Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — H1 2019 Earnings Presentation
69 slides from Zurich Insurance's earnings presentation, Aug 8, 2019
Slide 1: Half year results 2019 – Delivering on our targets
Half year results 2019 – Delivering on our targets Investor presentation August 8, 2019 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 financial targets Group results and outlook P&C catastrophe reinsurance program Property & Casualty (P&C) Farmers Exchanges Life Group solvency Farmers Gro
Slide 3: Delivering on our targets and ready for the next phase
KEY HIGHLIGHTS Delivering on our targets and ready for the next phase 2017-19 Plan Fully on track to exceed all Group targets Profitability BOP up 16% and at highest level for a decade, BOPAT ROE 15.0%, EPS up 18% P&C 46% increase in BOP, combined ratio of 95.1%, Commercial strongly improved Life Po
Slide 4: On track to exceed all Group targets
KEY HIGHLIGHTS On track to exceed all Group targets BOPAT ROE (%) Z-ECM RATIO (%) CUMULATIVE CASH REMITTANCES (USDbn) 15.0% 121% 120% 9.2 >9.5 12.1% >12.0% 9.2% 100% FY-17 FY-18 HY-19 Target HY-19e1 Target range FY-17 - HY-19 2017 - 2019 Target CUMULATIVE NET EXPENSE SAVINGS (USDm) ~USD 1.3bn as of
Slide 5: Continued strong performance across all segments
KEY HIGHLIGHTS Continued strong performance across all segments P&C LIFE FARMERS EXCHANGES1 COMBINED RATIO (%) BOP LIKE-FOR-LIKE (%)2 COMBINED RATIO (CR) (%) 98.3% 100.0% 97.5% 95.1% +2% 6.6% 7.6% 3.0% 2.3% 750 763 32.5% 32.6% 91.8% 92.4% 64.5% 61.8% -2.5% -1.6% HY-18 HY-19 HY-18 HY-19 HY-18 HY-19 C
Slide 6: Continued execution on all strategic priorities
KEY HIGHLIGHTS Continued execution on all strategic priorities NEW DISTRIBUTION PARTNERSHIPS INNOVATIVE PROPOSITIONS STRENGTHENED CUSTOMER FOCUS NPS2 RETENTION2 +28% +1.1m Sales1 #cust.1 3 +2 0 >4,100 0 +4 REALLOCATION OF CAPITAL #customers1 ACQUISITIONS DISPOSALS -4 +1 Legacy A&E Life and P&C -6 +4
Slide 7: The P&C strategy is working with improved profitability and reduced volatility
KEY HIGHLIGHTS – P&C The P&C strategy is working with improved profitability and reduced volatility, and strong improvement in Commercial P&C BUSINESS MIX (% NEP) AY COMBINED RATIO EXCLUDING LARGE LOSS VOLATILITY (ppts)2 CATASTROPHES (%)1 -4.3ppts 99.1% 15% 22% 94.8% COMMERCIAL 8ppts 27% 28% 28% 26%
Slide 8: We have a large and growing Life protection business
KEY HIGHLIGHTS – LIFE We have a large and growing Life protection business PROTECTION GWP (USDbn) LIFE GWP SPLIT (%) +12% 4.0 3.5 +10% +8% 1.5 92% 99% +22% 90% 1.0 +24% 53% 0.5 33% 0.0 EMEA Latin America Asia Pacific North America Total EMEA Latin America Asia Pacific North America Total HY-18 HY-19
Slide 9: Consistent progress against key strategic priorities
KEY HIGHLIGHTS – FARMERS EXCHANGES1 Consistent progress against key strategic priorities EASTERN EXPANSION AGENCY MODEL Established state GWP (USDm)2 CAPITALIZED AGENTS Eastern expansion state ~ +500 ME (number) Eastern expansion state + VT Commercial rideshare NH +6% HY - 18 HY - 19 (& delivery ) N
Slide 10: HY-19 CFO update
@ ZURICH HY-19 CFO update
Slide 11: Strong performance with all regions contributing to growth
