Introduction to Zurich

A value proposition for investors

April 2021 Investor Relations and Rating Agency Management Group Finance © Zurich Content (use (use symbolsto navigatethrough the document) MAIN SECTIONS Sustainability and capitalmanagement Farmers Life Property & Casualty(P&C) Group overview, strategy,and financialtargets (use (use symbolsto navigatethrough the document) OTHER IMPORTANT INFORMATION Back Back contentto page Contact detailsand other information Disclaimer 2 © Zurich Our proposition to investorsto proposition Our OVERVIEW GROUP BUSINESSMODEL Attractive return on equity managed balance sheet levels with conservatively Industry leading capital global business A balanced and diverse RESILIENT CLEAR CLEAR STRATEGY Innovate Simplify Focus on customer IMPACTFULBUSINESS RESPONSIBLEAND sustainability Ensuring work digital society Inspiring confidence in a Tackling climate change 3 © Zurich 2 1 group diversified highly and global trulyA OVERVIEW GROUP KEY FACTS Adjusted BOP average for FY Values 2020 for the are fullunless year otherwise noted. Investments, solvency ratios, shareholders’ equity and market cap a USD USD 226bn USD USD 3.8bn USD 4.2bn USD 50bn USD CHF 56bn CHF 38bn USD 1 182% - 16 16 to FY Market cap Shareholders’ equity SST regulatory solvency ratio incomeNet attributable to shareholders (NIAS) Businessoperating profit (BOP) Total group investments (economic view) Total revenues (excl. result - 20. 20. BOP split by business excludes Group Functions & Operations and Non on UL investments) 2 A BALANCED GLOBAL BALANCED A BUSINESS - Core Businesses.Core B r e as of December 31, 2020. Farmers Management ServicesManagement Farmers FarmersLife (incl. Life) Farmers(incl. Re) & Property Casualty BOP by business (%) by BOP business 26% 29% OP OP split by region excludes additionally Group . 45% 2 BOP by BOP (%) region PacificAsia Farmers)AmericaNorth (incl. 6% 54% 8% 32% 4 © Zurich 3 2 1 Source: capabilities distinct with global franchiseGenuinely OVERVIEW GROUP Pro For Based on FY - all all Axco forma for the acquisition of references commercial commercial , Company reports Company , and presentations, statistics local (2020 or most available), recent Dowling SNL& Partners, Financial, Str insurer - global global 20 NEP. Data includes Data NEP. primaryonly 20insurance and is on morea comparable basis. Zurich includes alternative markets Top 3 Top3 to Farmers 1 Exchanges Adira , based on FY see the NORTH disclaimer #4 inLife#4 inP&C #3 LATIN AMERICA and - #2 in crop insurance incrop #2 insurance in commercial #4 through Farmers Exchanges Farmers through lines personal US #6in 19 data. 19 cautionary statement . 2 #4 insurance company overall company insurance#4 EMEA in North America and municipal business in the UK and excludes SMEs. ate gic Insight, Zurich internal data. ASIA ASIA PACIFIC #6 in P&C #6in #9inLife inP&C, #4 direct in P&C #2 Liferetail in#1 in#5 P&C, #4 inP&C #4 3 5 © Zurich 3 2 1 ambition higher execution,Simple TARGETS AND STRATEGY GROUP 2016 IMPROVED IMPROVED EFFICIENCY SIMPLIFIED AND FLEXIBLE ORGANIZATION Before capital deployment. From FY Businessoperating profit tax return onafter excludingequity, unrealized gains and losses. STRENGTHENED BUSINESS AND CULTURE – - Reinvigorated growth with low earnings volatility Built culture of customer focus and innovation Improved the Commercial profitability Strengthened position of our key countries Reduced corporate center expenses Over Simplified products and services Simplified IT landscape Delayered structure 20 the basisfor the target capitalization has been changed to the Swiss Solvency Test (SST), previously the target rang 2019 ACHIEVEMENTS - delivered on USD 1.5bn savings program 2020 – 2022 AMBITION e was based on the Group’s internal Z growth Earnings per share SST remittances Cumulative cash BOPAT ROE 2 3 1 - ECM basis. USD >11.5bn USD >5% >5% p.a. >160% >14% 6 © Zurich 1 generationand cash position capital Strong OVERVIEW GROUP STRENGTH VERY STRONG FINANCIAL currencies the SST, to calculate starting end of Q1 2020. SST ratio as of January 1, 2020 has been re Authority FINMA. The SST asratio of January 1 has to be filed with FINMA by end of April Estimated yeareach TestSwiss Solvency (SST) and is asratio of Januarysubject to 1, review2021, has been calculated based on the Group's Internal Model, whi outlook ‘stable’outlook / A+ (superior) ‘stable’outlook / Aa3 (excellent) ‘stable’outlook AA (very strong) / SWISS SWISS SOLVENCY TEST STRONG CAPITAL POSITION, GROUP 200% 220% 240% 100% 160% 180% 120% 140% FY 189% - 15 SSTcapitaltarget above’ of ’160% or SST FY 204% - 16 - calculated on the same bas FY 216% - 17 FY 221% - 1 18 (%) FY 222% - by 19 ch FINMA. FINMA agreed to the use of standard yield curves for the main is for disclosure purposes in order betterto comparison.allow FY has been approved by the Swiss Financial Market Supervisory 182% - 20 REMITTANCE REMITTANCE ( HIGHLY CASH GENERATIVE, CASH FY - 0.9 0.5 3.9 1.5 1.8 1.7 0.6 - 15 Farmers Life Property & Casualty FY - 0.4 2.0 2.8 3.2 0.1 0.8 1.1 - 16 FY - - USD 2.5 3.7 3.0 1.2 0.9 0.2 1.1 - 17 bn FY - 0.2 3.8 1.5 1.5 1.4 0.8 3.7 ) - 18 Non Functions Group to to shareholders income Net attributable - FY Core Core Businesses - - 0.9 2.3 3.4 1.2 0.9 4.1 0.1 - 19 FY - 0.7 3.4 2.3 0.1 1.4 3.8 1.0 - 20 7 © Zurich expect to meet our 2020 to meetexpect and environmentchanged the to plans adapted haveWe TARGETS AND STRATEGY GROUP ILLUSTRATIVE ILLUSTRATIVE BOPAT ROE DEVELOPMENT (%) FY 14.2% - 19 equity equity base Growth Growth in ~1.5 - 2.0% income Investment ~1.5 - 2.0% – 2022 targets2022 Business growth Business ~1.0 - 1.5% Productivity ~0.5 - 1.0% Portfolio Portfolio quality ~2.0 - 2.5% allocation / other / allocation ~0.0 Capital - 0.5% illustrative FY ~15% - 22 8 © Zurich 3 2 1 recognizedwell is approach ESG while our our stakeholders,of confidenceand trusttheearned have crisis the during Actions TARGETS AND STRATEGY GROUP STRENGTHENED STRENGTHENED CUSTOMER FOCUS MSCI ESG rating MSCIreport ESG July 2020, DJSI score 2020, Nov FY For all references to Farmers Exchanges see the disclaimer and cautionary statements. - 20 vs. FY - 19. North 19. America data reflectsNPS commercial business. 1 Retail NPS RetailNPS move 2 +3 +4 +2 +3 +13 +8 +7 +3 FTSE Industry Classification Benchmark (ICB), Dec 2020, CDP Climate Change Score 2020. HIGHER HIGHER EMPLOYEE SATISFACTION • • • Support during COVID and their families Hospitalization benefits for employees Implementation of new digital tools Rapid move to working from home Oct - 19 NPS NPS place to work +22 - 19 19 crisis: Jul - 20 INDUSTRY LEADING INDUSTRY ESG LEADING RATINGS ‘A Absolute score4.4 of #1 in insurance group - ’ ’ Management Level (out of 5.0) ‘AA’ ‘AA’ rating 3 9 Property & Casualty © Zurich P&C & CASUALTYPROPERTY • • STRONG & FRANCHISEBALANCED APAC APAC andLatin America America, with growingbusiness in Equally weightedto and EMEA North profitableretail franchise Leading commercialglobal insurer, – our value proposition value our • • HIGH QUALITY EARNINGS volatility Reduced catastrophe and large loss resulting in stablereleases reserve Consistent reserving approach • • PRICING CYCLE WELL PLACED TO GAIN FROM easily replicated Strong capabilitieswhich are not ahead market of Focus on rate increases started 11 © Zurich 1 architecture distribution open an leveraging mixbusiness and footprint balanced A & CASUALTYPROPERTY FOOTPRINT FY The splitexcludes Group Reinsurance and Eliminations. - 20 Gross writtenGross 20 premiums by (%)region North AmericaNorth EMEA 43% 8% 6% 35.5bn USD Latin America APAC 43% 1 BUSINESS BUSINESS MIX FY - 20 Gross writtenGross 20 premiums by (%) line of business Property Motor 18% 16% pca lines Special Liability 8% 35.5bn USD 36% 21% Worker Injury Worker DISTRIBUTION FY - 20 Gross writtenGross 20 premiums by distributionchannel (%) 14% Agents Brokers 8% 7% 35.5bn USD Direct affinities Banks and 71% 12 © Zurich 3 2 1 units customerboth across franchise profitableinsurer, commercial global Leading & CASUALTYPROPERTY CUSTOMER CUSTOMER UNITS FY Accident year Accidentcombined year excludingratio Catastrophes and COVID Company reports.Source: Data includes primaryonly insurance on morea comparable basis. Zurichincludes view alternativeThe splitexcludes ma Group Reinsurance and Eliminations. - 20 Gross writtenGross 20 premiums by customer unit (%) 34% Retailand SME insuranceCommercial 35.5bn USD 66% 1 - 19 19 impacts (frequency benefits, Cover COMMERCIAL INSURANCECOMMERCIAL RANKING FY - 20 Net earned premiums earned Net ( 20 - More operating loss include USDbn ) 2 rk ets in North America and municipal business in the UK and excludes SME. d in underwriting result, and premium refunds). UNDERWRITING UNDERWRITING PROFITABILITY FY - 20 AY CR AY 20 Catastrophesex COVID and Commercial 90.9% Retailand SME 93.7% - 19 19 (%) 3 13 © Zurich 1 volatility loss reducedlarge and releasesreserveConsistent & CASUALTYPROPERTY NET NET PRIOR YEAR RESERVE DEVELOPMENT (% Volatility isVolatility measured as difference between lowest and highest forratio the indicated period. FY - 1.8% - 16 FY - 1.4% - 17 Indicated range (1 FY - 2.3% - 18 - 2% of NEP) FY - 2.3% - 19 of FY - NEP) 1.6% - 20 LARGE LOSSLARGE VOLATILITY (

