Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Q1 2012 Earnings Presentation
65 slides from Zurich Insurance's earnings presentation, May 10, 2012
Slide 1: Results Reporting for the Three Months to March 31, 2012
Results Reporting for the Three Months to March 31, 2012 Analysts and Media Presentation May 10, 2012
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 2012 Results Key Messages
Q1 2012 Results Key Messages Strong profitability reflecting excellent underwriting performance and a lower level of major catastrophes and large claims Improving top-line growth in all core segments Continued focus on pricing discipline and portfolio management Sustained momentum in developing our
Slide 4: Financial highlights
Financial highlights in USD millions 2012 20111 Change for the three months to March 31 Business operating profit (BOP) 1,375 854 61% Net income attributable to shareholders 1,143 640 78% General Insurance combined ratio 94.6% 103.6% 8.9 pts Global Life new business value2 196 230 -15% Farmers Mgmt
Slide 5: Business operating profit and net income by quarter
Business operating profit and net income by quarter Business operating profit in USD millions 1,500 1,375 1,287 1,117 1,004 1,000 854 500 0 Q1-2011 Q2-2011 Q3-2011 Q4-2011 Q1-2012 Net income attributable to shareholders in USD millions 1,500 1,331 1,239 1,143 1,000 640 © Zurich Insurance Company Ltd
Slide 6: Business operating profit by segment
Business operating profit by segment in USD millions 2012 2011 Change for the three months to March 31 General Insurance 856 280 206% Global Life 293 362 -19% Farmers (including Farmers Re) 372 380 -2% Other Operating Businesses -227 -174 -30% Total BOP Operating business segments 1,294 848 53% Non-
Slide 7: General Insurance – key performance indicators
General Insurance – key performance indicators in USD millions 2012 2011 Change Change for the three months to March 31 in LC1 GWP and policy fees 10,470 10,101 4% 5% Rate change2 3.1% 2.6% 0.5pts Loss ratio 67.5% 76.9% 9.5pts Expense ratio 27.1% 26.6% -0.5pts Combined ratio 94.6% 103.6% 8.9pts Busi
Slide 8: General Insurance – Rate Change Monitor and GWP performance
General Insurance – Rate Change Monitor1 and GWP performance Rate Change Monitor1 Q1 2012 Full Year 2011 Int’l Total Int’l Total GC NAC Europe Markets GI GC NAC Europe Markets GI Personal Lines n/a n/a 3% 6% 3% n/a n/a 5% 3% 4% Commercial Lines 4% 4% 2% 4% 2% 3% 3% 2% 5% 3% Gross Written Premiums, t
Slide 9: General Insurance – comparison of loss ratio
General Insurance – comparison of loss ratio 75% Q1-2012 Q1-2011 Loss ratio development 76.9% Discrete quarters 3.2pts Underlying loss ratio improvement 70% 76.9% 71.4% 67.5% 72.1% 69.8% 71.0% 71.4% 70.7% 68.9% 67.5% 65% -8.4% 65.5% 0.0% 62.3% 0.6% 60% 1.9% -0.0% -7.7% 3.8% -6.8% USD USD USD USD USD
Slide 10: General Insurance – expense ratio walk from Q1-11 to Q1-12
General Insurance – expense ratio walk from Q1-11 to Q1-12 26.6% 27.1% Change year-over-year Expense ratio development Other tech In percentage points Discrete quarters 14.3% 14.3% expenses1 0.1 -0.1 26.9% 27.2% 28.2% 27.0% 26.3% 26.6%26.3%26.4% 27.1% 0.5 0.5 12.3% Commissions 12.8% s xe e pe W s Ta
Slide 11: General Insurance – BOP and Combined ratio by business
General Insurance – BOP and Combined ratio by business Business operating profit Combined ratio (%) in USD millions 2012 2011 Change Global 89.6 for the three months to March 31 Corporate CAT4 25.5 122.9 Global Corporate 264 -152 nm 96.2 NA Commercial 98.5 North America Commercial 268 254 6% Europe
Slide 12: Global Life – key performance indicators
Global Life – key performance indicators in USD millions 2012 2011 Change Change for the three months to March 31 in LC3 GWP and policy fees (incl. insurance 7,396 6,379 16% 19% deposits) Net inflows to Assets under Mgmt 1,459 285 nm% nm% Annual Premium Equivalent (APE) 9192 849 8% 11% New business
Slide 13: Global Life – new business by pillar
Global Life – new business by pillar in USD millions NBV NBV Change APE APE Change for the three months to March 31 20121 20111 in LC2 2012 2011 in LC2 Bank Distribution 31 43 -25% 118 148 -17% IFA/Brokers 34 39 -12% 187 229 -16% Agents 27 26 3% 93 108 -13% International / Expats 15 20 -22% 61 70 -1
