Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Q1 2013 Earnings Presentation
65 slides from Zurich Insurance's earnings presentation, May 16, 2013
Slide 1: Results for the three months to March 31, 2013
Results for the three months to March 31, 2013 Analysts and Media Presentation May 16, 2013
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 of Zurich Insurance Group Ltd or the Zurich Insurance Group (the “Group”).
Slide 3: Q1 2013 Results Key Messages
Q1 2013 Results Key Messages High quality operating performance across all core businesses Strong underwriting performance largely off-setting lower investment income Efficiency program generating benefits in mature markets Good growth in Global Life and target markets Strong capital position well w
Slide 4: Financial highlights
Financial highlights in USD millions 2013 20121 Change for the three months to March 31 Business operating profit (BOP) 1,351 1,370 -1% Net income attributable to shareholders 1,062 1,140 -7% General Insurance combined ratio 94.9% 94.6% -0.3pts Global Life new business value 332 1962 69% Farmers Mgm
Slide 5: Business operating profit by segment and net income
Business operating profit by segment and net income in USD millions 2013 2012 Change for the three months to March 31 General Insurance 807 858 -6% Global Life 308 290 6% Farmers (including Farmers Re) 420 370 14% Other Operating Businesses -221 -229 3% Total BOP Operating business segments 1,314 1,
Slide 6: Business operating profit and net income by quarter
Business operating profit and net income by quarter Business operating profit – by segment in USD millions 1,287 1,370 1,351 1,117 1,142 986 998 835 858 807 617 515 778 449 573 280 27 GI 362 367 348 308 385 308 GL 277 290 368 Farmers 380 349 367 390 370 394 411 420 227 Other -168 -264 -144 -268 -148
Slide 7: Net investment income on Group Investments by quarter
Net investment income on Group Investments by quarter Net investment income on Group Investments – by segment in USD millions 1,875 1,780 1,799 1,803 1,729 1,746 1,677 1,629 1,573 721 705 668 705 658 665 600 594 562 1,086 1,021 997 1,042 1,003 1,006 992 990 978 GI GL Farmers 31 © Zurich Insurance Co
Slide 8: General Insurance – key performance indicators
General Insurance – key performance indicators in USD millions 2013 2012 Change Change for the three months to March 31 in LC1 GWP and policy fees 10,686 10,470 2% 3% Rate change2 3.3% 3.1% 0.2pts Loss ratio 67.7% 67.5% -0.2pts Expense ratio 27.2% 27.1% -0.1pts Combined ratio 94.9% 94.6% -0.3pts Bus
Slide 9: General Insurance – Rate Change Monitor and GWP performance
General Insurance – Rate Change Monitor1 and GWP performance Rate Change Monitor1 Q1-13 FY-12 Int’l Total Int’l Total GC NAC Europe Markets GI GC NAC Europe Markets GI Personal Lines n/a n/a 3% 4% 3% n/a n/a 3% 5% 3% Commercial Lines 4% 5% 2% 4% 3% 5% 5% 2% 4% 4% Gross Written Premiums, translated a
Slide 10: General Insurance – comparison of loss ratio
General Insurance – comparison of loss ratio Q1-13 Q1-12 Loss ratio development 75% Discrete quarters Underlying loss ratio 1.5pts improvement 76.9% 70% 75.5% 71.4% 71.0% 70.3% 67.7% 68.9% 67.5% 67.6% 67.7% 67.5% 65% 62.2% 60.7% 0.5% 60% 0.2% 0.3% 0.0% -7.6% 1.9% 0.0% -7.8% USD USD USD USD USD USD 2
Slide 11: General Insurance – comparison of expense ratio
General Insurance – comparison of expense ratio 27.1% 27.2% Change year-over-year Expense ratio development In percentage points Discrete quarters, in percentage points Other tech 14.2% 13.5% 28.1 28.8 28.7 expenses1 27.1 27.5 27.2 26.6 26.3 26.4 0.8 -0.1 -0.6 14.5 14.8 14.1 13.5 14.2 13.5 13.5 15.5
Slide 12: General Insurance – BOP and Combined ratio by business
