Zurich Insurance Group Ltd · SIX:ZURN

Zurich Insurance — Investor Presentation (April 2026)

59 slides from Zurich Insurance's investor presentation, April 2026

  1. Slide 1: Introduction to Zurich

    Introduction to Zurich Our value proposition for investors April 2026 Investor Relations and Rating Agency Management ©©Zurich Zurich

  2. Slide 2: Content

    Content Use symbols to navigate through the document Main Sections Other important Information Group overview, strategy, and financial highlights Contact details and other information Property & Casualty (P&C) Disclaimer Life Farmers Investments and capital management Back to content page April 2026

  3. Slide 3: Key messages

    Key messages Investment algorithm Consistent capital deployment to highly profitable, cash generative and durable growth at low volatility Group overview Globally diversified, scaled industry leader with distinctive market positions in P&C, Life insurance and fee business Culture A strong pedigree o

  4. Slide 4: Our proposition to investors

    Investment case Our proposition to investors Long-term Capital allocation Culture and strategy philosophy leadership Scaled industry leader, Strongly capitalized, Emphasis on quality globally diversified conservative balance sheet underwriting Focused on customer, Deploying capital at Driving respon

  5. Slide 5: We focus on delivering superior returns and low volatility

    Investment case We focus on delivering superior returns and low volatility Operating Profit1 Annualized TSR2 Durable, quality CAGR growth FY-16 to FY-25 (%) CAGR (%) 10% 20% Chubb Attractive ROE and Zurich Zurich Travelers cash generation 15% Allianz Generali Chubb Travelers Generali 5% Allianz 10%

  6. Slide 6: Zurich at a glance

    Group overview Zurich at a glance Key figures1 A balanced global business USD 87bn Gross written premiums and deposits FY-25 BOP by business (%)4 USD 8.9bn Business operating profit (BOP) 24% 26.9% Core return on equity (ROE)2 USD 8.9bn 52% 8% Core EPS CAGR 2020-20252 23% 259% SST regulatory solvenc

  7. Slide 7: Scaled and globally diversified industry leader

    Group overview Scaled and globally diversified industry leader FY-25 BOP by region1 Global footprint North America #5 in commercial insurance Asia Pacific 6% 6% #4 in crop insurance #3 in Life, #8 in P&C 36% #6 in U.S. personal lines EMEA USD through Farmers Exchanges3 #2 in P&C direct, #4 in Unit-L

  8. Slide 8: Delivering on our strategic priorities for the 2025-27 cycle

    Strategy Delivering on our strategic priorities for the 2025-27 cycle • Grow Protection GWP by ~8% CAGR • Grow Middle Market & Specialty • Remain committed to capital-light • BOP > USD 4.2bn in FY-27 business mix Commercial Life • Middle Market1 GWP > USD 10bn • Build distinctive underwriting in FY-

  9. Slide 9: Leading Commercial business, high quality portfolio

    Commercial Leading Commercial business, high quality portfolio Commercial insurance ranking Globally diversified footprint Underwriting performance FY-25 GWP (USDbn)1 FY-25 GWP (USDbn) Combined ratio (%)3 110% Chubb 30.1 30.1 105% Specialty 31% 28% Other2 100% Axa Middle International 20% 25% Market

  10. Slide 10: Specialty: Capturing market growth through deep expertise

    Commercial Specialty: Capturing market growth through deep expertise Structural growth drivers Addressable market Zurich Specialty Market: GWP (USDbn)4 FY-25 GWP (%) Infrastructure investments Excess & Surplus Accident & Health USD Projected cumulative +6% CAGR Marine >500 6% 10% 106tn investments t

  11. Slide 11: Creating the global leader in Specialty insurance

    Recommended offer for Beazley Plc. Creating the global leader in Specialty insurance Establishing the leader in global …with strong positions in key Specialty requires global approach Specialty… market segments and underwriting sophistication Commercial Specialty FY-24 GWP (USDbn)1 Zurich Pro-forma