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 2012 2011 2012 2011 2012 2011 Net Expense margin -375 -373 366 350 -9 -24 Net Risk margin 193 173 193 173 Net Investment margin 148 192 148 192 Other profit
Slide 15: Santander BOP reconciliation
Santander BOP reconciliation At 100% from acquisition date until 31st December 2011 in USD As of acquisition date Partial Q4 2011 reported in Q1 20122 Acquisition assets 100m Statutory PBT4 14.4bn Tangible assets 100% (gross of DTL1) -10m Adjustments5 2,032m Distribution agreement 18m • Amortize str
Slide 16: Farmers – key performance indicators
Farmers – key performance indicators in USD millions 2012 2011 Change for the three months to March 31 Farmers Management Services Managed gross earned premium margin1 7.4% 7.1% 0.3 pts Business operating profit 354 329 8% Farmers Re2 Combined ratio 101.5% 98.1% -3.4 pts Business operating profit 18
Slide 17: Investment performance of Group Investments
Investment performance of Group Investments in USD millions 2012 2011 Change for the three months to March 31 Net investment income 1,710 1,780 -4% Net capital gains/(losses) on investments and 50 (81) nm impairments1 of which attributable to shareholders 70 (54) nm Net investment result 1,760 1,699
Slide 18: Development of shareholders' equity in Q1 2012
Development of shareholders’ equity in Q1 2012 in USD millions 32,000 31,636 -1,923 235 88 31,815 411 1,065 31,000 1,143 30,000 -840 29,000 28,000 27,000 26,000 25,000 24,000 © Zurich Insurance Company Ltd Balance as of Dividends1 Cumulative Net Income Change in net Cumulative Net actuarial Other Ba
Slide 19: Solvency calculations
Solvency calculations Solvency ratios in % Z-ECM3 231 232 223 232 225 242 242 185 124 119 122 103 SST Solvency I HY10 FY10 HY11 FY11 Z-ECM3 position in USD billions 31 Dec 30 June 2011 2011 Available Financial Resources (AFR) 40.5 41.4 AFR after dividend accrual1 37.8 39.9 Risk Based Capital (RBC) r
Slide 20: 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 AA Target range stated objective and equiva
Slide 21: Q1 2012 Results Key Messages
Q1 2012 Results Key Messages Strong profitability reflecting excellent underwriting performance and a lower level of major catastrophes and large claims Improving top-line growth in all core segments Continued focus on pricing discipline and portfolio management Sustained momentum in developing our
Slide 22: Appendix
Appendix © Zurich Insurance Company Ltd May 10, 2012 Results Reporting for the Three Months to March 31, 2012 22
Slide 23: Top line development by segment
Top line development by segment in USD millions 2012 2011 Change Change for the three months to March 31 in LC1 General Insurance GWP and policy fees 10,470 10,101 4% 5% Global Life GWP and policy fees and insurance 7,396 6,379 16% 19% deposits Annual Premium Equivalent (APE)2 919 849 8% 11% Farmers
Slide 24: Business division BOP-ROE based on RBC-allocated IFRS equity
Business division BOP-ROE1 based on RBC-allocated IFRS equity for the three months to March 31 2012 2011 General Insurance 21.9% 6.7% Global Corporate 24.8% -14.3% North America Commercial 21.5% 18.4% Europe 23.7% 28.5% International Markets 12.4% -64.3% GI Global Functions including Group Reinsuran
Slide 25: Z-ECM Risk Based Capital (RBC) by segment and risk type for 2012
Z-ECM Risk Based Capital (RBC) by segment and risk type for 2012 Capital Allocation: Total RBC: USD 39 billion1,4 USD 37 billion4 9% 9% 8% Other2 Market/ALM risk Farmers1 13% Operational risk General 39% Insurance 2% Business risk 49% 3% P&R risk3 Re-ins credit risk Global Life Life insurance risk 3
Slide 26: Z-ECM ratio development
Z-ECM1 ratio development in USD billions (rounded) 136% 119% 40 126% 103% 41 40 1 116% 38 37 38 2 35 Available to policyholders 106% 34 34 30 95% 30 30 30 29 28 27 25 27 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 2006 2007 20
Slide 27: Estimation of Available Financial Resources (AFR) as of January 1, 2012
