Investor Day 2016 | Zurich Insurance Group

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Investor Day

November 17, 2016 London

Zurich Insurance Group © Zurich Agenda November November 17, 2016 TIME 16.00 16.00 15.15 14.45 14.00 13.15 12.00 11.15 10.30 – – – – – – – – 16:15 16:00 15.15 14:45 14.00 13.15 12.00 11.15 TITLE Wrap Q&A Coffee break Financial update Execution Lunch break Q&A Group session session - up overview overview and strategy SPEAKER Mario Greco George Quinn Kristof Mario Greco Terryn Investor Investor Day 2 © Zurich November November 17, 2016 Disclaimer MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINAN AS WELL AS MANAGEMENT, AND THE COMPANY ABOUT INFORMATION DETAILED CONTAIN THAT WILL AND THE ISSUER FROM BE OBTAINED MAY 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 adviser. an independent consult should advice requiring Persons thatand interimpastis atoperformance not future notedthatperformanceguide resultsItare be in should notnecessarily of thean performance thesupport Farmers understanding to istheprovided Farmersto Exchanges proprietaryis but Exchanges, have Ltd, intereany ownership Group ZurichInsurance and Ltd Insurance Company parent Zurich norits companies, Inc., Group, as the attorneys California domiciled interinsurance theirby exchanges ownedpolicyholders withgovernance by oversight their Boards of Gover and All referencestoInsurance Exchange ‘FarmersExchange, meanFarmers InsuranceFire Truck Exchanges’ Insurance otherwise. or update revise ofthese any to undertakes publicly forwardLtd obligation no Group and Ltd Group its Group regulators have the policies resultsZurich Insurance ofmay bearing on a directof operations of a renewal experience; (vii) policy mortality morbidity insured claimsand severityevents; development (vi) frequency, and of market of financialin particular;in thefinancial servicesindustries performance (iii) downturn, risk of a global economic condition as general (i) economic pastsuch statements results).expressed fromFactors(or intheforwardlooking orimplied uncertaintiesand can beaffected by factorsother causeactual thatcould results and plans and objectivesInsuranof Zurich statements theirbecause, by nature, such reliance on beplaced shouldnot developments. expected and Undue market conditions claimsand results,as underwriting well and asthe Group’ policy statementsregarding dividend conditions, expenses, pricing Forward ‘Group’). (the Group Zurich Insurance orthe Ltd Insurance Group of Zurich areCertain forward statements in this document - in - fact for the Farmers Exchanges and in that capacity provide certain non provide forcapacity the Farmers inthat and Exchanges fact - looking statements, including, but not limitednot to,statementsthat but arestatements, predictioincluding, looking - looking statements include statementsstatementsinclude regardi looking - looking statements,reflectto whether new looking - claims administrative andmanagement claims s; (iv) levels rates;(iv) of interestexchange rates (v) currency and ce nd s a s dic s u s an Group Ltd or tothe differ GroupGroup materially thosefrom nd competitive factors, particularly inkey factors, competitive nd markets; the (ii) lapse rates; and (viii) changes in laws and regulations and and in regulationslapsein and rates; (viii) lawsand changes ative full year of results. d on whether the targets d Insurance the achieved. be whetheron will Zurich nderstanding of generalfinancial andinsurance of nderstanding economic, nor st ns of or indicatefutureevents, trends,of plansorobjectives ns the of information, future events or circumstances or future events orcircumstancesinformation, in the Farmers Exchanges. Financial informationin theFarmers Financial about Exchanges. th ng the Group’s targeted profit, return on equity targets,return equity profit,targeted on the Group’sng services to theservices Farmers NeitherFarmers Exchanges. s. Farmerss. Inc.and its Group, subsidiariesare appointed Farmers Group, Inc. and Farmers Reinsurance Company. Farmers Inc.and Reinsurance Group, Farmers ir affiliates. subsidiariesand The three are Exchanges ey are subject to known and unknown risks and risksand and unknown aretoey known subject LD LD DE IN THE UNITEDSTATES ABSENT BY MEANS OF A PROSPECTUS APROSPECTUS THAT OF BY MEANS CIA L STATEMENTS L Investor Investor Day 3 Investor Day Group overview and strategy Mario Greco – Group Chief Executive Officer

40% Policy Count Refreshed Technical Price deductible increases and focused on risk selection, rating, Technical excellence program 60% Lapsed policies Lapsed 80% RE 100% - UNDERWRITING 120% Renewed Policies Price adequacy 140% tiering 160% AP/TP 180%   (‘ PORTFOLIO RESHAPING ACTIONS

Portfolio CR (%) 15 UNDERPERFORMING PORTFOLIOS underwriting focus Location in and across markets New guidelines to align risk appetite 100 110 120 130 140 150 2.9 3.0 - based average vs 3.1 9m - 16 3.2 3.3 9m - 15 NEP (USDbn) 3.4 3.5 ’)   (GI REDUCED RISK actions actions to reduce volatility Tactical reinsurance and de Reduced INSURANCE INSURANCE CAPITAL FY - 14 policy policy exposures PROFILE FY - 15 Investor Investor Day INTENSITY, INTENSITY, %) HY - risking - 16 - 14% 16 © Zurich ZURICH’SPOSITION The first November November 17, 2016 3 2 1 GI LOSS RATIO Accident year loss ratio (AY LR) excludes prior year prior excludes reserveyear (PYD). loss(AY LR) ratio development Accident Restated at constant FX and adjusted for RCIS acquisition; excludes Farmers. excludes acquisition; FX forRestated RCIS adjustedand at constant majormid and Catastrophesinclude Catastrophes Tianjin loss 65.2% 66.4% -1.1% FY 2.3% - 14 1 results are encouraging (%) 67.3% 71.8% FY 0.9% 0.1% 3.5% PYD LR cat.) (ex. AY - 15 - sized catastrophes including significant weathersignificant related events. catastrophessized including 65.9% 67.2% 9m -1.6% 2 3.0% - 16 EXPENSE DEVELOPMENT 9m 5.0 - 15 9m (USD 4.8 - 16 bn ) 3 GROUP BOPAT ROE 11.1% FY - 14 FY 6.4% - 15 (%) Investor Investor Day 9m 11.9% - 16 17 © Zurich FINANCIAL FINANCIAL TARGETS insurer Our financial November November 17, 2016 1 ZURICH’S 2017 Business Operating Operating Business Profitafter on tax return Z Cash remittances in excess of USD USD 1.5bn savings in net by 2019 compared to the 2015 baseline BOPAT ROE - ECM ECM target target ratio unchanged 100 at - 2019 2019 FINANCIAL TARGETS 1 in excess of 12% and increasing, despite targets underline equity, equity, excluding unrealized gains losses. gains unrealized and excluding 9.5bn 9.5bn - 120% our over over 2017 aim to be an - 2019 2019 period higher equity equity base efficient, leading Investor Investor Day 18 © Zurich MARKET MARKET CONTEXT which we do not expect to improve quickly The insurance industry remains in achallenging environment November November 17, 2016   Further challenges: GDP GROWTH -4% -2% Increased consumer protection, rising protectionism and nationalistic regulations Aging population, increasing longevity risk and demand for skilled workforce 0% 2% 4% 6% 8% Germany China 2013 Switzerland Italy 2015 USA UK 2017 2019 10 - YEAR GOVERNMENT BOND YIELD -1% 0% 1% 2% 3% 4% 5% Italy Germany 2013 UK Switzerland 2015 USA 2017 Investor Investor Day 2019 19 © Zurich COMMERCIAL We havefour clear objectives for November November 17, 2016 OBJECTIVE Enhance global capabilities Rebalance portfolios Improve ‘Go Reclaim technical - to - Market’ approach e xcellence c ommercial business ACTIONS          Increase Increase penetration of international clients Create global specialties team Further embed customer focus in the business Create industry specific propositions Clear and consistent risk appetite Clear career track and targeted development Disciplined application of underwriting tools Reduce overweight position in long Opportunistically grow specialties lines - tail tail lines Investor Investor Day 20 © Zurich COMMERCIAL