Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Investor Day (November 2025)
78 slides from Zurich Insurance's investor day presentation, Nov 18, 2025
Slide 1: Zurich Insights 2025 Investor Update
Zurich Insights 2025 Investor Update Zurich Insurance Group November 18, 2025 ©©Zurich Zurich
Slide 2: Agenda
Agenda Zurich Insights 2025 Time Topic Speaker 10:30 – 11:10 Group update Mario Greco, Claudia Cordioli 11:20 – 11:50 Global Specialty Fireside chat with Mario Greco and Saad Mered 12:00 – 12.40 Break-out session 1 Middle Market - Alex Wells, Drazen Jaksic 12:40 – 13:40 Lunch break 13:40 – 14:20 Bre
Slide 3: Strategy in action
Strategy in action November 18, 2025 Mario Greco - Group CEO Claudia Cordioli - Group CFO © Zurich
Slide 4: Key messages
Key messages Successful start to new cycle On track to deliver on our 2025-2027 targets through disciplined strategy execution Driving structural growth in Middle Market, Specialty and Life Protection, leveraging competitive advantages and a Structural growth proven track record Retail upturn Retail
Slide 5: Executing on our 2025-2027 priorities
Group update Executing on our 2025-2027 priorities Business targets Financial targets • BOP >USD 4.2bn in FY-27 Commercial • Middle market GWP1 >USD 10bn in FY-27 Cash • Return to long-term level of profitability Core EPS2 remittances Retail Core ROE3 • Accelerate focus on customer loyalization >USD
Slide 6: Strategic focus rooted in market opportunities
Group update Strategic focus rooted in market opportunities Market dynamics Strategic response Prioritize growth opportunities in Middle Market Infrastructure and Regionalization Commercial and Specialty and maintain strong profitability defense investments of trade Accelerate focus on customer loya
Slide 7: Leading Commercial business, high quality portfolio
Group update Leading Commercial business, high quality portfolio Commercial insurance ranking Globally diversified footprint Underwriting performance FY-24 GWP (USDbn)1 FY-24 GWP (USDbn) Combined ratio (%)3 110% Chubb 29.8 29.8 105% 25% Other2 Specialty 32% 100% AXA 26% Middle International 19% Mark
Slide 8: Building industry leadership in Specialty through underwriting rigor and portfolio strength
Group update Building industry leadership in Specialty through underwriting rigor and portfolio strength Global specialty market leaders1 Large and growing book Excellent financial execution GWP USD 0.5tn total addressable market2 Zurich: FY-24 GWP (USDbn, %) <25% of addressable Accident & Health ma
Slide 9: Defining Specialty insurance at Zurich
Group update Defining Specialty insurance at Zurich Financial lines Accident & Health Credit lines Coverage for unique, Corporate Accident and emerging or niche Management Liability, Professional Indemnity, Business Travel, Occupational Trade Credit, non-payment coverage for the sale of goods risks
Slide 10: Global trends drive an inflection in Specialty lines
Group update Global trends drive an inflection in Specialty lines Engineering Lines Infrastructure Projected cumulative investments USD 106tn through 20401 Surety investments Marine Generative AI market revenue Technology 40% CAGR 2024-292 Cyber developments Mining (Energy) 4x Demand in lithium by 2
Slide 11: Market-leading U.S. Construction delivered 9% topline CAGR
Group update Market-leading U.S. Construction delivered 9% topline CAGR Construction has been a key growth driver Spearheading the industry GWP (USDbn) U.S. insurer to have a dedicated vertical, with >250 1st +9% CAGR underwriting experts and >90 risk engineers 1.7 +2% CAGR 1.6 1.4 Top 3 Constructio
Slide 12: Middle Market leadership; competitive moat established
Group update Middle Market leadership; competitive moat established Addressable market Global franchise Profitable growth Market: GWP (USDbn)1 Zurich: FY-24 GWP (USDbn) Zurich: Middle Market GWP (USDbn) +5% CAGR +9% CAGR >270 >10.0 Rest of world ~240 32% 7.7 USD 7.7bn 59% U.S. 10% UK FY-24 FY-27e FY
Slide 13: Retail franchise improvement, driving profitable growth
Group update Retail franchise improvement, driving profitable growth Operational excellence Performance improvement Customer loyalty driving growth Combined ratio (%) GWP growth (%)2 Post 16% Pricing sophistication COVID-19 100% 11% 8% 2% Claims steering 95% FY-22 FY-23 FY-24 9M-252 Transactional Ne
