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© Zurich © Zurich Zurich Insights 2025 Investor Update Zurich Insurance Group November 18, 2025
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© Zurich 2 Zurich Insights 2025 Agenda November 18, 2025 Zurich Insights Retail - Carsten Schildknecht, Peter Stockhorst, Claudio Chiesa Farmers - Raul Vargas, Ken Walton Middle Market - Alex Wells, Drazen Jaksic 10:30 – 11:10 11:20 – 11:50 12:00 – 12.40 12:40 – 13:40 13:40 – 14:20 14:30 – 15:10 15:20 – 16:00 Group update Global Specialty Break-out session 1 Lunch break Break-out session 2 Break-out session 3 Q&A / Wrap-up Mario Greco, Claudia Cordioli Time Topic Speaker Fireside chat with Mario Greco and Saad Mered Back to content page Contacts and calendarDisclaimer
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© Zurich Strategy in action November 18, 2025 Mario Greco - Group CEO Claudia Cordioli - Group CFO
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© Zurich Key messages 4 Successful start to new cycle On track to deliver on our 2025-2027 targets through disciplined strategy execution Structural growth Driving structural growth in Middle Market, Specialty and Life Protection, leveraging competitive advantages and a proven track record Retail upturn Retail franchise on track to return to its long-term level of profitability while accelerating top-line growth Farmers’ momentum Financial and operational strength driving mid-to-high single digit growth and accelerating value creation Shareholder focus Strong cash generation powers sustained delivery of superior shareholder returns November 18, 2025 Zurich Insights
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© Zurich 5 Executing on our 2025-2027 priorities Group update November 18, 2025 Zurich Insights 1 Middle Market business includes North America Program business, Excess & Surplus and Middle Market business sourced through other business units. 2 Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT). 3 Business operating profit after tax (BOPAT) divided by average shareholders’ equity excluding unrealized gains and losses. 4 Estimated Swiss Solvency Test (SST), calculated based on the Group’s internal model approved by the Swiss Financial Market Su pervisory Authority (FINMA). The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA. 5 For all references to Farmers Exchanges see the disclaimer and cautionary statement. Business targets Financial targets Subject to an SST ratio4 floor of 160% Core EPS2 CAGR >9% Core ROE3 >23% Cash remittances >USD 19bn cumulative Commercial Retail Life Farmers • BOP >USD 4.2bn in FY-27 • Middle market GWP1 >USD 10bn in FY-27 • Return to long-term level of profitability • Accelerate focus on customer loyalization • Grow Protection GWP by 8% CAGR • Continue the transformation enabling sustainable growth at Farmers’ Exchanges5
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© Zurich Strategic focus rooted in market opportunities Group update November 18, 2025 Zurich Insights 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. Strategic response Prioritize growth opportunities in Middle Market and Specialty and maintain strong profitability Accelerate focus on customer loyalization and pricing/claims excellence Step-up Protection growth and underwriting capabilities under a single global umbrella Continue transformation enabling sustainable growth at Farmers Exchanges1 Infrastructure and defense investments Regionalization of trade Energy demand and transition Increased risk complexity AI roll-out/ data centers expansion Declining welfare safety nets Market dynamics Commercial Retail Life Farmers 6
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© Zurich Commercial insurance ranking Underwriting performance Globally diversified footprint 7 Leading Commercial business, high quality portfolio Group update November 18, 2025 Zurich Insights 1 Company reports and Zurich estimations where data is not published. Data includes only international competitors. 2 Includes U.S. crop, direct markets and captives. 3 On a comparable scope (i.e., including the U.S. alternative markets business, which was reported under “Retail and other” in the FY-16 to FY-19 period. Ratio based on IFRS 4 until FY-22, and on IFRS 17 for FY-23 onwards. Chubb AXA AIG Allianz QBE Swiss Re Combined ratio (%)3 49% 49% 19% 26% 32% 25%Specialty International U.S. 29.8 29.8 80% 85% 90% 95% 100% 105% 110% FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 HY-25 Combined ratio (%) Other2 Middle Market Corporate FY-24 GWP (USDbn)1 Detailed in next pages FY-24 GWP (USDbn)
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© Zurich Global specialty market leaders1 Excellent financial execution (USDbn, %) Large and growing book 8 Building industry leadership in Specialty through underwriting rigor and portfolio strength Group update November 18, 2025 Zurich Insights 1 Company reports and Zurich estimations where data is not published. Data includes only international competitors. Includes commercial lines specialty products such as Financial Lines, Cyber, Credit & Surety, Marine, Energy, Excess & Surplus, Construction, Engineering; excluding Accident & Health and reinsurance premiums. 2 Source: AM Best, AON Finaccord, S&P Global, Zurich estimates. 6% 11% 21% 4% 5%7% 14% 31% Accident & Health Credit & Surety Fin. Lines Cyber MarineExcess & Surplus Energy Construction & Engineering Zurich: FY-24 GWP USD 9.4bn #1 Zurich #10 GWP USD 0.5tn total addressable market2 <25% of addressable market 0 10 20 30 40 50 60 70 80 90 0 2 4 6 8 10 85% 8.4 FY-22 86% 8.7 FY-23 86% 9.4 FY-24 ~10 FY-25e +5% CAGR GWP AY combined ratio ex Cat
