Financial results and reports (annual report 2025 en)

Annual Report 2025

What do you see?

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Zurich Insurance Group

Annual Report 2025

Financial

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Sustainability Risk

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Governance

Look carefully at the drone hovering over the front cover of our 2025 Annual Report.

A single technology can carry many futures. Technology is rarely good or bad. It's how we use it that defines its impact.

At Zurich, we use drones as tools of resilience. Combined

with AI and high-resolution imagery, they give our risk engineers a clearer view from above, turning uncertainty into insight,

and insight into action.

No matter how unpredictable the world becomes, our commitment is to help you see what matters the most, with confidence.

The future is uncertain.

We're not.

Case studies

Discover how we are turning the future's unpredictability into our greatest strength.

Jump to this year's feature stories:

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Inside this report

How we are delivering value to

Our global business 12

Our business mix 13

Our business model 15

The future is uncertain.

We're not.

Discover how we are turning the future's unpredictability into our greatest strength. 19

Our stakeholders 25

Z Zurich Foundation 34

Message from our Chairman

on corporate governance 38

Corporate governance report 40

Message from our Chair of

the Remuneration Committee 82

Remuneration report 86

Message from our

Group Chief Financial Officer 258

Financial overview 260

Message from our

Group Chief Investment Officer 270

Consolidated financial statements 272

Holding company 408

Shareholder information 422

Acronyms and abbreviations 424

Glossary 426

Contact information 428

How we are delivering on our strategy

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Message from our CEO on sustainability 126

Sustainability report 129

Zurich Insurance Group (Zurich) is a leading global multi-line insurer founded more than 150 years ago, which has grown into a business serving more than 82 million customers in more than 200 countries and territories, while delivering industry-leading total shareholder returns.

Reflecting its purpose to 'create a brighter future together,' Zurich offers protection services that go beyond traditional insurance, to support its customers in building resilience. Since 2020, the Zurich Forest project has supported reforestation and biodiversity restoration in Brazil's Atlantic Forest.

The Group has more than 65,000 employees and is headquartered in Zurich, Switzerland.

Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX.

Further information is available at:

https://www.zurich.com

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Message from our Chairman and Group CEO

Our disciplined strategy execution and strong governance keep us

thriving in an uncertain

world

The past year once again demonstrated how rapidly the world can shift. Geopolitical tensions, extreme weather, economic uncertainty and the accelerating impact of AI introduced new layers of complexity - and new forms of risk.

Yet within this landscape, opportunity continues to emerge. Periods of change create space for innovation, for deepening customer relationships, and for capturing new avenues of growth. At Zurich, we see opportunity in risk, and 2025 was no exception. Our performance confirms that even

in times of uncertainty, Zurich continues to deliver with consistency and confidence.

For the full year 2025, Zurich delivered its highest-ever business operating profit (BOP) of USD 8.9 billion and net income attributable to shareholders of USD 6.8 billion, reflecting record earnings across Property & Casualty, Life, and Farmers. Core ROE1reached 26.9 percent, and Core earnings per share2rose 13 percent to USD 45.1.

This outstanding performance demonstrates that Zurich's strategy is robust across market cycles and resilient in the face of volatility. With a strong start to the 2025-2027 cycle, we are firmly on track to meet our financial targets while continuing

to generate sustainable value for all stakeholders.

With this strong set of results and our outstanding capitalization, the Board will propose a 7 percent increase in the dividend to CHF 30 per share.

Our P&C business achieved a record BOP of

USD 5.1 billion, up 22 percent. The combined ratio improved by 1.6 percentage points to 92.6 percent, with insurance revenues rising by 8 percent to

USD 48.2 billion and gross written premiums (GWP) reaching USD 50.4 billion.

Our Commercial Insurance business increased BOP by 12 percent to USD 3.8 billion, driven by continuous disciplined portfolio management and strong premium growth in the Middle Market and Specialty segments, while also benefiting from

a benign natural catastrophe season.

Our Retail business delivered exceptional progress, with BOP up 50 percent to USD 1.5 billion, supported by an improvement in the combined ratio of 2.1 percentage points to 94.4 percent.

This reflects more sophisticated pricing, better risk selection, and higher earned premium rates.

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

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

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Message from our Chairman and Group CEO

We are equally thankful to our customers, whose continued trust and loyalty strengthen our position and motivate us to keep improving. Their confidence in Zurich is a responsibility we take seriously.

And to our shareholders, thank you for your

Our Life business delivered an excellent performance, raising BOP by 2 percent to USD 2.3 billion - an underlying increase of 10 percent excluding prior-year one-offs.

New business premiums and gross premiums1increased 14 percent and 7 percent, respectively, on a like-for-like basis2, reflecting stronger

sales of capital-efficient savings products and protection solutions.

The Protection business, which drives almost 60 percent of the Life BOP, saw GWP1increase 5 percent on a like-for-like basis2, with growth accelerating to 7 percent in the second half

of 2025, further reinforcing the strength of our market positioning.

Farmers posted its strongest-ever BOP of USD 2.4 billion, with Farmers Management Services contributing a record USD 2.2 billion. This is a 4 percent increase compared with the prior year, reflecting the robust growth

at the Farmers Exchanges3and an increased contribution from Agency Brokerages.

The Farmers Exchanges3, which are owned by their policyholders, continued to make excellent progress in 2025, delivering for the first time in 10 years a net increase in policy counts of more than 150,000, with momentum accelerating throughout the year. Strong underwriting discipline led to a combined ratio of 84.6 percent, an improvement of 6.8 percentage points.

