Zurich Insurance Group full year 2025 results investor and media presentation/Other important information

Slide 55: Disclaimer and cautionary statement

Certain statements in this document are forward-looking statements, including but not limited to statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group's targeted profit, return on equity targets, expenses, pricing conditions, dividend policy, underwriting and claims results, business initiatives (including but not limited to sustainability matters), as well as statements regarding the Group's understanding of general economic, financial and insurance market conditions and expected developments.

Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans, policies, initiatives and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors include: (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators, and the possibility of conflict between different governmental standards and regulatory regimes.

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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Slide 57: Dividend policy – We are focused on continuing to reward our shareholders

Dividend policy principles:

• NIAS payout ratio of ~75%.
• Dividend increases based on sustainable earnings growth.
• Minimum target of prior year level.

The proposed FY25 dividend is subject to the approval by the shareholders at the Annual General Meeting.

Zurich Insurance Group — Dividend per Share (CHF), FY16–FY25

FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
17	18	19	20	20	22	24	26	28	30

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Slide 58: 2023–2025 targets comfortably exceeded

Zurich Insurance Group — 2023–2025 Financial Cycle Targets vs Actuals

Metric	Target	FY25 Actual	Result
Core ROE (%)	>20%	26.9%	Exceeded
Core EPS growth (CAGR)	8% CAGR	14% CAGR	Exceeded
SST ratio (%)	≥160%	259%	Exceeded
Cash remittances (cum. USDbn)	>13.5	19.3	Exceeded

Core EPS: FY22 baseline USD 32.1 (assumed achievement of 5% CAGR target of the 2020–2022 cycle). FY24: USD 40.4. FY25: USD 47.2 (implied by +13% YoY). The target of 8% CAGR was significantly exceeded at 14% CAGR. Diluted EPS CAGR in USD based on reported NIAS is 12%.

Cash remittances: FY23 USD 4.8bn, FY24 USD 7.1bn, FY25 USD 7.4bn; cumulative USD 19.3bn vs. target of >13.5bn.

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Slide 59: Update on customer satisfaction and brand consideration

Zurich Insurance Group — tNPS Change by Region (pts), Retail & SME, FY25 vs FY24

Region	tNPS change (pts)
Global (excl. Farmers Exchanges)	+3.5
EMEA	+1.0
Asia Pacific	+2.9
Latin America	+11.1
Farmers Exchanges	+8.1

Zurich Insurance Group — Brand Consideration Ranking (% of 15 Retail Markets), FY19–FY25

Ranking	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Top 3	27%	21%	33%	33%	40%	53%	60%
Top 5	40%	53%	53%	53%	47%	40%	33%
Below top 5	33%	27%	13%	13%	13%	7%	7%

Notes:

• 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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Slide 60: Well diversified and stable investment portfolio

Zurich Insurance Group — Investment Portfolio by Asset Class (USD 178bn), FY25

Asset class	Share
Government and government guaranteed	33%
Credit, private debt	44%
Mortgages	8%
Real estate	5%
Equities	6%
Hedge funds, private equity	2%
Cash	3%

Zurich Insurance Group — Credit and Private Debt by Rating (USD 77bn), FY25

Rating	Share
AAA	20%
AA	31%
A	9%
BBB	28%
Non-IG	10%
Unrated	4%

Zurich Insurance Group — Non-Financial Credit by Sector (USD 26bn), FY25

Sector	Share
Other	19%
Consumer non-cyclical	17%
Utility	15%
Consumer cyclical	14%
Communications	10%
Capital goods	7%
Energy	6%
Technology	5%
Government owned, no guarantee	4%
Transportation	4%

Note: Market value of the investment portfolio (economic view).

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Slide 61: Credit and private debt exposure

Zurich Insurance Group — Credit and Private Debt by Category and Rating (%), FY25

Category	Size (USDbn)	AAA	AA	A	BBB	Non-IG
Non-financial credit	25.9	1%	6%	27%	47%	19%
Financial credit	19.8	1%	10%	51%	32%	5%
Municipals, agencies, state credit	12.3	17%	30%	31%	15%	2%
Asset backed securities	5.8	82%	12%	3%	—	—
Covered bonds	3.6	72%	27%	—	—	—
Other	9.9	55%	10%	38%	—	—

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Slide 62: Calculation of like-for-like growth

Zurich Insurance Group — L-f-l Growth Calculation by Segment (USDm), FY25 vs FY24

Business	KPI	FY24 Rep.	FY24 M&A/Other Adj.	FY24 Adj.	FY25 Rep.	FY25 FX	FY25 M&A/Other	FY25 Adj.	L-f-l (%)
P&C	GWP	46,624	(127)	46,497	50,422	(326)	(1,261)	48,834	5%
P&C	Ins. revenue	44,792	(115)	44,677	48,234	(462)	(1,089)	46,682	4%
Life	GWP	33,061	4	33,065	36,194	(705)	—	35,488	7%
Life – long term	PVNBP	16,891	47	16,937	19,497	(234)	—	19,263	14%
Life – long term	NB CSM	1,094	—	1,094	1,231	(13)	—	1,218	11%
Life – short term	Ins. revenue	2,804	—	2,804	2,993	76	—	3,069	9%
Life – inv. contracts	Fee revenue	717	—	717	837	(29)	—	808	13%

Notes:

• In constant rates.
• Gross written premiums for protection and gross policyholder inflows (including deposits) for unit-linked and savings & annuities (including investment and asset management contracts).