBAL SURETY EXCESS OF LOSS (USDm) • Designed to manage earnings volatility • North America: USD 325m coverage per customer in excess 200 of USD 75m retention
Slide 35: Life BOP up 44%, benefiting from higher loadings and fees
LIFE – SOURCES OF EARNINGS Life BOP up 44%, benefiting from higher loadings and fees driven by higher sales and average assets under management BOP (USDm) KEY DRIVERS +44% • Higher sales and average AUM as reported balances on unit-linked business 270 driving loadings and fees 21 -43 802 -5 177 559
Slide 36: All lines of businesses contributed to premium growth at the Farmers Exchanges
FARMERS EXCHANGES1 – GWP, PIF, COMBINED RATIO BY LINE, AND SURPLUS All lines of businesses contributed to premium growth at the Farmers Exchanges GROSS WRITTEN POLICIES-IN-FORCE COMBINED RATIO (%)3 SURPLUS PREMIUM (USDm) (000’s) 101.6% 104.8% 9.4% 11.7% +7% +0% like-for-like2 like-for-like2 92.2% 93
Slide 37: Very strong capital position with reduced market sensitivities
GROUP – SOLVENCY Very strong capital position; resilient balance sheet with reduced market sensitivities GROUP SWISS SOLVENCY TEST (%)1 Q1-21 SST SENSITIVITIES IMPACT (ppts)2 300% Interest rate +50bps +10ppts 216% 221% 222% 204% 206% Interest rate -50bps -12ppts 200% 189% 182% Equities +20% +9ppts ≥
Slide 38: Well diversified capital base by business segment
GROUP – SST COMPONENTS Well diversified capital base by business segment HY-21 AVAILABLE FINANCIAL RESOURCES (USDbn) HY-21 RISK CAPITAL SPLIT (%)1 1% Market risk 5% Shareholders equity 36.4 9% 4% Premium and reserve risk Business risk 15% Natural catastrophe risk Dividend accrual -1.7 66% Life insur
Slide 39: Low average debt cost and balanced maturity profile
GROUP – DEBT Low average debt cost and balanced maturity profile DEBT (USDbn) AND AVERAGE DEBT COST (%) BALANCED REFINANCING NEEDS (USDbn)1 15.0 2.2 13.8 2.1 Average 0.2 FY-20 FY-21e 0.6 1.8 debt cost (%) 1.7 1.7 9.7 Subordinated 4.2% 4.1% 0.5 8.3 0.8 1.3 Senior 1.5% 1.6% 1.1 0.4 1.9 Total 3.1% 3.2%
Slide 40: Calculation of adjusted P&C combined ratio and like-for-like growth
ALTERNATIVE PERFORMANCE MEASURES Calculation of adjusted P&C combined ratio and like-for-like growth P&C COMBINED RATIO (%) LIKE-FOR-LIKE GROWTH HY-21 HY-20 (USDm) HY-21 (USDm) HY-21 COVID-19 L-F-L3 KPI combined ratio KPI combined ratio impact1 Rep M&A Adj Rep FX M&A2 Adj2 (%) excl. COVID-191 AY los
Slide 41: Commentary
@ ZURICH Commentary
Slide 42: Page 3: Key messages (1/2)
COMMENTARY Page 3: Key messages (1/2) The Group’s disciplined approach to both underwriting and costs led to a strong recovery in business operating profit to pre-COVID levels despite the ongoing impact of the pandemic and a high level of first half natural catastrophes. Business operating profit (B
Slide 43: Page 3: Key messages (2/2)
COMMENTARY Page 3: Key messages (2/2) The Group’s Life business continued to execute on its strategy of focusing on protection and capital light savings business. This strategy supported improved margins and a strong first half performance, with Life BOP of USD 802m up 44% versus the prior year desp
Slide 44: Page 4: Key highlights
COMMENTARY Page 4: Key highlights – Execution of Group strategy drives strong performance across all businesses; HY-21 BOP at pre- pandemic levels Group profitability rebounded strongly in the first half of the year achieving pre-pandemic levels despite higher natural catastrophe losses and continue
Slide 45: Page 5: Key highlights – customer satisfaction
COMMENTARY Page 5: Key highlights – Improvement in customer satisfaction drives higher retention and new business increasing customer numbers and revenues Through the first half of the year, the Group maintained its priorities of protecting employees through the pandemic while supporting customers a
Slide 46: Page 6: Key highlights – commercial P&C portfolio
COMMENTARY Page 6: Key highlights – Reshaped commercial P&C portfolio delivering strong growth, with rate increases in excess of loss cost inflation The Group’s leading commercial insurance business, which represents 68% of the Group’s P&C gross written premiums, saw top-line growth accelerate in th
