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<!-- RAG-context: This section covers the balance sheet and capital structure (shareholders' equity walk, IFRS capital structure percentages), debt profile and maturity schedule, Group SST solvency position with historical trend and sensitivities, available financial resources breakdown, risk capital split, and cash remittances by segment. -->
== Slide 49: Shareholders' equity up 12% driven by record NIAS ==
<!-- RAG-context: Slide 49 shows shareholders' equity walk from FY-24 (USD 25,472m) to FY-25 (USD 28,515m, +12%): NIAS +USD 6,798m, dividend −USD 4,665m, currency translation adjustment +USD 1,007m, net unrealized gains/losses −USD 80m, treasury share transactions −USD 143m, pension plans and other +USD 125m. Capital structure: FY-24 shareholders' equity 52%, CSM after tax 19%, risk adjustment after tax 17%, subordinated debt 8%, senior debt 4%; FY-25 shareholders' equity 52%, CSM 20%, risk adjustment 17%, subordinated debt 7%, senior debt 4%. -->
 
{| class="wikitable" style="font-sizewidth:0.85em100%"
|+ Zurich Insurance — Shareholders' equity walkbridge (USDmUSD m), FY24–FY25
! style="text-align:center; width:50%left" | Item
! style="text-align:centerright; width:50%6em" | Amount
|-
| style="background:#fff" | FY-24FY24 shareholders' equity
| style="background:#fff; text-align:right" | 25,472
|-
| NIAS
| style="background:#fff" | NIAS
| style="background:#fff; text-align:right" | +6,798
|-
| style="background:#fff" | Dividend
| style="background:#fff; text-align:right" | −4,665
|-
| style="background:#fff" | Currency translation adjustmentadj.
| style="background:#fff; text-align:right" | +1,007
|-
| style="background:#fff" | Net unrealized gains/losses
| style="background:#fff; text-align:right" | −80
|-
| style="background:#fff" | Treasury share transactions
| style="background:#fff; text-align:right" | −143
|-
| style="background:#fff" | Pension plans and other
| style="background:#fff; text-align:right" | +125
|-
| style="background:#ffff8f9fa" | FY-25'''FY25 shareholders' equity'''
| style="background:#fff; text-align:right; background:#f8f9fa" | '''28,515'''
|}
 
Total change: +12% (USD +3,043m).
 
{| class="wikitable" style="fontwidth:100%; text-sizealign:0.85emright"
|+ Zurich Insurance — IFRS capital structure by component (%), FY24–FY25
! style="text-align:center; width:34%left" | Component
! style="text-align:centerright; width:33%6em" | FY-24FY24
! style="text-align:centerright; width:33%6em" | FY-25FY25
|-
| style="backgroundtext-align:#fffleft" | Shareholders' equity (incl. NCI)
| 52%
| style="background:#fff; text-align:right" | 52%
| 52%
| style="background:#fff; text-align:right" | 52%
|-
| style="backgroundtext-align:#fffleft" | CSM (after tax)
| 19%
| style="background:#fff; text-align:right" | 19%
| 20%
| style="background:#fff; text-align:right" | 20%
|-
| style="backgroundtext-align:#fffleft" | Risk adjustmentadj. (after tax)
| 4%
| style="background:#fff; text-align:right" | 4%
| 4%
| style="background:#fff; text-align:right" | 4%
|-
| style="backgroundtext-align:#fffleft" | Subordinated debt
| 17%
| style="background:#fff; text-align:right" | 17%
| 17%
| style="background:#fff; text-align:right" | 17%
|-
| style="backgroundtext-align:#fffleft" | Senior debt
| 8%
| style="background:#fff; text-align:right" | 8%
| 7%
| style="background:#fff; text-align:right" | 7%
|}
 
Line 68 ⟶ 67:
Shareholders' equity increased by USD 3.0bn compared to year end 2024. This was driven by strong NIAS of USD 6.8bn, which more than compensated for the payment of the Group dividend of USD 4.7bn, as well as a favorable movement in net unrealized gains and losses.
 
CSM after tax of USD 11.9bn was USD 1.8bn higher than in FY-24FY24, driven by favorable movements in Life.
 