General Insurance – BOP and Combined ratio by business Business operating profit Combined ratio (%) in USD millions 2013 2012 Change Global 87.0% for the three months to March 31 Corporate 89.6% Global Corporate 302 264 14% NA 99.3% Commercial 96.2% North America Commercial 181 268 -32% 93.7% Europe
Slide 13: Global Life – key performance indicators
Global Life – key performance indicators in USD millions 2013 2012 Change Change for the three months to March 31 in LC2 GWP and policy fees (incl. insurance 6,716 7,395 -9% -8% deposits) Net inflows to Assets under Mgmt. -1 1,471 nm nm Annual Premium Equivalent (APE) 1,042 9191 13% 14% New business
Slide 14: Global Life – Business operating profit: Profit by Source
Global Life – Business operating profit: Profit by Source in USD millions New Business Business in Force Total for the three months to March 31 2013 2012 2013 2012 2013 2012 Net Expense margin -302 -375 338 370 36 -5 Net Risk margin 172 193 172 193 Net Investment margin 105 148 105 148 Other profit
Slide 15: Farmers – key performance indicators
Farmers – key performance indicators in USD millions 2013 2012 Change for the three months to March 31 Farmers Management Services Management fees and other related revenues 702 710 -1% Managed gross earned premium margin1 7.1% 7.3% -0.3pts Business operating profit 338 352 -4% Farmers Re2 Gross wri
Slide 16: Farmers Exchanges – key performance indicators
Farmers Exchanges1 – key performance indicators in USD millions 2013 2012 Change for the three months to March 31 Gross written premiums 4,673 4,699 -1% Net underwriting result2 169 -115 nm Expense ratio2 33.0% 33.4% 0.4pts Loss ratio2 63.3% 68.6% 5.3pts Combined ratio2 96.3% 102.0% 5.7pts CAT impac
Slide 17: Investment performance of Group Investments
Investment performance of Group Investments in USD millions 2013 2012 Change for the three months to March 31 Net investment income 1,573 1,729 -9% Net capital gains/(losses) on investments and 120 45 nm impairments1 of which attributable to shareholders (70) 18 nm Net investment result 1,693 1,774
Slide 18: Development of shareholders' equity in Q1 2013
Development of shareholders’ equity in Q1 2013 in USD millions 36,000 1,062 -375 -417 35,000 34,505 -65 48 34,758 34,000 33,000 32,000 31,000 30,000 29,000 28,000 27,000 26,000 25,000 24,000 © Zurich Insurance Company Ltd Balance as Net Income Change in net Cumulative Net actuarial Other Balance as
Slide 19: Solvency calculations
Solvency calculations Solvency ratios in % 3 268 278 Z-ECM1 225 242 232 183 178 185 122 103 110 114 SST Solvency I HY-11 FY-11 HY-12 FY-12 Z-ECM model position in USD billions FY-12 HY-12 Available Financial Resources (AFR) 44.0 39.8 Z-ECM AFR (after dividend accrual) 2 41.3 38.5 Z-ECM capital requi
Slide 20: Q1 2013 Results Key Messages
Q1 2013 Results Key Messages High quality operating performance across all core businesses Strong underwriting performance largely off-setting lower investment income Efficiency program generating benefits in mature markets Good growth in Global Life and target markets Strong capital position well w
Slide 21: Appendix
@ ZURICH Appendix
Slide 22: Business segment BOP-ROE based on RBC-allocated IFRS equity
Business segment BOP-ROE1 based on RBC-allocated IFRS equity for the three months to March 31 2013 2012 General Insurance 18.3% 22.0% Global Corporate 24.5% 25.0% North America Commercial 12.9% 21.6% Europe 20.8% 24.0% International Markets 18.0% 12.1% GI Global Functions including Group Reinsurance
Slide 23: Capital management driven by Zurich Economic Capital Model (Z-ECM)
Capital management driven by Zurich Economic Capital Model (Z-ECM) Z-ECM capital actions SST Framework >120% Z-ECM >120% - Consider increased No action required Above target risk taking and/or remedial actions 120% 100% - 120% No actions required as within 190% AA Target range stated objective and e
