Zurich Insurance Group full year 2025 results investor and media presentation/Balance sheet and capital

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%

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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.

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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.

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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.

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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.

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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%.