Zurich Insurance Group full year 2025 results investor and media presentation/Farmers

Slide 17: Increasing policy count; Agency Brokerages enhancing customer acquisition and retention

Farmers Exchanges — GWP (USD millions), FY24 vs FY25

Metric	FY24	FY25	Change
GWP	28,371	29,600	+4%

GWP growth from continuing operations: +5%.

Farmers Exchanges — PIF QoQ Change (thousands), 1Q24–4Q25

Metric	1Q24	2Q24	3Q24	4Q24	1Q25	2Q25	3Q25	4Q25
PIF change	−269	−320	−342	−347	−58	+42	+62	+107

Policy count growth accelerated throughout FY25, turning positive from 2Q25.

Agency Brokerages — PIF QoQ Change (thousands), 1Q25–4Q25

Metric	1Q25	2Q25	3Q25	4Q25
PIF change	+23	+29	+29	+30

Notes:

• For all references to Farmers Exchanges see the disclaimer and cautionary statement.
• PIF represents policies in force from continuing operations.
• Agency Brokerages policies in force managed by the brokerage entities excluding Farmers brand; quarter-on-quarter change in policies managed not material for periods before January 2025.

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Slide 18: Farmers Exchanges has a strong foundation for sustainable future growth

Farmers Exchanges — Combined Ratio before Quota Share Reinsurance (%), 1H23–FY25

Period	Combined ratio	of which: Cat losses	CR excl. Cats	Surplus ratio
1H23	111.6%	17.5%	—	—
2H23	95.4%	5.7%	89.7%	—
1H24	95.2%	15.1%	80.1%	—
2H24	87.8%	6.1%	81.7%	—
1H25	90.5%	14.7%	—	—
2H25	79.1%	3.2%	75.9%	—
FY25	—	—	75.8%	52.9%

Surplus ratio target range: 34–38%. FY25 surplus ratio of 52.9% is well above the target range.

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Slide 19: California wildfire incurred losses well below market share

The slide compares Los Angeles wildfire incurred losses against expected losses (based on share of California homeowners premiums and total insured market loss of USD 40bn). Farmers Exchanges' actual incurred losses were well below the level implied by their premium share, demonstrating effective exposure management. Most peer companies incurred losses at or above their premium share, while Farmers Exchanges was among the best-performing companies.

Notes:

• Source: S&P IQ (statutory data). Incurred losses as reported divided by expected losses based on share of California homeowners premiums and total insured market loss of USD 40bn.

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Slide 20: Farmers Management Services and Farmers Re driving positive momentum

Farmers Management Services — BOP (USD millions), FY24 vs FY25

Component	FY24	FY25	Change
FMS excl. Agency Brokerages	2,035	2,103	—
Agency Brokerages	39	49	—
Total FMS	2,074	2,152	+4%

MGEP margin: 7.0% in both FY24 and FY25 (BOP contribution %).

Farmers Re — BOP (USD millions), FY24 vs FY25

Metric	FY24	FY25	Change
BOP	192	243	+27%