Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — H1 2026 Earnings Presentation
49 slides from Zurich Insurance's earnings presentation, Aug 6, 2026
Slide 1: Driving growth, delivering value
Driving growth, delivering value Half year results 2026 August 6, 2026 Investor and media presentation Zurich Insurance Group © Zurich
Slide 2: Content
Content Key highlights Additional information Strategic Disclaimer Investment portfolio highlights Farmers Group Balance sheet and capital structure P&C Capital P&C Solvency and debt Life Dividend policy Life Outlook Alternative performance Other segments measures Back to content page Contacts and c
Slide 3: Key messages
Key messages Confident to meet or exceed High-quality results, delivering a record BOP of USD 4.8bn in HY-26, up 13% with profitable growth 2027 targets across all business segments. Core EPS up 11.5% to USD 24.21, with Core ROE of 27.1%1 P&C: Targeted growth at P&C BOP rose 16% to USD 2.8bn. Target
Slide 4: Confident to meet or exceed 2025-2027 targets
Strategic highlights Confident to meet or exceed 2025-2027 targets Core ROE (%)1 Cash remittances Core EPS growth (%)2 SST (%)3 (USDbn) 266% 27.1% >19.0 11.5% >23% >9% ≥160% FY-26e FY-25 7.4 HY-26 Target Cumulative Target HY-26 vs. HY-25 Target HY-26e Floor 2025-2027 2025-2026 2025-2027 2025-2027 1
Slide 5: All business segments contributed to record HY-26 results
Strategic highlights All business segments contributed to record HY-26 results reflecting strength of diversified business model GWP (USDbn)1 BOP (USDbn) NIAS (USDbn) 9% CAGR 7% CAGR 9% CAGR 49.4 4.8 3.5 45.4 4.2 3.0 3.1 41.6 4.0 1.2 19.5 1.2 18.2 1.1 16.3 1.3 1.0 1.0 27.1 29.9 25.3 2.8 2.2 2.4 HY-2
Slide 6: Strong H1 progress reinforces confidence in 2027 targets
Strategic highlights Strong H1 progress reinforces confidence in 2027 targets HY-26 proof points Commercial Retail Life Farmers Driving disciplined growth Loyalization and excellence Expanding franchise Building growth momentum Prioritize growth opportunities Accelerate focus on customer Step-up Pro
Slide 7: Beazley accelerates our ambition to become global Specialty leader
Strategic highlights Beazley accelerates our ambition to become global Specialty leader Recommended offer for Beazley1 Establishing the leader in global Indicative timeline to completion Specialty Commercial Specialty FY-25 GWP (USDbn)3,4 March 2, 2026 Adds complementary capabilities Announcement as
Slide 8: P&C delivering strong growth and earnings momentum
P&C P&C delivering strong growth and earnings momentum GWP (USDbn) BOP (USDbn) 9% CAGR 12% CAGR 29.9 2.8 27.1 0.1 2.4 25.3 0.1 0.1 2.2 0.8 11.5 0.7 10.2 0.5 8.9 2.0 18.3 1.8 1.8 16.4 16.9 -0.1 -0.1 -0.1 HY-24 HY-25 HY-26 HY-24 HY-25 HY-26 Retail and SME Commercial insurance Eliminations and other1 R
Slide 9: Delivering attractive P&C margins through the cycle
P&C Delivering attractive P&C margins through the cycle P&C – Group (%) P&C – Commercial (%) P&C – Retail and SME (%) -0.8ppts -0.2ppts -2.5ppts 93.6% 92.4% 92.7% 91.4% 90.5% 91.2% 96.4% 94.1% 94.0% HY-24 HY-25 HY-26 HY-24 HY-25 HY-26 HY-24 HY-25 HY-26 Combined ratio August 6, 2026 Half year results
Slide 10: Attractive profitability maintained through active portfolio management and underwriting discipline
P&C Attractive profitability maintained through active portfolio management and underwriting discipline P&C combined ratio walk (%) • Combined ratio remained at an +0.3ppts attractive level and broadly stable 0.3% 0.1% 0.5% 0.0% 0.1% 92.7% year-on-year, reflecting the resilience 92.4% -0.1% of Zuric
Slide 11: Diversified Commercial portfolio delivers growth at attractive returns
P&C - Commercial Diversified Commercial portfolio delivers growth at attractive returns Commercial GWP by driver (USDbn) Commercial GWP by business (USDbn) GWP +8% +8% like-for-like1 18.3 18.3 +6% 0.2 16.9 5.0 +7% 4.4 1.1 16.9 5.1 5.5 +8% 0.1 0.1 8.3 8.7 +5% -0.9 -0.9 HY-25 Rate Exposure Net new FX
Slide 12: Specialty positioned to capture fast-growing demand from AI-driven infrastructure investments
