Credit investor update

November 2019

Zurich Group © Zurich November November 2019 Our proposition investorsto HIGHLY CASHGENERATIVE HIGHLY BUSINESS MODEL global global business and diverse A balanced capital levels Industry leading , BY: SUPPORTED sheet managedbalance and conservatively Stable, consistent re through enhance returns with scope to Consistent growth - deployment Credit Credit investor update capital 2 © Zurich November November 2019 2 1 ambitious new targets for 2020 We havefully delivered on 2017 2017 Before capital deployment. Operating Business Profitaftertax losses. excluding unrealized gains and equity, on return Z 2015 baseline the to comparedby 2019 savings net in 1.5bn USD 2017 over 9.5bn USD of excess in remittances cash Cumulative ROE BOPAT - – ECM ratio to remain in 100 in remain to ratio ECM 2019 DELIVERED2019 1 in excess of 12% and increasing and 12% of excess in - 2019 - 120% range 120% – – 2022 2019 targets and have 2020 Z p.a. 5% at least of growth share per earnings organic Compound 2020 over 11.5bn USD of excess in remittances cash Cumulative ROE BOPAT - – ECM ratio to remain in 100 in remain to ratio ECM 2022 AMBITION 2022 1 in excess of 14% and increasing and 14% of excess in - 2022 - 120% range 120% Credit Credit investor update 2 3 © Zurich November November 2019 1 We will use alllevers to drive further ROE expansion ILLUSTRATIVE BOPAT ROE DEVELOPMENT HY - 19 adjusted for timing of dividend payment losses fundperformance. ofnatural payment hedge normalization and catastropheand for ofdividend 19 timing adjusted HY 13.5% - 19 1 equity base equity Growth in Growth ~1.5 - 2.0% income ~1.0 - 1.5% (%) Business growth Business ~2.0 - 2.5% Productivity ~0.75 - 1.5% Portfolio quality Portfolio ~1.0 - 1.5% allocation /other Capital ~ 0.5% Credit Credit investor update illustrative ~15% FY - 22 4 © Zurich November November 2019 4 3 2 1 Source: Genuinely global franchise with distinct capabilities Estimate investor presentations.and reports annual based on See disclaimer. #2 in Life, individual life.#6 ingroup Pro Top 3 Top - forma for the acquisition of the QBE operationsof the America,for QBE in Latin OnePath Life the acquisitionforma in Australiaand multinational multinational corporations Axco cross insurer to , Company presentations,(2017local statisticsand reports available), Company most recentZuri , Strategicor Financial, Insight, SNL - border 2 LATIN #4 insurance company overall company insurance #2 #5 through #7 in crop insurance crop in in commercial commercial insurance in in US personal US personal lines in Farmers Exchanges Farmers 3 1 #2 Global Travel Insurer#2GlobalTravel EMEA #4 Adira insurancecompanyoverall Insurance in Indonesia. Insurance ch ch internal data. ASIAPACIFIC #6 #12 #10 #6 #3 Credit Credit investor update in P&C in P&C, in in P&C in in P&C, in P&C, in P&C 3 #3 #9 in life in life life in 3,4 5 © Zurich November November 2019 advantage Our strategy and flexible operating model position usto take EXTERNAL ENVIRONMENT Regulation technology and Innovation uncertainty economic and Geopolitical Customer revolution of industry of change OUR OUR STRATEGY Innovate Simplify customer the on Focus OUR OUR OPERATING MODEL COMMERCIAL Go to market

Products Shared services Shared Capital Customer data Brand GROUP

Credit Credit investor update Products

RETAIL Go to market to Go 6 © Zurich and non Continuing to grow our access to customers through new bank 1 November November 2019 COUNTRIES THROUGH OVER 70 BANK AGREEMENTS ACCESS TO OVER 66 Selected ECUADOR VENEZUELA ARGENTINA * bancassurance - bank partners agreements. Australia subject to regulatory approvals, expected during first half of 2019. firstagreements.halfto regulatory expectedduring approvals, of Australiasubject URUGUAY MILLION CUSTOMERS IN 20 UK BRAZIL TURKEY MIDDLE EAST MALAYSIA 1 AUSTRALIA * HONGKONG INDONESIA 11 banks11 JAPAN PARTNERS WE CONTINUE TO BUILD ON OUR SUCCESS WITH NON Credit Credit investor update - BANK BANK 7 © Zurich non We havestrengthened our businesses and extracted capital from 2 1 November November 2019 CAPITAL ACTIONS MAIN DIVESTMENTS AND New South Wales Compulsory Third Party motor liability. Third Party Wales motor South Compulsory New D.A. = Distribution agreement. P.T.= D.A. transfer.Distribution = Portfolio 2018 2017 - core core portfolios Sale of P&C business in Middle East Sale business inMiddle of P&C Sale Sale liabilityof employers’ portfolio legacy Sale of Venezuela CTP Sale of NSW Sale of Sale Life of a Singapore portfolio Sale of a business savings and Sale of workplace of anindividual riskLife portfolio Reinsuranceof a closed annuitybook Sale business inTaiwanof P&C Endsleigh MedMal 1 run legacy portfolio legacy - off MAIN ACQUISITIONS 2018 2017 Blue Insurance Blue Adira EuroAmerica Travel Universal Travel Ace/ QBE Box Bright OnePath CharteredStandard Cover Latam - Insurance More / HaloMore (ANZ Life) Life) (ANZ TYPE OF M&A/D.A. M&A/P.T. DEAL M&A M&A M&A M&A M&A D.A. M&A 2 2 2 P&C Retail P&C Retail P&C Retail Life Retail P&C Retail P&C cars Connected RetailLife RetailLife BUSINESS - - - - Protection Travel Travel Travel STRATEGIC RATIONALE Skills Credit Credit investor update Distribution Scale 8 © Zurich November November 2019 3 2 1 earnings A well diversified business with high quality sources of A TRULY COMPOSITE INSURER HY Excluding Farmers Life. Excluding Eliminations.Reinsurance and Group excludes region The split by Non & Operations and Functions businessThe split Group excludes by - 19 Business Operating ProfitOperating 19 business Business by Property & CasualtyProperty & 51% USD 2.8bnUSD Group = Group Life 27% 22% Farmers (%) 1 BALANCED P&C FOOTPRINT HY - 19 P&C GWP by region (%) region GWP by 19 P&C - Core Businesses. Core 43% APAC Latin America Total P&C = USD 18.6bnUSD 2 7% EMEA America North 8% 42% HIGH HIGH QUALITY LIFE EARNINGS MIX HY - 19 Life gross margin breakdown (%) breakdown 19margin Lifegross 51% Technical marginTechnical Investment margin Total Life = USD 2.4bnUSD Credit Credit investor update 12% Loadings Linked feesUnit 16% 3 21% 9 © Zurich reduced volatility The P&Cstrategy is working with improved profitability and November November 2019 2 1 P&C Volatility is measuredand ratiothe indicatedlowest as period for differencebetweenhighest related events. prioryearexcludes majormid reserve ratio and Catastrophes include (Cat) development year combined (PYD). Accident BUSINESS MIX Motor Property Specialties FY 10% 21% 28% 27% 15% - 15 Workerscompensation Liability (% NEP) HY 15% 26% 28% 22% 9% - 19 CATASTROPHES AY OTHER RETAIL AND COMMERCIAL COMBINED RATIO EXCLUDING (%) 94.8% 99.1% FY FY . - - 1 16 16 - - 1.7ppts 4.3ppts 93.2% 94.8% HY HY - - 19 19 - sized catassized trophes including significant weather significant including trophes LARGE LOSS VOLATILITY Q1 Q1 - 16 - 14 2ppts 8ppts Credit Credit investor update - ( ppts ) 2 Q4 Q2 - 15 - 19 10 © Zurich investment margins We havea growing Life business with less reliance on 2 1 November November 2019 LIFE BOP Based on source of earnings disclosures. Peers: of earnings , disclosures. sourceBased on (HY FX in constant CAGR Latin America ( HY USD 562 448 121 - 12 19 - 16 bn ) Asia Pacific - 19). - 16 HY 650 438 149 78 - 17 1 +10% North America North 1 - 17 HY 760 524 173 78 - 18 2 , Generali EMEA - HY 6 701 507 130 71 . - 19 0 Group Re Group TECHNICAL MARGINS SHARE OF REVENUES FROM FEES, LOADINGS AND Peer 1 63% Peer 2 74% (%, (%, AVERAGE FY16 Peer 3 75% Credit Credit investor update - 18) 2 Zurich 88% 11 © Zurich on key strategic priorities Farmers is delivering consistent growth and progressing 5 4 3 2 1 November November 2019 FARMERS EXCHANGES GWP Farmers Exchanges continuing operations GWP in the Eastern expansion states, including Commercial rideshare.in theEastern Commercial operations states, GWP expansion including Farmers continuing Exchanges 3 Reflectsrolling loyalty lines busine Survey forNetbased and Score. measure Farmers Promoter agent(personal customers of exclusive customer agents, (21st ando outsideand ofinsurance independent operations Century business Hawaii, discontinued Excludes allFor Farmers seereferences Exchanges to the disclaimer statement. cautionary and Continuing operations Continuing HY 9,775 - 17 - months 13/1 combined policy survival survival rate13/1 West forFarmers policy Bristol months theexclusive and combined excluding agent channel, 10,233 HY +3% - 18 2 10,449 HY ( USD - 19 m ) 1 NPS 3 AND RETENTION 81.4% Q2 NPS 42.7 - 17 3 Retention 82.5% Q2 45.3 - 18 4 4 82.9% Q2 47.9 - 19 the ss Farmers Specialty Auto; based on weightedbased average GWP. on Farmers Auto; Specialty insurance) on a on YTD average insurance) basis. r businesses).r EASTERN EXPANSION Commercial rideshareCommercial Eastern state expansion + Eastern state expansion Established state MS GWP: USD GWP: 709m USD (+6% Y (+6% Credit Credit investor update AL TN KY FL - o - GA y) WV 5 SC FL PA VA NC NC MD NY VT DE NJ CT NH MA RI ME 12 © Zurich Strong capital position and cash generation 3 2 1 November November 2019 HIGHLY HIGHLY CASH GENERATIVE, CASH REMITTANCE VERY STRONG FINANCIAL STRENGTH Q3 After restatement for model changes (FY Afterrestatement forchanges model Test isinternal calculated ratio the asFinancial (SST) Group’s basedmodel, theThe Swiss Swiss on agreed Mar Solvency with - 0.9 FY 1.1 2.4 4.0 2.9 - 19 Z - 0.0 0.6 13 - ECM reflects midpoint estimatean reflectswithmidpoint of+/ margin ECM error - 1.2 FY 1.0 0.9 2.4 3.7 3.9 - 0.1 14 - 1.5 FY 0.6 1.8 0.9 1.7 3.9 - 0.5 15 - 1.1 FY A+ (superior) / outlook ‘stable’ outlook / A+ (superior) ‘stable’ Aa3 outlook / (excellent) AA 0.8 2.0 2.8 3.2 - 0.1 0.4 16 - (very strong) / outlook ‘positive’ outlook / (very strong) - 16 SST of 227%ratio before restatements). - FY 0.2 1.2 1.1 2.5 3.7 3.0 - - 0.9 17 - 1.4 FY 0.8 3.8 1.5 1.5 3.7 - 0.2 18 - 5ppts. IFRS IFRS NIAS Non Functions Group Farmers Life CasualtyProperty & (USD - Core Businesses Core bn ) 120% 160% 200% 240% Z 80% - ECM AND SST RATIO FY - 12 114% 185% SST 127% 217% FY - 13 Z - ECM ke 122% 196% FY t Supervisory (FINMA). Supervisory Authority t - 14 1 (%) 121% 189% FY - 15 204% 125% FY - 16 2 Credit Credit investor update 132% 216% FY - 17 Q3 124% 221% FY 113% - - 18 19e 3 13 © Zurich and coverage at Proven balance sheet flexibility through leverage 1 November November 2019 GROUP CAPITAL STRUCTURE Capital Structure shown using accounting view accounting using shown Capital Structure 2013 Senior debt Senior 72% 14% 13% 2014 76% 13% 12% Subordinated debt Subordinated 2015 76% 14% 11% Aa (%) . 1 Shareholders equity 2016 73% 17% 10% levels 2017 75% 16% 9% 2018 72% 16% 12% MOODY’S LEVERAGE & COVERAGE EARNINGS COVERAGE: EARNINGS FINANCIAL LEVERAGE: 26.8% 2013 9.1 24.3% 2014 9.5 Aa Aa = 15 = 8 - 12x - 30% 24.1% 2015 6.7 26.4% 2016 9.2 Credit Credit investor update 23.7% 2017 9.3 25.8% 2018 10.1 14 © Zurich Low cost of risk, strong ratings and balanced maturity profile 2 1 November November 2019 CONSISTENT FINANCIAL STRENGTH CDS SPREAD AMONG BEST OF PEERS AA Maturity profile based on firstbasedcall date andmaturity on profiledebt Maturity for datedebt. for subordinated senior Bloomberg. Source: CDS. sub 5y EUR AA 200 400 600 A+ A A - Jan - 2006 - 10 Zurich