Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Investor Day (November 2017)
148 slides from Zurich Insurance's investor day presentation, Nov 15, 2017
Slide 1: Investor Day – Well positioned for the future
Investor Day – Well positioned for the future November 15, 2017 London Zurich Insurance Group
Slide 2: Agenda
Agenda TIME TOPIC SPEAKER 10:00 – 10:45 Strategic update Mario Greco 10:45 – 11:45 Farmers Jeff Dailey, Mike Linton, Roy Smith 11:45 – 12:15 North America Kathleen Savio 12:15 – 12:35 Q&A Jeff Dailey, Mike Linton, Roy Smith, Kathleen Savio 12:35 – 13:50 Lunch break ExCo members present 13:50 – 14:20
Slide 3: Disclaimer
Disclaimer 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’). Forward-looking statement
Slide 4: Strategic update – Well positioned for the future
Strategic update – Well positioned for the future Mario Greco, Group Chief Executive Officer
Slide 5: Key messages
STRATEGIC UPDATE Key messages Strong franchise We have a uniquely diversified business with strong franchises and well balanced access to and financials distribution backed by a strong balance sheet Delivering on The group’s ability to grow earnings and deliver on targets has been restored through o
Slide 6: A strong and globally diversified group
STRATEGIC UPDATE A strong and globally diversified group A GLOBALLY DIVERSE BUSINESS KEY STRENGTHS BOP by business (%) P&C GWP by segment (%) Powerful, international brand 7% 7% Clear customer focus 32% 42% 26% Global customer relationships 41% 44% Distribution partnerships BOP P&C GWP HY-171 9m-17
Slide 7: Our Life business is already where others want to be
STRATEGIC UPDATE Our Life business is already where others want to be and has significant opportunities for growth BUSINESS MIX (%)1 FOOTPRINT (%)1 DISTRIBUTION MIX (%)1 Technical reserves by line of business Annual premium equivalent by region Annual premium equivalent by pillar Traditional 1% 2% &
Slide 8: We have stabilized our P&C business and are on track for improved profitability
STRATEGIC UPDATE We have stabilized our P&C business and are on track for improved profitability LOSS RATIO (%)1 OTHER UNDERWRITING 9m-17 TOPLINE GROWTH4 EXPENSE RATIO (%)1 Like-for-like GWP (USDm) growth (%) 71.8% 3.5% 66.4% 65.4% EMEA 10,974 -2% 2.6% 2.9% -3ppts 16.1% North 11,599 0% 15.4% America
Slide 9: A streamlined organization with strengthened management and continued investment in people
STRATEGIC UPDATE A streamlined organization with strengthened management and continued investment in people LEADERSHIP TEAM FURTHER STRENGTHENED ACTIONS TAKEN Group Chief Executive Officer Group structure simplified Mario Greco BUSINESS HEADS FUNCTIONAL HEADS Slimmed down corporate center Farmers Gr
Slide 10: The transformation of our operations and IT infrastructure is making good progress
STRATEGIC UPDATE The transformation of our operations and IT infrastructure is making good progress EFFICIENCY AND PLANNED OPERATIONS SAVINGS BY 2019 (USDm) OPERATIONAL EXCELLENCE 2019 Savings 500-700 IT Infrastructure 100–150 SHARED SERVICES IT Applications 180-250 Shared Services, Real 150-180 Est
Slide 11: We have begun to improve the balance of our portfolio in Commercial Insurance
STRATEGIC UPDATE We have begun to improve the balance of our portfolio in Commercial Insurance WE HAVE RESTORED THE BASICS PORTFOLIO REBALANCING UNDERWAY (NEP, %) 24% 27% 30% Technical excellence restored 24% 23% 30% Improved ‘Go-to-Market’ approach 52% 50% 40% FY-16 H1-17 Target Enhanced capabiliti
Slide 12: We are accelerating growth initiatives for specialty lines
STRATEGIC UPDATE We are accelerating growth initiatives for specialty lines with early success in first half of the year WE ARE BUILDING ON EXISTING CAPABILITIES WITH DEMONSTRABLE EARLY RESULTS Credit & Surety example CREDIT & Integrate under single unit +12% SURETY Build out of shorter tail lin
Slide 13: On track to achieve our financial targets
STRATEGIC UPDATE On track to achieve our financial targets BOPAT ROE (%)1 Z-ECM RATIO (%)2 CUMULATIVE CASH REMITTANCES (USDbn) 12.5% >12.0% 136% >9.5 120% 100% on track HY-17 Target 9m-17e2 Target range expected FY-17 2017 - 2019 Target CUMULATIVE NET EXPENSE SAVINGS (USDm) ~USD 550m as of HY-17 201
Slide 14: We have released USD 1.7bn of capital from non-core businesses
STRATEGIC UPDATE We have released USD 1.7bn of capital from non-core businesses … OVERVIEW OF RECENT DISPOSALS1 UK: Exited workplace Germany: Exited pensions medical malpractice U.S.: Exit closed annuity book Spain: Reinsured portfolio Exited Morocco of retail life protection Exited Middle Exited Ta
Slide 15: While investing USD 1.8bn in strengthening core areas of focus
STRATEGIC UPDATE … while investing USD 1.8bn in strengthening core areas of focus OVERVIEW OF TRANSACTIONS Type of deal Business Customer group Strategic rationale Skills Distribution Scale 2015 Via Varejo D.A.1 P&C - Warranty Retail 2015 Kono Insurance M&A P&C - Construction Commercial Lojas Romera
Slide 16: We are focused on paying an attractive and growing dividend
STRATEGIC UPDATE We are focused on paying an attractive and growing dividend and managing our capital in a disciplined way ZURICH’S DIVIDEND POLICY STRONG CAPITAL WITH LOW INVESTMENT RISK (Z-ECM, %)1 NIAS payout ratio of approximately 75% 136% 127% 125% 122% 121% Dividend increases based on sustaina
Slide 17: The insurance industry is changing fast and profoundly
STRATEGIC UPDATE The insurance industry is changing fast and profoundly, with customer needs quickly evolving INSURANCE INDUSTRY Geopolitical uncertainty, Evolving distribution low growth and yields Intense regulation Innovation and technology Customer revolution New and growing risk pools OPPORTUNI
Slide 18: Customer relationships will be key for long term success of insurance companies
STRATEGIC UPDATE Customer relationships will be key for long term success of insurance companies MANUFACTURER AND BALANCE SHEET PROVIDER OWNER OF THE CUSTOMER RELATIONSHIP Capital is abundant and commoditized Enhanced returns through value added services Constrained to small piece of value cha
Slide 19: Success will require us to deepen our customer relationships
STRATEGIC UPDATE Success will require us to deepen our customer relationships and put them at the heart of everything we do KNOW Auto Home Health Life CAPTURE CAPTIVATE © Zurich November 15, 2017 Investor Day 19
Slide 20: We are leveraging new technologies to redesign customer interactions
