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Z ZURICH Driving growth , delivering value Half year results 2026 August 6 , 2026 Investor and media presentation Zurich Insurance Group © Zurich
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© Zurich Key highlights Additional information 2 Content August 6, 2026 Half year results 2026 P&C Capital Life Outlook Farmers Group P&C Other segments Life Disclaimer Solvency and debt Dividend policy Investment portfolio Alternative performance measures Back to content page Contacts and calendar Strategic highlights Balance sheet and capital structure
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© Zurich Key messages Confident to meet or exceed 2027 targets High-quality results, delivering a record BOP of USD 4.8bn in HY-26, up 13% with profitable growth across all business segments. Core EPS up 11.5% to USD 24.21, with Core ROE of 27.1%1 P&C: Targeted growth at attractive margins P&C BOP rose 16% to USD 2.8bn. Targeted growth and disciplined underwriting supported an attractive combined ratio of 92.7%, while GWP grew 7%2 to USD 29.9bn Life: Step up in Protection growth ahead of targets Life BOP up 16%2 to USD 1.3bn. GWP at USD 19.5bn with strong growth in Protection GWP up 10%2 ahead of 2027 target. We expect Life BOP to grow by at least 10% in FY-26 Farmers Exchanges3: Outperforming the market Highest ever H1 BOP for Farmers of USD 1.2bn. Farmers Exchanges3 outperforming peers. Policy count (PIF) growth accelerates and broadens across channels Balance sheet strength SST ratio very strong at 266% as of HY-264 well in excess of the 160% floor August 6, 2026 Half year results 2026 3 1 Excluding the impact of the capital raise related to the proposed acquisition of Beazley Plc. as well as the associated earnings impacts. 2 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. 3 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 4 Estimated Swiss Solvency Test (SST) ratio, 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. HY-26e SST ratio does not reflect the impact of the capital raise completed in March to partly finance the acquisition of Beazley Plc., which is expected to complete in H2-26, subject to regulatory approvals.
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© Zurich Core ROE (%)1 Core EPS growth (%)2 SST (%)3Cash remittances (USDbn) Confident to meet or exceed 2025-2027 targets Strategic highlights August 6, 2026 Half year results 2026 1 Business operating profit after tax (BOPAT) divided by average shareholders’ equity excluding unrealized gains and losses. Excluding the impact of the capital raise related to the proposed acquisition of Beazley Plc., as well as the associated earnings impacts. Core ROE of 25.1% on a reported basis. 2 Core Earnings per Share (EPS) in USD based on business operating profit after tax (BOPAT). Excluding the impact of the capital raise related to the proposed acquisition of Beazley Plc, as well as the associated earnings impacts. Core EPS year on year growth of 9.0% on a reported basis. 3 On Swiss Solvency Test (SST), see footnote on page 3. 266% HY-26e Floor ≥160% 4 27.1% HY-26 Target 2025-2027 >23% 7.4 Cumulative 2025-2026 Target 2025-2027 >19.0 11.5% HY-26 vs. HY-25 Target 2025-2027 >9% FY-26e FY-25
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© Zurich GWP (USDbn)1 NIAS (USDbn)BOP (USDbn) 5 All business segments contributed to record HY-26 results reflecting strength of diversified business model Strategic highlights August 6, 2026 Half year results 2026 1 Gross written premiums for P&C and Life Protection, and 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. 16.3 25.3 HY-24 18.2 27.1 HY-25 19.5 29.9 HY-26 41.6 45.4 49.4 9% CAGR -0.4 1.1 1.0 2.2 HY-24 -0.4 1.2 1.0 2.4 HY-25 -0.5 1.2 1.3 2.8 HY-26 4.0 4.2 4.89% CAGR HY-24 HY-25 HY-26 3.0 3.1 3.57% CAGR P&C Life Farmers Other2
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© Zurich Commercial Driving disciplined growth Life Expanding franchise Farmers Building growth momentum Retail Loyalization and excellence 6 Strong H1 progress reinforces confidence in 2027 targets Strategic highlights August 6, 2026 Half year results 2026 1 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. 2 Comparison period June 30, 2026 vs. December 31, 2025. 3 Data refers to Farmers Exchanges. For all references to Farmers Exchanges see the disclaimer and cautionary statement. Confident to meet or exceed our 2027 targets ✓ 91.2% combined ratio ✓ 7% GWP growth in Middle Market1 ✓ 8% GWP growth in Global Specialty1 ✓ 0.6ppts improvement in AY ex-Cat CoR ✓ 8% GWP growth1 ✓ +2.1pts tNPS improvement ✓ 16% BOP growth1 ✓ 10% Protection GWP growth1 ✓ 4% growth in Assets under Management2 ✓ 4% GWP growth3 ✓ Accelerating PIF growth (+215k)3 ✓ Strong balance-sheet (58.7% surplus ratio)3 HY-26 proof points Prioritize growth opportunities in Middle Market / Specialty, maintain strong profitability Accelerate focus on customer loyalty and pricing/ claims excellence Step-up Protection growth and underwriting capabilities under a single global umbrella Continue transformation enabling sustainable growth at Farmers Exchanges3