Slide 14: Diversified Retail distribution widens addressable market
Group update Diversified Retail distribution widens addressable market Future-oriented distribution Complementary strengths Opportunities FY-24 Retail GWP by distribution channel Agents Select examples: • Personalized customer relationship/advice 15% • Brand alignment • DA Direkt: accelerating profi
Slide 15: Life Protection growth through globalized capabilities
Group update Life Protection growth through globalized capabilities Addressable market Global reach, unified model Profitable growth Market: GWP (USDbn)1 Zurich: FY-24 GWP (USDbn) Zurich: Protection GWP (USDbn) +4% CAGR Rest of world Santander JV +8% CAGR >720 21% ~11.0 22% ~650 8.7 Spain 4% USD 8.7
Slide 16: Unprecedented positive momentum at Farmers Exchanges
Group update Unprecedented positive momentum at Farmers Exchanges1 Strong balance sheet Underwriting profitability Top-line growth 10 50% 110% 40 20 8 40% 105% 30 15 6 30% 100% 20 10 4 20% 95% 10 5 2 10% 0 0% 90% 0 0 FY-15 FY-17 FY-23 FY-15 FY-17 FY-16 FY-18 FY-19 FY-22 FY-16 FY-22 FY-23 FY-17 FY-20
Slide 17: On track to deliver 2025-2027 targets
Group update On track to deliver 2025-2027 targets Core ROE (%)1 Cash remittances (USDbn) Core EPS growth (%)2 SST (%)3 26.3% >19 51.9 257% >23% 40.1 ≥160% H2 19.8 H1 20.3 21.7 HY-25 Target FY-25e Target 2024 2025 2027 target 9M-25e Floor 2025-2027 2025-2027 baseline (>9% CAGR) 1 Business operating
Slide 18: Clear line of sight on achieving our 2027 Core EPS target
Group update Clear line of sight on achieving our 2027 Core EPS target Core EPS by driver (USD) FY-24 40.1 Progress to date Portfolio quality and efficiency ~40% Combined ratio improvement driven by portfolio actions Insurance growth ~40% Top-line growth driven by preferred P&C and Life lines Fee bu
Slide 19: Underwriting performance reflects continuous improvement in portfolio quality
Group update Underwriting performance reflects continuous improvement in portfolio quality Strategic actions Combined ratio improvement Profitable growth in preferred areas of Middle Market and Specialty -1ppts 92.3% 91.4% 90.5% Re-shaping North America motor portfolio and exit of Commercial mono-li
Slide 20: Strong track record of cash generation
Group update Strong track record of cash generation Cash generative business Growth driven by core remittances Well balanced core remittances Cash remittance ratio (% of NIAS) Cumulative cash remittances (USDbn) Core cash remittances 2025e-2027e (USDbn) 90% P&C >19.0 ~5% 96% 16.5 75% ~25% Life 72% ~
Slide 21: Next sessions: Insights on four differentiated businesses
Group update Next sessions: Insights on four differentiated businesses, generating over half of Group BOP FY-24 BOP (USDbn, %)1 Key differentiators Specialty2 13% Specialty Structural growth with significant barriers to entry Middle Market2 9% Rest 40% Middle Strong foundation and favorable market d
Slide 22: Key messages
Key messages Successful start to new cycle On track to deliver on our 2025-2027 targets through disciplined strategy execution Driving structural growth in Middle Market, Specialty and Life Protection, leveraging competitive advantages and a Structural growth proven track record Retail upturn Retail
Slide 23: Global Specialty
Global Specialty Unlocking value through expertise and opportunity November 18, 2025 Mario Greco – Group CEO Saad Mered – CEO Global Specialty © Zurich
Slide 24: Middle Market
Middle Market Leveraging strengths for durable outperformance November 18, 2025 Alex Wells – Head of U.S. Middle Market Drazen Jaksic – CEO UK © Zurich
Slide 25: Key messages
Key messages Middle Market is a large segment with higher economic growth, reduced volatility, better margins, and broker Structural growth market consolidation trends enabling Zurich to scale and boost profitability Success in the Middle Market space requires a unique set of technical and operation
Slide 26: Middle Market with strong historic growth and attractive underwriting margins
Middle Market Middle Market with strong historic growth and attractive underwriting margins Diversified global revenue Strong growth delivery Margins above P&C average 17% +9% CAGR -4.3ppts 91.6% 87.3% +9% CAGR >10.0 15% FY-24 GWP 7.7 USD 7.7bn 59% 10% 3.8 FY-16 FY-24 FY-27 Large accounts Middle Mar
Slide 27: Middle Market – U.S.