Slide 47: Page 7: Key highlights – Life result
COMMENTARY Page 7: Key highlights – Strong Life result from continued execution of long-term strategy to focus on protection and capital light savings products The Group’s Life business delivered a strong performance during the first half with continued focus on the execution of its long-term strate
Slide 48: Page 8: Key highlights – Farmers Exchanges distribution
COMMENTARY Page 8: Key highlights – Farmers Exchanges with more diversified and strengthened distribution post acquisition The acquisition of the MetLife U.S. P&C business supports sustainable, diversified, and profitable growth. All sales channels now have access to all 50 states in the U.S. compar
Slide 49: Page 9: Key highlights – 2022 targets
COMMENTARY Page 9: Key highlights – Well on track to meet 2022 targets The first half of 2021 shows the Group to be on track to meet the 2020-2022 financial targets. • The annualized BOPAT ROE in the first half of the year equated to 13.0% as reported. Adjusting for above normal levels of natural ca
Slide 50: Page 10: Key highlights – responsible business ambition
COMMENTARY Page 10: Key highlights – Delivering our ambition to be one of the most responsible and impactful businesses in the world with more to come in H2-21 Throughout the first half of 2021 the Group continued to work towards its ambition to become one of the most responsible and impactful busin
Slide 51: Page 12: Group – Business operating profit
COMMENTARY Page 12: Group – Business operating profit Overall Group business operating profit increased strongly in the first half of the year, with BOP growing 60%. Growth came from a strong underlying performance together with a reduced impact from the COVID-19 pandemic which more than offset high
Slide 52: Page 13: Group – NIAS
COMMENTARY Page 13: Group – NIAS Net income attributable to shareholders (NIAS) increased by 86% in the first half year, driven by the growth in BOP and higher net realized gains on equities and real estate, which more than offset slightly higher charges for other items. The effective tax rate was i
Slide 53: Page 14: Group – Outlook
COMMENTARY Page 14: Group – Outlook P&C: The Group expects further hardening of pricing over the remainder of 2021 with price increases expected to remain ahead of loss cost inflation in the second half year. Combined with targeted growth across the business, net earned premium growth is expected to
Slide 54: Page 15: P&C – Top-line
COMMENTARY Page 15: P&C – Top-line Gross written premiums in Property & Casualty for the first half of 2021 rose 12% compared to the previous year on a like-for-like basis, after adjusting for currency movements and closed acquisitions and disposals. In U.S. dollar terms, gross written premiums rose
Slide 55: Page 16: P&C – BOP components
COMMENTARY Page 16: P&C – BOP components HY-21 P&C BOP was USD 1,559m, 108% higher than in the previous year. The increase was driven by underlying improvement as well as a benefit from lower claims frequency due to COVID-19 lockdowns compared to the unfavorable impact in the previous year from COVI
Slide 56: Page 17: P&C – Combined ratio details
COMMENTARY Page 17: P&C – Combined ratio details The combined ratio of 93.9% in the first half was 6 percentage points better than in the prior year period. This was driven by a 3 percentage points improvement, as reflected in the accident year combined ratio excluding catastrophes and COVID-19, as
Slide 57: Page 18: P&C – Combined ratio by segment and customer unit
COMMENTARY Page 18: P&C – Combined ratio by segment and customer unit In EMEA, the accident year combined ratio ex-catastrophes improved by 1.9 percentage points after removing the impact of COVID-19 related frequency benefits net of premium rebates and voluntary actions to support customers during
Slide 58: Page 19: P&C – Investment result
COMMENTARY Page 19: P&C – Investment result Investment income was USD 64m below prior year mainly due to lower investment yields. Realized capital gains of USD 62m were USD 20m above the 2020 result driven by a more favorable hedge funds performance. The book yield for debt securities reduced by 0.1