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© Zurich Financial lines Management Liability, Professional Indemnity, Financial Institutions, Crime, M&A / Transactional Liability Defining Specialty insurance at Zurich Coverage for unique, emerging or niche risks that are not covered by standard commercial policies; tailored to a specific industry or specialized exposures Accident & Health Corporate Accident and Business Travel, Occupational Accident Credit lines Trade Credit, non-payment coverage for the sale of goods and services to buyers around the world Energy Up- and downstream Energy, Traditional Power Generation, Renewable Energy, Petrochemicals and Mining Wholesale U.S. Excess & Surplus lines. Non-admitted business Cyber Financial and reputational losses related to cyber events like data breaches and cybercrime Construction Contractor’s All Risk (CAR), Erection All Risk (EAR), Builders’ Risk Marine Physical loss or damage to goods during transportation by sea, air, rail or road (Cargo) Surety Financial guarantee for contractual obligations between parties, common in construction e.g., performance bonds 9November 18, 2025 Zurich Insights Group update
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© Zurich 10 Global trends drive an inflection in Specialty lines November 18, 2025 Zurich Insights 1 McKinsey (“Investing in the infrastructure of modern society”; “The future of US hyperscale data centers”). 2 S&P Global MI Research - June 03, 2025. 3 International Energy Agency (IEA) (“Global Critical Minerals Outlook 2025”). USD 106tn Projected cumulative investments through 20401 Engineering Lines Surety Marine Infrastructure investments 4x Demand in lithium by 20403 Generative AI market revenue CAGR 2024-29240% Mining (Energy) Cyber Technology developments Data center capacity (GW) CAGR 2023-30122% Renewable Energy Nuclear Energy Energy demand and transition Group update
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© Zurich Construction has been a key growth driver Spearheading the industry 11 Market-leading U.S. Construction delivered 9% topline CAGR November 18, 2025 Zurich Insights 1 Source: Broker feedback; Business Insurance 2025 U.S. Insurance Awards. GWP (USDbn) FY-22 FY-23 FY-24 1.7 FY-21FY-19 FY-20 1.3 1.3 1.4 1.4 1.6+2% CAGR +9% CAGR U.S. insurer to have a dedicated vertical, with >250 underwriting experts and >90 risk engineers1st Construction insurer in the U.S.1Top 3 Insurer to offer a weather parametric solution for construction projects1st Data center projects over last 5y across >20 states totaling USD >350bn in project value and ~10% of portfolio policy count>200 2025 Insurer Team of the Year1 Group update
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© Zurich Addressable market Profitable growthGlobal franchise 12 Middle Market leadership; competitive moat established Group update November 18, 2025 Zurich Insights 1 Source: AON Finaccord, Zurich estimates. FY-24 FY-27e ~240 >270 +5% CAGR Market: GWP (USDbn)1 7.7 FY-24 FY-27e >10.0 +9% CAGR Zurich: Middle Market GWP (USDbn)Zurich: FY-24 GWP (USDbn) 59% 10% 32% U.S. UK Rest of world USD 7.7bn 9% GWP CAGR since FY-16 87% AY combined ratio ex Cat (HY-25)
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© Zurich Operational excellence Customer loyalty driving growthPerformance improvement 13 Retail franchise improvement, driving profitable growth Group update November 18, 2025 Zurich Insights 1 On a comparable scope (i.e., excluding the U.S. alternative markets business, which was reported under “Retail and other” in the FY-16 to FY-19 period. Ratio based on IFRS 4 until FY-22, and on IFRS 17 for FY-23 onwards. 2 On a reported basis, based on IFRS 4 until FY-22, and on IFRS 17 for FY-23 onwards. 9M-25 growth 7% on a like-for-like basis, excluding the acquisition of Kotak Insurance and AIG Travel Guard. 2% 8% 11% 16% FY-22 FY-23 FY-24 9M-252 Post COVID-19 85% 90% 95% 100% FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 HY-25 Combined ratio (%)1 53 57 61 64 FY-22 FY-23 FY-24 9M-25 +11pts Transactional Net Promoter Score (TNPS) GWP growth (%)2 Pricing sophistication Claims steering AI-assisted claims management Improved customer experience Combined ratio (%)
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© Zurich Opportunities • Increase retention through AI-enabled capabilities • Increase synergies across alternative channels • Improve sales effectiveness through smart data personalized offers Future-oriented distribution Complementary strengths 14 Diversified Retail distribution widens addressable market Group update November 18, 2025 Zurich Insights 32% 29% 24% 15% Agents Brokers Bank/Partnerships Direct/Other FY-24 Retail GWP by distribution channel USD 16.7bn • Personalized customer relationship/advice • Brand alignment Agents • Expertise • Scalability Brokers • Access to non-insurance customer journeys • Data-driven targeting Banks and Partnerships • Efficiency/convenience • Data ownership and insights Direct Select examples: • DA Direkt: accelerating profitable growth in motor and digital health • Embedded insurance: exclusive partnerships with leading platforms
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© Zurich Global reach, unified model Proprietary pricing tool Proprietary medical analytics Automated underwriting Addressable market Profitable growth 15 Life Protection growth through globalized capabilities Group update November 18, 2025 Zurich Insights FY-24 FY-27e ~650 >720 +4% CAGR 8.7 FY-24 FY-27e ~11.0 +8% CAGR Zurich: Protection GWP (USDbn)Market: GWP (USDbn)1 Potential >USD 400bn Protection gap1 1 Source: GlobalData, McKinsey, Swiss Re Institute, Zurich estimates. 2 Life Protection BOP contribution based on CSM amortization, risk adjustment release, short term insurance technical result divided by GWP (before the impact of non-controlling interests). 21% 20% 14% 8% 6% 5% 4% 22% Santander JV Australia UK LatAm Zurich Switzerland Japan Spain Rest of world USD 8.7bn Zurich: FY-24 GWP (USDbn) Global roll-out progress 17% BOP margin on GWP (FY-24)2
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© Zurich Top-line growthStrong balance sheet Underwriting profitability 16 Unprecedented positive momentum at Farmers Exchanges1 Group update November 18, 2025 Zurich Insights 0% 10% 20% 30% 40% 50% 0 2 4 6 8 10 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 HY-25 Surplus (USDbn) (LHS) Surplus ratio (%) (RHS) 90% 95% 100% 105% 110% FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 HY-25 Combined ratio 0 5 10 15 20 0 10 20 30 40 FY-14 FY-15 FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 HY-25 GWP (USDbn) (LHS) PIF (m) (RHS)2 On track to deliver sustainable growth in the mid-to-high single digit range, supported by growth across all channels 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Policies in force.
