Zurich to acquire the Life business of ANZ (OnePath Life) Investor presentation December 11, 2017

Zurich Insurance Group © Zurich Compelling Compelling December December 11, 2017 3 2 1 financial targets Enhances group Funding financials Attractive Group Alignment Australian life Leadership in As calculated by ANZ (excluding franking credits). ANZ(excluding calculated by As completion on paid The an Calculated with transaction price of transaction strategy AUD/USD AUD/USD . with with AUD 2.85bn AUD strategic strategic and financial exchange exchange rate              comprises Expected to Expected Cash transaction of completionon 50bps by raised be to expected target ROE BOPAT flexibility capital Group in reduction Modest funded be to expected Transaction years five AUD1.4bnfirst of overthe remittancescash expected run due to NIAS exceed to expected earnings Distributable 2 year from expected >10% ROI and cash, earnings to accretive Immediately 2.14bn USD income technical life stable increased through reduced volatility earnings Group banc onretail Groupfocus with Aligned strengthened further channels independentthrough Distribution solutionsinsurance of life distribution partnership strategic 20 year Creates of 1.33. of remittance target for 2017 target for remittance AUD 1bn 1bn AUD a leading Australian life business with a 19% retail protection market share market protection retail a 19% with business life Australian a leading 1 increase dividend increase of upfront commissions, expected to be paid subject to regulatory approval in May 2018 be toin May regulatory approval the remaining tosubject balance expected paid withreinsurance commissions, upfront of / AUD 2.85bn purchase price purchase AUD 2.85bn / with ANZ, with plans - 19 expected to be enhanced by ~USD225m enhancedbe to expected 19 rationale through within the first year post completion post year first the within a leading Australian banking Australian leading a - assurance and life protection andlife assurance 2 equivalent to ~1x Embedded Value Embedded~1x to equivalent combination of internal of combination - off of legacy businesses, with with businesses, of legacy off Zurich Zurich to acquire Life business the of ANZ resources and resources group, for the for group, 1 / AUD 300m / 3 senior debt 2 © Zurich December December 11, 2017 Significant uplift in earnings of our Australian business 3 2 1 EXPECTED PRE For For Tax be rate 30 expectedto approximately business. acquired Includes charges Deal related Amortization Synergies 2019 BOP 2018 BOP the financial year ended September - TAX TAX P/L IMPACTS AUD ~200 ~300 ~20 >40 ~70 m Expected related charges Before restructuring and any deal pre Expected Comment 2018 Expected to be recognized over agreement including VOBA and distribution Yearly charge startin 30. %. - completion - 2021 and outside of BOP ( AUD from from year 3 onwards impact from reinsurance m ) 1,2 g 2019, FY Total assets Other insurance liabilities Ceded assets Other financial receivables Trade and equivalents Cash and cash - 17 17 PRO Life Life - FORMA BALANCE SHEET other AUD 5,761 2,571 2,036 718 428 m 7 Zurich Zurich to acquire Life business the of ANZ Net assets Total liabilities Other liabilities liabilities Life other Trade payables and ( AUD m ) 1,3 AUD 2,462 3,299 1,853 749 643 54 m 3 © Zurich December December 11, 2017 Strong cashgeneration capability supports dividend EXPECTED CUMULATIVE CASH GENERATION 2018 2019 2020 2021 2022 ( AUD bn 2023 ~ 1.4 )     Payback transaction expected over the full first five years of the AUD 1.4bn investment portfolio earnings due to run Distributable earnings expected to exceed reported mature retail life business Predictable of initial investment in cumulative profit profit and cash emergence from a - off off of legacy and Zurich Zurich to acquire Life business the of ANZ distributable earnings expected after 10 years 4 © Zurich Completion of deal expected by November 2018 December December 11, 2017 3 2 1 EXPECTED TIMELINE Consumer credit insurance. creditConsumer