Publication

Zürich Beteiligungs-Aktiengesellschaft (Deutschland)

Frankfurt am Main

Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2024 bis zum 31.12.2024

Zurich Insurance Group AG
Zürich/Schweiz

Geschäftsbericht 2024

Konzernüberblick

Neue Massstäbe setzen

«Neue Massstäbe setzen» steht für unser Bestreben, langfristig stark und wettbewerbsfähig zu bleiben. In den vergangenen acht Jahren hat Zurich branchenführende Gesamtrenditen für unsere Aktionäre erzielt. Doch wir können uns nicht auf unseren Lorbeeren ausruhen.

Unser neuer ehrgeiziger Dreijahresplan sowie unser Climate Transition Plan unterstreichen die Entschlossenheit, unsere Massnahmen für ein nachhaltiges Wachstum zu beschleunigen und gleichzeitig Marktchancen zu ergreifen.

Wir setzen uns selbst neue Massstäbe - solche, die es uns ermöglichen, angesichts der Herausforderungen, denen unsere Branche und unsere Kundinnen und Kunden gegenüberstehen, flexibel und reaktionsfähig zu bleiben.

Erfahren Sie mehr über:

―	Unsere Strategie

Erfahren Sie mehr über:

―	Unseren Climate Transition Plan

Lesen Sie die Geschichte:

―	Globale Bereitschaft

Lesen Sie die Geschichte:

―	Klimaresilienz

In diesem Bericht

Neue Massstäbe setzen

Wir setzen uns selbst neue Massstäbe - solche, die es uns ermöglichen, angesichts neuer Herausforderungen flexibel und reaktionsfähig zu bleiben.

Zurich Insurance Group (Zurich) ist ein führender globaler Mehrspartenversicherer, der vor mehr als 150 Jahren gegründet wurde. Das Unternehmen betreut heute über 75 Millionen Kunden in mehr als 200 Ländern und Gebieten und erzielt branchenführende Gesamtrenditen für seine Aktionäre.

Im Einklang mit dem Ziel «gemeinsam eine bessere Zukunft zu gestalten», bietet Zurich Präventionsdienstleistungen an, die über traditionelle Versicherungsprodukte hinausgehen, um Kunden dabei zu unterstützen, Resilienz aufzubauen. Seit 2020 unterstützt das Projekt «Zurich Forest» die Wiederaufforstung und Wiederherstellung der Biodiversität im Atlantischen Regenwald in Brasilien.

Die Gruppe hat ihren Hauptsitz in Zürich, Schweiz, und beschäftigt weltweit mehr als 63'000 Mitarbeitende. Zurich Insurance Group AG (ZURN) ist an der SIX Swiss Exchange kotiert und verfügt über ein Level I American Depositary Receipt Programm (ZURVY), das ausserbörslich an der OTCQX gehandelt wird. Weitere Informationen über Zurich sind verfügbar unter www.zurich.com.

Neue Massstäbe setzen mit globaler Bereitschaft

Die Welt wird zunehmend unberechenbar: von Cyberbedrohungen und Fehlinformation bis hin zu Krisensituationen und extremen Wetterereignissen. Aber unsere globalen Einsatzzentralen, die rund um die Uhr besetzt sind, helfen unseren Kundinnen und Kunden, diese Risiken zu vermeiden und auf jede Krise zu reagieren - überall auf der Welt.

Kate Fitzpatrick

Regional Security Director EMEA, World Travel Protection - London

World Travel Protection, ein weltweit führendes Unternehmen im Bereich Reiserisikomanagement, bietet Geschäfts- und Urlaubsreisenden rund um die Uhr Zugang zu Fachkompetenz und Unterstützung. In den Kommandozentralen in London, Toronto und Brisbane arbeiten interne Teams von Medizin- und Sicherheitsfachleuten, die jedes Jahr fast 20 Millionen versicherte Reisende schützen. World Travel Protection ist Teil von Zurich Cover-More, einem globalen Reiseversicherungsanbieter, der durch die Übernahme von Travel Guard von AIG weiter vergrössert wurde.