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© Zurich Core ROE (%)1 Core EPS growth (%)2 SST (%)3Cash remittances (USDbn) 17 On track to deliver 2025-2027 targets Group update November 18, 2025 Zurich Insights 1 Business operating profit after tax (BOPAT) divided by average shareholders’ equity excluding unrealized gains and losses . 2 Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT). 3 Estimated Swiss Solvency Test (SST), calculated based on the Group’s internal model approved by the Swiss Financial Market Su pervisory Authority (FINMA). The SST ratio as of December 31 has to be filed with FINMA by end of April in the subsequent year and is subject to review by FINMA. 257% 9M-25e Floor ≥160% HY-25 Target 2025-2027 26.3% >23% 20.3 21.7 51.9 19.8 2024 baseline 2025 2027 target (>9% CAGR) H2 H1 40.1 FY-25e Target 2025-2027 >19
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© Zurich Core EPS by driver (USD) 18 Clear line of sight on achieving our 2027 Core EPS target Group update November 18, 2025 Zurich Insights 1 Includes changes in Group Functions & Operations, Non-Core Businesses, and other items. 2 For all references to Farmers Exchanges see the disclaimer and cautionary statement. FY-24 Portfolio quality and efficiency Insurance growth Fee business growth Investment result Other1 FY-27e 40.1 >51.9 ~40% ~40% 15%- 20% <5% % Contribution to EPS growth Progress to date Combined ratio improvement driven by portfolio actions Top-line growth driven by preferred P&C and Life lines Farmers Exchanges2 top-line and policy count growth Higher net investment income offset by unwind
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© Zurich Strategic actions Combined ratio improvement 19 Underwriting performance reflects continuous improvement in portfolio quality Group update November 18, 2025 Zurich Insights Re-shaping North America motor portfolio and exit of mono-line auto programs Re-balanced private crop portfolio, reducing GWP by ~20% while tightening rates and terms & conditions Profitable growth in preferred areas of Middle Market and Specialty Rate increases and underwriting/claims actions in EMEA Retail motor Reduced NatCat exposure (-25% U.S. hurricane average annual loss over last 4 years) 96.4% 96.5% 94.1% HY-24 FY-24 HY-25 -2ppts Commercial Retail 91.4% 92.3% 90.5% HY-24 FY-24 HY-25 -1ppts
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© Zurich Cash generative business Well balanced core remittancesGrowth driven by core remittances 20 Strong track record of cash generation Group update November 18, 2025 Zurich Insights 2019-2021 cumulative 2022-2024 cumulative 2025-2027e target 11.2 16.5 >19.0 Core remittances Management actions Farmers Life one-off2 Cumulative cash remittances (USDbn) ~25% ~25% ~45% ~5% Core cash remittances 2025e-2027e (USDbn) EMEA North America Farmers Rest 90% 75% 95% 85% 96% 72% P&C Life Farmers Total 104%1 93%1 Normalized Average FY-19 to FY-24 Cash remittance ratio (% of NIAS) 1 Adjusted to exclude the impact of USD 1.7bn of cash remittances in FY-24 related to the reinsurance of Farmers Life in-force portfolio (including the impact remittance ratio of ~125% for Farmers and ~99% for the Group). From 2019 to 2024, Farmers NIAS included the amortization of intangibles, which reduced NIAS but did not affect the remittance capacity. 2 USD 1.7bn of cash remittances in FY-24 related to the reinsurance of Farmers Life in-force portfolio.
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© Zurich Capital light, high return and cash conversion Structural growth with significant barriers to entry Strong foundation and favorable market dynamics Highly diversified, distinctive capabilities FY-24 BOP (USDbn, %)1 Key differentiators 21 Next sessions: Insights on four differentiated businesses, generating over half of Group BOP Group update November 18, 2025 Zurich Insights 1 BOP split by business excludes Group Functions & Operations and Non-Core Businesses. 2 Based on insurance service result. Does not include an allocation of Investment result and Other result. Does not adjust for the overlap between Specialty and Middle Market (~1/3 of Specialty business related to Middle Market). 13% 9% 11% 26% 40% Specialty2 Middle Market2 Retail Farmers Rest Farmers Specialty Middle Market Retail USD 7.8bn
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© Zurich Key messages 22 Successful start to new cycle On track to deliver on our 2025-2027 targets through disciplined strategy execution Structural growth Driving structural growth in Middle Market, Specialty and Life Protection, leveraging competitive advantages and a proven track record Retail upturn Retail franchise on track to return to its long-term level of profitability while accelerating top-line growth Farmers’ momentum Financial and operational strength driving mid-to-high single digit growth and accelerating value creation Shareholder focus Strong cash generation powers sustained delivery of superior shareholder returns November 18, 2025 Zurich Insights
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© Zurich Global Specialty Unlocking value through expertise and opportunity November 18, 2025 Mario Greco – Group CEO Saad Mered – CEO Global Specialty
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© Zurich Middle Market Leveraging strengths for durable outperformance November 18, 2025 Alex Wells – Head of U.S. Middle Market Drazen Jaksic – CEO UK
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© Zurich Key messages Structural growth market Middle Market is a large segment with higher economic growth, reduced volatility, better margins, and broker consolidation trends enabling Zurich to scale and boost profitability Strong foundation Success in the Middle Market space requires a unique set of technical and operational capabilities we have deliberately built over the past 5-10 years to succeed in today’s market environment Tailored geographic footprint Our targeted geographic expansion has played a significant part in putting us closer to customers and brokers, deepening our relationships and strengthening our market position for future growth Distinctive capabilities Our leading capital strength combined with a strong commercial brand allows us to leverage our proven middle market capabilities to further grow share in this attractive market Greater aspirations Our disciplined execution continues to deliver against our strategic priorities, with growth driven by multiple levers including geographic expansion and increased share of wallet Zurich Insights 25November 18, 2025
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© Zurich Diversified global revenue Margins above P&C averageStrong growth delivery 26 Middle Market with strong historic growth and attractive underwriting margins Middle Market November 18, 2025 Zurich Insights 59% 10% 15% 17% U.S. UK Continental Europe Rest of World 91.6% 87.3% Large accounts Middle Market -4.3ppts 3.8 7.7 FY-16 FY-24 FY-27 >10.0+9% CAGR +9% CAGR GWP (USDbn) HY-25 AY combined ratio ex Cat FY-24 GWP USD 7.7bn
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© Zurich Middle Market – U.S.