OnePath On Subject November November 2018 May December 2017 Time October 17,October 20017 to regulatory and and Dealerbusiness Aligned Pensions and 2018 2020 approval. IOOF IOOF perimeter perimeter of acquisition and other businesses not in Full separation from bank Expected completion portfolio to be acquired substantive portion of the Reinsurance of a Signing Milestone Holdings Limited Limited Holdings has announced announced has 1 that itto ANZ’s acquire agreementLimited into an has Zealand entered New (“ANZ”) Australia Group and withBanking 1 Groups. SCOPE OF DEAL QBE QBE ARRANGEMENT Management DISTRIBUTION INVESTMENTS ANZ ANZ Wealth PENSIONS PENSIONS perimeter in run GROUP RETAIL P&C / LIFE LIFE LIFE - off & BANCASSURANCE (CCI LEGACY P&I LEGACY 3 GROUP RETAIL DISABILITY) Zurich P&C LIFE LIFE Zurich Zurich to acquire Life business the of ANZ PLATFORM IOOF ADG / ADG P&I 2 FINANCIAL PLANNERS FINANCIAL QBE QBE ARRANGEMENT Retained by ANZ byRetained 5 © Zurich contribution contribution lessvolatile of earnings Transformational to Group’s positioning in December December 11, 2017 2 1      Source: Source: Zurich Distribution Distribution through leading Australian banking group Creates Strengthens existing position in a core market channels Increased distribution through independent distribution Distribution agreement with IOOF Financial Financial AustraliaServices Strategic    – – – 680 branches, 2300 ATMs and digital channels ~15% deposit and ~16% mortgage market share ~6m customers equating to 1 in 4 Australians segments of the market Business focused on the more profitable retail #6 group life player with ~6% in #1 retail life player with ~19% in leading Insight, Insight, as Australian Australian of June June Limited Limited (Australia), 2017. life life franchise Zurich Australian Insurance Australian Zurich - - force force share force force share Limited (New Zealand). (New Limited CURRENT AND PRO Australian Group Life Australia Individual Life Zurich Zurich + ANZ AIA + AIA 35% 19% CBA AMP 26% 17% TAL Australia; increased AIA + AIA AMP 10% 17% CBA Metlife - 14% NAB FORMA IN 9% 12ppt 11% NAB TAL 9% Zurich Zurich to acquire Life business the of ANZ Zurich + ANZ - WBC FORCE MARKET SHARES 10% 6% Han Life SUN 2% 8% Zurich 6ppt SUN 2% 7% 1 CVW WBC 1% 2% Han Life Zurich 0% 1% (%) 1 2 6 © Zurich and premium indexation Australian protection market supported by structural growth December December 11, 2017 Source 1     STEPPED PREMIUMS SUPPORT INDIVIDUAL LIFE GROWTH      MARKET FUNDAMENTALS Consumer Consumer Level Level premium rates may also increase with CPI increases, CPI Premium increases reflect a combination of age based Premium increases represent ~10% of overall in balance account for 82% of protection market, with level term the Stepped premium (premium adjusted annually) products insurance embedded in wealth creation 4 AUD 15.7bn in Relatively low insurance penetration at ~4% Strong GWP growth of ~10% CAGR over last 10y (4x GDP) markets GDP growth of 3% CAGR 2011 : Strategic th largest largest pool of retirement savings in the world with price Insight, Insight, index. 1 as - indexation and re force force life insurance premiums in 2016 of June 2017 June . - 16 at upper end of developed - pricing based on experience 1 - force force INDIVIDUAL IN IN % ofin - FY FORCE ANNUAL PREMIUMS BY PRODUCT 8.5 - 14 - force premium force business New 1.0 39% 17% Lapses - FORCE PREMIUM DEVELOPMENT (AUD 1.3 1% Ageing Ageing 43% & CPI 10% 0.8 Zurich Zurich to acquire Life business the of ANZ FY 9.0 - 15 Traditional Disability income Risk Group Term Life business New 1.0 Lapses 1.4 (%) Ageing Ageing & CPI 10% 0.9 FY 9.5 bn - 16 ) 7 © Zurich footprint footprint in the strategically important bank distribution channel Partnership with ANZ builds on Zurich’s recognized global December December 11, 2017 2 1 COUNTRIES THROUGH OVER 70 BANK AGREEMENTS ACCESS TO OVER 60 Source channel. distributionmaterial bank through with countries business only Includes : McKinsey. MILLION CUSTOMERS IN 17 1 FASTER THAN THE MARKET BANK