Zurich Insurance Group Ltd · SIX:ZURN

Zurich Insurance — Zurich Financial Services Group — Q1 2003 Earnings Presentation

16 slides from Zurich Insurance's earnings presentation, May 22, 2003

  1. Slide 1: 1st Quarter 2003 Results Reporting

    Zurich Financial Services Group 1st Quarter 2003 Results Reporting Zurich, 22 May 2003

  2. Slide 2: 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 predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted prof

  3. Slide 3: Agenda

    Agenda • Introduction and overview James J. Schiro • Q1 2003 results Patrick O’Sullivan • Q&A © Zurich Financial Services | 3

  4. Slide 4: Introduction and overview

    Zurich Financial Services Group Introduction and overview James J. Schiro, Chief Executive Officer Zurich, 22 May 2003

  5. Slide 5: 1st Quarter 2003 Results

    Zurich Financial Services Group st 1 Quarter 2003 Results Patrick O’Sullivan, Group Finance Director Zurich, 22 May 2003

  6. Slide 6: Financial highlights

    Financial highlights in USD millions Q1 ‘03 Q1 ‘02 change Total GWP and policy fees 13,500 10,347 30% Net investment result 467 1,277 -63% of which: realized/unrealized capital gains/losses -1,278 -258 -395% Business operating profit 785 391 101% Net income 114 6 nm Non-life combined ratio 98.2% 104

  7. Slide 7: Business operating profit and net income by segment

    Business operating profit and net income by segment Business Oper. Profit Net Income in USD millions Q1 ‘03 Q1 ‘02 Q1 ‘03 Q1 ‘02 Non-life 536 157 311 116 Life 256 206 -24 116 Farmers 260 225 158 136 Other Business -103 -3 -41 8 Corporate Center -164 -194 -290 -370 Total 785 391 114 6 © Zurich Financ

  8. Slide 8: Non-life financial highlights

    Non-life financial highlights Combined ratio (%) in USD millions Q1 ‘03 Q1 ‘02 change 104.1 Total 2 GWP 9,756 7,366 32% 98.2 NEP 5,941 4,528 31% 102.9 NA Corp. Business operating profit 536 157 241% 96.2 Net income 311 116 168% 103.0 Cont. Eur. Loss ratio 73.4% 77.9% -4.5 pts 98.1 Expense ratio1 24.

  9. Slide 9: Life financial highlights

    Life financial highlights New business margin (%) 5.5 in USD millions Q1 ‘03 Q1 ‘02 change Total 1 6.3 GWP, policy fees & dep. 5,553 4,734 17% 8.4 excl DB insurance ops. 4,797 4,734 1% NA Cons 23.8 Business operating profit 256 206 24% 7.6 Net income -24 116 -121% UKISA 7.0 New bus. premiums (APE) 5

  10. Slide 10: Farmers Management Services highlights

    Farmers Management Services highlights in USD millions Q1 ‘03 Q1 ‘02 change Gross written premiums and policy fees1 3,391 3,332 2% Management fees & other related revenue 468 436 7% Management & other expenses -206 -211 -2% Investment result 16 19 -16% Business operating profit 260 225 16% Net incom

  11. Slide 11: Shareholders' equity

    Shareholders’ equity in USD millions 17'000 114 112 16'000 -17 -640 15'000 16,805 16,374 14'000 13'000 Balance at Jan 1, Change in net unreal. Cumulative Treasury stock and Net income Balance at Mar 31, 2003 gains on investments translation dividend transactions 2003 adjustments © Zurich Financial S

  12. Slide 12: 1st Quarter 2003 Results Appendix

    Zurich Financial Services Group st 1 Quarter 2003 Results APPENDIX

  13. Slide 13: Net income to business operating profit

    APPENDIX: Net income to business operating profit Q1 ‘03 2002 Q1 ‘02 in USD millions 114 6 IAS Net Income -3,430 Add Back (Gains)/losses on disposals 3,203 -6 -7 Realized and unrealized capital (gains)/losses, 1,278 258 Add Back including impairments 1,107 Policyholder realized and unrealized capita

  14. Slide 14: Other Business highlights

    APPENDIX: Other Business highlights in USD millions Q1 ‘03 Q1 ‘02 change Total revenues 696 974 -28% of which: net investment result 370 236 57% Total expenses -720 -953 -24% Business operating profit -103 -3 nm Net income -41 -8 -412% © Zurich Financial Services | 14

  15. Slide 15: Investment highlights

    APPENDIX: Investment highlights in USD millions Q1 ‘03 Q1 ‘02 change Investment income 1,745 1,535 14% Realized/unrealized capital gains/losses -1,278 -258 nm of which: - non-cash investment impairment -927 -56 nm - Bâloise swap & options -158 -187 16% Net investment result 467 1,277 -63% © Zurich F

  16. Slide 16: Q&A

    Zurich Financial Services Group Q&A Zurich, 22 May 2003

Zurich Financial Services Group — Q1 2003 Earnings Presentation on 6ix