STRATEGIC UPDATE We are leveraging new technologies to redesign customer interactions, increase service offerings and digitize core processes STRENGTHENING OUR KNOWLEDGE NEW CAPABILITIES AND BROADER REINVENTING THE OF THE CUSTOMER SERVICE OFFERINGS CUSTOMER EXPERIENCE Strengthened customer analyti
Slide 21: Farmers Exchanges show that this approach works within retail
STRATEGIC UPDATE Farmers Exchanges1 show that this approach works within retail SYSTEMATIC CUSTOMER FEEDBACK AND ANALYTICS FARMERS EXCHANGES1 NPS AND GWP GROWTH NPS (%) Gather customer feedback via 45 Net Promoter System 40 35 Q1-14 Q1-15 Q1-16 Q1-17 Follow-up with select Identify trends in feedback
Slide 22: We continue to grow our access to customers through new bank and affinity partnerships
STRATEGIC UPDATE We continue to grow our access to customers through new bank and affinity partnerships WE ARE BUILDING ON OUR SUCCESSFUL RECORD WE CONTINUE TO BUILD OUT OUR AFFINITY PARTNERSHIPS IN BANCASSURANCE Europe’s largest frequent flyer program – • Deal signed in Germany, Austria, Switzerlan
Slide 23: The program for the remainder of today
STRATEGIC UPDATE The program for the remainder of today Jeff Dailey, Mike Linton, Roy Smith 30% Kathleen Savio FY-16 BOP contribution Claudia Dill (%)1 7% Javier Lorenzo, Raúl Vargas 3% 8% Jack Howell 6% Farmers Bank Distribution incl. Santander George Quinn North America Retail & Other Asia Pacific
Slide 24: Key messages
STRATEGIC UPDATE Key messages Strong franchise We have a uniquely diversified business with strong franchises and well balanced access to and financials distribution backed by a strong balance sheet Delivering on The group’s ability to grow earnings and deliver on targets has been restored through o
Slide 25: Farmers – Customer centered, agent powered
Farmers® – Customer centered, agent powered Jeff Dailey, CEO, Farmers Group, Inc. Mike Linton, Chief Marketing Officer, Farmers Group, Inc. Roy Smith, President of Personal Lines & Distribution, Farmers Group, Inc.
Slide 26: Farmers business structure
Farmers business structure Zurich owned Policyholders owned Farmers Group, Inc. Farmers Exchanges1 Provides administration and Services Bear underwriting risk and handle claims, as well as own the Farmers management services to the Exchanges brand and distribution assets (e.g. exclusive agents, dire
Slide 27: Key messages
Key messages Unique Farmers Group, Inc. represents an opportunity to participate in the growth of the U.S. P&C structure market through a fee based business with low volatility Market Farmers Exchanges’ market position is defined by a strong brand, solid agent network, and position broad product sui
Slide 28: Customer centered, agent powered
Customer centered, agent powered © Zurich November 15, 2017 Investor Day 28
Slide 29: The U.S. P&C market
The U.S. P&C market OVERALL 2016 U.S. P&C INSURANCE MARKET SHARE (%)1 U.S. P&C SHARE OF PREMIUM (%)2 10.3 2006: USD 494bn 2016: USD 605bn 5.5 5.3 5.1 4.0 3.9 3.3 3.3 3.3 3.0 2.4 2.1 1.9 1.6 1.3 56% 44% 53% 47% Mutual Allstate Travelers AIG Hartford Zurich State Farm USAA Nationwide CNA Berkshire Pro
Slide 30: Steady BOP growth driven by diversified top-line growth
Steady BOP growth driven by diversified top-line growth 2016 GWP MIX (%) FARMERS GROUP, INC. – BOP (USDbn) FARMERS EXCHANGES – PROFITABILITY (%) 120% 1.6 1.4 Other 3% 5% Bristol West Auto 110% 105.4% 103.9% 103.2% 100.5% 101.9% 1.2 Business Insurance 10% 6.1% 99.4% 100% 6.1% 7.1% 7.7% 6.0% 5.2% 1.0
Slide 31: Auto profitability efforts are yielding results
Auto profitability efforts are yielding results FARMERS AUTO – ANNUAL CHANGE IN LOSS COST VS. AVERAGE PREMIUM (%) 14% 12% 10% 8% 6% 4% 2% Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Loss costs at Q2-17 Average earned premium © Zurich Source: Farmers internal data. November 15, 2017 I
Slide 32: Execution since 2013 has Farmers better positioned for success
Execution since 2013 has Farmers better positioned for success RESULTS OF STRATEGIC EXECUTION 2013 2016 Exchanges GWP through exclusive 14,226 15,990 agents (USD millions) Net Promoter Score (%) 30.0 43.2 Full-time agents (#) 12,813 13,780 © Zurich Source: Farmers internal data. November 15, 2017 In
Slide 33: 2016 consumer segmentation refresh
2016 consumer segmentation refresh CONSUMER % OF % OF INSURANCE SEGMENTS HOUSEHOLDS SPEND VALUE-ORIENTED Confident Planner 17% 20% Willing to pay for better coverage and service Relationship Seeker 18% 16% More likely to have multi-line needs Higher expectations for their customer experience L
Slide 34: Farmers is positioned to serve value-oriented consumers
Farmers is positioned to serve value-oriented consumers CUSTOMER SEGMENTS COMPLETELY AGREEING OR STRONGLY AGREEING WITH STATEMENTS BELOW (%) It is definitely worth paying more for I'm very loyal to my current It is definitely worth paying more for insurance to get a reputable provider insurance agen
Slide 35: Smart position delivers value story with efficient media spend
Smart position delivers value story with efficient media spend PROACTIVE COST PER POINT OF COMMUNICATIONS AWARENESS STRAIGHTFORWARD (USDm) PERSONALIZED KNOWLEDGE 15.3 9.8 9.0 4.7 2.6 Farmers Allstate State Farm Progressive GEICO Exchanges © Zurich Sources: Spend data: Kantar Strategy (HY-17), Unaide
Slide 36: Farmers journey delivering smart customer experience
Farmers journey delivering smart customer experience FARMERS NET PROMOTER SCORE (%) 45 40 35 30 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 OMNI Developed omni-channel FFR Promoted Farmers Friendly Review best PCC Premium change communications capabiliti
Slide 37: Innovating to improve customer experience and reduce cost
Innovating to improve customer experience and reduce cost ROADSIDE ASSISTANCE FIRST NOTICE OF LOSS TELEMATICS DRONES Uber-like towing and roadside Digital capabilities for reporting Smart phone application providing Drone fleet provides better, faster, assistance services that enhance claims are cre
Slide 38: Agencies powering the local experience
Agencies powering the local experience NET PROMOTER SCORE SURVEY RESPONSES (%) ~11K LOCAL STOREFRONTS ~14K DIGITAL STOREFRONTS Average NPS Extremely satisfied 77% with their agent +72 BROAD PRODUCT SUITE1 23% Other -43 © Zurich Source: Farmers internal data. 1 Life, Pet and Financial products admini
Slide 39: Farmers vast distribution system
Farmers vast distribution system FOCUS IS ON EXCLUSIVE AGENTS 35,000 exclusive agents, district managers and licensed staff 34,200 independent agents 11,016 Farmers branded storefronts Direct & Affinity Partners © Zurich November 15, 2017 Investor Day 39
Slide 40: Delivering a step-change in quality and consistency of agencies
Delivering a step-change in quality and consistency of agencies NEW FARMERS AGENT APPOINTMENTS (%) ON-BOARDED NEW AGENTS ONE WAY FOR 86 YEARS No capital requirements 100% No experience requirements 90% 80% IN 2014, FARMERS CHANGED SELECTION CRITERIA 70% Capital/liquid asset requirements 60%
Slide 41: New Agent entry points continue to outperform
New Agent entry points continue to outperform 12-MONTH NEW AGENT RETENTION (%)1 NET PROMOTER SCORE (%)2 90% 43.8 55% 42.5 Traditional Capitalized Traditional Capitalized CUMULATIVE AVERAGE MONTHLY NEW BUSINESS PREMIUM PER AGENT (USDm)3 1.0 0.5 0 5 10 15 20 25 30 35 40 45 50 55 Traditional Capitalize
Slide 42: Opportunity to build larger, stronger agencies
Opportunity to build larger, stronger agencies ALL LINES PREMIUM PER AGENT (USD thousands) 3'320 Additional opportunity exists to grow agency size via Capitalized agency model 2'369 New recruiting standards 1'291 Changes in compensation New performance management standards State Farm Allstat
Slide 43: Opportunity to increase retention through multi-line growth
Opportunity to increase retention through multi-line growth FARMERS HOUSEHOLDS BY PRODUCT (%)1 FARMERS HOUSEHOLD RETENTION BY PRODUCT MIX (%)2 +9ppts 3 or more lines of business 15% 53% Monoline 2 lines of business 32% Monoline 2+ lines of business © Zurich 1 Source: Farmers internal data, as of Aug
Slide 44: Farmers is poised for Business Insurance growth
Farmers is poised for Business Insurance growth HY-17 BUSINESS INSURANCE PRODUCTION The U.S. small business insurance market is highly (Percentage of agents, GWP) fragmented with no clear leader In 2017, JD Powers ranked Farmers #1 in small commercial customer satisfaction Today, 26% of agents
Slide 45: Eastern expansion driven by new agency management model
Eastern expansion driven by new agency management model EASTERN EXPANSION GWP (USDm) Eastern expansion state ME 691 Established state 656 VT NH Future state (2018) MA NY CT RI 486 PA NJ MD DE WV VA 256 KY NC TN 113 SC 36 GA 4 AL MS FY-11 FY-12 FY-13 FY-14 FY-15 FY-16 9m-17 FL FL Full-time 135 385 53
Slide 46: Key messages
Key messages Unique Farmers Group, Inc. represents an opportunity to participate in the growth of the U.S. P&C structure market through a fee based business with low volatility Market Farmers Exchanges’ market position is defined by a strong brand, solid agent network, and position broad product sui
Slide 47: North America – Building on a strong foundation
North America – Building on a strong foundation Kathleen Savio, CEO-Designate North America
Slide 48: Key messages
NORTH AMERICA Key messages Strong 5th largest commercial carrier, serving individuals and small to large businesses through foundation multiple distribution channels Track record of Alternative Markets combined ratio improved by 10ppts over 2013-2016, while growing performance premiums 13% CAGR and
Slide 49: Zurich is the 5th largest commercial carrier in the United States
NORTH AMERICA Zurich is the 5th largest commercial carrier in the United States 2016 U.S. P&C COMMERCIAL LINES (DWP1) TOP 10 U.S. P&C COMMERCIAL LINES CARRIERS Carrier Market Share (%) 1. Travelers 5.7 2. Chubb 5.7 3. Liberty 5.2 61% TOTAL USD 39% 4. AIG 4.5 (~1,190 carriers) 290bn (Top 10 carriers)
Slide 50: U.S. commercial insurance environment has been challenging
NORTH AMERICA U.S. commercial insurance environment has been challenging U.S. INDUSTRY COMMERCIAL LINES DWP (USDbn) 5-YEAR TREASURY YIELD (%) +2% 3% 267 278 287 287 2% 1.8% 10 year average 1% 0% 2013 2014 2015 2016 2013 2014 2015 2016 2017 U.S. INDUSTRY COMMERCIAL LINES COMBINED RATIO (%)1 P&C COMME
Slide 51: Recent events are expected to drive rate increases
NORTH AMERICA Recent events are expected to drive rate increases ESTIMATED INSURED LOSSES “Many property underwriters have come out and said that Hurricane Harvey Hurricane Irma no further rate decreases will be quoted unless USD 15-40 billion USD 18-35 billion approved by their top U.S. managers” W
Slide 52: North America goes to market through three business units
NORTH AMERICA North America goes to market through three business units ZURICH NORTH AMERICA Focus of this presentation P&C COMMERCIAL: NORTH AMERICA P&C RETAIL & OTHER: LIFE: NORTH AMERICA LIFE1 COMMERCIAL INSURANCE ALTERNATIVE MARKETS Serve mid-sized to global customers Serve small and medium
Slide 53: Alternative Markets has delivered growth while maintaining expense discipline
NORTH AMERICA Alternative Markets has delivered growth while maintaining expense discipline and improving profitability GROSS WRITTEN PREMIUM ADMIN EXPENSE RATIO CALENDAR YEAR COMBINED RATIO (USDbn) (%) (%) +46% -10ppts 6.7 9% 9% 102% 92% 4.6 FY-13 FY-16 FY-13 FY-16 FY-13 FY-16 © Zurich November 15,
Slide 54: Alternative Markets consists of four businesses
NORTH AMERICA Alternative Markets consists of four businesses with unique distribution and operating models to serve target customer segments DIRECT MARKETS (USD 1.8bn) PROGRAMS (USD 1.4bn) Direct sales force focused on auto dealers Program Administrators serving niche markets (e.g. historical b
Slide 55: All four businesses distinctly contribute to our recent performance
NORTH AMERICA All four businesses distinctly contribute to our recent performance and will continue to deliver results going forward DIRECT MARKETS: ACHIEVED DOUBLE DIGIT GROWTH PROGRAMS: RESHAPED TO IMPROVE PROFITABILITY (USDbn, GWP) (USDbn, GWP) +53% Continue growing through large and -22% Too
Slide 56: Crop diversifies risk exposure and rebalances the portfolio mix
NORTH AMERICA Crop diversifies risk exposure and rebalances the portfolio mix in North America, helping to lower catastrophe-related volatility CROP EXPOSURES DIVERSIFY P&C RISK RCIS REBALANCED ALTERNATIVE MARKETS PORTFOLIO (GWP) Short-tail 30% 43% Long-tail 70% 57% All other states Top 10 states (6
Slide 57: Our strong performance mindset is driven by customer focus, innovation, and simplification
NORTH AMERICA Our strong performance mindset is driven by customer focus, innovation, and simplification Improved strong customer RNPS in Direct Markets by an additional 4 points Customer focus Differentiated value proposition delivered to targeted distribution partners Enhanced Finance & Insu
Slide 58: Strong customer focus drives profitable growth
NORTH AMERICA Strong customer focus drives profitable growth CUSTOMER RELATIONSHIP NPS ADDED 13 MEGA-DEALERS SINCE 2014 2014 2017 Premium from mega dealers (USDm) +371% 80 Promoters 17 9m-14 9m-17 Passives In 2013, we created a team dedicated to mega-dealers to align our value proposition to their n