Slide 59: Page 20: Life – Business operating profit
COMMENTARY Page 20: Life – Business operating profit The Group’s Life business delivered a BOP of USD 802m, 44% ahead of the prior year despite a slightly higher impact from COVID-19 of USD 137m. Excluding COVID-19 effects, Life BOP grew 38% driven by the Group’s continued focus on protection and ca
Slide 60: Page 21: Life – Premiums, net inflows and assets under management
COMMENTARY Page 21: Life – Premiums, net inflows and assets under management In the Group’s Life business, gross written premiums and deposits were up 12% during the first half compared to the prior year on a reported basis, and 8% higher on a like-for-like basis, adjusting for currency movements, a
Slide 61: Page 22: Life – New business and new business mix
COMMENTARY Page 22: Life – New business and new business mix During the first half, Life new business annual premium equivalent (APE) sales returned to growth with an 11% increase on a like-for-like basis. The growth in sales reflects favorable growth momentum in unit-linked business and protection
Slide 62: Page 23: Life – Investment result
COMMENTARY Page 23: Life – Investment result The Life investment result, which is gross of policyholder sharing, increased by 28% to USD 1.7bn, driven by higher realized capital gains and favorable FX movements during the first half compared with the prior year. © Zurich August 12, 2021 Half year re
Slide 63: Page 24: Farmers Exchanges – Overview
COMMENTARY Page 24: Farmers Exchanges – Overview Key customer metrics remained strong on account of the Farmers Exchanges’ customer focused strategy, with a further increase in Net Promoter Score, while retention was stable compared with the prior year. The Farmers Exchanges continued to strengthen
Slide 64: Page 25: FMS – Overview
COMMENTARY Page 25: FMS – Overview Farmers Management Services (FMS) BOP increased 10% compared to the prior year and 5% on a like-for-like basis after adjusting for the first-time inclusion of the acquired MetLife U.S. P&C business. This was mainly driven by growth in the premium base of the Farmer
Slide 65: Page 26: Farmers Life and Farmers Re – Overview
COMMENTARY Page 26: Farmers Life and Farmers Re – Overview Farmers Life BOP of USD 60m was 43% lower than in the prior year. The result was mainly driven by higher mortality including USD 42m of claims related to COVID-19. Mortality experience saw a sharp deterioration over the latter months of 2020
Slide 66: Page 27: Group Functions and Operations & Non-Core Businesses – BOP
COMMENTARY Page 27: Group Functions and Operations & Non-Core Businesses – BOP Group Functions and Operations reported a loss of USD 446m compared to USD 348m in the prior year period. This was mainly driven by an increase in charges related to Holdings and Financing due largely to financing and for
Slide 67: Page 28: Group – Solvency
COMMENTARY Page 28: Group – Solvency As of June 30, the Group’s Swiss Solvency Test (SST) ratio calculated based on the Group's Internal Model as approved by the Swiss Financial Market Supervisory Authority FINMA was estimated at 206%, well above the Group’s target for the SST to be of 160% or above
Slide 68: Page 29: Group – Balance sheet and capital structure
COMMENTARY Page 29: Group – Balance sheet and capital structure Shareholders’ equity declined by USD 1.8bn compared to year end 2020, mainly driven by the payment of the Group dividend of USD 3.2bn in the second quarter and a decrease of USD 0.9bn in net unrealized gains, which were only partially o
Slide 69: For further information
For further information CALL US VISIT OR FOLLOW US INVESTOR RELATIONS AND RATING AGENCY MANAGEMENT Richard Burden +41 44 628 96 40 Francesco Bonsante +41 44 628 00 68 Samuel Han +41 44 625 32 57 Michèle Matlock +41 44 625 28 50 Fabian Wiederkehr +41 44 625 33 08 EVENTS Patricia Heina +41 44 625 38 4
Slide 70: Thank you
Thank you UPCOMING EVENTS • November 11, 2021, Update for the nine months ended September 30, 2021 • November 18, 2021, Investor Day, Zurich © Zurich Insurance Company Ltd
Zurich Insurance Group — H1 2021 Earnings Presentation on 6ix