Investor Day Presentation 2022

Investor Day
2022
16 November 2022
Zurich Insurance Group
Agenda
TIME TOPIC SPEAKER
10:30 – 11:10 Strategy Mario Greco
11:10 – 11:45 Customer Conny Kalcher
11:45 – 12:45 Lunch break
12:45 – 13:25 Commercial Insurance Sierra Signorelli
13:25 – 14:00 Finance George Quinn
14:00 – 14:20 Coffee break
14:20 – 15:20 Q&A All
15:20 – 15:30 Wrap-up Mario Greco

© Zurich
November 16, 2022 Investor Day 2

Consistent strategy,
increased ambition
Investor Day 2022
16 November 2022
Mario Greco
Group Chief Executive Officer
STRATEGY
Key messages
We have demonstrated resilience, adaptability and focused execution over the previous
Focused execution
two strategic cycles and are well on track to exceed all targets for the 2020-2022 period
We have reduced capital and earnings volatility through targeted actions across our
Reduced volatility
businesses, addressing peak exposures and optimizing returns
We are continuing our customer-focused transformation, investing in capabilities and

Customer centricity
technology to establish meaningful relationships and become the insurer of choice
We are on track to become one of the most responsible and impactful businesses in the
ESG leadership
world, placing sustainability at the core of our organization and stakeholder interactions
We will continue to pursue an ambitious agenda for the 2023-2025 cycle, leveraging our
Increased ambition
technical strengths and delivering on our strategic vision
© Zurich

STRATEGY
On track to exceed all targets, outperforming an ambitious

plan for the second consecutive strategic cycle
2020-2022 TARGETS DELIVERING ACROSS ALL OUR BUSINESSES
• Reclaimed leading position

Target Progress Commercial • Balanced global portfolio and reduced volatility
• Strengthened technical capabilities
BOPAT ROE1 >14%

• Continued growth and diversification
Retail • Invested in customer-focused transformation
• Advanced digitalization of customer experience
EPS growth2 ≥5%
• Continued growth in unit-linked and protection

SST ratio3 ≥160% Life • Executing back book transactions
• Increased return on capital with reduced volatility
Cash remittances4 >11.5bn • Further scaled up fee-based earnings

Farmers • Diversified geographic footprint
• Broadened distribution
1 Annualized business operating profit after tax return on equity, excluding unrealized gains and losses.
2 Compound organic earnings per share growth rate, before capital deployment, over the period 2020-2022.
© Zurich
3 Estimated Swiss Solvency Test (SST) ratio, calculated based on the Group’s internal model approved by the Swiss Financial Market Supervisory Authority FINMA.
4 Includes cash remittances for FY-20, FY-21 and FY-22e (in USD).

STRATEGY
Consistently delivering superior value for our shareholders,

with low volatility of earnings and attractive dividend
TOTAL SHAREHOLDER RETURN (USD) STABLE, GROWING EARNINGS AND ATTRACTIVE DIVIDEND
(Indexed to 100% as of January 1, 2016)1 (FY-16 to FY-21)2
300% Diluted earnings per share (CHF) EPS growth (CAGR, %)
250% 252% 32
8.5%
28
200% 6.3%
21
150% 154%
132%
Payout ratio (%)
100%
50% 78%
55%
0%
2016 2017 2018 2019 2020 2021 2022 FY-16 FY-19 FY-21
Zurich SMI STOXX Europe 600 Insurance Zurich Peer group median
© Zurich
1 Source: Datastream, as of October 31, 2022.

2 Source: Datastream, as of October 31, 2022. Peers include AXA, Allianz, Generali, Chubb, Travelers.

STRATEGY
A global leader with strong and diversified earnings profile,

high cash conversion and excellent financial strength
KEY STRENGTHS DIVERSIFIED EARNINGS PROFILE AND CAPITAL POSITION
HIGHLY CASH GENERATIVE BUSINESS
BOP by business (%)1 Payout ratio (%)2 Group Swiss Solvency Test ratio (%)3
Resilient and diverse global FY-16 to FY-21 FY-16 to FY-21
business model
Tar et Focus
30% 99% 252%

Clear and consistent 221% 222%
216% 212%
long-term strategy 204%
182%
≥160%
26% 80%
Executing customer-focused
transformation
Differentiated and complementary 43% 97%

distribution across segments
FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 9M-22
Excellent financial strength
and cash generation P&C Life Farmers SST3 Minimum target capitalization
1 BOP split by business excludes Group Functions & Operations and Non-Core Businesses; Farmers includes Farmers Management Services, Farmers Life and Farmers Re.
© Zurich
2 Calculated as cash remittances / net income attributable to shareholders (NIAS).


STRATEGY
We have a clear strategic vision, driving focused execution

towards fully delivering our ambition
OPTIMIZED GLOBAL FOOTPRINT COMPLEMENTARY DISTRIBUTION CLEAR STRATEGIC PRIORITIES
Business operating profit by region (%)1 FY-21 share of premiums (%)2 Focus on customer
Transforming to become a truly
100% Commercial: Retail: Life: bank customer-led company, based
brokers partnerships distribution on strong existing platform
95% 18% 39%
Simplification
Simplifying our business and
operations, to make better use
of our resources
Tar et Focus
FY-16 FY-21 Innovation

Complementary distribution capabilities Adapting to continue to meet
across segments, with attractive growth and exceed the expectations of
EMEA Farmers Latin America
opportunities outside traditional channels our customers and partners
North America Asia Pacific
© Zurich
1 BOP split by region excludes Group Functions & Operations, Non-Core Businesses and Group Reinsurance.
2 Share of gross written premiums (GWP) for Commercial and Retail and share of annual premium equivalent (APE) for Life, respectively.

STRATEGY
Leading Commercial Insurance business with balanced

portfolio, well positioned for cross-cycle outperformance
RECORD PROFITABILITY BALANCED PORTFOLIO EXPANDING OUR LEADING POSITION
Combined ratio (%) Business mix by GWP (%)1

Increasing customer relevance
through distinctive capabilities
107% -13ppts
100% 100%
24% Continuing growth in the mid-
97%
94% market, expanding local presence
89% 28%
Cultivating confident, optimistic
25%
and market-oriented culture
23%
FY-17 FY-18 FY-19 FY-20 FY-21 HY-22 Increase share with brokers beyond top 33
Property Casualty Specialties Other2 Growth rate (p.a.)4 Zurich wallet share4
8-30% 5-6%
1-5%
Underwriting and pricing excellence 4-13%
FY-17 FY-18 FY-19 FY-20 FY-21 HY-22

Leading data and analytics platform
Top 3 global brokers
Investment in people and culture Other international/regional brokers beyond top 3
1 In constant FX, net of premiums for ceded facultative reinsurance, captives and pools/co-reinsurance agreements.
2 Other mainly includes Crop and Direct Markets business (P&C products for vehicle dealerships and Finance and Insurance products) in North America.
© Zurich
3 Top 3 global brokers refers to Aon, Marsh, and WTW.

4 Annualized broker P&C revenue growth rate over 2019-2021 (CAGR). Zurich wallet share at FY-21, as reported by brokers or based on own estimate where broker data was unavailable.

STRATEGY
Steady expansion of our Retail presence in key markets,

pursuing both organic and inorganic opportunities
CONCENTRATED RETAIL FOOTPRINT STEADILY EXPANDING OUR POSITION
FY-21 GWP (%)

Switzerland Germany Partnerships
GWP growth rate (%) GWP growth rate (%) GWP growth rate (CAGR, %)
7%
>10%
5%
5%
63%
FY-19 FY-20 FY-21 HY-22 FY-19 FY-20 FY-21 HY-22

20%
Zurich Switzerland Retail Zurich Germany Retail
P&C market Switzerland4 P&C market Germany4 FY-19 FY-22e
Re-establishing leading Disciplined growth across Successful expansion of

market position in key partnerships, SME, and diversified partnership
Farmers Exchanges1 Germany Other3 Retail market through non-motor direct base with strong pipeline
Switzerland Partnerships2 customer centricity throughout the cycle for further growth
1 For all references to Farmers Exchanges see the disclaimer and cautionary statement.
2 Partnerships as represented in chart refers to Retail partnerships (excl. Commercial and Life) and excludes partnership premium volumes reflected in Switzerland and Germany Retail businesses.
© Zurich
3 Other includes all remaining Zurich Retail markets not shown separately in this chart.
4 Market growth refers to entire P&C market. Sources: FINMA reporting for Switzerland P&C market data; German Insurance Association for Germany P&C market data.