GROUP – BOP Strong performance with all regions contributing to growth BOP BY REGION (USDm) BOP BY BUSINESS (USDm) +20% +20% like-for-like2 like-for-like2 +16% +16% 2,815 2,815 243 2,422 2,422 185 866 51 233 152 866 808 808 701 956 760 619 1,656 1,022 1,171 1,137 -411 -606 -37 -334 -371 HY-18 HY-19
Slide 12: 14% increase in net income attributable to shareholders
GROUP – NIAS 14% increase in net income attributable to shareholders driven by higher BOP and lower effective tax rate, EPS up 18% BOP TO NIAS WALK (USDm) -258m Venezuela 24.9% Tax rate 247 -56 -128 +14% 182 -186 vs. HY-18 -715 118 2,815 2,041 HY-19 BOP Realized capital gains Restructuring costs Oth
Slide 13: 2019 updated outlook
GROUP – OUTLOOK 2019 updated outlook NEP expected to be slightly below prior year level due to FX movements P&C Combined ratio expected to be around the mid-point of the 95-96% range Investment income excl. hedge fund gains expected to be stable versus the prior year Life Second half BOP exp
Slide 14: Strong GWP growth and continued positive rate trend
P&C – TOPLINE Strong GWP growth and continued positive rate trend HY-19 TOPLINE DEVELOPMENT RATE CHANGE (%)1 NORTH AMERICA RATE CHANGE (%)1 GWP Like-for-like HY-19 Expected trend (USDm) GWP growth (%)2 6.7% EMEA 8,265 5% 2% Stable 4.2% North 8,189 2% 6% Stable 3.5% 3.8% 3.8% America APAC 1,491 8% 4%
Slide 15: Strong performance in P&C driven by improved underwriting result
P&C – BOP COMPONENTS Strong performance in P&C driven by improved underwriting result and positive investment performance BOP BREAK DOWN (USDm) BOP CHANGE BY SEGMENT (USDm) COMBINED RATIO (%) +49% like-for-like1 -2.4ppts +46% 54 1,656 39 -68 97.5% 95.1% 1,656 327 32.5% 32.6% 1,137 166 1,137 610 325
Slide 16: Lower accident year loss ratio and reduced expense ratio
P&C – COMBINED RATIO DETAILS Lower accident year loss ratio and reduced other underwriting expense ratio drive improvement ACCIDENT YEAR LOSS RATIO OTHER UNDERWRITING EXPENSE COMMISSION RATIO (%)2 EXCLUDING CATASTROPHES (%)1 (OUE) RATIO (%)2 +0.4ppts -2.7ppts 65.2% 17.2% 64.5% 16.8% -0.6ppts 14.9% 6
Slide 17: Improvement in underlying combined ratio across all regions
P&C – COMBINED RATIO BY SEGMENT AND CUSTOMER UNIT Improvement in underlying combined ratio across all regions, with particularly strong improvement in Commercial ACCIDENT YEAR COMBINED RATIO (AY CR) EXCLUDING CATASTROPHES BY AY CR EXCL. CATASTROPHES BY SEGMENT (%)1 CUSTOMER UNIT (%)1 -4.8ppts -0.8pp
Slide 18: Higher investment result driven by strong hedge fund performance
P&C – INVESTMENT RESULT Higher investment result driven by strong hedge fund performance INVESTMENT RESULT IN BOP (USDm) INVESTMENT INCOME YIELD INVESTMENT INCOME YIELD OF GROUP INVESTMENTS (%)1 1,129 2.7% 2.9% 991 162 45 HY-18 HY-19 946 967 BOOK & REINVESTMENT YIELD OF DEBT SECURITIES (%)2 2.6% 2.6
Slide 19: Solid underlying Life performance across all metrics
LIFE – OVERVIEW Solid underlying Life performance across all metrics BOP (USDm) APE (USDm)1 NBM (%) & NBV (USDm)2 +2% +4% like-for-like3 like-for-like3 25.3% 26.4% 25.9% -8% -3% 760 2,275 2,291 2,229 +3% 701 650 like-for-like3 173 566 521 130 589 149 113 -3% 78 71 87 43 25 114 78 80 503 522 505 80 7
