Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Investor Day (November 2022)
79 slides from Zurich Insurance's investor day presentation, Nov 16, 2022
Slide 1: Investor Day 2022
Investor Day 2022 16 November 2022 Zurich Insurance Group
Slide 2: Agenda
Agenda TIME TOPIC SPEAKER 10:30 – 11:10 Strategy Mario Greco 11:10 – 11:45 Customer Conny Kalcher 11:45 – 12:45 Lunch break 12:45 – 13:25 Commercial Insurance Sierra Signorelli 13:25 – 14:00 Finance George Quinn 14:00 – 14:20 Coffee break 14:20 – 15:20 Q&A All 15:20 – 15:30 Wrap-up Mario Greco © Zur
Slide 3: Consistent strategy, increased ambition
Consistent strategy, increased ambition Investor Day 2022 16 November 2022 Mario Greco Group Chief Executive Officer
Slide 4: Key messages
STRATEGY Key messages We have demonstrated resilience, adaptability and focused execution over the previous Focused execution two strategic cycles and are well on track to exceed all targets for the 2020-2022 period We have reduced capital and earnings volatility through targeted actions across our
Slide 5: On track to exceed all targets, outperforming an ambitious plan
STRATEGY On track to exceed all targets, outperforming an ambitious plan for the second consecutive strategic cycle 2020-2022 TARGETS DELIVERING ACROSS ALL OUR BUSINESSES • Reclaimed leading position Target Progress Commercial • Balanced global portfolio and reduced volatility • Strengthened technic
Slide 6: Consistently delivering superior value for our shareholders
STRATEGY Consistently delivering superior value for our shareholders, with low volatility of earnings and attractive dividend TOTAL SHAREHOLDER RETURN (USD) STABLE, GROWING EARNINGS AND ATTRACTIVE DIVIDEND (Indexed to 100% as of January 1, 2016)1 (FY-16 to FY-21)2 300% Diluted earnings per share (CH
Slide 7: A global leader with strong and diversified earnings profile
STRATEGY A global leader with strong and diversified earnings profile, high cash conversion and excellent financial strength KEY STRENGTHS DIVERSIFIED EARNINGS PROFILE AND CAPITAL POSITION HIGHLY CASH GENERATIVE BUSINESS BOP by business (%)1 Payout ratio (%)2 Group Swiss Solvency Test ratio (%)3 Res
Slide 8: We have a clear strategic vision, driving focused execution
STRATEGY We have a clear strategic vision, driving focused execution towards fully delivering our ambition OPTIMIZED GLOBAL FOOTPRINT COMPLEMENTARY DISTRIBUTION CLEAR STRATEGIC PRIORITIES Business operating profit by region (%)1 FY-21 share of premiums (%)2 Focus on customer Transforming to become a
Slide 9: Leading Commercial Insurance business with balanced portfolio
STRATEGY Leading Commercial Insurance business with balanced portfolio, well positioned for cross-cycle outperformance RECORD PROFITABILITY BALANCED PORTFOLIO EXPANDING OUR LEADING POSITION Combined ratio (%) Business mix by GWP (%)1 Increasing customer relevance through distinctive capabilities 107
Slide 10: Steady expansion of our Retail presence in key markets
STRATEGY Steady expansion of our Retail presence in key markets, pursuing both organic and inorganic opportunities CONCENTRATED RETAIL FOOTPRINT STEADILY EXPANDING OUR POSITION FY-21 GWP (%) Switzerland Germany Partnerships GWP growth rate (%) GWP growth rate (%) GWP growth rate (CAGR, %) 7% >10% 5%
Slide 11: Accelerating customer-focused transformation
STRATEGY Accelerating customer-focused transformation, building on strong momentum to establish Zurich as the insurer of choice STRONG CUSTOMER FOUNDATION ACCELERATING CUSTOMER LOYALIZATION Create a Brighter Brand Strategy Customer Experience Strategy Customer Centricity Program Future Together ccou