Test (SST) ratio was estimated at 259 percent4, up from 253 percent a year earlier. With cash remittances of USD 7.4 billion, our balance sheet strength is supported by disciplined risk management, diversified earnings, and robust financial flexibility.

our people made the difference. Their expertise, resilience, and customer focus underpin every aspect of our success. We remain committed to investing in their development, fostering an inclusive culture, and equipping our teams with the skills and tools needed to thrive in a fast evolving landscape. To all our colleagues around the world, thank you for your dedication and exceptional work.

continued support. It strengthens our long-term foundations and supports the ambitions we have set for the years ahead.

Our strength lies in disciplined strategy execution and sound governance. These qualities enable

us to navigate volatility and create sustainable value for all stakeholders. As we move forward, we remain committed to supporting our customers and communities - confident in our ability to lead with clarity and purpose, no matter what lies ahead.

The future may be uncertain, but Zurich is not. Yours sincerely,

Michel M. Liès Mario Greco

Chairman of the Group Chief

Board of Directors Executive Officer

Learn more about our strategy, our 2025-2027 priorities, and how we're unlocking strategic growth opportunities.

Read more about our strategy:

Page 7

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

2. Like-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.

3. Zurich 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 receives fees for their services.

4. Estimated 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.

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Our performance

Thriving in a changing environment -maintaining a

strong position

and outlook

Zurich delivered record earnings across all businesses in 2025, underscoring the strength of its diversified portfolio, disciplined approach to underwriting and operational excellence, which positions it well for sustainable and profitable organic growth.

USD 8.9bn

26.9%

USD 7.4bn

CHF 30.00

USD 178bn

SST 259%

>82 million

USD 6.8bn

USD 27.4bn

1. Shareholders' equity used to determine ROE and Core ROE includes net unrealized gains/(losses) on financial assets, net change in discount rate for (re-) insurance contracts and net change in fair value of underlying items through OCI. Core ROE was previously referred to as BOPAT ROE.

2. Proposed dividend, subject to approval by shareholders at the Annual General Meeting, expected payment date as from April 14, 2026. Gross dividend, subject to 35 percent Swiss withholding tax.

3. Market value of the investment portfolio (economic view). See page 271for further details.

4. Estimated 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.

5. Total paid on closed and outstanding claims, before reinsurance. Excludes Zurich Santander Insurance America, S.L. and its subsidiaries, the Bansabadell insurance entities, Zurich Cover-More, and Farmers.

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Our strategy

Executing on our

2025-2027

priorities

We are on track to deliver on our 2025-2027 three-year plan, which sets out the most ambitious targets in Zurich's history.

With disciplined strategy execution, we are raising the bar across our Commercial, Retail, Life and Farmers businesses.

Our plan focuses on delivering strong results, building a resilient business, and positioning Zurich for long-term success in a changing world. We are prioritizing structural growth in Specialty, Middle Market, and Life Protection, building on our proven track record and strengths.

We believe this focused approach will help us capture new opportunities, enhance our cash generation, and deliver strong returns for our shareholders.

Commercial

Retail

Life

Farmers

Core EPS3CAGR

>9%

Core ROE4

>23%

Cash remittances

>USD 19bn

cumulative

BOP >USD 4.2bn

in full-year 2027

Middle Market GWP2

>USD 10bn in full-year 2027

Return to long-term level of profitability

Accelerate focus on customer loyalization

Grow protection GWP by 8% CAGR

Continue the transformation enabling sustainable growth at Farmers Exchanges1

Subject to an SST ratio5floor of

160%

1. Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc. (FGI), 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.

2. Middle Market business includes North America Program business, Excess & Surplus and Middle Market business sourced through other business units.

3. Core earnings per share (EPS) in USD based on business operating profit after tax (BOPAT).

4. Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.

5. Estimated Swiss Solvency Test (SST), 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 the end of April in the subsequent year and is subject to review by FINMA.

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   Group overview

Our strategy

Unlocking strategic

growth opportunities

We're driving structural growth by leveraging our competitive strengths and proven track record. We're accelerating innovation and expanding our impact across Specialty, Middle Market,

and Life Protection where our expertise sets us apart.

Midsize companies are engines of innovation and economic growth, but they often lack

the risk management resources of larger firms.

As a result, they need tailored insurance solutions and expert guidance to manage evolving risks.

Zurich is ideally positioned to serve these needs. Our strong technical and operational foundation gives us a competitive edge in the fragmented Middle Market segment, which offers higher growth, better margins, and less volatility -making it a key strategic focus.

Zurich has achieved consistent, profitable double-digit growth in Middle Market insurance across the U.S. and globally over the past four

years. This reflects our expansion into fast-growing regions and industries, investments in underwriting expertise and top talent, and adoption of AI to

Life is a key pillar of our strategy, contributing around a quarter of the Group's business operating profit and delivering attractive and predictable revenue streams. We are on track to profitably grow this business and achieve our target of increasing Life Protection premiums by 8 percent annually between 2025 and 2027.

Global protection and savings gaps are widening as economic and demographic shifts place greater responsibility on individuals for their own financial wellbeing. This creates significant opportunities for insurers to help customers, whether individually

or through their employers, secure their future.

To capture this growth, we have established a new Life, Health and Bank Distribution unit. This unit strengthens our capabilities in Life product development, pricing, underwriting and claims,

Specialty lines represent a significant growth opportunity for Zurich. Global trends in infrastructure, technology, and energy transition are increasing demand for complex insurance solutions. These specialty lines of business -including construction and engineering, financial lines, energy, cyber and marine - require deep expertise and are likely to enjoy stable earnings with attractive returns.

Zurich is already among the leading providers in

this market, managing a USD 9 billion specialty portfolio supported by more than 1,200 specialist underwriters, 400 risk engineers, and 4,000 claims professionals.

Our decades-long investment in data and underwriting capabilities enables us to serve customers globally and deliver consistent, superior underwriting results.

To unlock further growth, we have established a new Global Specialty business unit. This structure allows us to centralize investment, foster collaboration, and develop talent across our specialty lines.