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© Zurich Significant room to capture profitable share Zurich growth outpaces peers1,2Fragmented market1,2 28 Zurich U.S. Middle Market outpaces competitors in an expanding and fragmented market U.S. Middle Market November 18, 2025 Zurich Insights 1 Zurich, Chubb, CNA, Hartford, Liberty Mutual, Travelers. 2 Source: U.S. Statutory data, AON Finaccord, Zurich estimates, competitor websites, team analysis; excludes Programs and Captives. ~25% Top 6 carriers1 ~75% Rest of market USD 120bn Peer Peer Zurich U.S. Peer Peer Peer 8-9% 7-8% 3-4% 2-3% 1-2% 1-2% Zurich U.S. Peer Peer Peer Peer Peer 14% 10% 9% 6% 4% 3% Estimated market share Middle Market GWP CAGR 2020-24 FY-24 - FY-27e CAGR: 6%2
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© Zurich Profitable growth with strong trajectory Success requires unique capabilities that create a significant barrier to entry for competitors Zurich U.S. Middle Market’s unique capabilities enable sustained outperformance and strong growth through 2027 U.S. Middle Market November 18, 2025 Zurich Insights Local distribution footprint Full admitted product suite across 51 individual jurisdictions Geographically dispersed and specialized talent Scaled risk engineering and claims capabilities Industry specialized propositions 29 FY-20 FY-24 FY-27e 2.6 4.6 ~6.0 AY combined ratio ex Cat <90% U.S. Middle Market GWP (USDbn)
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© Zurich 22 offices added since 2020, 5 of which were opened in 2025. 5 more locations planned for 2026 On track to grow underwriter headcount +100 by 2026, with our largest trainee class yet… 30 We are growing presence nationwide and deepening industry specialization U.S. Middle Market November 18, 2025 Zurich Insights 1 Prior 2-year-average compared to current year. +22% YTD growth in underwriter headcount >40% West +6 South +5 Midwest +6 East +5 … while strengthening specialization and local presence YTD hires specialized in focus industries~40% ~30% # Offices opened since 2020 Underwriter trainee class size growth¹ YTD hires in geo-expansion cities
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© Zurich Our focus industry practices reflect deep expertise across key sectors Tailored coverages and services for growth-focused Middle Market clients across a broad spectrum of industry segments, backed by specialized underwriters Who we serve: Biopharma, medical device manufacturers, healthcare technology, contract research organizations, and R&D focused companies Specialized solutions: Products liability, clinical trials and unique property exposures such as clean rooms and labs Life Sciences Private Equity Who we serve: PE firms and their portfolio companies across diverse sectors, with unified risk management needs across ownership structures Specialized solutions: Portfolio programs tailored to multi-entity ownership models Professional Services Who we serve: Law practices, accounting firms, management consultants, design agencies, advertisers, and professional membership organizations Specialized solutions: Global controlled master programs Who we serve: Industrial and commercial manufacturers including metalworking, electrical equipment, hardware and tooling Specialized solutions: Errors & omissions (E&O) Manufacturing Who we serve: Programming services, IT consultants, computer hardware, electronics manufacturers, software providers, federal government, and IT contractors Specialized solutions: E&O, cyber Technology Who we serve: Asset managers, depository and lending institutions, insurance companies and brokers Specialized solutions: Master trust, collateral protection, mortgage protection Financial Institutions U.S. Middle Market November 18, 2025 Zurich Insights 31
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© Zurich Charlotte, established 2021 San Diego, established 2025 32 Proven successes in our geographic expansion demonstrate our ability to execute and deliver results U.S. Middle Market November 18, 2025 Zurich Insights New business GWP in Focus Industry Practices GWP CAGR 2021-2024 New local brokers relationships • New business win with Financial Consulting firm in preferred industry segment • Multi-line relationship across 7 lines of business • Displaced 20-year incumbent • Leading Life Sciences customer win with Cancer Treatment Technology Development company • Multi-line relationship • Local presence combined with specialized UW talent and customized product offering led to win 38% 32% >45 New business GWP in Focus Industry Practices GWP with regional / national brokers 2025 YOY new business growth 32% 100% 6x Customer spotlight
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© Zurich • Stronger portfolio performance • Improved Underwriting accuracy and consistency • More consistent underwriting decisions 33 Harnessing AI to accelerate underwriting speed, accuracy and quality Zurich Insights GuidelineIQ AI-powered chatbot providing guidance aligned to Zurich standards Nearmap AI imagery and insights for property underwriting Sixfold AI translation of complex risk information into actionable, decision-ready intelligence Property features Roof condition Loss Prevention • Faster quote turnaround time • Underwriter time savings • ~2 hours saved per submission • Cost-effective alternative to Risk Engineering for certain industries 100’s of pages of Underwriter Guidelines GuidelineIQ Actionable answers in seconds U.S. Middle Market November 18, 2025
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© Zurich Middle Market – United Kingdom
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© Zurich Corporate Middle Market 1 Estimated market position based on Zurich UK panel position with brokers. 2 Source: AON Finaccord. Estimated UK SME & Mid Market size 2024 (businesses up to GBP 300m turnover). 3 International Underwriting Association. London Company Market size 2024 (Direct & Facultative reinsurance business only. Excludes Treaty reinsurance business and Lloyd’s insurance market). UK Commercial Insurance Market UK Middle Market, significant opportunity for Zurich to grow from its Top 5 position1 UK Middle Market November 18, 2025 35 SME 41bn 15bn 18bn Zurich Insights Middle Market requires combined service capabilities from Corporate and SME market Technical expertise locally FY-24 UK Market GWP (USDbn)2,3 Tailored products Digital capabilities Self service optionality Swift client engagement Zurich ~5% market share
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© Zurich AY combined ratio ex Cat < 90% Excellent financial execution (GWP USDbn, %) Middle Market Geographical Presence2 Sizeable Middle Market business with geographic reach UK Middle Market November 18, 2025 Zurich Insights 1 Insurance Times – Five Star Rating Report 2024/25. 2 Size of circle correlated to size of GWP in region. 3 2021 IFRS 4 GWP restated to IFRS 17 equivalent. London Regions FY-213 FY-24 FY-25e 0.6 0.7 +6% CAGR >10% 36 Established strong foundations Strengthened geographical distribution • Expanded geographical footprint • Optimised local presence in 11 locations Deepened technical expertise • ~175 local empowered underwriters • 99% of underwriting decisions made locally Broadened commercial offerings • Refreshed self serve commercial proposition • Extended product distribution Built efficient highly responsive operations • 24-hour policy quote and bind capabilities • Awarded 5 Stars – Insurance Times Survey1 London Regions
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© Zurich GWP growth outlook Future growth enablers 37 Regional Middle Market revenues expected to grow double the market rate UK Middle Market November 18, 2025 Zurich Insights 1 Source: AON Finaccord. Product & proposition developments Build offerings that reflect the dynamic needs and risks of our customers International and regional broker focus Growing share of wallet with key strategic brokers Service differentiation Build on leading digital and operational capabilities from SME and leverage application of AI Distribution focus Strengthen and deepen relationship with international and regional brokers through custom initiatives Growth 2025 2026 2027 Zurich UK Regional 4-5% Market CAGR1 AY combined ratio ex Cat < 90%