November November 17, 2016 time, while enabling more agile specialties business We have an opportunity to rebalance long 2 1 (2015 US EXAMPLE, USDbn) DIRECT WRITTEN PREMIUM BY LOB Long Source Compensation Specialties - Workers tailed Property : U.S. Industry Statutory Financial Statutory Financial forStatements Industry : U.S. Liability Motor l ines include Workers Compensation and Liability; Liability; and WorkersCompensation Short ines include US Industry US 20% 30% 11% 23% 17% 295 Zurich US US Zurich (ZAIC) 24% 28% 13% 18% 17% 12 1 Accident & Health & Accident Marine, Lines Financial Surety Credit & ProfessionalIndemnity FY - 15. Values exclude Aviation &TransportAviation - tailed l ines include Motor and Property.and Motorines include assumed premiums from RCIS. ZAIC: Zurich American Insurance Company. American Insurance RCIS. assumedZAIC: Zurich from premiums (2010 TOTAL GENERAL INSURANCE COMBINED RATIOS - 2015) Long - tail exposure over Other 2 - tailed lines Short - tailed lines Specialties Investor Investor Day - 12ppts 21 © Zurich RETAIL We aim to strengthen our retail position in key markets November November 17, 2016 OBJECTIVE serve customers Implement to small businesses Strengthen value proposition Grow our distribution partnerships Focus on target more efficient customer customer segments IT to better ACTIONS          Introduce and track customer KPIs Strengthen digital capabilities across the value chain Better manage customers in a focused, integrated way Reduce cost base move quickly to leverage market Capture ‘non Maximize the value of our existing relationships Continue growing distribution partnership skills Greater Greater standardization of Increase consistency of focus key across markets - intermediated’ customer needs and offerings disruptions Investor Investor Day 22 © Zurich CUSTOMER successful We November November 17, 2016 3 2 1 FARMERS EXCHANGES Rolling Rolling Rolling administrative andmanagement to theservices Farmers as attorney Exchanges its interestin the Farmers Farmers ownership Exchanges. has no Group Zurich Insurance foronly. Provided informational purposes 30 35 40 45 Q1 - 14 will three three Q2 - - - 14 month average of 13/1 policy retention for business sold through exclusive agents (excluding Bristol West); Bristol rolli based on agentsaverage exclusive (excluding ofmonth 13/1 sold through for retentionbusiness policy average ofmonth survey Q3 strengthen our customer - 14 Q4 experience of Farmers Exchanges - 14 Q1 NET - 15 - based measure for customer loyalty; loyalty; based measured measureNPS for forPersonal in allyears, customer customersLines as wel PROMOTER Q2 - 15 Q3 - 15 Q4 SCORE - 15 Q1 2 - 16 Q2 - 16 - Q3 in - - fact and receivesand feesfactits for services. 16 focus, FARMERS EXCHANGES POLICY RETENTION 77.2% Q1 emulating - 14 77.7% Q2 - 14 1 78.5% Q3 - 14 79.1% Q4 Gr - 14 oup, Inc., a wholly owned subsidiary of the Group, provides provides of the Group, subsidiary owned a Inc., wholly oup, 79.9% Q1 the ng 12 ng - 15 l as Business Insurance customers beginning beginning l asInsurance customers Business - 80.1% Q2 month weighted average GWP by average by weighted GWP month - 15 80.0% Q3 - 15 79.9% Q4 - 15 3 80.2% Q1 Investor Investor Day - 16 79.9% Q2 - 16 business. 79.6% Q3 - 16 in 2016. 23 © Zurich EXPENSES of of 2019,while continuing to invest inthe business We expect to deliver USD 1.5bnin net November November 17, 2016 1 EXPENSE SAVINGS EXPECTATION 2015 baseexpense adjusted for 2016 FX, disposals.and acquisitions Investment 2015 adjusted 10.3 0.8 9.5 Expenses 1 Savings ( USDbn Inflation ) Savings Savings 2016 expense savings Savings Savings 2017 - 19 by end 2019 8.0 0.8 8.8 Investor Investor Day - 1.5bn 24 © Zurich FINANCIAL FINANCIAL TARGETS We are focused on continuing to reward our shareholders November November 17, 2016 1 ZURICH’S DIVIDEND POLICY The dividend Target minimum CHF 17 share per sustainable earnings growth Dividend NIAS payout ratio of approx. 75% dividend dividend to is subject increases increases on based approval approval by shareholdersby Generalthe Meeting. at the Annual 1 CUMULATIVE DIVIDENDS PAID 2008 2009 2010 2011 2012 2013 2014 2015 19.8 (FOR YEAR ENDING, USD since since 2008 capitalization paid out >50% of market Investor Investor Day bn ) 25 © Zurich November November 17, 2016 Keymessages Capital Execution focus Shareholder Opportunity Group Maintain strong Maintain future for the to invest continueand and execution delivery on organization the Focus time over shareholders growth earnings sustainable Deliver proposition retail focused more develop and insurer composite a global as position Strengthen potential reduction expense significant and growth earnings with group insurance diversified Globally capitalization which will support an increase in the return of capital to capital of return the in an increase support will which Investor Investor Day 26 Investor Day Execution Kristof Terryn – Group Chief Operating Officer

Zurich Insurance Group © Zurich November November 17, 2016 Keymessages excellence Technical Effectiveness Efficiency Operations in Underwriting in changes market to reaction faster and making decision better for strive We process simplification, organizational through complexity reducingon focus We Operationsin USD targeting enhancements, efficiency further for aim We operational skills, technical combiningthrough shareholders to delivery value drive We streamlining and systems consolidation systems and streamlining services and transformation and services and Claims and 500 - 700m by end of 2019 of by end 700m Investor Investor Day 28 © Zurich OPERATIONS services and transformation Our November November 17, 2016 OPERATIONS ORGANIZATIONAL SETUP services Operational functions Technical Enterprise Transformation n ew operations setup combines technical skills, operational Life P&C Claims P&C Underwriting Enterprise Enterprise Services IT Services HOW HOW WE DRIVE EXECUTION     Enhanced ability to control costs Consistent and efficient support to the markets Holistic approach to end transformation excellence, efficiency improvements and business New Group COO role responsible for technical - to - end process optimization Investor Investor Day 29 © Zurich OPERATIONS shareholders Operations drives customer outcomes and value delivery to November November 17, 2016 OPERATIONAL EXCELLENCE EFFICIENCY AND   complexity complexity reduction Higher agility through automation and scale solutions process improvement, Increased efficiency through FOCUS FOCUS FOR TODAY TECHNICAL EXCELLENCE    Optimized claims settlement costs Faster reaction to market changes Better risk selection and pricing CUSTOMER EXPERIENCE   needs development to match evolving More customer Smoother customer journeys - centric proposition Investor Investor Day 30 © Zurich 2 1 EFFECTIVENESS EFFECTIVENESS both both within and above countries Over the past four years our expense base has grown by 7%, November November 17, 2016 DIRECT EXPENSES CAGR. 2015 baseexpense adjusted for 2016 FX, disposals.and acquisitions 2012 Operations 6.8 2.9 9.7 & EFFICIENCY 2013 6.7 2.9 9.6 Other 1 (USD 2014 10.2 7.1 3.1 bn ) 2015 10.3 7.2 3.1 +7% COUNTRIES IN COUNTRIES ABOVE 2012 2.3 0.6 2013 2.3 0.6 +2% +3% 2 2 2014 2.4 0.7 2015 2.5 0.7 Investor Investor Day 78% 22% 31 © Zurich EFFECTIVENESS EFFECTIVENESS reduction reduction by 2019 We will significantly contribute to the additional expense base November November 17, 2016 1 STATUS AND OUTLOOK    Savings Savings 2015vs. actuals. to make savings sustainable over the next three years USD ~700m investments planned from Operations net savings with a significant share By 2019, target a total of USD 1.5bn 2016 Group savings of USD ~300m & EFFICIENCY PLANNED OPERATIONS NET SAVINGS BY 2019 Total 2019 net savings net 2019 Total Operations Other 800 500 1,500 - - 1,000 700 1 