P&C - Commercial Specialty positioned to capture fast-growing demand from AI-driven infrastructure investments Global Specialty growth …driven by U.S. Construction Structural infrastructure growth accelerating... opportunities Global Speciality GWP (USDbn)1 Ø 92.0% • AI-driven data center expansion
Slide 13: Active portfolio steering allows profitable growth across the cycle
P&C - Commercial Active portfolio steering allows profitable growth across the cycle Targeted growth in attractive Tactical actions in selected areas Proactive use of reinsurance portfolios GWP growth GWP growth vs. HY-25 vs. HY-25 • Existing treaties renewed, with Global Specialties Global Specialt
Slide 14: Middle Market growth reflects broad-based and targeted expansion in U.S. and Europe
P&C - Commercial Middle Market growth reflects broad-based and targeted expansion in U.S. and Europe Middle Market GWP (USDbn) • U.S. Middle Market: Growth in Specialties partly offset by a GWP like-for-like1 reduction in Programs as we maintain underwriting discipline +9% • International: Broad-bas
Slide 15: Retail delivers strong growth while underlying profitability continues to improve
P&C - Retail Retail delivers strong growth while underlying profitability continues to improve Retail GWP by driver (USDbn) P&C Retail BOP (USDm) Retail AY combined ratio excluding catastrophes (%) +64% -2.9ppts HY-25 10.2 825 97.4% 95.3% 94.6% Rate 0.3 723 change Exposure 0.1 change 502 +13% Net ne
Slide 16: Pricing, claims and analytics continue to drive improvement in Retail profitability
P&C - Retail Pricing, claims and analytics continue to drive improvement in Retail profitability Invest in pricing and claims across Increased customer loyalty EMEA Motor profitability geographies Retail and SME – tNPS (pts) EMEA Retail Motor – Combined ratio (%) Improve pricing sophistication +5pts
Slide 17: Net investment result benefits from higher investment income and realized gains
P&C Net investment result benefits from higher investment income and realized gains Investment income yield of Group investments (%)1 Investment income yield of Group investments (%)1 +53% 999 4.3% 197 3.9% 653 36 ~USD 110m impact from 1,498 1,276 non-recurring dividend -659 -696 HY-25 HY-26 HY-25 H
Slide 18: Life delivers record HY earnings as Protection growth accelerates and margins expand
Life Life delivers record HY earnings as Protection growth accelerates and margins expand GWP (USDbn) New business margin (%)2 BOP (USDm) +1% +1.3ppts +16% Like-for-like1 Like-for-like1 Like-for-like1 +7% +1.2ppts +23% 19.5 6.9% 1,271 18.2 -26% 2.6 5.7% 1,031 3.3 +5% 11.0 10.2 4.7 +10% 5.9 HY-25 HY-
Slide 19: Diversified earnings stream drives double-digit BOP growth
Life Diversified earnings stream drives double-digit BOP growth Protection (USDbn) Unit-linked (USDbn) Savings and annuities (USDbn) +12% yoy +16% yoy +20% yoy 5.9 0.8 239 0.4 55 0.2 Margin (%) Margin (%)1 Short-term ~15% Technical 1.9 0.3 contracts result Unit-linked 98 ~0.5% CSM+RA 0.2 release Mar
Slide 20: Growth in Protection accelerates in key strategic markets
Life Growth in Protection accelerates in key strategic markets Protection GWP (USDbn) Key growth drivers EMEA – operating from a position of strength +10% Like-for-like1 - Strong growth in Retail due to continued enhancements to our high net worth proposition and in +26% addition, material new busin
Slide 21: Unit-linked volume growth and favorable financial markets drive assets under management and fee income
Life Unit-linked volume growth and favorable financial markets drive assets under management and fee income Assets under Management Key growth drivers (USDbn) EMEA - Strong unit-linked and investment contract inflows building on market leading position with brokers and employee benefit consultants,
Slide 22: Life CSM remains resilient, with mix focused on capital-light businesses
Life Life CSM remains resilient, with mix focused on capital-light businesses CSM walk (USDm) HY-26 line of business split (USDm) -2% 286 38 429 13,502 664 886 664 14,389 13,760 13,502 6% -788 24% 21% -886 24% 24% 42% 70% 54% 35% FY-25 New Expected Operating Economic FX/Other CSM before CSM HY-26 CS
Slide 23: Farmers delivers record H1 earnings driven by FMS' scalable fee-based profits