Risk adjustment after tax of USD 2.1bn increased by USD 0.1bn, mainly due to foreign exchange movements.
Line 76 ⟶ 75:
Senior debt increased by USD 0.2bn to USD 4.2bn as foreign currency movements more than offset the benefit from the redemption of USD 0.2bn commercial papers.
 
The proportion of debt in the IFRS based capital structure decreased to 24.1%, from 24.8% in FY-24FY24. Group leverage improved and remains well in line with the Moody's Aa range, with an estimated financial leverage of 20.7% as of FY-25FY25.
 
{{Section separator}}
Line 82 ⟶ 81:
<!-- RAG-context: Slide 51 shows total debt increasing from USD 12.9bn (FY-24: subordinated USD 8.9bn, senior USD 4.0bn) to USD 14.0bn (FY-25: subordinated USD 9.8bn, senior USD 4.2bn). Average debt cost: subordinated 4.1%→3.9%, senior 1.8%→1.9%, total 3.2%→3.3%. Maturity profile (by first call date for sub, maturity for senior): 2026 USD 1.9bn, 2027 USD 0.4bn, 2028 USD 1.0bn, 2029 USD 0.6bn, 2030 USD 0.9bn, 2031 USD 1.7bn, 2032 USD 2.4bn, with further maturities through 2039. -->
 
{| class="wikitable" style="fontwidth:100%; text-sizealign:0.85emright"
|+ Zurich Insurance — Debt overview and avg cost (USDbnUSD bn), FY24–FY25
! style="text-align:center; width:28%left" | Component
! style="text-align:centerright; width:18%6em" | FY-24FY24
! style="text-align:centerright; width:18%6em" | FY-25FY25
! style="text-align:centerright; width:18%6em" | FY-24FY24 cost
! style="text-align:centerright; width:18%6em" | FY-25FY25 cost
|-
| style="backgroundtext-align:#fffleft" | Subordinated debt
| 8.9
| style="background:#fff; text-align:right" | 8.9
| 9.8
| style="background:#fff; text-align:right" | 9.8
| 4.1%
| style="background:#fff; text-align:right" | 4.1%
| 3.9%
| style="background:#fff; text-align:right" | 3.9%
|-
| style="backgroundtext-align:#fffleft" | Senior debt
| 4.0
| style="background:#fff; text-align:right" | 4.0
| 4.2
| style="background:#fff; text-align:right" | 4.2
| 1.8%
| style="background:#fff; text-align:right" | 1.8%
| 1.9%
| style="background:#fff; text-align:right" | 1.9%
|-
| style="text-align:left; background:#ffff8f9fa" | '''Total debt'''
| style="background:#fff; text-align:rightf8f9fa" | '''12.9'''
| style="background:#fff; text-align:rightf8f9fa" | '''14.0'''
| style="background:#fff; text-align:rightf8f9fa" | '''3.2%'''
| style="background:#fff; text-align:rightf8f9fa" | '''3.3%'''
|}
 
{| class="wikitable" style="fontwidth:100%; text-sizealign:0.85emright"
|+ Zurich Insurance — Debt maturity profile 2026–2032 (USDbnUSD bn, by first call date for subordinated,sub maturity/ datematurity for senior)
! style="text-align:centerright; width:14%6em" | 2026
! style="text-align:centerright; width:14%6em" | 2027
! style="text-align:centerright; width:14%6em" | 2028
! style="text-align:centerright; width:14%6em" | 2029
! style="text-align:centerright; width:15%6em" | 2030
! style="text-align:centerright; width:15%6em" | 2031
! style="text-align:centerright; width:14%6em" | 2032
|-
| 1.9
| style="background:#fff; text-align:right" | 1.9
| 0.4
| style="background:#fff; text-align:right" | 0.4
| 1.0
| style="background:#fff; text-align:right" | 1.0
| 0.6
| style="background:#fff; text-align:right" | 0.6
| 0.9
| style="background:#fff; text-align:right" | 0.9
| 1.7
| style="background:#fff; text-align:right" | 1.7
| 2.4
| style="background:#fff; text-align:right" | 2.4
|}
 