IT Infrastructure Shared Services, Shared IT Applications 2019 2019 savings Real Estate & Procurement Other (USD 70 - m 120 ) 150 - 180 180 - 100 500 250 Investor Investor Day - - 150 700 32 © Zurich EFFECTIVENESS EFFECTIVENESS IT infrastructure IT We will continue tostandardize and streamline our November November 17, 2016 FROM     technologies Limited ability to support new lifecycle E 140+ network suppliers > 70 data centers in early 2015 nd - user user tools reaching end of & EFFICIENCY TO     technologies, Full ability to leverage new mobility services Up Single network provider 8 strategic data centers - to - date workplace and e.g. e.g. Hybrid Cloud RUN    Risk Risk and complexity reduction Capability and service uplift savings by end of 2019 USD 100 - RATE BENEFITS - 150m p.a. in expense Investor Investor Day 33 © Zurich EFFECTIVENESS EFFECTIVENESS Example November November 17, 2016 FROM    new Limited ability to support Different operating models 140+ suppliers in 49 countries technologies 140+ : & EFFICIENCY Suppliers services IT network services transformation and achieve significant a expense reduction TO    technologies, e.g. Big Data Improved ability to exploit new operating model Standardized global service provider 1 global overarching Supplier 1 to provide to provide RUN   and stability Enhanced service quality from 2018 USD 35m p.a. in expense savings - RATE BENEFITS better Investor Investor Day 34 © Zurich EFFECTIVENESS EFFECTIVENESS IT application IT We will significantly reduce the November November 17, 2016 FROM     ~30% over last 4 years Applications internal and external resources Sub High maintenance costs to 3,000 applications technology Fragmented and complex - optimal split between & EFFICIENCY landscape with spend increased by landscape close close TO     Significant efficiencies internal Better integration Reduced number of level of sharing Uniform sourcing capabilities complexity landscape with increased points with focus on of our RUN   decommissioned with ~500 applications Application landscape simplified USD - RATE BENEFITS 180 - 250m by end of 2019 Investor Investor Day 35 © Zurich EFFECTIVENESS EFFECTIVENESS Example November November 17, 2016 FROM     landscape with 19 core IT systems Complex digital interfaces Limited Manual processes Complex product number of : and & EFFICIENCY IT IT systems product Germany 19 outdated IT models , process and ITsimplification end - to TO - end transformation     3 core IT systems for P&C interfaces, e.g. for New e.g Automated processes, One modular . . coverage check and improved digital IT IT systems product 3 Quote & Buy model combines RUN    USD USD 16m p.a Legacy IT decommissioning gains, Buy from 6% to 75% Straight through ratio for Quote & USD ~80m by end of 2019 Productivity - RATE BENEFITS increase increase of 25%, . . from 2019 Investor Investor Day 36 © Zurich EFFECTIVENESS EFFECTIVENESS We will optimize our shared services November November 17, 2016 FROM Property       Shared Limited Limited procurement footprint Manual procure to pay process High property operating Inconsistent Fragmented processes and locations Limited transparency on cost drivers services provisioning rationalization & EFFICIENCY service service provision and costs procurement models TO       Efficient Efficient service Clear quality Service orientation, Expanded procurement Automated procure Office definition of services rationalization focus model expense and to pay footprint process RUN  end of 2019 USD - RATE BENEFITS 150 - 180m p.a. in Investor Investor Day reductions by 37 © Zurich EFFECTIVENESS EFFECTIVENESS Example November November 17, 2016 FROM    Aging and Limited customer amenities New 2 buildings in York : USD USD per head & EFFICIENCY 27k metro inefficient inefficient Office area office office space rationalization in New York TO    working State of Customer center in Manhattan New Manhattan front office and Jersey Jersey support office the art environment USD USD per head 17k dynamic RUN    - reduction > 30 USD - 24% square perfeet head RATE BENEFITS % total occupancy 12m expense savings per head Investor Investor Day cost cost 38 © Zurich EFFECTIVENESS EFFECTIVENESS enable process improvements in middle and front offices Continued standardization of Operations and ITbackbone will November November 17, 2016 Sharedservices efficiency and IT capabilities & EFFICIENCY    FROM Process improvement mostly mostly in pilot automation Next with fragmented ownership Non complexity High - standardized processes generation level level of business technologies state    TO deployed at cognitive automation Software accountability processes with end Standardized architecture Simplified enterprise robotics and scale scale , lean Investor Investor Day - to - end 39 © Zurich EFFECTIVENESS & EFFICIENCY EFFECTIVENESS USD 150m from p.a. the end of 2017 Integration of Commercial Insurance will generate benefits of November November 17, 2016 and processes and Organization Data Systems FROM      No integrated data to selected customer groups Self Separate systems Separate underwriting organizations Two market - service tools available - facing TO      Commercial Insurance data across all of Consistent and unified to a wider customer base Self Standardized systems and simplified processes Unified underwriting setup One face to the market - service tools accessible BENEFITS     management Holistic broker and customer and opportunities Faster identification Better service experience and process complexity Reduced organizational Investor Investor Day of risks risks 40 © Zurich EFFECTIVENESS & EFFECTIVENESS Example November November 17, 2016 ZURICH ZURICH RISK ADVISOR DIGITAL PLATFORM : EFFICIENCY Commercial Distinctive risk engineering Insurance customers – SELF RISK ASSESSMENT MODU self      Commercial Insurance customers Will be made available to all where on Allows to better manage risks for locations risk insights and industry benchmarks Customers can access recommended practices, self Enables customers to carry out on digitalization strategy Core element of our Risk Engineering - services for - risk risk assessments LE - site site inspection is uneconomic - site site or remote Investor Investor Day 41 © Zurich TECHNICAL TECHNICAL faster reaction market to changes In Underwriting we strive for better risk selection and November November 17, 2016 Processes Data Systems EXCELLENCE TODAY       Limited Limited use of data insights Fragmented data sources >600 underwriting applications and tools Complex technology environment with and innovation Lack of agility in product development High administrative effort in most countries Lack of scalable straight - through processes 2019 ASPIRATION2019       platforms; platforms; fewer than 300 applications and tools Unified Modular product of underwriting Availability of data insights at the point largest markets Single source of truth at country level in all Lean administrative processes operational in five major countries Retail lines straight underwriting and policy administration architecture architecture in largest markets - through processes fully Investor Investor Day 42 © Zurich TECHNICAL TECHNICAL Targeted efforts launched toreclaim Underwriting excellence November November 17, 2016 1 Processes Data Systems Risk Data Exposure Store. EXCELLENCE KEY KEY INITIATIVES       Expansion of REDS Further adoption of big data technologies data sources Consolidation and standardization of case pricing tools Rationalization and modularization of Adoption of cognitive computing underwriting Automation of straight 1 data scope globally - through flow 2017 2018 Investor Investor Day 2019+ 43 © Zurich TECHNICAL TECHNICAL Example: November November 17, 2016 FROM     Several Several data Bi Manual Regional - annually EXCELLENCE accumulation controls Risk Exposure Data Store strengthens