Farmers Farmers delivers record H1 earnings driven by FMS’ scalable fee-based profits Farmers BOP (USDbn)3 FMS profit drivers Positioned for sustained growth 1.2 1.2 1.1 15 8% Farmers BOP well positioned to continue 1.0 1.0 7% expanding as the Farmers Exchanges1 deliver: 0.9 6% 0.8 0.8 0.8 ✓ Acceler
Slide 24: Farmers Exchanges outperforming peers in a competitive market
Farmers Exchanges1 Farmers Exchanges1 outperforming peers in a competitive market Indexed PIF2 growth FY-25 Combined ratio (%)4 Indexed (9M-25 = 100) 106 Above average3 104 Farmers 102 Exchanges1 100 98 96 94 Farmers Geico Allstate Progressive Travelers Hartford 9M-25 FY-25 3M-26 HY-26 Exchanges1 Al
Slide 25: Farmers Exchanges' policy growth accelerates and broadens across distribution channels and geographies
Farmers Exchanges1 Farmers Exchanges1’ policy growth accelerates and broadens across distribution channels and geographies GWP (USDm) PIF2 quarter-on-quarter change PIF2 quarter-on-quarter growth (thousand) contributors +4% Independent Exclusive 15,596 Direct 15,014 131 Agents Agents 107 84 62 Q1-25
Slide 26: Farmers Exchanges are well positioned to deliver sustainable long-term growth
Farmers Exchanges1 Farmers Exchanges1 are well positioned to deliver sustainable long-term growth Combined ratio (%)2 Balance sheet strength at record levels % % 111.6% 60 35 17.5% 95.4% 95.2% 50 30 5.7% 87.8% 90.5% 15.1% 6.1% 82.4% 14.7% 79.1% 25 3.2% 7.2% 40 20 30 15 94.1% 89.7% 20 80.1% 81.7% 75.
Slide 27: Very strong capital position with SST ratio at 266%
Solvency Very strong capital position with SST ratio at 266% SST ratio (%)1 Comments 259% 19% -19% 266% 0% 0% 6% • Market movements driven by Equity (+3ppts), higher interest rates (+2ppts) and favorable FX movements (+1ppts) • Capital actions reflect dividend accrual, the issuance of USD 0.5bn subo
Slide 28: Building on strong half year momentum; raising FY-26 Life guidance
2026 Outlook Building on strong half year momentum; raising FY-26 Life guidance • Insurance revenue expected to grow by mid-single digit percentage year-on-year Property & Casualty • Losses from natural catastrophes (2.5-3.0%); projected increase in insurance finance expenses expected to be broadly
Slide 29: Additional Information
Additional Information 29 © Zurich
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: BOP to NIAS walk
Group BOP to NIAS walk BOP to NIAS walk (USDm) Net impact of capital Comments gains / losses (USDm)1 • Mark-to-market favorable HY-26 BOP 4,767 355 Mark-to-market impact mostly driven by equity (FVTPL securities and 862 markets Net impact of capital gains/ real estate) losses1 301 • Net realized cap
Slide 32: Top-line and rate change by region
P&C Top-line and rate change by region HY-26 top-line development GWP like-for-like growth Insurance revenue Insurance revenue GWP (USDm) Rate change (%)2 Rate change outlook (%)1 (USDm) like-for-like growth (%)1 EMEA 13,415 5% 2% Moderating 10,884 4% North America 13,244 7% -1% Moderating 11,023 6%
Slide 33: Combined ratio by region and customer unit
P&C Combined ratio by region and customer unit Accident year combined ratio (AY CR) excl. catastrophes by region (%) AY CR excl. catastrophes by customer unit (%)1 0.0ppts +1.3ppts -0.4ppts -1.0ppts +1.2ppts -0.6ppts 94.0% 94.0% 97.3% 96.9% 94.5% 93.5% 90.4% 91.6% 95.3% 94.6% 90.1% 91.4% EMEA North
Slide 34: Cat reinsurance program
P&C Cat reinsurance program Group catastrophe reinsurance protection (USDm) 225 400 400 400 1,200 1,200 1,200 400 550 150 449 850 650 650 300 489 200 U.S. peak perils U.S. all perils Europe all perils1 Rest of world all perils Global aggregate cat treaty2 North America earthquake swap Global top cat
Slide 35: New business and revenues
Life New business and revenues CSM generating businesses (~67% of Life BOP)1 Businesses w/o CSM (~33% of Life BOP)1 PVNBP (USDm)2 Like-for-like NB CSM (USDm)2 Like-for-like Revenues (USDm) Like-for-like change (%)3 change (%)3 change (%)3 Protection 3,552 464 Short term protection: 4% 9% 1,662 9% In
Slide 36: Life BOP by driver and region