{| class="wikitable" style="fontwidth:100%; text-sizealign:0.85emright"
|+ Zurich Insurance — Debt maturity profile – continued2033–2039 (USDbnUSD bn)
! style="text-align:centerright; width:14%6em" | 2033
! style="text-align:centerright; width:14%6em" | 2034
! style="text-align:centerright; width:14%6em" | 2035
! style="text-align:centerright; width:14%6em" | 2036
! style="text-align:centerright; width:15%6em" | 2037
! style="text-align:centerright; width:15%6em" | 2038
! style="text-align:centerright; width:14%6em" | 2039
|-
| 0.5
| style="background:#fff; text-align:right" | 0.5
| 0.8
| style="background:#fff; text-align:right" | 0.8
| 0.3
| style="background:#fff; text-align:right" | 0.3
| 0.6
| style="background:#fff; text-align:right" | 0.6
| 0.2
| style="background:#fff; text-align:right" | 0.2
| 0.8
| style="background:#fff; text-align:right" | 0.8
| 0.6
| style="background:#fff; text-align:right" | 0.6
|}
 
Line 155 ⟶ 154:
<!-- RAG-context: Slide 52 shows historical SST ratios: FY-16 204%, FY-17 216%, FY-18 221%, FY-19 222%, FY-20 182%, FY-21 212%, FY-22 267%, FY-23 234%, FY-24 253%, FY-25e 259%, all above the ≥160% minimum target capitalization. Q3-25 SST sensitivities: interest rate +50bps +9ppts, interest rate −50bps −10ppts, equities +20% +6ppts, equities −20% −7ppts, credit spreads +100bps −12ppts, credit spreads excl. EUR sovereign +100bps −8ppts. -->
 
{| class="wikitable" style="fontwidth:100%; text-sizealign:0.85emright"
|+ HistoricalZurich Insurance — Group SST ratiosratio (%), FY16–FY25e
! style="text-align:centerright; width:10%6em" | FY-16FY16
! style="text-align:centerright; width:10%6em" | FY-17FY17
! style="text-align:centerright; width:10%6em" | FY-18FY18
! style="text-align:centerright; width:10%6em" | FY-19FY19
! style="text-align:centerright; width:10%6em" | FY-20FY20
! style="text-align:centerright; width:10%6em" | FY-21FY21
! style="text-align:centerright; width:10%6em" | FY-22FY22
! style="text-align:centerright; width:10%6em" | FY-23FY23
! style="text-align:centerright; width:10%6em" | FY-24FY24
! style="text-align:centerright; width:10%6em" | FY-25eFY25e
|-
| 204%
| style="background:#fff; text-align:right" | 204%
| 216%
| style="background:#fff; text-align:right" | 216%
| 221%
| style="background:#fff; text-align:right" | 221%
| 222%
| style="background:#fff; text-align:right" | 222%
| 182%
| style="background:#fff; text-align:right" | 182%
| 212%
| style="background:#fff; text-align:right" | 212%
| 267%
| style="background:#fff; text-align:right" | 267%
| 234%
| style="background:#fff; text-align:right" | 234%
| 253%
| style="background:#fff; text-align:right" | 253%
| 259%
| style="background:#fff; text-align:right" | 259%
|}
 
Minimum target capitalization: ≥160%.
 
{| class="wikitable" style="font-sizewidth:0.85em100%"
|+ Q3-25Zurich Insurance — 3Q25 SST sensitivitiessensitivity analysis (impact in pptspp)
! style="text-align:center; width:50%left" | Scenario
! style="text-align:centerright; width:50%6em" | Impact (pptspp)
|-
| style="background:#fff" | Interest rate +50bps
| style="background:#fff; text-align:right" | +9
|-
| style="background:#fff" | Interest rate −50bps
| style="background:#fff; text-align:right" | −10
|-
| style="background:#fff" | Equities +20%
| style="background:#fff; text-align:right" | +6
|-
| style="background:#fff" | Equities −20%
| style="background:#fff; text-align:right" | −7
|-
| style="background:#fff" | Credit spreads +100bps (incl. mortgages)
| style="background:#fff; text-align:right" | −12
|-
| style="background:#fff" | Credit spreads excl. EUR sovereign +100bps
| style="background:#fff; text-align:right" | −8
|}
 