Q1-14 8ppts

Q1-16 ppts ) 1 3ppts

Q4-20 14 © Zurich 4 3 2 1 reinsurance through managed wellvolatility loss largesheet and Balance & CASUALTYPROPERTY ( GROUP CATASTROPHE REINSURANCE PROTECTION Only relevant for U.S. windstorm. relevant Only This USD 200m becan cover used only once, either for aggregated losses or for an individual occurrenceFranchise or deductibleevent. of 45m,USD losses i.e. 45mgreater USD than count towards erosion of the retention (annual calculated treaty Europe cat aggregate EUR/USD dewith exchange rate as of March 31, 2021 (EUR 390m in excess of EUR 425m). USDm U.S. wind swapU.S.wind Combined catglobaltreaty aggregate catGlobal treaty allperils Europe 1,000 ) 200 499 458 1 4 U.S.allperils 115 1,000 600 650 3 200 Retention Regional cattreaties cattreatyGlobal Rest Rest of world allperils 1,000 300 200 200 Global aggregate Global 10% co10% cattreaty 800 200 250 - participation 2 MAIN MAIN ADDITIONAL TREATIES GLOBAL SURETY EXCESS OF LOSS • • • • Aggregate Aggregate limit: USD 1.1bn of USDretention 37.5m Other regions: USDcoverage 362.5m per customer in excess of USD 75m retention North America: USD coverage325m per customer in excess Designed to manage earnings volatility U.S. liability quota share U.S. property quota share Global property per risk du ctible). 15 © Zurich 1 commercialin improvedpricing from gain placed toWell & CASUALTYPROPERTY DISTINCTIVE CAPABILITIES GWP developmentGWP due to premium change rate as percentagea of the renewed portfolio (excl. the crop business) against the com Advanced Advanced analytics capabilities for brokers for key clients, reliable partner Strengthened customer service captive services Superior risk engineering and programs Leader in complex international P&C COMMERCIAL P&C RATECOMMERCIAL CHANGE EMEA AmericaNorth Q1 Q1 5% 12% - - 20 20 Q2 Q2 12% 18% - - 20 20 Q3 Q3 15% 18% - - 20 20 Q4 Q4 15% 18% - - 20 20 pa rable priorperiod. year 1 IMPROVED IMPROVED TERMS & CONDITIONS Smaller line sizes coverages out of appetite Exclusions for industries and insured retentions Higher deductibles and self standard wordings Increased use of Zurich - 16 © Zurich 2 1 cyclethe of point right the at Growing & CASUALTYPROPERTY GWP GWP GROWTH LIKE GWP developmentGWP due to premium change rate as percentagea of the renewed portfolio (excl. the cropIn andadjusting local currency after business) for closed acquisitions against the andcom disposals. - 3.4% FY - 1.7% 16 GWP like GWP 1.2% FY - - 1.5% 17 FOR - for - like growth (%) - LIKE LIKE (%) 0.4% FY - 2.3% 18 1 1 6.1% Rate change (%) FY - 3.8% 19 3.8% FY 2 - 20 8.1% AND AND COVID ACCIDENT YEAR COMBINED RATIO EXCL. CATASTROPHES FY 97.3% - 16 pa - rable prior period. year 19 19 (%) 96.5% FY - 17 FY 96.1% - 18 FY 95.4% - 19 - 2.6ppts FY 92.8% - 20 17 Life © Zurich Life LIFE • • AND DISTRIBUTION PARTNERSHIPS PROVEN TRACK RECORD IN BANK new customers and extend footprint Key enablers access to large pools of through bancassurance and CLP ~70%of new business distributed – our value proposition our value • • EARNINGS STABLE AND GROWING OPERATING margin andlow marketdependency Earnings stream withtechnicalhigh of more than 5%p.a. FY since Annual growthin operating earnings - 16 • • CAPITAL LIGHT SAVINGS FOCUS ON PROTECTION AND environment Well positionedfor ongoing low yield linked business advantagein protection andunit Major insurer lifewith competitive - 19 © Zurich stable and growing operating earnings operating growing and stable partnerships, distribution and bank in recordtrackProven LIFE FOOTPRINT (%) FY - 20 Annual premiumAnnual 20 equivalent (%)region 6% North AmericaNorth EMEA 3% 28% 3,625 USD m Latin America PacificAsia 63% DISTRIBUTION DISTRIBUTION MIX (%) FY - 20 Annual premium byAnnual equivalent 20 pillar(%) and protection savingsCorporate 29% 40% Banks 31% Other ( FY USD FY 1,130 