By deploying resources where they are needed most and introducing competitive compensation programs, Zurich is well positioned to capture future opportunities in the specialty lines market.

deliver innovative risk solutions efficiently.

Leveraging our capital strength, trusted brand, and close relationships with customers and brokers, Zurich is set to unlock even greater value in this attractive market. We are on track to grow Middle Market gross written premiums to more than USD 10 billion by 2027, as outlined in our 2025-2027 plan.

while leveraging data analytics and AI across the value chain to improve customer experience and efficiency. By combining global expertise

with advanced technology, Zurich is well positioned to meet changing customer needs and deliver sustainable, profitable growth in Life.

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Our strategy

Creating stakeholder value through

strategic discipline

Our customer-focused strategy has underpinned Zurich's achievements over the past three financial cycles and remains central to our performance in the 2025-2027 plan.

Building on three cycles of successful delivery, we continue to strengthen our foundation and drive sustainable growth.

The disciplined execution of our strategy helps Zurich to remain resilient, adaptable, and competitive.

By focusing on our core strengths and embracing innovation, we are well placed to deliver on our targets and create lasting value for all stakeholders.

Zurich's ambition is to be the insurer of choice by building meaningful relationships with customers and earning their loyalty.

We are simplifying our business and operations, reducing

unnecessary complexity to make better use

of resources.

We are evolving to continue to meet customers' expectations and needs.

Targets1 2017-2019 2020-2022 2023-2025 2025-2027

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Our strategy - Spotlight on AI

Delivering better customer outcomes by

leading

with innovation

Artificial intelligence is our catalyst for reimagining insurance -delivering smarter, faster, and truly personal solutions.

In the U.S., Zurich's Middle Market team collaborated with Nearmap to integrate high-resolution aerial imagery and AI-driven roof scoring into its underwriting workflow.

The tool helps underwriters assess property risks more accurately and quickly - flagging damage, property upgrades and exposure concerns in seconds. Already live across the

U.S., Nearmap is designed to support better risk selection, faster quoting and tailored pricing, especially in locations with wind and hail exposure.

Zurich's Voice IQ, powered by GenAI, is helping us build stronger customer relationships. By analyzing thousands of customer calls, Voice IQ gives our call center teams real-time, tailored suggestions and identifies the most effective products and approaches. This lets us offer customers highly personalized retention solutions, showing we understand what matters to them. At Sabadell Seguros, our partnership with Banco Sabadell in Spain, retention rates increased

by 20 percent. This success earned a Qorus Award for Innovation in Insurance 2025 as GenAI Innovator of the Year.

Zurich has established a new AI Lab through a joint initiative with ETH Zurich and the University of St. Gallen. A multidisciplinary team, based in Zurich, St. Gallen, and Singapore, is focused on developing scalable

AI solutions for real-world insurance challenges, redefining customer expectations, and aims to set new standards for responsible innovation.

"With AI advancing rapidly, we're adapting our strategy to drive transformation at the core of our business and shape what's next," says Ericson Chan, Group Chief Information and Digital Officer.

"By actively exploring the next wave of agentic AI opportunities, we

can deliver meaningful impact for our customers and operations, while building a knowledgeable, future-ready workforce."

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Our strategy - Spotlight on cyber resilience

Unlocking the potential of AI by

preparing for the unknown

You can't unlock the potential of AI without cyber resilience. Zurich is making it possible for businesses of every size.

Zurich Germany and Deutsche Telekom jointly launched a new cyber insurance solution for Deutsche Telekom's medium-sized and industrial business clients.

Combining Zurich's expertise in cyber insurance and risk management

with Deutsche Telekom's IT security strengths, the solution provides

real-time risk analysis and flexible coverage. This collaboration enhances comprehensive cyber resilience, enabling businesses to address evolving digital threats with tailored, expert support.

Most cyber insurance falls short of fully protecting small to midsize enterprises (SMEs) from today's digital risks. Zurich's July 2025

acquisition of Toronto-based global cyber protection specialist BOXX Insurance represents a significant step toward closing that coverage gap. BOXX strengthens Zurich's ability to deliver integrated cyber solutions - spanning prevention, protection, and recovery - tailored for SMEs and retail customers.

With nearly one million customers across five continents, BOXX expands Zurich's global footprint and accelerates its mission to make cyber resilience accessible, practical, and personal for businesses of every size.

Read more about this story here: https://www.zurich.com/media/news-releases/2025/2025-0703-01

Facing rising cyber threats, Haydon Bolts, Inc. made cybersecurity a board-level priority. By collaborating with Zurich Resilience Solutions' cybersecurity brand SpearTip in

the U.S., the Philadelphia-based manufacturer introduced 24/7 threat monitoring, endpoint management, and employee training. Over 520 million logs are analyzed annually, saving

330 IT hours per quarter. The outcome: stronger defenses, streamlined audits, and greater confidence at insurance renewal. "Cybersecurity protects revenue, uptime, and reputation,"

says Brad Spelman, Haydon Bolts' Group Controller and Treasurer.

This proactive approach shows how leadership and expert partners

can make cybersecurity a business growth driver - not just an IT issue.

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Our global business

Strength, scale and Latin America

Zurich operates in Brazil,

global

reach

We offer a wide range of products and services in more than 200 countries and territories. Our global footprint is a strength, providing scale and opportunities to adapt to the changing needs of our customers and the markets we serve.

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

2 Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc. (FGI), 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.

3 Excludes Farmers Re and Farmers Life.

4 Includes our Farmers business, which for clarity does not include the Farmers Exchanges, which are owned by their policyholders.

Mexico, Argentina and Chile, among other countries.

Read more on:

Page 384-387

USD 3.2bn

USD 6.9bn

USD 0.6bn

8,726

Zurich operates in the U.S. and Canada.2

Read more on:

Page 384-389

USD 22.1bn

USD 0.9bn

USD 5.1bn

17,921

Zurich has major operations in Germany, Italy, Spain, Switzerland, the UK and a presence in other key countries in Europe and the Middle East.