Lesen Sie die ganze Geschichte hier:

―	www.zurich.com/media/magazine/2024/kate-we-have-a-situation

Neue Massstäbe setzen mit globaler Klimaresilienz

Um uns an häufigere und intensivere Formen extremer Wetterereignisse anzupassen, müssen wir alle mehr in Klimaresilienz investieren. Wir handeln jetzt, um Unternehmen, Gemeinschaften und Städten wie Madrid dabei zu helfen, Klimarisiken zu verstehen und darauf zu reagieren - jetzt und in Zukunft.

Francisco Lisbona

Head of Zurich Resilience Solutions Spain - Madrid

Das Team von Zurich Resilience Solutions umfasst Expertinnen und Experten im Bereich Klimawissenschaft, Daten und Modellierung, die mit einem datengestützten Ansatz der Stadt Madrid dabei helfen, die Gefahren extremer Hitze zu identifizieren, zu quantifizieren, und Massnahmen zur Verbesserung der Klimaresilienz zu empfehlen.

Als Teil dieses Projekts wurden auch die Auswirkungen von Hitzewellen auf Madrider Schulkinder analysiert. Wie alle Lebensbereiche müssen sich auch Schulen an den Klimawandel anpassen. Die Stärkung der Klimaresilienz ist ein zentraler Bestandteil von Zurichs Climate Transition Plan.

Lesen Sie die ganze Geschichte hier:

―	www.zurich.com/media/magazine/2024/madrids-battle-against-extreme-heat

Neue Massstäbe setzen mit Erkenntnissen aus neuen Technologien

Zurich gehört zu den Vorreitern der KI-Revolution in der Versicherungsbranche. Künstliche Intelligenz bietet unzählige Möglichkeiten, die unser Geschäft von Grund auf verändern könnten. Nicht in Bezug auf das, was wir tun, sondern wie wir es tun.

Christian Westermann

Group Head of Artificial Intelligence - Zurich

Zurichs Team aus Fachkräften für KI, Technik, Forschung und Entwicklung hat mehr als 500 KI-Anwendungen und -Tools im Einsatz und in der Entwicklung, um das Kundenerlebnis zu verbessern und Wachstum und Rentabilität in zahlreichen Geschäftsbereichen zu fördern, darunter im Schadenmanagement, in der Agentenleistung und bei den Ergebnissen unserer Contact Center. Insbesondere die generative KI gestaltet die Zukunft des Underwritings und trägt - in Kombination mit dem unverzichtbaren menschlichen Input - dazu bei, die Position von Zurich als eines der marktführenden Unternehmen zu behaupten. Dazu gehört der Einsatz einer intern entwickelten KI-Technologie, die Underwriter bei der konsistenten Formulierung von Policen sowie bei der Interaktion mit Underwriting-Richtlinien unterstützt.

Lesen Sie die ganze Geschichte hier:

―	www.zurich.com/media/magazine/2024/where-is-ai-headed

Neue Massstäbe setzen durch die Förderung der Energiewende

Wasserstoff hat ein enormes Potenzial als Alternative zu fossilen Brennstoffen, und wir sind überzeugt, dass er eine entscheidende Rolle bei der Energiewende spielen kann. Wir bei Zurich sind stolz darauf, gemeinsam mit Aon eine bahnbrechende Initiative auf den Markt zu bringen, um die Entwicklung sauberer Wasserstoffprojekte zu unterstützen.

Frank Streidl

Head of Commercial Insurance UK - London

Gemeinsam mit dem Risikoberater und Versicherungsmakler Aon plc haben wir im Juli 2024 eine wegweisende Versicherungslösung für saubere Energie auf den Markt gebracht, um die Entwicklung von «blauen» und «grünen» Wasserstoffprojekten zu beschleunigen. Die Versicherungslösung, die von den beteiligten Versicherern bereits überzeichnet wurde, hat die Erwartungen deutlich übertroffen und gezeigt, dass der Markt nach nachhaltigen Lösungen verlangt und die Versicherungsbranche bereit ist, neue Risiken zu decken.

Lesen Sie die ganze Geschichte hier:

―	www.zurich.com/de-de/media/news-releases/2024/2024-0701-01

Unsere Kennzahlen

Eine starke Position

Alle Geschäftsbereiche erzielten im Jahr 2024 eine ausgezeichnete Leistung. Damit sind wir zum Start des neuen Zyklus, für den wir uns unsere bislang ehrgeizigsten Ziele gesetzt haben, gut positioniert. Dies unterstreicht sowohl unsere Fähigkeit, unsere Pläne erfolgreich umzusetzen, als auch unser Bestreben, für alle Anspruchsgruppen konsistenten und langfristigen Mehrwert zu schaffen.

USD 7,8 Mrd.

Betriebsgewinn (BOP)

CHF 28.00

Vorgeschlagene Dividende je Aktie²

>75 Mio.

Total Kunden

24,6%

Bereinigte Eigenkapitalrendite¹

USD 161 Mrd.

Kapitalanlagen³

10 Mio.

Nutzer, die im Jahr 2024 über unsere Apps und Portale mit Zurich in Kontakt traten

USD 7,1 Mrd.

Nettomittelzuflüsse

SST 252%

Solvenzquote gemäss dem Schweizer Solvenztest (SST), Schätzung per 31. Dezember 2024⁴

USD 27,9 Mrd.

Gesamtbetrag der Schadenszahlungen⁵

¹ Das zur Ermittlung der Eigenkapitalrendite und der bereinigten Eigenkapitalrendite verwendete Eigenkapital umfasst nicht realisierte Nettogewinne/(-verluste) aus finanziellen Vermögenswerten, die Nettoveränderung des Diskontierungssatzes für (Rück-)Versicherungsverträge und die Nettoveränderung des beizulegenden Zeitwerts zugrunde liegender Posten im Rahmen des sonstigen Ergebnisses innerhalb der Gesamtergebnisrechnung. Die bereinigte Eigenkapitalrendite wurde früher als Eigenkapitalrendite basierend auf dem Betriebsgewinn nach Steuern bezeichnet.

² Vorgeschlagene Dividende, vorbehaltlich der Genehmigung durch die Aktionäre an der ordentlichen Generalversammlung. Die Auszahlung erfolgt voraussichtlich ab dem 15. April 2025. Die Bruttodividende unterliegt einer Schweizer Verrechnungssteuer von 35 Prozent.

³ Marktwert des Anlageportfolios (ökonomische Ansicht). Weitere Informationen finden Sie auf Seite 269.

⁴ Geschätzte Quote des Schweizer Solvenztests (SST) per 31. Dezember 2024, errechnet auf Basis des internen, von der Eidgenössischen Finanzmarktaufsicht FINMA zugelassenen Modells der Gruppe. Die SST-Quote per 31. Dezember muss bis Ende April des Folgejahres bei der FINMA eingereicht werden und wird von dieser überprüft.

⁵ Summe der Zahlungen für abgeschlossene und noch nicht abgewickelte Schadenfälle, vor Rückversicherung.

Unser globales Geschäft

Globale Reichweite unseres Geschäfts

Wir bieten eine umfassende Palette von Produkten und Dienstleistungen in mehr als 200 Ländern und Gebieten an. Unsere globale Präsenz ist eine Stärke und bietet Grössenvorteile und Möglichkeiten, um uns an die wandelnden Bedürfnisse unserer Kunden und der Märkte anzupassen, die wir bedienen.

Lateinamerika

Zurich ist unter anderem in Brasilien, Mexiko, Argentinien und Chile tätig.

Mehr dazu:

―	Seiten 386-389

USD 3,2 Mrd.

Schaden- und Unfallversicherung - Versicherungsumsatz

USD 8,0 Mrd.

Lebensversicherung - Bruttoprämien und Einlagen¹

USD 0,6 Mrd.

Betriebsgewinn

8'500

Anzahl Mitarbeitende in der Region Lateinamerika

Nordamerika

Zurich ist in den USA und Kanada tätig.²

Mehr dazu:

―	Seiten 386-391

USD 21,0 Mrd.

Schaden- und Unfallversicherung - Versicherungsumsatz³

USD 1,0 Mrd.

Lebensversicherung - Bruttoprämien und Einlagen^{1, 3}

USD 4,7 Mrd.

Betriebsgewinn⁴

18'200

Anzahl Mitarbeitende in der Region Nordamerika⁵

Europa, Naher Osten und Afrika

Zurich verfügt über wichtige Standorte in Deutschland, Italien, Spanien, der Schweiz sowie im Vereinigten Königreich und ist in weiteren wichtigen Ländern in Europa und im Nahen Osten präsent.

Mehr dazu:

―	Seiten 386-389

USD 18,7 Mrd.

Schaden- und Unfallversicherung - Versicherungsumsatz

USD 21,7 Mrd.