889 249 - 76 85 - - 20 BUSINESS BUSINESS 20 OPERATING PROFIT Asia PacificAsia AmericaNorth EMEA 16 m ) FY 1,258 296 831 132 - 1 2 - 17 FY 1,010 1,554 +6% 186 319 8 - 18 31 COVID COVID 19 impact Re Group Latin America 269 FY 1,486 1,037 204 - 30 - 6 19 FY 219 1,423 269 945 - - 13 20 4 COVID FY impact 219 174 1,597 excl. 269 945 - 19 19 13 - 20 20 4 - 20 © Zurich 1 dependency low marketand margin technicalwith high streamsRevenue LIFE DRIVERS DRIVERS OF Average Average of FY PROFIT OPERATING EXPENSES INCOME Unit - linked fund linked based fund fees - 16 16 - 20 based on source of earnings disclosures. Peers: , IFRS Technicalmargin Acquisition costs Loadings Loadings & fees (net of deferrals)(net Operating costs FY Inv. marginInv. PROFITABLITIY - 20 BOP 20 2,649 1,423 - 2,187 ( 838 USD 574 3,487 - 1,451 1,001 m ) over over policyterms What we to pay distributors of net costsdeferred costs The business the we running incur assets policyholder our assets,on Returns plus share of returns on distributioncosts charges to Policycover and mainly designed fees loigfrcam costsclaimsallowingfor mortalityon Revenues and ‘risk’other afterproducts, , Generali. Generali. , MARGINS MARGINS LOADINGS AND TECHNICAL SHARE OF INCOME FROM FEES, Peer 1 Peer 64% (%) Peer 2 Peer 75% 1 Peer 3 Peer 76% Zurich 88% 21 © Zurich 1 yields low ongoing well for business our life positions business unit linked and protectionon Focus LIFE Annual premiumequivalent (APE) is reported before non FY EMEA - 32% 47% 21% 20 GWP GWP 20SPLIT (%) Protection America Latin 93% 5% 3% Capital efficient Pacific Asia 95% 2% 2% America North North 100% Other Total 55% 31% 14% - controlling interests. business New (NBV) value is reported net of non FY 20% - 20 NEW NEW 20BUSINESS MIX (%) 12% 30% 3,625m USD Unit Protection FY - linked - 20 NBV 20 38% 1 Savings & annuity savingsCorporate FY 18% - 20 20 9% APE - 1 7% 788m USD - co ntrolling interests. 80% LIABILITIES (%)LIABILITIES FY - 82% 20 18% SPLIT GROSS RESERVES & Unit & other Traditional 80% 20% - linked linked & contractsinvestment 79% 21% 58% 42% 22 Farmers © Zurich 1 Farmers FARMERS • • PLAYER U.S. LEADING PERSONAL LINES FY - 20 pro presence presence and market share business to further boostnationwide Acquisition MetLifeof U.S. P&C market in the world No. the 6 largestin personal lines - forma; Source: SNL Financial. SNL forma; Source: - our value proposition our value 1 • • BASED EARNINGS STABLE CONTRIBUTION FROM FEE unaffected underwritingby risk Earnings contribution largely percentage gross of earned premium withfee income based on a Unique capital - light business lightmodel - • • HIGHLY CASH restrictions business free from dividend Non remittedto Group shareholders converted to cash and ~95% net of income attributableto - regulated management services - GENERATIVE BUSINESS 24 © Zurich 1 structure business unique A FARMERS For all references to Farmers Exchanges see the disclaimer and cautionary statement. dedicated to selling products products selling to dedicated Farmers NewFarmers World Life through Farmers exclusive Farmers through company company Lifeinsurance non Provides (e.g. underwriting, policy administration, premium collection, premium policy administration, underwriting, (e.g. investment management, and accounting and reporting) and accounting and management, investment agents - claims and ancillary services to the Exchanges the to services ancillary and claims Farmers Group, Inc. Farmers Reinsurance company providing providing company Reinsurance reinsurance to Exchanges to the reinsurance Farmers ReinsuranceFarmers Co. Fees as % of Gross Services Earned Premiums Exclusive relationshipExclusive Farmers brand and distribution assets (e.g. exclusive agents, direct direct agents, exclusive(e.g. assets and distributionbrand Farmers to sell P&C products products sell P&C to MetLife strategicMetLife employer channelemployer via MetLife’s U.S. MetLife’s via Carry underwriting risk and handle claims, as well as own the the ownaswell as claims, handle and risk underwriting Carry group group benefits partnership Farmers Exchanges Farmers call centers) call dedicated to dedicated Brokerage Lake Kraft Brokerage Brokerage exclusive Farmers Farmers agents 1 Farmers FinancialFarmers investment services investment agents in providing providing in agents Policyholders owned Policyholders