Line 214 ⟶ 213:
<!-- RAG-context: Slide 53 shows FY-25 Available Financial Resources (AFR) build-up: shareholders' equity USD 28.5bn, eligible subordinated debt USD 9.8bn, contractual service margin USD 15.2bn, risk adjustment USD 6.8bn, adjustments to best estimate liabilities USD 2.7bn, other adjustments USD 0.2bn, net intangibles and deferred taxes −USD 11.2bn, market value margin −USD 3.5bn, dividend accrual −USD 5.4bn, share buyback accrual USD 0.0bn, resulting in AFR of USD 43.2bn. Risk capital split: market risk 54%, premium and reserve risk 27%, business risk 7%, natural catastrophe risk 6%, life insurance risk 4%, other credit risk 2%. By business: P&C 60%, Life 38%, Other 2%. -->
 
{| class="wikitable" style="font-sizewidth:0.85em100%"
|+ FY-25Zurich Insurance — FY25 Available Financial Resources build-up (USDbnUSD bn)
! style="text-align:center; width:60%left" | Item
! style="text-align:centerright; width:40%6em" | Amount
|-
| style="background:#fff" | Shareholders' equity
| style="background:#fff; text-align:right" | 28.5
|-
| style="background:#fff" | Eligible subordinated debt
| style="background:#fff; text-align:right" | 9.8
|-
| style="background:#fff" | Contractual service margin
| style="background:#fff; text-align:right" | 15.2
|-
| Risk adj.
| style="background:#fff" | Risk adjustment
| style="background:#fff; text-align:right" | 6.8
|-
| style="background:#fff" | AdjustmentsAdj. to best estimate liabilities
| style="background:#fff; text-align:right" | 2.7
|-
| Other adj.
| style="background:#fff" | Other adjustments
| style="background:#fff; text-align:right" | 0.2
|-
| style="background:#fff" | Net intangibles and deferred taxes
| style="background:#fff; text-align:right" | −11.2
|-
| style="background:#fff" | Market value margin
| style="background:#fff; text-align:right" | −3.5
|-
| style="background:#fff" | Dividend accrual
| style="background:#fff; text-align:right" | −5.4
|-
| style="background:#fff" | Share buyback accrual
| style="background:#fff; text-align:right" | 0.0
|-
| style="background:#ffff8f9fa" | '''Available Financial Resources (AFR)'''
| style="background:#fff; text-align:right; background:#f8f9fa" | '''43.2'''
|}
 
{| class="wikitable" style="font-sizewidth:0.85em100%"
|+ Zurich Insurance — FY25 risk capital split by risk type (%)
|+ FY-25 Risk Capital Split (%)
! style="text-align:center; width:50%left" | Risk type
! style="text-align:centerright; width:50%6em" | Share
|-
| style="background:#fff" | Market risk
| style="background:#fff; text-align:right" | 54%
|-
| style="background:#fff" | Premium and reserve risk
| style="background:#fff; text-align:right" | 27%
|-
| style="background:#fff" | Business risk
| style="background:#fff; text-align:right" | 7%
|-
| style="background:#fff" | Natural catastrophe risk
| style="background:#fff; text-align:right" | 6%
|-
| style="background:#fff" | Life insurance risk
| style="background:#fff; text-align:right" | 4%
|-
| style="background:#fff" | Other credit risk
| style="background:#fff; text-align:right" | 2%
|}
 
Line 287 ⟶ 286:
<!-- RAG-context: Slide 54 shows Group cash remittances: FY-23 USD 4.8bn, FY-24 USD 7.1bn, FY-25 USD 7.4bn. By segment FY-25: P&C USD 5.4bn, Life USD 1.7bn, Farmers USD 1.6bn, Group Functions & Operations −USD 1.3bn, Non-Core −USD 0.1bn. Normalized cash remittances as % of NIAS: P&C ~90%, Life ~75%, Farmers ~95%, Total ~85%. -->
 