Slide 59: We created innovative, digital tools for our Finance & Insurance customers
NORTH AMERICA We created innovative, digital tools for our Finance & Insurance customers to enhance customer experience TABLET BASED APP THAT PROVIDES CUSTOMERS WITH AN IMPROVED BUYING EXPERIENCE Solution based on extensive customer research Customer has more control of buying process Transpar
Slide 60: We launched Electronic Data Interchange capability
NORTH AMERICA We launched Electronic Data Interchange capability to simplify the way we do business with Program Administrators ELECTRONIC DATA INTERCHANGE (EDI) INCREASES VALUE FOR ZURICH PROGRAMS EFFICIENCY AND REDUCES RE-KEY ERRORS Strengthens Zurich value proposition Increases 'ease of doing
Slide 61: We have begun to rebalance our portfolio and have restored technical excellence
NORTH AMERICA We have begun to rebalance our portfolio and have restored technical excellence ZURICH U.S. DIRECT WRITTEN PREMIUM BY LOB (%) We will improve the balance of the portfolio Specialties 17% 15% Property 18% 27%1 We will have a relentless focus on our customers delivering improved expe
Slide 62: Key messages
NORTH AMERICA Key messages Strong 5th largest commercial carrier, serving individuals and small to large businesses through foundation multiple distribution channels Track record of Alternative Markets combined ratio improved by 10ppts over 2013-2016, while growing performance premiums 13% CAGR and
Slide 63: Latin America – A continent full of opportunities
Latin America – A continent full of opportunities Claudia Dill, CEO Latin America
Slide 64: Key messages
LATIN AMERICA Key messages Brazil The business has been stabilized and we have rebalanced the portfolio to reduce volatility; turnaround admin expense and combined ratios have been reduced by ~11 ppts and ~28 ppts since FY-14 Diversified Highly diversified product offering with strong distribution o
Slide 65: Focused on accelerating growth from a solid foundation
LATIN AMERICA Focused on accelerating growth from a solid foundation LATAM FINANCIAL HIGHLIGHTS (USDm)1 WE HAVE BUILT A SUSTAINABLE BUSINESS +34% Broad and solid footprint 2,763 Diversification of products, distribution and customer segments 2,063 GWP Predominantly short-tailed, balanced P&C a
Slide 66: Technology and an increasingly aware middle class drive growth
LATIN AMERICA Technology and an increasingly aware middle class drive growth and a shift in insurance demand MIDDLE CLASS IS GROWING DIGITAL ADOPTION INSURANCE PENETRATION STILL LOW (POPULATION, millions)1 (USD)2 Internet penetration is 56.1% 8,229 and growing Middle 208 class 66% of smartphone user
Slide 67: Zurich is the 5th largest insurance company in Latin America
LATIN AMERICA Zurich is the 5th largest insurance company in Latin America with 4.1% of market share, in a market led by local players LATAM MARKET 2016 Latin America insurance market wrote USD 145bn in GWP Market Position Market Share premiums in 2016, 1.2% higher than previous year #1 8.8% ~55% of
Slide 68: Our broad but focused footprint provides a balanced portfolio of countries
LATIN AMERICA Our broad but focused footprint provides a balanced portfolio of countries at different levels of maturity FOOTPRINT AND GWP CONTRIBUTION ZURICH MARKET POSITION AND COUNTRIES HIGHLIGHTS BRAZIL Bank distribution served through Zurich Santander JV #4 Focus on achieving cost efficiencies
Slide 69: A diverse offering both in products and distribution channels
LATIN AMERICA A diverse offering both in products and distribution channels serves distinct customer segments across Retail and Commercial P&C LINES OF BUSINESS & DISTRIBUTION CHANNELS1 LIFE LINES OF BUSINESS & DISTRIBUTION CHANNELS1 11% 1% 6% 2% 26% 19% 25% 10% 36% 12% 38% 42% 6% 5% 19% 11% 57% 15%
Slide 70: Our objective is to differentiate our offer to become the preferred insurance provider
LATIN AMERICA Our objective is to differentiate our offer to become the preferred global insurance provider for both, Retail and Commercial OUR Be the leading Retail and Commercial player in LatAm, providing differentiated value AMBITION propositions to our customers and leveraging on the strengths
Slide 71: Retail represents 60% of premium and serves distinct customer segments
LATIN AMERICA Retail represents 60% of premium and serves distinct customer segments with tailored propositions through all relevant channels CUSTOMERS PRODUCTS DISTRIBUTION Savvy customers demand Value-for-Money proposition. Agents, brokers and high product quality and Complementary motor, bank dis
Slide 72: Commercial Insurance focuses on Large Corporate and Middle Market
LATIN AMERICA Commercial Insurance focuses on our traditional strong segment of Large Corporate but increasingly also on Middle Market FOCUS AREA PROPOSITION Strongest area with capacity, capabilities and know-how Proven financial strength with global capabilities and sophisticated Large Corpora
Slide 73: Zurich Brazil in the final stage of its recovery
LATIN AMERICA Zurich Brazil in the final stage of its recovery and enhancement of its foundation to sustain profitable growth POSITIONED FOR THE FUTURE SHIFT IN PORTFOLIO MIX AWAY IMPROVED P&C COMBINED RATIO FROM MOTOR AND TOWARDS (%) Rebalanced product mix towards lower AFFINITY PROPOSITIONS1 vol
Slide 74: Affinities are a fundamental piece of Zurich Brazil’s strategy
LATIN AMERICA Affinities are a fundamental piece of Zurich Brazil’s strategy, driving growth in retail while lowering volatility PREMIUM EVOLUTION (USDm)1 THE AFFINITY BUSINESS IN NUMBERS +42% 417 380 292 208 151 26 million 40 + 1.5 million + 103 active individual program sponsors individual policie
Slide 75: Affinities business model and dynamics allow higher returns
LATIN AMERICA Affinities business model and dynamics allow higher returns than conventional retail businesses AFFINITY COMBINED RATIO (%, HY-17) CASH FLOW AND EARNINGS DYNAMICS1 103% 97% Expenses 53% 76% Losses 50% Upfront amortization Cash flow 21% P&L LatAm Affinity Year 0 1 2 3 4 5 6 7 8 9 10 11
Slide 76: Zurich is the market leader in the Affinity business
LATIN AMERICA Zurich is the market leader in the Affinity business through development of key market differentiators OPPORTUNITIES CUSTOMER VALUE PROPOSITION PARTNER VALUE PROPOSITION • Based on convenience by selling the • Based on business understanding Expand business to selected segments (i.e.
