2025 Full Year Earnings Release

Media Release

February 19, 2026

Ad hoc announcement pursuant to Art. 53 of the Listing Rules

Zurich delivers USD 8.9bn operating profit, raises dividend to CHF 30, strong progress toward 2027 targets

• Highest-ever profit and Core ROE1: Group business operating profit (BOP) at USD 8.9 billion, return on equity (Core ROE1) at 26.9%

• Outstanding earnings growth: Core Earnings per share2up 13% to USD 45.1, and record net income attributable to shareholders at USD 6.8 billion

• Property & Casualty (P&C) BOP up 22% to USD 5.1 billion, combined ratio improved to 92.6%. Gross written premiums (GWP) exceeded USD 50 billion for the first time, a 5% increase like-for-like3

• Life BOP up 2% to USD 2.3 billion, underlying increase of 10% excluding prior year one-offs. GWP up 7% like-for-like3and the contractual service margin (CSM) at an all-time high

• Farmers strongest BOP ever, up 4% to USD 2.4 billion; Farmers Exchanges4GWP up 4% with rate of policy count growth accelerating throughout the year, surplus ratio at 52.9%

• Strong cash and capital: Cash remittances of USD 7.4 billion; Swiss Solvency Test (SST) ratio at 259%5
• Dividend: proposed increase of 7% to CHF 30 per share
• Board nomination: Mary Forrest nominated for election to Board of Directors, and Jasmin Staiblin intended to be appointed as Vice-Chair, succeeding Christoph Franz

Zurich Insurance Group (Zurich) delivered record earnings across all businesses in 2025, underscoring the strength of the Group's diversified portfolio and its disciplined approach to underwriting and operational excellence, which positions it well for sustainable and profitable organic growth. With this strong start to the 2025-2027 cycle, Zurich is on track to meet its financial targets while generating continued value for all stakeholders.

I am extremely proud to see all our businesses contributing to these record results, which indicate that we are well on track to achieve or even exceed our 2027 targets, and position us well to capture future growth opportunities. I would like to thank all our customers who have continued to reward us with their strengthened loyalty and my colleagues who contributed to achieving this outstanding performance.

Mario Greco, Group Chief Executive Officer

Select financial highlights (unaudited)

For the 12 months ended December 31, 2025, unless otherwise stated (For a more comprehensive set of financial highlights see page 6)

Zurich's P&C business posted record results in 2025, with BOP up 22%, exceeding USD 5 billion for the first time, while the combined ratio improved by 1.6 percentage points to 92.6%. Insurance revenue rose 8% to USD

48.2 billion and GWP reached USD 50.4 billion. Rates increased 2% overall, supported by higher Retail rates and continued strong momentum in selected Commercial lines. The Group further strengthened its customer retention rate in P&C to 82%, while expanding its Retail customer base to more than 82 million in 2025.

BOP contribution of the Commercial Insurance business rose 12% to USD 3.8 billion. This strong BOP growth is driven by continuous disciplined portfolio management and good underlying GWP growth in the Middle Market segment and specialty lines, while also benefiting from a benign natural catastrophe season. Retail BOP surged 50% (USD 491 million) to USD 1.5 billion, reflecting 16% premium growth, improved pricing sophistication, enhanced risk selection and higher earned premium rates, with a particularly strong contribution from EMEA.

Zurich's Life business delivered an excellent performance. BOP of USD 2.3 billion surpassed the 2024 record, which benefited from USD 154 million in non-recurring items. The contractual service margin (CSM), which reflects unearned profit, reached an all-time high of USD 13.8 billion. New business and gross premiums6increased 14% and 7% respectively on a like-for-like3basis, driven by strong sales of capital-efficient savings and protection products. The protection business, which drives almost 60% of the Group's Life BOP, saw GWP6increase 5% on a like-for-like3basis, with growth accelerating to 7% in the second half of 2025, following the normalization of sales in Zurich's Brazil bancassurance joint venture.