  12. Slide 12: Financing structure preserves financial flexibility and capital strength

    Recommended offer for Beazley Plc. Financing structure preserves financial flexibility and capital strength Funding structure (USDbn) Strong capital position 10.9 ~-30ppts 259% ~3.0 160% floor SST ratio (%) ~2.9 27% ~+3ppts Aa range2 20.7% ~5.0 20% Moody’s leverage ratio (%) Total consideration1 Exi

  13. Slide 13: Middle Market: Above-market growth, disciplined underwriting

    Commercial Middle Market: Above-market growth, disciplined underwriting Addressable market Global franchise Profitable growth Market: GWP (USDbn)1 Zurich: FY-25 GWP (USDbn) Zurich: Middle Market GWP (USDbn) +5% CAGR +9% CAGR >270 >10.0 ~240 34% 7.7 USD 7.9bn 56% 10% FY-24 FY-27e FY-24 FY-27e U.S. UK

  14. Slide 14: Retail franchise improvement, driving profitable growth

    Retail 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 FY-252 Transactional Net Prom

  15. Slide 15: Positioned to capture a large and structurally growing opportunity in Protection

    Life Positioned to capture a large and structurally growing opportunity in Protection Protection is a growing market… …and it represents a significant …covering biometric risks, through proportion of Life BOP… a balanced channel mix Market: Protection GWP (USDbn)1 Mortality Morbidity +4% CAGR >720 1

  16. Slide 16: Unprecedented positive momentum at Farmers Exchanges

    Farmers Unprecedented positive momentum at Farmers Exchanges1 Strong balance sheet Underwriting profitability Top-line growth 12 60% 110% 40 20 10 50% 105% 30 15 8 40% 100% 6 30% 95% 20 10 4 20% 90% 10 5 2 10% 85% 0 0% 80% 0 0 FY-20 FY-20 FY-20 FY-14 FY-17 FY-21 FY-14 FY-17 FY-21 FY-14 FY-17 FY-21 F

  17. Slide 17: 2025-2027 targets raise the bar

    Targets 2025-2027 targets raise the bar 2016-2019 2020-2022 2023-2025 2025 - 2027 targets BOPAT ROE1 >12% >14% >20% >23% Earnings per share Expense savings CAGR USD 1.5bn ≥5% 8% Core EPS CAGR3 > 9% Cumulative cash remittances USD >9.5bn USD >11.5bn USD >13.5bn >USD 19bn Z-ECM SST2 100%-120% ≥160% ≥1

  18. Slide 18: Profit mix skewed to fee result, with low exposure to capital markets volatility

    Core ROE Profit mix skewed to fee result, with low exposure to capital markets volatility and structurally high ROE Fee result, FY-25 (% of operating profit)1 Industry-leading ROE (%)2 26% 27% 23% 19% 18% 17% 15% 15% 14% 11% 1% 0% 0% 0% Zurich Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Zurich Peer 5

  19. Slide 19: A proven track record of profitable growth and low volatility

    Core EPS A proven track record of profitable growth and low volatility CORE EPS (USDbn)1 Focus on risk selection Portfolio steering (short-tail P&C, capital-light Life) >51.9 45.1 +9% CAGR Exposure management (NatCats, large losses) 40.1 37.9 34.2 29.5 Conservative balance sheet management 27.4 21.5

  20. Slide 20: Strong conversion of earnings into distributable cash

    Cash remittances Strong conversion of earnings into distributable cash Normalized cash remittances by business (% of NIAS) Cash remittances (USDbn) ~95% >19 ~90% ~85% 7.4 7.1 ~75% 4.6 4.8 4.4 3.4 3.4 FY-20 FY-19 FY-21 FY-22 FY-23 FY-24 FY-25 2025-27 target P&C Life Farmers Total April 2026 Introduct

  21. Slide 21: Highest credit ratings within European insurance industry after 2024 upgrades

    Capital Highest credit ratings within European insurance industry after 2024 upgrades Financial Strength Ratings SST ratio (%)2 300% Rating Agency Rating / Outlook Last upgrade 267% 253% 259% 234% 216% 221% 222% 212% 204% AA / Stable March 2021 200% 182% 160% floor Aa2 / Stable September 2024 100% I