Read more on:

Page 384-387

USD 20.7bn

USD 25.4bn

USD 3.6bn

28,740

Zurich has a growing footprint in Asia Pacific, with operations in Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Singapore and India.

Read more on:

Page 384-387

USD 4.1bn

USD 3.2bn

USD 0.6bn

10,050

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Our business mix

Multi-line insurance to serve a

broad customer base

We are a leading multi-line insurer, serving more than 82 million customers in both global and local markets. Through our Property & Casualty and Life businesses, and Farmers, we cater to a broad range of customers: individuals and families, small and midsized businesses, public entities, and multinational corporations.

Insurance, services and risk insights.

Read more on P&C:

Pages 262-263

Protection, savings and investment solutions.

Read more on Life:

Pages 264-265

Provides services to the Farmers Exchanges.2

Read more on Farmers and Farmers Exchanges2:

Page 266

USD 5.1bn

Business operating profit

USD 48.2bn

Insurance revenue

Zurich is one of the leading global commercial insurers with a profitable retail franchise which positions us well for success through the cycle.

USD 2.3bn

Business operating profit

USD 36.2bn

Gross premiums and deposits1

Zurich operates a long-term strategy of focusing on protection and capital-light savings business.

USD 2.4bn

Business operating profit

USD 4.7bn

Fee service revenue

Zurich has no ownership interest in the Farmers Exchanges,2which are owned by their policyholders.

The Exchanges are a leading player in U.S. personal lines insurance.

E

D

A

C

B

C

B

A

2025 insurance revenue by line of business

2025 gross premiums and deposits by line of business1

2025 by business

B

C

A

Farmers Management

Services 90%

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

2 Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc. (FGI), 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.

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Our business mix - Spotlight on Farmers®

Building the insurance organization of

the future

Farmers®1is harnessing technology to create an insurance organization that's faster, smarter and customer-first.

In 2025, Farmers continued its journey toward building the insurance organization of the future by weaving digital innovation into every aspect of its strategy. Investments in platforms, like Alta and the new Life Electronic Application (LEA), make quoting and issuing policies faster and easier than ever. These technologies have made it easier for customers to access the services they need, all while streamlining processes behind the scenes.

With a renewed focus on operational efficiency, Farmers has helped agents and employees to focus on what matters most - growth, collaboration,

and delivering an outstanding customer experience.

The organization's commitment to simplification

has opened doors for new ideas and more meaningful interactions, helping teams to spend less time on routine tasks and more time driving value.

Throughout the transformation, Farmers has been strategic in its approach - anticipating opportunities while understanding and acting on feedback. Feedback from customers, agents, and employees has played a central role in shaping product enhancements and business strategies. This collaborative approach ensures that change is guided by those closest to the work, making the organization more responsive, innovative, and even better prepared for a winning future.

1 All references to 'Farmers Exchanges' mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. The three Exchanges are California domiciled interinsurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and certain of its subsidiaries are appointed as the attorneys-in-fact for the three Exchanges and in that capacity provide certain non-claims services and ancillary services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the Farmers Exchanges but

is provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company.

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Our business model

We create

sustainable value

In over a century and a half, our business has continued to evolve, aiming to deliver value to all our stakeholders.

Customer expectations are evolving and creating new demands. Customers increasingly expect a seamless digital experience with more personalized and sustainable products, faster delivery and simpler processes.

Our employees seek to perform at their best, acquiring new skills and improving existing ones. They bring results, create impact and realize their purpose in an organization that is resilient and future-ready, so they can help our customers do the same.

We are supporting a successful transition and building societal resilience to offer the prospect of a stronger, more prosperous future. Environmental challenges, including climate change and nature loss, impact the real economy which we insure and invest in, and ultimately can impact on our long-term value.

Our shareholders and bondholders provide the financial capital that sustains our business. We maintain a strong balance sheet. Find more on our financial strength and issuer credit ratings here: https://www.zurich.com/investor-relations/ratings

We respect the protection of international human rights within

our sphere of influence and set out clear environmental, social and ethical expectations for our suppliers globally.

Read more on:

Page 16

Helping our retail

and commercial customers

to understand and protect themselves from risk

Property & Casualty

Life

Net

investment result

Premiums,

deposits

Invest and fees

Read more on:

Page 18

Read more on:

Page 17

Underwriting

result

Read about the ways we serve our customers: Page 26

Read about our people and how they contribute to the business: Page 28

Read about the ways we contribute to a more sustainable future: Page 30

Read about how we meet the needs of our investors: Page 32

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Our business model

With a rich heritage spanning more than 150 years, Zurich has established itself as a trusted partner in managing risks and providing innovative insurance solutions.

In Property & Casualty, we offer insurance coverage for businesses and individuals.

This includes commercial auto, property, liability, specialty, and workers' compensation products, as well as personal lines insurance, such as motor and home coverage. We receive premium payments and pay claims. Additionally, we invest the premium payments to generate returns and further support our insurance operations.

Our Life business offers life insurance products that provide financial protection to individuals and their families in the event of the policyholder's death or other specified events. We receive premium payments and when required pay out

a predetermined sum of money to the designated beneficiaries. We also focus on unit-linked products, which combine life insurance coverage with investment opportunities.

Farmers Group, Inc. (FGI), 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.1

We continuously expand our network, making products, services and solutions available

to customers through many channels: directly, or indirectly via brokers and agents, and in cooperation with third parties including banks, travel providers, retailers, rental agreements and car dealerships.

A strong, global partner network is vital to our success, and this requires developing and curating our relationships.

