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This document contains extracted information from slides 1 through 10 of the Zurich Insurance Group investor and media presentation for full year results 2025, dated February 19, 2026 and titled "Driving growth, delivering value." The presentation covers Group-level key messages and financial highlights, Property & Casualty (P&C) performance including combined ratios, GWP growth drivers, Middle Market results, and specialty lines. The source document is available at: investor-media-presentation-including-commentary-annual-results-2025.pdf.

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Slide 1: Title Slide

Title: Driving growth, delivering value

Subtitle: Full year results 2025

Date: February 19, 2026

Presenter: Zurich Insurance Group — Investor and media presentation

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Slide 2: Content

The presentation is organized into three main sections:

Key highlights

• Group
• P&C
• Life
• Farmers

Financial performance

• Group
• P&C
• Life
• Farmers
• Other segments
• Investment details
• Solvency and balance sheet

Other important information

• Disclaimer
• Dividend policy
• Customer KPIs
• Solvency
• 2023–2025 targets
• Outlook
• Alternative performance measures
• Contacts and calendar

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Slide 3: Key Messages

Successful start to 2025–2027 cycle

High quality results

• Delivered a record BOP of USD 8.9bn in FY-25, up 14% year-on-year.
• Record Core ROE of 26.9% with profit growth across all business segments.

P&C: a record top and bottom line

• P&C BOP of USD 5.1bn, up 22%.
• Superior risk selection, improved portfolio mix paired with a favorable cat loss experience reduced CoR by 1.6ppts to 92.6%.
• GWP up 8%, surpassing USD 50bn for the first time.

Life: strong growth and record CSM

• BOP of USD 2.3bn, up 10% excluding prior year one-offs.
• Strong top-line growth, up 7% like-for-like.
• All-time high CSM of USD 13.8bn.

Farmers is growing

• Record full year BOP.
• Farmers Exchanges GWP up 4% with the rate of policy count growth accelerating throughout the year.
• Strong underwriting result supports increased surplus ratio of 52.9%.

Cash and capital strength

• SST ratio of 259% as of FY-25, well in excess of the 160% floor.
• Strong cash remittances of USD 7.4bn.
• Record NIAS of USD 6.8bn supports proposed dividend increase of 7% to CHF 30.

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Slide 4: Durable Growth, Leading ROE and Strong Cash Conversion

Core EPS (USD)

Core Earnings per Share (EPS) in USD, based on business operating profit after tax (BOPAT).

Period	Core EPS (USD)
FY-19	27.4
FY-20	21.5
FY-21	29.5
FY-22	34.2
FY-23	37.9
FY-24	40.1
FY-25	45.1
FY-27 target	>51.9

CAGR (FY-19 to FY-25): +9%.

Cash Remittances (USDbn)

Period	Cash Remittances (USDbn)
FY-19	3.4
FY-20	3.4
FY-21	4.4
FY-22	4.6
FY-23	4.8
FY-24	7.1
FY-25	7.4

Cumulative 2025–2027 target: >USD 19bn.

Dividend per Share (CHF)

Period	Dividend per Share (CHF)
FY-19	20
FY-20	20
FY-21	22
FY-22	24
FY-23	26
FY-24	28
FY-25	30

CAGR (FY-19 to FY-25): +7%.

Core ROE (%)

Business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses.

Period	Core ROE (%)
FY-19	14%
FY-20	11%
FY-21	14%
FY-22	16%
FY-23	23%
FY-24	25%
FY-25	27%
FY-27 target	>23%

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Slide 5: Strong Start to the 2025–2027 Cycle

Metric	FY-25 Actual	2025–2027 Target
Core ROE (%)	26.9%	>23%
Core EPS (USD)	45.1	>51.9 (>9% CAGR)
SST ratio (%)	259% (estimated)	Floor ≥160%
Cash remittances (USDbn)	7.4	>19.0 (cumulative)

Core EPS grew 13% from the FY-24 baseline of USD 40.1 to USD 45.1 in FY-25.

Notes:

• Core ROE is defined as BOPAT divided by average shareholders' equity excluding unrealized gains and losses.
• Core EPS is in USD, based on BOPAT.
• On Swiss Solvency Test (SST), see footnote on slide 3.