Slide 20: Sales and new business value driven by protection and savings
LIFE – PRODUCT MIX Sales and new business value driven by protection and capital efficient savings products APE PRODUCT MIX (USDm)1 NBV PRODUCT MIX (USDm)2 2,275 2,291 2,229 503 522 505 250 18 35 28 374 300 32 85 74 317 78 371 455 315 627 607 640 87% 406 410 389 787 919 834 -14 -5 -8 HY-17 HY-18 HY-
Slide 21: Continued strong net inflows and positive markets drive AUM growth
LIFE – NET INFLOWS AND ASSETS UNDER MANAGEMENT Continued strong net inflows and positive markets drive strong AUM growth NET INFLOWS BY SEGMENT (USDbn) AUM DEVELOPMENT (USDbn) +5% +11% 4.5 282 4.3 0 254 24 5 51 1.1 1.7 44 0.0 0.1 0.3 115 0.3 106 3.2 2.3 105 116 HY-18 HY-19 as of Net inflows Market F
Slide 22: Continued underlying revenue growth from loadings & fees
LIFE – BOP BY SOURCE Continued underlying revenue growth from loadings & fees and technical margins BOP BY SOURCE OF EARNINGS (USDm) KEY DRIVERS HY-19 VS. HY-18 Actual L-for-L2 Loadings & fees 1,255 401 1,656 -6% 2% Revenues from loadings & fees 88% and technical margins Investment margin 287 -15% -
Slide 23: Lower investment income due to unfavorable market yields in EMEA
LIFE – INVESTMENT RESULT Lower investment income due to unfavorable market yields developments in EMEA INVESTMENT RESULT IN BOP GROSS OF PH (USDm)1 INVESTMENT INCOME YIELD INVESTMENT INCOME YIELD OF GROUP INVESTMENTS (%)2 1,903 1,860 2.9% 2.8% 328 376 HY-18 HY-19 1,575 1,484 BOOK & REINVESTMENT YIEL
Slide 24: Continued growth at Farmers Exchanges supported by strong customer KPIs
FARMERS EXCHANGES1 – GROWTH Continued growth at Farmers Exchanges supported by strong customer KPIs GWP (USDm) HY-19 VS. NET PROMOTER SCORE3 AND RETENTION (%)4 HY-18 (%) 48.4 47.9 10,335 10,458 +1.2% 46.1 10,047 9 45.6 101 45.3 272 44.6 43.3 42.6 83.1% 83.1% 82.9% 82.7% 10,449 +2.1% 82.5% 9,775 10,2
Slide 25: Continued improvement in Farmers Exchanges surplus ratio
FARMERS EXCHANGES1 – PROFITABILITY Continued improvement in Farmers Exchanges surplus ratio COMBINED RATIO (%)2 SURPLUS3 41.1% 38.7% 39.5% 104.9% 98.3% 100.0% 10.5% 6.6% 7.6% 5.5 5.5 5.7 94.4% 91.8% 92.4% HY-17 HY-18 HY-19 FY-17 FY-18 HY-19 Catastrophe losses CR (excl. catastrophe losses) Surplus ra
Slide 26: Stable margin and continued growth in BOP
FARMERS MANAGEMENT SERVICES – OVERVIEW Stable margin and continued growth in BOP BOP (USDm) MGEP MARGIN (%)1 737 7.0% 7.0% 7.0% 700 702 28 13 4 688 698 709 HY-17 HY-18 HY-19 HY-17 HY-18 HY-19 Net investment income & other Gross management result © Zurich 1 Margin on gross earned premiums of the Farm
Slide 27: Strong result at Farmers Life supported by favorable experience
FARMERS LIFE AND FARMERS RE – OVERVIEW Strong result at Farmers Life supported by favorable experience BOP (USDm) FARMERS LIFE NEW BUSINESS APE (USDm)1 129 46 45 39 9 106 94 25 6 NBM (%) & NBV (USDm)2 106% 144% 115% 120 87 64 81 49 45 HY-17 HY-18 HY-19 HY-17 HY-18 HY-19 Farmers Re Farmers Life NBM ©
Slide 28: Headquarters costs further reduced, Non-Core impacted by reinsurance