Lebensversicherung - Bruttoprämien und Einlagen¹

USD 3,1 Mrd.

Betriebsgewinn

27'400

Anzahl Mitarbeitende in der Region Europa, Naher Osten und Afrika

Asien-Pazifik

Zurich baut ihre Präsenz in der Region Asien-Pazifik aus, mit Standorten in Australien, China, Hongkong, Indonesien, Japan, Malaysia, Singapur und jetzt auch in Indien.

Mehr dazu:

―	Seiten 386-389

USD 3,8 Mrd.

Schaden- und Unfallversicherung - Versicherungsumsatz

USD 2,8 Mrd.

Lebensversicherung - Bruttoprämien und Einlagen¹

USD 0,6 Mrd.

Betriebsgewinn

9'600

Anzahl Mitarbeitende in der Region Asien-Pazifik

¹ Gebuchte Bruttoprämien im Vorsorgeschutzgeschäft, Bruttoprämienzuflüsse (einschliesslich Beiträge mit Anlagecharakter) in allen anderen Sparten (einschliesslich Anlage- und Vermögensverwaltungsverträge).

² Zurich Insurance Group hält keine Eigentumsanteile an den Farmers Exchanges. Die Farmers Group, Inc. (FGI), eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges und erhalten hierfür eine Gebühr.

³ Exklusive Farmers.

⁴ Einschliesslich Farmers, aber ohne die Farmers Exchanges, die sich nicht im Besitz von Zurich befinden.

⁵ Die Mitarbeiterzahlen für Nordamerika schliessen Farmers ein, jedoch nicht die Farmers Exchanges, die sich nicht im Besitz von Zurich befinden.

Unser Geschäftsmix

Eine breit aufgestellte Kundenbasis

Wir sind eine führende Mehrspartenversicherung, die mehr als 75 Millionen Kunden in globalen und lokalen Märkten bedient. Über unsere Geschäftsbereiche Schaden- und Unfallversicherung, Lebensversicherung sowie über Farmers decken wir eine vielfältige Kundenbasis ab: Privatpersonen und Familien, kleine und mittelgrosse Unternehmen, öffentliche Einrichtungen sowie multinationale Konzerne.

Schaden- und Unfallversicherung

Versicherung, Dienstleistungen und Risikoanalysen.

Mehr zu Schaden- und Unfallversicherung:

―	Seiten 260-261

USD 4,2 Mrd.

Betriebsgewinn

USD 44,8 Mrd.

Versicherungsumsatz

Zurich ist der zweitgrösste globale Unternehmensversicherer mit einem profitablen Privatkundengeschäft, das uns für den Erfolg über den Zyklus hinweg gut positioniert.

Geschäftsmix

2024 Versicherungsumsatz per Geschäftsbereich

Lebensversicherung

Lebensversicherungen, Kapitalanlagen, Spar- und Vorsorgelösungen.

Mehr zu Lebensversicherung:

―	Seiten 262-263

USD 2,2 Mrd.

Betriebsgewinn

USD 33,1 Mrd.

Bruttoprämien und Einlagen¹

Zurich verfolgt eine langfristige Strategie mit Fokus auf Vorsorgelösungen und Sparprodukten mit geringer Kapitalbindung.

Geschäftsmix

2024 Bruttoprämien und Einlagen per Geschäftsbereich¹

Farmers²

Erbringt Dienstleistungen für die Farmers Exchanges.²

Mehr zu Farmers und Farmers Exchanges² :

―

Seite 264

USD 2,3 Mrd.

Betriebsgewinn

USD 4,6 Mrd.

Einnahmen aus Gebührendienstleistungen

Zurich hält keine Eigentumsanteile an den Farmers Exchanges² , die Eigentum ihrer Versicherungsnehmer sind. Die Exchanges sind ein führender Privatkundenversicherer in den USA.

2024 Betriebsgewinn per Geschäftsbereich

Farmers®

Innovationen für die Zukunft

Bei Farmers^®1 sind wir bestrebt, uns mit dem sich ständig verändernden Verbrauchermarkt weiterzuentwickeln. Unser Ziel ist es, die Verbraucherinnen und Verbraucher in entscheidenden Momenten anzusprechen und ihnen Einblicke in Versicherungsoptionen und Risikominderungsstrategien zu geben, um sie besser auf die Unwägbarkeiten des Lebens vorzubereiten.