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© Zurich Key messages Structural growth market Middle Market is a large segment with higher economic growth, reduced volatility, better margins, and broker consolidation trends enabling Zurich to scale and boost profitability Strong foundation Success in the Middle Market space requires a unique set of technical and operational capabilities we have deliberately built over the past 5-10 years to succeed in today’s market environment Tailored geographic footprint Our targeted geographic expansion has played a significant part in putting us closer to customers and brokers, deepening our relationships and strengthening our market position for future growth Distinctive capabilities Our leading capital strength combined with a strong commercial brand allows us to leverage our proven middle market capabilities to further grow share in this attractive market Greater aspirations Our disciplined execution continues to deliver against our strategic priorities, with growth driven by multiple levers including geographic expansion and increased share of wallet Zurich Insights 38November 18, 2025
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© Zurich © Zurich Retail Market leading growth at improved profitability November 18, 2025 Carsten Schildknecht – CEO Zurich Germany Peter Stockhorst – CEO DA Direkt / Digital Business & Partnerships Germany Claudio Chiesa – CEO Zurich Santander
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© Zurich Key messages Diversified retail portfolio Globally diversified retail business leveraging deep insights and expertise in local markets Profitable growth Technology, increasing sophistication in risk selection and pricing momentum improving profitability Germany Retail Growth outpacing the market through leading digital capabilities and consumer proposition Zurich Santander Highly innovative bancassurance operation with long-term above market growth opportunity Outlook Differentiated technology, data and customer insights delivering long-term profitable growth Zurich Insights 40November 18, 2025
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© Zurich © Zurich Germany Retail Succeeding in German Retail: Profitable growth through leading digital capabilities November 18, 2025 Carsten Schildknecht – CEO Zurich Germany Peter Stockhorst – CEO DA Direkt / Digital Business & Partnerships Germany
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© Zurich Germany is one of the largest insurance markets in the EU Zurich has grown faster than the market Attractive market positioning 42 Track record to date: we have ongoing turnaround momentum and are outgrowing the market Germany November 18, 2025 Zurich Insights 1 Life and P&C market based on GDV 2024. 2 Zurich APE without policy increase, short-term deposits and payment protection insurance. FY-18 FY-24 1,728 2,527 +7% CAGR FY-18 FY-24 119 238 +12% CAGR Largest P&C market with USD 108bn1 GWP Top 3 Life market with USD 111bn1 GWP 37% 17% 47% Life Top 9 #3 Unit-Linked #3 Bank Channel P&C Retail Top 10 #3 Direct #1 InsurTech Leader in Partnerships P&C Commercial Top 3 USD 6.9bn Zurich GWP, FY-24 (%) Retail P&C GWP (USDm) Life Annual Premium Equivalent (APE) (USDm)2 Market1 grew 5% CAGR Market1 grew 1% CAGR
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© Zurich Zurich Retail BOP (USDm)1 Strong progress deliveredWell positioned in fastest growing segments 43 Target >USD 220m BOP uplift from growth and margin improvement Germany November 18, 2025 Zurich Insights 1 Life BOP adjusted by USD ~150m of non-recurring impacts in FY-24. FY24 Life Growth Margin FY-27e 240 460 >USD 220m NB CSM growth +7% GWP growth +7% P&C Zurich market rank Growth rate 1-5 6-10 Below 10 <5% 5-10% >10% 9M-24 9M-25 106.0% 94.6% -11ppts 9M-24 9M-25 1,961 2,203 12% Retail P&C GWP (USDm) Retail P&C CoR (%) #1 InsurTech #3 Direct Leader in Partnerships #10 Agent & Broker
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© Zurich Profitable growth with margin expansion OutlookData analytics and pricing excellence 44 Margin expansion in Agent & Broker channel through data analytics, pricing excellence and disciplined underwriting Germany November 18, 2025 Zurich Insights 1 P&C Retail excludes DA Direkt, Partnerships and Real Garant. 2 ML = Machine Learning; CLTV = Customer Life Time Value; AP/MP = Actual Price / Model Price. 9M-24 9M-25 1,111 1,185 +7% GWP (USDm)1 AY CoR ex Cat (%) 104.1% 96.9% +12% +3% -7ppts Motor Non-Motor Accelerate technical, pricing and portfolio steering capabilities, leverage AI Improve AY CoR ex Cat further by ~4ppts by 2027 Scalable, cloud-based tech infrastructure Fully automated and real-time platforms (e.g., ML2) for risk modelling and price delivery Portfolio steering driven by LoB profitability (AP/MP2) and CLTV2
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© Zurich Direct market position Top 10 in German direct market (GWP USDm) Profitable growth Direct motor BIF1 (USDm) OutlookLeading digital capabilities 45 Monetizing opportunities with fast growing direct channel through superior digital capabilities in motor Germany November 18, 2025 Zurich Insights 1 Business In-Force. 2 InsurTech in which Zurich has a minority stake. 402 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 9M-24 9M-25 283 366 +30% 96% 9M-25 AY CoR ex Cat Monetize German motor market cycle Expand Ominimo2 in Poland, Netherlands and Sweden Growth and margin expansion with digital capabilities Dynamic Pricing Service Bots real-time at points of sale emerging to Agentic AI
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© Zurich #1 InsurTech in Germany Digital Health BIF1 (USDm) OutlookMarket leading digital approach 46 #1 InsurTech facilitate pan-European expansion in highly profitable Digital Health business Germany November 18, 2025 Zurich Insights 1 Business In Force. 2 Sustainable CoR Digital Health on policy lifetime (10y). Q3 Q1 Q3 Q1 Q3 Q1Q1 Q1 Q3 Q1 Q3 141 Q3 Pet Dental 2020 2021 2022 2023 CoR2 87% State of the art IT Platform +37% 2024 2025 Scale Digital Health in Germany Expand pet insurance across Europe – started in France, next country in planning Maintain high margin through leading InsurTech capabilities Marketing Product Service IT New Digital Marketing >100 customer journeys Online vet Bonus system 100% App Payouts in <30 sec
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© Zurich Leading consumer platforms OutlookExceptional growth and stable margins 47 Profitable growth with embedded insurance via exclusive partnerships and leading consumer platforms Germany November 18, 2025 Zurich Insights GWP (USDm) 108 FY-19 FY-24 392 +29% CAGR Avg. FY-19 – FY-24 95%AY CoR Strengthen existing partnerships Build new partnerships Expand high-volume, stable- margin portfolios Exclusive partnership until 2035 Partnership across European markets Newly established partnership
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© Zurich © Zurich Zurich Santander Leading today, shaping tomorrow in LatAm bancassurance November 18, 2025 Claudio Chiesa - CEO Zurich Santander
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© Zurich 49 Zurich Santander winning in high-growth market through innovation Zurich Santander November 18, 2025 Zurich Insights 1 Source: McKinsey. 2 Data from national statistics in Brazil, Mexico, Chile, Argentina and Uruguay. Attractive market Exceptionally successful business Future growth fueled by innovation Bancassurance a key channel Innovation track-record Fast growing insurance market (+11% CAGR 2019 to 2024)1 Significant room to grow Improved persistency Increased customer share of wallet Double-digit BOP growth Bancassurance market leader2 BOP consistently outgrowing the market (>7ppts annually)