The success of our business and the satisfaction of our customers are founded on the activities described below, from pricing risk to settling claims quickly. Trusted customer relationships mean we are better able to provide advice and solutions that meet the individual needs of our customers in an evolving risk landscape.

Insuring risks is central to what we do.

Our underwriting expertise, knowledge and skill, accumulated over decades of experience

and backed by a wealth of data, gives us the ability to assess, understand and quantify risks at all levels of complexity. This enables us to offer fairly priced, appropriate insurance solutions to our customers, as well as provide insights to support them in managing their risks and mitigating potential losses.

As trusted long-term partners, we stay close to

our customers to better understand their individual needs and, where possible, equip them with the right tools to navigate any challenges they face.

We have deployed technology throughout the organization to improve how we engage with our customers and support our underwriters in providing a superior service. We constantly make improvements to the day-to-day environment

for our underwriters by seeking and acting on their feedback. This reduces turnover and means we can retain talented and experienced people within the organization, helping us to maintain the strong technical capabilities our customers expect.

It is vital our customers have faith and confidence in our ability to fulfill our commitments. Experience and a reputation built over decades mean our customers can trust us to use our expertise

to support them in their time of need, responding swiftly, keeping them informed throughout their journey, and settling the claim fairly.

We are constantly seeking new ways to respond to our customers' expectations of service, offering a choice of communication channels and self-

service capabilities. We innovate to respond to their changing needs and enhance the sustainability of the services we deliver. We strive to deliver insights to customers to help them mitigate and even avoid future losses.

We systematically analyze customer feedback using a range of engagement opportunities, including

net promoter system (NPS) programs, not only as part of our claims process but throughout all key customer touchpoints.

Our Group-wide policy, the 'Zurich Way of Reserving,' with well-defined standards and conservative approach, is the basis for how we calculate insurance liabilities. Our reserving process is supported by strong governance, including extensive internal and external reviews.

Our income includes returns from invested premiums, policy fees and deposits. Our success as a business is important to those who depend

on us to pay claims reliably, as well as investors who look to us to deliver savings returns.

Zurich's approach to managing investments aims to maximize risk-based returns relative to the Group's liabilities, while understanding emerging risks in challenging times. That is why we manage our assets responsibly and do this by integrating sustainability factors in our investment decisions.

1 Zurich Insurance Group has no ownership interest in the Farmers Exchanges.

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Our business model - Spotlight on Claims

Putting customer needs first, by being

smarter, faster, more human

We saw a rise in customer satisfaction with a 2.3 point increase in our global Transactional Net Promoter Score (TNPS). This reflects our commitment

to deliver speed of certainty to our customers enabled by AI, automating key processes including document ingestion, removing manual administration, and freeing up our teams to support customers more proactively. We delivered over 14,000 hours of training, plus 1,400 hours through our new technical

talent program. Combining internal and external expertise, it develops future-ready claims professionals with strong communication, technical, and business skills.

A new quality assurance platform further strengthens delivery, coupled with

a new centralized approach to oversight of claims metrics, which has eliminated over 500 hours of manual work, again allowing our people to focus on their core role in supporting our customers. And by collaborating with Underwriting and Zurich Resilience Solutions, we're using claims data to help customers

prevent risk - not just recover from it. Together, we're building a more resilient future.

Tom Thornberry

Chief Claims Officer

By analyzing claims data for a global brewing company, Zurich uncovered a pattern of catastrophic failures

in brew kettles and vessels across several countries. Our experts across Claims, Underwriting and Zurich Resilience Solutions, worked with the customer to pinpoint root causes and recommend enhanced operating procedures and early-warning technology.

This proactive approach helps the customer prevent similar incidents and protect operations worldwide. It's an example of how Zurich turns claims insights into practical solutions - helping customers

avoid repeat losses, not just recover from them.

ZuriFault, an AI-powered tool developed in-house during the Zurich Innovation Championship, is helping our UK Claims team make motor liability decisions faster and more accurately.

The tool analyzes data from case law, traffic regulations, and evidence sources such as police reports and CCTV footage to provide clear

recommendations to claims handlers. This frees up our claims teams to spend more time supporting our customers and gives us the opportunity to provide the highest levels of service.

"ZuriFault has the potential to transform

11m

USD 27.4bn

the way our claims handlers determine liability, and I'm excited to support

the next phase of development," says James Nicholson, UK Chief

1 Total paid on closed and outstanding claims, before reinsurance. Excludes Zurich Santander Insurance America, S.L.

and its subsidiaries, the Bansabadell insurance entities, Zurich Cover-More, and Farmers.

Claims Officer.

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Our business model - Spotlight on Underwriting

Helping customers navigate uncertainty with

clarity, speed, and conviction

In an uncertain world, we continually evolve to deliver tailored coverage and better outcomes. We understand that our customers seek clarity, speed, and conviction - not just capacity. That's why underwriting excellence is reemerging as a competitive differentiator. We believe the future belongs to those who can underwrite complexity with simplicity, blending data, technology, and human judgment with an agile mindset.

Integrating AI across our processes drives efficiency, enhances the customer experience, and enables rapid responses to changing needs. By using AI strategically, we strengthen our ability to manage portfolios dynamically and build resilience. Our goal isn't to avoid uncertainty, but to understand, measure, and help our customers navigate it with confidence. We empower underwriters with better data, AI-supported solutions, and actionable insights - equipping our teams to make better decisions, respond faster,

and spend more time with customers. This ensures underwriting excellence remains at Zurich's core.

Penny Seach

Chief Underwriting Officer

After winning the Zurich Innovation Championship in 2024, insurtech startup Sixfold collaborated with Zurich's U.S. Middle Market team to deploy a generative AI tool that distils thousands of pages of complex risk data into decision-ready insights for underwriters. Now fully deployed across dozens of U.S. offices, it saves underwriters up to two hours per

In Property, we're redefining risk management through innovation, technology, and teamwork.