Slide 12: Developing long-term strategic distribution partnerships
STRATEGY Leveraging our strengths to continue developing long-term strategic distribution partnerships and create customer value RETAIL P&C DISTRIBUTION MIX (%) OUR APPROACH TO PARTNERSHIPS GROWTH OPPORTUNITY FY-21 GWP (%) Zurich proposition • Dedicated partnership team 5% USD est. CAGR 13% • Superi
Slide 13: Travel insurance positioned for strong recovery
STRATEGY Our travel insurance business is positioned for a strong recovery as global travel rebounds GLOBAL BUSINESS MODEL WELL POSITIONED TO BENEFIT FROM THE REBOUND Established global platform and Cover-More gross sales (USDbn) management structure ~20% p.a. 0.8 0.7 Innovative, Digital, embedded t
Slide 14: Digital transformation as an enabler for customer strategy
STRATEGY Digital transformation serving as an enabler for our customer- focused strategy and increased partner connectivity DIGITAL DATA CONNECTIVITY • Interact with customers digitally, Enforced data standards and Zurich Connector across channels improved data quality API1 Solution • Reinvent custo
Slide 15: Building on core Life distribution strengths
STRATEGY Building on core Life distribution strengths while leveraging opportunities to further diversify and expand customer reach DIFFERENTIATED DISTRIBUTION STRENGTH IN BANK DISTRIBUTION OPPORTUNITIES FY-21 Annual premium equivalent (%) Zurich Santander and Sabadell Zurich Increasing penetration
Slide 16: High quality Life business delivers strong results
STRATEGY High quality Life business delivers strong results, with growth in preferred lines driving profit expansion through the cycle FOCUS ON CAPITAL-LIGHT PRODUCTS BEST IN CLASS BOP GROWTH PROFIT AMBITION FY-21 Annual premium equivalent (%) Life BOP1, FY-16 to FY-21 CAGR (%) Contractual service m
Slide 17: Farmers: strong ambition driven by distribution and rate momentum
STRATEGY Strong ambition driven by enhanced distribution, improving technical capabilities and positive rate momentum HIGHER REVENUES AND ENHANCED LEVERAGING HARDENING MARKET AMBITIOUS TARGETS FOR THE NEXT DISTRIBUTION FOOTPRINT AND IMPROVING CAPABILITIES STRATEGIC CYCLE Farmers Exchanges1 GEP (USDb
Slide 18: Accelerating sustainability targets
STRATEGY Accelerating sustainability targets across own operations and leveraging our role as an underwriter and investor PROGRESS TO DATE Additional targets for the • Launched Zurich Resilience Solutions upcoming cycle Customers • Global data transparency score up 30% Support transformation since 2
Slide 19: Focused on improving return on equity
STRATEGY We remain focused on improving our return on equity, delivering increased value through operational improvement LEVERS TO IMPROVE 2023 – 2025 BOPAT ROE (ppts)1 Business growth Productivity Portfolio quality ~3.0ppts up to 1.0ppt ~1.5ppts © Zurich 1 Baseline: reported HY-22 position adjusted
Slide 20: Strategic vision for 2023-2025 cycle
STRATEGY Continuing to pursue our strategic vision established in 2016, accelerating ambition for 2023-2025 strategic cycle CONSISTENT STRATEGY, INCREASED AMBITION FINANCIAL TARGETS FOR 2023 – 20251 Deliver cross-cycle outperformance in Commercial based on technical excellence and opportunistic grow
Slide 21: Key messages
STRATEGY Key messages We have demonstrated resilience, adaptability and focused execution over the previous Focused execution two strategic cycles and are well on track to exceed all targets for the 2020-2022 period We have reduced capital and earnings volatility through targeted actions across our
Slide 22: Delighting and loyalizing customers
Delighting and loyalizing customers Investor Day 2022 16 November 2022 Conny Kalcher Group Chief Customer Officer
Slide 23: Key messages
CUSTOMER Key messages Our customer-led transformation has made significant progress to date: 4.6m net new Transforming Zurich retail customers since 2019, with higher TNPS and brand consideration across the Group Built a foundation focused Refreshed our brand purpose and developed a customer experie
Slide 24: Building a strong strategic customer foundation
CUSTOMER We are building a strong strategic customer foundation, delivering good early results BRAND STRATEGY CUSTOMER EXPERIENCE CUSTOMER CENTRICITY STRATEGY PROGRAM Purpose Customer experience (CX) Hybrid customer segmentation Customer value proposition Vision Automated lead management Brand visua
Slide 25: Our efforts are starting to pay off
CUSTOMER Our efforts are starting to pay off CUSTOMER SATISFACTION CUSTOMER LOYALTY AND GROWTH GROWING PORTFOLIO Retail & SME 2019-2022 YTD Retail & SME retention rate (%) Retail & SME – GWP growth like-for-like (%)4 +2ppts 13% Global1 +7.8 pts 82% 83% 80% 81% EMEA +10.8 pts 8% Asia Pacific +3.8 pts
Slide 26: The Zurich brand is closer to our customers
CUSTOMER The Zurich brand is closer to our customers, delivering our purpose to ‘ reate a Bri hter Future To ether’ BRAND CONSIDERATION RANKING1 Global campaign 2021: 15 15 What can go right? 20 countries, first global campaign in 5 years: OBJECTIVES: Top 5 40% 47% • Deliver on Zurich purpose and dr
Slide 27: © Zurich
© Zurich November 16, 2022 Investor Day 27
Slide 28: CX vision and standards with Group-wide initiatives
CUSTOMER We have defined our CX vision and standards with Group- wide initiatives to deliver on our aspirations GROUP-WIDE INITIATIVES Our CX vision: Global ata Build a meaningful relationship Single customer view Customer portal and app • Uniquely human and sustainable CX principles ash Flow olar •
Slide 29: CX strategy delivering impactful solutions
CUSTOMER Our CX strategy is helping deliver impactful solutions to customers throu hout Zurich… HELLOZURICH CLAIMS SYSTEM, UK SERVICE CALL CENTER, SPAIN 8:31 8:32 8:45 • Customer data available from • One click link to agent the start of the call • More personal, multi party calls HelloZurich TNPS •
Slide 30: Elevating journeys across customer groups
CUSTOMER … and elevatin journeys across customer roups CUSTOMER JOURNEY SIMPLIFICATION RESULTING IN: FOR MID-MARKET COMMERCIAL, UK • Digitization of quotes for +20% new and existing business New business • Meaningful response to broker, reduced to within +34pts 2 hours from submission TNPS increase
Slide 31: Customer Centricity Program helps cater to customer needs
CUSTOMER The Customer Centricity Program helps cater to customer needs more effectively, driving improved financial results HYBRID SEGMENTATION ACTIVATING THE SUCCESSFUL LAUNCH ACCELERATED ROLLOUT APPROACH1 DISTRIBUTION NETWORK IN SWITZERLAND2 BUSINESSES IN SCOPE: Lead generation including +1.3% 'Ne
Slide 32: Customer update
© Zurich CUSTOMER UPDATE November 16, 2022 Investor Day 32
Slide 33: Our ambition 2023-2025: insurer of choice
Our ambition 2023-2025 To become the insurer of choice by loyalizing our customers Building meaningful relationships with our customers through understanding and anticipating their needs and delivering relevant, personalized propositions and seamless, multichannel experiences © Zurich November 16, 2
Slide 34: Customer strategy driving a 360° transformation
CUSTOMER The Zurich customer strategy is driving a 360° transformation EXPAND AND IMPLEMENT NEW STRATEGIC INITIATIVES Best-in-class value proposition Customer pricing Refreshed purpose, brand framework and visual identity Factoring loyalty into our pricing approach Awesome experience Simplified cust