DISTRIBUTION CHANNEL IS EXPECTED TO GROW Total insurance market GWP GWP market insurance Total 2,770 2008 16% 84% Other channels 2,871 2010 16% 84% 3,152 2012 17% 83% 3,315 2014 17% 83% Bank distributionBank 3,511 2015 18% 82% 2016e 3,683 (USDbn) 18% 82% Zurich Zurich to acquire Life business the of ANZ 2 2020e 4,883 19% 81% 2008 CAGR 5.1% 3.5% 3.7% - 16e 2016e CAGR 6.3% 4.0% 4.4% - 20e 8 © Zurich December December 11, 2017 4 3 2 1 become a material to contributor the group Zurich hasa strong track record in Bank distribution, which has (USD STRONG P&C GWP Life APE Bank distribution Bank Profit Volumesmajor distributed agreementsthrough withSantander, Sabadell and Bank. Deutsche FX. expressedAll figures constant in m, m, 100% VIEW B efore Tax, Sabadell). Santander and before JVsof Bank minorities (Zurich RETAIL VOLUME GROWTH 2013 492 major agreements Santander, Sabadell Bank; with Life and Rest of Deutsche 2013 913 ) 1,2 2014 1,169 622 2014 +21% +21% 2015 1,386 2015 754 1,610 2016 2016 872 (USD AS WELL AS BOTTOM LINE RESULT PBT m, m, 100% VIEW 2013 74% 26% 508 P&C ) 2014 79% 21% 1,3 620 and and Life +20% P&C excludes Farmers,P&C excludes Non 2015 80% 20% 755 2016 78% 22% 878 - Core Businesses and GF&O Businessesand Core CONTRIBUTION TO GROUP RESULT RESULTING IN AN IMPORTANT (USDbn) remitted Cash minorities after BOP 4 Zurich Zurich to acquire Life business the of ANZ 2016 To Zurich partners To JV . Rest of Life Life Rest of P&C and distributionBank 88% 2013 51% 49% 2.0 - 2016 12% payout before ~60% ~60% tax 9 © Zurich Disclaimer Disclaimer and cautionary statement December December 11, 2017 BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL AS WELL AS MANAGEMENT, AND THE COMPANY ABOUT INFORMATION DETAILED WILL CONTAIN THAT THE ISSUER AND FROM OBTAINED BE STATES IN THE SECURITIES UNITEDWILL TO MA BE OF MADE OFFERING BE PUBLIC ANY AND OR REGISTRATION, EXEMPTIONREGISTRATION FROM DOES OFFER NOT CONTAINOF AN THIS COMMUNICATIONSECURITIES FOR IN THESALE UNITEDSTATES; SECURITIES NOT MAY BE OFFERED SO OR an an offerthe sale of securities for or invitation in any orpurchase constitutedoes not jurisdiction. This communication Persons thatand interimpastis atoperformance not future notedthatperformanceguide resultsItare be in should notnecessarily of Farmersof the performance an understanding to is the support Farmers proprietary isExchanges but provided Exchanges, interest have Ltd, intheFar any ownership Group ZurichInsurance and Ltd Company Insurance parent Zurich itsnor companies, the attorneys domiciled interinsurance theirby exchanges ownedpolicyholders withgovernance by oversight their Boards of Gover All referencesto or otherwise. circumstances or update revise any theseLtd to publicly forward obligation of undertakes no Group Insurance achieved. Zurich have regulations inthepolicies ofregulatorsInsur and may lawsa directoperations the results ofZurich on bearing of e mortality morbidity rates; severityclaimsand development frequency, events; and (vi) of insuredexchange (v) currency and factors,particularlyand markets; inkey competitive the risk (ii) of conditions a global economic general economic differthe to Group materiallyexpressed or from Ltd orimplied those Group in thef Insurance objectivesofZurichplans and statementsplaced such on because, their by nature, they are subjectrisksto knownandand unknown uncertaintiesbe and can financial andinsurance marketresults,as of general well condit aseconomic, statementsunderstanding regarding the Group’s Forward or areCertain forward statements in this document indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the (the Group the Zurich Insurance or Ltd Group futureInsurance events,plans indicate trends,or objectivesofZurich requiring advice should consult an independent adviser. an independent consult should advice requiring - looking looking - in - fact for the Farmers Exchanges and in that capacity provide certain non provide forcapacity the Farmers inthat and Exchanges fact ‘Farmers Exchanges’ statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, targets, statementsstatementstargeted equity conditions, on include regarding the Group’sreturn profit,expenses, pricing mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange andtheir affiliates. subsidiariesInsurance Exchange and Exchange, mean FarmersInsuranceFire Truck Insurance The - looking statements, including, but not limitednot to,statementsthat but arestatements, predictioincluding, looking - claims administrative andmanagement claims se - looking statemen looking downturn; downturn; ‘Group’). ‘Group’). anc dic orw xpe (iii) performance of financial markets; performancelevels(iii) interest (iv) of rates e Group Ltd and its Group and on whether the targetsbe whether on will and Group its and Ltd Group e ion ative full year of results. mer Gro aff nor ard looking statements (or from past results). Factors such as (i) statementsresults).Factors from such looking past (or ard ns of ns rience; (vii) policy renewalrience; and lapse policy rates; in (vii) and changes (viii) s and expected developments. Undue reliance should not be not reliance Undue should developments. expected and s rvices to the Farmers Exchanges. Neither Farmers Group, Inc., to theInc., Farmers NeitherFarmersrvices Exchanges. Group, ts, whether to reflect new information, future events futureinformation, or to reflectwhethernew ts, ected by otherby ectedcausethat factors actual could results and s. Farmerss. Inc.and its Group, subsidiariesare appointed as up, Inc. and Farmers Reinsurance Company. andFarmersInc. Reinsurance up, s Exchanges. Financial information about the Farmers information Financial about s Exchanges. div Zurich Zurich to acquire Life business the of ANZ idend policy and underwriting and claimsand underwriting and idend policy LD LD DE IN THE UNITEDSTATES ABSENT BY MEANS OF A PROSPECTUS APROSPECTUS THAT MAYOF BY MEANS ST ATEMENTS th ree are Exchanges 10 Appendix © Zurich Further details on the transaction December December 11, 2017 1 FTE FY Price Products in scope FINANCIAL OVERVIEW (AS DISCLOSED BY ANZ) Net - 17 contribution s profit after tax , calculated ~900 Insurance in Pro AUD 2,850m       All insurance products including: under pension and investment products Small legacy run Consumer credit insurance Mastertrust Group insurance Direct Life Advised Life - forma Australian cash NPAT - force book GAAP. insurance - off off portfolio of 1 AUD AUD 1.7bn AUD AUD 189m REINSURANCE AGREEMENT      reinsured ANZ receives reinsurance recoveries from Zurich on business i Zurich receives a portion of premiums from the to regulatory approval Arrangement is expected to be from In effect, Zurich acquires the rights to a portion of the profits via Zurich will enter into a quota share reinsurance agreement To gain early exposure to a portion of n - force book a AUD a AUD 1 billion upfront commission payment OnePath Life’s Life’s in - force force insurance book Zurich Zurich to acquire Life business the of ANZ in place in May 2018, OnePath OnePath Life earnings, subject subject Life Life 12 © Zurich December December 11, 2017 For further information Patricia Patricia Heina Events Michèle Matlock Rating Agency Management Gianni Francesco Richard Burden Investor Relations CALL US Vitale Bonsante +41 44 625 28 50 +41 44 625 48 26 +41 44 +41 44 628 96 40 +41 44 625 38 44 628 00 68 VISIT OR FOLLOW US   Follow us Follow Financial Financial website Relations Investor results andreports results Zurich Zurich to acquire Life business the of ANZ 13 CALENDAR:  February 8, 2018, Annual Results 2017  March 20-21, 2018, Morgan Stanley European Financials Conference 2018,  April 4, 2018, Annual General Meeting 2018  April 9-10, 2018, HSBC West Coast Financials Conference 2018, San Francisco  May 9, 2018, Interim Management Statement for the three months ended March 31, 2018  May 29-30, 2018, DB Global Financials Conference 2018,  June 8, 2018, Goldman Sachs 21st Annual European Financial Conference, Frankfurt  August 9, 2018, Half year results 2018

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