owned Zurich support exclusive support Broker clients with clients Solutions - dealer to to dealer 25 © Zurich 3 2 1 market consolidating a in scale increased Exchanges Farmers FARMERS FY IncludesAlaska (not and Hawaii FY For Farmers Exchanges Exchanges proFarmers Berkshire HathawayBerkshire (GEICO) - 20 pro all all - 20 references - U.S. forma; Source: SNL Financial. SNL forma; Source: Farmers Exchanges Farmers AmericanFamily PERSONAL PERSONAL LINES P&C DWP ( to Farmers Progressive Nationwide StateFarm Travelers MetLife - forma USAA Exchanges pictured 1 1 3.4 ). see the 9.7 10.0 10.0 disclaimer 16.0 19.0 19.4 1 23.1 and with a truly nationwide presence and and presence nationwide trulya with cautionary USD 34.3 35.1 35.7 bn statement ) 2 . 60.4 A TOPA 10 Change Change in marketFY / position USD 7,241m / USD 10.6% 7,241m / 2 nd U.S. West → PERSONAL PERSONAL LINES PLAYER NATIONWIDE USD 4,729m / 8.2% / USD4,729m 2 3 nd 6 South West th → - 20 pro20 6 th USD 19.4bn / / 5.4% 19.4bn USD USD 3,015m / 4.1% / USD3,015m 7 Nationwide - forma ( DWP th 8 Mid West Mid th → → 6 6 th USD 2,313m / USD2.6%/ 2,313m th USDm 9 South South East th → ) / ) pro/ 9 th USD 1,352m / USD2.6%/ 1,352m - USD 716m / 4.2% / USD716m forma market share share formamarket(%) 22 14 Mid AtlanticMid North EastNorth th nd → → 10 8 th th 2 26 © Zurich 2 1 mix product with diversifiedfootprint distribution diverseand Large FARMERS (%) FY FY For - 20 pro all all - 2 20 references - DWP Home Auto forma; Source: SNL Financial. SNL forma; Source: 11% 29% to BY BY Farmers 10% USD23.7bn LINE LINE OF BUSINESS Business insurance Business Specialty 1% Exchanges 1 see the 49% disclaimer Other and cautionary CHANNEL CHANNEL (% FY statement - 20 DWP . 18% Direct, worksite marketing, Direct,worksiteaffinity agents Independent agents Exclusive BY DISTRIBUTION BY DISTRIBUTION ) 2 12% USD23.7bn 70% MAIN MAIN DISTRIBUTION CHANNELS ~35,000 ~11,300 3,800+ 250+ dedicated salesdedicated force affinityActiverelationships via marketing channel scope from employer Activerelationships in MetLife new relationships fromincl.~3,000 agent relationships Independent agents Exchanges exclusive Farmers Metlife’s worksite 2 27 © Zurich 2 1 Services Management Farmers Stable FARMERS BUSINESS BUSINESS Margin on grossearned premiums of the Farmers Exchanges. For all references to Farmers ExchangesIncludingpolicy fees see and the deposits.disclaimer and caut 176 Farmers Management ServicesManagement Farmers FY 1,643 1,424 OPERATING contribution - 18 43 PROFIT ( FY 1,456 1,707 236 15 - 19 USD to Farmers LifeFarmers m Group Group ) Farmers Re Farmers 100 FY 1,501 1,375 earnings - 20 26 fee - based , KEY DRIVERS Farmers Life GWP ( Life FarmersGWP ( GWP Re Farmers and FMS MGEP and marginFMSMGEP (%) Exchanges ( FarmersGEP primarily business ion ary statement. USDm USDm driven ) ) USDm 1 2 ) 20,171 FY by 1,048 7.0 194 - 18 20,441 FY 1,069 7.0 138 - 19 20,109 FY 1,101 6.8 49 - 20 28 Investment and capital management © Zurich 2 1 quality high on assetfocused portfolio investmentConservative MANAGEMENTCAPITAL AND INVESTMENT FY Duration numbersDuration calculated are as (dollarDV10 value of 10bp of move in interest rates over the period on ofMarket the the investmentvalue asset portfolio values) (economic view). - 20 GROUP GROUP 20 INVESTMENTS (%) Real estate Mortgages privatedebt Credit, guaranteed government and Government 2% 7% 5% 44% 2% 6% 226bn USD 34% Cash privateequity funds, Hedge Equities 1 FY - 20 ASSET ASSET 20 QUALITY (%) Government and Government government government AA AAA guaranteed USD78bn 2% 26% 37% 31% 4% 0% BBB A Credit, privateCredit,debt Unrated grade Non USD99bn 5% 35% 25% 19% 15% - investment 1% di vided by market of fixedvalue income investments. FY - 20 DURATION DURATION 20 (# YEARS) 10.8 Life Assets 12.9 Liabilities 4.8 P&C 5.1 2 30 © Zurich Highly diversified credit and private debt portfolio privatedebt and creditdiversified Highly MANAGEMENTCAPITAL AND INVESTMENT FY - 20 RATING OFRATING 20 CREDIT, PRIVATE DEBT SECURITIES (%) Non USD 7% - 1% financial credit 30% 54% 31.7 7% 1% bn Financialcredit USD 3% 50% 39% 2% 22.1 6% bn AAA Municipals, agencies, AA 12% USD state credit 18% 18% 51% A 18.1 1% bn BBB Asset securities backedAsset Non - investment gradeinvestment 4% USD 1% 89% 8.6 4% bn 1% Unrated Covered bonds Covered USD 1% 29% 67% 6.6 3% bn USD Other 36% 21% 21% 21% 2% 11.8 bn 31 © Zurich Capital managed conservatively to AA financial strength financial AA to conservatively managed Capital MANAGEMENTCAPITAL AND INVESTMENT 3 2 1 ENTITIES ENTITIES (%) Q1 Group Swiss Solvency Test Solvency SwissGroup (%) Credit Credit Spreads (CS) include mortgages and including/excluding EUR sovereign spreads.Sensitivities best are sensitivities CS estimates include and the impactreflect changes on the to the plans in the UK. For the interest rate sensitivities s On Swiss Test Solvency (SST) see footnote on page 6. - 200% 240% 20 SSTSOLVENCY VS. II FOR UNION EUROPEAN 160% 120% 80% 40% 0% FY 189% - 15 SST capitaltarget of or “160% above” FY 204% SST - 16 1 equivalent to equivalent AA FY 216% - 17 ~ 0ppts 90 1 FY The ratio as of January 1, 2020 has been re 221% - 18 Solvency II Solvency FY 222% - 19 FY 182% - 20 - calculated on the same basis for disclosure purposes in order tobetter allow compar 9m CS excl. EUR sovereign +100bps sovereign EURCS excl. - 20 SensitivitiesSST Impact(ppts) hoc ks applied are to the liquid and the non Credit spreads +100bps spreads Credit S prcain +10% USDappreciation USDdepreciation vol Interest rateInterest +50bps atility adjustmentatility applied to interest rates curves. Interest rateInterest Equities +20% Equities - 50bps - - 20% 10% 3 3 - 21ppts - 19ppts - liquid of part yield the curve. - 14ppts - 2 9ppts - 2ppts ison. +1ppts +8ppts +15ppts 32 © Zurich 1 atlevels Aa coverinterest with leverage Moderate MANAGEMENTCAPITAL AND INVESTMENT GROUP GROUP CAPITAL STRUCTURE (%) Based on IFRSbalance sheet FY 76% 14% 11% - 15 Senior Senior debt FY 73% 10% 17% - 16 Subordinated debt Subordinated FY 75% 16% 9% - 17 1 FY 72% 16% 12% - 18 Shareholders Shareholders equity FY 74% 15% 11% - 19 FY 74% 16% 11% - 20 COVERAGE MOODY’S FINANCIAL LEVERAGE (%) & EARNINGS FY 24.1% 6.7 - 15 Financial leverage (Aa = 15 Financial (Aa = leverage FY 26.4% 9.2 - 16 23.7% FY 9.3 - 17 - 30%) FY 25.8% 10.1 - 18 Earnings (Aa = 8 coverage FY 22.6% 13.2 - 19 FY 22.3% 12.3 - 20 - 12x) 33 © Zurich 2 1 profile maturity balanced and cost debt Low average MANAGEMENTCAPITAL AND INVESTMENT CDS SPREAD BEST AMONG OF PEERS (BPS) Maturity profileMaturity based on first datecall for subordinated debt and date maturity for senior debt. Includes 5y EURthe placement Bloomberg.subSource: CDS. of 600 200 400 2011 2012 2013 Zurich 2014 2015 Axa 2016 Generali 2017 2018 2019 Allianz 1 2020 2021 2022 BALANCED REFINANCINGBALANCED NEEDS ( 2021 0.5 0.8 0.3 US 0.6 2.2 1.6 D 1.75bn of dated subordinated debt announced on January 12, 2021. 2023 0.5 1.8 1.2 1.2 2025 0.3 0.2 1.9 2.1 2027 Senior 0.2 0.8 1.0 1.8 2029 0.6 Subordinated 0.9 0.4 1.3 2031 USD 1.7 0.5 0.2 0.3 bn 2033 ) 2 0.3 2039 0.6 34 © Zurich cash remittancecash high in reflectedbusiness generative cash stronglya haveWe NETET N AIA MANAGEMENTCAPITAL AND INVESTMENT FY payout (%) Expected remittance Remittance / NIAS (%) FY Cash remittances ( FY NIAS ( FY BOP ( - - - - 21 21 to FY 15 to FY 15 to FY 15 to FY USDbn USDbn - - - - 22 20 20 20 ) ) USDbn ) Property & Casualty 90% 112% 12.2 11.0 11.3 75% 84% Life 8.2 5.4 6.4 Farmers 106% 95% 10.3 7.8 7.4 Businesses Non 0.0 0.6 0.2 nm nm - Core Group Functions and Operations 100% - - - nm 5.2 5.1 4.4 Group 106% 25.3 85% 21.0 19.8 35 © Zurich 3 2 1 shareholdersour to reward continuing on focusedareWe MANAGEMENTCAPITAL AND INVESTMENT DIVIDEND DIVIDEND POLICY Minimum dividend target is 20CHF per share based on FY incomeNet attributable to shareholders. The dividendsubject is to the approval by the shareholders the Annualat General Meeting. 1 Minimum target of prior year level earnings growth Dividend increases based on sustainable NIAS 2 payout ratio of ~75% - 20 3 DIVIDEND DIVIDEND PER SHARE (CHF) FY 17 - 16 FY 18 - 17 FY +4% 19 - 18 FY 20 - 19 FY 20 - 20 1 36 Sustainability © Zurich impactful businesses in the world thein businesses impactful and responsiblemostthe of oneas known to be want We SUSTAINABILITY • • • CHANGING CLIMATEA Innovation Mitigateclimate risk Science - based CO for sustainable solutions 2 reduction targets • • WORK SUSTAINABILITY people need for the future of work Support anddevelop the skills our external andhires outsourcing Prioritize current workforce over • • • CONFIDENCE IN A DIGITAL SOCIETY Business Business resilience and digitalization Dataprotection and cyber security Ethical use dataof AI & 38 © Zurich 2 1 action in commitmentsOur SUSTAINABILITY ACHIEVEMENTS Employee PromoterNet Score ( Certification isEDGE leadinga global assessment methodology and business standard certification for gender equality. in impact bonds in bonds impact infrastructure USD 6bn USD invested and private equity portfolio since portfolio in investment in investment buildings buildings green green +22% 2010 eNPS improvement improvement in eNPS since 2017 +75 pts +75 ). 