Slides
Page 1
© Zurich Driving growth, delivering value Full year results 2025 February 19, 2026 Investor and media presentation Zurich Insurance Group
Page 2
© Zurich Key highlights Other important informationFinancial performance 2 Content February 19, 2026 Full year results 2025 Back to content page Contacts and calendar Use symbols to navigate through the document Group Group Disclaimer P&C P&C Dividend policy Farmers Customer KPIs Solvency Other segments Investment details Life Life 2023-2025 targets Outlook Solvency and balance sheet Alternative performance measures Farmers
Page 3
© Zurich Key messages Successful start to 2025- 2027 cycle High quality results, delivering a record BOP of USD 8.9bn in FY-25, up 14% year-on-year. Record Core ROE of 26.9% with profit growth across all business segments P&C: a record top and bottom-line P&C BOP of USD 5.1bn up 22%. Superior risk selection, improved portfolio mix paired with a favorable cat loss experience reduced CoR by 1.6ppts to 92.6%. GWP up 8% surpassing USD 50bn for the first time Life: strong growth and record CSM BOP of USD 2.3bn, up 10% excluding prior year one-offs. Strong top-line growth, up 7% like-for-like1. All-time high CSM of USD 13.8bn Farmers is growing Record full year BOP. Farmers Exchanges2 GWP up 4% with the rate of policy count growth accelerating throughout the year. Strong underwriting result supports increased surplus ratio of 52.9% Cash and capital strength SST ratio of 259% as of FY-253 well in excess of 160% floor. Strong cash remittances of USD 7.4bn. Record NIAS of USD 6.8bn supports proposed dividend increase of 7% to CHF 30 February 19, 2026 Full year results 2025 3 1 In local currencies and after adjusting for acquisitions, disposals, methodological changes, and the transfer of a Life portfolio to Non-Core Businesses. 2 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 3 Estimated Swiss Solvency Test (SST), calculated based on the Group’s internal model approved by the Swiss Financial Market Supervisory 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.
Page 4
© Zurich Core EPS (USD)1 Cash remittances (USDbn) Dividend per share (CHF)Core ROE (%)2 4 Durable growth, leading ROE and strong cash conversion Group February 19, 2026 Full year results 2025 1 Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT). 2 Business operating profit after tax (BOPAT) divided by average shareholders’ equity excluding unrealized gains and losses. 27.4 21.5 29.5 34.2 37.9 40.1 45.1 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 FY-27 target >51.9 +9% CAGR 3.4 3.4 4.4 4.6 4.8 7.1 7.4 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 2025-27 target >19 20 20 22 24 26 28 30 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 +7% CAGR 14% 11% 14% 16% 23% 25% 27% FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 FY-27 target >23%
Page 5
© Zurich Core ROE (%)1 Core EPS growth (%)2 SST (%)3Cash remittances (USDbn) Strong start to the 2025-2027 cycle Group February 19, 2026 Full year results 2025 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 On Swiss Solvency Test (SST), see footnote on page 3. 259% FY-25e Target 2023-2025 ≥160% 5 26.9% FY-25 Target 2025-2027 >23% 40.1 45.1 51.9 FY-24 baseline FY-25 2027 target (>9% CAGR) +13% 7.4 FY-25 Target 2025-2027 >19.0
Page 6
© Zurich GWP (USDbn)1 NIAS (USDbn)BOP (USDbn) 6 All businesses delivering strong momentum Group February 19, 2026 Full year results 2025 1 Gross written premiums for P&C and Life Protection. Gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts). 2 Group Functions & Operations and Non-Core Businesses. 32.2 44.4 FY-23 33.1 46.6 FY-24 36.2 50.4 FY-25 76.6 79.7 86.6 6% CAGR -0.9 2.3 2.1 3.9 FY-23 -1.0 2.3 2.2 4.2 FY-24 -0.9 2.4 2.3 5.1 FY-25 7.4 7.8 8.910% CAGR FY-23 FY-24 FY-25 4.4 5.8 6.825% CAGR P&C Life Farmers Other2
Page 7
© Zurich P&C – Group (%) P&C – Retail (%) P&C – Commercial (%) Continued strong combined ratio delivery, exceptional profitability across both segments P&C February 19, 2026 Full year results 2025 7 94.5% 94.2% 92.6% FY-23 FY-24 FY-25 -1.8ppts Combined ratio 91.4% 92.3% 91.0% FY-23 FY-24 FY-25 -0.3ppts 99.8% 96.5% 94.4% FY-23 FY-24 FY-25 -5.5ppts
Page 8
© Zurich P&C GWP growth by driver – Commercial (USDbn)1 P&C GWP growth by driver – Retail (USDbn)2 8 Disciplined Commercial growth; Retail supported by strong net new business growth and rates P&C February 19, 2026 Full year results 2025 1 Other includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. Excludes crop which increased USD 0.1bn year-on-year. 2 Other includes premiums for ceded facultative reinsurance, captives/pools/co-reinsurance agreements and eliminations. M&A includes the acquired Zurich Kotak General Insurance and AIG’s global personal travel insurance and assistance business. FY-24 0.0 Rate change 0.2 Exposure change 0.9 Net new business and other FY-25 27.2 28.3 +4% FY-24 0.5 Rate change 0.1 Exposure change 0.8 Net new business and other 1.3 M&A FY-25 16.7 19.4 +16%
Page 9
© Zurich Middle Market GWP (USDm) U.S. Middle Market combined ratio (%) Middle Market rate change (%) 9 Middle Market with continued underlying growth maintaining strong profitability February 19, 2026 Full year results 2025 83 78 292 7,745FY-24 U.S. Middle Market U.S. MM Specialties -307U.S. Programs -29U.S. E&S EMEA Middle Market -4Rest of World 7,858FY-25 +7% +16% +1% -18% -4% U.S. Middle Market U.S. MM Specialties U.S. Programs U.S. E&S EMEA Total +6% +2% +0% -1% +1% +2% FY-25 P&C - Commercial +8% -14% 0% 20% 40% 60% 80% 100% 120% FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 AY CoR ex Cat Ø 87.4%
Page 10
© Zurich Global Specialty remains a profitable growth driver (USDbn, %) U.S. Construction benefiting from hyperscalers’ buildout (USDbn, %) 10 Specialty growth supported by AI infrastructure demand and attractive margins P&C - Commercial February 19, 2026 Full year results 2025 FY-22 FY-23 FY-24 FY-25 8.4 8.7 9.4 9.6 AY CoR ex Cat GWP 4% CAGR Ø 86.5% FY-22 FY-23 FY-24 FY-25 1.4 1.6 1.7 1.9 AY CoR ex Cat GWP Ø 92.0% 9% CAGR
Page 11
© Zurich North America Crop (%) North America Motor (%) 11 Portfolio actions significantly improving profitability; strong execution in crop, motor trend remains favorable February 19, 2026 Full year results 2025 114.5% 119.4% 100.8% FY-23 FY-24 FY-25 -13.7ppts 15% 15% Combined ratio % Rate change P&C - Commercial 100.7% 101.8% 90.7% FY-23 FY-24 FY-25 -10.0ppts Combined ratio 11%
Page 12