Slide 24: Capital model developments
Capital model developments HY-12 to FY-12 movements Main drivers of developments are: +9pts -4pts Asset valuations increased from 110% +5pts -6pts 114% improving markets leading to higher AFR Increased capital required mainly driven by volume effects and derivative positions nearing maturity Z-ECM Z
Slide 25: Z-ECM capital required by segment and risk type as of FY 2012
Z-ECM capital required by segment and risk type as of FY 2012 Capital Allocation: Z-ECM capital required: USD 38.5 billion1 USD 36.3 billion 8% 10% Other2 9% ALM/Market risk Farmers1 33% 32% Operational risk 15% Business risk General P&R risk Insurance 51% 3% Re-ins credit risk Global Life 3% Life i
Slide 26: Z-ECM ratio development
Z-ECM1 ratio development in USD billions (rounded) 136% 114% 119% 40 126% 41 41 40 103% 38 38 116% 37 35 36 Available to policyholders 34 34 30 95% 30 30 30 28 27 25 20 15 10 5 RBC AFR RBC AFR RBC AFR RBC AFR RBC AFR RBC AFR RBC AFR 0 Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1 Jan. 1 2007 2008 2009 2
Slide 27: Estimation of Available Financial Resources (AFR) as of FY 2012
Estimation of Available Financial Resources (AFR) as of FY 2012 in USD billions (rounded) 50 45 10.7 43.5 (2.2) 40 41.3 35 34.5 (2.7) 30 31.8 (19.2) 20.2 25 20 15 10 5 0 © Zurich Insurance Company Ltd Reported Distributions Net Net Value of in- Financial Total AFR Capital Net AFR shareholder’s share
Slide 28: Solvency ratio sensitivities
Solvency ratio sensitivities Solvency ratio impact1 3 4 5 Z-ECM SST Solvency I 114% FY 2012 185% 278% 113% Interest rate +100 bps 185% 232% 116% Interest rate -100 bps 189% 327% 5 117% Equities +25% 187% 296% 5 112% Equities -25% 185% 262% 100% Credit spreads 2 +100 bps 167% © Zurich Insurance Compa
Slide 29: Z-ECM and SST key differences at FY 2012
Z-ECM and SST key differences at FY 2012 = more onerous Key parameters Z-ECM SST Impact1 VaR 99.95% Expected Shortfall 99% Calibration +++ Comparable to AA Comparable to BBB Swap-rates (without liquidity Government rates (without LP) Risk-free yield curve ++ premium (LP)) (German Bund for EUR)2 Oper
Slide 30: Strong cash flow generation continued in 2012
Strong cash flow generation continued in 2012 Underlying profitability and disciplined growth generated USD 4bn of cash from the segments USD bn, 2012 FY forecast USD 4.0bn of cash 0.5 4.0 -0.9 4.0 0.2 remitted from the 0.5 0.3 business segments 3.5 0.2 2.2 0.2 -0.3 USD 0.4bn of cash 3.0 0.1 -2.7 co
Slide 31: Top line development by segment
Top line development by segment in USD millions 2013 2012 Change Change for the three months to March 31 in LC1 General Insurance GWP and policy fees 10,686 10,470 2% 3% Global Life GWP and policy fees and insurance 6,716 7,395 -9% -8% deposits Annual Premium Equivalent (APE) 1,042 919 13% 14% Farme
Slide 32: General Insurance - Gross written premiums and policy fees
General Insurance - Gross written premiums and policy fees In USD millions 2013 2012 Change Change for the three months to March 31 in LC1 Global Corporate 2,896 2,693 8% 8%2 North America Commercial 2,452 2,336 5% 5%2 Europe 4,085 4,267 -4% -4% International Markets 1,408 1,287 9% 17% GI Global Fun
Slide 33: General Insurance – Rate Change Monitor for European countries
General Insurance – Rate Change Monitor1 for European countries Q1-13 FY-12 Int’l Total Int’l Total GC NAC Europe Markets GI GC NAC Europe Markets GI Personal Lines n/a n/a 3% 4% 3% n/a n/a 3% 5% 3% Commercial Lines 4% 5% 2% 4% 3% 5% 5% 2% 4% 4% Europe by country Europe by country Switzer- Rest of S
Slide 34: Zurich NA rate change vs. industry
Zurich NA rate change vs. industry Rate change ZNA 10% Carrier survey (Towers Watson1) 5% Broker surveys (CIAB) 0% -5% -10% -15% Q1-05 Q1-06 Q1-07 Q1-08 Q1-09 Q1-10 Q1-11 Q1-12 Q1-13 © Zurich Insurance Company Ltd 1 Towers Watson – carrier survey estimated at ZNA mix of business Note: Q2 04 to Q4 08