Life Life BOP by driver and region BOP by driver (USDm) BOP by region (USDm) Δ Y-o-Y Δ Y-o-Y (USDm, %) (USDm, %) Long-term insurance: 980 +135 (+16%) EMEA 831 +165 (+25%) Profit release1 Short-term insurance: 284 -4 (-1%) Technical result Latin America 260 +37 (+17%) Investment contracts: 183 +44 (+
Slide 37: Group Functions and Operations and Non-Core Businesses
Other segments Group Functions and Operations and Non-Core Businesses GF&O: Group Functions and Operations NCB: Non-Core Businesses BOP (USDm) BOP (USDm) 10 -175 -142 -52 -3 -7 -216 -290 -397 -435 HY-25 HY-26 HY-25 HY-26 Headquarters (HQ) Zurich Global Ventures Holding and Financing HQ expense reduc
Slide 38: Investment portfolio - Overview
Investments Investment portfolio - Overview HY-26 Group investments (%)1 HY-26 asset quality (%) HY-26 non-financial credit (%) 5% USD 58bn USD 78bn 6% Other 3% 4% 4% 6% 11% 3% 19% Consumer 10% non-cyclical 8% 33% 7% 23% 29% Utility 2% 5% Consumer cyclical USD USD 177bn 26bn 17% Communications 36% 3
Slide 39: Credit and private debt portfolio
Investments Credit and private debt portfolio HY-26 rating of credit and private debt securities (%) USD 26.3bn USD 19.8bn USD 12.3bn USD 5.5bn USD 3.6bn USD 10.1bn 1% 4% 2% 15% 11% 25% 31% 26% 6% 40% 47% 51% 29% 56% 80% 74% 30% 14% 2% 19% 15% 7% 10% 1% 1% Non-financial credit Financial credit Munic
Slide 40: Private debt portfolio
Investments Private debt portfolio Private debt by sector Investment approach Market Income Investment ✓ >20 years of experience HY-26 (USDbn, %) Return Additional details value grade (%) ✓ Almost 100% is senior/first lien HY-261 Senior corporate • Majority EUR and GBP ✓ 2/3 rated as investment grad
Slide 41: Shareholders' equity and capital structure
Balance sheet and capital structure Shareholders’ equity and capital structure Shareholders’ equity (USDm) Capital structure (%)1 +10% 7% 9% 3,489 4,947 67 31,323 17% 16% 28,515 4% 4% 302 -5,623 -269 -104 20% 21% 52% 51% FY-25 HY-263 FY-25 Dividend HY-26 adjustment Pension plans & other NIAS Net unr
Slide 42: Swiss Solvency Test ratio and sensitivities
Solvency Swiss Solvency Test ratio and sensitivities Group Swiss Solvency Test (%)1 Q1-26 SST sensitivities impact (ppts)2 300% 267% 266% 253% 259% Interest rate +50bps +8ppts 234% 216% 221% 222% 212% 204% Interest rate -50bps -9ppts 200% 182% Equities +20% +6ppts ≥160% Equities -20% -7ppts 100% Cre
Slide 43: Well diversified capital base by business segment
Solvency Well diversified capital base by business segment HY-26 Available Financial Resources (USDbn) HY-26 Risk Capital Split (%)2 Market risk Shareholders’ equity 31.3 5% 2% 7% Premium and reserve risk 3% Dividend Accrual -2.9 Business risk 56% Natural catastrophe risk Share buyback accrual 0.0 2
Slide 44: Debt cost and maturity profile
Debt Debt cost and maturity profile Debt (USDbn) and average debt cost (%) Maturity profile (USDbn)2 14.0 14.1 2.7 Average debt 0.3 4.2 FY-25 FY-26e1 2.4 4.9 cost (%) 0.6 Subordinated 3.9% 4.3% 1.8 Senior 1.9% 2.1% 0.8 1.2 1.3 1.0 2.4 9.8 Total 3.3% 3.5% 0.4 9.2 0.2 0.6 1.8 0.8 0.7 0.5 0.5 0.6 0.4 0
Slide 45: Dividend policy
Dividend policy Dividend policy Dividend policy1 Dividend per share (CHF) NIAS payout ratio of ~75% 30 28 26 24 22 20 20 Dividend increases based on sustainable 18 19 earnings growth 17 Minimum target of prior year level FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 1 The dividend is s
Slide 46: Calculation of like-for-like growth
Alternative performance measures Calculation of like-for-like growth Like-for-like growth HY-25 (USDm) HY-26 (USDm) Like-for-like Business KPI Rep M&A/Other Adj Rep FX M&A/Other1 Adj1 (%) P&C GWP 27,144 (60) 27,084 29,859 (880) - 28,979 7% P&C Insurance revenue 23,014 (97) 22,917 24,965 (741) - 24,2
Slide 47: Other information
Other information 47 © Zurich
Slide 48: For further information
For further information Call us Visit or follow us Investor Relations and Rating Agency Management • Adrienne Lim +41 76 270 30 39 • Francesco Bonsante +41 44 628 00 68 • Samuel Han +41 44 625 32 57 • Johannes Herholdt +41 44 625 25 53 Investor Relations website Financial results and reports Events
Slide 49: Thank you
Thank you ©©Zurich Zurich
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