Zurich Insurance Group full year 2025 results investor and media presentation/Life financial details

Slide 40: Life gross premiums up 7% like-for-like

📊 Life Gross Premiums by Line of Business (USD bn), FY24 vs FY25

Line of business	Unit	FY24	FY25	LFL Chg
Unit-linked	USD bn	20.9	20.4	−3%
Protection	USD bn	8.7	9.7	+5%
Savings & annuities	USD bn	3.5	6.1	+77%
Total	USD bn	33.1	36.2	+7%

Life gross premiums by region (USDbn)

Region	FY-24	FY-25	Like-for-like change
EMEA	21.7	25.4	+12%
Latin America	8.0	6.9	−10%
Asia Pacific	2.8	3.2	+16%
North America	1.0	0.9	−6%

Notes:

• Gross written premiums for Protection, gross policyholder inflows (including deposits) for all other lines of business (including investment and asset management contracts).
• Total does not match with the sum of regions due to intercompany eliminations.
• Like-for-like: in local currencies and after adjusting for methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.

~*~

Slide 41: Commentary – Life gross premiums

In FY-25, Life gross premiums grew 7% on a like-for-like basis compared to the prior year, driven by capital efficient savings and protection products.

Protection gross premiums increased 5% on a like-for-like basis. Growth in EMEA, Asia Pacific and captive employee benefits solutions was partly offset by a softer performance in Latin America, which saw a temporary slowdown in bank distribution activity in Brazil in the first half.

Savings & annuities gross premiums rose 77% on a like-for-like basis driven by the successful launch of a capital efficient retail savings product in Spain through the joint venture with Banco Sabadell.

Unit-linked gross premiums were 3% below prior year on a like-for-like basis, primarily driven by lower sales in Brazil.

In EMEA, gross premiums were up 12% on a like-for-like basis benefiting from strong growth in protection across the region, and from high volumes of the newly launched savings product in Spain.

In Latin America, gross premiums declined 10% like-for-like, driven by lower sales of protection and unit-linked products.

In Asia Pacific, gross premiums grew 16% on a like-for-like basis, driven by growth in unit-linked and protection.

In North America, gross premiums declined 6% on a like-for-like basis, driven by unit-linked sales.

~*~

Slide 42: New business CSM grew 11% like-for-like

Life new business – CSM generating businesses (PVNBP, USDm)

Line of business	FY-25	Like-for-like change
Protection	6,626	+6%
Unit-linked	8,865	−2%
Savings & annuities	4,006	+122%
Total PVNBP	19,497	+14%

Life new business – NB CSM (USDm)

Line of business	FY-25	Like-for-like change
Protection	853	+9%
Unit-linked	338	+23%
Savings & annuities	41	−10%
Total NB CSM	1,231	+11%

Life revenues – Businesses without CSM (USDm)

Revenue type	FY-25	Like-for-like change
Short term protection: Insurance revenues	2,993	+9%
Investment contracts: Fee revenues	837	+13%

Notes:

• CSM generating businesses include long term insurance contracts accounted for under the Building Block Approach (BBA) and Variable Fee Approach (VFA). Businesses without CSM include short term insurance contracts accounted for under the Premium Allocation Approach (PAA) and investment contracts accounted for under IFRS 9.
• PVNBP: Present value of new business premiums. NB CSM: new business contractual service margin.

~*~

Slide 43: Commentary – Life new business and revenues

In FY-25 the Group saw strong growth in Life new business. Long term insurance contracts earn profits over time mainly through the release of CSM and risk adjustment.

Present value of new business premiums (PVNBP) increased 14% on a like-for-like basis to USD 19.5bn driven by growth of capital efficient savings and protection products in Europe as well as unit-linked sales in Asia-Pacific. Protection saw an acceleration in H2, reflecting a return to growth in Latin America, following a temporary slowdown in H1.

New business written in FY-25 added USD 1,231m of CSM. New business CSM was 11% higher on a like-for-like basis compared with FY-24 driven by sales growth.

New business margin (NBM) was 6.3% in FY-25 (6.5% in FY-24). The reduction reflects strong sales of a capital efficient savings product in Spain. Excluding this, NBM was higher than in the prior year.

Insurance revenues for short term life insurance, which is mainly related to the protection business in Latin America, grew 9% on a like-for-like basis. These contracts typically earn their technical result in the same year instead of releasing profits through CSM over time.

Fee revenues for investment contracts, which are mainly written in EMEA, grew 13% on a like-for-like basis compared with the prior year, benefiting from higher assets under management. Like short term Life, investment contracts do not generate CSM but typically earn their fee result within the year.

~*~

Slide 44: Record high BOP of USD 2.3bn

Life BOP by driver – FY-25 (USDm)

Driver	FY-25	Δ Y-o-Y (USDm)	Δ Y-o-Y (%)
Long-term insurance: Profit release (CSM amortization and risk adjustment release)	1,825	+142	+8%
Short-term insurance: Technical result	545	+24	+5%
Investment contracts: Fee result	322	+52	+19%
Investment result, experience and other	62	−169	−73%
Non-controlling interests	−466	+4	n.m.
Total BOP	2,288	+53	+2%

Life BOP by region – FY-25 (USDm)

Region	FY-25	Δ Y-o-Y (USDm)	Δ Y-o-Y (%)
EMEA	1,562	−13	−1%
Latin America	418	+61	+17%
Asia Pacific	286	+44	+18%
North America and other (incl. Group Reinsurance)	22	−38	−64%
Total BOP	2,288	+53	+2%

Notes:

• CSM amortization includes USD 4m adjustment related to Argentina and Turkey hyperinflation (USD 5m in FY-24).
• Investment result, experience and other includes experience adjustments, net impact of onerous contracts, income tax expense or benefit attributable to policyholders, any fee result not related to investment contracts, and other result.

~*~

Slide 45: Commentary – Life business operating profit

Life BOP hit a new high of USD 2,288m, with a USD 53m increase compared to the prior year which included USD 154m of non-recurring benefits from reserve releases and the non-completion of the disposal of a legacy back book in Germany.

Performance was supported by strong underlying dynamics. Profit release from long term contracts, which consists of CSM amortization and risk adjustment release, increased 8% driven by EMEA. Technical result from short term protection contracts increased 5% year on year, with 9% like-for-like growth partially dampened by adverse currency movements in Latin America. Fee result from investment contracts, which are predominantly written in EMEA, added USD 322m of BOP in FY-25. The 19% year on year increase was driven by higher assets under management and broadly stable margins. The contribution of investment result and other profit drivers was USD 169m below FY-24 which benefited from USD 154m of non-recurring gains.

In EMEA, BOP declined 1% year on year. While insurance margin and fee result improved, overall BOP was lower than in the prior year, which benefited from USD 154m of non-recurring gains.

Latin America BOP increased 17% year on year, driven by a higher technical result for short term protection as well as a lower headwind from inflation and currency depreciation in Argentina.

Asia-Pacific BOP increased 18% year on year, primarily driven by a favorable impact from re-pricing actions in Australia.

BOP for North America and Other was USD 38m below prior year, mainly reflecting the transfer of an individual Life portfolio to Non-Core Businesses.