Slide 35: General Insurance – written rate change Q1-08 through Q1-13
General Insurance – written rate change Q1-08 through Q1-13 Rate change 2008 2009 5 2010 4.2% 4.1% 4.2% 4 3.9% 3.6% 3.9% 3.8% 3.7% 3.7% 2011 3.1% 3.3% 2012 2.6% 3 2.3% 2.7% 2013 2.1% 2.0% 2 1.7% 1.2% 1 0% -1 -0.7% -2 -2.4% -3 -3.0% -4 Q1 Q2 Q3 Q4 © Zurich Insurance Company Ltd May 16, 2013 Results f
Slide 36: Reinsurance program being further optimized
Reinsurance program being further optimized Excess of loss protection 30% Global Cat Treaty (natural perils), USD 150m Retention Co-Participation To be renewed in 2013 20% Global Cat Treaty (natural perils), USD 500m Optimization based on our risk-based economic approach, in an overall Lakeside III
Slide 37: Development of Reserves for Losses and Loss Adjustment Expenses
Development of Reserves for Losses and Loss Adjustment Expenses (LAE) in USD millions 2013 2012 Net reserves for losses and LAE, as of January 1 57,385 55,341 Net losses and LAE paid -5,967 -5,445 Net losses and LAE incurred 5,552 5,574 - Current year 5,569 5,723 - Prior years1 -17 -149 Foreign curr
Slide 38: Global Life – Regional Profit by Source (1/4)
Global Life – Business operating profit: Regional Profit by Source (1/4) in USD millions North America Latin America Europe for the three months to March 31 2013 2012 2013 2012 2013 2012 Net Expense margin 18 12 -6 -4 44 -4 Net Risk margin 30 31 19 11 98 128 Net Investment margin 12 19 9 9 75 109 Ot
Slide 39: Global Life – Regional Profit by Source (2/4)
Global Life – Business operating profit: Regional Profit by Source (2/4) in USD millions APME Other Total for the three months to March 31 2013 2012 2013 2012 2013 2012 Net Expense margin -16 -5 -5 -4 36 -5 Net Risk margin 19 15 6 7 172 193 Net Investment margin 8 10 1 2 105 148 Other profit margins
Slide 40: Global Life – Europe Profit by Source (3/4)
Global Life – Business operating profit: Europe Profit by Source (3/4) in USD millions UK Germany Switzerland for the three months to March 31 2013 2012 2013 2012 2013 2012 Net Expense margin -5 -5 52 30 2 -5 Net Risk margin 25 46 15 19 30 34 Net Investment margin 7 9 -2 19 38 41 Other profit margin
Slide 41: Global Life – Europe Profit by Source (4/4)
Global Life – Business operating profit: Europe Profit by Source (4/4) in USD millions Ireland Spain Rest of Europe for the three months to March 31 2013 2012 2013 2012 2013 2012 Net Expense margin -17 -26 21 14 -9 -14 Net Risk margin 13 15 15 14 1 -0 Net Investment margin 3 4 7 9 22 27 Other profit
Slide 42: Global Life – new business by pillar
Global Life – new business by pillar in USD millions NBV NBV1 Change APE APE1 Change for the quarter ended March 31 2013 2012 in LC2 2013 2012 in LC2 Bank Distribution 110 36 209% 327 134 146% IFA/Brokers 67 44 55% 217 232 -6% Agents 43 27 61% 100 93 7% Total Retail Pillars 220 107 108% 643 458 41%
Slide 43: Global Life – new business by region/country
Global Life – new business by region/country in USD millions NBV NBV Change APE APE Change for the quarter ended March 31 2013 20121 in LC2 2013 20121 in LC2 North America 29 23 25% 44 30 45% Latin America 96 18 437% 289 79 280% Of which: Zurich Santander 71 0 n/a 199 0 n/a Europe 131 94 40% 536 656
Slide 44: Global Life - Assets under Management
Global Life - Assets under Management1 AuM are broadly flat compared to January 1, 2013 US dollar basis Split of AuM Development of AuM in USD billions in USD billions Series 253 254 Balance as of 254 Jan 1, 2013 29 28 Inflows 7 111 113 Outflows -7 113 112 Market movements 10 and Other2 Currency Mar
Slide 45: Farmers Management Services – key performance indicators