Property Insights is a collaborative initiative between Zurich Resilience Solutions and Zurich Underwriting that blends advanced data, expert analysis, and forward-looking technology to quantify property risk scenarios. By expressing severity and likelihood in clear, actionable terms, we help our customers prioritize investments and build resilience.

1 hour

Up to 1 hour saved per submission

20 BUs

Deployed to 6 business units in 4 months. Scaling to 20 BUs by end-2026.

2 hours

Up to 2 hours saved per submission

submission. Backed by Zurich's AI Assurance Framework, the tool gives underwriters more time to focus on customer relationships, in addition to supporting complex risk analysis.

The future is uncertain.

We're not.

The following pages demonstrate how Zurich is leading through change - turning the future's unpredictability into our greatest strength.

Learn more about our Middle Market strategy:

1 Z-Horizon+ is a Zurich-developed app that brings increased automation and insights to our market-facing teams.

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The future is uncertain. We're not.

When specialist knowledge is mission critical,

we share

expertise

on expected and unexpected risks

Fire safety systems training to tackle old and new risks

Fire is an age-old threat, but one that is constantly evolving as industrial-scale commercial systems, sophisticated warehouses and data dependence give rise to new and unexpected challenges. In 2025,

Zurich Resilience Solutions opened a new fire safety training center

in the Netherlands in collaboration with Johnson Controls International.

With our own experts as trainers, we provide specialist knowledge, practical experience, and insurance insights to hone the expertise of our own risk engineers and help businesses to better use and vet their

in-house fire safety systems. The 'TechXchange Fire Suppression Center' provides a hands-on, in-depth way to increase resilience, using our cutting-edge insights and experience to help mitigate both new and familiar risks.

Find more information here:

https://www.zurich.com/insights/business/in-house-and-intense-zurich-takes-fire-protection-training-to-the-next-level

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Images courtesy of Katoen Natie. Used with permission.

The future is uncertain. We're not.

As global risks grow more complex,

we provide true insight

that our customers' businesses depend upon

Mastering the art of resilience across borders and industries

Zurich's long-standing relationship with global logistics provider

Katoen Natie is built on trust, collaboration, and a shared commitment to resilience. Operating in 30 countries, Katoen Natie handles everything from priceless artworks in airtight depots to temperature-sensitive goods and industrial cargo - with precision and care. To manage risks across this vast network, Katoen Natie draws on Zurich's insurance products and services, captive arrangements, and the risk expertise of Zurich Resilience Solutions.

Together, we've built an API connection that syncs insurance data and

risk engineering insights that empowers Katoen Natie to take a more agile, proactive approach to risk management. Zurich Resilience Solution's climate specialists conduct desktop and on-site assessments, identifying vulnerabilities and recommending improvements. These insights help Katoen Natie prepare for extreme weather, meet sustainability reporting requirements, and protect operations.

Learn more about Zurich's relationship with Katoen Natie:

https://www.zurich.com/insights/business/katoen-natie

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The future is uncertain. We're not.

Together with Instituto Terra,

we're helping to restore

a thriving ecosystem

Marking five years of support for

an inspired reforestation project in Brazil

Instituto Terra, a non-profit organization, was founded in 1998 by

Lélia Wanick Salgado, and her husband, photographer Sebastião Salgado, with the goal of restoring part of the badly degraded Atlantic Forest in

the Rio Doce Valley in Minas Gerais, Brazil. The couple embarked on an initial restoration project of over 700 hectares on the former Salgado family farm. Starting in 2020, with a donation from Zurich, Instituto Terra began

to plant one million seedlings as part of the Zurich Forest Project, on top of the 2.5 million trees Instituto Terra was already planting. In following years, Zurich provided the means to allow Instituto Terra to triple its land, and also extended its engagement. Zurich's support enabled Instituto Terra to begin construction on a new nursery with an initial annual capacity

of one million native seedlings. In 2025, the Z Zurich Foundation, the charitable Swiss-based entity established by Zurich, agreed to provide support for NERE, Instituto Terra's program helping young adults in the region and beyond to acquire skills and knowledge to promote sustainable farming and ecosystem restoration.

Learn more about the Zurich Forest Project:

https://www.zurich.com/about-us/sponsorship/zurich-forest

that supports families, communities and an entire region

Sebastião Salgado

February 8, 1944 - May 23, 2025

Sebastião Salgado's legacy includes more than 500,000 photographic images he took, starting with the first one in 1971 of his wife Lélia Wanick Salgado. His award-winning work, characteristically in black and white, captured the world's complexity. That included the images of the Amazon river basin and its people shown in the Amazônia exhibitions, which have drawn millions of visitors since the first showing opened in Paris in 2021.

Curated by Lélia, Zurich has served as a main global sponsor for many of these shows. But it was the smaller Atlantic Forest which captured the Salgados' hearts, and its threatened existence which inspired them to

found Instituto Terra. After Sebastião's passing in May 2025, the non-profit continues its work, led by Lélia, and their son, Juliano Salgado, who serves as president of its board. Zurich remains committed to supporting Instituto Terra's very real vision of hope and community.

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The future is uncertain. We're not.

With drones and related technology

we can see the whole picture

to assess what matters to our customers

Drones offer an efficient, fast, accurate and often safer way to gain insights

In the U.S., Zurich's crop insurance business Rural Community Insurance Services (RCIS) uses drones to inspect agricultural crops for customers. In 2025 its drones flew over 1,500 times to survey over 158,000 acres.

In North America, Zurich has also used drones to assess damage to industrial structures, including a tall steam generator, as well as wildfire and hail damage.