The Farmers Exchanges4, which are owned by their policyholders, continued to make excellent progress in 2025, delivering for the first time in over 10 years a net increase in policy counts of more than 150,000, with momentum accelerating throughout the year. The business increased GWP by 4%, supported by higher new business volumes and improved customer retention. An excellent underwriting performance, evidenced by a combined ratio of 84.6%, underpinned a very strong surplus ratio of 52.9% at year-end.

Farmers reported its strongest BOP ever of USD 2.4 billion, with Farmers Management Services (FMS) delivering a record USD 2.2 billion. This is a 4% increase compared with the prior year, reflecting the robust growth at the Farmers Exchanges4and an increased contribution from Agency Brokerages.

Business performance

Property & Casualty

in USD millions, for the 12 months ended December 31, 2025, unless otherwise stated

P&C business operating profit (BOP) reached USD 5.1 billion, an increase of 22% in U.S. dollars and on a like-for-like3basis compared with the prior year. The Group benefited from higher insurance revenue and an improved combined ratio of 92.6%.

GWP grew 8% in U.S. dollars and 5% on a like-for-like3basis. Insurance revenue increased 8% in U.S. dollars and 4% on a like-for-like3basis, reflecting ongoing expansion of the underlying portfolio.

Commercial Insurance's combined ratio improved by 1.2 percentage points year-over-year to 91.0%. This was driven by continued targeted actions that enabled the motor combined ratio to fall below 100%, and, combined with cost-reduction measures, restored satisfactory profitability in Crop. Property posted a combined ratio in the mid-80s thanks to disciplined underwriting, including active management of natural catastrophe exposures.

Commercial motor achieved a combined ratio of 98.4%, a significant improvement of more than 16 percentage points compared with the prior year. This result was supported by targeted portfolio actions, including a planned reduction of motor-heavy programs, exits from mono-line motor programs, and price increases.

Middle Market GWP increased 1%, with strong underlying growth offset by planned management actions to reduce motor liability exposure in the U.S. programs portfolio. Excluding these portfolio actions, Middle Market GWP grew 7% compared with the prior year. Europe grew 16%, supported by strong demand in all countries, with the UK, Germany and Italy showing particularly strong momentum. Margins remain very attractive, supported by a favorable rate environment, with an underlying combined ratio of 88.3%, which is 4 percentage points lower than the average for the rest of the Commercial book.

Specialty GWP increased 1%, with strong growth in EMEA and in the U.S. construction business, where Zurich underwrote more than 200 data center construction projects. This was primarily offset by a reduction of large accounts business in Property E&S due to the softening rate environment. In Specialty, individual lines such as construction and energy saw rate increases of 5% and 4% respectively. Zurich's construction book is well positioned to further benefit from secular trends in infrastructure and technology investments. Construction GWP rose 4% compared with the prior year while maintaining a strong combined ratio in the low 80s. The underlying Specialty combined ratio of 88.5% remains at a very attractive level.

In Retail, GWP increased 16% in U.S. dollars and 7% on a like-for-like3basis, supported by a 5% rise in rates -largely reflecting motor rate increases of 8%. Across international markets, EMEA grew 8% and Asia Pacific 5% on a like-for-like³ basis, with both regions benefiting from strong performance in motor, property and specialty lines. Latin America increased GWP by 10% on a like-for-like³ basis, supported by strong retail property growth and higher retail motor sales across the region.

The combined ratio of 94.4% reflects an improvement of 2.1 percentage points year-over-year, due to improved pricing sophistication and disciplined risk selection in the motor and property portfolios, as well as higher earned premium rates across all business lines, which resulted in further margin expansion.