GROUP FUNCTIONS AND OPERATIONS & NON-CORE BUSINESSES – BOP Headquarters costs further reduced, with Non-Core impacted by reinsurance of legacy U.S. asbestos and environmental liabilities GROUP FUNCTIONS AND OPERATIONS BOP (USDm) NON-CORE BUSINESSES BOP (USDm) 51 -143 -139 -191 -232 -334 -371 -37 HY-
Slide 29: Very strong capital position supported by operating capital generation
GROUP – SOLVENCY RATIOS Very strong capital position supported by operating capital generation pre-dividend Z-ECM AND SST RATIO (%)1 Z-ECM RATIO DEVELOPMENT (%) 240% 1% 221% 1% 217% 216% 220% -7% 204% 196% 8% 200% 189% 185% 124% -4% 180% -1% 121% 160% 140% 132% 127% 125% 124% 122% 121% 121% 120% 114
Slide 30: Higher unrealized gains drive increase in shareholders’ equity
GROUP – BALANCE SHEET AND CAPITAL STRUCTURE Higher unrealized gains drive increase in shareholders’ equity SHAREHOLDERS’ EQUITY (USDm) CAPITAL STRUCTURE (%)1 +9% 32,929 12% 12% 179 16% 16% 2,041 3,383 30,114 -2,819 30 72% 72% FY-18 NIAS Dividend Currency Net Pension HY-19 FY-18 HY-19 translation unr
Slide 31: 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 32: Appendix
@ ZURICH Appendix
Slide 33: 2017-2019 Financial targets
GROUP – FINANCIAL TARGETS 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
Slide 34: We are focused on continuing to reward our shareholders
GROUP – DIVIDEND POLICY We are focused on continuing to reward our shareholders, ~76% NIAS payout ratio for 2018 dividend ZURICH’S DIVIDEND POLICY DIVIDEND PER SHARE (CHF) +6% NIAS payout ratio of approximately 75% 19 18 17 17 17 17 17 17 17 16 11 Dividend increases based on sustainable earnings gro
Slide 35: Reinsurance program in line with Group risk appetite
P&C – CATASTROPHE REINSURANCE Reinsurance program in line with Group risk appetite GROUP CATASTROPHE REINSURANCE PROTECTION (USDm) 200 115 200 1,000 200 1,000 200 1,000 250 600 440 300 7503 480 600 200 Europe US all perils Rest of World all perils Global aggregate cat treaty all perils1 Global aggre
Slide 36: Top-line growth across all continuing operations
FARMERS EXCHANGES1 – GWP, PIF/VIF AND COMBINED RATIO BY LINE Top-line growth across all continuing operations GWP (USDm) PIF (000’s)2 COMBINED RATIO (%) 10,335 10,458 14,038 13,912 101 143 9 504 124 47 523 15 1,149 406 401 102.0% 1,126 Auto 101.0% 1,332 1,383 3,231 3,284 97.7% Home 102.0% 2,651 2,72
Slide 37: Well diversified capital base by risk type
GROUP – Z-ECM COMPONENTS Well diversified capital base by risk type AFR COMPOSITION (USDbn)1 RBC SPLIT (%)1 12% Market risk Shareholders equity 32.9 Reinsurance credit risk 7% 4% Premium and reserving risk 6% 49% Natural catastrophe risk Dividend accrual -1.5 Life insurance risk 21% Operational risk
Slide 38: 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-18 124% Actual value as of FY-18 221% Interest rate +100 bps 134% Interest rate +100 bps 235% Interest rate -100 bps 107% Interest rate -100 bps 189% USD appreciation +
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 (%) MATURITY PROFILE (USDbn)2 13.01 12.0 2.2 2.0 5.6 0.2 0.6 1.8 5.2 1.6 Average debt 2018 2019e cost (%) 0.5 0.8 Senior 1.4% 1.6% 1.1 0.9 1.9 0.7 1.6 6.8 7.3 Subordinated 4.9% 4.7% 0.4 0.6 0.6 0.4 0.