Middle Market – U.S. © Zurich
Slide 28: Zurich U.S. Middle Market outpaces competitors in an expanding and fragmented market
U.S. Middle Market Zurich U.S. Middle Market outpaces competitors in an expanding and fragmented market Significant room to capture Fragmented market1,2 Zurich growth outpaces peers1,2 profitable share Estimated market share Middle Market GWP CAGR 2020-24 Top 6 carriers1 ~25% Peer 8-9% Zurich U.S. 1
Slide 29: Zurich U.S. Middle Market's unique capabilities enable sustained outperformance
U.S. Middle Market Zurich U.S. Middle Market’s unique capabilities enable sustained outperformance and strong growth through 2027 Profitable growth with strong trajectory Success requires unique capabilities that create a significant barrier to entry for competitors U.S. Middle Market GWP (USDbn) Lo
Slide 30: We are growing presence nationwide and deepening industry specialization
U.S. Middle Market We are growing presence nationwide and deepening industry specialization 22 offices added since 2020, 5 of which were opened On track to grow underwriter headcount +100 by in 2025. 5 more locations planned for 2026 2026, with our largest trainee class yet… # Offices opened since 2
Slide 31: Our focus industry practices reflect deep expertise across key sectors
U.S. Middle Market Our focus industry practices reflect deep expertise across key sectors Financial Institutions Life Sciences Manufacturing Tailored coverages Who we serve: Asset managers, Who we serve: Biopharma, Who we serve: Industrial and and services for depository and lending institutions, in
Slide 32: Proven successes in our geographic expansion
U.S. Middle Market Proven successes in our geographic expansion demonstrate our ability to execute and deliver results Charlotte, established 2021 San Diego, established 2025 38% 32% >45 32% 100% 6x New business GWP in GWP CAGR New local brokers New business GWP GWP with 2025 YOY new Focus Industry
Slide 33: Harnessing AI to accelerate underwriting speed, accuracy and quality
U.S. Middle Market Harnessing AI to accelerate underwriting speed, accuracy and quality Sixfold Nearmap GuidelineIQ AI translation of complex risk information into AI imagery and insights for property underwriting AI-powered chatbot providing guidance aligned to actionable, decision-ready intelligen
Slide 34: Middle Market – United Kingdom
Middle Market – United Kingdom © Zurich
Slide 35: UK Middle Market, significant opportunity to grow from Top 5 position
UK Middle Market UK Middle Market, significant opportunity for Zurich to grow from its Top 5 position1 UK Commercial Insurance Market Middle Market requires combined service capabilities FY-24 UK Market GWP (USDbn)2,3 from Corporate and SME market Technical expertise locally Corporate 41bn Tailored
Slide 36: Sizeable Middle Market business with geographic reach
UK Middle Market Sizeable Middle Market business with geographic reach Established strong foundations Middle Market Geographical Excellent financial execution Strengthened geographical distribution Presence2 (GWP USDbn, %) • Expanded geographical footprint • Optimised local presence in 11 locations
Slide 37: Regional Middle Market revenues expected to grow double the market rate
UK Middle Market Regional Middle Market revenues expected to grow double the market rate GWP growth outlook Future growth enablers International and regional broker focus AY combined ratio ex Cat < 90% Growing share of wallet with key strategic brokers Growth Service differentiation Build on leading
Slide 38: Key messages
Key messages Middle Market is a large segment with higher economic growth, reduced volatility, better margins, and broker Structural growth market consolidation trends enabling Zurich to scale and boost profitability Success in the Middle Market space requires a unique set of technical and operation
Slide 39: Retail
Retail Market leading growth at improved profitability November 18, 2025 Carsten Schildknecht – CEO Zurich Germany Peter Stockhorst – CEO DA Direkt / Digital Business & Partnerships Germany Claudio Chiesa – CEO Zurich Santander © Zurich
Slide 40: Key messages