  22. Slide 22: We are focused on continuing to reward our shareholders

    Capital deployment We are focused on continuing to reward our shareholders Capital deployment priorities Progressive dividend Dividends and buybacks (CHFbn)1 Total FY-16 to FY-25 (CHFbn) I Dividend 1.0 1.8 1.1 3.9 4.32 II Acceleration of organic growth +6% CAGR 4.0 3.8 3.5 3.3 3.0 3.0 2.7 2.8 2.6 II

  23. Slide 23: We drive the net-zero transition while strengthening resilience

    Sustainability We drive the net-zero transition while strengthening resilience, advancing our climate transition plan Underwriting Investment Our company Proposition Engagement with customers1 Reduction in financed emissions Reduction in operational Revenues from Sustainable – Corporate portfolio2 e

  24. Slide 24: Key messages

    Key messages Investment algorithm Consistent capital deployment to highly profitable, cash generative and durable growth at low volatility Group overview Globally diversified, scaled industry leader with distinctive market positions in P&C, Life insurance and fee business Culture A strong pedigree o

  25. Slide 25: Property & Casualty

    Property & Casualty 25 © Zurich

  26. Slide 26: P&C - Sophisticated risk selection delivering profitable growth at low volatility

    Property & Casualty P&C - Sophisticated risk selection delivering profitable growth at low volatility Key figures (FY-25) FY-25 BOP by region (%)1 USD 50.4bn Gross written premiums 7% 4% 2% Rate change 39% USD 5.1bn USD 5.4bn Cash remittances 50% Strong North America and EMEA footprint 92.6% Combine

  27. Slide 27: A balanced footprint and business mix leveraging an open distribution architecture

    Property & Casualty A balanced footprint and business mix leveraging an open distribution architecture Footprint Business mix Distribution FY-25 Insurance revenue by region (%)1 FY-25 Insurance revenue by line of business (%)1 FY-25 Gross written premiums by distribution channel (%) 6% 7% 8% 16% 19%

  28. Slide 28: Strong and stable growth in both top line and bottom line

    Property & Casualty Strong and stable growth in both top line and bottom line P&C Business Operating Profit (USDbn)1 P&C GWP (USDbn)1 5.1 50.4 +7% 46.6 43.3 44.4 +10% 4.2 40.1 3.9 3.6 35.5 34.2 3.1 2.9 2.1 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 1 From FY2

  29. Slide 29: Consistent reserve releases and low volatility mirror prudent approach

    Property & Casualty Consistent reserve releases and low volatility mirror prudent approach Net prior year reserve development (%)1 Combined ratio volatility (%)1 2.8% 1.8% 1.7% 1.6% 0.8% 0.9% -1.6% -1.5% -1.6% -1.8% -2.0% -2.2% -2.3% 3y (since 2022) 5y (since 2020) FY-19 FY-20 FY-21 FY-22 FY-23 FY-2

  30. Slide 30: Reinsurance program protecting our balance sheet

    Property & Casualty Reinsurance program protecting our balance sheet Group catastrophe reinsurance protection (USDm) 225 400 400 400 1,200 1,200 1,200 400 550 150 463 850 650 650 505 300 200 U.S. peak perils U.S. all perils Europe all perils1 Rest of world all perils Global aggregate cat treaty2 Nor

  31. Slide 31: Life

    @ ZURICH Life 31° © Zurich

  32. Slide 32: Life - Differentiated underwriter of capital-light products displaying durable growth

    Life Life - Differentiated underwriter of capital-light products displaying durable growth Key figures (FY-25) FY-25 BOP by region (%) USD 36.2bn Gross written premiums and deposits 18% USD 2.3bn Business operating profit (BOP) 13% USD 2.3bn USD 1.7bn Cash remittances 1% 68% Focused on capital light

  33. Slide 33: Life business with a balanced distribution mix and focused on capital light products

    Life Life business with a balanced distribution mix and focused on capital light products Footprint Business mix Distribution FY-25 Gross written premiums by region (%)1 FY-25 Gross written premiums by line of business FY-25 Gross written premiums by distribution (%)1 channel (%)1 2% 9% 11% 17% 26%