{| class="wikitable" style="fontwidth:100%; text-sizealign:0.85emright"
|+ Zurich Insurance — Cash remittances by segment (USDbnUSD bn), FY23–FY25
! style="text-align:center; width:30%left" | Segment
! style="text-align:centerright; width:14%6em" | FY-23FY23
! style="text-align:centerright; width:14%6em" | FY-24FY24
! style="text-align:centerright; width:14%6em" | FY-25FY25
! style="text-align:centerright; width:14%6em" | NormalizedNorm. % of NIAS
|-
| style="backgroundtext-align:#fffleft" | P&C
| 3.3
| style="background:#fff; text-align:right" | 3.3
| 3.2
| style="background:#fff; text-align:right" | 3.2
| 5.4
| style="background:#fff; text-align:right" | 5.4
| ~90%
| style="background:#fff; text-align:right" | ~90%
|-
| style="backgroundtext-align:#fffleft" | Life
| 0.9
| style="background:#fff; text-align:right" | 0.9
| 1.7
| style="background:#fff; text-align:right" | 1.7
| 1.7
| style="background:#fff; text-align:right" | 1.7
| ~75%
| style="background:#fff; text-align:right" | ~75%
|-
| style="backgroundtext-align:#fffleft" | Farmers
| 1.7
| style="background:#fff; text-align:right" | 1.7
| 1.7
| style="background:#fff; text-align:right" | 1.7
| 1.6
| style="background:#fff; text-align:right" | 1.6
| ~95%
| style="background:#fff; text-align:right" | ~95%
|-
| style="backgroundtext-align:#fffleft" | Group Functions & Operations
| −1.0
| style="background:#fff; text-align:right" | −1.0
| −1.1
| style="background:#fff; text-align:right" | −1.1
| −1.3
| style="background:#fff; text-align:right" | −1.3
| —
| style="background:#fff" | —
|-
| style="backgroundtext-align:#fffleft" | Non-Core Businesses
| −0.1
| style="background:#fff; text-align:right" | −0.1
| 0.0
| style="background:#fff; text-align:right" | 0.0
| −0.1
| style="background:#fff; text-align:right" | −0.1
| —
| style="background:#fff" | —
|-
| style="text-align:left; background:#ffff8f9fa" | '''Total'''
| style="background:#fff; text-align:rightf8f9fa" | '''4.8'''
| style="background:#fff; text-align:rightf8f9fa" | '''7.1'''
| style="background:#fff; text-align:rightf8f9fa" | '''7.4'''
| style="background:#fff; text-align:rightf8f9fa" | '''~85%'''
|-
| style="backgroundtext-align:#fffleft" | 3.4
|
| style="background:#fff" |
|
| style="background:#fff" |
|
| style="background:#fff" |
|}
 

Latest revision as of 02:11, 1 March 2026

Slide 49: Shareholders' equity up 12% driven by record NIAS

Zurich Insurance — Shareholders' equity bridge (USD m), FY24–FY25
Item Amount
FY24 shareholders' equity 25,472
NIAS +6,798
Dividend −4,665
Currency translation adj. +1,007
Net unrealized gains/losses −80
Treasury share transactions −143
Pension plans and other +125
FY25 shareholders' equity 28,515

Total change: +12% (USD +3,043m).

Zurich Insurance — IFRS capital structure by component (%), FY24–FY25
Component FY24 FY25
Shareholders' equity (incl. NCI) 52% 52%
CSM (after tax) 19% 20%
Risk adj. (after tax) 4% 4%
Subordinated debt 17% 17%
Senior debt 8% 7%
~*~

Slide 50: Commentary – Balance sheet and capital structure

Shareholders' equity increased by USD 3.0bn compared to year end 2024. This was driven by strong NIAS of USD 6.8bn, which more than compensated for the payment of the Group dividend of USD 4.7bn, as well as a favorable movement in net unrealized gains and losses.

CSM after tax of USD 11.9bn was USD 1.8bn higher than in FY24, driven by favorable movements in Life.

Risk adjustment after tax of USD 2.1bn increased by USD 0.1bn, mainly due to foreign exchange movements.

The stock of subordinated debt increased by USD 0.9bn to USD 9.8bn, reflecting the issuance of USD 750m of dated subordinated debt in May, the redemption of USD 300m of subordinated debt in October, and foreign currency movements.