Farmers: Farmers Management Services – key performance indicators in USD millions 2013 2012 Change for the three months to March 31 Management fees and other related revenues 702 710 -1% Management and other related expenses 372 371 0% Gross management result 330 338 -2% Managed gross earned premium
Slide 46: Farmers Re – key performance indicators
Farmers: Farmers Re1 – key performance indicators in USD millions 2013 2012 Change for the three months to March 31 Gross written premiums2 971 1,053 -8% Net underwriting result 48 -17 nm Combined ratio 95.3% 101.5% 6.3pts CAT impact3 1.9% 3.1% 1.2pts Business operating profit 82 18 nm © Zurich Insu
Slide 47: Farmers Exchanges – financial highlights
Farmers Exchanges1 – financial highlights in USD millions 2013 2012 6,000 50.0% for the three months to March 31 48.0% 5,000 46.0% Gross written premiums 4,673 4,699 4,000 44.0% 42.0% Net underwriting result2 169 -115 3,000 40.0% 38.0% Beginning surplus3 5,626 5,656 2,000 36.0% 34.0% 1,000 Net surpl
Slide 48: Farmers Exchanges – gross written premiums by line of business
Farmers Exchanges – gross written premiums by line of business in USD millions 2013 2012 Change for the three months to March 31 Auto 2,502 2,552 -2% of which standard Auto 2,231 2,211 +1% of which non-standard Auto1 271 341 -20% Homeowners 1,074 1,017 6% Business Insurance 552 604 -9% of which Busi
Slide 49: Farmers Exchanges – premium growth
Farmers Exchanges – premium growth GWP growth1 12% 10.1% 10% 9.1% 8% 6.5% 6.1% 5.7% 5.7% 6% 5.4% 4.7% 4.5% 4.2% 4.1% 4.1% 3.9% 4% 3.1% 2.9% 1.8% 1.5% 2% 1.1% 0.7% 0% 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M 6M 9M FY 3M -0.4% -0.6% © Zurich Insurance Company Ltd -2% ‘08 ‘09 ‘10 ‘112 ‘123 ‘1
Slide 50: Farmers Exchanges – policies in force
Farmers Exchanges – policies in force in thousand policies End-March Change End- 2013 # % December 2012 Auto1 11,438 -224 -1.9% 11,662 of which standard Auto 10,375 -151 -1.4% 10,525 of which non-standard Auto2 1,063 -75 -6.5% 1,138 Homeowners 5,079 -52 -1.0% 5,131 Business Insurance1 609 -18 -2.8%
Slide 51: Farmers Exchanges – combined ratio
Farmers Exchanges – combined ratio1 for the three months to March 31 2013 2012 Change Auto3 98.0% 104.5% 6.5pts of which standard Auto 97.4% 102.9% 5.5pts of which non-standard Auto2 102.6% 114.6% 12.0pts Homeowners 89.8% 99.2% 9.4pts Business Insurance3 106.5% 108.5% 2.0pts of which Business Insura
Slide 52: Farmers Exchanges – development of the combined ratio
Farmers Exchanges – development of the combined ratio Quarterly combined ratio CAT1 impact Incl. 17 Catastrophe Incl. Incl. Events Ike & Gustav 13 Catastrophe Events 115% 110% Incl. Incl. Irene Rita & Katrina Incl. Excl. Fogel/SoT 105% California settlements wildfires 100% 95% 90% 85% © Zurich Insur
Slide 53: Farmers Exchanges – Competitor Snapshot
Farmers Exchanges – Competitor Snapshot Growth vs. GAAP Combined Ratio – Overall P&C1, 2 Growth NPW % 10 GEICO 5 March 2013 USAA2 Liberty Mutual 2 December 2012 8 Progressive 6 Mercury Nationwide2 4 Allstate 2 Travelers State Farm2 American Family 2, 4 0 Farmers 3 Hartford -2 Combined Ratio (% NPE)
Slide 54: Other Operating and Non-Core Businesses – Business operating profit contribution
Other Operating and Non-Core Businesses – Business operating profit contribution in USD millions 2013 2012 Change for the three months to March 31 Other Operating Businesses - Holding and financing -219 -202 -8% - Headquarters -3 -26 89% Total Other Operating Businesses -221 -229 3% Non-Core Busines
Slide 55: Zurich's investment portfolio benefits greatly from diversification
Zurich’s investment portfolio benefits greatly from diversification and is balanced in terms of risk Risk Allocation of Zurich’s investment portfolio As of March 31, 2012 Asset allocation (%) Risk diversification Risk exposure (%)1 and matching (%) Hedge Funds / 100 Liquidity Real Estate Private Equ
Slide 56: Group Investments – debt securities are of high credit quality
Group Investments – Zurich’s debt securities are of high credit quality (98.4% investment grade) As of March 31, 2013 Group Investments Debt securities USD 207bn USD 155bn credit rating: AAA 23.7% credit rating: AA 37.7% Other Debt asset securities classes 25% 75% credit rating: A 17.7% © Zurich Ins
Slide 57: Group Investments – debt securities are well balanced
Group Investments – Zurich’s debt securities are well balanced Group Investments - USD 207bn (100%) As of March 31, 2013 Government and government related bonds: USD 74bn (36%) of which: Market/Cost: 105% 39% in General Insurance 98% inv. grade 53% in Global Life 26% AAA 51% AA 2% A 19
Slide 58: Group Investments – Government & government related bonds are well diversified
Group Investments – Government & government related bonds are well diversified Group Investments - USD 207bn (100%) As of March 31, 2013 Government and government related bonds: USD 74bn1 (36%) Market/Cost: 105% of which: 98% inv. grade 39% in General Insurance 26% AAA 53% in Global Life 5
Slide 59: Group Investments – Eurozone government bonds are well diversified
Group Investments – Eurozone government & government related bonds are well diversified Group Investments - USD 207bn (100%) Eurozone Government and government As of March 31, 2013 related bonds: USD 34bn (16%) Market/Cost: 106% of which: Split by credit rating 27% in General Insurance 97% inv.
Slide 60: Group Investments – Corporate bonds are of high credit quality
Group Investments – Corporate bonds are of high credit quality Group Investments - USD 207bn (100%) As of March 31, 2013 Corporate bonds: USD 60bn (29%) Market/Cost: 107% Split by industries Split by credit rating 45% Banks, 99% inv. grade including 19%1 covered bonds 17% AAA 9% Utilities
Slide 61: Group Investments – Banks corporate bonds are of high credit quality
Group Investments – Banks corporate bonds are of high credit quality and well diversified Group Investments - USD 207bn (100%) As of March 31, 2013 Banks Corporate bonds: USD 27bn (13%) Market/Cost: 107% Split by seniority Split by credit rating 42% Covered bonds 99% inv. grade 48% Senior bond
Slide 62: Group Investments – MBS/ABS are of high credit quality
Group Investments – MBS/ABS are of high credit quality Group Investments - USD 207bn (100%) MBS/ABS: USD 21bn (10%) As of March 31, 2013 Market/Cost: 103% 98% inv. grade 38% AAA includes: US MBS: USD 14.2bn (6.9%) Market/Cost: 104% 98% inv. grade; 21% AAA Debt securities US ABS1: USD 4.0bn (1.
Slide 63: Group Investments – US MBS are of high credit quality
Group Investments – US MBS are of high credit quality Group Investments - USD 207bn (100%) As of March 31, 2013 US MBS: USD 14.2bn (6.9%) Market/Cost: 104% 98% inv. grade 21% AAA Debt of which: securities US “Agency” MBS: USD 9.7bn (4.7%) Market/Cost: 103% 75% 100% AA+ USD 2.3bn backed by GNMA
Slide 64: Group Investments – net capital gains / losses
Group Investments – net capital gains / losses Net capital losses/gains on investments and impairments (in P&L) Equity investments of which: impairments Equity investments in USD millions Debt investments in USD millions Debt investments 500 Other investments Other investments 250 252 114 11 0 0 -13
Slide 65: Group investments – movements in net unrealized gains / losses
Group investments – movements in net unrealized gains / losses Change in net unrealized gains / losses on investments incl. in shareholders’ equity1 in USD millions 2000 1000 119 0 -46 -1000 -952 Equity investments Debt investments Other investments -2000 Q1-13 Total1 -879 of which in: - GI 9% - Glo
Zurich Insurance Group — Q1 2013 Earnings Presentation on 6ix