Life

in USD millions, for the 12 months ended December 31, 2025, unless otherwise stated

Protection GWP6rose 5% year-on-year on a like-for-like3basis to USD 9.7 billion, driven by growth in EMEA, Asia Pacific, and captive employee benefit solutions. Latin America also returned to growth after a temporary slowdown in the first half of the year. Savings and annuities GWP6were 77% higher year-on-year on a like-for-like3basis at USD 6.1 billion, driven by the successful launch of a capital efficient retail savings product in Spain through the joint venture with Banco Sabadell. GWP6for unit-linked and investment contracts were 3% below prior year on a like-for-like3basis at USD 20.4 billion, primarily driven by lower sales in Brazil.

New business premiums rose 14% on a like-for-like3basis to USD 19.5 billion, driven by the above-mentioned retail savings product in Spain, protection products in EMEA, and unit-linked growth in Asia Pacific. New business written added USD 1.2 billion of CSM, an increase of 11% on a like-for-like3basis compared with the prior year, driven by sales growth.

Short-term insurance contracts, predominantly related to the Latin American protection business, generated USD 3.0 billion of insurance revenue in 2025, with 9% growth in local currencies.

Fee revenue generated by investment contracts, which are mainly written in EMEA, grew 13% on a like-for-like3basis benefiting from higher assets under management.

Farmers

in USD millions, for the 12 months ended December 31, 2025, unless otherwise stated

The Farmers Exchanges,4which are owned by their policyholders, continued to make excellent progress in 2025. Decisive management actions supported stronger underwriting performance and further organic surplus accretion, placing the organization in a position of strength with excess capital and the capacity to pursue sustainable growth.

The Farmers Exchanges4GWP increased by 4%, driven by higher new business volumes and improved retention. Policy count growth accelerated over the last nine months, turning positive after the first-quarter decline and building momentum through year-end, adding more than 150,000 policies to the continuing business. Gross earned premiums grew by 3%, reflecting ongoing expansion of the underlying portfolio.

The Farmers Exchanges4reported a combined ratio of 84.6%, an improvement of 6.8 percentage points compared with the prior year. The result reflects continued strengthening in underlying performance and was supported by lower year-on-year catastrophe losses, despite the impact of the California wildfires. Strong underwriting performance contributed to a surplus ratio of 52.9%, an increase of 10.5 percentage points compared with December 31, 2024.

Farmers delivered a BOP of USD 2.4 billion, an increase of 4% compared with the prior year. The result at Farmers Management Services (FMS) benefited from a higher gross earned premium base at the Farmers Exchanges4and stable margin, together with a growing contribution from the Agency Brokerages. The Agency Brokerages increased fee service revenue by 21% and expanded their BOP contribution by 26% to

USD 49 million in 2025. Farmers Re performed strongly, supported by excellent underwriting results at the Farmers Exchanges4, partly offset by a lower All Lines Quota Share participation rate of 8.0% compared with 10.0% in the prior year.

Capital position

As of December 31, 2025, Zurich's Swiss Solvency Test (SST) ratio was estimated at 259%5, which compares with 253% as of December 31, 2024. The improvement was driven primarily by strong operating earnings and favorable market movements, partially offset by dividend accrual.

Board nominations

The Board of Directors will propose the election of Mary Forrest to the Board at Zurich's Annual General Meeting on April 8, 2026. Ms Forrest has extensive insurance market expertise. Her nomination follows a distinguished career at Munich Re, where she served as President and CEO North America Life from 2008 to 2026, as Executive Vice President Individual Life Services in Canada from 1998 to 2008 and as Vice President Individual Life Services in Canada from 1996 to 1998.

Further, the Board intends to appoint Jasmin Staiblin as Vice-Chair succeeding Christoph Franz, who will not stand for re-election as he has reached the maximum tenure of 12 years.

1Previously referred to as BOPAT ROE. Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and

losses.

2Business operating profit after tax (BOPAT) divided by the weighted average number of shares (diluted).

3Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.

4Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services.

5Estimated Swiss Solvency Test (SST) ratio as of December 31, 2025, calculated based on the Group's internal model approved by the Swiss Financial Market Supervisory Authority FINMA. The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA.

6Gross written premiums for Protection, gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts).