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Credit Investor Update

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Credit Investor Update Credit investor update November 2019 Zurich Insurance Group Our proposition to investors HIGHLY CASH GENERATIVE BUSINESS MODEL, SUPPORTED BY: A balanced Industry leading Stable, consistent Consistent growth and diverse capital levels and conservatively with scope to global business managed balance enhance returns sheet through capital re-deployment © Zurich © November 2019 Credit investor update 2 We have fully delivered on 2017 – 2019 targets and have ambitious new targets for 2020 – 2022 2017 – 2019 DELIVERED 2020 – 2022 AMBITION BOPAT ROE1 in excess of 12% and increasing BOPAT ROE1 in excess of 14% and increasing Cumulative cash remittances in excess of USD Cumulative cash remittances in excess of USD 9.5bn over 2017-2019 11.5bn over 2020-2022 USD 1.5bn in net savings by 2019 compared to Compound organic earnings per share growth2 the 2015 baseline of at least 5% p.a. Z-ECM ratio to remain in 100-120% range Z-ECM ratio to remain in 100-120% range 1 Business Operating Profit after tax return on equity, excluding unrealized gains and losses. 2 © Zurich © Before capital deployment. November 2019 Credit investor update 3 We will use all levers to drive further ROE expansion ILLUSTRATIVE BOPAT ROE DEVELOPMENT (%) ~15% ~0.5% ~1.0-1.5% 13.5% ~0.75-1.5% ~1.5-2.0% ~2.0-2.5% ~1.0-1.5% HY-191 Growth in Investment income Business growth Productivity Portfolio quality Capital FY-22 equity base allocation / other illustrative 1 © Zurich © HY-19 adjusted for timing of dividend payment and normalization of natural catastrophe losses and hedge fund performance. November 2019 Credit investor update 4 Genuinely global franchise with distinct capabilities NORTH AMERICA #5 in commercial insurance #2 in crop insurance EMEA #7 in US personal lines ASIA PACIFIC through Farmers Exchanges1 #4 insurance company overall Top 3 #6 in P&C, #3 in life3,4 #10 in P&C cross-border #12 in P&C, #9 in life insurer to LATIN AMERICA #6 in P&C3 multinational #4 insurance company overall3 corporations2 #3 in P&C #2 Global Travel Insurer Source: Axco, Company reports and presentations, local statistics (2017 or most recent available), SNL Financial, Strategic Insight, Zurich internal data. 1 See disclaimer. 2 Estimate based on annual reports and investor presentations. 3 Pro-forma for the acquisition of the QBE operations in Latin America, OnePath Life in Australia and Adira Insurance in Indonesia. 4 © Zurich © #2 in individual Life, #6 in group life. November 2019 Credit investor update 5 Our strategy and flexible operating model position us to take advantage of industry change EXTERNAL ENVIRONMENT OUR STRATEGY OUR OPERATING MODEL COMMERCIAL RETAIL Focus on the Customer revolution customer GROUP Brand Geopolitical and to market Go Products economic uncertainty Customer data Simplify Innovation and Products Capital Go to to market Go technology Shared services Innovate Regulation © Zurich © November 2019 Credit investor update 6 Continuing to grow our access to customers through new bank and non-bank partners ACCESS TO OVER 66 MILLION CUSTOMERS IN 201 WE CONTINUE TO BUILD ON OUR SUCCESS WITH NON-BANK COUNTRIES THROUGH OVER 70 BANK AGREEMENTS PARTNERS GERMANY SWEDEN SWITZERLAND UK JAPAN 11 banks MEXICO SPAIN HONG KONG VENEZUELA ITALY INDONESIA ECUADOR MIDDLE EAST * CHILE BRAZIL ARGENTINA URUGUAY TURKEY MALAYSIA AUSTRALIA * 1 © Zurich © Selected bancassurance agreements. Australia subject to regulatory approvals, expected during first half of 2019. November 2019 Credit investor update 7 We have strengthened our businesses and extracted capital from non-core portfolios MAIN DIVESTMENTS AND MAIN ACQUISITIONS TYPE OF BUSINESS STRATEGIC RATIONALE CAPITAL ACTIONS DEAL Skills Distribution Scale Sale of P&C business in Middle East Cover-More / Halo M&A P&C Retail - Travel Sale of P&C business in Taiwan Standard Chartered D.A.2 Life Retail Reinsurance of a closed annuity book 2017 OnePath (ANZ Life) M&A Life Retail - Protection 2017 Reinsurance of an individual Life risk portfolio Sale of workplace pensions and savings business Bright Box M&A Connected cars Sale of a MedMal legacy portfolio QBE Latam M&A P&C Sale of a Singapore Life portfolio Travel Ace/ Universal Travel M&A P&C Retail - Travel Sale of Endsleigh EuroAmerica M&A/P.T.2 Life Retail 1 Sale of NSW CTP run-off 2018 2018 2 Sale of Venezuela Adira Insurance M&A/D.A. P&C Retail Sale of employers’ liability legacy portfolio Blue Insurance M&A P&C Retail - Travel 1 New South Wales Compulsory Third Party motor liability. 2 © Zurich © D.A. = Distribution agreement. P.T. = Portfolio transfer. November 2019 Credit investor update 8 A well diversified business with high quality sources of earnings A TRULY COMPOSITE INSURER BALANCED P&C FOOTPRINT HIGH QUALITY LIFE EARNINGS MIX HY-19 Business Operating Profit by business (%)1 HY-19 P&C GWP by region (%)2 HY-19 Life gross margin breakdown (%)3 7% 12% 8% 22% 43% 21% 51% Group = Total P&C = Total Life = USD 2.8bn USD 18.6bn 51% USD 2.4bn 42% 27% 16% Property & Casualty Life Farmers Latin America North America Investment margin Unit Linked fees APAC EMEA Technical margin Loadings 1 The split by business excludes Group Functions & Operations and Non-Core Businesses. 2 The split by region excludes Group Reinsurance and Eliminations. 3 © Zurich © Excluding Farmers Life. November 2019 Credit investor update 9 The P&C strategy is working with improved profitability and reduced volatility P&C BUSINESS MIX (% NEP) AY COMBINED RATIO EXCLUDING LARGE LOSS VOLATILITY (ppts)2 CATASTROPHES (%)1 -4.3ppts 99.1% 15% 22% 94.8% COMMERCIAL 8ppts 27% 28% 28% 26% FY-16 HY-19 Q1-14 Q4-15 21% 15% -1.7ppts 10% 9% 94.8% FY-15 HY-19 RETAIL AND 93.2% OTHER 2ppts Specialties Liability Property Workers compensation Motor FY-16 HY-19 Q1-16 Q2-19 1 Accident year combined ratio excludes prior year reserve development (PYD). Catastrophes (Cat) include major and mid-sized catastrophes including significant weather- related events. 2 . © Zurich © Volatility is measured as difference between lowest and highest ratio for the indicated period November 2019 Credit investor update 10 We have a growing Life business with less reliance on investment margins LIFE BOP (USDbn) SHARE OF REVENUES FROM FEES, LOADINGS AND TECHNICAL MARGINS (%, AVERAGE FY16-18)2 +10%1 760 88% 701 650 173 75% 130 74% 562 149 78 63% 121 71 78 12 524 507 448 438 -19 -16 1 -17 2 -6 0 HY-16 HY-17 HY-18 HY-19 Peer 1 Peer 2 Peer 3 Zurich Latin America Asia Pacific North America EMEA Group Re 1 CAGR in constant FX (HY-19). 2 . © Zurich © Based on source of earnings disclosures. Peers: Allianz, Axa, Generali November 2019 Credit investor update 11 Farmers is delivering consistent growth and progressing on key strategic priorities FARMERS EXCHANGES GWP (USDm)1 NPS3 AND RETENTION4 EASTERN EXPANSION Established state +3% ME 47.9 Eastern expansion state 10,449 VT 10,233 NH 9,775 45.3 Eastern expansion state + NY MA Commercial rideshare CTRI 42.7 PA NJ MD DE 82.9% WV VA 82.5% KY NC TN SC 81.4% GA AL MS FL FL HY-17 HY-18 HY-19 Q2-17 Q2-18 Q2-19 GWP: USD 709m (+6% Y-o-y)5 Continuing operations2 NPS3 Retention4 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Excludes discontinued operations (21st Century outside of California and Hawaii, business insurance independent agents, and other businesses). 3 Net Promoter Score. Survey based measure of customer loyalty for Farmers exclusive agent customers (personal lines and business insurance) on a YTD average basis. 4 Reflects rolling 3-months 13/1 combined policy survival rate for the Farmers exclusive agent channel, excluding Bristol West and Farmers Specialty Auto; based on weighted average GWP. 5 © Zurich © Farmers Exchanges continuing operations GWP in the Eastern expansion states, including Commercial rideshare. November 2019 Credit investor update 12 Strong capital position and cash generation VERY STRONG FINANCIAL STRENGTH Z-ECM AND SST RATIO1 (%) AA- (very strong) / outlook ‘positive’ 240% 221% 217% 216% Aa3 (excellent) / outlook ‘stable’ 204%2 200% 196% 185% 189% A+ (superior) / outlook ‘stable’ 160% 113% Q3-19e3 132% 127% HIGHLY CASH GENERATIVE, CASH REMITTANCE (USDbn) 122% 121% 125% 124% 120% 114% 3.7 3.9 3.7 3.8 2.9 2.8 Property & Casualty 2.4 1.7 2.5 1.5 2.4 Life 0.9 2.0 1.5 80% 0.9 1.1 0.6 1.5 0.4 Farmers 1.2 1.1 1.2 1.4 FY-12 FY-13 FY-14 FY-15 FY-16 FY-17 FY-18 0.90.0 0.1 0.5 0.1 0.2 Group Functions -1.0 -0.6 -0.8 -0.9 -0.8 -1.1 -0.2 Non-Core Businesses FY-13 FY-14 FY-15 FY-16 FY-17 FY-18 IFRS NIAS 4.0 3.9 1.8 3.2 3.0 3.7 SST Z-ECM 1 The Swiss Solvency Test (SST) ratio is calculated based on the Group’s internal model, as agreed with the Swiss Financial Market Supervisory Authority (FINMA). 2 After restatement for model changes (FY-16 SST ratio of 227% before restatements). 3 © Zurich © Q3-19 Z-ECM reflects midpoint estimate with an error margin of +/- 5ppts. November 2019 Credit investor update 13 Proven balance sheet flexibility through leverage and coverage at Aa levels GROUP CAPITAL STRUCTURE (%)1 MOODY’S LEVERAGE & COVERAGE FINANCIAL LEVERAGE: Aa = 15-30% 10% 9% 26.8% 13% 12% 11% 12% 26.4% 25.8% 24.3% 24.1% 14% 16% 23.7% 14% 13% 17% 16% EARNINGS COVERAGE: Aa = 8-12x 10.1 72% 76% 76% 73% 75% 72% 9.1 9.5 9.2 9.3 6.7 2013 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 Senior debt Subordinated debt Shareholders equity 1 © Zurich © Capital Structure shown using accounting view.
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