sources TO     Single Single Monthly Automated and at the right time Global   Flood Fire source Net Retention (USD) # Risks # BENEFITS     Optimize Optimize reinsurance costs capital Improve risk pricing and Reduce unexpected losses risk Identify and manage accumulations allocation Investor Investor Day 44 © Zurich TECHNICAL TECHNICAL Example November November 17, 2016 FROM   before commodity prices at harvest Difficult to predict crop yield and dependent on climate Volatile loss performance, highly EXCELLENCE planting : in Predictive Analytics improves crop crop insurance cycles TO   our fund designation Use predictive model to inform policy on 12 Predictive model with over potential predictors based oceanic, weather, soil and data risk retention decisions BENEFITS     lower Higher profit retention with Better risk selection Improved fund designation loss ratio Back - testing testing risk improvement suggests 1 Investor Investor Day - in 2 points of c rop 45 © Zurich TECHNICAL TECHNICAL changing social and economic market trends In Claims we are November November 17, 2016 1 Processes Data Systems Straight Through Straight Through EXCELLENCE Processing. TODAY      markets markets but not in one integrated system Large dataloss captured and reported in all in ZNA, UK, Predictive models 300+ legacy claims STP ~20% Germany Robotics in production mainly in UK, ZNA and focused on adapting tools and 1 or one of all of all claims being managed through - and Germany Germany - done to systems enhance and Italy claims claims handling 2019 ASPIRATION2019      in six largest landscape consolidated Core claims replacedsystems and system contract certainty and reinsurance recoveries Single large claims costs and shorten time to close Predictive analytics rolled out globally to reduce or 40 core markets Increased % of all claims being managed through one capabilities - and digitalization and - done loss loss markets management tool to improve from from 12 to 7 platforms to automation across Investor Investor Day STP STP 46 © Zurich TECHNICAL TECHNICAL functional effectiveness in Claims Focused set of initiatives to improve customer November November 17, 2016 1 Processes Data Systems Core Claims platform transformation ClaimsCore alreadyin platform completed EXCELLENCE KEY KEY INITIATIVES       and management excellence and business Delivery of tools driving performance Analytical tools supporting Enhanced in Core Claims platform transformation Leveraging (apps Deployment of digital customer self key key markets customer customer intelligence , , p ortals) automation of claims processes increased STP and UK, Italy and Spain. 1 claims claims insights one - and - service service - done 2017 experience and 2018 Investor Investor Day 2019 47 © Zurich TECHNICAL TECHNICAL EXCELLENCE Example November November 17, 2016 FROM    availability Dependency on employee experience on general guidelines and Individual decision making based 58 minutes per medical report : through Improving injury claims minutes 58 cognitive cognitive automation TO    24/7 24/7 availability decision through standardized High reduction in leakage 5 seconds per medical report making efficiency and efficacy seconds 5 RUN   capacity 39’000 USD - RATE BENEFITS 5m hours per year of per year from 2017 Investor Investor Day freed - up 48 © Zurich TECHNICAL TECHNICAL Life We are delivering November November 17, 2016 2 1 BY BY 2019 TODAY        In Ireland,Australia,Germany, Isle and Italy, Spain, US of Man, UK,Switzerland, 2015, the corresponding number of USD 33m only included UK and Germany. The numbers now also include Switzerland, US, Ireland Switzerland, US, also include The numbers now UK Germany. and 33mof only USD included 2015, number the corresponding new business Translate in More optimization and claims improved Additional customer and shareholder value Additional customer and Run Over 1 10 businesses Consistent, locally tailored approach In - rate rate EXCELLENCE structural structural actions - 2 force force Management 0 discrete In BOP target achieved one year ahead of retention, retention, cross/up - force force insights into better quality 1 - force force management initiatives cash benefits - sustainable sell, legacy products rolled out to from of Plan CLP globally. CLP BOP improvements through RUN USD 80 USD Initial Target: 2014A - 48 RATE INCREMENTAL BOP 2 - 100m 2015A 48 2016E 50 - 70 , a nd Islend Man. of Total >150 (USD 2017 m ~100 ) - 2019 Portfolio run Investor Investor Day - off Ambition ~200 2019 - 250 49 © Zurich November November 17, 2016 Keymessages excellence Technical Effectiveness Efficiency Operations in Underwriting in changes market to reaction faster and making decision better for strive We process simplification, organizational through complexity reducingon focus We Operationsin USD targeting enhancements, efficiency further for aim We operational skills, technical combiningthrough shareholders to delivery value drive We streamlining and systems consolidation systems and streamlining services and transformation and services and Claims and 500 - 700m by end of 2019 of by end 700m Investor Investor Day 50 Investor Day Financial update George Quinn – Group Chief Financial Officer

Zurich Insurance Group © Zurich November November 17, 2016 Keymessages Capital Dividend Volatility ROE Efficiency Maintain strong Maintain share dividend per CHF 17 minimumand 75% approx. of payout ratio NIAS sustainable Target We over We reduce will We will manage exposures and use reinsurance to reduce earnings volatility earnings reduce to reinsurance use and exposures manage will to aim 2017 - 2019, despite higher equity base equity higher despite 2019, improve our improve absolute expense levels levels expense absolute capitalization BOPAT ROE BOPAT to a competitive level, level, a competitive to and increase and efficiency in excess of 12 excess % and increasing and % Investor Investor Day 52 © Zurich INTRODUCTION Improved performance in 2016 November November 17, 2016 3 2 1 2014 Cumulative Cumulative cash remittanceestimatenet 2014 for (Z Capital Model Economic Zurich Operating Business Profitaftertax on return cash cash remittances 2014 - BOPAT ROE 2016 2016 TARGETS Cumulative Z - - 2016 2016 Net ECM 2 1 - ECM). 9m ECM). > USD > USD 9bn 100 12 Target - - 120% 14% - 16 estimate reflects of+/ midpoint margin an error with equity, equity, - 2016 period. excluding losses.excluding unrealized gains and > USD 9m 11.9% 113% - 10bn 16 3 > USD Average 2014 to 2014 9m 119% 9.8% - 10bn 16 3 - 5ppts. target target remittances Cash range target the in comfortably remains Capital return target achieving yet not in Improvement of > USD 9bn > USD of underlying performance; underlying expected to exceed to exceed expected Investor Investor Day original 53 © Zurich FINANCIAL FINANCIAL TARGETS insurer Our financial November November 17, 2016 1 ZURICH’S 2017 Business Operating Operating Business Profitafter on tax return Z Cash remittances in excess of USD USD 1.5bn savings in net by 2019 compared to the 2015 baseline BOPAT ROE - ECM ECM target target ratio unchanged 100 at - 2019 2019 FINANCIAL TARGETS 1 in excess of 12% and increasing, despite targets underline equity, equity, excluding unrealized gains losses. gains unrealized and excluding 9.5bn 9.5bn - 120% our over over 2017 aim to be an - 2019 2019 period higher equity equity base efficient, leading Investor Investor Day 54 © Zurich FINANCIAL FINANCIAL TARGETS More than ever, underwriting and expense efficiency is key November November 17, 2016 1 GOVERNMENT YIELDS AND INVESTMENT INCOME CONTRIBUTION TO P&C INSU as % of totalprofits Investment Income Source: Swiss Re, Sigma 04/2015; Re, Sigma Swiss No Source: UK,aggregate Canada, France, of Germany, Italy, Japan US, and Australia. 