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© Zurich Recommended offer for Beazley1 Indicative timeline to completionEstablishing the leader in global Specialty 7 Beazley accelerates our ambition to become global Specialty leader Strategic highlights August 6, 2026 Half year results 2026 1 More details available at: Beazley Offer | Zurich Insurance. 2 Mid-single digit % Core EPS accretion from the first full year post completion, and double-digit ROI in the medium term. 3 Pro-forma GWP as at December 31, 2025 based on: (i) Beazley’s audited annual report and accounts for the year ended December 31, 2025; and (ii) Zurich's Global Specialty GWP as disclosed on page 10 of Zurich’s Investor and media presentation for the year ended December 31, 2025. 4 Peers include AIG (based on 2025 Investor Day), Allianz, AXA, Berkshire Hathaway, Chubb, Liberty Mutual, Munich Re, QBE. Numbers are partially estimated. 5 Subject to regulatory approvals. March 2, 2026 Announcement as per Rule 2.7 March 26, 2026 Scheme document publication April 22, 2026 Beazley shareholders’ vote H2-26 Expected completion5 Commercial Specialty FY-25 GWP (USDbn)3,4 15.7 9.6 6.1 Pro-forma Zurich Beazley Adds complementary capabilities in growing Specialty markets Broadens Specialty product offering and access to Lloyd’s Unlocks cost and capital synergies, and additional revenue opportunities Expected to be mid-single digit % Core EPS accretive and double- digit ROI2
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© Zurich GWP (USDbn) BOP (USDbn) 8 P&C delivering strong growth and earnings momentum P&C August 6, 2026 Half year results 2026 1 Eliminations and other include Group Re results. 0.5 1.8 -0.1 HY-24 0.7 1.8 -0.1 HY-25 0.8 2.0 -0.1 HY-26 2.2 2.4 2.8 12% CAGR Retail and SME Commercial insurance Eliminations and other1 8.9 16.4 0.1 HY-24 10.2 16.9 0.1 HY-25 11.5 18.3 0.1 HY-26 25.3 27.1 29.9 9% CAGR Retail and SME Commercial insurance Eliminations and other1
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© Zurich P&C – Group (%) P&C – Retail and SME (%) P&C – Commercial (%) Delivering attractive P&C margins through the cycle P&C August 6, 2026 Half year results 2026 9 93.6% 92.4% 92.7% HY-24 HY-25 HY-26 -0.8ppts Combined ratio 91.4% 90.5% 91.2% HY-24 HY-25 HY-26 -0.2ppts 96.4% 94.1% 94.0% HY-24 HY-25 HY-26 -2.5ppts
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© Zurich P&C combined ratio walk (%) • Combined ratio remained at an attractive level and broadly stable year-on-year, reflecting the resilience of Zurich's diversified portfolio and disciplined underwriting • PYD ratio benefited from favourable development in recent short-tail accident years, particularly EMEA Property, Global Travel and U.S. Crop. Overall prudent reserving approach unchanged • Commissions increased mainly due to business mix changes 10 Attractive profitability maintained through active portfolio management and underwriting discipline P&C August 6, 2026 Half year results 2026 0.3% 0.1% 0.5% 0.0% 0.1% Undiscounted AY excl. Cat Cat Discount PYD Commissions Premium tax Other insurance expenses HY-26 92.4% -0.1% -0.6% 92.7% HY-25 +0.3ppts HY-25 65.9% 1.8% -3.5% -1.8% 17.7% 1.2% 11.1% HY-26 66.2% 1.9% -3.5% -2.4% 18.2% 1.2% 11.2%
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© Zurich GWP like-for-like1 +6% Commercial GWP by business (USDbn) 8.3 8.7 5.1 5.5 4.4 5.0 -0.9 HY-25 -0.9 HY-26 16.9 18.3 +8% Commercial GWP by driver (USDbn) 11 Diversified Commercial portfolio delivers growth at attractive returns P&C - Commercial August 6, 2026 Half year results 2026 1 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. U.S. Commercial Global Specialties International Elliminations HY-25 0.1 Rate change 0.1 Exposure change 1.1 Net new business incl. Captives and Crop 0.2 FX and eliminations HY-26 16.9 18.3 +8% +7% +8% +5%
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© Zurich Global Specialty growth accelerating... Global Speciality GWP (USDbn)1 Structural infrastructure growth opportunities • AI-driven data center expansion (>500 projects insured in the U.S. over the last 5 years); Zurich leading 70% of its underwritten projects • Power infrastructure investment • Water and civil infrastructure spending • Advanced manufacturing build-out …driven by U.S. Construction 12 Specialty positioned to capture fast-growing demand from AI-driven infrastructure investments P&C - Commercial August 6, 2026 Half year results 2026 1 Prior years restated for a run-off portfolio transferred to non-core businesses. HY-24 HY-25 HY-26 0.8 1.0 1.3 AY COR ex Cat (%) GWP (USDbn) Ø 92.0% HY-26 vs PY +31% HY-24 HY-25 HY-26 4.7 4.9 5.5 8% CAGR AY COR ex Cat 91.2%
