Zurich Insurance Group full year 2025 results investor and media presentation/Balance sheet and capital: Difference between revisions

== 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%. -->

 

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

 

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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.

 

 

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

 

 

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<!-- 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. -->

 

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<!-- 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. -->

 

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Minimum target capitalization: ≥160%.

 

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<!-- 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%. -->

 

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<!-- 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%. -->

 

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