  34. Slide 34: Best-in-class profit growth, with all regions contributing

    Life Best-in-class profit growth, with all regions contributing Life BOP (USDm) BOP growth by region Life BOP growth (%)1 CAGR FY-19 to FY-25 CAGR FY-19 to FY-25 CAGR +7% 2,235 2,288 2,060 EMEA 7% Zurich 7% 1,963 1,812 1,486 1,423 Asia Pacific 6% Generali 5% Latin America 8% Allianz 3% Total2 7% AXA

  35. Slide 35: Capital-light balance sheet and limited sensitivity to markets

    Life Capital-light balance sheet and limited sensitivity to markets Reserves split (USDbn, %) CSM sensitivities Zurich European peers 227 252 782 373 466 Interest rates 24% -2% 36% +50bps 5% 67% 71% Interest rates 5% 78% 2% -50bps 71% Equities +20% 5% 59% 33% 29% 22% Equities -20% -6% FY-19 FY-25 Al

  36. Slide 36: Highly attractive Life business driven by Protection products

    Life Highly attractive Life business driven by Protection products Key driver of Zurich Life BOP Global reach, unified model Profitable growth BOP contribution by line of business (%)1 Zurich: FY-25 GWP (USDbn) Zurich: Protection GWP (USDbn) Margin on Santander JV GWP (%)1 16.7% 16.3% 14% Rest of wo

  37. Slide 37: Farmers

    @ ZURICH beg: Farmers ews FARMERS fae 37 © Zurich

  38. Slide 38: Farmers - A unique earnings stream with high cash conversion and low capital intensity

    Farmers Farmers - A unique earnings stream with high cash conversion and low capital intensity Key figures (FY-25) FY-25 BOP by business (%) USD 29.6bn Farmers Exchanges gross written premiums 10% 0% Farmers Management Services (FMS) fee USD 4.7bn income USD 2.4bn 7.0% FMS Managed GEP margin Farmers

  39. Slide 39: A unique business structure

    Farmers A unique business structure Zurich owned Policyholder owned Farmers Group, Inc. Farmers Exchanges1 Services Provides non-claims and ancillary services to the Exchanges Carry underwriting risk and handle claims, as well as own the (e.g., underwriting, policy administration, premium collection

  40. Slide 40: Farmers Exchanges with a nationwide presence and significant scale in a consolidating market

    Farmers Farmers Exchanges1 with a nationwide presence and significant scale in a consolidating market FY-25 U.S. personal lines P&C DWP Market share (%)2 A major U.S. personal lines player nationwide2 FY-25 market share (%) State Farm 19% 13% North East Progressive Mid West 12th Allstate 10% West3 8

  41. Slide 41: Large and broad distribution footprint with diversified product mix

    Farmers Large and broad distribution footprint with diversified product mix FY-25 DWP by line of business (%) FY-25 DWP by distribution channel Main distribution channels (%) 3% 8% 10% Farmers Exchanges1 ~8,400 exclusive agents 18% 41% 22% Independent agent USD USD ~26,600 relationships 29.6bn 29.6b

  42. Slide 42: Strong contribution to Group earnings, primarily driven by Farmers Management Services

    Farmers Strong contribution to Group earnings, primarily driven by Farmers Management Services fee-based business Business operating profit (USDm) Key drivers 2,387 28,004 28,854 2,296 2,286 243 25,842 26,702 117 192 1,909 209 20 23,689 6 1,707 168 20,441 20,109 15 1,617 236 1,501 84 26 100 2,074 2,

  43. Slide 43: Investment and capital management

    Investment and capital management 43 © Zurich

  44. Slide 44: Conservative investment portfolio focused on high asset quality

    Investment and capital management Conservative investment portfolio focused on high asset quality FY-25 Group investments (%)1 FY-25 Asset quality (%) FY-25 duration (# years)2 8.0 7.9 6% USD 59bn USD 77bn 3% 4% 5% 9% 10% 8% 33% 20% 28% 4.6 2% USD 3.8 178bn 39% 31% 15% 27% 44% 15% Government and Cre

  45. Slide 45: Credit and private debt exposure

    Investment and capital management Credit and private debt exposure FY-25 rating of credit and private debt securities (%) USD 25.9bn USD 19.8bn USD 12.3bn USD 5.8bn USD 3.6bn USD 9.9bn 1% 3% 2% 1% 15% 10% 32% 27% 5% 27% 38% 47% 51% 30% 55% 82% 72% 31% 12% 2% 10% 19% 17% 1% 6% 1% Non-financial credit