Jan S&P - 2008 11 Jan - Axa 12 Moody’s 2010 Jan - 13 Generali Jan 2012 - 14 Jan - Allianz 15 2014 Jan - 16 ( bps 2016 Jan - 17 ) 1 Jan 2018 - 18 Jan - 19 2020 Jan Aa3 Aa2 - A3 A2 A1 20 BALANCED REFINANCING NEEDS 2020 0.4 2021 0.4 0.3 0.7 2022 1.6 0.6 2.2 2023 1.1 0.5 1.6 2024 1.1 Senior 2025 0.3 2026 1.9 0.2 2.0 Subordinated ( USD 2027 0.2 bn Credit Credit investor update 2028 1.0 0.8 1.8 ) 2 2029 0.6 2038 0.2 2039 0.6 15 © Zurich and sustainable excess returns ALM 1 November November 2019 ASSET ALLOCATION For fixed income only. fixedincome For FY - 18 18 OF TOTAL 195bn INVESTMENTS USD GROUP - focused and lower risk strategy delivering consistent Real estate Mortgages Fixed income 78% 3% 8% Cash Private equity funds, Hedge Equities 5% 2% 5% ASSET QUALITY FY - 18 GROUP DEBT 18 GROUP INVESTMENTS and government government and AA AAA Government Government guaranteed 0.0% 22.1% 38.3% 33.5% 2.8% 68 3.2% BBB A Unrated grade Non Credit, private debt - 2.0% investment 31.7% 24.3% 14.9% 22.4% 86 (USDbn) 4.8% DURATION FY - 18 (#years) Assets 8.4 1 Life 10.0 Liabilities Credit Credit investor update 4.4 P&C 4.5 16 © Zurich 4 3 2 1 November November 2019 recognized by external bodies The Group’s focus and achievements on sustainability is widely OUR OUR RATINGS FTSE Industry Classification Benchmark (ICB), June 2019. (ICB), FTSE ClassificationBenchmark Industry Sustainalytics RobecoSAM 2019. Report, April Rating ESG MSCI Company Benchmarking Scorecard, September 2019.Scorecard, Benchmarking Company ESG rating Report, July 2019.Report, July ratingESG 1 #2 Absolute Score of in insurance group in insurance group ‘AA’ ‘AA’ Leader, (out of 5.0) rating #4 4 1 4.2 3 2 OUR OUR LONG TERM COMMITMENT Credit Credit investor update 17 © Zurich in all aspects of the business Zurich embeds environmental, social and governance issues November November 2019 member member Community Investor Insurer Employer governance Corporate engage employees in skills based volunteering Investing in local and global community programs to create social impact, enhance resilience and avoid 5m tons of CO2 and benefit 5m people Impact investment portfolio of USD 4.5bn per Sep 2019, with an ambition of USD 5bn to help Proactive engagement with customers to support their transition to a low carbon economy Delivering solutions to customers that create positive social and environmental impact improvement Focus on employee engagement resulting in strong employee net promoter score (ENPS) Pro including financial, customer and people metrics A remuneration architecture ensuring outcomes in sync with business performance results oversight, and fostering ESG integration in the business An independent and diverse Board ensuring effective corporate governance and strategic - active promotion of diversity at the workplace with 11 countries EDGE certified Credit Credit investor update 18 Appendix © Zurich Z November November 2019 PRIMARY DIFFERENCES - EQUIVALENCE RISK MEASURE RISK ECM and SSTare more conservative thanSolvency II - TYPES COVERED impact impact ratio on Most onerous – REQUIRED CAPITAL applied toapplied the entire Group of equivalence, Z concept No • • • • • • • VaR 99.95% (~AA) Z - Reinsurance Credit Risk Reinsurance Operational Risk Risk Business Liability Life Risk Risk NatCat ReservePremium and Risk investment credit) MarketRisk (including ECM - ECM • • • • • • • ES 99% (~BBB) SST Receivables Credit Risk Credit Risk Reinsurance BusinessLife Risk Liability Life Risk Risk NatCat Premium, Reserve UPRRisk and investment credit) MarketRisk (including countries, not applicable for Zurich for applicable not countries, Possibility to use forlocal regimes subsidiaries in equivalent third

• February 13, 2020, Annual results 2019 • April 1, 2020, Annual General Meeting • May 14, 2020, Update for the three months ended March 31, 2020 • May 19, 2020, Zurich Insights – Investor Event • August 13, 2020, Half year results 2020

©November Zurich Insurance 2019 Company Ltd Credit investor update 26