Slide 40: Commentary
@ ZURICH Commentary
Slide 41: Page 3: Key messages
COMMENTARY Page 3: Key messages The half year 2019 results show a very strong performance with business operating profit (BOP) increasing 16% as reported and 20% on a like-for-like basis, adjusting for FX movements, acquisitions and disposals. Earnings per share in Swiss Francs increased 18% compare
Slide 42: Page 4: Key highlights – Group targets
COMMENTARY Page 4: Key highlights – Group targets The first half 2019 results show the group to be on track to exceed all targets for the 2017 to 2019 plan period. In terms of the Group’s four financial targets, 1. BOPAT ROE: Annualized BOPAT ROE as reported was 15.0% for HY-19 and was comfortably a
Slide 43: Page 5: Key highlights – Proof points by business
COMMENTARY Page 5: Key highlights – Proof points by business The half-year results show a range of financial proof points against key management goals, including: Property & Casualty (P&C) gross written premiums returned to growth. Growth was 4% on a like-for-like basis, adjusting for FX movements,
Slide 44: Page 6: Key highlights – Strategic update
COMMENTARY Page 6: Key highlights – Strategic update The Group continues to make strong progress on key strategic priorities. During the first half year the Group added a number of significant distribution partnerships. In EMEA, the Group entered into an agreement with MediaMarkt Saturn, a leading r
Slide 45: Page 7: Key highlights – P&C
COMMENTARY Page 7: Key highlights – P&C Over the first half of 2019 the Group continued to execute against the key strategic priorities of improving profitability while reducing overall volatility of P&C results. The first half shows clearly that improvements in underwriting and the use of reinsuran
Slide 46: Page 8: Key highlights – Life
COMMENTARY Page 8: Key highlights – Life Life continues to progress in line with the Group’s strategy of focusing on higher margin protection business and capital light savings business. Gross written premiums for protection business have continued to grow strongly across all regions and account for
Slide 47: Page 9: Key highlights – Farmers
COMMENTARY Page 9: Key highlights – Farmers Farmers Exchanges continue to progress against all the key strategic priorities outlined at the 2017 Investor Day. The expansion into the eastern U.S. continues to deliver strong growth, with gross written premiums exceeding USD 700m in the first half. Far
Slide 48: Page 11: Group – BOP
COMMENTARY Page 11: Group – BOP Overall BOP growth was 16% on a reported basis and 20% on like-for-like basis, with all regions contributing to the strong performance. Growth in EMEA was driven primarily by a strong underwriting performance in P&C as a result of lower natural catastrophe losses and
Slide 49: Page 12: Group – NIAS
COMMENTARY Page 12: Group – NIAS Net income attributable to shareholders (NIAS) increased 14% in the first half, with growth driven by the increase in business operating profits together with a reduction in the effective tax rate. Earnings per share in Swiss Francs increased 18% compared to the prio
Slide 50: Page 13: Group – Outlook
COMMENTARY Page 13: Group – Outlook Over 2019 the Group expects to exceed the targets laid out in December 2016. Property & Casualty: The lagged effect of specific portfolio actions and the impact of foreign exchange movement’s year to date are expected to offset underlying growth to leave net earne
Slide 51: Page 14: P&C – Top line
COMMENTARY Page 14: P&C – Top line Gross written premiums in Property & Casualty (P&C) for the first half of 2019 increased 4% on a like-for-like basis, adjusting for FX movements, acquisitions and disposals, with growth across all regions. In U.S. dollars gross written premiums were flat. The level
Slide 52: Page 15: P&C – BOP components
COMMENTARY Page 15: P&C – BOP components For HY-19 P&C BOP on a reported basis was USD 1,656m, 46% higher than in the previous year. The underwriting result increased strongly by USD 285m. In line with this, the combined ratio for HY-19 improved by 2.4 percentage points to 95.1%, the lowest level ac
Slide 53: Page 16: P&C – Combined ratio details
COMMENTARY Page 16: P&C – Combined ratio details The accident year loss ratio excluding catastrophes reduced by 2.7 percentage points compared to HY-18, driven by an improved underwriting performance across all regions. Catastrophe losses for the half year totaled 2.3%, 0.7 percentage points below t
Slide 54: Page 17: P&C – Combined ratio by segment and customer unit
COMMENTARY Page 17: P&C – Combined ratio by segment and customer unit The EMEA accident year combined ratio ex-catastrophes of 93.8% was lower than in the previous year, with underlying improvements in the loss ratio the main driver. In North America, the accident year combined ratio ex-catastrophes
Slide 55: Page 18: P&C – Investment result