STRATEGY
Accelerating customer-focused transformation, building on

strong momentum to establish Zurich as the insurer of choice
STRONG CUSTOMER FOUNDATION ACCELERATING CUSTOMER LOYALIZATION
Create a Brighter Brand

Strategy
Customer
Experience Strategy
Customer
Centricity Program
Future Together
ccount ustomer
Customer Customer Data,

Brand Capability Building Insights and Analytics
consideration2
+7ppts Net new
(% markets w/ customers3
TNPS1
+7.8pts top 5 position) +4.6m The Customer Centricity Program
(since 2019)
(since 2019) helps cater to customer needs
more effectively, driving improved
financial results
1 Global transactional net promoter system (TNPS) score delta aggregates Retail & SME TNPS scores for all regions measured, excluding North America.
© Zurich
2 Based on 15 retail markets: Argentina, Australia, Austria, Brazil, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Mexico, Portugal, Spain, Switzerland, and UK.
3 Based on 9 retail markets: Australia, Brazil, Germany, Japan, Italy, Santander JV, Spain, Switzerland, and UK.

STRATEGY
Leveraging our strengths to continue developing long-term

strategic distribution partnerships and create customer value
RETAIL P&C DISTRIBUTION MIX (%) OUR APPROACH TO PARTNERSHIPS GROWTH OPPORTUNITY
FY-21 GWP (%) Zurich proposition
• Dedicated partnership team 5%

USD est. CAGR
13% • Superior servicing proposition
200bn over 5yrs 5-10%
29%
• Seamless digital integration est. market size2 avg. profit
margin2,3
• Multi-country support and
18% globally consistent standards
Market composition (%)4
Desired partnership characteristics
100%
• Clear customer value and Other (digitally embedded)
differentiated services
Auto TPL & own damage
• Possibility to leverage customer
40%
data and insights Auto extended warranty
• Partner co-investment
Brokers Partnerships1
Retail extended warranty
Agents & other Direct • Exclusive, multi-year relationship
1 Partnerships includes affinities and bank partnerships.
2 Zurich estimate based on publicly available data / research reports.
© Zurich
3 Based on average normalized profitability of existing business.

4 Share of estimated market volume, based on GWP.

STRATEGY
Our travel insurance business is positioned for a strong

recovery as global travel rebounds
GLOBAL BUSINESS MODEL WELL POSITIONED TO BENEFIT FROM THE REBOUND
Established global
platform and Cover-More gross sales (USDbn)
management
structure ~20% p.a.
0.8 0.7
Innovative, Digital, embedded
targeted customer distribution 0.2 0.2
propositions and through partners
experience and digital direct FY-19 FY-20 FY-21 FY-22e FY-25e
Continued growth in Asia-Pacific, while substantially

expanding our footprint across EMEA and North America
Increasing share of revenues from fast growing assistance
Differentiated Increased IT and and travel risk management markets
service and business agility to
assistance adapt products Digital enabled transformation of customer experience
capabilities and pricing
and above-average growth in direct channel
© Zurich

STRATEGY
Digital transformation serving as an enabler for our customer-

focused strategy and increased partner connectivity
DIGITAL DATA CONNECTIVITY
• Interact with customers digitally, Enforced data standards and Zurich Connector
across channels improved data quality API1 Solution
• Reinvent customer experience and • Integrated, digitized approach

deliver seamless services Developed global data asset and • onnectin customers’ and partners’
analytics platform in underwriting systems with Zurich global platforms
• Improve process speed and efficiency
Increased efficiency in claims

processing and settlement
Maersk Cargo Insurance –
provided by Zurich Operational
Location-based intelligence in
• Marine Cargo fast flow solution, assessing fire and flood risks efficiency
Instantly
deployed in 23 countries Consistency
available
• Seamlessly integrated insurance Achieved single customer view and
data
purchasing within partner platform in ten biggest Retail markets transparency
© Zurich
1 Application Programming Interface (API).

STRATEGY
Building on core Life distribution strengths while leveraging

opportunities to further diversify and expand customer reach
DIFFERENTIATED DISTRIBUTION STRENGTH IN BANK DISTRIBUTION OPPORTUNITIES
FY-21 Annual premium equivalent (%)

Zurich Santander and Sabadell Zurich Increasing penetration through
advanced data analytics and
12% customization of propositions
BOP
GWP +14% Investing in distribution
39% (10yr CAGR2)
+9% capabilities to be the partner of
21%
(10yr CAGR1) choice across channels
>20m
customers3
Continued development of
financial advisor network and
IFA1 broker relationships
28%
Further advancing digitalization

Expand existing and explore new
Banks IFAs / Brokers1 and partner connectivity for
strategic bank partnerships
Corp. Life & Pensions Tied agents / Other improved customer experience
1 Independent Financial Advisor (IFA).

© Zurich
2 Compound annual growth rate over the 10-year period from 2012-2022e.
3 Number of customers as at FY-21.

STRATEGY
High quality Life business delivers strong results, with growth

in preferred lines driving profit expansion through the cycle
FOCUS ON CAPITAL-LIGHT PRODUCTS BEST IN CLASS BOP GROWTH PROFIT AMBITION
FY-21 Annual premium equivalent (%) Life BOP1, FY-16 to FY-21 CAGR (%) Contractual service margin (USDbn)
8%
Zurich 10%
18%
38% Mid-single digit CAGR
Allianz 3%
FY-22e FY-25e
Generali -2%
36%
AXA -5%
Continued BOP growth driven by
Protection Corporate savings protection and capital-light savings
Unit-linked Savings & annuities
© Zurich
1 Based on earnings disclosures, not adjusted for acquisitions and disposals. Life BOP based on operating profit in reporting currencies.

STRATEGY
Strong ambition driven by enhanced distribution, improving

technical capabilities and positive rate momentum
HIGHER REVENUES AND ENHANCED LEVERAGING HARDENING MARKET AMBITIOUS TARGETS FOR THE NEXT
DISTRIBUTION FOOTPRINT AND IMPROVING CAPABILITIES STRATEGIC CYCLE
Farmers Exchanges1 GEP (USDbn), MGEP margin (%) Filed rate change (%)
23.7
20.4 20.1 20
3-5%
12.6 10 GEP growth3
(CAGR)
7.0% 6.8% 6.6% 6.7% 0
FY-19 FY-20 FY-21 9M-22 FY-22e
FY-19 FY-20 FY-21 HY-22 Auto Non-standard auto Homeowners
PiF
growth3
Strengthened and diversified distribution2 Strengthening capabilities
by 2024
7.0%
~11,100 Exclusive agents Narrowing capability gap to MGEP
best-in-class peers through margin
~32,200 Independent agent relationships focused investment
~4,500 Active employer relationships More sophisticated customer
~375 Active affinity relationships segmentation, dynamic pricing,
and advanced data insights
© Zurich
2 Distribution footprint as of August 2022.

3 Growth of gross earned premiums (GEP) and policies in force (PiF) are targets of the Farmers Exchanges.

STRATEGY
Accelerating sustainability targets across own operations and

leveraging our role as an underwriter and investor
PROGRESS TO DATE Additional targets for the
• Launched Zurich Resilience Solutions upcoming cycle
Customers • Global data transparency score up 30%
Support transformation since 2020 Increase share
of revenue
• TNPS up 7pts since 20191 generated from
sustainable Reduction in
solutions insurance
• Net zero delivery in investments and associated
Planet operations underway2 emissions
Mitigate and adapt to • Thermal coal and oil sands exclusion concluded,
climate change Increase impact
review of oil and gas transition plans investments to
5% of proprietary
assets Further
• 23 hours of learning per employee in 2021 increase share
of internal hires
People • ENPS up 49pts since 20183
Future-proof our people • Females share in senior leadership roles up
6ppts since 20174 ‘ESG at Zurich’ investor event
to take place in March 2023
1 Transactional net promoter score (TNPS); it includes both Retail and Commercial customers.
2 Reductions of 21% in corporate investments and 73% in operations emissions in 2021 compared to the 2019 baseline. The communicated targets are -25% and -50% by 2025, respectively.
© Zurich
3 ENPS stands for employee net promoter score; ENPS increased from +5 in April 2018 to +54 in October 2022.
4 To a share of 28% as of September 2022.