© Zurich P&C Retail BOP (USDm) Retail Motor combined ratio improvements (%) Retail Motor – Combined ratio (%) 12 Retail P&C with accelerated profitable growth supported by strong rates and improving motor results in EMEA February 19, 2026 Full year results 2025 362 980 FY-23 FY-24 FY-25 1,471 +307% 7% 8% % Rate change 105.0% 101.5% 96.5% FY-23 FY-24 FY-25 -8.5ppts Germany Switzerland Italy Spain -16.8ppts -8.6ppts -13.1ppts -12.3ppts FY-23 FY-24 FY-25 P&C - Retail 6%11% 16% % GWP growth 9%
Page 13
© Zurich Reduced catastrophe exposure against a backdrop of business growth and inflation Reduced market share of Cat losses over time 13 NatCat: Earnings volatility addressed through sophisticated risk selection and exposure management P&C February 19, 2026 Full year results 2025 1 P&C GWP indexed (IFRS 4 based for 2021-2022, IFRS 17 based for 2022-2025). Advanced economies’ consumer prices inflation, as per IMF’s World Economic Outlook Database. 2 AAL: average annual loss (gross of catastrophe reinsurance treaties); PML: probable maximum loss (gross of cat reinsurance treaties), based on a 100-year return period. P&C business across all regions and perils. 2025 refers to HY-25. 3 CAT losses market share estimated based on Zurich’s net losses and industry insured losses as per Swiss Re Sigma reports (Munich Re for 2025). Premium market share based on NAIC and Axco for North America, and EIOPA for Europe (2025 estimated). Indexed (FY-21 = 100) 90 100 110 120 130 140 2021 2022 2023 2024 2025 GWP1 Inflation1 PML2 AAL2 0% 1% 2% FY-21 FY-22 FY-23 FY-24 FY-25e CAT losses market share3 Premium market share3 0% 2% 4% FY-21 FY-22 FY-23 FY-24 FY-25e North America Europe
Page 14
© Zurich BOP (USDm) +10% underlying growth in FY-25 FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 1,130 1,258 1,554 1,486 1,423 1,812 1,963 2,060 2,235 2,288 +8% CAGR BOP contribution by line of business (%)2 14 Life delivers consistent profit growth, fuelled by Protection Life February 19, 2026 Full year results 2025 1 Of which USD 55m for the non-completion of the German back book disposal and USD 99m of reserve releases in H2-24. 2 BOP contribution by line of business based on CSM amortization, risk adjustment release, fee result and short-term insurance technical result. GWP and BOP contribution are before the impact of non-controlling interests. 154 2,081 FY-24 FY-25 2,235 2,288 Non-recurring items1 58%28% 14% Protection Unit-linked Savings & annuities FY-25
Page 15
© Zurich Profitable growth… Brazil regaining momentum…led by EMEA and Asia Pacific 15 Protection GWP up 5% like-for-like, LatAm rebounds in H2 Life February 19, 2026 Full year results 2025 1 In local currencies and after adjusting for methodological changes, and the transfer of a Life portfolio to Non-Core Businesses. 2 Life Protection BOP contribution based on CSM amortization, risk adjustment release, short term insurance technical result. GWP and BOP contribution are before the impact of non-controlling interests. 3 Source: GlobalData, McKinsey, Swiss Re Institute, Zurich estimates. 4 Total does not match with the sum of regions due to intercompany eliminations. 5 At constant FX. FY-24 FY-25 8,724 9,673 +5% Like-for-like1 16.7% 16.3% % Margin on GWP (%)2 EMEA Asia Pacific Latin America 3.8 4.7 2.4 2.6 2.5 2.6 +7% +5% +2% FY-24 FY-25 0 100 200 300 400 500 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Brazil Santander JV: Protection GWP (USDm)5 Global market size (FY-24)3: ~USD 650bn Protection gap3: >USD 400bn Like-for-like change (%)2 Protection GWP (USDm) Protection GWP by region (USDbn)4
Page 16
© Zurich CSM walk (USDm) FY-25 line of business split (USDm) 16 Highest ever Life CSM, up 18% driven by strong new business and favorable FX February 19, 2026 Full year results 2025 1 Discount unwind and contribution of expected realization of real-world excess-return over discount rates. 2 Sum of expected return, new business CSM and CSM amortization. Life 38% 69% 55% 36% 27% 23% 26% 21% CSM 3% New business CSM CSM amortization 13,760 1,231 1,646 Protection Unit-linked Savings & annuities 598 147 448 FY-24 New Business CSM Expected return1 Operating Variances Economic Variances FX/Other CSM before release CSM amortization FY-25 11,657 1,231 1,325 15,405 -1,646 13,760 +18% Underlying CSM accretion2 USD 183m (2% of opening balance)
Page 17
© Zurich GWP (USDm) Agency Brokerages3: PIF quarter- on-quarter change (thousand) Farmers Exchanges1: PIF2 quarter-on-quarter change (thousand) 17 Increasing policy count; Agency Brokerages enhancing customer acquisition and retention Farmers Exchanges1 February 19, 2026 Full year results 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Represent policies in force from continuing operations. 3 Policies in force managed by the brokerage entities excluding Farmers brand; quarter-on-quarter change in policies managed not material for periods before January 2025. FY-25FY-24 28,371 29,600 +4% -320 -342 -347 -269 -58 42 62 107 Q2-24 Q3-24 Q4-24 Q1-24 Q2-25 Q3-25 Q4-25 Q1-25 23 29 29 30 Q1-25 Q2-25 Q3-25 Q4-25 +5% x GWP growth from continuing operations
Page 18
© Zurich Combined ratio2 (%) Surplus ratio (%) 18 Farmers Exchanges’1 has a strong foundation for sustainable future growth Farmers Exchanges1 February 19, 2026 Full year results 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Combined ratio before quota share reinsurance. Surplus ratio 34-38% Target range FY-25 52.9%17.5% H1-23 89.7% 5.7% H2-23 80.1% 15.1% H1-24 81.7% 6.1% H2-24 94.1% 14.7% H1-25 75.9% 3.2% H2-25 111.6% 95.4% 95.2% 87.8% 90.5% 79.1% 75.8% Catastrophe losses Combined ratio excl. Cats
Page 19
© Zurich Exposure management at the Farmers Exchanges’1 evidenced by California wildfire incurred losses well below market share Los Angeles Wildfire incurred losses compared to expected losses, based on premium share(%)2 Farmers Exchanges1 February 19, 2026 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Source: S&P IQ (statutory data). Incurred losses as reported divided by expected losses based on share of California homeowne rs premiums and total insured market loss of USD 40bn. 19 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 Full year results 2025
Page 20
© Zurich FMS BOP (USDm) Farmers Re BOP (USDm) 20 Farmers Management Services and Farmers Re driving positive momentum Farmers Management Services (FMS) & Farmers Re February 19, 2026 Full year results 2025 49 FY-25 2,035 2,103 FY-24 39 2,074 2,152 +4% 7.0% 7.0% FMS ex-Agency bokerages Agency Brokerage BOP contribution % MGEP margin 192 243 FY-25FY-24 +27%
Page 21