2 12 Countries 12 score score certification with EDGE operations operations since - 30% in CO230% emissions in emissions 1 2015 filled internallyfilled positions positions 53% of 53% implemented by implemented companies sands policy coal and oil coal and in in scope for benefited from benefited Flood Flood Alliance 270 270 170 000 170 2021 since 2017 since 2017 Resilience the Zurichthe people people • • • • TARGETS (2024 target Foundation) of Z Zurich target (2024 million10people of wellbeing mental the improve Help PEOPLE 2025by 25% by credit investments and in equity and 30% CO Reduce INVESTMENTS CO Reduce OPERATIONS 1.5 a to businessAlignour GROUP AND COMMUNITY 2 2 emissions in green building investments by by investments green building in emissions 2025 by 50% by emissions ° C future C 39 © Zurich assessors by externalrecognized is widely our ambition against Delivery SUSTAINABILITY 3 2 1 OUR OUR RATINGS A S&P RatingMSCI ESG Report 2020 July s definedand reported by Global ESG Score Global ESG 1 2020 (previously Sustainalytics RobecoSAM ESG Risk Report, December 3, 2020 ), percentile 100% ‘A amongst industryamongst peers #1 Absolute Absolute Score of - ’ in insurancein group Management Level ‘AA’ (out of 5.0) #3 rating 4 1 4.4 2 3 5 5 4 CDP Climate Change Climate 2020CDP score. FTSE Industry Classification Benchmark ( ICB 2019), Dec • • • • OUR ENGAGEMENT PARTNERS OUR LONG Member Member of Insurance Development Forum Member of Coalition for Climate Resilient Investment Founding member of the Net Zero Asset Owner Alliance Lead author of the World Economic Forum Global Risk Report - TERM TERM COMMITMENT 40 Appendix © Zurich SST is more conservative than Solvency II Solvency than conservative is moreSST APPENDIX Tax Equivalence Risk types covered Risk measure General information Most onerous impactMost onerous - AIA MANAGEMENTCAPITAL • Expected shortfall 99% (~BBB) Pre the entire Group No concept of equivalence, applied to • • • • • • credit) Market risk(including investment Receivables credit risk Reinsurance credit risk Life business risk Life liability risk NatCat Premium, reserve and UPR risk - tax risk SST Post countries Possibility to use local regimes for subsidiaries in equivalent third • • • • • • • • Internal model (ZIP): Value at risk99.5% (~BBB) Scenarios Receivables credit risk Reinsurance credit risk Operational risk Business risk NatCat risk Premium, reserve and UPR investment credit) Market risk(including - tax risk SOLVENCY II • • • • • • • Standard formula (other entities): Operational risk Intangible asset risk and (including premium, reserve Non Health underwriting risk Life underwriting risk Counterparty default risk Market risk NatCat - life underwriting risk ) 42 © Zurich 2 1 SST is more conservative than Solvency II Solvency than conservative is moreSST APPENDIX Yield parameters curve as of end March 2021. For EUR and GBP same yield usedcurves are as under Solvency II Transitional requirements Adjustments to yield curves Ultimate forward rate (UFR) of yield curves Entry point to extrapolation Base riskfor Yield curves and Most onerous impactMost onerous - AIA MANAGEMENTCAPITAL - free yield curves transitionals 2 2 EUR: 20 years CHF: 15 years Government bond (CHF) Swaps (EUR, GBP, USD) None + volatility adjustment: 5bps (EUR) for ESIT, and GER (EUR, GBP) - USD: 3.3% EUR, GBP: 3.6% CHF: 2.1% USD, GBP: 50 years credit risk adjustment: . - SST 30bps 30bps (USD) and 1 - 10bps curves and technical provisions, lasting until 2032 Various transitional measures, especially for yield + matching adjustment (GBP) and 25bps (USD) + volatility adjustment: 5bps (EUR), 10bps (CHF), 8bps 13bps (USD) - USD: 3.6% EUR, 3.6% GBP: CHF: 2.6% USD, 50 GBP: years EUR: 20 years CHF: 25 years Swaps credit risk adjustment: SOLVENCY II - 10bps 10bps (EUR, CHF, GBP) and - 43 Other important information © Zurich