In the UK, Zurich Engineering, an entity under Zurich Management Services, employs drones to assess complex or hard-to-access equipment. Equipped with live feed, drones can aid the examination of container cranes. The Zurich Engineering team has even used detailed images captured by a drone to create a 3D model of a crane, enabling the customer to remotely view hard-to-reach areas. Zurich Engineering is also looking at other capabilities, such

as using drones equipped with thermal imaging to assess steam pipework or electrical systems.

Learn more:

https://www.rcis.com https://www.zurich.co.uk/engineering

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The future is uncertain. We're not.

As climate risks intensify,

we provide trusted analysis and tools

so our customers can act with confidence

and build resilience in a changing world

Turning climate data into action

Zurich Resilience Solutions' Climate Spotlight transforms proprietary climate data into tailored insights, helping businesses and public entities understand their exposure to physical climate risks with scenario-based projections extending to 2100. The digital tool can analyze data across 100 locations, supporting adaptation, resilience planning, and regulatory reporting.

Climate Spotlight has already delivered meaningful insight, as shown in our 2025 report, 'Safeguarding Our Energy Future.' It assessed risks across 25,000 power generation sites in Europe, revealing widespread exposure, especially for renewables and energy storage assets.

By translating complex data into actionable strategies, Climate Spotlight supports resilience planning and long-term investment in clean energy.

Learn more about Climate Spotlight:

https://www.zurichresilience.com/climate-resilience/climate-spotlight

Read the report:

https://www.zurichresilience.com/industries/energy

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The future is uncertain. We're not.

A life product that can change lives:

we offer solutions

in times of uncertainty - by providing patients with more treatment options

Offering choices to treat serious illnesses

When Sam Wells' daughter was diagnosed with a brain tumor, finding the right medical treatment and support was tough. Some options weren't even available in the UK, where Wells, today Global Senior Life Claims Manager in Zurich's Life Protection Unit, is based. The experience led him to develop Zurich Accelerate, a healthcare add-on for Zurich

life, critical illness, and income protection policies sold in the UK. Accelerate gives policyholders more control, including for treatment of cancer, cardiovascular, and neurological conditions. They can access services like diagnostics and global treatment, and gain cover for children to age 22. Provided with Further, an international health-technology company specialized in insurance solutions, Accelerate has won three UK awards since its introduction, including the 'SimplyBiz' award in 2025, which called it a "game-changer."

Learn more about Zurich Accelerate:

https://www.zurich.co.uk/media-centre/zurich-partners-with-further-to-offer-market-first-access

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No matter how unpredictable the world becomes,

we're committed to supporting

our key stakeholders with what matters most -confidence.

Our customers

Page 26

Our planet

Page 30

Our people

Page 28

Page 32

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We have accelerated our focus on customer loyalty and delivered new capabilities to strengthen growth. We continue to put customers at the heart of what we do to become the insurer of choice. We gained more insights into customer needs through deeper analytics, connecting loyalty with financial performance and driving measurable impact. Zurich One, our customer digital experience, is now live in five markets. Initiatives such as net revenue retention, expanded customer centricity across 15 markets and enhanced integrated customer experience programs are helping us deliver stronger engagement and commercial results. Our progress was powered by innovation - embedding AI features into our Customer Intelligence Platform, launching the 'Smart Agent' tool in multiple markets, and establishing new hubs in Barcelona and Brazil

to scale collaboration. These steps should keep Zurich relevant and competitive in the era of digital transformation.

Zurich Brazil introduced in 2025 a tool supported by AI to improve how it reviews responses to customers' and brokers' queries. These reviews are an important way for Zurich Brazil to decide where and how to improve its customer responses. Before the new system was introduced, it took

a dedicated employee one to two weeks to process only about one-fifth of the roughly 35,000 responses Zurich Brazil provides to customers and brokers each month. With the support of the AI application, it can now analyze all of the responses

+3.6pts

See our full-year results presentation:

67%

within four hours, with a high degree of accuracy and in line with Zurich's 'tone of voice' guidelines. The system also generates detailed reports

and suggestions for improvement, providing valuable insights for areas

where training may be needed.

https://www.zurich.com/investor-relations/results-and-reports

See our sustainability report for more information on our performance in this area:

Page 176

Conny Kalcher

Group Chief Customer Officer

1. TNPS provides us with feedback on our performance in the eyes of our customers and delivers insight on how specific interactions affect their experience. TNPS excludes Zurich Kotak and BOXX Insurance due to onboarding of the business onto our customer platform.

2. Retail markets in scope: Argentina, Australia, Austria, Brazil, Germany, Hong Kong (excluding 2020), Ireland, Italy, Japan, Malaysia, Mexico, Portugal, Spain, Switzerland, UK.

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Our stakeholders - our customers

Despite the increasing prevalence of AI and chatbots, a human connection is still important, based on the results of a survey commissioned by Zurich.

Published in September 2025, the survey of 11,500 consumers in 11 countries found while many

viewed AI as useful tool, the majority valued human contact more than 24/7 availability. In the two years since Zurich introduced Group-wide empathy training, 26 percent of employees completed almost 46,000 hours of such training.

Zurich also introduced intense empathy 'master classes' tailored to particular business areas.

Zurich is proud to have won several awards including the Brandon Hall Group's gold award for the empathy masterclass program in 2025.

Learn more here: www.zurich.com/sustainability/ customers/empathy-report

For individuals in Japan, concerns about having adequate savings for retirement, and worries about

rising inflation have led to increased demand for unit-linked life products. To meet customer's growing demand, in April 2025, Zurich Life Japan launched its first unit-linked product 'Future Link.' Future Link offers policyholders in its home market a choice of nine different investment funds. The product provides a death benefit, enabling policyholders

to benefit from both savings and insurance protection in one solution, if needed. Kenji Ota, Chief Executive Officer of Zurich Japan Life, calls the product "transformative" for customers, saying it will "lay a strong foundation for future products, channels and innovation."