Slide 77: Zurich Mexico is a leader with its innovative Motor value proposition
LATIN AMERICA Zurich Mexico is a leader with its innovative Motor value proposition through auto industry distribution partnerships MEXICAN AUTOMOTIVE INDUSTRY ZURICH VALUE PROPOSITION (VEHICLES SOLD, THOUSANDS)1 Automaker +14% 8 Programs with 18 brands since 2011, 1,689 1,604 increasing customer lo
Slide 78: Zurich Mexico offers an end-to-end value proposition for Commercial Insurance
LATIN AMERICA Zurich Mexico offers an end-to-end value proposition for Commercial Insurance VALUE PROPOSITION P&C Corporate MARKET CONDITIONS Strong position due to global footprint and local expertise Leader in produced programs, providing solutions for Mexican customers in over 30 countries Ad
Slide 79: Zurich Chile protects income generation through its broad Life proposition
LATIN AMERICA Zurich Chile protects income generation through its broad Life proposition serving all demographic customer needs Family Individual Long Term LIFE PROPOSITION Annuities Protection Life Savings Salaried workers with Basic monthly savings Savings target reached Entering retirement no sav
Slide 80: Key messages
LATIN AMERICA Key messages Brazil The business has been stabilized and we have rebalanced the portfolio to reduce volatility; turnaround admin expense and combined ratios have been reduced by ~11 ppts and ~28 ppts since FY-14 Diversified Highly diversified product offering with strong distribution o
Slide 81: Bank distribution – Strong track record in a growing strategic channel
Bank distribution – Strong track record in a growing strategic channel Javier Lorenzo, Head of Bank Distribution
Slide 82: Key messages
BANK DISTRIBUTION Key messages Unique We have a distinctive approach in managing our existing business and we successfully added approach over 10 new agreements since 2016 in EMEA, LatAm and APAC Successful Bank distribution has a successful track record with ~20% CAGR across top- and bottom-line tr
Slide 83: Zurich has a recognized global footprint in bank distribution
BANK DISTRIBUTION Zurich has a recognized global footprint in strategically important bank distribution channel ACCESS TO OVER 60 MILLION CUSTOMERS IN 171 BANK DISTRIBUTION CHANNEL IS EXPECTED TO GROW COUNTRIES THROUGH OVER 70 BANK AGREEMENTS FASTER THAN THE MARKET2 CAGR CAGR 2008-16e 2016e-20e Tota
Slide 84: Bank distribution has a successful track record
BANK DISTRIBUTION Bank distribution has a successful track record, becoming increasingly important for the Group STRONG RETAIL VOLUME GROWTH AND WELL AS BOTTOM LINE RESULT RESULTING IN AN IMPORTANT (USDm, 100% VIEW)1,2 (USDm, 100% VIEW)1,3 CONTRIBUTION TO GROUP RESULT +21% 1,610 12% 1,386 APE 1,169
Slide 85: We have a distinctive approach to bank distribution
BANK DISTRIBUTION We have a distinctive approach to bank distribution KEY SUCCESS FACTORS Ensuring LONG-TERM COOPERATION & A true commitment to COMMITMENT MANAGEMENT SKILLS partnership-based make required approach in investments managing our agreements ALIGNMENT OF INTERESTS Leveraging local Joint c
Slide 86: We commit to bank distribution as a strategically important channel
BANK DISTRIBUTION We commit to bank distribution as a strategically important channel BANKS PROVIDE UNIQUE WELL POSITIONED TO MEET GETTING CLOSER TO CUSTOMERS BY ACCESS TO CUSTOMERS EVOLVING EXPECTATIONS LEVERAGING DATA & TECHNOLOGY Recent proof points Large Customer BASE ‘Direct’ insurance channel
Slide 87: Technology makes our business simpler for customers and bank partners
BANK DISTRIBUTION Technology makes our business simpler for both customers and our bank distribution partners Integrated savings and protection sales support tool Insure your mobile using e-banking app Online needs assessment and sales Fast track claims handling via e-banking app Online quote and ap
Slide 88: Zurich has a structured approach to bank distribution
BANK DISTRIBUTION Zurich has a structured approach to bank distribution HOW WE IDENTIFY POTENTIAL TARGETS Market dynamics – growth, size, etc. Flexible cooperation models Macro Qualitative factors – regulatory attractiveness framework, political stability, etc. Bank distributes insurance produ
Slide 89: Key messages
BANK DISTRIBUTION Key messages Unique We have a distinctive approach in managing our existing business and we successfully added approach over 10 new agreements since 2016 in EMEA, LatAm and APAC Successful Bank distribution has a successful track record with ~20% CAGR across top- and bottom-line tr
Slide 90: Zurich Santander – Well positioned to capture the retail opportunities of the future
Zurich Santander – Well positioned to capture the retail opportunities of the future Raúl N. Vargas, CEO Zurich Santander Insurance America
Slide 91: Key messages
ZURICH SANTANDER Key messages Bancassurance The joint venture between Zurich (51%) and Santander (49%) has solidified its strong market JV in LatAm position in LatAm as a composite bancassurer Demonstrated Zurich Santander has a track record of delivering market leading profitable growth with 2013-
Slide 92: The joint venture between Zurich and Santander has solidified its strong market position
ZURICH SANTANDER The joint venture between Zurich and Santander has solidified its strong market position in Latin America CUSTOMERS Zurich Santander manufactures insurance products sold to Santander customers Protection (GWP USD 2.2bn) and savings business (USD 1.8bn inflows)1 DISTRIBUTION NETW
Slide 93: We have a track record of delivering market-leading profitable growth
ZURICH SANTANDER We have a track record of delivering market-leading profitable growth SOLID ANNUAL TOPLINE GROWTH (GWP USDm, 100% VIEW)1 DOUBLE DIGIT ANNUAL BOP GROWTH (USDm, 51% VIEW)1 +24% +10% P&C 2016 Life 2016 2,135 284 +11% 1,882 +23% 1,675 218 1,547 190 152 FY-13 FY-14 FY-15 FY-16 FY-13 FY-1
Slide 94: We have an efficient operating model and generate significant cash remittance