Slide 35: Improving digital capabilities around customer data
CUSTOMER We are improving our digital capabilities around customer data and encouraging our customers to connect with us CUSTOMER INTELLIGENCE PLATFORM ZURICH ONE ACCOUNT Marketing data Agent data CRM tool Internal data Web/app analytics data 3 2 4 1 5 Customer intelligence platform • Launching a mo
Slide 36: Zurich Loyalty Pyramid
CUSTOMER The impact of our efforts will be evaluated through the Zurich Loyalty Pyramid in the next strategic cycle LOYALTY PYRAMID LEGEND: GERMANY EXAMPLE CUSTOMER KPIs Required x policy density POLICY DENSITY CORE E-mail/mobile CUSTOMERS registered Relationship Core ≥2Customers 7.2 4% Customer sat
Slide 37: Key messages
CUSTOMER Key messages Our customer-led transformation has made significant progress to date: 4.6m net new Transforming Zurich retail customers since 2019, with higher TNPS and brand consideration across the Group Built a foundation focused Refreshed our brand purpose and developed a customer experie
Slide 38: Expanding a leading franchise
Expanding a leading franchise Investor Day 2022 16 November 2022 Sierra Signorelli CEO Commercial Insurance
Slide 39: Key messages
COMMERCIAL INSURANCE Key messages We are a leading global commercial insurer with a well balanced high-quality portfolio and Market-leading position distinctive capabilities Continuous combined ratio improvement over the last two strategic cycles driven by Record results underwriting discipline and
Slide 40: Leading global commercial insurer with distinctive capabilities
COMMERCIAL INSURANCE Leading global commercial insurer with a well-balanced footprint and distinctive capabilities P&C GROSS WRITTEN PREMIUMS COMMERCIAL INSURANCE RANKING DISTINCTIVE CAPABILITIES FY-21 Gross written premiums by customer unit (%)1 FY-21 Net earned premium (USDbn)2 International progr
Slide 41: Our strategy positions us well for evolving market conditions
COMMERCIAL INSURANCE Our strategy positions us well to succeed in evolving market conditions UNCHANGED STRATEGIC PRIORITIES INDUSTRY ENVIRONMENT Evolving pricing Increasing cycle and digitalization Maintain Leverage inflationary pressure and use of data a balanced actionable portfolio insights Clima
Slide 42: Disciplined execution evidenced by record financial results
COMMERCIAL INSURANCE Disciplined execution evidenced by record financial results TOP-LINE GROWTH (%) COMBINED RATIO (%) BOP (USDbn) 107% 2.2 100% 100% 97% 94% 13% 2% 13% 89% 1.5 2.0 0.4 1.1 1.7 78% 3.7 5% 72% 69% 69% 65% 61% 2.5 2.8 1% 1.9 1.9 1.9 -1% -0.5 -0.2 -0.8 -1.1 28% 28% 28% 29% 28% 28% -1.5
Slide 43: High-quality portfolio and reduced volatility
COMMERCIAL INSURANCE High-quality portfolio driven by rebalanced business mix and better risk selection, leading to reduced volatility in earnings REBALANCED BUSINESS MIX BETTER RISK SELECTION REDUCED VOLATILITY GWP by line of business (%)1 Combined ratio vs. peer group average (ppts)3 Large loss ra
Slide 44: Strategic foresight a key driver of portfolio transformation
COMMERCIAL INSURANCE Strategic foresight a key driver of portfolio transformation DISCIPLINED UNDERWRITING PROACTIVE EXPOSURE MANAGEMENT HIGHER GROWTH AMBITIONS APPETITE Trade credit & political risk net exposure (USDm) GWP (USDbn)2 +53% Aviation -32% Event cancellation FY-19 FY-20 FY-21 FY-19 FY-20
Slide 45: Disciplined approach to underwriting and capacity deployment
COMMERCIAL INSURANCE Disciplined approach to underwriting and capacity deployment DRIVING PORTFOLIO IMPROVEMENT SELECTIVE CAPACITY DEPLOYMENT DEDUCTIBLE OPTIMISATION Property capacity by hazard grade (USD)1 Liability deductibles by risk appetite (USD)2 +40% Well defined risk appetite -12% Selective