STRATEGY
We remain focused on improving our return on equity,

delivering increased value through operational improvement
LEVERS TO IMPROVE 2023 – 2025 BOPAT ROE (ppts)1
Business growth Productivity Portfolio quality

~3.0ppts up to 1.0ppt ~1.5ppts
© Zurich
1 Baseline: reported HY-22 position adjusted for impact of transition to IFRS 17, normalization of tax rate and catastrophes as well as one-off real estate ain. Shareholders’ equity adjusted for timin of dividend.

STRATEGY
Continuing to pursue our strategic vision established in 2016,

accelerating ambition for 2023-2025 strategic cycle
CONSISTENT STRATEGY, INCREASED AMBITION FINANCIAL TARGETS FOR 2023 – 20251
Deliver cross-cycle outperformance in Commercial based

on technical excellence and opportunistic growth
BOPAT ROE2 >20%
Accelerate customer loyalization in Retail through

relevant, innovative propositions and holistic experiences
EPS growth3 8%
Value creation through customer intelligence, advanced
data analytics and targeted, customer-led digitalization
SST ratio ≥160%
Leverage strengths in distribution to pursue targeted
growth opportunities in attractive, fast-growing segments
Cash remittances4 >13.5bn

Drive climate transition through focus on sustainable
solutions, engaging with customers and investees
1 Financial targets for 2023-2025 are based on IFRS 17.
2 Annualized business operating profit after tax return on equity, excluding unrealized gains and losses.
© Zurich
3 Compound organic earnings per share growth rate, before capital deployment, over the period 2023-2025. Assuming the achievement of the 2020-2022 target of a compound earnings per share growth rate of 5%.
4 Cumulative net cash remittances over the period 2023-2025 (in USD).

STRATEGY
Key messages
We have demonstrated resilience, adaptability and focused execution over the previous
Focused execution
two strategic cycles and are well on track to exceed all targets for the 2020-2022 period
We have reduced capital and earnings volatility through targeted actions across our
Reduced volatility
businesses, addressing peak exposures and optimizing returns
We are continuing our customer-focused transformation, investing in capabilities and

Customer centricity
technology to establish meaningful relationships and become the insurer of choice
We are on track to become one of the most responsible and impactful businesses in the
ESG leadership
world, placing sustainability at the core of our organization and stakeholder interactions
We will continue to pursue an ambitious agenda for the 2023-2025 cycle, leveraging our
Increased ambition
technical strengths and delivering on our strategic vision
© Zurich

Delighting and loyalizing
customers
Investor Day 2022
16 November 2022
Conny Kalcher
Group Chief Customer Officer
CUSTOMER
Key messages
Our customer-led transformation has made significant progress to date: 4.6m net new
Transforming Zurich
retail customers since 2019, with higher TNPS and brand consideration across the Group
Built a foundation focused Refreshed our brand purpose and developed a customer experience (CX) vision aimed at
on our customers building a meaningful relationship with our customers and become a trusted partner
Becoming the insurer Priority for the next cycle is to drive customer loyalty by understanding and serving our
of choice customers better to become their insurer of choice
Deepening our relationship Actively implementing customer segmentation, lead management and CX standards
with customers across all markets and launching a mobile first customer portal
Promoting and Tracking customer KPIs as a key part of our success measurement in all our retail markets
measuring loyalty and introducing improved ways to measure loyalty and link to financial performance
© Zurich

CUSTOMER
We are building a strong strategic customer foundation,

delivering good early results
BRAND STRATEGY CUSTOMER EXPERIENCE CUSTOMER CENTRICITY
STRATEGY PROGRAM
Purpose Customer experience (CX) Hybrid customer segmentation

Customer value proposition Vision Automated lead management
Brand visual identity Standards Culture change
ccount ustomer
CUSTOMER CUSTOMER DATA, One customer view

CAPABILITY Customer academy INSIGHTS AND Customer intelligence platform
BUILDING ANALYTICS Data analytics capability
© Zurich

CUSTOMER
Our efforts are starting to pay off
CUSTOMER SATISFACTION CUSTOMER LOYALTY AND GROWTH GROWING PORTFOLIO
Retail & SME 2019-2022 YTD Retail & SME retention rate (%) Retail & SME – GWP growth like-for-like (%)4
+2ppts 13%
Global1 +7.8 pts
82% 83%
80% 81%
EMEA +10.8 pts 8%
Asia Pacific +3.8 pts FY-19 FY-20 FY-21 9M-22

4%
Retail net new customers (m)3

Latin America +3.9 pts
66.0
4.6
Farmers Exchanges2 +5.8 pts -2%
FY-19 FY-20 FY-21 9M-22
FY-19 Net new 9M-22

customers
1 Global TNPS delta aggregates Retail & SME TNPS scores for all regions measured, excluding North America.
3 Net new customer number based on 9 retail markets: Australia, Brazil, Germany, Japan, Italy, Santander JV, Spain, Switzerland, and UK. Customer count as of 9M-22 based on 19 markets accounting for 99% of Retail &
© Zurich
SME P&C GWP and 95% of Individual Life APE.

4 In constant FX and after adjusting for closed acquisition and disposals.

CUSTOMER
The Zurich brand is closer to our customers, delivering our

purpose to ‘ reate a Bri hter Future To ether’
BRAND CONSIDERATION RANKING1 Global campaign 2021:
15 15 What can go right?
20 countries, first global campaign in 5 years:
OBJECTIVES:
Top 5 40%
47% • Deliver on Zurich purpose and drive brand
awareness/consideration
• Build emotional connection with our customers
by inspiring them to take action for the planet
MEDIA CHANNELS:
Social media, digital media, print media, and TV
Below top 5 60%
53%
DIRECT CAMPAIGN IMPACT:
+20ppts brand consideration among EMEA
customers and +10ppts for non-customers,
2019 2022 compared to those not exposed to the campaign
© Zurich
1 Based on 15 retail markets: Argentina, Australia, Austria, Brazil, Germany, Hong Kong, Ireland, Italy, Japan, Malaysia, Mexico, Portugal, Spain, Switzerland, and UK.

© Zurich

CUSTOMER
We have defined our CX vision and standards with Group-

wide initiatives to deliver on our aspirations
GROUP-WIDE INITIATIVES
Our CX vision: Global ata
Build a meaningful relationship Single customer view
Customer portal and app

• Uniquely human and sustainable
CX principles
ash Flow olar
• More personal and collective

• Always frictionless and responsive Easy payments
• Signature standards Sustainable options

CX standards • Target standards
• Red line standards Empathy training
© Zurich

CUSTOMER
Our CX strategy is helping deliver impactful solutions to

customers throu hout Zurich…
HELLOZURICH CLAIMS SYSTEM, UK SERVICE CALL CENTER, SPAIN
8:31 8:32
8:45
• Customer data available from

• One click link to agent
the start of the call
• More personal, multi party calls
HelloZurich TNPS • Fully integrated with CRM and Call Center TNPS
• Shorter claims process
digital signature tools
• Optional geolocation sharing 88 • New customer empathy and 57
• No download required 2022 YTD 2022 YTD
clear language protocols
• Reduced carbon footprint
• Improved monitoring and
• Adopted in 4 countries1
analysis of customer feedback
© Zurich
1 Developed in the UK, and rolling out in Austria, Germany and Brazil.