100% 120% 140% 160% 180% 200% 20% 40% 60% 80% 0% USD 5YearUSD Treasury 2009 2010 Investment income contribution to total profit contribution Investment income 2011 2012 2013 RERS PROFIT 2014 1 2015E Investor Investor Day 2016F Yield 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 55 © Zurich FINANCIAL FINANCIAL TARGETS base and market pressures Our expense and underwriting initiatives offset higher equity November November 17, 2016 ILLUSTRATIVE BOPAT ROE DEVELOPMENT 11.9% 9m - 16 equity base equity Higher ~ 1% ~0.5 investment from asset allocation income income Lower Lower - 0.75% in yields ~0.75% Decline Life &FarmersLife earnings growth 0.5 - 1% pressures Market ~1% Indicative P&C CR 95 excellence Technical Technical - ~1.5 96% - 2% 2.5 Expense Expense savings - 3.0% allocation / Other Capital 0 - 0.5% ~13% 2019 operating items 0 Non - 1% - Investor Investor Day NIAS ROE NIAS 12% 56 © Zurich EFFECTIVENESS & EFFICIENCY EFFECTIVENESS of of 2019,while continuing to invest inthe business We expect to deliver USD 1.5bnin net expense savings by end November November 17, 2016 2 1 EXPENSE SAVINGS EXPECTATION In addition to previously communicated restructuring charges of around USD 500m p.a. USD of around charges in 2016 and restructuring 2017. communicated to previously In addition 2015 baseexpense adjusted for 2016 FX, disposals.and acquisitions Investment 2015 adjusted 10.3 9.5 0.8 1 Expenses Inflation Savings ( USDbn Savings Savings 2016 ) Savings Savings 2017 - 19 2019 8.0 0.8 8.8 - 1.5bn    WHILE  BUSINESS CONTINUING TO INVEST IN THE charges in 2018 ~USD 500m r expense savings over 2017 ~ Absorb expenditures p.a. ~USD 800m of capital USD SAVING 400m incremental inflation of ~1 estructuring estructuring 2 Investor Investor Day - 2% p.a. p.a - 19 . 57 © Zurich EFFECTIVENESS & EFFICIENCY EFFECTIVENESS disproportionately drive the expense savings Group center and November November 17, 2016 1 CURRENT BREAKDOWN OF EXPENSES I ncluding regional regional management. ncluding Staff 52% Travel 3% 4% Operations Brand &MarketingBrand 17% 10% Direct IT Direct 3rd Parties (FY 6% 8% - 15 Buildings General Expenses ) are expected to EXPENSES BY AREA AND EXPECTED SAVINGS Business Units Business Operations Group % ofexpense base 1 USD 10.3bnUSD 2015 31% 59% 11% Savings Savings 2019 USD 1.5bnUSD ~35 ~45 ~10 - - - 45% 55% 15% Investor Investor Day (FY ~19% ~13% ~16% - 15) 58 © Zurich EFFECTIVENESS & EFFICIENCY EFFECTIVENESS savings in2016 We are well on track to deliver theUSD 300m of expense November November 17, 2016 1 ADMINISTRATIVE AND OTHER OPERATING EXPENSE AND ULAE DEVELOPMENT ULAE : Unallocated Loss Adjustment Expenses. Restated AdjustmentLoss at 9m : Unallocated Unallocated Loss Adjustment Expenses AdjustmentLoss Unallocated 9m 5.0 - 15 Administrative and and Administrative Other OperatingExpenses - General Insurance 15 & Global & Global Life FX and adjusted for RCIS acquisition; excludes excludes acquisition; FX RCIS adjustedand for - 0.2 - 0.2 OOB & Non Core BusinessesCore OOB & Non 0.0 Farmers (USD . bn ) 1 9m 4.8 - 16 Investor Investor Day 59 © Zurich MANAGING VOLATILITY MANAGING Farmers Re underwriting result Quarterly BOP volatility is driven by the General Insurance and November November 17, 2016 2 1 QUARTERLY QUARTERLY BOP SPLIT NII: Net investment income; Other: Includes other GI elements, OOB and Non Core Businesses; UWR: Underwriting result. GI elements, Underwriting Businesses; Other: Core UWR: other Includes OOB investment income; Non NII: Netand σ : Standard deviation. Standard : Non-underwriting Underwriting GL BOP GL -1'000 1,000 1,500 -500 500 500 0 0 Q1 - 14 FMS BOP FMS Q2 - 14 Q3 - 14 (USD GI/FRe NII GI/FRe Q4 - 14 m Q1 ) 2 - 15 Q2 Other - 15 2 Q3 - 15 GI & FRe FRe UWR GI & Q4 - 15 Q1 - 16 σ σ = 112m = 344m Q2 2 - 16 1 1 Q3 - 16     decline in near General Insurance investment Services and Global Stable profit contribution by Farmers this volatility Underwriting actions and reinsurance in place to reduce drive BOP volatility General Insurance and Farmers Re underwriting results - term Life income Management steady steady but to Investor Investor Day 60 © Zurich MANAGING VOLATILITY MANAGING balance sheet We November November 17, 2016 NET ANNUAL AGGREGATE NAT CAT LOSS are optimizing reinsurance 1.5 Q4 10y - 15 1.4 Q3 - 16 2.5 50y Return period 2.0 3.4 100y 2.7 5.0 (USD 250y 4.0 bn ) to protect to protect our earnings and      Examples of actions in 2016 Energy businesses Reduced self Offshore Energy Property treaties Amalgamation of Marine and and International exposures optimized self Cat treaty consolidation and Tactical reinsurance in NA Aggregate treaty Global Property Per Risk - retentions for - retentions for US     Planned actions in 2017 business on Broaden decision making to local coverage Address ‘leakage’ in facultative andterms conditions volatility covers and Broaden per risk aggregate Consolidate treaty landscape self - retention Investor Investor Day fine - tune 61 © Zurich MANAGING VOLATILITY MANAGING reduced Exposure to USnatural catastrophes via Farmers Rehas been November November 17, 2016 2 1 FARMERS RE GEP Reflects GEP:Earned Gross Premiums; AL 9m - 16 combined ratio extrapolated16 and combined Combined ratio (%) Combined 103.7% (20%) 2012 1.0 3.4 4.4 1 (USD QS: QS: Share All Lines Quota treaty;reinsurance bn ) vs AL QS in %) QS (participationAL . COMBINED RATIO 9m - 16 EarnedGross Premiums. (18.5%) 100.2% 2013 1.0 3.2 4.2 1 (%) APD QS APD APD 1 QS: treaty.QS: Damage reinsurance Physical Auto (18.0%) 98.3% 2014 3.1 4.0 0.9 101.2% (10%) 2015 0.5 1.8 2.3 104.8% 2016 (8%) 1.5 0.0 1.5 2 Investor Investor Day 62 © Zurich CAPITAL CAPITAL STRENGTH Our capital position is strong and stable November November 17, 2016 3 2 1 GROUP SOLVENCY SST Z P&R: Premium Businesses. &reservingCore risk;Other: Other OperatingBusinesses Non and Includes Reflectsmid Z - ECM - 200% 220% 240% 260% 100% 110% 120% 130% 140% 140% 160% 180% ECM: Zurich proprietary economic capital model; SST: Swiss Solvency Test;capital Risk model; Based RBC: Capital. SST: Solvency economic SwissZurich proprietary ECM: 80% 90% 1 FY 1 (‘AA’ - 07 113% - - point estimatesan point with of+/ margin error calibrated) 126% FY - 08 FY 95% - 09 119% 223% FY - 10 FY 103% 183% - 11 185% FY 114% - 12 - FY 127% 217% 5ppts for Z 5ppts - 13 122% FY 196% - 14 - ECM and +/ and ECM 189% 121% FY - 15 9m - 167% 113% 10pptsSST. for - 16 2 Z - ECM RBC 4% 21% 44% 2% 4% 5% 1 2% BY BY RISK TYPE AND BUSINESS 8% 10% 45% 55% Other Farmers Global Life General Insurance riskBusiness Operational risk insuranceLife risk Naturalcat risk P&R risk Re Marketrisk - ins credit riskins credit (HY 3 3 Investor Investor Day - 16) 63 © Zurich CAPITAL CAPITAL STRENGTH We manage capital with Zurich Economic Capital Model (Z November November 17, 2016 100% 120% 140% 45% 75% 90% Tolerate environment for on a time depending Tolerate for on a time depending environment and future and plans environment Implement remedialImplement actions Z - ECM (‘AA’ (‘AA’ ECM calibrated) Target range Target Z - ECMequivalentto~ 80 - 100% SST 100% ratio SST SST equivalent to ~ 100% Z ~ 100% to Approval required for certain transactions certainrequired for Approval Recovery plan executed plan Recovery - ECM ratio SST - ECM) Investor Investor Day 33% 80% 100% 140% 160% 64 © Zurich CAPITAL CAPITAL STRENGTH sensitivity of SST relative to SII Our EU operations highlight the conservatism and market November November 17, 2016 3 2 1 DIFFERENCE BETWEEN EU OPERATIONS SST AND SII MVM: Market value value Marketmargin MVM: 2017/XX die fürWegleitung desErarbeitung SST Rundschreiben 2017.Berichtes perSST FINMA draftand As FINMA SII EU legal SST and to metricsApplying entities FY - 15 SII SII ratio - 15ppts HY - 16 1 ; TC: Available TargetAFR: capital;financial resources. . SST SST ratio - 30ppts 1 - 55ppts CHANGES GROUP SST RATIO BASED ON PROPOSED INDUSTRY 189% FY 2 - 15 Removing Removing scenarios ~ 9% from TC to AFR from to TC Moving MVM Moving ~ 20% 3 FY Investor Investor Day - 15 restated ~ 218% 65 © Zurich CAPITAL CAPITAL STRENGTH SST uses a November November 17, 2016 3 2 1 FORWARD RISK FREE YIELD CURVES FOR EURO 3.0 3.5 4.0 4.5 0.0 0.5 1.0 1.5 2.0 2.5 SII: SII: 4.2%; SST: 3.9%. LLP rates rate =Swap Forward SII 10bps based minus volatility plus adjuster; on: SST = Swap : Ultimate UFR: forwardLast point; liquid 0 SII 5 10 SST 15 more conservative Z - SII SII LLP ECM 20 2 25 SST SST LLP rate 30 . 