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© Zurich USD 2.5bn Gross written premium USD 4bn Savings inflows 74% Combined ratio 20m Customers Exceptional track-record BOP (USDm) (51% of JV)1 Largest bancassurance company in Latin America 50 Zurich Santander is a bancassurance market leader, with remarkable profit growth since inception Zurich Santander November 18, 2025 FY-12 FY-24 56 399 +18% CAGR +7ppts vs. market2 FY-24 GWP (USDm) Ranking2 Market share (%)2 1,400 #3 18% 685 #5 9% 269 #3 24% 97 #2 18% 81 #2 31% 1 Constant FX, applied spot rate as of September 30, 2024. 2 Addressable bancassurace market (line of business where Zurich Santander operates), Bancassurance market share refers to insurance companies which have partnerships and distribute their products through banks; data from national statistics. Life P&C Zurich Insights
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© Zurich Customer segmentation and personalized underwriting Proof points Churn rates1 Improvement in premium collections2 51 Data-driven models and personalized offers improve conversion rates, customer retention and collections Zurich Santander November 18, 2025 1 Zurich Santander Brazil; Churn rates without personalized offers from FY-22, and churn rates with personalized offer from 9M-25. 2 Zurich Santander Chile; Collections with and without personalized offers refer to Life & Home lines since July 2025. Data driven customer segmentation analyzing likelihood of cancelation or default Production of customized offers Preloaded insurance with personalized pricing, coverage, and a 3-step sales journey Without personalized offer With personalized offer -15% Without personalized offer With personalized offer +20% >150 USDm GWP in Brazil over 3y Chile and Argentina roll- out in 2025 Zurich Insights
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© Zurich Cross-channel synergies Chile - Conversion rates Embedded insurance proposals Argentina - Conversion rates in main banking transactions Cross-channel synergies and embedded insurance fuel scalable growth Zurich Santander November 18, 2025 1 Only includes transactions where Zurich Santander has a embedded insurance, data refer to monthly average for the year to date 2025. Embedded insurance Up to 5% >100k Banking transactions per month1 Outbound call Referral model <5% 20-25%x5 +17% New business in FY-25e 52 • Insurance is offered during critical financial transactions • Simplified experience by pre-filling data • Increased customer satisfaction Zurich Insights • Service agent can transfer calls to insurance experts, turning inquiries into sales
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© Zurich Initiatives along the value chain Significant decrease in cancellations Churn rate (%) BOP generated Smart retention 53 End-to-end innovation enhances customer experience and strengthens persistency Zurich Santander November 18, 2025 Zurich Insights FY-23 FY-24 FY-25e -6% -8% Jan-24 Sep-25 24% 82%>3x Jan-24 Sep-25 32% 42% +10ppts Pre-Sale Sale Claims Collections Renewal Retention • Cancellations from branches referred to specialized retention units • Propensity and Customer Lifetime Value • AI guides most effective retention strategy Share of cancellations managed Retention Effectiveness USD 6m USD 14m Case study: Brazil
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© Zurich • Denial recommendation of non-eligible claims and fraud • 20% of total denials through Fast Track process Use of AI in Fast Track claims process drives efficiencies Proof points - Brazil TNPS Persistency 54 AI-enhanced Fast Track claims process improves customer experience at the most critical point of contact Zurich Santander November 18, 2025 With Fast TrackWithout Fast Track +28pts With Fast TrackWithout Fast Track +20% . GWP >USD 40m • Based on historical data (both banking and insurance) • 20% of claims processed within 15 minutes Claims payments Claims denials Zurich Insights
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© Zurich Key messages Diversified retail portfolio Globally diversified retail business leveraging deep insights and expertise in local markets Profitable growth Technology, increasing sophistication in risk selection and pricing momentum improving profitability Germany Retail Growth outpacing the market through leading digital capabilities and consumer proposition Zurich Santander Highly innovative bancassurance operation with long-term above market growth opportunity Outlook Differentiated technology, data and customer insights delivering long-term profitable growth Zurich Insights 55November 18, 2025
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Farmers® From strength to growth: Farmers’ proven playbook in action November 18, 2025 Raul Vargas, Chief Executive Officer Farmers Group, Inc. Ken Walton, President Distribution & Chief Revenue Officer Farmers Group, Inc.
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Zurich Insights Key messages 57 Execution culture Proven execution discipline — over 200 initiatives delivered, generating more than USD 2.5bn in value and driving sustainable improvements in profitability, efficiency, and competitiveness Capital strength Restored financial resilience — available capital up ~79% and surplus ratio at ~51%, well above target range, creating capacity for accelerated growth Policies-in-Force rebound Achieved turnaround from historical decline to growth — reversing the trend in record time and expanding our customer base November 18, 2025 Topline growth Well positioned for mid-to-high single digit GWP growth, powered by enhanced agent value proposition and multi-channel expansion Capital-light fee income Farmers Management Services delivering sustainable earnings with 7% MGEP margin and ~95% cash conversion — a key source of consistent, capital-light income
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Leader in profitability Growing excess capitalOperational efficiencies Farmers Exchanges1 has become a profitability leader, doubling surplus and enabling accelerated future growth November 18, 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 58 FY-22 FY-23 FY-24 HY-24 FY-25e 105.2% 103.3% 91.4% 90.5% ~88% -14.7ppts Catastrophe losses Combined ratio ex Cats 6.0 FY-22 6.0 33.6% FY-23 8.0 42.4% FY-24 9.0 45.7% HY-25 ~10 FY-25e ~51% +79% Surplus Surplus ratio % Farmers Exchanges CoR (%) Surplus (USDbn) Zurich Insights Farmers Exchanges1 Target range 34 - 38% Investor Day 2024 Annual savings from expense efficiencies, vendor spending and commission USD 300m by 2026 Status 2025 USD 207m run rate Business efficiencies Vendor savings Status 2025 >USD 1bn run rate
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Growing top-line Our transformation 2023 – 2025PIF trajectory stabilized Farmers Exchanges1 grew topline, with execution culture driving PIF2 turnaround in record time Farmers Exchanges1 November 18, 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Policies-in-Force. Zurich Insights FY-11 FY-15 FY-20 FY-23 FY-24 HY-25 16.3 15.7 13.1 +0.3% FY-22 FY-23 FY-24 FY-25e 26 27 28 15 +4% CAGR +3.7% ~4.5% Farmers Exchanges Brokerages M&A MetLife P&C FY- 24 FY-25e Var. YoY PIF -9% Stable / Increase +9ppts Solid foundation for the next chapter Farmers Exchanges GWP (USDbn) Farmers Exchanges PIF (m) 59 Bolstered financial strength to invest and accelerate growth Established healthy product portfolio and competitiveness Fostered a winning execution culture
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Farmers operating model supporting next chapter The Plan: Distinctive, market- winning distribution models Next chapter, sustained mid-to-high single digit revenue growth Farmers Exchanges1 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 60 FY-24 FY-25e FY-26e FY-27e 28 15 Mid-to-high single digit 1 2 3 Farmers Exchanges GWP (USDbn) GWP growing mid-to-high single digit Exclusive Agents: Entrepreneurs with Choice • Mid-single digit growth Direct Channel: Digital Speed, Human Touch • Double digit growth Independent Agents: All Solutions, One Partner • Double digit growth Zurich InsightsNovember 18, 2025 Channel expansion Product sophistication Agile design of agent and customer experience