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© Zurich Targeted growth in attractive portfolios Proactive use of reinsurance • Existing treaties renewed, with selected increases in protection purchased at improved risk-adjusted economics • Data Center Construction quota share supports strategic growth • New quota shares support selective capacity deployment in Energy Onshore and International Corporate Liability Tactical actions in selected areas 13 Active portfolio steering allows profitable growth across the cycle P&C - Commercial August 6, 2026 Half year results 2026 -21% -5% -13% +18% +8% +13% Active portfolio steering supports selective growth, disciplined risk selection and controlled volatility Global Specialties Construction U.S. Commercial Crop Middle Market EMEA Global Specialties Energy Onshore Property U.S. Large Property Middle Market U.S. Programs GWP growth vs. HY-25 GWP growth vs. HY-25
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© Zurich GWP like-for-like1 +7% Middle Market GWP (USDbn) • U.S. Middle Market: Growth in Specialties partly offset by a reduction in Programs as we maintain underwriting discipline • International: Broad-based growth across EMEA, growing double digit in Germany, Italy and rest of continental Europe • APAC (+40%) and Latam (+11%) growing strongly, from a lower base, reflecting the strength of Zurich’s global approach • Total Middle Market accident year combined ratio excluding catastrophe losses was strong at 90.3% for HY-26 14 Middle Market growth reflects broad-based and targeted expansion in U.S. and Europe P&C - Commercial August 6, 2026 Half year results 2026 1 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. 1.5 0.7 1.8 HY-25 1.7 0.6 2.1 HY-26 4.0 4.4 +9% U.S. ex Programs U.S. Programs International +15% -13% +9%
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© Zurich Retail GWP by driver (USDbn) Retail AY combined ratio excluding catastrophes (%) P&C Retail BOP (USDm) 15 Retail delivers strong growth while underlying profitability continues to improve P&C - Retail August 6, 2026 Half year results 2026 502 723 825 HY-24 HY-25 HY-26 +64% 97.4% 95.3% 94.6% HY-24 HY-25 HY-26 -2.9pptsHY-25 0.3Rate change 0.1Exposure change 0.5Net new business 0.5FX and eliminations HY-26 10.2 11.5 +13%
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© Zurich Invest in pricing and claims across geographies EMEA Motor profitability EMEA Retail Motor – Combined ratio (%) Increased customer loyalty Retail and SME – tNPS (pts) 16 Pricing, claims and analytics continue to drive improvement in Retail profitability August 6, 2026 Half year results 2026 8% 7% % Rate change 101.3% 97.2% 96.2% HY-24 HY-25 HY-26 -5.1ppts AY combined ratio ex Cat P&C - Retail 8% 60 63 65 HY-24 HY-25 HY-26 +5pts Improve pricing sophistication Increase share of steered claims, reduce cost of non-steered claims Deploy AI to reduce leakage and enhance fraud management Continued focus on efficiency Ambition <96%
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© Zurich Investment income yield of Group investments (%)1 Investment income yield of Group investments (%)1 17 Net investment result benefits from higher investment income and realized gains P&C August 6, 2026 Half year results 2026 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. 197 -659 -696 1,276 36 HY-25 1,498 HY-26 653 999 +53% Investment income Net capital gains/losses Re-/Insurance finance expenses (incl. unwind of discount) 3.9% 4.3% HY-25 HY-26 Book yield2 3.8% 4.0% Reinvestment yield2 4.7% 4.5% ~USD 110m impact from non-recurring dividend
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© Zurich GWP (USDbn) BOP (USDm)New business margin (%)2 18 Life delivers record HY earnings as Protection growth accelerates and margins expand Life August 6, 2026 Half year results 2026 1 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. 2 Long-term insurance accounted for under BBA/VFA. HY-25 HY-26 1,031 1,271 +23% 5.7% 6.9% HY-25 HY-26 +1.2ppts 3.3 10.2 4.7 HY-25 2.6 11.0 5.9 HY-26 18.2 19.5 +7% +1% Like-for-like1 +1.3ppts Like-for-like1 +16% Like-for-like1 +10% Protection Unit-linked Savings and annuities +5% -26% % Like-for-like1 Strong growth in preferred business lines Strategic mix shifts grow margin Record level BOP