CUSTOMER
… and elevatin journeys across customer roups
CUSTOMER JOURNEY SIMPLIFICATION RESULTING IN:

FOR MID-MARKET COMMERCIAL, UK
• Digitization of quotes for +20%

new and existing business New business
• Meaningful response to
broker, reduced to within +34pts
2 hours from submission TNPS increase in mid-market
• Increased data insights
to enhance portfolio mix and >95%
optimize propositions Submissions within or ahead of
• Product and policy wording customer deadline
simplification
• Operating model and culture change
for greater collaboration across
‘ ustomer Experience’ winner
underwriting, sales and operations
© Zurich

CUSTOMER
The Customer Centricity Program helps cater to customer

needs more effectively, driving improved financial results
HYBRID SEGMENTATION ACTIVATING THE SUCCESSFUL LAUNCH ACCELERATED ROLLOUT
APPROACH1 DISTRIBUTION NETWORK IN SWITZERLAND2
BUSINESSES IN SCOPE:
Lead generation including +1.3%

'Next Best Action' using Policy density
advanced analytics
+6.5%
Young Starters Emerging Families
Fully digitalized agent Customer appointment rate
process
83
Personalization of ents’ advice TNPS
products and services P&C Retail Life APE
& SME GWP
Established Families Highflyers Enabling cultural change

Beyond 2025
in customer interactions Incremental BOP
by 20253
2% By 2025
By 2022
1 Customer segments can vary from market to market. Segments displayed here are the most common segments of focus.
© Zurich
2 Policy density and appointment rate change refer to August year-to-date vs. prior year; TNPS as of August 2022.
3 BOP benefits net of incremental run costs; investments expected to be completed by 2024. BOP benefits expected to further increase beyond 2025.

© Zurich CUSTOMER UPDATE

Our ambition 2023-2025
To become
the insurer of choice by
loyalizing our customers
Building meaningful relationships with our customers through
understanding and anticipating their needs and delivering relevant,
personalized propositions and seamless, multichannel experiences
© Zurich

CUSTOMER
The Zurich customer strategy is driving a 360° transformation
EXPAND AND IMPLEMENT NEW STRATEGIC INITIATIVES
Best-in-class value proposition Customer pricing

Refreshed purpose, brand framework and visual identity Factoring loyalty into our pricing approach
Awesome experience Simplified customer communication

CX vision and strategy, CX standards and Communication strategy, transforming all customer-
customer service strategy facing communications
Global customer data platform Mastering multi-channel customer engagement

Customer intelligence platform, superior Zurich One account customer portal, customer
customer data analytics relationship management and social media
Loyalty leadership
Customer centric sales and distribution
Loyalty pyramid and customer KPIs linked to
Customer segmentation, automated lead management,
financial performance
agent training and remuneration, and targeted propositions
Group-wide customer capability building

Customer academy, mastery programs and empathy training
© Zurich

CUSTOMER
We are improving our digital capabilities around customer

data and encouraging our customers to connect with us
CUSTOMER INTELLIGENCE PLATFORM ZURICH ONE ACCOUNT
Marketing data
Agent data CRM tool
Internal data Web/app

analytics data
3
2 4
1 5
Customer
intelligence
platform
• Launching a mobile-first customer portal, adaptable to

• Expanding the coverage of our reporting and data analysis of market conditions and local infrastructure for personalized
customers across all our retail markets in 2022 engagement
• 360° view of every individual ensures personalized • Selected features: personal data management, policy
propositions and service management, claims process
© Zurich

CUSTOMER
The impact of our efforts will be evaluated through the Zurich

Loyalty Pyramid in the next strategic cycle
LOYALTY PYRAMID LEGEND: GERMANY EXAMPLE CUSTOMER KPIs
Required
x
policy density
POLICY DENSITY
CORE E-mail/mobile
CUSTOMERS registered
Relationship
Core
≥2Customers 7.2 4% Customer satisfaction
High value customers
TNPS
CONNECTED CUSTOMERS
Connected
1.8 19%
≥1 customers
Competitive position
MULTI-POLICY CUSTOMERS Brand consideration
Multi-policy
2.6 12%
>1 customers
TRANSACTIONAL CUSTOMERS Customer value

Transactional
1 customers
1.0 64% Revenue retention
SERVICE USERS
Non customers, users of Zurich provided services
x% % of Retail customer base
FULL MARKET Updated set of KPIs reflecting
Prospect users and prospect customers increased focus on loyalization
© Zurich

CUSTOMER
Key messages
Our customer-led transformation has made significant progress to date: 4.6m net new
Transforming Zurich
retail customers since 2019, with higher TNPS and brand consideration across the Group
Built a foundation focused Refreshed our brand purpose and developed a customer experience (CX) vision aimed at
on our customers building a meaningful relationship with our customers and become a trusted partner
Becoming the insurer Priority for the next cycle is to drive customer loyalty by understanding and serving our
of choice customers better to become their insurer of choice
Deepening our relationship Actively implementing customer segmentation, lead management and CX standards
with customers across all markets and launching a mobile first customer portal
Promoting and Tracking customer KPIs as a key part of our success measurement in all our retail markets
measuring loyalty and introducing improved ways to measure loyalty and link to financial performance
© Zurich

Expanding a leading franchise
Investor Day 2022
16 November 2022
Sierra Signorelli
CEO Commercial Insurance
COMMERCIAL INSURANCE
Key messages
We are a leading global commercial insurer with a well balanced high-quality portfolio and
Market-leading position
distinctive capabilities
Continuous combined ratio improvement over the last two strategic cycles driven by
Record results
underwriting discipline and customer focus gave rise to our best results so far
Our high-quality portfolio is the source of increasing and less volatile returns driven by
High-quality portfolio
ongoing margin expansion and relative underexposure to unattractive lines of business
Our talented workforce and superior insights provide us with better risk selection and
Advanced capabilities
position us well to succeed in today’s evolvin market conditions
Our position of strength will enable further profitable growth, deepen our customer
Ambition
relationships and improve our competitive position
© Zurich

Leading global commercial insurer with a well-balanced

footprint and distinctive capabilities
P&C GROSS WRITTEN PREMIUMS COMMERCIAL INSURANCE RANKING DISTINCTIVE CAPABILITIES
FY-21 Gross written premiums by customer unit (%)1 FY-21 Net earned premium (USDbn)2
International programs insurer

#1 to multinational corporations3
33% Global risk

#1 engineering franchise3
USD
40.1bn
Top 3 Provider of captive
67% insurance solutions
Insurer by share of wallet

Top 3 with global brokers
Customers served with

Commercial Insurance 750
Retail and SME leading relationship model
1 The split excludes Group Reinsurance and Eliminations.

© Zurich
2 Source: Company reports. Data includes only primary insurance on a more comparable basis. Zurich view includes alternative markets in North America and municipal business in the UK and excludes SME.
3 For international programs, based on number of programs, territories, and products covered. For risk engineering franchise, based on number of risk engineers, footprint, and with regards to multi-line insurers.

Our strategy positions us well to succeed in evolving

market conditions
UNCHANGED STRATEGIC PRIORITIES INDUSTRY ENVIRONMENT
Evolving pricing Increasing

cycle and digitalization
Maintain Leverage inflationary pressure and use of data
a balanced actionable
portfolio insights
Climate Customer
change focus on risk
impact prevention
Enhance
Focus
people
on the
driven Macroeconomic Evolving
customer
capabilities and geopolitical distribution
environment landscape
© Zurich

Disciplined execution evidenced by record financial results
TOP-LINE GROWTH (%) COMBINED RATIO (%) BOP (USDbn)
107% 2.2
100% 100%
97% 94%
13% 2%
13% 89% 1.5
2.0
0.4 1.1 1.7
78% 3.7
5% 72% 69% 69% 65% 61% 2.5 2.8
1% 1.9 1.9 1.9
-1% -0.5 -0.2

-0.8 -1.1
28% 28% 28% 29% 28% 28% -1.5 -1.4
-5%
-0.3
FY-17 FY-18 FY-19 FY-20 FY-21 HY-221 FY-17 FY-18 FY-19 FY-20 FY-21 HY-22 FY-17 FY-18 FY-19 FY-20 FY-21 HY-22
COVID-19 impacts3 BOP excl. Cat losses and COVID-19

NEP growth Loss ratio Cat losses excl. COVID-19
Marsh rate index2 CIAB rate index2 Expense ratio COVID-19 impacts3
1 HY-22 NEP growth compared to HY-21.

© Zurich
2 Source: Marsh Global Analytics; The Council of Insurance Agents & Brokers (CIAB) Commercial Property/Casualty Market Index (average).
3 COVID-19 claims, frequency benefits and premium refunds.