Senior debt increased by USD 0.2bn to USD 4.2bn as foreign currency movements more than offset the benefit from the redemption of USD 0.2bn commercial papers.

The proportion of debt in the IFRS based capital structure decreased to 24.1%, from 24.8% in FY24. Group leverage improved and remains well in line with the Moody's Aa range, with an estimated financial leverage of 20.7% as of FY25.

~*~

Slide 51: Low average debt cost and balanced maturity profile

Zurich Insurance — Debt overview and avg cost (USD bn), FY24–FY25
Component FY24 FY25 FY24 cost FY25 cost
Subordinated debt 8.9 9.8 4.1% 3.9%
Senior debt 4.0 4.2 1.8% 1.9%
Total debt 12.9 14.0 3.2% 3.3%
Zurich Insurance — Debt maturity profile 2026–2032 (USD bn, first call for sub / maturity for senior)
2026 2027 2028 2029 2030 2031 2032
1.9 0.4 1.0 0.6 0.9 1.7 2.4
Zurich Insurance — Debt maturity profile 2033–2039 (USD bn)
2033 2034 2035 2036 2037 2038 2039
0.5 0.8 0.3 0.6 0.2 0.8 0.6

Additional maturities beyond 2039: USD 0.4bn (2040), USD 0.6bn (2041), USD 0.3bn (later years).

Note: Maturity profile based on first call date for subordinated debt and maturity date for senior debt, excluding commercial papers.

~*~

Slide 52: Very strong capital position, SST ratio well in excess of the 160% floor

Zurich Insurance — Group SST ratio (%), FY16–FY25e
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25e
204% 216% 221% 222% 182% 212% 267% 234% 253% 259%

Minimum target capitalization: ≥160%.

Zurich Insurance — 3Q25 SST sensitivity analysis (impact in pp)
Scenario Impact (pp)
Interest rate +50bps +9
Interest rate −50bps −10
Equities +20% +6
Equities −20% −7
Credit spreads +100bps (incl. mortgages) −12
Credit spreads excl. EUR sovereign +100bps −8

Notes:

  • Sensitivities are best estimates and include the impact on the pension plans in the UK. For the interest rate sensitivities, shocks are applied to the liquid part of the yield curve.
  • Credit Spreads (CS) include mortgages. CS sensitivities of available capital include changes to the volatility adjustment applied to interest rates curves.
~*~

Slide 53: Well diversified capital base by business segment

Zurich Insurance — FY25 Available Financial Resources build-up (USD bn)
Item Amount
Shareholders' equity 28.5
Eligible subordinated debt 9.8
Contractual service margin 15.2
Risk adj. 6.8
Adj. to best estimate liabilities 2.7
Other adj. 0.2
Net intangibles and deferred taxes −11.2
Market value margin −3.5
Dividend accrual −5.4
Share buyback accrual 0.0
Available Financial Resources (AFR) 43.2
Zurich Insurance — FY25 risk capital split by risk type (%)
Risk type Share
Market risk 54%
Premium and reserve risk 27%
Business risk 7%
Natural catastrophe risk 6%
Life insurance risk 4%
Other credit risk 2%

Risk capital by business: Property & Casualty 60%, Life 38%, Other (Farmers, Group Functions & Operations, Non-Core) 2%.

Notes:

  • Net intangibles excluding insurance acquisition cash flows, gross of non-controlling interests.
  • Split is based on the contribution to the aggregated risk.
~*~

Slide 54: Strong cash remittances from all business segments

Zurich Insurance — Cash remittances by segment (USD bn), FY23–FY25
Segment FY23 FY24 FY25 Norm. % of NIAS
P&C 3.3 3.2 5.4 ~90%
Life 0.9 1.7 1.7 ~75%
Farmers 1.7 1.7 1.6 ~95%
Group Functions & Operations −1.0 −1.1 −1.3 —
Non-Core Businesses −0.1 0.0 −0.1 —
Total 4.8 7.1 7.4 ~85%
3.4

Normalized cash remittances in % of NIAS: Total ~85%.

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