Slide 46: Targeted actions to address inflationary drivers
COMMERCIAL INSURANCE Targeted actions to actively address inflationary drivers RATE CHANGE VS. CLAIMS TRENDS LINE OF KEY INFLATIONARY TARGETED BUSINESS DRIVERS ACTIONS As of HY-22 (%) • Valuations • Material costs • Indexation Property Property1 • Wage inflation • Policy structure, wordings and cove
Slide 47: Capabilities to manage social inflation
COMMERCIAL INSURANCE Established core capabilities to proactively manage social inflation LOSS COST TREND ASSUMPTIONS KEY DRIVERS OF SOCIAL INFLATION ESTABLISHED CORE CAPABILITIES WELL ABOVE CPI U.S. Excess Liability Indexed (2018 = 100), cumulative Changing juror demographics 150 Enhancing underwri
Slide 48: Management of natural catastrophe exposures
COMMERCIAL INSURANCE Management of natural catastrophe exposures reduces probability and severity of impact of adverse events LIMITING EXPOSURE SUPPORTING OUR CUSTOMERS IN MANAGING THEIR EXPOSURE Example: U.S. windstorm and California (CA) earthquake (indexed Q1-21 = 100) 100 95 90 88 90 Q1-21 HY-22
Slide 49: Helping customers transition to net zero
COMMERCIAL INSURANCE We take a leading role in helping customers transition to a net zero emissions future aligned with our strategic priorities MULTI-FACETED APPROACH TO SUPPORT TRANSITION BECOMING NET ZERO LEVERAGING ACTIONABLE INSIGHTS Understanding emissions as part of a balanced portfolio1 Expe
Slide 50: Proprietary analytics platform
COMMERCIAL INSURANCE Rich portfolio insight enabled through expansion of our proprietary analytics platform KEY FEATURES BENEFITS DATA DRIVES PROFITABILITY Consistent access to Connected infrastructure comprehensive metrics and leveraging global and local data important trends enhancing portfolio co
Slide 51: Focus on people development and talent
COMMERCIAL INSURANCE Continuous focus on people development; attracting and retaining talent remains a key priority MANAGING EMPLOYEE VOLUNTARY TURNOVER Proactive reward and retention measures 1 to ensure we remain market competitive 10% 8% 6% 4% Improving the day-to-day environment by 2 removing op
Slide 52: Strong foundation with further opportunities to grow
COMMERCIAL INSURANCE Strong foundation with further opportunities to grow CUSTOMER RELATIONSHIPS BROKERS AND MID-MARKET GWP ZURICH RESILIENCE SOLUTIONS Product density Brokers, HY-22 vs. HY-21 (USDm) External fee revenues (USDm) +8% +22% >6 >4 +15% >1 Market Top Market Relationship Top 3 global1 Int
Slide 53: Key messages
COMMERCIAL INSURANCE Key messages We are a leading global commercial insurer with a well balanced high-quality portfolio and Market-leading position distinctive capabilities Continuous combined ratio improvement over the last two strategic cycles driven by Record results underwriting discipline and
Slide 54: Creating value
Creating value Investor Day 2022 16 November 2022 George Quinn Group Chief Financial Officer
Slide 55: Key messages
FINANCE Key messages Increased targets for return on equity (>20%), cash remittances (>USD 13.5bn) and EPS Increased ambition growth (8% CAGR), building on two previous cycles of strong delivery High confidence in achieving new targets despite macro uncertainty. IFRS 17 will not have Delivery a mate
Slide 56: Best-in-class shareholder return with low volatility
FINANCE Consistent performance drives best-in-class shareholder return with low volatility P&C COMBINED RATIO1 LIFE BOP1 TSR PERFORMANCE & VOLATILITY SINCE JANUARY 1, 2016 (%)2 FY-21 vs. FY-16 (ppts) FY-16 to FY-21 CAGR (%) TSR (%) 200 Zurich -4.1 Zurich 10% 150 Zurich AXA -1.8 Allianz 3% Chubb Gene