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© Zurich Protection (USDbn) Savings and annuities (USDbn)Unit-linked (USDbn) 19 Diversified earnings stream drives double-digit BOP growth Life August 6, 2026 Half year results 2026 1.9 4.0 GWP Short-term contracts Long-term contracts 5.9 0.5 0.3 BOP contribution2 Technical result CSM+RA release 0.8 ~56% of BOP2 Margin (%) ~15% ~13% 142 98 AuM Unit-linked Investment contracts3 239 0.2 0.2 BOP contribution2 CSM+RA release Fee result 0.4 ~30% of BOP2 Margin (%)1 ~0.5% ~0.3% 55 Reserves Non unit-linked4 0.2 BOP contribution2 CSM+RA release Margin (%)1 ~0.8% 1 On an annualized basis. 2 Excludes other items such as net investment result, other fee result, other result, policyholder tax and minority interest. 3 Including 3rd party assets under management. 4 Non unit-linked reserves excluding Protection and other non-participating. ~14% of BOP2 +12% yoy +16% yoy +20% yoy
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© Zurich Protection GWP (USDbn) Key growth drivers Growth in Protection accelerates in key strategic markets August 6, 2026 Half year results 2026 1 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. 2 Total does not match with the sum of regions due to intercompany eliminations. Other includes North America. Life 20 2.6 1.2 1.1 -0.1 HY-25 3.2 1.4 1.5 -0.1 HY-26 4.7 5.9 +26% +10% Like-for-like1 EMEA APAC LATAM Eliminations and other2 EMEA – operating from a position of strength - Strong growth in Retail due to continued enhancements to our high net worth proposition and in addition, material new business wins for our Corporate Risk business where Zurich is a market leader Asia Pacific – strong independent-advisor position - Broad-based growth in the region, supported by Australia’s long-term strategy of capital-light growth and product innovation in Individual Life business. An important group scheme win and the acquisition of ClearView will strengthen market leadership in future Latin America – short-term protection driving fast growth - Exceptional growth in short-term protection as Santander returns to volume expansion in 2026. Other partnerships, incl. Banco Mercantil do Brasil and Banco Actinver, driving growth in mortality and critical illness space CLP International solutions – strong position with multinational companies - Employee Benefit program premiums grew strongly building on strengthened technology capabilities and disciplined underwriting
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© Zurich Assets under Management (USDbn) Key growth drivers 21 Unit-linked volume growth and favorable financial markets drive assets under management and fee income Life August 6, 2026 Half year results 2026 87 131 HY-25 98 142 HY-26 218 239 +10% Unit-linked Investment contracts EMEA - Strong unit-linked and investment contract inflows building on market leading position with brokers and employee benefit consultants, driving strong growth in assets under management - Strategic transformation of Italy’s life business drives rising level of unit-linked assets inflows through financial advisers network, and is expected to accelerate over the coming years Asia Pacific - Japan Life achieved 8% new business market share in the capital light endowment-type unit linked segment within the first year. Market share gains were driven by excellent relationships with independent distribution, superior agency service platforms, well designed product and fund offerings - Hong Kong showing strong sales and growth momentum, driven by newly launched savings product offerings, and remains a leader in the unit-linked broker channel supported by Hong Kong's Capital Investment Entrant Scheme
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© Zurich CSM walk (USDm) HY-26 line of business split (USDm) 22 Life CSM remains resilient, with mix focused on capital-light businesses August 6, 2026 Half year results 2026 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 35% 70% 54% 42% 24% 24% 24% 6% 21% CSM New business CSM CSM amortization 13,502 664 886 Protection Unit-linked Savings & annuities 664 286 38 429 FY-25 New Business CSM Expected return1 Operating Variances Economic Variances FX/Other CSM before release CSM amortization HY-26 13,760 -788 14,389 -886 13,502 -2% Underlying CSM accretion2 USD 64m (0.5% of opening balance) Other includes a CSM reduction of USD 0.6bn as a result of a collective foundation moving towards an autonomous structure