For further information Forfurther Patricia Patricia EVENTS WiederkehrFabian MatlockMichèle Han Samuel BonsanteFrancesco BurdenRichard MANAGEMENT INVESTOR RELATIONS AND RATING AGENCY CALL US Heina +41 44 625 38 44 44625 +41 44625 +41 50 28 44625 +41 32 4457 625 +41 68 44 628 00 +41 40 44628 +41 96 33 08 VISIT OR FOLLOW US   Follow us Follow RelationswebsiteInvestor 45 © Zurich Useful hyperlinks Useful SUSTAINABILITY SUSTAINABILITY REPORTS, PUBLICATIONS AND VIDEOS OTHER SUBSIDIARY REPORTS FINANCIAL RESULTS AND REPORTS INVESTOR DAY PRESENTATIONS CALENDAR AND EVENTS BONDS RATINGS DIVIDENDS ZURICH STOCK INFORMATION AND SHARE PRICE (ZURN) ANALYSTS’ RECOMMENDATIONS AND CONSENSUS 46 © Zurich Investing in Zurichin Investing • • • • • • • • SIX SWISS EXCHANGE Trading currency: Tradingcurrency: symbol: Bloomberg symbol: ISIN: ( Swiss security number Ticker symbol: Product type: Listing: Valorennummer ): ): Swiss ChipBlue Shares SIX Swiss Exchange, CHF ZURN.VX ZURN VX Equity CH0011075394 1107539 ZURN • • • • DEPOSITARYUS AMERICAN RECEIPT PROGRAM Website E outside the USA in the USA For further information: Symbol: Nature: Depository: - mail www.adrbnymellon.com [email protected] +1 201 680 6825 +1 ZURVY ADR The Bank of Mellon - 888 - BNY - ADRS 47 © Zurich Disclaimer and cautionary statement cautionary and Disclaimer THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS WELL AS MANAGEMENT, AND COMPANY THE ABOUT INFORMATION DETAILED MA BE WILL STATES CONTAIN WILL UNITED THE THAT AND IN ISSUER THE MADE BE TO FROMSO OR SECURITIES OF OBTAINEDBE MAY OFFERED BE OFFERINGTHAT NOT PUBLIC ANY AND MAY SECURITIES REGISTRATION, STATES; FROMUNITED THE IN EXEMPTION SALE OR FOR REGISTRATION SECURITIES OF AN OFFER CONTAIN NOT DOES COMMUNICATIONTHIS jurisdiction.any in of securities or purchasesale the for invitation or an an offer not constitute does communication This adviser. independent an consultshould advice requiring Personsnot are results interimthat note also Please performance. to future guide not a is performance past that noted be should It Compa Reinsurance Farmers and Inc. Group, of Farmers performance of the informa understanding Financial an to support Exchanges. providedisthe Farmers but in interestExchanges ownership any have Ltd, Group Insurance Zurich and Ltd Company Insurance non certain provide capacity that in and Exchanges the three for fact and Exchange Insurance Truck Exchange, Insurance inter Firedomiciled Exchange, Insurance Farmers mean Exchanges”“Farmers to references All forward ofthese legislative by of way any revise amended or updateretroactively publicly are conditionsorterms if lossesadditional to litigationGroup the and exposing governmental potentially or legislative, regulatory, condit to subjectand terms be may and of specific Group by the the basison and timeinterpreted and certain a at prevailing of circumstancesachieved. be the will basistargets on the made were whether on and statementsGroup its and Ltd Group Insurance chang (ix) Zurich of and actions; of operationsresults regulatory the and on activity bearing litigation increased frequency, (viii) (v) rates; lapse and rates; renewal exchange currency policy (vii) and rates experience;interest of levels (iv) markets; financial of (iii)performance particular; materia to ( differ as Group suchor the Ltd Factors Group results). past from Insurance of Zurich k to objectives andsubject are plans andthey results nature, actual by their cause because,could that statementsfactors on such of placedbe not understandingshould the reliance Group’s regarding Undue developments.statements aswell asexpected results, claims and underwritingand policy dividend conditions, Forward Group). (the Group Insurance Zurich the or Ltd Group Insurance forward are document in this statements Certain - nuac ecags we b hi oiyodr wt oenne vrih b hi ors fGvros Farmers of Governors. 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Group, the ir subsidiaries and affiliates. The three Exchanges are California are Exchanges three The affiliates. and ir subsidiaries rn, DE DE ntefnnilsrie idsre in industriesservices financial the in LD LD - 9 eae ttmns such statements, related 19 BY MEANS OF A PROSPECTUS OF BY MEANS IN THE ABSENT ABSENT STATES UNITED THE IN FIN NIL STATEMENTS. ANCIAL - okn saeet (or statements looking - in - 48 © Zurich Insurance Company Ltd