Estimation of Available Financial Resources (AFR) as of January 1, 2012 in USD billions (rounded) 45 40 (2) 10 40 35 38 30 32 (3) 29 17 25 20 (16) 15 10 5 0 Reported Distributions Net Net Value of in- Financial debt Total AFR2 Capital Net AFR shareholders' shareholders' intangibles 1 force allocatio
Slide 28: Solvency ratio sensitivities
Solvency ratio sensitivities Solvency ratio impact1 5 Z-ECM SST 4 Solvency I 103% FY 2011 185% 242% 114% Interest rate +100 bps 203% 203% 95% Interest rate -100 bps 160% 282% 106% 3 Equities +25% 189% 258% 100% 3 Equities -25% 182% 225% 86% 2 Credit spreads +100 bps 155% © Zurich Insurance Company L
Slide 29: Z-ECM ratio from HY 2011 to FY 2011
Z-ECM ratio from HY 2011 to FY 2011 Development of the Z-ECM ratio The Z-ECM ratio decline is primarily driven by; 122% 16% 2% Significant falls in long-term 1% 103% swap rates, particularly in EUR and CHF increasing interest rate risk in the German and Swiss Life businesses Increasing interest rate
Slide 30: Z-ECM and SST key differences
Z-ECM and SST key differences = 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) Operational risk
Slide 31: SST ratio from HY 2011 to FY 2011
SST ratio from HY 2011 to FY 2011 Development of the SST Ratio The SST ratio decline is primarily driven by; 225% 21% 5% 5% 194% 9% Significant falls in long-term 185% interest rates in core sovereign bond markets, used to discount liabilities Increasing interest rates in European peripheral soverei
Slide 32: Strong cash flow generation continued in 2011
Strong cash flow generation continued in 2011 Dividend to shareholders Redeployment Central liquidity pool Run rate cash outflows1 -0.6 -1.0 4.3 0.4 2.4 0.9 0.6 Net cash remittance2 Capital consumption/ requirement © Zurich Insurance Company Ltd Reduced capital consumption NCB GI Farmers Global New
Slide 33: General Insurance – Rate Change Monitor for personal and commercial lines
General Insurance – Rate Change Monitor1 for personal and commercial lines Q1 2012 Full Year 2011 Int’l Total Int’l Total GC NAC Europe Markets GI GC NAC Europe Markets GI Personal Lines n/a n/a 3% 6% 3% n/a n/a 5% 3% 4% Commercial Lines 4% 4% 2% 4% 2% 3% 3% 2% 5% 3% Europe by country Europe by coun
Slide 34: General Insurance – written rate change 2008 through Q1-12
General Insurance – written rate change 2008 through Q1-12 General Insurance – rate change 2008 through Q1-12 5% 4.2% 3.9% 3.9% 3.7% 4 3.6% 3.7% 2.6% 3.1% 3 2.3% 2.7% 2.1% 2.0% 2 1.7% 1.2% 1 0% 2008 -1 -0.7% 2009 -2 2010 -2.4% 2011 -3 -3.0% 2012 -4 Q1 Q2 Q3 Q4 © Zurich Insurance Company Ltd May 10,
Slide 35: General Insurance - Gross written premiums and policy fees
General Insurance - Gross written premiums and policy fees In USD millions 2012 2011 Change Change for the three months to March 31 in LC1 Global Corporate 2,693 2,635 2% 4% North America Commercial 2,336 2,197 6% 6% Europe 4,267 4,453 -4% -2% International Markets 1,287 1,047 23% 27% GI Global Func
Slide 36: Development of Reserves for Losses and Loss Adjustment Expenses (LAE)
Development of Reserves for Losses and Loss Adjustment Expenses (LAE) in USD millions 2012 2011 Net reserves for losses and LAE, as of January 1 55,124 56,015 Net losses and LAE paid -5,445 -5,739 Net losses and LAE incurred 5,574 5,864 - Current year 5,723 6,139 - Prior years1 -149 -275 Foreign cur
Slide 37: 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 2012 2011 2012 2011 2012 2011 Net Expense margin 13 12 -4 -3 -9 -22 Net Risk margin 31 44 11 8 128 102 Net Investment margin 19 22 9 10 109 142
Slide 38: 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 2012 2011 2012 2011 2012 2011 Net Expense margin -5 -6 -4 -4 -9 -24 Net Risk margin 15 17 7 2 193 173 Net Investment margin 10 14 2 4 148 192 Other profit margin
Slide 39: 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 2012 2011 2012 2011 2012 2011 Net Expense margin -7 -18 29 28 -5 4 Net Risk margin 46 40 19 20 34 21 Net Investment margin 9 14 19 38 41 43 Other profit marg