ZURICH SANTANDER We have an efficient operating model and generate significant cash remittance HIGHLY COST EFFICIENT OPERATING MODEL CASH REMITTANCES TO SANTANDER AND ZURICH (USDbn) (ADMIN EXPENSE RATIO, %) 4.9% 4.8% 4.8% 4.7% 1.4 FY-13 FY-14 FY-15 FY-16 HIGH MARGINS RESULTING FROM ACTIVE PORTFOLIO
Slide 95: We have delivered strong growth and have created a solid foundation
ZURICH SANTANDER We have delivered strong growth and have created a solid foundation built for future performance 2014-16 STRATEGIC CYCLE AIMED TO DOUBLE PROFIT THE STRATEGY CREATED A SOLID FOUNDATION FOR BEFORE TAX VS 2013 (USDm, 100% VIEW)1 ZURICH SANTANDER IN A NUMBER OF AREAS Enabling future gro
Slide 96: LatAm is full of opportunities which we are ideally placed to capitalize on
ZURICH SANTANDER LatAm is full of opportunities which we are ideally placed to capitalize on with our joint venture partner Santander LATAM: A REGION FULL BANCASSURANCE: SANTANDER: THE IDEAL OF OPPORTUNITIES WELL POSITIONED TO DISTRIBUTION PARTNER CAPTURE OPPORTUNITIES1 Strong competitive advantages
Slide 97: Our aspiration is to close the insurance gap in LatAm
ZURICH SANTANDER Our aspiration is to close the insurance gap in LatAm, leveraging the competitive advantage of bancassurance STRATEGIC OBJECTIVES Awareness Convenience Relevance Help our customers Facilitate insurance dialogue Make insurance solutions understand the financial impact leveragin
Slide 98: We are deploying our strategy with focus on the customer
ZURICH SANTANDER We are deploying our strategy with focus on the customer and leveraging best practices from across the region IMPROVEMENT IN TRANSACTIONAL NPS IN KEY PROCESSES (2017) Sales Claims Service Retention & cancellation +11 branch sales +36 claims +28 services +15 cancellations +7 telemark
Slide 99: Our vision
ZURICH SANTANDER Our vision Become LatAm’s preferred insurer for Banco Santander customers, so that they understand and protect themselves from risks in a way that is meaningful to them © Zurich November 15, 2017 Investor Day 99
Slide 100: Key messages
ZURICH SANTANDER Key messages Bancassurance The joint venture between Zurich (51%) and Santander (49%) has solidified its strong market JV in LatAm position in LatAm as a composite bancassurer Demonstrated Zurich Santander has a track record of delivering market leading profitable growth with 2013-
Slide 101: Asia Pacific – Accelerating growth
Asia Pacific – Accelerating growth Jack Howell, CEO Asia Pacific
Slide 102: Key messages
ASIA PACIFIC Key messages Diversified Zurich is rebalancing its position in Asia Pacific by strengthening its presence in Australia, Hong footprint Kong and Japan while scaling businesses in emerging markets to provide access to growth Opportunity to Zurich has a strong brand name in mature markets
Slide 103: Our geographical footprint is heavily weighted to Japan and Australia
ASIA PACIFIC Our geographical footprint is heavily weighted to Japan and Australia FOOTPRINT AND GWP CONTRIBUTION • Integration of Macquarie Life retail protection diversified product suite and grew IFA network AUSTRALIA • Enhancing commercial proposition P&C and Life • P&C subsidiary in New Zealand
Slide 104: Asia Pacific has a diverse offering in products and distribution channels
ASIA PACIFIC Asia Pacific has a diverse offering in products and distribution channels P&C LINES OF BUSINESS & DISTRIBUTION CHANNELS1 LIFE LINES OF BUSINESS & DISTRIBUTION CHANNELS1 7% 8% 5% 4% 10% 7% 2% 13% 5% 2% 34% 35% 19% 54% 19% 33% 85% 27% 31% Motor Specialties Partnership Brokers Protection B
Slide 105: Asia’s macro-economic and demographic trends are shaping our strategic direction
ASIA PACIFIC Asia’s macro-economic and demographic trends are shaping our strategic direction BY 2030, ASIA WILL USD 58 TRILLION MORTALITY ACCOUNT FOR TWO THIRDS PROTECTION GAP IN OF GLOBAL MIDDLE CLASS 2014 AND GROWING2 AND CONSUMPTION1 ASIA’S GROWTH 80% OF ASIA HOME TO CONSUMERS WILLING 60% OF THE
Slide 106: Our goal is to scale up our business and compete where we have sustainable positions
ASIA PACIFIC Our goal is to scale up our business and compete where we have sustainable and profitable positions MATURE DEVELOPED EMERGING THE Geographical ASIA PACIFIC CITY STATES SOUTH EAST ASIA GIANTS approach Deepen Strengthen Scale Grow Maximize value Capitalize on Leverage Pursue non- Prioriti
Slide 107: Macquarie Life retail protection acquisition strengthens our position in Australia
ASIA PACIFIC Macquarie Life retail protection acquisition strengthens our position and distribution capabilities in Australia AN EXCELLENT STRATEGIC FIT STRENGTHENED RESULT LIFE INSURANCE RETAIL IN-FORCE PREMIUMS (AUDm) Pure retail risk portfolio aligned with Integration completed in 12 months 6
Slide 108: The Cover-More acquisition allows us to capitalize on innovative distribution
ASIA PACIFIC The Cover-More acquisition allows us to capitalize on innovative distribution and servicing models COVER-MORE Global specialist and integrated travel insurance and medical assistance services Over 5 million customers and servicing 35,000 medical assistance cases p.a. Over 40% Gros
Slide 109: Cover-More’s approach is customer-centric
ASIA PACIFIC Cover-More’s approach is customer-centric as opposed to a traditional product focus INSURER’S EXISTING APPROACH COVER-MORE’S APPROACH PRODUCT A PRODUCT A Claim Customer Claim Customer Promotion Others Promotion Others handling Service handling Service Cover-More Single Platform Claim Cu
Slide 110: Japan P&C competes by prioritizing customers through customer care and innovation
ASIA PACIFIC Japan P&C competes by prioritizing customers through customer care and innovation GWP GROWTH (USDm)1 & PORTFOLIO COMPOSITION STRATEGIC APPROACH 7% 769 Become the #1 P&C direct insurer 690 750 633 Value Grow profitable A&H and direct motor businesses Proposition Expand commercial d