High-quality portfolio driven by rebalanced business mix and

better risk selection, leading to reduced volatility in earnings
REBALANCED BUSINESS MIX BETTER RISK SELECTION REDUCED VOLATILITY
GWP by line of business (%)1 Combined ratio vs. peer group average (ppts)3 Large loss ratio (%)
1.8 12ppts
1.5
20% 22% 25% 26% 24%
28%
5ppts
44% 36% 30% 28%
34% 32%
-1.0
25%
24% 24% 26% 27% -1.9 -1.94
22%
18% 16% 15% 17% 23%

14%
FY-17 FY-18 FY-19 FY-20 FY-21 HY-22 -3.8 Q1-15 Q1-17 Q1-19 Q1-21 Q2-22
FY-17 FY-18 FY-19 FY-20 FY-21 HY-22
Property Casualty Specialties Other2

1 In constant FX, net of premiums for ceded facultative reinsurance, captives and pools/co-reinsurance agreements.
2 Other mainly includes Crop and Direct Markets business (P&C products for vehicle dealerships and Finance and Insurance products) in North America.
© Zurich
3 Peer group includes the commercial divisions of AIG, Allianz, AXA XL, Berkshire Hathaway, Chubb, HDI, Liberty Mutual, QBE, Swiss Re and Travelers.
4 Excludes reserve strength allocation (1.7ppts) from Retail & SME.

Strategic foresight a key driver of portfolio transformation
DISCIPLINED UNDERWRITING PROACTIVE EXPOSURE MANAGEMENT HIGHER GROWTH AMBITIONS

APPETITE
Trade credit & political risk net exposure (USDm) GWP (USDbn)2
+53%
Aviation -32%
Event cancellation FY-19 FY-20 FY-21 FY-19 FY-20 FY-21
Average net flood limit (USDm)1

+28%
Marine -68%
-30%
Energy and technical risks Q1-21 Q1-22 Q1-21 Q1-22 FY-19 FY-20 FY-21
> USD 50m < USD 50m Financial lines Accident & Health
© Zurich
1 U.S. large property accounts with increased flood hazard based on updated model.
2 Net of premiums for ceded facultative reinsurance, captives and pools/co-reinsurance agreements.

Disciplined approach to underwriting and capacity

deployment
DRIVING PORTFOLIO IMPROVEMENT SELECTIVE CAPACITY DEPLOYMENT DEDUCTIBLE OPTIMISATION
Property capacity by hazard grade (USD)1 Liability deductibles by risk appetite (USD)2
+40%
Well defined risk appetite -12%
Selective capacity deployment +32%

-16%
-29% +12%
Deductible optimization
Active portfolio tracking

Lower Medium Higher Lower Medium Higher
hazard risks hazard risks hazard risks appetite risks appetite risks appetite risks
FY-20 FY-21 FY-20 FY-21

© Zurich
1 Weighted average capacity excluding Latin America, Italy and Austria.

2 Average deductibles, premium weighted, excluding North America.

Targeted actions to actively address inflationary drivers
RATE CHANGE VS. CLAIMS TRENDS LINE OF KEY INFLATIONARY TARGETED

BUSINESS DRIVERS ACTIONS
As of HY-22 (%)
• Valuations
• Material costs • Indexation
Property
Property1 • Wage inflation • Policy structure, wordings and
coverage
• Pricing adequacy
Motor • Parts shortages
Motor • Repair network commitments
• Material costs
• Virtual vehicle appraisals
Liability • Pricing based on revenue

• Social inflation • Higher deductibles
Liability
• Bodily injury • Limit reduction in hazardous
Workers Comp industries
• Pricing based on payroll

Workers’ • Wage inflation
• Maintaining portfolio balance
Rate change (%)2 Comp. • Medical inflation (U.S.)
• Medical fee schedules
Frequency and severity (%)
© Zurich
1 Property excludes crop and engineering lines.

2 GWP development due to premium rate change as a percentage of the renewed portfolio against the comparable prior year period.

Established core capabilities to proactively manage social

inflation
LOSS COST TREND ASSUMPTIONS KEY DRIVERS OF SOCIAL INFLATION ESTABLISHED CORE CAPABILITIES
WELL ABOVE CPI
U.S. Excess Liability
Indexed (2018 = 100), cumulative
Changing juror demographics
150 Enhancing
underwriting
140
capabilities Strengthening
130 Evolving legal tactics claims
120 capabilities
110
100
Litigation funding Driving proactive
90
FY-18 FY-19 FY-20 FY-21 2022 YTD industry action
Loss cost trend assumption - Zurich Legal landscape

Consumer price inflation (CPI)1
© Zurich
1 Source: Refinitiv, U.S. Bureau of Labor Statistics.

Management of natural catastrophe exposures reduces

probability and severity of impact of adverse events
LIMITING EXPOSURE SUPPORTING OUR CUSTOMERS IN MANAGING THEIR
EXPOSURE
Example: U.S. windstorm and California (CA) earthquake (indexed Q1-21 = 100)
100
95
90
88
90
Q1-21 HY-22 FY-23
U.S. windstorm target CA earthquake target

U.S. windstorm AAL actual1 CA earthquake AAL actual1
© Zurich
1 Average annual loss (AAL).

We take a leading role in helping customers transition to a net

zero emissions future aligned with our strategic priorities
MULTI-FACETED APPROACH TO SUPPORT TRANSITION BECOMING NET ZERO LEVERAGING ACTIONABLE INSIGHTS
Understanding emissions as part of a balanced portfolio1

Expected Expected
2022
Net Zero 2023 2030
Methodology
Insurance developed Set CO2e reduction
Delivery of first
3% and engagement
50% Alliance and agreed
targets
interim target
97%
50%
# customers CO2e
Focus on customer through developing low carbon solutions Baseline emissions and overlay existing
Baseline commitments of customers as part of target
setting process
Business
Portfolio analysis to understand industry /
Sustainable Electric vehicle Low carbon Carbon Circular
energy fleets construction capture economy monitoring regional mix impact on trajectory and customer
progress on targets
Scenario assessment based on customers’
Balance progress on their own targets and identify
mitigating actions to reach our targets
© Zurich
1 Sample comprises property customers contributing GWP >USD 1m.

Rich portfolio insight enabled through expansion of our

proprietary analytics platform
KEY FEATURES BENEFITS DATA DRIVES PROFITABILITY
Consistent access to
Connected infrastructure
comprehensive metrics and
leveraging global and local data
important trends enhancing
portfolio construction capabilities
Integrated claims, underwriting, More tailored dialogue with

risk engineering and distribution customers and brokers driven
functions in one single view by granular risk analytics
Advanced platform capable of Efficient operations spending

ingesting both internal and less time on collecting data and
external data at scale more time acting on it
© Zurich

Continuous focus on people development; attracting and

retaining talent remains a key priority
MANAGING EMPLOYEE VOLUNTARY TURNOVER

Proactive reward and retention measures
1 to ensure we remain market competitive
10%
8%
6%
4%
Improving the day-to-day environment by
2 removing operational complexity 2%
0%
2018 2019 2020 2021 Q3 2022
Global talent visibility and development

3 focusing on succession planning, networking CONTINUOUS IMPROVEMENT IN ENPS1
and technical/soft-skill development 2019 2022
Emerging risks people strategy to

4 address difficult-to-hire / growth areas 65%
49% +26pts
33% 27%
18%
8%
© Zurich
1 Employee net promoter score; October 2019 to October 2022.

Strong foundation with further opportunities to grow
CUSTOMER RELATIONSHIPS BROKERS AND MID-MARKET GWP ZURICH RESILIENCE SOLUTIONS
Product density Brokers, HY-22 vs. HY-21 (USDm) External fee revenues (USDm)
+8% +22%
>6
>4 +15%
>1
Market Top Market Relationship Top 3 global1 International/Regional2 FY-21 FY-22e

customers customers customers
Number of relationship customers U.S. mid-market (USDm) Sustainability and climate revenues (USDm)
+100%
+18% p.a.
2022 2025e FY-20 FY-21 FY-22e FY-21 FY-22e

© Zurich
1 Top 3 global brokers refers to Aon, Marsh, and WTW.