Slide 40: 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 2012 2011 2012 2011 2012 2011 Net Expense margin -26 -31 14 11 -14 -15 Net Risk margin 15 12 14 10 0 1 Net Investment margin 4 4 9 16 27 27 Other profi
Slide 41: Global Life – new business by region/country
Global Life – new business by region/country in USD millions NBV1 NBV1 Change APE APE Change for the three months to March 31 2012 2011 in LC2 2012 2011 in LC2 North America 23 11 108% 30 23 31% Latin America 18 12 58% 79 58 42% Europe 94 116 -16% 656 601 12% United Kingdom 28 25 14% 292 221 35% Ger
Slide 42: Global Life - Assets under Management
Global Life - Assets under Management1 AuM have increased compared to January 1, 2012 on a local currency basis Split of AuM Development of AuM3 in USD billions in USD billions Balance as of 248 220 Jan 1, 2012 27 220 25 Inflows 8 110 102 Outflows -6 Market movements 111 20 93 and Other 2 Currency M
Slide 43: Farmers Management Services – key performance indicators
Farmers – Farmers Management Services – key performance indicators in USD millions 2012 2011 Change for the three months to March 31 Management fees and other related revenues 710 682 4% Management and other related expenses 369 366 -1% Gross management result 341 316 8% Managed gross earned premium
Slide 44: Farmers Re – key performance indicators
Farmers – Farmers Re1 – key performance indicators in USD millions 2012 2011 Change for the three months to March 31 Gross written premiums2 1,053 707 49% Net underwriting result -17 14 nm Combined ratio 101.5 98.1 -3.4 pts CAT impact3 3.1% 1.0% -2.1 pts Business operating profit 18 51 -65% © Zurich
Slide 45: Farmers Exchanges – key performance indicators
Farmers Exchanges1 – key performance indicators in USD millions 2012 2011 Change for the three months to March 31 Gross written premiums 4,699 4,497 4.5% Net underwriting result2 -115 -87 -32.2% Expense ratio 33.4% 34.5% 1.1pts Loss ratio 68.6% 67.3% -1.3pts Combined ratio2 102.0% 101.8% -0.2pts Adj
Slide 46: Farmers Exchanges – update on 21st Century
Farmers Exchanges – update on 21st Century1 GWP by distribution channel (Direct vs Agency) GWP in Q1-12 of USD 517m reflects: Agency Direct: Q1-12 new business Direct continues to be strong as new GWP in USD m policies were up 1.45% over Q1-11. 536 507 474 517 482 488 494 458 57 42 9 437 Q1-12 GWP w
Slide 47: Farmers Exchanges – financial highlights
Farmers Exchanges – financial highlights 50.0% in USD millions 2012 2011 6,000 for the three months to March 31 48.0% 5,000 46.0% Gross written premiums 4,699 4,497 44.0% 4,000 Net underwriting result1 -115 -87 42.0% 3,000 40.0% Net surplus growth2 72 90 38.0% Ending surplus2 5,729 6,049 2,000 36.0%
Slide 48: Farmers Exchanges – gross written premiums by line of business
Farmers Exchanges – gross written premiums by line of business in USD millions 2012 2011 Change for the three months to March 31 Auto1 2,552 2,459 3.7% of which 21st Century Direct2 517 488 5.8% Homeowners 1,020 990 3.1% Business Insurance2 604 568 6.2% Specialty 483 444 8.7% Other 41 36 n/a Subtota
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% 5.4% 5.0% 5.1% 4.5% 4.7% 4.6% 4.2% 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% © Zurich Insurance Company Ltd -2% ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 2
Slide 50: Farmers Exchanges – policies in force
Farmers Exchanges – policies in force in thousand policies March 2012 Change Dec 2011 Ending # % Ending Auto 12,079 93 0.8% 11,986 of which 21st Century Direct1 2,436 15 0.6% 2,420 Homeowners 5,142 27 0.5% 5,114 Business Insurance1 634 4 0.6% 630 Specialty 2,810 38 1.4% 2,772 Other 299 1 0.4% 297 Su
Slide 51: Farmers Exchanges – combined ratio
Farmers Exchanges – combined ratio for the three months to March 31 20121 20111 Change Auto2,5 104.5% 105.5% 1.0pts Homeowners 99.3% 94.0% -5.3pts Business Insurance5 108.5% 111.6% 3.1pts Specialty 89.9% 94.0% 4.1pts Total 102.0% 101.8% -0.2pts Adjusted combined ratio3 95.0% 94.8% -0.2pts CAT4 impac
Slide 52: Farmers Exchanges – development of the combined ratio