Slide 57: Managing earnings volatility through disciplined risk appetite
FINANCE Managing earnings volatility through disciplined risk appetite LIMITING T EXPOSURE… …WITH T RGETE TIONS UNDERWEIGHT EXPOSURE TO RECENT INDUSTRY ISSUES U.S. windstorm AAL (USDm)1 COVID-19 claims/NEP (%)2 AAL1 reduction: progress by region -5% -6% AXA ~6% QBE 5% North America EMEA AIG 5% Q1-21
Slide 58: Proven risk taking and investment management approach
FINANCE Proven risk taking and investment management approach DISCIPLINED INVESTMENT APPROACH WELL MANAGED MARKET RISK CONSUMPTION HY-22 Group investments (%)1 Market risk evolution, impact of selected hedging actions (USDbn)2 5% 25 2% Government and 5% government guaranteed 20 9% Credit, 33% privat
Slide 59: Increased financial ambition for 2023-2025
FINANCE Increased financial ambition for the 2023-2025 cycle builds on two previous cycles of strong delivery PREVIOUS FINANCIAL TARGETS NEW FINANCIAL TARGETS4 2017-2019 2020-2022 2023-2025 BOPAT ROE1 >12% >14% BOPAT ROE1 >20% Expense savings/ Exp. savings EPS2 CAGR USD 1.5bn ≥5% EPS CAGR2 8% EPS CA
Slide 60: BOPAT ROE rebased with increased ambition
FINANCE BOPAT ROE rebased for accounting changes, with increased ambition for operational improvement and capital actions 2022-2025 BOPAT ROE (%) Baseline 2023-2025 financial target Upside ~1% ~1.5% ~2% ~3.0% <1.0% >20% ~2.5% ~18% ~2.0% 15.7% ~1.5% HY-22 Accounting HY-22 Discount/ Business Productiv
Slide 61: High confidence in delivering on targets
FINANCE High confidence in delivering on targets despite market and macroeconomic uncertainty RESILIENT BUSINESS PERFORMANCE DURING LAST GLOBAL RECESSION (2009) MODEL P&C Life Farmers • Balanced and diverse global business 110 120 10 120 • P&C with a well diversified footprint and 100 98.1% 97.9% 5
Slide 62: Levers to reflect inflation risk in premiums
FINANCE Multiple levers in place to reflect inflation risk in premiums PREMIUM ADJUSTMENT PROVISIONS PREMIUM ADJUSTMENT BENEFIT BY LINE OF BUSINESS FY-21 P&C GWP by line of business (%) • Property lines have the largest benefit from automatic indexation to principal indices and exposure updates due
Slide 63: Well reserved for social inflation risk
FINANCE We are well reserved for ‘social inflation’ risk LOSS COST TREND ASSUMPTIONS SLOW OWN IN OURTS’ TIVITY PAID TO ULTIMATE LOSSES WELL WELL ABOVE CPI DURING THE PANDEMIC BELOW INDUSTRY AVERAGE U.S. Excess Liability U.S. Excess Liability Paid/Ultimate losses (%)3 Indexed (2018 = 100), cumulative
Slide 64: Strength of reserves from conservative approach
FINANCE The strength of our reserves benefits from our conservative approach ALLOWANCE FOR LIMITED CLAIMS RESERVES (HY-22)1 KEY RISK DRIVER CONTRIBUTION HISTORICAL EXPERIENCE (ALHE) TO ALHE (%) • IFRS 4 reserve strength replaced by Reserve strength Risk adjustment ALHE 14% ALHE under IFRS 17 20% • A
Slide 65: Disciplined business growth drives OUE ratio improvement
FINANCE Disciplined business growth drives OUE ratio improvement 2019 INVESTOR DAY RECAP 2020-2022 DELIVERY 2023-2025 OUTLOOK Direct expenses (USDbn) At scale roll-out of intelligent automation program to all core Ambition to further increase insurance functions FY-19 10.0 expense efficiency through
Slide 66: Very strong capital position and cash generation
FINANCE Very strong capital position and cash generation CAPITAL MANAGEMENT APPROACH FINANCIAL LEVERAGE CASH GENERATIVE BUSINESS SST ratio (%) HY-22, IFRS 17 based leverage (USDbn, %) Payout ratio (%) Actual Guidance 26% 2016-2021 2023-2025 9M-22: (IFRS 4) (IFRS 9/17) Target level Leverage ratio 252