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© Zurich Farmers BOP (USDbn)3 FMS profit drivers 23 Farmers delivers record H1 earnings driven by FMS’ scalable fee-based profits Farmers August 6, 2026 Half year results 2026 HY-16 HY-17 HY-18 HY-19 HY-20 HY-21 HY-22 HY-23 HY-24 HY-25 HY-26 0.8 0.8 0.8 0.9 0.8 0.8 1.0 1.0 1.1 1.2 1.2 +1% Farmers Management Services (FMS) Farmers Re2 Farmers Life FMS CAGR +9% 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 5 10 15 HY-16 HY-17 HY-18 HY-19 HY-20 HY-21 HY-22 HY-23 HY-24 HY-25 HY-26 Managed GEP Margin (%) Farmers Exchanges GEP (USDbn)1 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Farmers Re participation in Farmers Exchanges’ all lines quota share reduced to 5.75% effective December 31, 2025 (from 8.0% in the prior year). 3 2023 onwards reported under IFRS 17. Positioned for sustained growth Farmers BOP well positioned to continue expanding as the Farmers Exchanges1 deliver: ✓ Accelerating policy count (PIF) growth, with sales momentum broadening across channels and geographies ✓ Industry-leading underwriting performance, with an 82.4% combined ratio supporting competitive position ✓ Strong surplus position of 58.7%, providing financial flexibility to sustain and accelerate growth
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© Zurich Above average3 94 96 98 100 102 104 106 9M-25 FY-25 3M-26 HY-26 Farmers Exchanges1 FY-25 Combined ratio (%)4 24 Farmers Exchanges1 outperforming peers in a competitive market Farmers Exchanges1 August 6, 2026 Half year results 2026 Indexed PIF2 growth Indexed (9M-25 = 100) 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 PIF as reported for peers. Peers include Allstate (excluding commercial lines PIF), Hartford Personal lines, Progressive Personal lines and Travelers Personal lines. PIF data not available for Geico. 3 Based on PIF growth proxy. Estimated personal auto market PIF growth based on the latest available 10-year vehicle registration data from the Federal Highway Administration (FHWA). Estimated home market PIF growth based on the latest available 10-year owner-occupied housing unit data form the U.S. Census Bureau’s American Community Survey (ACS). 4 As reported. Source: 10K. Farmers Exchanges combined ratio before quota share reinsurance. Peers include Allstate, Geico, Hartford Personal lines, Progressive Personal lines and Travelers Personal lines. Allstate Hartford Progressive Travelers Farmers Exchanges1 Geico Allstate Progressive Travelers Hartford
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© Zurich GWP (USDm) PIF2 quarter-on-quarter growth contributors PIF2 quarter-on-quarter change (thousand) 25 Farmers Exchanges1’ policy growth accelerates and broadens across distribution channels and geographies Farmers Exchanges1 August 6, 2026 Half year results 2026 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Represent policies in force from continuing operations. -320 -342 -347 -269 -58 42 62 107 84 131 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Independent Agents Exclusive Agents Direct Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 ~70% of states with positive PIF growth as of Q2-26 HY-25 HY-26 15,014 15,596 +4%
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© Zurich Combined ratio (%)2 Balance sheet strength at record levels 26 Farmers Exchanges1 are well positioned to deliver sustainable long-term growth Farmers Exchanges1 August 6, 2026 Half year results 2026 S&P rating raised 2-notches to AA- on June 26, 2026 1 For all references to Farmers Exchanges see the disclaimer and cautionary statement. 2 Combined ratio before quota share reinsurance. 0 5 10 15 20 25 30 35 0 10 20 30 40 50 60 % % FY-16 FY-17 FY-18 FY-19 FY-20 FY-21 FY-22 FY-23 FY-24 FY-25 HY-26 Surplus ratio (%) (LHS) All lines Quota Share (%) (RHS) 94.1% 17.5% H1-23 89.7% 5.7% H2-23 80.1% 15.1% H1-24 81.7% 6.1% H2-24 75.8% 14.7% H1-25 75.9% 3.2% H2-25 75.2% 7.2% H1-26 111.6% 95.4% 95.2% 87.8% 90.5% 79.1% 82.4% Catastrophe losses Combined ratio excl. Cats
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© Zurich SST ratio (%)1 Comments 27 Very strong capital position with SST ratio at 266% Solvency August 6, 2026 Half year results 2026 259% 266%19% FY-25 Assumption and model changes Management actions and other Market Economic profit / business growth Capital actions2 HY-26e 0% 0% 6% -19% AFR (USDbn)1 43.2 0.1 0.0 1.0 3.4 -3.2 44.4 TC (USDbn)1 16.6 0.0 0.0 0.0 0.1 0.0 16.7 • Market movements driven by Equity (+3ppts), higher interest rates (+2ppts) and favorable FX movements (+1ppts) • Capital actions reflect dividend accrual, the issuance of USD 0.5bn subordinated debt in April and the redemption of USD 1.0bn subordinated debt in June (net SST ratio impact of ~-3ppts) 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 HY-26e (USD 3.5bn in FY-25). HY-26e SST ratio does not reflect the impact of the capital raise completed in March to partly finance the acquisition of Beazley Plc., which is expected to complete in H2-26, subject to regulatory approvals. 2 Capital actions include dividend and debt movements.