Key messages Diversified retail portfolio Globally diversified retail business leveraging deep insights and expertise in local markets Profitable growth Technology, increasing sophistication in risk selection and pricing momentum improving profitability Germany Retail Growth outpacing the market thr
Slide 41: Germany Retail
Germany Retail Succeeding in German Retail: Profitable growth through leading digital capabilities November 18, 2025 Carsten Schildknecht – CEO Zurich Germany Peter Stockhorst – CEO DA Direkt / Digital Business & Partnerships Germany © Zurich
Slide 42: Track record to date: turnaround momentum and outgrowing the market
Germany Track record to date: we have ongoing turnaround momentum and are outgrowing the market Germany is one of the largest Attractive market positioning Zurich has grown faster than the insurance markets in the EU market Zurich GWP, FY-24 (%) Retail P&C GWP (USDm) +7% CAGR Largest P&C market with
Slide 43: Target >USD 220m BOP uplift from growth and margin improvement
Germany Target >USD 220m BOP uplift from growth and margin improvement Zurich Retail BOP (USDm)1 Well positioned in fastest growing Strong progress delivered segments Zurich market rank #1 InsurTech Retail P&C GWP (USDm) 12% 1-5 2,203 #3 Direct 1,961 >USD 220m 460 Leader in 9M-24 9M-25 6-10 Partners
Slide 44: Margin expansion in Agent & Broker channel
Germany Margin expansion in Agent & Broker channel through data analytics, pricing excellence and disciplined underwriting Profitable growth with margin Data analytics and pricing Outlook expansion excellence GWP (USDm)1 +7% Accelerate technical, pricing and Scalable, cloud-based tech portfolio stee
Slide 45: Fast growing direct channel through superior digital capabilities in motor
Germany Monetizing opportunities with fast growing direct channel through superior digital capabilities in motor Direct market position Leading digital Profitable growth Outlook capabilities Top 10 in German direct market Direct motor BIF1 (USDm) (GWP USDm) Dynamic Pricing Monetize German real-time
Slide 46: #1 InsurTech facilitate pan-European expansion in Digital Health
Germany #1 InsurTech facilitate pan-European expansion in highly profitable Digital Health business #1 InsurTech in Germany Market leading digital approach Outlook Digital Health BIF1 (USDm) 141 New Digital Marketing Online vet 100% App >100 customer Bonus Payouts in Scale Digital Health in Germany
Slide 47: Profitable growth with embedded insurance via exclusive partnerships
Germany Profitable growth with embedded insurance via exclusive partnerships and leading consumer platforms Leading consumer platforms Exceptional growth and stable Outlook margins GWP (USDm) Exclusive partnership until Strengthen existing partnerships +29% CAGR 2035 392 Build new partnerships Partn
Slide 48: Zurich Santander
Zurich Santander Leading today, shaping tomorrow in LatAm bancassurance November 18, 2025 Claudio Chiesa - CEO Zurich Santander © Zurich
Slide 49: Zurich Santander winning in high-growth market through innovation
Zurich Santander Zurich Santander winning in high-growth market through innovation Attractive Exceptionally Future growth market successful business fueled by innovation Fast growing insurance market Increased customer Bancassurance market leader2 share of wallet (+11% CAGR 2019 to 2024)1 Bancassura
Slide 50: Zurich Santander is a bancassurance market leader
Zurich Santander Zurich Santander is a bancassurance market leader, with remarkable profit growth since inception Exceptional track-record Largest bancassurance company in Latin America BOP (USDm) (51% of JV)1 FY-24 Market Ranking2 GWP (USDm) share (%)2 +18% CAGR 1,400 #3 18% 399 +7ppts vs. market2
Slide 51: Data-driven models and personalized offers improve conversion and retention
Zurich Santander Data-driven models and personalized offers improve conversion rates, customer retention and collections Customer segmentation and personalized Proof points underwriting Churn rates1 -15% Data driven customer segmentation analyzing likelihood of >150 cancelation or default USDm GWP i
Slide 52: Cross-channel synergies and embedded insurance fuel scalable growth