2 Includes Gallagher, Howden, Lockton plus 5 largest U.S. and 5 largest EMEA brokers excluding top 3 global brokers.

Key messages
We are a leading global commercial insurer with a well balanced high-quality portfolio and
Market-leading position
distinctive capabilities
Continuous combined ratio improvement over the last two strategic cycles driven by
Record results
underwriting discipline and customer focus gave rise to our best results so far
Our high-quality portfolio is the source of increasing and less volatile returns driven by
High-quality portfolio
ongoing margin expansion and relative underexposure to unattractive lines of business
Our talented workforce and superior insights provide us with better risk selection and
Advanced capabilities
position us well to succeed in today’s evolvin market conditions
Our position of strength will enable further profitable growth, deepen our customer
Ambition
relationships and improve our competitive position
© Zurich

Creating value
Investor Day 2022
16 November 2022
George Quinn
Group Chief Financial Officer
FINANCE
Key messages
Increased targets for return on equity (>20%), cash remittances (>USD 13.5bn) and EPS
Increased ambition
growth (8% CAGR), building on two previous cycles of strong delivery
High confidence in achieving new targets despite macro uncertainty. IFRS 17 will not have
Delivery
a material impact on the Group’s financial results
Portfolio diversification, disciplined risk appetite and reserving approach position us well
Resilience
to manage earnings and capital volatility
Capital allocation We remain focused on improving our return on capital and managing tail risks
Shareholders’ rewards Growth in earnings and cash remittances will continue to support dividend growth
© Zurich

FINANCE
Consistent performance drives best-in-class shareholder

return with low volatility
P&C COMBINED RATIO1 LIFE BOP1 TSR PERFORMANCE & VOLATILITY SINCE JANUARY 1, 2016 (%)2
FY-21 vs. FY-16 (ppts) FY-16 to FY-21 CAGR (%) TSR (%)
200
Zurich -4.1
Zurich 10%
150 Zurich
AXA -1.8
Allianz 3% Chubb
Generali -1.5 100
Travelers
Allianz -0.5
Generali -2% 50
Allianz
AXA
Chubb 0.4
0 Generali
AXA -5%
Travelers 2.5
20 22 24 26 28 30 32
Volatility (%)
© Zurich
1 Based on earnings disclosures, not adjusted for acquisitions and disposals. Life BOP based on operating profit in reporting currencies.
2 Source: Datastream, as of October 31, 2022. Volatility defined as annualized standard deviation of daily TSR returns based on 252 trading days period. Bubble size based on market cap in USD as at year end 2021.

FINANCE
Managing earnings volatility through disciplined risk appetite
LIMITING T EXPOSURE… …WITH T RGETE TIONS UNDERWEIGHT EXPOSURE TO

RECENT INDUSTRY ISSUES
U.S. windstorm AAL (USDm)1 COVID-19 claims/NEP (%)2
AAL1 reduction: progress by region
-5% -6% AXA ~6%
QBE 5%
North America EMEA AIG 5%
Q1-21 HY-22 FY-23
Chubb 5%
Asia Pacific
Excess & Surplus programs – Florida windstorm AAL Hartford ~4%
(USDm)1
Allianz 4%
Latin America -15%
Zurich 3%
Travelers 1%
FY-21 HY-22 FY-23 target

© Zurich
1 Average annual loss (AAL).

2 As reported in FY-20.

FINANCE
Proven risk taking and investment management approach
DISCIPLINED INVESTMENT APPROACH WELL MANAGED MARKET RISK CONSUMPTION

HY-22 Group investments (%)1 Market risk evolution, impact of selected hedging actions (USDbn)2
5% 25
2% Government and
5% government guaranteed 20
9% Credit,
33% private debt 15 -1% -3% -3%
-4%
3% Mortgages -1%
10
USD 179bn Real estate -6%
5
Equities
Hedge funds, private equity 0
2019 2020 2021 2022
Cash
Market risk RBC3 RBC benefit from selected hedging (% of market risk RBC)3
44%
• Liability-driven approach • Active management of market risk

• Stable and well diversified strategic asset allocation • Low risk concentration to single names and active
• Portfolio management adds value through security, sector and management of counterparty risk
asset class selection • Selected hedges employed to reduce volatility
1 Market value of the investment portfolio (economic view). More details in the appendix.
© Zurich
2 Based on internal economic capital framework.

3 Risk based capital (RBC).

FINANCE
Increased financial ambition for the 2023-2025 cycle builds

on two previous cycles of strong delivery
PREVIOUS FINANCIAL TARGETS NEW FINANCIAL TARGETS4
2017-2019 2020-2022 2023-2025
BOPAT ROE1 >12% >14% BOPAT ROE1 >20%
Expense savings/ Exp. savings EPS2 CAGR

USD 1.5bn ≥5% EPS CAGR2 8%
EPS CAGR2
Z-ECM SST SST

Solvency 100-120% ≥160% Solvency ≥160%
Cash remittances3 >9.5bn >11.5bn Cash remittances3 >13.5bn
Delivery/progress
1 Business operating profit after tax return on equity, excluding unrealized gains and losses.
2 Compound organic earnings per share growth rate, before capital deployment, over the 3-year cycles. 2023-2025 target assuming the achievement of the 2020-2022 target of a compound earnings per share growth
rate of 5%.
© Zurich
3 Cumulative cash remittances in the 3-year period (in USD).

4 Financial targets for 2023-2025 are based on IFRS 17.

FINANCE
BOPAT ROE rebased for accounting changes, with increased

ambition for operational improvement and capital actions
2022-2025 BOPAT ROE (%)
Baseline 2023-2025 financial target Upside

~1%
~1.5% ~2%
~3.0% <1.0% >20%
~2.5% ~18%
~2.0%
15.7%
~1.5%
HY-22 Accounting HY-22 Discount/ Business Productivity Portfolio Growth in FY-25e Capital Selected
reported changes and rebased investment growth quality equity base deployment portfolio
adjustments1 result actions
© Zurich
1 Impact of transition to IFRS 17, removal of a real estate gain in HY-22, and normalization of tax rate and catastrophes. Shareholders’ equity adjusted for timin of dividend.

FINANCE
High confidence in delivering on targets despite market and

macroeconomic uncertainty
RESILIENT BUSINESS PERFORMANCE DURING LAST GLOBAL RECESSION (2009)
MODEL
P&C Life Farmers

• Balanced and diverse
global business 110 120 10 120
• P&C with a well

diversified footprint and
100 98.1% 97.9% 5
business mix 96.8%
100 100
• Life focused on
biometric risk and 90 0
capital-light savings
• Farmers’ fee-based 80 80 -5 80
earnings with limited 2008 2009 2010 2008 2009 2010 2008 20092 2010
gearing to macro and
market environment
GWP (Indexed, 2008=100) Net inflows/AuM (%), right scale Farmers Exchanges GWP
BOP (Indexed, 2008=100), left scale (Indexed, 2008=100)1
Combined ratio (%)
FMS BOP (Indexed, 2008=100)
© Zurich
2 Farmers Exchan es’ rowth in 2009 also reflects the contribution of the 21 st Century acquisition. GWP declined 1% on a like-for-like basis.

FINANCE
Multiple levers in place to reflect inflation risk in premiums
PREMIUM ADJUSTMENT PROVISIONS PREMIUM ADJUSTMENT BENEFIT BY LINE OF BUSINESS
FY-21 P&C GWP by line of business (%)

• Property lines have the largest benefit from automatic
indexation to principal indices and exposure updates due to 38% Property
higher total insured values at renewal
• Workers’ compensation policies benefit from wa e inflation 20% Motor
and higher payrolls which drive higher premiums at renewal,
and through retrospective adjustments
• Certain liability policies also benefit from higher payrolls or 17% Liability
revenue-based exposures translating into higher premiums
during inflationary times
17% Specialty
• Similar adjustment provisions for motor and specialty lines in
place, albeit to a lesser extent
8% Workers’ compensation
Significant impact Moderate impact Minimal impact

© Zurich

FINANCE
We are well reserved for ‘social inflation’ risk
LOSS COST TREND ASSUMPTIONS SLOW OWN IN OURTS’ TIVITY PAID TO ULTIMATE LOSSES WELL
WELL ABOVE CPI DURING THE PANDEMIC BELOW INDUSTRY AVERAGE
U.S. Excess Liability U.S. Excess Liability Paid/Ultimate losses (%)3
Indexed (2018 = 100), cumulative
150 20 2.5
10%
140
15 8%
130 2.0
6%
120 10
110 4%
1.5
5
100 2%
90 0 1.0 0%
Q1-21
Q1-19
Q2-20
Q4-20
Q3-20
Q2-22
Q2-19
Q3-19
Q4-19
Q1-20
Q1-22
Q2-21
Q3-21
Q4-21
FY-18 FY-19 FY-20 FY-21 2022 YTD FY-18 FY-19 FY-20 FY-21
Loss cost trend assumption - Zurich Number of large loss settlements (left scale)2 Zurich Industry
Consumer price inflation (CPI)1 Gross open claims count (’000, ri ht scale)
1 Source: Refinitiv, U.S. Bureau of Labor Statistics.