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© Zurich 28 Building on strong half year momentum; raising FY-26 Life guidance 2026 Outlook August 6, 2026 Half year results 2026 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 • 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 FY-26 BOP expected to grow by at least 10% 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 26 to 27% • Proactive capital management drives strong remittances, providing a solid foundation for our dividend policy
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© Zurich 29 Additional Information
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© Zurich Disclaimer and cautionary statement 30August 6, 2026 Half year results 2026 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 BOP to NIAS walk (USDm) Net impact of capital gains / losses (USDm)1 Comments • Mark-to-market favorable impact mostly driven by equity markets • Net realized capital losses predominantly from fixed income portfolios • Impact from Impairments, FX and other consists mostly of policyholder participation in capital gains and losses • Restructuring costs broadly in line with prior year. Other adjustments in HY-26 also includes project costs related to the proposed acquisition of Beazley Plc. 31 BOP to NIAS walk Group August 6, 2026 Half year results 2026 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. 301 HY-26 BOP Net impact of capital gains/ losses1 Restructuring costs Other adjustments Net gains/ (losses) on disposal Income taxes attributable to shareholders HY-26 NIAS -107 -235 -10 -1,341 3554,767 2413,489 Non-controlling interests 2163,065HY-25 NIAS 862 301 Mark-to-market (FVTPL securities and real estate) -135Net realized capital losses -426Impairments, FX and other2 Net impact of capital gains / (losses) 26.5% effective tax rate
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© Zurich 32 Top-line and rate change by region P&C August 6, 2026 Half year results 2026 1 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. 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 13,415 5% 2% Moderating 10,884 4% North America 13,244 7% -1% Moderating 11,023 6% Asia Pacific 2,335 7% 1% Moderating 2,119 5% Latin America 2,013 15% 1% Moderating 1,895 15% Total3 29,859 7% 1% Moderating 24,965 6% HY-26 top-line development
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© Zurich 33 Combined ratio by region and customer unit P&C August 6, 2026 Half year results 2026 1 Excluding Group Reinsurance and Eliminations. Discount impact: Commercial HY-25 4.3% / HY-26 4.4%; Retail and SME HY-25 2.0% / HY-26 2.2%. Accident year combined ratio (AY CR) excl. catastrophes by region (%) AY CR excl. catastrophes by customer unit (%)1 % of Group HY-26 insurance revenue1 42% 43% 8% 7% 60% 40% 94.0% 90.1% 97.3% 94.5%94.0% 91.4% 96.9% 93.5% EMEA North America Asia Pacific Latin America 0.0ppts +1.3ppts -0.4ppts -1.0ppts HY-25 HY-26 90.4% 95.3%91.6% 94.6% Commercial Retail and SME +1.2ppts -0.6ppts HY-25 HY-26
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© Zurich Group catastrophe reinsurance protection (USDm) 34 Cat reinsurance program August 6, 2026 Half year results 2026 1 Europe cat treaty calculated with EUR/USD exchange rate of 1.1504 as of July 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). 850 400 Global aggregate cat treaty2 P&C 650 650 489 200 550 449 300 400 400 400 225 150 U.S. peak perils 1,200 U.S. all perils 1,200 Europe all perils1 1,200 Rest of world all perils North America earthquake swap Global aggregate cat treaty Global top cat Global cat treaty Regional cat treaties U.S. peak perils cat bond Retention
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© Zurich CSM generating businesses(~67% of Life BOP)1 35 New business and revenues Life August 6, 2026 Half year results 2026 1 CSM generating businesses include long term insurance contracts accounted for under the Building Block Approach (BBA) and Variable Fee Approach (VFA). Businesses without 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 Like-for-like comparisons represent the change in local currencies after adjusting for acquisitions, disposals, transfers and methodological changes. Protection Unit-linked Savings & annuities Total 3,552 4,313 1,757 9,622 Like-for-like change (%)3 4% -10% -27% 464 157 43 664 Like-for-like change (%)3 9% 4% 98% 466 Short term protection: Insurance revenues Investment contracts: Fee revenues 1,662 PVNBP (USDm)2 NB CSM (USDm)2 Revenues (USDm) Like-for-like change (%)3 9% 14% -10% 12% Businesses w/o CSM(~33% of Life BOP)1