Farmers Exchanges – development of the combined ratio Quarterly combined ratio CAT1 impact Incl. 120% 17 Catastrophe Incl. Events Ike & Gustav 115% 110% Incl. Incl. Irene Rita & Katrina 105% Incl. California wildfires 100% 95% 90% © Zurich Insurance Company Ltd 85% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q
Slide 53: Farmers Exchanges – Competitor Snapshot
Farmers Exchanges – Competitor Snapshot Growth vs. GAAP Combined Ratio – Overall P&C1, 3 Growth NPW % March 2012 10 December 2011 GEICO4 USAA3 6 Progressive Farmers2 Allstate Liberty Mutual3 State Farm3 2 Travelers Hartford Nationwide3 Mercury -2 American Family3 -6 © Zurich Insurance Company Ltd 90
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 2012 2011 Change for the three months to March 31 Other Operating Businesses -227 -174 -30% Non-Core Businesses - Centre 12 16 -27% - Banking activities -22 1 nm - Other centrally managed businesses -4 -
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 (%) 100 Hedge Funds / 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 (98.3% investment grade) As of March 31, 2012 Group Investments Debt securities USD 206bn USD 149bn credit rating: AAA 33.2% credit rating: AA 28.6% Other Debt 98.3% asset securities investment classes grade 27% 73% credit ratin
Slide 57: Group Investments – debt securities are well balanced
Group Investments – Zurich’s debt securities are well balanced Group Investments - USD 206bn (100%) As of March 31, 2012 Government and government related bonds1: USD 69bn (34%) of which: Market/Cost: 104% 39%in General Insurance 98% inv. grade 53% in Global Life 44% AAA 34% AA 9% A 12
Slide 58: Government & government related bonds are well diversified
Group Investments – Government & government related bonds are well diversified Group Investments - USD 206bn (100%) As of March 31, 2012 Government and government related bonds: USD 69bn1 (34%) Market/Cost: 104% of which: 98% inv. grade 39% in General Insurance 44% AAA 53% in Global Life 3
Slide 59: Eurozone government & government related bonds are well diversified
Group Investments – Eurozone government & government related bonds are well diversified Group Investments - USD 206bn (100%) Eurozone Government and government As of March 31, 2012 related bonds: USD 32bn (15%) Market/Cost: 102% of which: Split by credit rating 27% in General Insurance 97% inv.
Slide 60: Zurich's Corporate bonds are of high quality
Group Investments – Zurich’s Corporate bonds are of high quality Group Investments - USD 206bn (100%) As of March 31, 2012 Corporate bonds: USD 60bn (29%) Market/Cost: 104% Split by industries Split by credit rating 46% Banks, 99% inv. grade including 19.1%1 covered bonds 19% AAA 8% Utilitie
Slide 61: Banks Corporate bonds are of high quality and well diversified
Group Investments – Banks Corporate bonds are of high quality and well diversified Group Investments - USD 206bn (100%) As of March 31, 2012 Banks Corporate bonds: USD 27bn (13%) Market/Cost: 104% Split by seniority Split by credit rating 42% Covered bonds 99% inv. grade 48% Senior bonds 37%
Slide 62: Split of total MBS/ABS of USD 21bn (10%)
Group Investments – Split of total MBS/ABS of USD 21bn (10%) Group Investments - USD 206bn (100%) MBS/ABS: USD 21bn (10%) As of March 31, 2012 Market/Cost: 104% 98% inv. grade 38% AAA includes: US MBS: USD 14.5bn (7.0%) Market/Cost: 105% 97% inv. grade; 23% AAA Debt securities US ABS1: USD 4.2
Slide 63: Split of US MBS of USD 14.5bn (7.0%)
Group Investments – Split of US MBS of USD 14.5bn (7.0%) Group Investments - USD 206bn (100%) As of March 31, 2012 US-MBS: USD 14.5bn (7.0%) Market/Cost: 105% 97% inv. grade 23% AAA Debt of which: securities US “Agency” MBS: USD 9.7bn (4.7%) Market/Cost: 105% 73% 100% AA+ USD 2.6bn backed by
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 Equity investments Debt investments of which: impairments Debt investments in USD millions Other investments in USD millions Other investments 500 500 144 122 0 0 -15 -7
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 1,645 1500 1000 716 500 0 -7 -500 -1000 Equity investments Debt investments Other investments -1500 Q1-2012 1 Total 2,354 of which in:
Zurich Insurance Group — Q1 2012 Earnings Presentation on 6ix