© Zurich
2 USD 2.5m or above.

3 Based on the U.S. statutory line of business Other Liability Occurrence. Data represents latest accident year, net of reinsurance, excluding unallocated loss adjustment expenses. Source: Company reports.

FINANCE
The strength of our reserves benefits from our conservative

approach
ALLOWANCE FOR LIMITED CLAIMS RESERVES (HY-22)1 KEY RISK DRIVER CONTRIBUTION
HISTORICAL EXPERIENCE (ALHE) TO ALHE (%)
• IFRS 4 reserve strength replaced by Reserve strength

Risk adjustment
ALHE 14%
ALHE under IFRS 17 20%
• ALHE is the probability-weighted 5%

IBNR IBNR
allowance for events not adequately 2%
captured in the historical experience
• Best estimate view of liabilities 23%

includes ALHE, i.e., it is an estimate Case reserves Case reserves 36%
of all future outcomes including
non-foreseeable events
Discount Discount
Claims Liability for

reserves incurred Litigation Inflation Catastrophe
(IFRS 4) claims Regulatory Latent Pricing and
(IFRS 17) operational
© Zurich
1 Including loss adjustment expenses.

FINANCE
Disciplined business growth drives OUE ratio improvement
2019 INVESTOR DAY RECAP 2020-2022 DELIVERY 2023-2025 OUTLOOK
Direct expenses (USDbn)

At scale roll-out of intelligent
automation program to all core Ambition to further increase
insurance functions FY-19 10.0 expense efficiency through
1ppt disciplined growth
Growth impact
Shift of our project portfolio
from back-end to front-end OUE ratio
Efficiency gains
improvement1
Headquarter 10% decrease

OUE RATIO (%)1
13.7%
Digital investments 10% increase Up to
~1.0% Inflation & Other 1ppt
OUE ratio
~0-1.0% ~12-13% FY-22e 10.8 improvement1
HY-19 Efficiency Volume FY-22e

growth
FY-22e OUE ratio of ~12.5%
© Zurich
1 Other underwriting expenses (OUE).

FINANCE
Very strong capital position and cash generation
CAPITAL MANAGEMENT APPROACH FINANCIAL LEVERAGE CASH GENERATIVE BUSINESS

SST ratio (%) HY-22, IFRS 17 based leverage (USDbn, %) Payout ratio (%)
Actual Guidance
26% 2016-2021 2023-2025
9M-22: (IFRS 4) (IFRS 9/17)
Target level Leverage ratio
252%1
38.9
P&C 97% ~90%
2.5
160%
9.1
100% Life 80% ~75%

13.9
Recovery plan execution 27.2
33% Farmers 99% ~90%
Capital Debt
PRIORITIES FOR EXCESS CAPITAL DEPLOYMENT:
(subordinated and senior)
Group 93% ~85%
I Reinvest for earnings and dividend growth
Risk adjustment (after tax)2 Reported total equity
II Inorganic / bolt-on M&A
CSM (after tax)2 Debt
III Return capital to shareholders
© Zurich
2 Post-tax contractual service margin (CSM) is derived using corresponding deferred tax figures and post-tax risk adjustment is derived using local statutory tax rates.

FINANCE
Managing capital volatility through portfolio management
SST SENSITIVITIES BASED ON HY-22 SST RATIO (%)3 SST TARGET CAPITAL, EXCLUDING
(ppts)1 MARKET VALUE MARGIN (USDbn)
Indexed (Dec-19 = 100)
120 +2.7
Interest rate +50bps 2ppts -4.8
110
Life back books driving volatility
Interest rate -50bps 2ppts Germany/
100 Italy Life
Equities +20% 1ppts

90
+3.1 -4.5
Equities -20% 4ppts 80
Credit spreads 70 Rest of

10ppts
May-20
Apr-20
Jun-20
Jun-22
Mar-20
Sep-20
Dec-19
+100bps Group
Before back book disposals (SST ratio 262%) FY-19 HY-20 FY-20 HY-21 FY-21 HY-22
Post back book disposals (SST ratio 255%)2
1 Sensitivities are best estimates and reflect 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 include changes to the volatility adjustment applied to interest rates curves.
© Zurich
2 Pro-forma reflecting the disposals of the Italian and German Life back books, the announced CHF ~1.8bn share buyback and the unwind of macro hedges in July.

FINANCE
We have further opportunities to improve our capital

allocation
PORTFOLIO ANALYSIS BOPAT ROE UPSIDE OPPORTUNITY
Life
Payback period (years)
Maximum opportunity ~2.5%
Strategic considerations ~0.5%
Internal rate of return (%) Selected portfolio actions ~2%
P&C
Return on capital (%)1
Pricing considerations/
~1%
market appetite
Upside potential ~1%
Risk based capital (%)1
>20% 15-20% 10-15% <10%

© Zurich
1 Based on internal economic capital model.

FINANCE
Our ESG performance reporting is based on

sound principles
• ESG commitments monitored through extensive RANKED AS A ESG LEADER

reporting in the annual report (ISD1) IN INSURANCE
Transparency
• Development of relevant measurement standards
(Insurance associated CO2e emissions in 2023)
• Reporting aligned with frameworks that are most

valued by investors such as SASB and TCFD
Consistency
• Strict vetting of definitions, such as definition of
environmentally sustainable revenues2
• Non-financial reporting overseen by the Audit

Discipline Committee
• Extension of audit scope and depth3
1 Integrated Sustainability Disclosure.

© Zurich
2 Definition restricted to products/services intentionally designed or adapted to support environmentally sustainable activities and/or risk reduction around exposure to the physical risks.
3 Most KPIs have been externally assured (‘limited assurance’); Movin environmental KPIs to ‘reasonable assurance’.

FINANCE
We will continue to reward shareholders through attractive

and growing dividends
DIVIDEND POLICY1 DIVIDEND PER SHARE (CHF)
NIAS2 payout ratio of ~75%

+5% p.a.
22
20 20 New floor
19
18
Dividend increases based on sustainable

earnings growth
FY-17 FY-18 FY-19 FY-20 FY-21 FY-22e

Minimum target of prior year level
© Zurich
1 The dividend is subject to the approval by the shareholders at the Annual General Meeting.
2 Net income attributable to shareholders.