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© Zurich BOP by driver (USDm) BOP by region (USDm) 36 Life BOP by driver and region August 6, 2026 Half year results 2026 1 Includes CSM amortization and risk adjustment release. 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. 980 284 183 87 Long-term insurance: Profit release1 Short-term insurance: Technical result Investment contracts: Fee result Investment result, experience and other2 Non-controlling interests HY-26 BOP 1,271 -262 831 260 145 EMEA Latin America Asia Pacific 35North America and other3 HY-26 BOP 1,271 Life +135 (+16%) -4 (-1%) +44 (+31%) +94 (n.m.) -28 (+12%) +241 (+23%) +165 (+25%) +37 (+17%) +24 (+19%) +15 (+75%) +241 (+23%) Δ Y-o-Y (USDm, %) Δ Y-o-Y (USDm, %)
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© Zurich GF&O: Group Functions and Operations NCB: Non-Core Businesses 37 Group Functions and Operations and Non-Core Businesses Other segments August 6, 2026 Half year results 2026 -175 -142 -216 -290 -7 HY-25 -3 HY-26 -397 -435 Headquarters (HQ) Zurich Global Ventures Holding and Financing 10 -52 HY-25 HY-26 BOP (USDm) BOP (USDm) HQ expense reduction more than offset by a temporary increase in debt outstanding due to timing of refinancing Impacted by a run-off portfolio external transaction and the transfer of a legacy portfolio from P&C
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© Zurich HY-26 Group investments (%)1 HY-26 non-financial credit (%)HY-26 asset quality (%) 38 Investment portfolio - Overview Investments August 6, 2026 Half year results 2026 1 Market value of the investment portfolio (economic view). 33% 44% 8% 6% 5% 2% 3% Government and government guaranteed Credit, private debt Mortgages Real estate Equities Hedge funds, private equity Cash USD 177bn 27% 15% 36% 15% 23% 31% 10% 29% 11%4% Government and government guaranteed Credit and private debt USD 58bn USD 78bn AAA AA A BBB Non-investment grade Unrated 19% 17% 15%15% 10% 5% 7% 4% 6% 3% Other Consumer non-cyclical Utility Consumer cyclical Communications Energy Capital goods Government owned, no guarantee Transportation Technology USD 26bn
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© Zurich HY-26 rating of credit and private debt securities (%) 39 Credit and private debt portfolio Investments August 6, 2026 Half year results 2026 19% 80% 74% 15%7% 10% 51% 6% 25% 30% 56% 26% 11% 14% 47% 31% 29% 15% 40% 1% Non-financial credit 1% 1% Financial credit 4% Municipals, agencies, state credit 2% Asset backed securities Covered bonds 2% Private debt USD 26.3bn USD 19.8bn USD 12.3bn USD 5.5bn USD 3.6bn USD 10.1bn AAA AA A BBB Non-investment grade
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© Zurich Private debt by sector Investment approach 40 Private debt portfolio Investments August 6, 2026 Half year results 2026 ✓ >20 years of experience ✓ Almost 100% is senior/first lien ✓ 2/3 rated as investment grade ✓ Ratings follow a FINMA approved methodology and are based on leading external agencies and approved asset managers ✓ 15+ top tier external asset managers ✓ Immaterial exposure to BDCs and commingled funds ✓ 58% floating / 42% fixed coupon ✓ Highly diversified across borrower type, sector, duration, geography, currency ✓ Issuer and sector limits per mandate ✓ No purchase of CCC rated securities HY-26 (USDbn, %) Market value Income Return HY-261 Investment grade (%) Additional details Senior corporate lending 2.8 5.8% 8% • Majority EUR and GBP • Loss experience better than Ba rated credits Private placements 2.5 3.9% 97% • U.S. focused • Loss experience better than industry/BBB average AAA CLOs 1.6 3.7% 100% • Currency mix: 76% EUR, 34% USD • Losses triggered with >40% defaults on underlying Infrastructure debt 1.7 4.1% 94% • Focus on income generation from core assets • No losses or defaults since inception in 2014 Middle market loans 1.3 8.0% 5% • >80% in Europe; ~1/2 in Life books • Low software exposure Commercial real estate loans 0.2 3.1% 81% • In run-off • No defaults experienced Total 10.1 4.9% 60% • Of which 1/3 in Life books • ~2/3 in EMEA, 1/3 in U.S. and rest of the world 1 Calculated: Investment Income / Average assets; annualised.