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Slide 6: All Businesses Delivering Strong Momentum

GWP (USDbn)

Gross written premiums for P&C and Life Protection. Gross policyholder inflows (including deposits) for all other lines of business (including investment and asset management contracts).

Segment	FY-23	FY-24	FY-25
P&C	32.2	33.1	36.2
Life, Farmers & Other	44.4	46.6	50.4
Total	76.6	79.7	86.6

CAGR (FY-23 to FY-25): 6%.

BOP (USDbn)

Segment	FY-23	FY-24	FY-25
P&C	3.9	4.2	5.1
Life	2.1	2.2	2.3
Farmers	2.3	2.3	2.4
Other	−0.9	−1.0	−0.9
Total	7.4	7.8	8.9

CAGR (FY-23 to FY-25): 10%.

NIAS (USDbn)

Period	NIAS (USDbn)
FY-23	4.4
FY-24	5.8
FY-25	6.8

CAGR (FY-23 to FY-25): 25%.

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Slide 7: Continued Strong Combined Ratio Delivery, Exceptional Profitability Across Both Segments

Segment	FY-23	FY-24	FY-25	Change (FY-23 to FY-25)
P&C — Group	94.5%	94.2%	92.6%	−1.8ppts
P&C — Commercial	91.4%	92.3%	91.0%	−0.3ppts
P&C — Retail	99.8%	96.5%	94.4%	−5.5ppts

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Slide 8: Disciplined Commercial Growth; Retail Supported by Strong Net New Business Growth and Rates

P&C GWP Growth by Driver — Commercial (USDbn)

Driver	Amount (USDbn)
FY-24 GWP	27.2
Rate change	+0.0
Exposure change	+0.2
Net new business and other	+0.9
FY-25 GWP	28.3

Total growth: +4%.

Notes: "Other" includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. Excludes crop which increased USD 0.1bn year-on-year.

P&C GWP Growth by Driver — Retail (USDbn)

Driver	Amount (USDbn)
FY-24 GWP	16.7
Rate change	+0.5
Exposure change	+0.1
Net new business and other	+0.8
M&A	+1.3
FY-25 GWP	19.4

Total growth: +16%.

Notes: "Other" includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. M&A includes the acquired Zurich Kotak General Insurance and AIG's global personal travel insurance and assistance business.

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Slide 9: Middle Market With Continued Underlying Growth Maintaining Strong Profitability

Middle Market GWP (USDm)

The chart shows a waterfall from FY-24 total GWP of USD 7,745m to FY-25 total GWP of USD 7,858m, with the following sub-segment contributions (USDm):

Sub-segment	Change (USDm)	GWP Growth (%)
U.S. Middle Market	+83	+7%
U.S. MM Specialties	+78	+16%
U.S. Programs	+292	+1%
U.S. E&S	−307	−18%
EMEA Middle Market	−29	−4%
Rest of World	−4	—
Total (FY-24 → FY-25)	+113	—

Middle Market Rate Change (%)

Sub-segment	FY-25 Rate Change (%)
U.S. Middle Market	+6%
U.S. MM Specialties	+2%
U.S. Programs	+0%
U.S. E&S	−1%
EMEA	+1%
Total	+2%
P&C — Commercial (overall)	+8%

U.S. Middle Market Combined Ratio (%)

The chart shows the U.S. Middle Market accident-year combined ratio excluding catastrophes (AY CoR ex Cat) from FY-20 through FY-25, with an average of 87.4% over the period.

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Slide 10: Specialty Growth Supported by AI Infrastructure Demand and Attractive Margins

Global Specialty (USDbn)

Global Specialty remains a profitable growth driver.

Period	GWP (USDbn)
FY-22	8.4
FY-23	8.7
FY-24	9.4
FY-25	9.6

CAGR (FY-22 to FY-25): 4%. Average AY CoR ex Cat: 86.5%.

U.S. Construction (USDbn)

U.S. Construction is benefiting from hyperscalers' buildout and AI infrastructure demand.

Period	GWP (USDbn)
FY-22	1.4
FY-23	1.6
FY-24	1.7
FY-25	1.9

CAGR (FY-22 to FY-25): 9%. Average AY CoR ex Cat: 92.0%.