2 35 40 45 (%) 50 1 risk free yield curve UFR 55 2,3 Years - rates 30bps;minus Z 60 DIFFERENCE BETWEEN SII AND SST CURVE    KEY DIFFERENCES 5Y 27 reducing available financial resources financial available reducing SST, under of liabilities value higher in Resulting SST in adjustment matching or adjuster volatility No SII under point liquid last Earlier - ECM = Swap ECM 10Y 79 - rates 15Y 36 ; all smoothed. ; curves 20Y 114 25Y 262 30Y 226 (bps) Investor Investor Day 35Y 142 66 © Zurich CAPITAL CAPITAL STRENGTH Our leverage remains moderate and within rating agency ranges November November 17, 2016 2 1 CAPITAL STRUCTURE According to Moody’s methodology. methodology. to Moody’s According Calculated Senior debt Senior based on Z based on FY 76% 14% 10% - 15 - ECM Hybrid debt Hybrid AFR. 9m AFR. 1 - 16 estimated. 9m 71% 19% 9% - 16 Equity Target 70% 20% 10% MOODY’S FINANCIAL LEVERAGE 10% 15% 20% 25% 30% 35% FY - 11 26% FY 25% - 12 FY 27% - 13 FY 24% - 14 2 FY 24% - 15 9M 25% Investor Investor Day - 16 requirement ‘Aa’ Moody’s 67 © Zurich CAPITAL CAPITAL STRENGTH conditions We will continue totake advantage of favorable refinancing November November 17, 2016 1 ESTIMATED AVERAGE DEBT COSTS FY - 17 FY to Senior debt costs (%) debtcostsSenior FY 3.1% 6.1% - 21 - 14 estimated, willdebt refinancedbe assuming FY 2.3% 5.8% - 15 Subordinated debt cost (%) debtcost Subordinated 1 FY 1.4% 5.6% - 16e in the same currency atrefinancing current in thesame currency Senior debt up for refinancing (USDbn) for debtup refinancing Senior FY 1.3% 5.1% 1.0 - 17e FY 1.1% 4.7% 1.6 - rateswill be refinanced at subordinated debt and firstcall date. 18e Subordinated debt up for refinancing (USDbn) for debtup Subordinated FY 0.9% 4.5% 1.3 - 19e FY 0.9% 4.3% 0.3 - 20e Investor Investor Day FY 0.9% 4.3% 0.7 - 21e 68 © Zurich DIVIDENDS AND REMITTANCES AND DIVIDENDS balance sheets We pool our capital and our business is concentrated large on November November 17, 2016 1 POOLING OF CAPITAL     Approximated; representsApproximated; average 2013over Concentration of operating businesses on a few large balance sheets supportive is of our capital management approach Excess local capital Regulatory minimum accordingset to the locally Local Regulatory Regulatory minimum + buffer ‘AA’ entities entities

Capitalization capitalized Entity 1 Risk Capital repatriated Central Central

Entity 2 Risk Capital at at capital capital regulatory regulatory - 15 period. to buffer Entity 3 Risk Capital build central minimum plus

Entity 4 Risk Capital pool of capital applicable solvency Group Local adequate buffer buffer for short NIAS BY BALANCE SHEET regime 5 largest sheets balance - term term volatility 30% All other balance All other sheets 1 70% Investor Investor Day 69 © Zurich DIVIDENDS AND REMITTANCES AND DIVIDENDS There may be timing differences in cashremittance November November 17, 2016 ZURICH ZURICH AMERICAN INSURANCE COMPANY (ZAIC) EXAMPLE 451% 2013 7.8 ZAIC Required Capital ZAIC Required ZAIC Surplus ~80% ofearnings 1.0 Remittance - 0.8 Remittances Statutory NetIncome After Taxes 457% 2014 8.0 ~130% of earnings 0.6 Remittance - 0.8 Ratio RBC 427% 2015 7.8 (USD bn     ) to We regularly review subsidiary capital positions of regulators through ‘extraordinary distributions’ with permission Excess earnings over time This leads to varying remittance ratios as percentage of earned surplus 10 payouts, Many regulators have restrictions on ordinary dividend % of optimize optimize built up surplus, adjusted net investment income or i.e. i.e. New York limits US payout to Group over time can be addressed capital capital structure the lower of Investor Investor Day 70 © Zurich DIVIDENDS AND REMITTANCES AND DIVIDENDS Life cashflows increasingly benefit from product strategy November November 17, 2016 1   LIFE CASH REMITTANCE effects. 2015 includes Cash should grow steadily over the next few years as Despite lower yields we still expect life cash flow to inflect from 2016 Cash remitted p 2015 roceeds from transfer of closed UK annuity book to Life, Rothesay and book UKfrom annuity transferof closed Disposals and exceptionals and Disposals 2016e 1 Estimated remittance underlying cash returns from 2017e termination of Germany swaption program. 2016 impacted by cash restructuring costs and timing timing and costs 2016restructuring program. cash swaption by Germany impacted product 2018e strategy strategy and in - force force actions actions 2019e emerge Investor Investor Day USD USD 500 m 71 © Zurich DIVIDENDS AND REMITTANCES AND DIVIDENDS remittance We havea strongly cashgenerative business reflected in high cash November November 17, 2016 1 NET INCOME AND REMITTANCES 2012 Based on existing reporting structure. existingreporting Based on Σ Σ 2017 Ø PAYOUT 2012 REMITTED 2012 NIAS – 2019 - - 15 15 ~90% 8.0bn 8.6bn 93% GI - 2015 1 Global Life (USD) ~70% 4.3bn 3.0bn 70% Farmers ~90% 113% 4.4bn 3.9bn Non Core ~90% 1.1bn 0.1bn nm - OOB 3.1bn Investor Investor Day Group 13.7bn ~85% 92% 72 © Zurich DIVIDENDS AND REMITTANCES AND DIVIDENDS dividend dividend payout Modest growth and solid capital strength support a high November November 17, 2016 3 2 1 MODEST MARKET GROWTH Life Life In P&C real direct premium growthpremium direct P&C real Based on adjusted equity of USD 27,070m ofUSD adjustedBasedas equity on at 30 2016.September Non WesternAmerica, Europe, Israel,North Oceania, Japan, Korea, Hong Source Source Advanced marketsAdvanced - force real premium growthpremium real force Swiss Re: Global insurance review 2015, Re: Global insurance Swiss November 2.4% 0.7% 2016F 2016F - 4.0% 4.0% 2 1.7% 2.6% 2017F 2017F Emerging marketsEmerging 6.3% 4.2% 1 ILLUSTRATIVE ROE TO DIVIDEND PAYOUT WALK 2015. Non - Kong, Singapore, Taiwan.and Singapore, Kong, > NIAS 0 - - operating items operating 12 - operating items realized include operating 1% % 3 3 Growth BOPAT ROE BOPAT c apital gains and restructuring charges. apital gains andrestructuring other purposes Available Available for (% OF ADJUSTED EQUITY) Dividend based onCHF 17 a share approx.of Payout 75% Investor Investor Day 73 © Zurich FINANCIAL FINANCIAL TARGETS We are focused on continuing to reward our shareholders November November 17, 2016 1 ZURICH’S DIVIDEND POLICY The dividend Target minimum CHF 17 share per sustainable earnings growth Dividend NIAS payout ratio of approx. 75% dividend dividend to is subject increases increases on based approval approval by shareholdersby Generalthe Meeting. at the Annual 1 CUMULATIVE DIVIDENDS PAID 2008 2009 2010 2011 2012 2013 2014 2015 19.8 (FOR YEAR ENDING, USD since since 2008 capitalization paid out >50% of market Investor Investor Day bn ) 74 © Zurich November November 17, 2016 Keymessages Capital Dividend Volatility ROE Efficiency Maintain strong Maintain share dividend per CHF 17 minimumand 75% approx. of payout ratio NIAS sustainable Target We 2017 over increasing and of 12% excess in level, a competitive to ROE BOPATour improve to aim We reduce will We will manage exposures and use reinsurance to reduce earnings volatility earnings reduce to reinsurance use and exposures manage will - 2019, despite higher equity base equity higher despite 2019, absolute expense levels levels expense absolute capitalization and increase and efficiency Investor Investor Day 75 Investor Day Closing remarks Mario Greco – Group Chief Executive Officer