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Improved Exclusive Agents (EA) economics on track The Plan - Accelerating growth in the Exclusive Agency channel Proofpoint: strong growth from top engaged EAs (40%) Accelerated capabilities rollout turned the channel into a winning model, already fueling record growth Exclusive Agency Channel November 18, 2025 Zurich Insights FY-24 FY-25e +70% FY-24 FY-25e +13% 40 60 20 2040 20 2025 2030 Engaged Accelerate Lagging +50% Engaged Agent segment (%) 1 Targeting ~4-6% growth in 2026-2027% New Business (Count) GWP (USDbn) FY-24 Product / pricing Distribution/ value prop. Retention uplift Expense efficiency FY-26e Agency net income ~2x 61 Implemented revamped distribution management and incentives Increased EA income opportunities and delivered ~9m EA service efficiency hours Target to activate unengaged agents and increase the engaged by 50% Accelerate new agent appointments and acquisitions
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Expanding our successful specialty model to standard products market Independent Agency Channel 1 Bristol West 62Zurich Insights FY-22 FY-23 FY-24 FY-25e 2.8 3.3 4.2 20% CAGR BW1 Auto Specialty GWP (USDbn) New Business (Count) FY-24 FY-25e +274% Mobile homes, boats, motorcycles and non-standard auto Farmers has ~9% market share of the niche specialty market… ...as an established specialty writer, with double digit growth Auto and home standard to ultra-preferred Farmers has ~1% market share of the large standard market… … positive new business auto and home results from 22 active states The Plan: Building on our strengths The Plan: Expanding to be a standard auto and home writer Specialty market ~USD 45bn 2 November 18, 2025 Targeting ~15-20% growth in 2026-2027 Enhance product pricing segmentation Standard market ~USD 165bn Roll out auto and home products nationwide (47 states by 2027) Engage Independent Agency partners to drive deeper relationships
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Farmers.com optimized to capture organic traffic, generated by strong nationwide brand… …direct results have been strong, similar to EA channel Optimized organic traffic, revamped operating model and strong brand Direct channel November 18, 2025 63Zurich Insights FY-25eFY-24 +45%New Business (Count) 3 The Plan: Leverage efficient operating model and brand to grow direct channel … strengthening capabilities to serve employer/affinity relationships… Organic branded search impressions ~17m FY-25e ~4,200 Targeting ~15-20% growth in 2026-2027 Optimizing offering to serve customers who prefer to engage digitally Increase penetration of our broad Employer/ Affinity relationships through new capabilities Active employer relationships Active affinity relationships~400
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GWP growth across all channels Growth adversely impacted in short term by discontinued operations Topline growth – clear path to mid-to-high single digit growth Farmers Exchanges1 November 18, 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 64Zurich Insights 6% 2025e 6-7% ~8% 4% 8-9% ~9% 2027e ~4% CAGR 2022 – 2025e4% 2024 2026e GWP growth (%) Growth rate with Discontinued operations Growth rate without Discontinued operations2026-27e2025e GWP growth rate 2026 - 2027 ~15-20% ~15-20% ~4-6% Exclusive Agents Independent Agents Direct Channel Discontinued Operations A winning model, steady to increased agency engagement Very successful specialty writer and now further state expansion in standard Traffic to Farmers.com optimized, increase partner engagement (Employer/ Affinity) Business in run-off will gradually limit drag on top line growth rate by 2027
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Zurich Insights Key messages 65 Execution culture Proven execution discipline — over 200 initiatives delivered, generating more than USD 2.5bn in value and driving sustainable improvements in profitability, efficiency, and competitiveness Capital strength Restored financial resilience — available capital up ~79% and surplus ratio at ~51%, well above target range, creating capacity for accelerated growth Policies-in-Force rebound Achieved turnaround from historical decline to growth — reversing the trend in record time and expanding our customer base November 18, 2025 Topline growth Well positioned for mid-to-high single digit GWP growth, powered by enhanced agent value proposition and multi-channel expansion Capital-light fee income Farmers Management Services delivering sustainable earnings with 7% MGEP margin and ~95% cash conversion — a key source of consistent, capital-light income
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© Zurich Appendix slides
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© Zurich Retail represents 1/3 of P&C GWP Geographic footprintDiversified Retail portfolio 67 Globally diversified retail business leveraging deep insights and expertise in local markets Retail November 18, 2025 Zurich Insights ~USD 1bn BOP in 2024 fast growing in 2025 Key role in diversification and in stabilizing results 36% Retail and SME USD 47bn 32% 29% 24% 15% Agents Brokers Direct/Other Bank/Partnerships 13% 11% 26% 40% 5% 5% Motor Accident and Health Extended warranty Property Other Travel FY-24 GWP by distribution: FY-24 GWP by line of business: USD 16.7bn USD 16.7bn 18% 14% 13% 8% 17% 17% 13% USD 16.7bn Italy Rest of EMEAUK APACGermany LatAmSwitzerland FY-24 GWP by country:
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© Zurich Operational excellenceImproving customer satisfaction 68 Retail to return to long term level of profitability and improve customer loyalty through operational excellence Retail November 18, 2025 Zurich Insights 99.3% 102.0% 101.5% 97.9% FY-22 FY-23 FY-24 9M-25 FY-27e <96.0% -4ppts 53 57 61 64 FY-22 FY-23 FY-24 9M-25 +11pts Improve profitability of underperforming portfolios Pricing sophistication Claims steering AI assisted claims management Improved customer experience Retail - TNPSEMEA Retail Motor AY CoR ex Cats (%)
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Product management fundamental to our operating discipline Farmers Exchanges1 November 18, 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 69Zurich Insights • Designed for the ultra- preferred to standard customer segments • Advancing pricing and underwriting segmentation • Telematics technology to capture driving habits • Latest generation products across channels under development with launch starting early 2026 • Home countrywide availability incl. CA with 90% combined ratio • Best in class capabilities leads to stable results and support growth Our Market differentiator Uniquely positioned Price points for all customers Personalized Premium New Product Chassis
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• Agent servicing automation delivering 9m hours in servicing efficiency to date with target savings increased from 14m to 17m hours/yr • Operational efficiencies generating significant improvements, contacts per new policy are down 26% and agent servicing time with the contact center has reduced by ~40% • Strong agent demand driving continued aggressive scaling • Increased agent productivity by 14% and improved retention rate by ~20% for those enrolled • Over 100 internal initiatives implemented to date leveraging Generative and Agentic AI across Farmers business units • AI and automation efficiencies delivering USD 78m in savings with a significant pipeline in development (2024 Investor Day target was USD 100m) Leveraging AI across the Farmers to significantly reduce expenses and improve time to market Customer self-service, Generative AI and natural language automation, and AI driven real-time services Centralized agent customer service leveraging AI, automation and custom contact routing to deliver superior service and efficiency Improve Speed Service Models Eliminate Waste Self-Service optionsAI First Agent Servicing Efficiency Farmers Service Advantage Agentic & Generative AI Farmers technology and AI investments generate long-term economic value Farmers Exchanges1 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 70Zurich InsightsNovember 18, 2025