Slide 67: Managing capital volatility through portfolio management
FINANCE Managing capital volatility through portfolio management SST SENSITIVITIES BASED ON HY-22 SST RATIO (%)3 SST TARGET CAPITAL, EXCLUDING (ppts)1 MARKET VALUE MARGIN (USDbn) Indexed (Dec-19 = 100) 120 +2.7 Interest rate +50bps 2ppts -4.8 110 Life back books driving volatility Interest rate -50b
Slide 68: Opportunities to improve capital allocation
FINANCE We have further opportunities to improve our capital allocation PORTFOLIO ANALYSIS BOPAT ROE UPSIDE OPPORTUNITY Life Payback period (years) Maximum opportunity ~2.5% Strategic considerations ~0.5% Internal rate of return (%) Selected portfolio actions ~2% P&C Return on capital (%)1 Pricing c
Slide 69: ESG performance reporting based on sound principles
FINANCE Our ESG performance reporting is based on sound principles • ESG commitments monitored through extensive RANKED AS A ESG LEADER reporting in the annual report (ISD1) IN INSURANCE Transparency • Development of relevant measurement standards (Insurance associated CO2e emissions in 2023) • Repo
Slide 70: Attractive and growing dividends
FINANCE We will continue to reward shareholders through attractive and growing dividends DIVIDEND POLICY1 DIVIDEND PER SHARE (CHF) NIAS2 payout ratio of ~75% +5% p.a. 22 20 20 New floor 19 18 Dividend increases based on sustainable earnings growth FY-17 FY-18 FY-19 FY-20 FY-21 FY-22e Minimum target
Slide 71: Key messages
FINANCE Key messages Increased targets for return on equity (>20%), cash remittances (>USD 13.5bn) and EPS Increased ambition growth (8% CAGR), building on two previous cycles of strong delivery High confidence in achieving new targets despite macro uncertainty. IFRS 17 will not have Delivery a mate
Slide 72: 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 73: Appendix
@ ZURICH Appendix
Slide 74: Diversified, high-quality fixed income portfolio
APPENDIX Well diversified and high-quality fixed income portfolio GOVERNMENT, CREDIT AND PRIVATE NON-FINANCIAL CREDIT, HY-22 PRIVATE DEBT, HY-22 DEBT, HY-22 USD 59bn USD 79bn 5% Other Private 0% 0% 5% 18% 14% 3% 7% placements 5% Consumer 22% non-cyclical 30% Senior corp. 6% 4% 34% Utility loans 15%
Slide 75: Real estate and equity investments
APPENDIX Well diversified and high-quality real estate and public as well as private equity investments REAL ESTATE, HY-22 EQUITIES, HY-22 PRIVATE EQUITY, HY-22 4% Office Telecom 3% Mega buyout 3% 17% 8% 3% Residential Financials 21% Large buyout 7% 27% 10% Industrial Retail & Consumer Medium buyout
Slide 76: Biographies
@ ZURICH Biographies
Slide 77: Presenters
BIOGRAPHIES Presenters Mario Greco Conny Kalcher Group Chief Executive Officer Group Chief Customer Officer Mr. Greco joined Zurich in March 2016 as Group Chief Ms. Kalcher joined Zurich in July 2019 as Group Chief Executive Officer and member of the Executive Committee. Customer Officer, heading th
Slide 78: For further information
For further information CALL US VISIT OR FOLLOW US Investor Relations and Rating Agency Management Jon Hocking +41 44 628 18 34 Björn Bierfreund +41 44 625 23 13 Francesco Bonsante +41 44 628 00 68 Samuel Han +41 44 625 32 57 Michèle Matlock +41 44 625 28 50 Events Patricia Heina +41 44 625 38 44
Slide 79: Thank you
Thank you UPCOMING EVENTS • February 09, 2023 – Annual Results 2022 • March 30, 2023 – ESG at Zurich • April 06, 2023 – Annual General Meeting 2023 • May 17, 2023 – Update for the three months ended March 31, 2023 • August 10, 2023 – Half year results 2023 • November 09, 2023 – Update for the nine m
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