Zurich Santander Cross-channel synergies and embedded insurance fuel scalable growth Cross-channel synergies Embedded insurance proposals Chile - Conversion rates Argentina - Conversion rates in main banking transactions x5 20-25% Up to 5% +17% >100k New Banking business in transactions <5% FY-25e p
Slide 53: End-to-end innovation enhances customer experience and strengthens persistency
Zurich Santander End-to-end innovation enhances customer experience and strengthens persistency Initiatives along the value chain Smart retention Significant decrease in cancellations Pre-Sale • Cancellations from branches referred to specialized retention units Churn rate (%) • Propensity and Custo
Slide 54: AI-enhanced Fast Track claims process
Zurich Santander AI-enhanced Fast Track claims process improves customer experience at the most critical point of contact Use of AI in Fast Track claims process drives Proof points - Brazil efficiencies TNPS +28pts • Based on historical data (both banking and Claims insurance) payments • 20% of clai
Slide 55: Key messages
Key messages Diversified retail portfolio Globally diversified retail business leveraging deep insights and expertise in local markets Profitable growth Technology, increasing sophistication in risk selection and pricing momentum improving profitability Germany Retail Growth outpacing the market thr
Slide 56: Farmers: From strength to growth
Farmers® From strength to growth: Farmers’ proven playbook in action November 18, 2025 Raul Vargas, Chief Executive Officer Farmers Group, Inc. Ken Walton, President Distribution & Chief Revenue Officer Farmers Group, Inc.
Slide 57: Key messages
Key messages Proven execution discipline — over 200 initiatives delivered, generating more than USD 2.5bn in value Execution culture and driving sustainable improvements in profitability, efficiency, and competitiveness Restored financial resilience — available capital up ~79% and surplus ratio at ~
Slide 58: Farmers Exchanges has become a profitability leader, doubling surplus
Farmers Exchanges1 Farmers Exchanges1 has become a profitability leader, doubling surplus and enabling accelerated future growth Leader in profitability Operational efficiencies Growing excess capital Farmers Exchanges CoR (%) Business efficiencies Surplus (USDbn) Annual savings from +79% -14.7ppts
Slide 59: Farmers Exchanges grew topline, with PIF turnaround in record time
Farmers Exchanges1 Farmers Exchanges1 grew topline, with execution culture driving PIF2 turnaround in record time Growing top-line PIF trajectory stabilized Our transformation 2023 – 2025 Farmers Exchanges GWP (USDbn) Farmers Exchanges PIF (m) Bolstered financial strength to +0.3% invest and acceler
Slide 60: Next chapter, sustained mid-to-high single digit revenue growth
Farmers Exchanges1 Next chapter, sustained mid-to-high single digit revenue growth Farmers operating model GWP growing mid-to-high The Plan: Distinctive, market- supporting next chapter single digit winning distribution models Farmers Exchanges GWP (USDbn) 1 Exclusive Agents: Entrepreneurs Channel e
Slide 61: Exclusive Agency channel: capabilities rollout turned channel into winning model
Exclusive Agency Channel 1 Accelerated capabilities rollout turned the channel into a winning model, already fueling record growth Improved Exclusive Agents (EA) Proofpoint: strong growth The Plan - Accelerating growth in economics on track from top engaged EAs (40%) the Exclusive Agency channel Age
Slide 62: Independent Agency: expanding specialty model to standard products
Independent Agency Channel 2 Expanding our successful specialty model to standard products market Farmers has ~9% market share ...as an established specialty The Plan: Building on our of the niche specialty market… writer, with double digit growth strengths 20% CAGR Specialty Mobile homes, boats, GW
Slide 63: Direct channel: organic traffic, revamped operating model, strong brand
Direct channel 3 Optimized organic traffic, revamped operating model and strong brand Farmers.com optimized to capture …direct results have been strong, The Plan: Leverage efficient organic traffic, generated by similar to EA channel operating model and brand to strong nationwide brand… grow direct
Slide 64: Topline growth – clear path to mid-to-high single digit growth