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Farmers Exchanges’ previous mitigation measures reduced California wildfire incurred losses to below their market share Los Angeles Wildfire incurred losses compared to expected losses, based on premium share(%)2 Farmers Exchanges1 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Source: S&P IQ (statutory data). Incurred losses from company reports. Expected losses based on share of California home owners premiums and total insured market loss of USD 40bn. Peers include AIG, Allstate, Chubb, Cincinnati, Hartford, Liberty, State Farm, Travelers, USAA. 71 Peer 2 Peer 3 Peer 4 Peer 5Peer 1 Peer 7 Peer 8 Peer 9 Farmers Exchanges Peer 6 Losses > premium share Losses ~ premium share Losses < premium share
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© Zurich Disclaimer and cautionary statement 72November 18, 2025 Zurich Insights Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy, underwriting and claims results, business initiatives (including, but not limited to, sustainability matters), as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. Undue reliance should not be placed onsuch statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and plans, policies, initiatives and objectives of Zurich Insurance Group Ltd or the Group to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) the risk of a global economic downturn, in the financial services industries in particular;(iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators, and the possibility of conflict between different governmental standards and regulatory regimes may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and the Group and on whether the targets will be achieved. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. All references to ‘Farmers Exchanges’ mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. The three Exchanges are California domiciled interinsurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and certain of its subsidiaries are appointed as the attorneys-in-fact for the three Exchanges and in that capacity provide certain non-claims services and ancillary services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the Farmers Exchanges but is provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company. It should be noted that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of full year results. Persons requiring advice should consult an independent adviser. This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction. THIS COMMUNICATION DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES; SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.
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© Zurich Presenters Biographies November 18, 2025 Zurich Insights Mario Greco Group Chief Executive Officer Mr. Greco joined Zurich in March 2016 as Group Chief Executive Officer and member of the Executive Committee. Throughout his long and distinguished career, Mr. Greco has held various leadership positions across the insurance industry. From 2007 to 2012, he served as Zurich’s CEO Global Life and later as CEO General Insurance. 73 Saad Mered Chief Executive Officer Global Specialty Mr. Mered has served as CEO Canada since 2018. Prior to this role, he held senior leadership positions including Group Chief Claims Officer and Chief Executive Officer for Zurich’s Middle East and Africa region. Effective January 1, 2026, Mr. Mered will assume leadership of Zurich’s Global Specialty Unit, based in London, bringing more than three decades of international insurance experience to this global mandate. Alex Wells Head of U.S. Middle Market Mr. Wells joined Zurich North America as Head of Middle Market in May 2020. His 30+ year insurance career has spanned a variety of executive management and underwriting roles with leading global insurers including as Chief Underwriting Officer of Commercial Insurance in North America and Division President of Specialty Casualty. Claudia Cordioli Group Chief Finance Officer Ms. Cordioli joined Zurich in March 2024 as Group Chief Financial Officer and member of the Executive Committee. Prior to joining Zurich, Mr. Cordioli held several senior leadership positions across reinsurance, banking and consulting. She holds a degree in business administration and passed her certified public accountant (CPA) exam in the U.S.
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© Zurich Presenters Biographies November 18, 2025 Zurich Insights Drazen Jaksic Chief Executive Officer UK Mr. Jaksic has over 30 years’ experience in the Insurance sector and was appointed CEO UK in January 2025, having previously held the position of CEO Benelux. He joined Zurich in January 2019 as the Global Head of Accident and Health and prior to joining Zurich, held a number of business and cross-border leadership roles within the industry. 74 Peter Stockhorst CEO DA Direkt / Digital Business Germany Mr. Stockhorst joined Zurich in August 2018 as CEO DA Direkt and is heading Digital Business & Partnership in Germany. He has been driving the digital transformation of insurance companies for nearly 20 years. Before joining Zurich, he served as CEO at several direct players in the German insurance industry. Claudio Chiesa Chief Executive Officer Zurich Santander Mr. Chiesa was appointed CEO Zurich Santander JV in May 2022. Before joining Zurich Santander, he was CEO of the Sabadell Zurich JV. Mr. Chiesa has over 25 years of experience in international leadership positions in the insurance and investment banking industries. Carsten Schildknecht Chief Executive Officer Germany Mr. Schildknecht joined Zurich in February 2018 as CEO Zurich Germany. Prior to joining Zurich, he was a FinTech advisor & investor and held various senior leadership positions in insurance, asset management and banking. He started his career in management consulting.
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© Zurich Presenters Biographies November 18, 2025 Zurich Insights Raul Vargas Chief Executive Officer Farmers Group, Inc. Mr. Vargas was appointed CEO Farmers Group, Inc. and became a member of the Executive Committee in January 2023. He has more than two decades of international leadership experience in the insurance industry, including CEO of Zurich Santander from 2014 to 2022. 75 Ken Walton Pres. Distribution & Chief Revenue Officer Farmers Group, Inc. . Mr. Walton joined Farmers Insurance Group in 2023 as President of Distribution and Chief Revenue Officer. Prior to his current role, he held various leadership roles with a national P&C carrier as well as a top 10 brokerage firm. In each of these roles, his focus was to help agents grow their business and generate organic growth.
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© Zurich 76 Other information
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© Zurich For further information November 18, 2025 Zurich Insights Investor Relations website Investor Relations and Rating Agency Management • Mitchell Todd +41 76 340 71 55 • Francesco Bonsante +41 44 628 00 68 • Samuel Han +41 44 625 32 57 • Johannes Herholdt +41 44 625 25 53 • Michèle Matlock +41 79 740 39 30 Events • Patricia Heina +41 44 625 38 44 Follow us on: Call us Visit or follow us Financial results and reports 77
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© Zurich© Zurich Thank you Upcoming events • February 19, 2026 – Annual results 2025 • May 13, 2026 – Update for the three months ended March 31, 2026 • August 6, 2026 – Half year results 2026 • November 12, 2026 - Update for the nine months ended September 30, 2026