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© Zurich Shareholders’ equity (USDm) Capital structure (%)1 41 Shareholders’ equity and capital structure Balance sheet and capital structure August 6, 2026 Half year results 2026 1 Based on IFRS balance sheet. 2 Including non-controlling interests. 3 Adjusted to exclude the impact of the capital raise related to the proposed acquisition of Beazley Plc. 302 67 NIAS Dividend Currency translation adjustment Net unrealized gains/losses Treasury share transactions HY-26 Pension plans & other Issuance of share capital 28,515 3,489 -5,623 -269 -104 4,947 31,323 FY-25 +10% 52% 51% 20% 21% 17% 16% 7% 9% 4% FY-25 4% HY-263 Shareholders’ equity2 CSM (after tax) Risk adjustment (after tax) Subordinated debt Senior debt
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© Zurich Group Swiss Solvency Test (%)1 Q1-26 SST sensitivities impact (ppts)2 Swiss Solvency Test ratio and sensitivities Solvency August 6, 2026 Half year results 2026 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% 266% 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 FY-25 HY- 26e ≥160% SST Minimum target capitalization +8ppts -9ppts +6ppts -7ppts -13ppts -8ppts Interest rate +50bps Interest rate -50bps Equities +20% Equities -20% Credit spreads +100bps3 CS excl. EUR sovereign +100bps3 42
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© Zurich HY-26 Available Financial Resources (USDbn) HY-26 Risk Capital Split (%)2 43 Well diversified capital base by business segment Solvency August 6, 2026 Half year results 2026 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. 4 Including the impact of the capital raise completed in March to partly finance the acquisition of Beazley Plc., which is expected to complete in H2-26, subject to regulatory approvals. 56%27% 7%5% 3% 2% Market risk Premium and reserve risk Business risk Natural catastrophe risk Life insurance risk Other credit risk 61% 37% 2% Property & Casualty Life Other3 Risk adjustment 8.1Adjustments to best estimate liabilities -4.5Other adjustments4 Shareholders’ equity Market value margin Available Financial Resources -2.9Dividend Accrual Share buyback accrual -10.9Net intangibles and deferred taxes1 9.2Eligible subordinated debt 14.9Contractual service margin 2.6 31.3 0.0 44.4 -3.5
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© Zurich Debt (USDbn) and average debt cost (%) Maturity profile (USDbn)2 44 Debt cost and maturity profile Debt August 6, 2026 Half year results 2026 1 Does not include the senior term loan in place with a group of international banks, to be drawn at completion of the Beazley acquisition. 2 Maturity profile based on first call date for subordinated debt and maturity date for senior debt. 3 The USD 0.2bn senior debt refers to CHF 150m of notes which were repaid on July 22, 2026. 0.9 0.4 1.0 0.6 0.9 1.8 2.4 0.5 0.5 0.8 0.5 0.3 0.6 0.2 0.8 0.6 0.4 0.6 0.3 0.2 20263 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 1.0 1.8 1.2 1.3 2.4 2.7 0.7 Senior Subordinated Average debt cost (%) FY-25 FY-26e1 Subordinated 3.9% 4.3% Senior 1.9% 2.1% Total 3.3% 3.5%9.8 9.2 4.2 4.9 FY-25 HY-26 14.0 14.1 Senior Subordinated
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© Zurich Dividend policy1 Dividend per share (CHF) 45 Dividend policy Dividend policy August 6, 2026 Half year results 2026 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-25
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© Zurich Like-for-like growth 46 Calculation of like-for-like growth Alternative performance measures August 6, 2026 Half year results 2026 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 HY-25 (USDm) HY-26 (USDm) Like-for-like (%)Rep M&A/Other Adj Rep FX M&A/Other1 Adj1 P&C GWP 27,144 (60) 27,084 29,859 (880) - 28,979 7% P&C Insurance revenue 23,014 (97) 22,917 24,965 (741) - 24,224 6% Life GWP2 18,233 (179) 18,054 19,501 (1,306) (31) 18,164 1% Life – long term insurance PVNBP 10,039 21 10,060 9,622 (530) - 9,092 (10%) Life – long term insurance NB CSM 572 - 572 664 (26) - 638 12% Life – short term insurance Insurance revenue 1,378 - 1,378 1,662 (155) - 1,507 9% Life – investment contracts Fee revenue 384 - 384 466 (27) - 440 14%
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© Zurich 47 Other information
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© Zurich For further information August 6, 2026 Half year results 2026 Investor Relations website Investor Relations and Rating Agency Management • Adrienne Lim +41 76 270 30 39 • 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 48
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© Zurich© Zurich Thank you