Mit der Einführung von Farmers^® Choice haben wir die verfügbaren Optionen für Versicherungen in den Bereichen «Home» und «Auto» erweitert und das Kauferlebnis verbessert. Dies schafft nicht nur eine grössere Auswahl für die Verbraucherinnen und Verbraucher, sondern stärkt auch die Beziehungen zwischen Agenturinhabenden und ihren Kundinnen und Kunden. Unterstützt wird dieses Programm durch die neue, branchenführende Offertenplattform Alta, die unser Engagement für Effizienz unterstreicht und es unseren Exklusivagenturen ermöglicht, Versicherungslösungen schneller anzubieten.

Darüber hinaus nutzen wir Kundeninformationen, um Deckungslücken proaktiv zu erkennen und zu schliessen. Dieser Ansatz ermöglicht es unseren Agenturen, massgeschneiderte Lösungen für bestehende Policen anzubieten und unseren Kundinnen und Kunden mehr Sicherheit und Vertrauen zu vermitteln.

Da immer mehr Verbraucherinnen und Verbraucher wissen möchten, wie sie ihr Risiko verringern können, haben wir Aufklärungsinitiativen gestartet, die die Auswirkungen verschiedener wetterbedingter und nicht wetterbedingter Ereignisse auf Versicherungskosten entmystifizieren und konkrete Schritte zur Risikominderung aufzeigen. Eine herausragende Initiative unterstützt den Einbau automatischer Wasserabsperrvorrichtungen, eine Massnahme, die bestimmte Arten von Wasserverlusten nachweislich erheblich reduziert und die nach einem erfolgreichen Pilotprojekt nun ausgeweitet wird.

Unser unermüdliches Engagement für Innovation ist die treibende Kraft von Farmers auf dem Weg zur Versicherungsorganisation der Zukunft. Mit diesen kundenorientierten Lösungen passen wir uns nicht nur an den Wandel an, sondern wir treiben ihn voran und sorgen so dafür, dass unsere Kundinnen und Kunden der Zukunft mit Zuversicht und Gelassenheit entgegensehen können.

Farmers® Geschäftstransformation liefert starke Ergebnisse

Auf dem Weg zu einer nachhaltigen Rentabilität hat eine Reihe von Initiativen zu einem Schaden-Kosten-Satz der Farmers Exchanges¹ von 91,4 Prozent geführt. Das entspricht einem Rückgang von 12 Prozentpunkten gegenüber dem Vorjahr. Die Kombination von Änderungen beim Underwriting, Prämienanpassungen sowie Massnahmen zur Senkung von Risiken trugen ebenfalls dazu bei, die Überschussquote der Farmers Exchanges über die Zielspanne zu heben. Ausserdem wurde eine neu konzipierte Vertriebsmanagementstruktur eingeführt. In Kombination mit einer überarbeiteten Anreizstruktur für Agenturen und einer neuen Offertenplattform für Farmers^® -Exklusivagenten sind die Farmers Exchanges gut positioniert, um langfristiges, profitables Wachstum zu erzielen.

91,4%

Schaden-Kosten-Satz der Farmers Exchanges¹

¹ Sämtliche Verweise auf «Farmers Exchanges» beziehen sich auf Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange sowie deren Tochtergesellschaften und verbundenen Unternehmen. Die drei Exchanges sind genossenschaftlich organisierte Versicherungen mit Sitz in Kalifornien. Sie sind Eigentum ihrer Versicherungsnehmer und stehen unter der Oberleitung ihrer Boards of Governors. Farmers Group, Inc. und einige ihrer Tochtergesellschaften sind Bevollmächtigte der drei Exchanges und erbringen in dieser Funktion bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges. Weder Farmers Group, Inc. noch ihre Muttergesellschaften Zürich Versicherungs-Gesellschaft AG und Zurich Insurance Group AG sind an den Farmers Exchanges beteiligt. Finanzinformationen zu den Farmers Exchanges sind Eigentum der Farmers Exchanges, werden aber zur Verfügung gestellt, um ein besseres Verständnis für die Leistung von Farmers Group, Inc. und Farmers Reinsurance Company zu vermitteln.