Slide 111: Japan P&C personalized customer service improves satisfaction and retention
ASIA PACIFIC Japan P&C personalized customer service dramatically improves customer satisfaction and retention INCREASED CUSTOMER SATISFACTION MOTOR TRANSACTIONAL NET PROMOTER SCORE (TNPS) TNPS nearly doubled post introduction of personalized claims video 35 One of the highest claims satisfactio
Slide 112: Hong Kong capitalizes on its unique composite offering
ASIA PACIFIC Hong Kong capitalizes on its unique composite offering to customers through One Zurich brand STRATEGIC APPROACH Established (#4) P&C player in Hong Kong Capture synergies and opportunities from One Zurich brand to improve customer experience Expand distribution multi-channels – ag
Slide 113: Commercial leverages Zurich’s global expertise to expand with Asia’s infrastructure growth
ASIA PACIFIC Commercial leverages Zurich’s global expertise and experience to expand with Asia’s infrastructure growth opportunity ASIA’S INFRASTRUCTURE GROWTH OPPORTUNITY STRATEGIC APPROACH Emerging Asia infrastructure needs of USD 26tn by 20301 Utilize Singapore’s expertise and capability hub
Slide 114: Key messages
ASIA PACIFIC Key messages Diversified Zurich is rebalancing its position in Asia Pacific by strengthening its presence in Australia, Hong footprint Kong and Japan while scaling businesses in emerging markets to provide access to growth Opportunity to Zurich has a strong brand name in mature markets
Slide 115: Finance update – On track to deliver
Finance update – On track to deliver George Quinn, Group Chief Financial Officer
Slide 116: Key messages
FINANCE UPDATE Key messages Targets Well on track to deliver on our Group financial targets Efficiency On track for ~USD 700m in expense savings by the end of 2017 Reduce Improvements in underwriting and reinsurance reducing the impact of natural catastrophes volatility and quarterly large loss vola
Slide 117: Good progress to achieve our financial targets
FINANCE UPDATE Good progress to achieve our financial targets, with all businesses contributing BOPAT ROE (%)1 Z-ECM Ratio (%)2 P&C COMBINED RATIO -0.3ppts 12.5% >12.0% 136% 120% REDUCTION HY-17 vs FY-16 100% HY-17 Target 9m-17e2 Target range LIFE BUSINESS OPERATING +18% PROFIT GROWTH HY-17 vs HY-16
Slide 118: Our expense saving program is well on track
FINANCE UPDATE Our expense saving program is well on track EXPENSES AND SAVINGS BY AREA (%) RESTRUCTURING CHARGES (USDm) USD 10.3bn USD 550m USD 950m ~500 ~500 11% 22% 30% ~150 59% 38% 32% ~350 ~100 38% 40% 31% FY-15 HY-17 Rest of period 2017e 2018e 2019e Cost base Cumulative net Cumulative net expe
Slide 119: Lower headquarter costs are passed on to the business units
FINANCE UPDATE Lower headquarter costs are passed on to the business units through lower recharges HEADQUARTER GROSS EXPENSES (USDm)1 HEADQUARTER REVENUES (USDm)1 1,065 850 785 544 361 272 FY-15 FY-16 HY-17 FY-15 FY-16 HY-17 © Zurich 1 Excluding Shared services. Constant FX. November 15, 2017 Invest
Slide 120: We continue to have a disciplined approach to business investments
FINANCE UPDATE We continue to have a disciplined approach to business investments CAPABILITY INVESTMENT PROGRAMS, SPLIT BY TYPE (%)1 Project portfolio strategically designed to: Regulatory & Compliance Group capabilities Drive market growth Launch new propositions ~USD 800m Improve customer se
Slide 121: Life BOP is driven by high quality revenue streams and is growing
FINANCE UPDATE Life BOP is driven by high quality revenue streams and is growing GROSS MARGIN BREAKDOWN (FY-16) LIFE BOP EVOLUTION (USDbn)2 Investment margin 11% 22% 26% +8% 1.3 Technical 18% 40% 1.2 margin 0.2 12%1 1.0 0.2 15% 1.0 Unit Linked fees 14% Farmers Life 0.2 0.1 9% 7% 25% 7% 0.1 1.1 1.0 L
Slide 122: Further improvements expected in P&C accident year loss and administrative cost ratio
FINANCE UPDATE Further improvements expected in P&C accident year loss and administrative cost ratio COMBINED RATIO (%)1 EXPECTED DEVELOPMENT 103.5% 97.8% 10 year average including 2017 slightly above 3% 98.1% 3.5% 2.6% 2.9% 2017 is an exceptional year (as was 2011) 14.0% 14.7% 15.7% Driven by
Slide 123: We are rebalancing our portfolio to achieve our targets
FINANCE UPDATE We are rebalancing our portfolio to achieve our targets OUR APPROACH Return on Economic Reducing exposure to long tail improves the Capital underwriting result, shortens the payback period, and reduces market and reserve risk Long tail business lessens soft market pressures and In
Slide 124: Shifts in strategy result in changes to the combined ratio composition
FINANCE UPDATE Shifts in strategy result in changes to the combined ratio composition BUSINESS AND GEOGRAPHICAL MIX (% of NEP) LOSS AND COMMISSION RATIO Commission ratio (%) 7% 7% 15% 18% 5% 7% Indicative trend LatAm Specialties Growing Travel Stable 28% 26% 49% 46% Shrinking LatAm Property 27% 28%
Slide 125: We significantly reduced the Group’s net retention
FINANCE UPDATE We significantly reduced the Group’s net retention 2015 GROUP CAT REINSURANCE PROTECTION (USDm) 2017 GROUP CAT REINSURANCE PROTECTION (USDm) 200 150 105 150 500 200 150 200 500 750 500 150 750 200 650 150 750 250 350 200 767 300 750 250 500 460 250 250 850 295 1,0502 777 600 600 300 7
Slide 126: Net impact of recent catastrophes comparatively low for Zurich
FINANCE UPDATE Net impact of recent catastrophes comparatively low for Zurich ILLUSTRATIVE WALK FROM GROSS TO ULTIMATE NET LOSS NET LOSS ESTIMATE PRE-TAX (USDbn)1 FOR HURRICANES HARVEY, IRMA AND MARIA (USDbn) 3.0 1.9 1.1 1.4 0.4 0.7 0.7 0.7 0.6 Gross loss Captives Gross loss Other Gross loss Cat Net
Slide 127: Large loss ratio volatility is improving
FINANCE UPDATE Large loss ratio volatility is improving 2014/2015 LARGE LOSS RATIO (%) 2016/2017 LARGE LOSS RATIO (%) 8ppts 2ppts Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 © Zurich November 15, 2017 Investor Day 127
Slide 128: Clear line of sight in achieving our ROE target