Farmers Exchanges1 Topline growth – clear path to mid-to-high single digit growth GWP growth across all channels Growth adversely impacted in short term GWP growth rate 2026 - 2027 by discontinued operations GWP growth (%) ~9% A winning model, steady Exclusive to increased agency ~8% 8-9% Agents eng
Slide 65: Key messages
Key messages Proven execution discipline — over 200 initiatives delivered, generating more than USD 2.5bn in value Execution culture and driving sustainable improvements in profitability, efficiency, and competitiveness Restored financial resilience — available capital up ~79% and surplus ratio at ~
Slide 66: Appendix slides
Appendix slides © Zurich
Slide 67: Globally diversified retail business leveraging deep insights
Retail Globally diversified retail business leveraging deep insights and expertise in local markets Retail represents 1/3 of P&C GWP Diversified Retail portfolio Geographic footprint FY-24 GWP by distribution: FY-24 GWP by country: 15% Agents 32% Brokers Retail and SME USD Bank/Partnerships 13% 36%
Slide 68: Retail to return to long term level of profitability
Retail Retail to return to long term level of profitability and improve customer loyalty through operational excellence Improve profitability of Improving customer satisfaction Operational excellence underperforming portfolios EMEA Retail Motor AY CoR ex Cats (%) Retail - TNPS Pricing sophistication
Slide 69: Product management fundamental to our operating discipline
Farmers Exchanges1 Product management fundamental to our operating discipline Our Market Uniquely Price points for Personalized New Product differentiator positioned all customers Premium Chassis • Home countrywide • Designed for the ultra- • Advancing pricing and • Telematics technology • Latest ge
Slide 70: Farmers technology and AI investments generate long-term economic value
Farmers Exchanges1 Farmers technology and AI investments generate long-term economic value AI First Improve Speed Service Models Eliminate Waste Self-Service options Agent Servicing Efficiency Farmers Service Advantage Agentic & Generative AI Customer self-service, Generative AI and natural Centrali
Slide 71: Farmers Exchanges' mitigation measures reduced California wildfire losses
Farmers Exchanges1 Farmers Exchanges’ previous mitigation measures reduced California wildfire incurred losses to below their market share Los Angeles Wildfire incurred losses compared to expected losses, based on premium share (%)2 Losses > premium share Losses ~ premium share Losses < premium shar
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: Presenters
Biographies Presenters Mario Greco Claudia Cordioli Group Chief Executive Officer Group Chief Finance Officer Mr. Greco joined Zurich in March 2016 as Group Chief Executive Ms. Cordioli joined Zurich in March 2024 as Group Chief Officer and member of the Executive Committee. Financial Officer and me
Slide 74: Presenters
Biographies Presenters Drazen Jaksic Carsten Schildknecht Chief Executive Officer UK Chief Executive Officer Germany Mr. Jaksic has over 30 years’ experience in the Insurance sector Mr. Schildknecht joined Zurich in February 2018 as CEO Zurich and was appointed CEO UK in January 2025, having previou
Slide 75: Presenters
Biographies Presenters Raul Vargas Ken Walton Chief Executive Officer Farmers Group, Inc. Pres. Distribution & Chief Revenue Officer Mr. Vargas was appointed CEO Farmers Group, Inc. and became Farmers Group, Inc. a member of the Executive Committee in January 2023. . Mr. Walton joined Farmers Insura
Slide 76: Other information
Other information 76 © Zurich
Slide 77: For further information
For further information Call us Visit or follow us Investor Relations and Rating Agency Management • Mitchell Todd +41 76 340 71 55 • Francesco Bonsante +41 44 628 00 68 • Samuel Han +41 44 625 32 57 • Johannes Herholdt +41 44 625 25 53 Investor Relations website • Michèle Matlock +41 79 740 39 30 F
Slide 78: Thank you
Thank you Upcoming events • February 19, 2026 – Annual results 2025 • May 13, 2026 – Update for the three months ended March 31, 2026 • August 6, 2026 – Half year results 2026 • November 12, 2026 - Update for the nine months ended September 30, 2026 ©©Zurich Zurich
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