Alexia Nguyen Kourri

Zurich Head of Customer Capability Building, who leads Zurich's Group-wide empathy initiative

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Our people

In a world of constant change, our greatest strength lies in our people. We strive to create an environment where everyone can perform at their best throughout their careers with us. By investing in the skills and mindsets our people need to thrive, we're building a workforce ready for the future while delivering exceptional value to our customers today.

Our aim is to develop expertise that stands out, embrace digital innovation to work smarter, and cultivate leaders who inspire others to reach new heights. As AI reshapes how we work, we continue to invest in all our people, including by providing early-in-career opportunities that help emerging professionals grow and make a meaningful impact for our customers.

When our people feel empowered and engaged, they deliver achievements that differentiate us and build lasting customer relationships.

67%

34%

>1.2m

in September 2025. As part of its

See our sustainability report for more information on our performance in this area:

Page 190

1. Internal hiring rate is the proportion of internal mobility in comparison to the aggregated sum of internal mobility and external hiring. It is calculated by dividing the total number of internal mobility by the aggregated total of internal mobility plus external hiring. The internal hiring rate of career level A excludes external hires, as these positions are, by nature, mainly filled by external career starters. The total % for 2025 (independent of career level) is also calculated without taking career level A external hires into account. See sustainability report page 193for more information.

2. At the end of 2025, female employees represented 33.9 percent of senior management (compared with 32.1 percent in 2024).

3. Hours tracked on our global learning platforms (i.e., physical, digital as well as mandatory and voluntary training sessions).

'Fit4Tech' program, the latest event brought together 97 employees from across departments to develop AI-driven business solutions. One of the solutions the teams developed is a tool to assess the sustainability of different types of vehicle repairs. This can support decision-making in the vehicle claims process, for example, by recommending repairs over replacing parts. As part of the event, for the first time, through

a cooperation with an academic initiative led by the University of Bern and the University of Zurich, skilled refugees participated in the teams alongside employees, giving them

a chance to share their insights and practical knowledge.

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Our stakeholders - our people

Through its 'Junior ExCo' initiative, each year, Zurich Spain selects 12 high-potential future leaders to join its Executive Committee meetings, giving them the experience of

participating in strategic discussions, decision-making and governance topics concerning the organization, and encouraging collaboration

with their more experienced senior counterparts and learning from each other. The program, introduced in 2022, helps to develop capable leaders, allowing the younger participants to gain experience and

share their ideas. The Junior ExCo has already played a key role in the launch of an AI-powered tool for specialty products, enabling agents to deliver faster, more personalized advice.

Passionate about Zurich's purpose and giving back, the 2025 participants also applied their newly gained experience to design a solution that helps non-profits achieve greater financial stability, helping these organizations stay focused on their mission to support

vulnerable people and communities.

Apprenticeships are a core part of Zurich's long-term talent strategy -offering inclusive, skills-based career pathways to support business needs and

workforce development.

In North America, Zurich's award-winning program operates in over 20 locations, offering paid, debt-free paths into insurance. Over 400 apprentices have been hired since 2016, with an 82-percent program completion rate and guaranteed roles postgraduation. Zurich was the first U.S. insurer certified by

the Department of Labor and is an official Apprenticeship Ambassador. Future needs are assessed on an ongoing basis, and new offerings, like the paralegal apprenticeship, added. Zurich's other established programs in Switzerland, Germany, the UK and Italy reflect our ambition to build a future-ready workforce through accessible careers and continuous skills development starting with entry-level roles.

>1,700

Krisztina Csedő

Group Head People Sustainability & Innovation

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risk manager, risk carrier and institutional investor, we work closely with our customers to help them enhance resilience and execute their transition plans. We are progressing on our climate-focused insurance and advisory solutions, in particular by expanding our climate solutions investments to support mitigation and adaptation. And we continue to execute on our own climate transition plan introduced in 2024. We are not only decarbonizing our operations, but also engaging with our customers, investees and suppliers to support their transitions to a more resilient future.

By increasing their awareness

of emissions, small and medium-sized enterprises (SMEs) can gain insights into ways to reduce their carbon footprint and meet their sustainability goals. In 2025,

with the support of Zurich's Carbon Fund,3Zurich began collaborating with the 'We Mean Business Coalition.' The Coalition provides tools via the SME Climate Hub4

to help SMEs measure emissions.

With Zurich's support, resources are being made available to our suppliers

USD 2.1bn

USD 12.2bn

69%

68%

and the SME businesses we work with, supporting their transition and our own sustainability goals. We're proud to see that some of our SME suppliers are measuring their carbon footprints for the very first time

and have taken the SME Climate Commitment. By pledging to reduce emissions by half from a relevant baseline before 2030, and net-zero before 2050, we are proud to support

See our sustainability report for more information on our performance in this area:

Page 141

Linda Freiner

Group Chief Sustainability Officer

1. Zurich Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Orion, as well as our acquisition Zurich Kotak are excluded since they were not reflected in the CO2e emissions baseline in 2019.

2. Refers to the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Supply Chain Management function on goods and services that are required to enable Zurich to maintain and develop its operations. We consider a supplier to have science-based targets when their emission reduction targets are approved by a scientifically accredited body or otherwise require a reduction of at least 42 percent in scope 1 and 2 emissions by 2030.

   them in their net-zero journey.

   
   
   

   Learn more here: www.zurich.com/sustainability/planet/ sustainable-sourcing#helping-suppliers-reach-net-zero

3. Zurich's Carbon Fund was established 2020 to fund efforts to reduce emissions relating to the Group and its subsidiaries and to support innovation in emissions reduction solutions, in line with the ambition to become net-zero by 2050 across our business.

4. The SME Climate Hub is an initiative of the We Mean

Business Coalition, co-founded and operated in partnership with the Exponential Roadmap Initiative and the UN Climate Change High Level Champion's Race to Zero campaign.