FINANCE UPDATE Clear line of sight in achieving our ROE target ILLUSTRATIVE BOPAT ROE DEVELOPMENT Development since 2016 Investor Day 0-1% ~13% 0-0.5% 11.9% 12% 2.5-3.0% ~2.25-2.5% ~0.5-1% 0.5-1% 9m-16 Market impact Life & Farmers Loss ratio Expense savings Capital allocation 2019 Non-operating NIAS
Slide 129: Cash generation supports our cash remittance target
FINANCE UPDATE We are confident that the level of cash generation seen in the year supports our cash remittance target HY-17 OPERATING CAPITAL GENERATION CASH REMITTANCES TO GROUP VS. NET INCOME 6% 0% 2% FY-12 – FY-16 91% 3% ~USD 1.9bn Capital generation in HY-17 3% -1% FY-17 – FY-19 ~85% - 90% Z-EC
Slide 130: We are focused on delivering an attractive and growing dividend
FINANCE UPDATE We are focused on delivering an attractive and growing dividend underpinned by a stable balance sheet SUSTAINABLE EARNINGS GROWTH TO DRIVE CAPITAL MANAGEMENT POLICY REGULAR DIVIDEND (EARNINGS PER SHARE, ILLUSTRATIVE) (Z-ECM RATIO, %) >140% Mitigating actions required NIAS1 payout 120%
Slide 131: Actively managing our balance sheet and a disciplined acquisition approach
FINANCE UPDATE We are focused on actively managing our balance sheet and on a disciplined acquisition approach Z-ECM IMPACT OF RECENT DIVESTMENTS AND OTHER M&A CRITERIA CAPITAL ACTIONS (USDbn) Main 2017 transactions: 1.2 Sale of Middle East and Financed from internal resources and immediately 0.
Slide 132: Key messages
FINANCE UPDATE Key messages Targets Well on track to deliver on our Group financial targets Efficiency On track for ~USD 700m in expense savings by the end of 2017 Reduce Improvements in underwriting and reinsurance reducing the impact of natural catastrophes volatility and quarterly large loss vola
Slide 133: Closing remarks – Well positioned for the future
Closing remarks – Well positioned for the future Mario Greco, Group Chief Executive Officer
Slide 134: Key messages
CLOSING Key messages Strong franchise We have a uniquely diversified business with strong franchises and well balanced access to and financials distribution backed by a strong balance sheet Delivering on The group’s ability to grow earnings and deliver on targets has been restored through our target
Slide 135: Biographies
Biographies © Zurich November 15, 2017 Investor Day 135
Slide 136: Mario Greco
Skills and experience division. He became general Mario Greco has broad experience manager in charge of the insurance External appointments in business the following year. In Mr. Greco is a board member the insurance industry, having 1998, he was appointed managing of The Geneva Association and serv
Slide 137: Urban Angehrn, Jeff Dailey
Urban Angehrn Skills and experience Urban Angehrn joined the Executive Committee Group. He also served as an adviser to Swiss institutional clients in the use of derivatives, and Group Chief as Group Chief Investment Officer in July 2015. held positions in derivatives marketing and fixed Before taki
Slide 138: Claudia Dill, Jack Howell
Skills and experience took on the role of CEO and President for the Claudia Dill Claudia Dill has more than 25 years of experience North America Shared Services Platform (ZFUS) and CEO Latin in the banking and insurance sectors and has held was promoted in 2010 to Head of Global Business a range of
Slide 139: Alison Martin, George Quinn
Skills and experience Re’s UK Life & Health business unit in 2005. From Alison Martin Alison Martin has extensive management, 2006 to 2011 she was responsible for Swiss Re’s Group Chief Risk financial and commercial experience within the Global Life & Health Risk Transformation team. insurance secto
Slide 140: Kathleen Savio, Gary Shaughnessy
Skills and experience that appointment she held the position of Chief Kathleen Savio Kathleen Savio has more than 25 years of Administrative Officer for North America CEO-Designate experience working across several disciplines at Commercial. Before assuming that role, she led Zurich. Appointed to he
Slide 141: James Shea, Kristof Terryn
Skills and experience Commercial Insurance for AIG in Asia Pacific. Most James Shea James Shea began his insurance career at AIG in recently he was President of Global Financial Lines CEO Commercial 1994 as a financial lines underwriter in New York. based in New York. During his career, he has He jo
Slide 142: Mike Linton, Roy Smith
Skills and experience marketing, research, call centers, and public and Mike Linton Mike Linton is Chief Marketing Officer for Farmers investor relations. In 2006, he moved to eBay, first Chief Marketing Group, Inc. He joined Farmers Group, Inc., in 2011 in general management, then as the Chief and
Slide 143: Javier Lorenzo, Raul Vargas
Skills and experience Javier Lorenzo Javier has 33 years of experience in the banking Head of Bank and insurance sectors. Javier began his career with Grupo Financiero Bancomer in Mexico. Before Distribution joining Zurich, Javier spent 15 years at the Nationality: Spanish Santander Group where he h
Slide 144: Notes
Notes © Zurich November 15, 2017 Investor Day 144
Slide 145: Notes
Notes © Zurich November 15, 2017 Investor Day 145
Slide 146: Notes
Notes © Zurich November 15, 2017 Investor Day 146
Slide 147: For further information
For further information CALL US VISIT OR FOLLOW US Investor Relations Richard Burden +41 44 628 96 40 Aaron Beharelle +41 44 625 25 50 Francesco Bonsante +41 44 628 00 68 Gianni Vitale +41 44 625 48 26 Rating Agency Management Michèle Matlock +41 44 625 28 50 Investor Relations website Financial
Slide 148: Calendar
CALENDAR: February 8, 2018, Annual Results 2017 March 20-21, 2018, Morgan Stanley European Financials Conference 2018, London April 4, 2018, Annual General Meeting 2018 April 9-10, 2018, HSBC West Coast Financials Conference 2018, San Francisco May 9, 2018, Interim Management Statement for
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