COMMENTARY Page 18: P&C – Investment result The HY-19 investment result of USD 1,129m included favorable fair value movements of USD 162m, mainly from the Group’s hedge fund portfolio. Investment income rose 2% on a reported basis while fair value items showed an increase of USD 117m year on year du
Slide 56: Page 19: Life – Overview
COMMENTARY Page 19: Life – Overview Life continued to deliver a robust underlying performance against a high prior year comparative. As reported in U.S. dollars, business operating profit declined 8% due to the strengthening of the U.S. dollar compared to the first half of 2018. On a like-for-like b
Slide 57: Page 20: Life – Product mix
COMMENTARY Page 20: Life – Product mix The Group continues to focus on protection, unit-linked and corporate pension business, with these products accounting for 87% of APE sales. Protection business contributed 81% of the overall new business value reflecting the higher margin nature of this busine
Slide 58: Page 21: Life – Net inflows & AuM
COMMENTARY Page 21: Life – Net inflows & AuM Net inflows increased by 5% compared to the prior year. The increase was primarily driven by higher volumes of unit-linked business in Latin America which were partially offset by a reduction of traditional savings business in EMEA. Assets under managemen
Slide 59: Page 22: Life – BOP by source
COMMENTARY Page 22: Life – BOP by source The Group’s Life business continued to be driven by stable revenue streams, with 88% of Life revenues coming from loadings and fees together with technical margins. Viewed by margin on a like-for-like basis, adjusting for FX movements, acquisitions and dispos
Slide 60: Page 23: Life – Investment result
COMMENTARY Page 23: Life – Investment result Life investment result, which is gross of policyholder sharing, decreased by 2% to USD 1.9bn in U.S. dollars, driven mainly by unfavorable market yields developments, particularly in Germany, UK and Switzerland. © Zurich August 8, 2019 Half year results 2
Slide 61: Page 24: Farmers Exchanges – Growth
COMMENTARY Page 24: Farmers Exchanges – Growth The Farmers Exchanges showed continued growth in the first half of the year. Gross written premiums for continuing operations increased by 2.1% compared to prior year, with growth coming from all lines of business and driven by a combination of rate inc
Slide 62: Page 25: Farmers Exchanges – Profitability
COMMENTARY Page 25: Farmers Exchanges – Profitability The Farmers Exchanges combined ratio stood at 100.0% in the first half, up 1.7 percentage points compared to the prior year. This reflects continued underlying improvement in the auto book, more than offset by increases in the home and specialty
Slide 63: Page 26: FMS – Overview
COMMENTARY Page 26: FMS – Overview Farmers Management Services (FMS) BOP grew 5% in the first half. This was driven by 2% growth in the gross management result, in line with Farmers Exchanges gross earned premiums, and a USD 14m favorable mark to market impact on a deferred compensation plan, compar
Slide 64: Page 27: Farmers Life and Farmers Re – Overview
COMMENTARY Page 27: Farmers Life and Farmers Re – Overview Farmers Life BOP of USD 120m was USD 39m higher than in the prior year. Around half of the improvement was driven by favorable mortality experience over the first half of the year. A further USD 9m came from lower amortization of deferred ac
Slide 65: Page 28: Group Functions and Operations & Non-Core – BOP
COMMENTARY Page 28: Group Functions and Operations & Non-Core Businesses – BOP The business operating loss reported under Group Functions & Operations increased by USD 37m to USD 371m. The increase was driven by higher Holding & Financing costs due to lower gains on currency hedges compared to the p
Slide 66: Page 29: Group – Solvency ratios
COMMENTARY Page 29: Group – Solvency ratios The Group’s Z-ECM ratio remained very strong at 121% as of the end of June. Strong operational capital generation from the businesses added 8 percentage points off-set by 4 percentage points of dividend accrual. Negative market movements in the first half
Slide 67: Page 30: Group – Balance sheet and capital structure
COMMENTARY Page 30: Group – Balance sheet and capital structure Shareholders’ equity increased by USD 2.8bn over the first half mainly due to an increase in unrealized gains and losses, with net income of USD 2.0bn more than offset by the capital returned to shareholders through dividends. The Group
Slide 68: 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 Gianni Vitale +41 44 625 48 26 Investor Relations website Events Fin
Slide 69: Calendar
CALENDAR: September 5, UBS Best of Switzerland Conference, Zurich September 23, Baader Investment Conference, Munich September 24-25, Bank of America Merrill Lynch Conference, London November 7, Update for the nine months ended September 30, 2019 November 14, Investor Day 2019 February 1
Zurich Insurance Group — H1 2019 Earnings Presentation on 6ix