© Zurich Very strong capital position with SST ratio at 259% February 19, 2026 Full year results 2025 1 On Swiss Solvency Test (SST) see footnote on page 3. SST ratio is defined as: Available Financial Resources (AFR) / Target Capital (TC). AFR is net of Market Value Margin (MVM) of USD 3.5bn in FY-25e (USD 3.7bn in FY-24). 2 Capital actions include dividend, debt movements and M&A. SST ratio (%)1 AFR (USDbn)1 36.4 +0.5 0.0 +5.2 +6.4 -5.4 43.2 TC (USDbn)1 14.4 +0.5 0.0 +1.6 +0.2 +0.0 16.7 253% 259%36% FY-24 -4% Assumption and model changes 0% Management actions and other 7% Market Economic profit / business growth -33% Capital actions2 FY-25e -7% FX +10% Interest rates, RE +3% Equity markets +1% Credit spreads Solvency 21
Page 22
© Zurich 22 Durable growth at industry-leading levels of return 2026 Outlook February 19, 2026 Full year results 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. Property & Casualty • Insurance revenue expected to grow by mid-single digit percentage year-on-year • Unchanged guidance for PYD (1-2%), losses from natural catastrophes (2.5-3.0%); projected increase in insurance finance expenses expected to be broadly in line with increase in net investment income • Life BOP expected to grow by at least mid-single digit percentage year-on-year Farmers Other Life • Mid-to-high single digit percentage growth expected for Farmers Exchanges1 GWP, FMS MGEP margin at 7.0% • Farmers Re BOP to reflect reduction in participation in all-lines quota share (5.75% effective Dec. 31, 2025) • Group Functions and Operations net expenses expected to be in the range of USD 800-850m • Effective tax rate expected to be in the range of 25 to 27% • Proactive capital management drives strong remittances, providing a solid foundation for our dividend policy
Page 23
© Zurich 23 Financial performance
Page 24
© Zurich +14% In local currencies BOP by region (USDm) BOP by business (USDm) 24 Diversified business growing consistently at highly attractive margins Group – Business operating profit February 19, 2026 Full year results 2025 1 Includes Group Functions and Operations, Non-Core Businesses and Group Reinsurance. 3,062 2,370 2,286 586 580 -1,133 FY-24 3,604 2,673 2,387 633 637 -1,078 FY-25 7,751 8,856 +14% EMEA North America Farmers Asia Pacific Latin America Other1 -870 -900 4,204 2,235 2,286 -104 FY-24 5,129 2,288 2,387 -48 FY-25 7,751 8,856 +14% P&C Life Farmers Group Functions and Operations Non-Core Businesses +14% In local currencies
Page 25
© Zurich • Group business operating profit (BOP) was at a record level of USD 8.9bn, with 14% growth in local currencies. • EMEA BOP increased by 18% driven by strong performance both in P&C and Life. P&C BOP benefited from strong topline growth, a notable Retail recovery, and an improved investment result. Life BOP benefited from a strong underlying performance which offset the non-repeat of USD 154m favorable one-offs in the prior year. • North America BOP was 13% above prior year mainly due to solid growth and a strong underwriting performance in P&C. • Asia Pacific BOP was 8% above prior year mainly driven by Life. • Latin America BOP increased 10% driven by Life. • By business, P&C BOP increased 22% on a reported basis and in local currencies compared with the prior year period driven by higher insurance revenues primarily driven by a strong Retail performance as well as a lower combined ratio due to improved pricing sophistication and risk selection as well as higher earned premium rates. • Life BOP of USD 2.3bn exceeded the previous year record level. Both the insurance service result and fee result improved year on year, benefiting from a record-high CSM, short-term insurance revenue growth, and higher assets under management. • Farmers delivered record BOP of USD 2.4bn, with FMS benefiting from underlying growth at the Farmers Exchanges and a stable MGEP margin. Farmers Re result driven by improved underwriting at the Exchanges. • Higher Group Functions and Operations operating cost compared to the prior-year, driven by unfavorable FX. • The Group’s Non-Core Businesses reported a lower operating loss, driven by favorable year-on-year loss development and the absence of the prior year’s reinsurance loss. 25 Commentary Group – Business operating profit February 19, 2026 Full year results 2025
Page 26
© Zurich BOP to NIAS walk (USDm) Net impact of capital gains / losses (USDm)1 26 Record net income attributable to shareholders of USD 6.8bn Group – Net income attributable to shareholders February 19, 2026 Full year results 2025 1 Net impact of capital gains/losses and impairments on Group investments and unit-linked investments, net of change in liabilities for investment contracts and other funds as well as re-/insurance finance income/expenses. 2 Other include impact of capital gains/losses and impairments on unit-linked investments, change in liabilities for investment contracts and other funds, re-/insurance finance income/expenses. 623 8,856 FY-25 BOP Net impact of capital gains/ losses1 Restructuring costs Other adjustments Net gains/ (losses) on disposal Income taxes attributable to shareholders 403 6,798 FY-25 NIAS 1,058 -299 -419 -7 -2,610 Non-controlling interests 26.6% Effective tax rate 1,887 Mark-to-market (FVTPL securities and real estate) -226Net realized capital losses -603Impairments, FX and other2 1,058 Net impact of capital gains / (losses) 390 5,814 FY-24
Page 27
© Zurich • Net impact of capital gains / losses was USD 1.1bn favorable for the full year, with positive mark-to-market performance of assets1 partially offset by capital losses and policyholder sharing. - The net mark-to-market of assets was USD 1.9bn favorable, driven mostly by favorable capital markets. - The full year net realized capital losses were USD 0.2bn, predominantly from fixed income portfolios as unrealized losses crystalized upon sale. - Impact from Impairments, FX and other was USD 0.6m adverse and consist mostly of policyholder participation in capital gains and losses and to lesser extent from FX losses. • Restructuring costs totaled USD 0.3bn for the full year, in line with the prior-year. • Other adjustments of USD 0.4bn include amortization of intangibles from business combinations, certain non-claims related litigation cost, charitable contributions and smaller non- BOP items. Current year includes TravelGuard integration costs. • No material net gains / (losses) on disposals. 27 Commentary Group – Net income attributable to shareholders February 19, 2026 Full year results 2025 1 Securities classified as Fair Value through Profit and Loss for IFRS reporting purposes.
Page 28
© Zurich 28 Profitable growth supported by positive rate changes P&C – Top-line February 19, 2026 Full year results 2025 1 In local currency and after adjusting for the AIG global personal travel insurance and assistance business as well as the Zurich Kotak General Insurance business. 2 GWP development due to premium rate change as a percentage of the renewed portfolio (monitored business) against the comparable prior year period. 3 Total includes Group Reinsurance and Eliminations. GWP (USDm) GWP like-for-like growth (%)1 Rate change (%)2 Rate change outlook Insurance revenue (USDm) Insurance revenue like-for-like growth (%)1 EMEA 21,707 6% 3% Moderating 20,652 6% North America 23,110 3% 1% Moderating 22,119 2% Asia Pacific 4,279 4% 1% Stable 4,107 5% Latin America 3,501 10% 1% Stable 3,245 13% Total3 50,422 5% 2% Moderating 48,234 4% FY-25 top-line development
Page 29
© Zurich • Insurance revenue rose 4% on a like-for-like basis driven by the earn-through of growth in gross written premiums. • Gross written premiums rose 8% on a reported and 5% on a like- for-like basis. Growth was supported by higher premium rates of 2% on a Group basis. • Middle Market gross written premiums increased 1% on a reported and 2% on a like-for-like basis as strong underlying growth was offset by a 18% reduction of U.S. program business to further improve profitability. • Rate change of 2% remains favorable and was driven by retail rate increases of 5% while commercial rates remained stable year over year. • In EMEA, gross written premiums increased 6% on a like-for-like basis, driven by a strong performance across the whole region and in particular by the specialty, motor and property portfolios. • In North America, gross written premiums increased 3% on a like- for-like basis. Underlying strong growth was offset by a planned reduction of program business to improve profitability. • In Asia Pacific, gross written premiums rose 4% on a like-for-like basis, with strong contribution from the motor, property and specialty portfolios. • In Latin America, gross written premiums rose 10% on a like-for- like basis, with strong commercial property growth and increased retail motor sales across the region. 29 Commentary P&C – Top-line February 19, 2026 Full year results 2025
Page 30
© Zurich 313 373 BOP by segment (USDm) BOP by component (USDm) 30 Exceptional growth in key segments drives P&C BOP up 22% P&C – BOP components February 19, 2026 Full year results 2025 1 Includes Fee result, Other result and non-controlling interests. 1,487 2,313 343 223 -162 FY-24 2,042 2,654 346 219 -133 FY-25 4,204 5,129 +22% EMEA North America Asia Pacific Latin America Group Reinsurance +21% In local currencies +21% In local currencies -835 -924 3,500 1,539 FY-24 1,044 Insurance service result -31 Net investment result -89 Other1 4,545 1,508 FY-25 4,204 5,129 Insurance service result Net investment result Other1
Page 31
© Zurich • P&C BOP was USD 5,129m, 22% higher than in the previous year driven by 8% higher insurance revenue and a 1.6 percentage points lower combined ratio. The EMEA insurance service result increased USD 569m and North America had an increase of USD 359m. This was largely the result of planned management actions particularly in the crop, motor, and program portfolios underlining the Group’s disciplined underwriting approach. • Net investment result was USD 31m lower than in the previous year. This was mainly driven by lower realized capital gains and an increase in the insurance finance expenses compared to the previous year. This was partially offset by investment income USD 132m above prior year due to the earn-through of higher yields. • The impact of fee result, other result, policyholder tax and non- controlling interests decreased USD 89m compared to the prior year period mainly driven by technical non-qualifying expenses. 31 Commentary P&C – BOP components February 19, 2026 Full year results 2025
Page 32
© Zurich P&C combined ratio walk (%) 32 Combined ratio improvement driven by lower attritional loss ratio and favorable catastrophe loss experience P&C – Combined ratio details February 19, 2026 Full year results 2025 -1.1% Undiscounted AY excl. Cat -1.9% Cat 0.3% Discount -0.2% PYD FY-25Other insurance expenses 0.5% Premium tax -0.1% Commissions 0.9% 94.2% 92.6% FY-24 FY-24 67.7% 3.1% -3.6% -1.6% 16. 8% 1.3% 10.6% FY-25 66.6% 1.2% -3.3% -1.8% 17.7% 1.2% 11.1%
Page 33
© Zurich • P&C combined ratio of 92.6% decreased 1.6 percentage points compared to the prior year period driven by a lower loss ratio despite an increase of the expense ratio due to the acquired global personal travel insurance and assistance business from AIG as well as higher commission expenses due to business mix shifts. • The reported loss ratio decreased by 2.9 percentage points to 62.7%. The undiscounted accident year loss ratio excluding catastrophe losses decreased by 1.1 percentage points to 66.6% driven mainly by an improvement in the EMEA motor and property portfolios. • Natural catastrophe losses totaled 1.2% compared to a catastrophe loss ratio of 3.1% in the prior year period and well below the guidance of 2.5-3.0%. A benign experience as well as continued efforts to reduce our AAL / PML exposure led to the favorable result. • Prior year development of 1.8% remained within the indicated 1-2% range. All regions experienced favorable development in 2025. • The expense ratio of 29.9% was 1.3 percentage points higher than in the previous year, driven by the acquired global personal travel insurance and assistance business from AIG as well as higher commission expenses due to business mix shifts. 33 Commentary P&C – Combined ratio details February 19, 2026 Full year results 2025
Page 34
© Zurich P&C with excellent underlying profitability, with a particularly strong performance in Retail P&C – Combined ratio by segment and customer unit February 19, 2026 Full year results 2025 1 Excluding Group Reinsurance and Eliminations. Discount impact: Commercial FY-24 4.3% / FY-25 4.1%; Retail and SME FY-24 2.2% / FY-25 1.9%. 2 Excluding acquired AIG’s global personal travel insurance and assistance business. FY-25 90.8% / +1.5 percentage points on a reported basis. Accident year combined ratio (AY CR) excl. catastrophes by region (%) AY CR excl. catastrophes by customer unit (%)1 % of Group FY-25 insurance revenue1 41% 44% 8% 6% 61% 39% 96.3% 89.3% 95.0% 94.9%95.0% 90.5% 97.0% 94.5% EMEA North America2 Asia Pacific Latin America -1.4ppts +1.2ppts +2.1ppts -0.4ppts FY-24 FY-25 90.2% 97.0%91.3% 95.7% Commercial Retail and SME +1.1ppts -1.2ppts FY-24 FY-25 34
Page 35
© Zurich • In EMEA, the accident year combined ratio ex-catastrophes improved 1.4 percentage points compared to prior year mainly driven by a better loss experience in the motor and property portfolios due to improved pricing sophistication and risk selection as well as higher earned premium rates. • In North America, the accident year combined ratio ex- catastrophes increased 1.2 percentage points compared to prior year as an underlying improvement was offset by higher expenses compared to the prior year driven by a higher commission ratio due to business mix shifts and growth investments. • The Asia Pacific accident year combined ratio ex-catastrophes increased 2.1 percentage points compared to prior year driven by a higher loss experience which was partially offset by lower expenses due to a favorable business mix shift and expense efficiency. • In Latin America, the accident year combined ratio ex- catastrophes improved 0.4 percentage points compared to the previous year driven by an overall favorable loss experience and underlying improvements in the technical result. • The Commercial Insurance accident year combined ratio ex- catastrophes deteriorated 1.1 percentage points compared to prior year. This was mainly driven by higher expenses compared to the prior year driven by a higher commission ratio due to business mix shifts and growth investments. • For the Retail and SME business, the accident year combined ratio excluding catastrophes was 1.2 percentage points lower than in the previous year driven by favorable loss experience within the motor and property portfolios due to improved pricing sophistication and risk selection as well as higher earned premium rates. 35 Commentary P&C – Combined ratio by segment and customer unit February 19, 2026 Full year results 2025
Page 36
© Zurich Investment result in BOP (USDm) 36 P&C investment income continues to benefit from book yield expansion Investment income yield of Group investments (%)1 Insurance finance expense (% of liabilities for incurred claims) P&C – Investment result February 19, 2026 Full year results 2025 1 Net of investment expenses. Investment income yield calculated based on average Group Investments (accounting view) during the period on an annual basis. 2 Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis. Reinvestment yield calculated as a weighted-average trade yield of purchased debt securities with maturity >90 days during the period on an annual basis. 2,503 269 -1,233 FY-24 2,635 211 -1,338 FY-25 1,539 1,508 -2% Investment income Realized capital gains/losses Re-/Insurance finance expenses (incl. unwind of discount) 3.8% 3.9% FY-24 FY-25 Book yield2 3.6% 3.9% Reinvestment yield2 5.0% 4.5% 2.8% 2.8% FY-24 FY-25
Page 37
© Zurich • Net investment result decreased 2% compared to the previous year as higher investment income was more than offset by lower realized capital gains and the increase of the unwind of discount. • Investment income was up 5% (USD 132m) compared to the prior-year period, driven by improved investment yields. • Realized capital gains in BOP of USD 211m were driven by an appreciation of the market value of the hedge fund portfolio in 2025 compared to USD 269m in the prior year period. • Insurance finance expenses of USD 1,338m increased 8% compared to the previous year due to an increase of the unwind of discount. • The book yield for debt securities rose to 3.9% while reinvestment rates on debt securities decreased to 4.5%. 37 Commentary P&C – Investment result February 19, 2026 Full year results 2025
Page 38
© Zurich Group catastrophe reinsurance protection (USDm) 38 Reinsurance program protecting our balance sheet February 19, 2026 Full year results 2025 1 Europe cat treaty calculated with EUR/USD exchange rate of 1.18795 as of January 31, 2026 (EUR 390m in excess of EUR 425m). 2 Occurrence deductible of USD 50m; placed USD 380m of a USD 400m aggregate limit (5% co-participation). 505 650 200 463 550 300 400 400 400 215 1,200 Europe all perils1 1,200 U.S. all perils 1,200 Rest of world all perils 850 400 Global aggregate cat treaty2 North America earthquake swap Global aggregate cat treaty Global top cat Global cat treaty Regional cat treaties Retention P&C – Reinsurance
Page 39
© Zurich • Effective Jan 1, we have renewed our Global Aggregate Cat treaty with an increased capacity (95% vs 87.5%) with risk adjusted stable prices. • We renewed our Global Top Cat XL including an added cyber coverage with a risk adjusted reduction in renewal pricing, reflecting reinsurers strong confidence in our portfolio. • Other treaties such as the Global Surety XOL or U.S. Liability Quota Share have been renewed without major changes at fairly stable conditions and favorable pricing. • Overall, we see stable renewal conditions and favorable pricing. 39 Commentary P&C – Reinsurance February 19, 2026 Full year results 2025
Page 40
© Zurich Gross premiums by line of business (USDbn)1 40 Life gross premiums1 up 7% like-for-like February 19, 2026 Full year results 2025 1 Gross written premiums for Protection, gross policyholder inflows (incl. deposits) for all other lines of business (including investment and asset management contracts). 2 Total does not match with the sum of regions due to intercompany eliminations. 3 In local currencies and after adjusting for methodological changes, and the transfer of a Life portfolio to Non-Core Businesses. Life – Gross premiums Gross premiums by region (USDbn)1,2 Unit-linked Protection Savings & annuities Total2 20.9 20.4 8.7 9.7 3.5 6.1 33.1 36.2 -3% +5% +77% +7% FY-24 FY-25 Like-for-like change (%)3 EMEA Latin America Asia Pacific North America 21.7 25.4 8.0 6.9 2.8 3.2 1.0 0.9 +12% -10% +16% -6%
Page 41
© Zurich • In FY-25, Life gross premiums grew 7% on a like-for-like basis compared to the prior year, driven by capital efficient savings and protection products. • Protection gross premiums increased 5% on a like-for-like basis. Growth in EMEA, Asia Pacific and captive employee benefits solutions was partly offset by a softer performance in Latin America, which saw a temporary slowdown in bank distribution activity in Brazil in the first half. • Savings & annuities gross premiums rose 77% on a like-for-like basis driven by the successful launch of a capital efficient retail savings product in Spain through the joint venture with Banco Sabadell. • Unit-linked gross premiums were 3% below prior year on a like- for-like basis, primarily driven by lower sales in Brazil. • In EMEA, gross premiums were up 12% on a like-for-like basis benefiting from strong growth in protection across the region, and from high volumes of the above mentioned newly launched savings product in Spain. • In Latin America, gross premiums declined 10% like-for-like, driven by lower sales of protection and unit-linked products. • In Asia Pacific, gross premiums grew 16% on a like-for-like basis, driven by growth in unit-linked and protection. • In North America, gross premiums declined 6% on a like-for-like basis, driven by unit-linked sales. 41 Commentary February 19, 2026 Full year results 2025 Life – Gross premiums
Page 42
© Zurich CSM generating businesses1 Businesses without CSM1 42 New business CSM grew 11% like-for-like Life – New business and revenues February 19, 2026 Full year results 2025 1 CSM generating businesses include long term insurance contracts accounted for under the Building Block Approach (BBA) and Variable Fee Approach (VFA). Businesses wi thout CSM include short term insurance contracts accounted for under the Premium Allocation Approach (PAA) and investment contracts accounted for under IFRS 9. 2 PVNBP: Present value of new business premiums. NB CSM: new business contractual service margin. 3 In local currencies and after adjusting for methodological changes, and the transfer of a Life portfolio to Non-Core Businesses.. Protection Unit-linked Savings & annuities Total 6,626 8,865 4,006 19,497 Like-for-like change (%)3 6% (2%) 122% 853 338 41 1,231 Like-for-like change (%)3 9% 23% (10%) 837 Short term protection: Insurance revenues Investment contracts: Fee revenues 2,993 PVNBP (USDm)2 NB CSM (USDm)2 Revenues (USDm) Like-for-like change (%)3 9% 13% 14% 11%
Page 43
© Zurich • In FY-25 the Group saw strong growth in Life new business. Long term insurance contracts earn profits over time mainly through the release of CSM and risk adjustment. • Present value of new business premiums (PVNBP) increased 14% on a like-for-like basis to USD 19.5bn driven by growth of capital efficient savings and protection products in Europe as well as unit-linked sales in Asia-Pacific. Protection saw an acceleration in H2, reflecting a return to growth in Latin America, following a temporary slowdown in H1. • New business written in FY-25 added USD 1,231m of CSM. New business CSM was 11% higher on a like-for-like basis compared with FY-24 driven by sales growth. • New business margin (NBM) was 6.3% in FY-25 (6.5% in FY-24). The reduction reflects strong sales of a capital efficient savings product in Spain. Excluding this, NBM was higher than in the prior year. • Insurance revenues for short term life insurance, which is mainly related to the protection business in Latin America, grew 9% on a like-for-like basis. These contracts typically earn their technical result in the same year instead of releasing profits through CSM over time. • Fee revenues for investment contracts, which are mainly written in EMEA, grew 13% on a like-for-like basis compared with the prior year, benefiting from higher assets under management. Like short term Life, investment contracts do not generate CSM but typically earn their fee result within the year. 43 Commentary February 19, 2026 Full year results 2025 Life – New business and revenues
Page 44
© Zurich BOP by driver (USDm) BOP by region (USDm) 44 Record high BOP of USD 2.3bn February 19, 2026 Full year results 2025 1 Includes CSM amortization and risk adjustment release. CSM amortization includes USD 4m adjustment related to Argentina and Turkey hyperinflation (USD 5m in FY-24). 2 Includes experience adjustments, net impact of onerous contracts, income tax expense or benefit attributable to policyholders, any fee result not related to investment contracts, and other result. 3 Includes Group Reinsurance. 545 322 Long-term insurance: Profit release1 Short-term insurance: Technical result Investment contracts: Fee result 62Investment result, experience and other2 -466Non-controlling interests FY-25 BOP 2,288 1,825 418 286 EMEA Latin America Asia Pacific 22North America and other3 FY-25 BOP 2,288 1,562 Life – Business operating profit +142 (+8%) +24 (+5%) +52 (+19%) -169 (-73%) +4 (n.m.) +53 (+2%) -13 (-1%) +61 (+17%) +44 (+18%) -38 (-64%) +53. (+2%) Δ Y-o-Y (USDm, %) Δ Y-o-Y (USDm, %)
Page 45
© Zurich • Life BOP hit a new high of USD 2,288m, with a USD 53m increase compared to the prior year which included USD 154m of non-recurring benefits from reserve releases and the non- completion of the disposal of a legacy back book in Germany. • Performance was supported by strong underlying dynamics. Profit release from long term contracts, which consists of CSM amortization and risk adjustment release, increased 8% driven by EMEA. Technical result from short term protection contracts increased 5% year on year, with 9% like-for-like growth partially dampened by adverse currency movements in Latin America. Fee result from investment contracts, which are predominantly written in EMEA, added USD 322m of BOP in FY-25. The 19% year on year increase was driven by higher assets under management and broadly stable margins. The contribution of investment result and other profit drivers was USD 169m below FY-24 which benefited from USD 154m of non-recurring gains. • In EMEA, BOP declined 1% year on year. While insurance margin and fee result improved, overall BOP was lower than in the prior year, which benefited from USD 154m of non-recurring gains. • Latin America BOP increased 17% year on year, driven by a higher technical result for short term protection as well as a lower headwind from inflation and currency depreciation in Argentina. • Asia-Pacific BOP increased 18% year on year, primarily driven by a favorable impact from re-pricing actions in Australia. • BOP for North America and Other was USD 38m below prior year, mainly reflecting the transfer of an individual Life portfolio to Non-Core Businesses. 45 Commentary February 19, 2026 Full year results 2025 Life – Business operating profit
Page 46
© Zurich Farmers BOP (USDm) Commentary • Farmers Management Services (FMS) BOP rose 4% year-on-year, supported by higher gross earned premiums at the Farmers Exchanges¹ and strong growth in Agency Brokerages. The Managed GEP margin remained stable at 7.0%. • Farmers Re delivered BOP of USD 243m, up 27% from prior year, driven by improved underwriting at the Farmers Exchanges¹, partly offset by a lower reinsurance participation of 8.0% versus 10% last year. The participation in the all-lines quota share was renewed at 5.75%, effective December 31, 2025. • Farmers Life reported BOP of USD –7m, down USD 27m from prior year, reflecting higher project expenses supporting the launch of the new platform and non-repeating prior year impacts related to the Resolution Life transaction. 46 FMS and Farmers Re BOP driven by Farmers Exchanges¹ premium growth and outstanding underwriting results Farmers February 19, 2026 Full year results 2025 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 192 243 FY-25 2,286 20 FY-24 -7 2,074 2,387 2,152 +4% Farmers Management Services Farmers Re Farmers Life
Page 47
© Zurich Group Functions and Operations BOP (USDm) Non-Core Businesses BOP (USDm) 47 Group Functions and Operations with unfavorable FX impact; Non-Core Businesses report favorable year-on-year experience Group Functions and Operations & Non-Core Businesses February 19, 2026 Full year results 2025 -354 -400 -496 -483 FY-24 -17-20 -870 -900 FY-25 Headquarters (HQ) Zurich Global Ventures Holding and Financing -104 -48 FY-24 FY-25
Page 48
© Zurich • Group Functions and Operations reported net expenses of USD 900 million, driven by an unfavorable foreign-exchange translation effect, reflecting the USD weakening against the CHF. • The Group’s Non-Core Businesses reported an operating loss of USD 48 million, an improvement from the USD104 million loss in the prior year, driven by favorable year-on-year loss development and the absence of the prior year’s reinsurance loss. 48 Commentary Group Functions and Operations & Non-Core Businesses February 19, 2026 Full year results 2025
Page 49
© Zurich Shareholders’ equity (USDm) Capital structure (%)1 49 Shareholders’ equity up 12% driven by record NIAS Balance sheet and capital structure February 19, 2026 Full year results 2025 1 Based on IFRS balance sheet. 2 Including non-controlling interests. 125 FY-24 NIAS Dividend Currency translation adjustment Net unrealized gains/ losses Treasury share transactions Pension plans & other FY-25 25,472 6,798 -4,665 1,007 -80 -143 28,515 +12% 52% 52% 19% 20% 17% 17% 8% 7% 4% FY-24 4% FY-25 Shareholders’ equity2 CSM (after tax) Risk adjustment (after tax) Subordinated debt Senior debt
Page 50
© Zurich • Shareholders’ equity increased by USD 3.0bn compared to year end 2024. This was driven by strong NIAS of USD 6.8bn, which more than compensated for the payment of the Group dividend of USD 4.7bn, as well as a favorable movement in net unrealized gains and losses. • CSM after tax of USD 11.9bn was USD 1.8bn higher than in FY-24, driven by favorable movements in Life. • Risk adjustment after tax of USD 2.1bn increased by USD 0.1bn, mainly due to foreign exchange movements. • The stock of subordinated debt increased by USD 0.9bn to USD 9.8bn, reflecting the issuance of USD 750m of dated subordinated debt in May, the redemption of USD 300m of subordinated debt in October, and foreign currency movements. • Senior debt increased by USD 0.2bn to USD 4.2bn as foreign currency movements more than offset the benefit from the redemption of USD 0.2bn commercial papers. 50 Commentary Balance sheet and capital structure February 19, 2026 Full year results 2025 • The proportion of debt in the IFRS based capital structure decreased to 24.1%, from 24.8% in FY-24. Group leverage improved and remains well in line with the Moody’s Aa range, with an estimated financial leverage of 20.7% as of FY-25.
Page 51
© Zurich Debt (USDbn) and average debt cost (%) Balanced refinancing needs (USDbn)1 51 Low average debt cost and balanced maturity profile Debt February 19, 2026 Full year results 2025 1 Maturity profile based on first call date for subordinated debt and maturity date for senior debt, excluding commercial papers. 1.9 0.4 1.0 0.6 0.9 1.7 2.4 0.5 0.8 0.3 0.6 0.2 0.8 0.6 0.4 0.6 0.3 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2.1 1.8 1.2 1.3 2.4 2.8 Senior Subordinated Average debt cost (%) FY-24 FY-25 Subordinated 4.1% 3.9% Senior 1.8% 1.9% Total 3.2% 3.3% 8.9 9.8 4.0 4.2 FY-24 FY-25 12.9 14.0 Senior Subordinated
Page 52
© Zurich Group Swiss Solvency Test (%)1 Q3-25 SST sensitivities impact (ppts)2 Very strong capital position, SST ratio well in excess of the 160% floor Solvency February 19, 2026 Full year results 2025 1 On Swiss Solvency Test (SST) see footnote on page 3. 2 Sensitivities are best estimates and include the impact on the pension plans in the UK. For the interest rate sensitivities, shocks are applied to the liquid part of the yield curve. 3 Credit Spreads (CS) include mortgages. CS sensitivities of available capital include changes to the volatility adjustment applied to interest rates curves. 204% 216% 221% 222% 267% 253% 259% 0% 100% 200% 300% FY-16 FY-17 FY-18 FY-19 182% FY-20 212% FY-21 FY-22 234% FY-23 FY-24 ≥160% FY-25e SST Minimum target capitalization +9ppts -10ppts +6ppts -7ppts -12ppts -8ppts Interest rate +50bps Interest rate -50bps Equities +20% Equities -20% Credit spreads +100bps3 CS excl. EUR sovereign +100bps3 52
Page 53
© Zurich FY-25 Available Financial Resources (USDbn) FY-25 Risk Capital Split (%)2 53 Well diversified capital base by business segment Solvency February 19, 2026 Full year results 2025 1 Net intangibles excluding insurance acquisition cash flows, gross of non-controlling interests. 2 Split is based on the contribution to the aggregated risk. 3 Includes Farmers, Group Functions & Operations and Non-Core Businesses. 54% 27% 7% 6% 4% 2% Market risk Premium and reserve risk Business risk Natural catastrophe risk Life insurance risk Other credit risk 60% 38% 2% Property & Casualty Life Other3 Risk adjustment 6.8Adjustments to best estimate liabilities 0.2 Shareholders’ equity -3.5Market value margin Available Financial Resources -5.4Dividend Accrual Share buyback accrual -11.2Net intangibles and deferred taxes1 9.8Eligible subordinated debt 15.2Contractual service margin 2.7 28.5 0.0 43.2 Other adjustments
Page 54
© Zurich Normalized cash remittances in % of NIAS Cash remittances (USDbn) 54 Strong cash remittances from all business segments Group - Cash remittances February 19, 2026 Full year results 2025 P&C Life Farmers Total ~90% ~75% ~95% ~85% 3.3 3.2 5.4 0.9 1.7 1.7 1.6 3.4 1.7 -1.0 -1.1 -1.3 -0.1 FY-23 0.0 FY-24 -0.1 FY-25 4.8 7.1 7.4 Farmers Life Property & Casualty Group Functions & Operations Non-Core Businesses
Page 55
© Zurich Disclaimer and cautionary statement 55February 19, 2026 Full year results 2025 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.
Page 56
© Zurich 56 Other important information
Page 57
© Zurich Dividend policy1 Dividend per share (CHF) 57 We are focused on continuing to reward our shareholders Group – Dividend policy February 19, 2026 Full year results 2025 1 The dividend is subject to the approval by the shareholders at the Annual General Meeting. NIAS payout ratio of ~75% Dividend increases based on sustainable earnings growth Minimum target of prior year level 17 18 19 20 20 22 24 26 28 30 FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-251
Page 58
© Zurich Core ROE (%)1 EPS growth (USD)2 SST (%)3Cash remittances (USDbn) 2023-2025 targets comfortably exceeded 2023-25 targets February 19, 2026 Full year results 2025 1 Previously named BOPAT ROE. Business operating profit after tax return on equity, excluding unrealized gains and losses. 2 Diluted earnings per share (EPS) CAGR in USD based on reported NIAS is 12%. The baseline for the 2023-2025 EPS growth target is USD 32.1 which assumed the achievement of the 5% EPS CAGR target of the 2020-2022 financial cycle. 3 On Swiss Solvency Test (SST), see footnote on page 3. 26.9% FY-25 Target 2023-2025 >20% 4.8 13.5 7.1 7.4 Cumulative 2023-2025 Target 2023-2025 FY-25 FY-24 FY-23 19.3 259% FY-25e Target 2023-2025 ≥160% 58 32.1 47.2 40.4 FY-22 baseline FY-25 Target 2023-2025 (8% CAGR) 14% CAGR
Page 59
© Zurich tNPS1 FY-25 vs. FY-24 Brand consideration ranking4 59 Update on customer satisfaction and brand consideration Customer KPIs Full year results 2025 1 Transactional net promoter score (Retail & SME). 2 Zurich Retail & SME. Does not include Farmers Exchanges. 3 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 4 Retail markets in scope: Argentina, Australia, Austria, Brazil, Germany, Hong Kong (excluding 2020), Ireland, Italy, Japan, Malaysia, Mexico, Portugal, Spain, Switzerland, UK. Global2 +3.5pts EMEA +1.0pts Asia Pacific +2.9pts Latin America +11.1pts Farmers Exchanges3 +8.1 pts 60% 57% 53% 53% 47% 40% 33% 27% 21% 33% 33% 33% 40% 53% 13% 21% 13% 13% 20% 20% 13% FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 Top 3 Top 5 Below top 5 February 19, 2026
Page 60
© Zurich FY-25 Group investments (%)1 FY-25 non-financial credit (%)FY-25 asset quality (%) 60 Well diversified and stable investment portfolio Investments February 19, 2026 Full year results 2025 1 Market value of the investment portfolio (economic view). 33% 44% 8% 5% 6% 2% 3% Government and government guaranteed Credit, private debt Mortgages Real estate Equities Hedge funds, private equity Cash USD 178bn 27% 15% 39% 15% 20% 31% 9% 28% 10%4% Government and government guaranteed Credit and private debt USD 59bn USD 77bn AAA AA A BBB Non-investment grade Unrated 19% 17% 15%14% 10% 6% 7% 4% 4% 5% Other Consumer non-cyclical Utility Consumer cyclical Communications Energy Capital goods Government owned, no guarantee Transportation Technology USD 26bn
Page 61
© Zurich FY-25 rating of credit and private debt securities (%) 61 Credit and private debt exposure Investments February 19, 2026 Full year results 2025 19% 82% 72% 17%10% 51% 27% 31% 55% 27% 10% 12% 47% 32% 30% 15% 38% 1% 6% Non-financial credit 1% 1% Financial credit Municipals, agencies, state credit 5% 2% Asset backed securities 1% Covered bonds 2% Other USD 25.9bn USD 19.8bn USD 12.3bn USD 5.8bn USD 3.6bn USD 9.9bn 3% AAA AA A BBB Non-investment grade
Page 62
© Zurich Like-for-like growth 62 Calculation of like-for-like growth Alternative performance measures February 19, 2026 Full year results 2025 1 In constant rates. 2 Gross written premiums for protection and gross policyholder inflows (including deposits) for unit-linked and savings & annuities (including investment and asset management contracts). Business KPI FY-24 (USDm) FY-25 (USDm) Like-for-like (%)Rep M&A/Other Adj Rep FX M&A/Other1 Adj1 P&C GWP 46,624 (127) 46,497 50,422 (326) (1,261) 48,834 5% P&C Insurance revenue 44,792 (115) 44,677 48,234 (462) (1,089) 46,682 4% Life GWP2 33,061 4 33,065 36,194 (705) - 35,488 7% Life – long term insurance PVNBP 16,891 47 16,937 19,497 (234) - 19,263 14% Life – long term insurance NB CSM 1,094 - 1,094 1,231 (13) - 1,218 11% Life – short term insurance Insurance revenue 2,804 - 2,804 2,993 76 - 3,069 9% Life – investment contracts Fee revenue 717 - 717 837 (29) - 808 13%
Page 63
© Zurich 63 Other information
Page 64
© Zurich For further information February 19, 2026 Full year results 2025 Investor Relations website Investor Relations and Rating Agency Management • Jon Hocking +41 44 628 18 34 • Francesco Bonsante +41 44 628 00 68 • Samuel Han +41 44 625 32 57 • Johannes Herholdt +41 44 625 25 53 Events • Patricia Heina +41 44 625 38 44 Follow us on: Call us Visit or follow us Financial results and reports 64
Page 65
© Zurich© Zurich Thank you Upcoming events • 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