Zurich Insurance Group © Zurich November November 17, 2016 Keymessages Capital Execution focus Shareholder Opportunity Group Maintain strong capitalization strong Maintain future for the to invest continueand and execution delivery on organization the Focus time over shareholders growth earnings sustainable Deliver proposition retail focused more develop and insurer composite a global as position Strengthen potential reduction expense significant and growth earnings with group insurance diversified Globally which will support an increase in the return of capital to capital of return the in an increase support will which Investor Investor Day 77 © Zurich November November 17, 2016 Biographies Investor Investor Day 78 © Zurich November November 17, 2016 Born Nationality: Executive Officer Group Mario : 1959 Chief Greco Italian In insurance business the following year. general manager in the of charge head of claimsthe division. becameHe joined RAS (Allianz Group) in Milan as insurance the segment. In 1995, he in a partner 1992 and partner leader in from 1986 until 1994, where he became McKinsey Company’s & Milan office in management consulting, working in Mr. Greco started his professional career Committee. member the Executive of Group He positions for morethan 20 years. successfully served in senior executive in the Mario Greco has broad experience Skillsand experience 1998, 1998, was he appointed managing joined Zurichin March2016 as insurance insurance industry, having Chief Executive Officer and and Chief OfficerExecutive CEO of of CEO Generali. Insurance. 2012, In he appointed was and Lifefrom 2010, as CEO General he Eurizon Capital. 2007 From to 2012, in Sanpaolo the IMI Group’s investments Financial Group, the company holding 2005, CEO he appointed was Eurizon of EurizonVita, formerlyAip, and October in Sanpaolo IMI Group in Milan as CEO of In April Turkey. 2005, he joined the Spain, Italy,Portugal, and France, Greece executiveboard, with responsibility for and later joined he that year Allianz AG’s Sustainability business Munich in in 2004 appointed Allianz’shead of Life was company’s Greco Mr. CEO. director and in 2000, he became EurizonVita, Banca Fideuram,and served at Zurich, servedas CEO first at Global the Rochester University. economics and monetary theory from and a master's degree in international economics from theUniversity of Rome Mr. Greco holds a bachelor's degree in Educational background Investor Investor Day 79 © Zurich November November 17, 2016 Born Nationality: Investment Officer Group Chief Urban : 1965 Angehrn Swiss sales Credit at Suisse Morgan. and J.P. derivativesmarketing and fixed income of to Group. also He served as adviseran asset as Head of Allocation in Strategy& investment industries, banking including relatedroles in insurance the and various positions in marketscapital Europe. Before joining Zurich he held as Regional Investment Manager for Management. joined He Zurich in 2007 ImplementationStrategy in Investment that AlternativeInvestments and prior to current position he Head servedof as in OfficerJuly 2015. taking Before his Committee asGroup Chief Investment Urban Angehrn joined Executivethe Skillsand experience derivatives, and derivatives,and held positions in Swiss institutional clients in use the , from 2010 from, 2010 to 2012, as Head of management management the Winterthurat - Institute of Technology in Zurich (ETH). physics fromthe Swiss Federal and a Master of Sciencein theoretical mathematicsfrom HarvardUniversity Mr. Angehrn holds a Ph.D. in Educational background Investor Investor Day 80 © Zurich November November 17, 2016 Born Nationality: CEO of Farmers Group, Inc Jeff : 1957 Dailey U.S. . offering (IPO) on StockYork New the following West, 2004, he named was President of Bristol (COO Officer 2004, was Chief Operating Mr. Dailey Holdings Inc. in 2001. 2001 From until Holdings, which sold was to start Insurance Company. He on to Reliant went form also worked Mutual Insurance Company. Service He DaileyJeff began in his 1980 career with Skillsand experience - up owned up owned by RelianceGroup Company, an for Progressive Insurance ) Bristolof West and, in the firm’sthe auto insurance initial public Bristol West Committee in January 2012. member of became a CEO of FarmersGroup, of Inc. and Dailey Chairman since October 2015. Mr. Inc. in 2011 February and has been its member the Board of of Farmersa Group, Inc. He became tothe position In JanuaryWest. 2011, was he promoted Farmerswhen 2007 as President Personal of Linesfor Bristol Dailey joined Mr. in West. Farmers Exchange. 2006, In he became was appointed appointed was Farmers acquired FarmersBristol of President to his to his current role the Executive Farmers Group Farmers and and COO of CEO CEO of , of Wisconsinof and has MBA an the fromUniversity with Universityof Wisconsin Mr. Dailey graduated from the Educational a bachelor’s a bachelor’s degree - Milwaukee. background Investor Investor Day - Madison in economics 81 © Zurich November November 17, 2016 Born Nationality CEO Latin Claudia : 1966 : Swiss Dill America Department.Ms. Dill joined Zurich in roles in the Credit Risk Management the end of 1994 until 1999 in various resumed working for Credit Suisse from before returning to Switzerland.She externalauditor for Coopers & Lybrand, Dill spent most of 1994 working as an Deutsche Bank and Commerzbank. Ms. where she worked as an auditor for 1990. She moved to Japan in 1992, Credit Suisse as an internal auditor in international positions. Ms. Dill joined sectors and has held a range of senior experiencein the banking and insurance Claudia Dill has more than 25 years of Skillsand experience effectiveOctober 2016. and memberof the ExecutiveCommittee appointed CEO LatinAmerica in 2016 Latin America,based in Brazil,and was named CEO of General Insurance for based in Switzerland.In 2015, she was COO for the General Insurance business, From2012 until 2015, Ms. Dill servedas Global Business Services,based in the U.S. 2009, Ms. Dill took on the role of Head of (COO) for the same business area.In laterappointed Chief Operating Officer and European General Insurance and was appointed CFO for the European region Group Reinsurance. In 2003, she was 1999 as Chief FinancialOfficer (CFO) for necessary regulatory approvals. This appointment is subject to the Universityof St.Gallen,Switzerland. degree in economics the from and Universities of Rochester in the U.S. Ms. Dill holds an MBA from the Educational Bern, Bern, Switzerland,and a master’s background Investor Investor Day 82 © Zurich November November 17, 2016 Born Nationality: CEO North Mike : 1962 Foley U.S. America Zurich Holding Zurich Holding Company is Mr. Foley Chairman the Board of of member of appointed that division of CEO and a division North CommercialAmerica 2006 as Chief Operating of Officerits insurance practice. led its North American property/casualty where joined Mr. Foley Company, & McKinsey Inc businesses. In 1993 he joined of responsible for managing He Forestin Lake Mr graduating from Kellogg in 1989, Corporation Armtek management training program of Mike Foley joined the financial Skillsand experience equity investments variousin acquired . in . Connecticut as president. In 1996, joined . Foley theDeerpath Group later became vice president president vicelater became he he later and and in January 2008 was the Executivethe , Illinois, , as an associate. becameprincipal a and He joined joined He in 1984 in of Americaof Committee. a portfolio a portfolio business . After Zurich in Electrocal, , Inc. , University, Evanston, Evanston, University,in 1989 Management J.L and in Fairfield,Connecticut of Science fromFairfield University, graduated Mr. Foleywith a Bachelor Educational . Kellogg Kellogg School . Graduate a master’s degree a master’s degree from the at Northwestern at Northwestern background