  46. Slide 46: High quality and well diversified exposure to private debt

    Investment and capital management High quality and well diversified exposure to private debt Private debt by sector Investment approach ✓ >20 years of experience Market Total Investment FY-25 (USDbn, %) Additional details value return (%) grade (%) ✓ Almost 100% senior secured Senior corporate • Maj

  47. Slide 47: Very strong capital position, SST ratio well in excess of 160%

    Investment and capital management Very strong capital position, SST ratio well in excess of 160% Group Swiss Solvency Test (%)1 Q3-25 SST sensitivities impact (ppts)2 300% 267% 253% 259% Interest rate +50bps +9ppts 234% 216% 221% 222% 204% 212% Interest rate -50bps -10ppts 200% 182% Equities +20% +6

  48. Slide 48: Moderate leverage and balanced refinancing needs

    Investment and capital management Moderate leverage and balanced refinancing needs Group capital structure (%)1 Maturity profile (USDbn)4 24.8% 24.1% 8% 7% 2.8 0.3 17% 17% 2.4 4% 4% 2.1 0.6 0.2 1.8 19% 20% 0.8 1.2 1.3 2.4 0.4 52% 52% 1.9 0.6 1.7 0.8 0.7 0.6 0.5 0.2 0.4 1.0 0.9 0.3 0.6 0.5 FY-24 FY-2

  49. Slide 49: We are focused on continuing to reward our shareholders

    Investment and capital management We are focused on continuing to reward our shareholders Dividend Policy1 Dividend per share (CHF) 30 28 NIAS2 payout ratio of ~75% +7% p.a. 26 24 22 20 20 19 Dividend increases based on sustainable 18 earnings growth Minimum target of prior year level FY-17 FY-18 FY

  50. Slide 50: Appendix

    @ ZuRICH Appendix 50 © Zurich

  51. Slide 51: Zurich historic performance

    Group overview Zurich historic performance Business operating profit FY-25: USD 8.9bn Risk capital Split FY-25 (%) By business By region By business By source 2% Market risk 2% P&C EMEA P&C 6% 6% Premium and reserve risk 24% 7% 6% Life North America Life 36% Business risk 4% 38% Farmers Farmers 24%

  52. Slide 52: SST is more conservative than Solvency II

    Capital management SST is more conservative than Solvency II General information SST Solvency II Most onerous impact Risk measure Expected shortfall 99% (~BBB) Value at risk 99.5% (~BBB) • Market risk (including investment Internal model (ZIE1): Standard formula (other entities): credit) • Premium,

  53. Slide 53: SST is more conservative than Solvency II

    Capital management SST is more conservative than Solvency II Yield curves and transitionals SST1 Solvency II Most onerous impact Base for risk-free yield Swaps (EUR, GBP, USD) Swaps (CHF, EUR, GBP, USD) curves2 Government bond (CHF) CHF, USD: FINMA CHF, EUR, USD: EIOPA Specified by EUR: EIOPA GBP: P

  54. Slide 54: Other important information

    Other important information 54 © Zurich

  55. Slide 55: For further information

    For further information Call us Visit or follow us Investor Relations and Rating Agency Management • Jon Hocking +41 44 628 18 34 • 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 •

  56. Slide 56: Useful hyperlinks

    Useful hyperlinks Calendar and events Analysts’ recommendations and consensus Presentations Zurich stock information and share price (ZURN) Investor Day Dividends Financial results and reports Ratings Other subsidiary reports Bonds Sustainability reports, publications and videos April 2026 Introduct

  57. Slide 57: Investing in Zurich

    Investing in Zurich SIX Swiss Exchange US America • Listing: SIX Swiss Exchange, • Depository: The Bank of New York Mellon Switzerland • Nature: ADR • Product type: Swiss Blue Chip Shares • Symbol: ZURVY • Ticker symbol: ZURN • Swiss security number (Valorennummer): 1107539 For further information:

  58. Slide 58: 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

  59. Slide 59: Thank you

    Thank you ©©Zurich Zurich

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