Sustainability report (SR) 2025

‌Stand-alone

Sustainability report

The sustainability report is part of the Annual Report 2025 of Zurich Insurance Group.1This document only includes the sustainability report for reasons of convenience, as the main part of the index tables presented on this webpage are covered in this part of the Annual Report.

Please note that the page numbers in this document align with the overall Annual Report, with the sustainability report starting as of page 126. The complete Annual Report is disclosed

on our website and can be consulted via the following webpage: https://www.zurich.com/investor-relations/results-and-reports

1 Comprising Zurich Insurance Group Ltd and its subsidiaries.

Zurich Insurance Group

Governance

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Message from our CEO on sustainability

Maintaining progress in

an age of uncertainty

Mario Greco

Group Chief Executive Officer

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In 2025, we made significant progress against our climate transition plan. From September 2024 to September 2025, we engaged with 77 large insurance customers, exceeding our initial target of 65 engagements within the first year of publication of our plan. Meanwhile, in our role as investor, we invested more than USD 12 billion in climate solutions and generated over USD 2 billion in revenue from sustainable offerings. Compared with our 2019 baseline, we reduced our operational emissions by 69 percent, overachieving on our interim target of 60 percent reduction by 2025.

The development of new energy sources, the construction of power plants and factories to cater for them, and their technological advancement, offer opportunities for us to innovate with insurance solutions. In 2025, we continued to provide customers with products and advisory services that cover a broad range of risks including renewable energy, green buildings, and climate-resilient infrastructure. In doing so, we support the transition of the real-world economy to innovate new technologies and to reduce climate risks.

Another key priority of the climate transition plan is to help our customers be more resilient by helping to prevent risks before they materialize. As the focus shifts from building back better after disasters to building better before they strike, we work with customers to minimize the impact of natural hazards on their operations. In 2025, we further integrated resilience insights into our insurance business and continued to grow Zurich Resilience Solutions (ZRS), our specialized risk advisory business.

More widely, Zurich is also partnering with local governments and NGOs in communities around the world to build resilience against extreme weather events. We are supporting vulnerable communities through two Z Zurich Foundation programs: the Zurich Climate Resilience Alliance in 15 countries and the Urban Climate Resilience Program in 13 cities.

Innovation is key to our strategy. We are partnering with startups, universities, and technology leaders to develop new solutions - from parametric insurance for climate events to data-driven tools for sustainability reporting. We are also pioneering new ways to measure and report on climate risks.

Our own transition is dependent on the transition of the real-world economy and an effective public policy framework. Through active engagement at COP30, New York Climate Week, and London Climate Action Week, and the publication of the Safeguarding our Energy Future white paper, we shaped and advocated for policies that can help achieve a just, resilient and economically successful transition.

To achieve our aims, we need the best people in the market equipped with the right skills. In 2025, we continued to build the talent pipeline in our global energy underwriting business. Attracting, developing and retaining talent in our core business will become even more important in the future. We continue to focus on long-term employability, fostering a culture of training and knowledge sharing.

Supporting a successful transition and building societal resilience offers the prospect of a stronger, more prosperous future that will ultimately benefit our customers, the companies we invest in, and our own business.

Mario Greco

Group Chief Executive Officer

‌Group

overview

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Sustainability Highlights 2025

4

Engagements

to date

A

(59)%

in terms of metric tons CO2e per USD million invested, compared with 2019 baseline year.

6.9%

of proprietary portfolio

Target: Until 2030, we will engage with 20 high-emitting investee companies currently lacking credible science-based targets, focusing on those

FY 2024

FY 2025

2030 Target

(36)%

(FY 2024)

with the greatest potential to reduce real-world emissions.

in terms of kilograms of CO2e per square meter, compared with 2019 baseline year.

FY 2024 FY 2025 2030 Target

A

83

Engagements

conducted to date

Interim target achieved Sept 24 - Sept 25 target of 65 engagements with 77 achieved.

FY 2023

FY 2024

2030 Target

USD 2.1 billions

Target: By 2030, we will engage with 450 of our large

Target

achieved

Annual increase

(10.6)%

(FY 2025 - Initial estimate6)

in terms of metric tons CO2e per USD million, compared with 2022 baseline year.

insurance customers who contribute most heavily to our portfolio emissions, and where our direct relationship means we have a greater degree of interaction, on their transition.1

FY 2024

FY 20256

(Initial estimate)

By 2030 Target

FY 2024 FY 2025 By 2025 Target

67.7%

of MPS is with suppliers

having science-based targets to reduce emissions.

A

(68.8)%

in terms of metric tons of CO2e, compared with 2019 baseline year.

Target: By 2025, we will allocate 75 percent of our Management Procurement Spend

to suppliers with science-based targets to reduce emissions.2

FY 2024

FY 2025

(60)%

Target achieved

By 2025 Target

By 2030 Target Net Zero

66.7%

Annual

72.8% Increase

FY 2024 FY 2025 By 2025 Target

1. Determined by scope 1 and 2 for our customers' emissions using the Partnership for Carbon Accounting Financials (PCAF) insurance-associated emissions methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

2. 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.

3. Reduction of emissions intensity (scope 1 and scope 2). Emissions intensity is defined as metric tons CO2 equivalent per USD million invested.

4. Reduction of emissions intensity (scope 1 and scope 2). Emissions intensity is defined as kilograms CO2 equivalent per square meter.

5. 2024 represents the latest year with final data. The 2025 dataset relies on a developing estimation methodology and is therefore not yet compared with the 2019 baseline.

6. 2025 data is based on an initial estimation for our 2025 portfolio emissions based on the relevant 2025 in-scope portfolio premium, however relying on previous years' reported customer emission data.

7. 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 General Insurance are excluded since they were not reflected in the CO2e emissions baseline in 2019. Zurich Cover-More is the global corporate brand created in 2024 that combines AIG's global personal travel insurance and assistance business (including the Travel Guard brand) (AIG travel) and Cover-More Group. Cover-More Group refers to Zurich's legacy travel insurance and assistance business that includes the following entities and brands: Cover More, Travelex, Universal Assistance, World Travel Protection, and Freely.

8. Resulting from air, rental and rail business travel, employee commuting, strategic data centers, printed paper and waste, as well as indirect energy impact.

9. FY2030 is estimated based on assets under management (AuM) 2023, equivalent to approximately USD 10 billion. Any portfolio activity will be subject to market conditions and potential other constraints.

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Sustainability report

Contents

1. Introduction and strategy 130

   1. Our sustainability journey 132

   2. Stakeholder overview 134

      2.1 Governance around climate-related risks and opportunities		139		5.5 5.6	Responsible tax Community investment	203 204
      2.2 Impact of climate-related				6	Appendix	205
      3	performance on remuneration Our planet	140 141		6.1	Our yearly progress on our targets and ambitions	205
      3.1	Strategy	141		6.2	Material topics and subtopics

2. Governance 138

4 Our customers 176

reference table 207

progress 211