in 1984 in 1984 . of of Investor Investor Day 83 © Zurich November November 17, 2016 Born Nationality: CEO Asia Jack : 1970 Howell U.S. Pacific Assurance Assurance Limited.Private six Assurance Indonesia and for almost brieflyserved as forPrudential CEO Life Generali Prudential from he where UK, Generali based Hong in Kong. joined He Regional the for Assicurazioni Officer appointment at Zurich,Mr. Howell was insurance companies in Asia. Prior tohis in various senior leadership positions for which sector, of more than 10 have been experience the in financial services Howell Jackhas more than 20 years’ Skillsand experience years as CEO as CEO Prudential yearsof Vietnam Committee effective October 2016. Committee effective and as Zurich in 2016 as Consulting Group. Mr. Howell joined as TwentyTen, a Hong positions for AIG in Philippines,the Before boutique boutique investment bank called a consultant, including The Boston Kong Kong and coYork, New a member Prudential, held he various and and spent spent yearsseveral CEO CEO of of the Executivethe Asia Asia Pacific - founded founded necessary regulatory approvals. This appointment is subject to the in economics from Tufts University Bachelor of in Sciencequantitative Universityof Chicago, and U.S., a Mr. Howell holds an MBA from the Educational Massachusetts. background Investor Investor Day 84 © Zurich November November 17, 2016 Born Nationality: Financial Officer Group Chief George : 1966 British Quinn in October 2015. Chairman of Zurich Insurance plc (Ireland) ExecutiveCommittee. He 2014 as Group CFO and memberof the CFO. Mr. Quinn joined Zurich in May March 2007 he became Swiss Re Group’s Americasbased in New York in 2003. In becamethe Regional CFO for Swiss Re Group’s Financial Services.Mr. Quinn Financial Officer(CFO) for Swiss Re based in Zurich and later servedas Chief in 1999 as Chief Accounting Officer reinsurance industry. He joined Swiss Re positions working with the insurance and 1988 in London, where he held several George Quinn startedhis careerat KPMG Skillsand experience became Accountants Accountants England in and of is He Strathclyde.also a member engineering thefrom Universityof Mr. Quinn holds a degree in Educational the Institute Chartered of background Wales. Investor Investor Day 85 © Zurich November November 17, 2016 Born Nationality Officer Group Chief Risk Cecilia : 1959 : Swiss Reyes and and Philippine develop develop risk management methods for analyticsfor ING Asset Management to Amsterdam in 2000 as head riskof trading of riskShe analytics.moved to in 1997 director she and became a head working with ING Barings in London and securities trading. In 1995, she started Management, global treasury and various roles in Credit until for 1995 Credit Suisse Zurichin in Ms. markets.Reyes worked experience the in international financial Cecilia Reyes has over 20 years’ Skillsand experience Suisse Asset from 1990 from 1990 Chief assumed currenther role as Group April 2010. effective In July 2015 she and appointed Chief Investment Officer Implementation. Ms. Reyes was she Head of was Investment Strategy 2004. April From 2006 until March 2010 Europe and International Businesses in and became regional manager for with responsibility for North America, regional manager for Group Investments Ms asset the management operation. . Reyes joined . Reyes joined Zurich in 2001 as member the of Committee Executive Risk Risk Officer. MBA MBA from University the of from London Business School and an Cecilia Reyes holds financein a Ph.D. Educational background Investor Investor Day Hawaii. 86 © Zurich November November 17, 2016 Born Nationality: and ( CEO EMEA Gary Europe, Middle East : 1966 Africa Shaughnessy British ) Association and the Bank of marketat AXA, the Automobile roles spanning the broad financial services marketing and distribution, with previous Mr. Shaughnessy's background is in and CEO UK retailat M&G Investments. managing director,retail life & pensions Prudential Group, including the role of UK decade in senior roles within the previous experienceincludes nearlya contribution and retailbusiness. His managing director,UK defined Worldwide Investment,where he was Zurich, Mr. Shaughnessy was at Fidelity Head for Zurich in the UK. Prior to joining assumed the additional role of Country UK Lifesince June 2012. In 2014 he Global Life.He has been CEO of Zurich Committeein January 2016 as CEO July 2016, afterjoining the Executive EMEA (Europe, Middle East & Africa)in GaryShaughnessy was appointed CEO Skillsand experience Scotland. Investor Investor Day 87 © Zurich November November 17, 2016 Born Nationality: CEO Commercial James : 1965 Shea Canadian Insurance of Independentof and States managing Central Europe and Commonwealth the Financial Lines, regional president for senior president vice of International management positions. These included senior several underwriting and general division(AIU) in1996, where held he American International Underwriters underwriter joined He in York. New the at James began Shea his insurance career Skillsand experience AIG in 1994 AIG in 1994 financialas a lines October 2016. the Committeeof effectiveExecutive CommercialInsurance Zurich Japan and in the Canada, U.S., York. During his Global of Financial Lines Most recentlyPacific.he president was Linesand CommercialCEO Lines, appointed president director AIG of UK. in September 2016 September 2016 as CEO Singapore. Singapore. career, In of of UK Mr 2012 2012 he was and and Global Global Specialty , France, , he based based . Shea Shea . joined as a member as a has worked in New Asia Asia necessary regulatory approvals. This appointment is subject to the from McGill University,Canada. Mr. Shea holds a bachelor’s degree Educational background Investor Investor Day 88 © Zurich November November 17, 2016 Born Nationality: Operating Officer Group Chief Kristof : 1967 Terryn Belgian July 2016. Group Chief Operating Officer until January 2016. He appointed was Global on CEO Life an October 2015, continued as to serve becoming CEO appointed Global CEO and afterLife, Operations. In August 2013 was he appointment as Committee in Executive2010 upon his Mr. named was COO for General Insurance. Corporate In 2007, becamethe COOfor he Planning joined He Zurich in 2004 as Head Brussels servicespracticein and Chicago. held various positions joined Company & McKinsey he where worked in in Kristofbegan Terryn his in career1993 Skillsand experience the banking banking the industry, he where Terryn becameTerryn and and Management. Performance capital markets business business division and in 2009 General Insurance in Group Group Head a member of the of a member within the ad ad interim . In 1997, In 1997, he . of of effective financial basis basis Global Global of of of of well Universityof Belgium, Leuven, a holds Mr. Terryn degree a law and Educational degree in economics thefrom Michigan. as an as an MBA from the background University as Investor Investor Day 89 © Zurich For further information November November 17, 2016 Patricia Patricia Heina Events Michèle Matlock Rating Agency Management Gianni Vitale André Meier Aaron Beharelle Richard Burden Investor Relations CALL US +41 44 625 48 26 + +41 44 625 25 50 +41 44 628 96 40 +41 44 625 38 44 +41 44 625 28 50 41 44 625 37 75 VISIT OR FOLLOW US   Follow us Follow Financial Financial website Relations Investor results andreports results Investor Investor Day 90 CALENDAR  February 9, 2017, Annual Results 2016  March 21-22, 2017, Morgan Stanley European Financials Conference 2017, London  March 29, 2017, Annual General Meeting 2017  May 11, 2017, Results for the three months ended March 31, 2017  May 30, 2017, DB Global Financials Conference 2017, New York  June 7, 2017, Goldman Sachs 21st Annual European Financial Conference, Madrid  August 10, 2017, Half year results 2017