FINANCE
Key messages
Increased targets for return on equity (>20%), cash remittances (>USD 13.5bn) and EPS
Increased ambition
growth (8% CAGR), building on two previous cycles of strong delivery
High confidence in achieving new targets despite macro uncertainty. IFRS 17 will not have
Delivery
a material impact on the Group’s financial results
Portfolio diversification, disciplined risk appetite and reserving approach position us well
Resilience
to manage earnings and capital volatility
Capital allocation We remain focused on improving our return on capital and managing tail risks
Shareholders’ rewards Growth in earnings and cash remittances will continue to support dividend growth
© Zurich

Disclaimer and cautionary statement
Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance
Group Ltd or the Zurich Insurance Group (the Group). Forward-lookin statements include statements re ardin the Group’s tar eted profit, return on equity targets, expenses, pricing conditions, dividend
policy and underwritin and claims results, as well as statements re ardin the Group’s understandin of eneral economic, financial and insurance market conditions and expected developments. Undue
reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual
results and plans and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as
(i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial
markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse
rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators may have a direct bearing on the results of operations of Zurich
Insurance Group Ltd and its Group and on whether the targets will be achieved. Specifically in relation with the COVID-19 related statements, such statements were made on the basis of circumstances
prevailing at a certain time and on the basis of specific terms and conditions (in particular applicable exclusions) of insurance policies as written and interpreted by the Group and may be subject to
regulatory, legislative, governmental and litigation-related developments affecting the extent of potential losses covered by a member of the Group or potentially exposing the Group to additional losses
if terms or conditions are retroactively amended by way of legislative or regulatory action. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking
statements, whether to reflect new information, future events or circumstances or otherwise.
ll references to ‘Farmers Exchan es’ mean Farmers Insurance Exchan e, Fire Insurance Exchan e, Truck Insurance Exchan e and their subsidiaries and affiliates. The three Exchanges are California
domiciled interinsurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and its subsidiaries are appointed as the attorneys-in-fact
for the three Exchanges and in that capacity provide certain non-claims services and ancillary services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance
Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the Farmers Exchanges, but is
provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company.
It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full year results.
Persons requiring advice should consult an independent adviser.
This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.
THIS COMMUNICATION DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES; SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT
REGISTRATION OR EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT
MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.
© Zurich

Appendix
APPENDIX
Well diversified and high-quality fixed income portfolio
GOVERNMENT, CREDIT AND PRIVATE NON-FINANCIAL CREDIT, HY-22 PRIVATE DEBT, HY-22
DEBT, HY-22
USD 59bn USD 79bn 5% Other Private

0% 0% 5% 18% 14%
3% 7% placements
5% Consumer
22% non-cyclical 30% Senior corp.
6%
4% 34% Utility loans
15%
7% USD 25bn USD 11bn AAA CLOs
17% Consumer cyclical
Communications Infrastructure
48% 27% 9%
Energy Commercial real
20% 21% estate and other
13% 12% 16% Capital goods
24% 19% Government
owned,
Government Credit and private debt no guarantee
and government Transportation
guaranteed
Technology
AAA A Non-investment grade

AA BBB Unrated Largest single exposure: Credit rating:
0.2% of the total investment portfolio 75% investment grade
© Zurich

APPENDIX
Well diversified and high-quality real estate and public as well

as private equity investments
REAL ESTATE, HY-22 EQUITIES, HY-22 PRIVATE EQUITY, HY-22
4% Office Telecom 3% Mega buyout

3% 17% 8%
3% Residential Financials 21% Large buyout
7% 27%
10%
Industrial Retail & Consumer Medium buyout
Indirect 12% Chemicals & Pharma Small buyout
USD 15bn USD 8bn USD 3bn
55% Retail Manufacturing 12% Secondary
2% 18%
29% Other Transport Growth
8%
13% & Utilities
14% Impact
9% Others
12% 14% Opportunistic
Investment
funds
Key geographies: Split by segment: Key geographies: Split by segment: Key vintages: Split by segment:
Switzerland 38% Life 61% U.S. 40% P&C 51% 2020 16% P&C 71%
Germany 20% P&C 36% France 8% Life 41% 2018 15% Life 29%
U.S. 12% Rest of Group 1% Germany 7% Rest of Group 8% 2016 15% Rest of Group 0%
© Zurich

Biographies
BIOGRAPHIES
Presenters
Mario Greco Conny Kalcher

Group Chief Executive Officer Group Chief Customer Officer
Mr. Greco joined Zurich in March 2016 as Group Chief Ms. Kalcher joined Zurich in July 2019 as Group Chief
Executive Officer and member of the Executive Committee. Customer Officer, heading the newly created Customer Office.
Throughout his long and distinguished career, Mr. Greco has Her extensive experience includes prior executive positions at
held various leadership positions across the insurance leading global brands, focusing on how to best put customers
industry. From 2007 to 2012, he already served as Zurich’s at the heart of a successful business.
CEO Global Life and later as CEO General Insurance.
Sierra Signorelli George Quinn

CEO Commercial Insurance Group Chief Financial Officer
Ms. Signorelli was appointed CEO Commercial Insurance and Mr. Quinn joined Zurich in May 2014 as Group Chief Financial
became a member of the Executive Committee in March 2021. Officer and member of the Executive Committee.
She has extensive experience in the insurance industry, before Before joining Zurich, Mr. Quinn held several senior leadership
joining Zurich in 2017, first as Chief Underwriting Officer for positions across insurance, reinsurance and audit. He is a
ommercial Insurance, and from 2020 as Zurich’s Group hief member of the Institute of Chartered Accountants in England
Underwriting Officer. and Wales.
© Zurich

For further information
CALL US VISIT OR FOLLOW US
Investor Relations and Rating Agency Management

Jon Hocking +41 44 628 18 34
Björn Bierfreund +41 44 625 23 13
Francesco Bonsante +41 44 628 00 68
Samuel Han +41 44 625 32 57
Michèle Matlock +41 44 625 28 50
Events
Patricia Heina +41 44 625 38 44
 Investor Relations website
 Financial results and reports
 Follow us
© Zurich

Thank you
UPCOMING EVENTS
• February 09, 2023 – Annual Results 2022
• March 30, 2023 – ESG at Zurich
• April 06, 2023 – Annual General Meeting 2023
• May 17, 2023 – Update for the three months ended March 31, 2023
• August 10, 2023 – Half year results 2023
• November 09, 2023 – Update for the nine months ended September 30, 2023
© Zurich Insurance Company Ltd

Investor Day Presentation 2022

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Investor Day

TIME TOPIC SPEAKER

10:30 – 11:10 Strategy Mario Greco

11:10 – 11:45 Customer Conny Kalcher

11:45 – 12:45 Lunch break

12:45 – 13:25 Commercial Insurance Sierra Signorelli

13:25 – 14:00 Finance George Quinn

14:00 – 14:20 Coffee break

14:20 – 15:20 Q&A All

15:20 – 15:30 Wrap-up Mario Greco

November 16, 2022 Investor Day 2

We are continuing our customer-focused transformation, investing in capabilities and

November 16, 2022 Investor Day 4

On track to exceed all targets, outperforming an ambitious

• Reclaimed leading position

BOPAT ROE1 >14%

• Continued growth in unit-linked and protection

Cash remittances4 >11.5bn • Further scaled up fee-based earnings

November 16, 2022 Investor Day 5

Consistently delivering superior value for our shareholders,

300% Diluted earnings per share (CHF) EPS growth (CAGR, %)

1 Source: Datastream, as of October 31, 2022.

November 16, 2022 Investor Day 6

A global leader with strong and diversified earnings profile,

30% 99% 252%

Differentiated and complementary 43% 97%

2 Calculated as cash remittances / net income attributable to shareholders (NIAS).

November 16, 2022 Investor Day 7

We have a clear strategic vision, driving focused execution

FY-16 FY-21 Innovation

November 16, 2022 Investor Day 8

Leading Commercial Insurance business with balanced

Combined ratio (%) Business mix by GWP (%)1

FY-17 FY-18 FY-19 FY-20 FY-21 HY-22

3 Top 3 global brokers refers to Aon, Marsh, and WTW.

November 16, 2022 Investor Day 9

Steady expansion of our Retail presence in key markets,

FY-21 GWP (%)

FY-19 FY-20 FY-21 HY-22 FY-19 FY-20 FY-21 HY-22

Re-establishing leading Disciplined growth across Successful expansion of

November 16, 2022 Investor Day 10

Accelerating customer-focused transformation, building on

Create a Brighter Brand

Customer Customer Data,

November 16, 2022 Investor Day 11

Leveraging our strengths to continue developing long-term

FY-21 GWP (%) Zurich proposition

• Dedicated partnership team 5%

3 Based on average normalized profitability of existing business.

November 16, 2022 Investor Day 12

Our travel insurance business is positioned for a strong

Continued growth in Asia-Pacific, while substantially

November 16, 2022 Investor Day 13

Digital transformation serving as an enabler for our customer-

• Reinvent customer experience and • Integrated, digitized approach

Increased efficiency in claims

1 Application Programming Interface (API).

November 16, 2022 Investor Day 14

Building on core Life distribution strengths while leveraging

FY-21 Annual premium equivalent (%)

Further advancing digitalization

1 Independent Financial Advisor (IFA).

November 16, 2022 Investor Day 15