Brief des Verwaltungsratspräsidenten und Group CEO

Konstante Stärke

Zurich Insurance Group (Zurich) hat im Jahr 2024 einen Betriebsgewinn und eine bereinigte Eigenkapitalrendite¹ in Rekordhöhe erzielt. Mit diesen hervorragenden Ergebnissen und Zurichs konstant positiver Leistungsbilanz sind wir zu Beginn des neuen Dreijahreszyklus sehr gut aufgestellt.

Alle Geschäftsbereiche erzielten im Jahr 2024 eine ausgezeichnete Leistung. In der Schaden- und Unfallversicherung sowie in der Lebensversicherung wurden die besten Ergebnisse aller Zeiten erzielt, und Farmers verzeichnete ein profitables Wachstum. Wir sehen weiterhin eine positive Prämiensatzdynamik im Firmenkundengeschäft und ein gesundes Preisumfeld im Privatkundengeschäft. Dies ist ein guter Start in unseren neuen Dreijahreszyklus, für den wir uns unsere bislang ehrgeizigsten Ziele gesetzt haben. Dies unterstreicht sowohl unsere Fähigkeit, unsere Pläne erfolgreich umzusetzen, als auch unser Bestreben, für alle Anspruchsgruppen konsistenten und langfristigen Mehrwert zu schaffen.

Dividende

Die vorgeschlagene Dividende von CHF 28 je Aktie -eine Erhöhung um 8 Prozent - bestätigt die attraktive Dividendenpolitik der Gruppe. In den letzten acht Jahren hat Zurich mehr als CHF 28 Milliarden in Form von Bardividenden und Aktienrückkäufen an die Aktionäre ausgeschüttet und damit zu einer branchenführenden Gesamtrendite für die Aktionäre von 16 Prozent pro Jahr beigetragen.²

Schaden- und Unfallversicherung

Das Schaden- und Unfallversicherungsgeschäft konnte die Rentabilität weiter verbessern, dank dem Fokus auf diszipliniertes Underwriting, ein ausgewogenes Portfolio und vereinfachte Interaktionen mit Kunden und Versicherungsmaklern. Dies führte zu einer Verbesserung des Versicherungsumsatzes und des Schaden-Kosten-Satzes.

Der Betriebsgewinn in der Schaden- und Unfallversicherung von USD 4,2 Milliarden lag in US-Dollar und auf vergleichbarer³ Basis um 8 Prozent über dem Vorjahreswert. Die Bruttoprämien stiegen sowohl in US-Dollar als auch auf vergleichbarer³ Basis um 5 Prozent. Die Gruppe erzielte haftungssummenbereinigte Prämiensatzsteigerungen um 4 Prozent. Der Versicherungsumsatz stieg um 6 Prozent in US-Dollar und um 5 Prozent auf vergleichbarer³ Basis und profitierte dabei von Vorteilen aus höheren verdienten Bruttoprämien. Der Schaden-Kosten-Satz verbesserte sich gegenüber dem Vorjahr um 0,2 Prozentpunkte auf 94,2 Prozent. Eine deutliche Verbesserung des Schadensatzes wurde teilweise durch einen Anstieg des Kostensatzes kompensiert.

Das führende Firmenkundengeschäft von Zurich erzielte einen starken Betriebsgewinn von USD 3,4 Milliarden, während das Privatkundengeschäft den Betriebsgewinn um USD 618 Millionen beziehungsweise 171 Prozent auf USD 1,0 Milliarde steigerte. Im Privatkundengeschäft stiegen die Bruttoprämien auf vergleichbarer³ Basis um 11 Prozent, unterstützt von Prämiensatzanpassungen um 5 Prozent.

Lebensversicherung

Gestützt auf eine starke zugrunde liegende Leistung setzt das Lebensversicherungsgeschäft seine Strategie weiterhin erfolgreich um und erzielte einen Rekord-Betriebsgewinn von USD 2,2 Milliarden, was einem Anstieg um 8 Prozent in US-Dollar und um 9 Prozent auf vergleichbarer³ Basis entspricht. Das wenig kapitalintensive Geschäft mit Vorsorgeschutz- und fondsgebundenen Produkten erzielte ein starkes Wachstum der Bruttoprämien⁴ auf USD 29,6 Milliarden, was einem Anstieg auf vergleichbarer³ Basis um 6 Prozent entspricht. Aufbauend auf dieser anhaltend starken Leistung und um weitere Wachstumschancen zu nutzen, fasste die Gruppe ihr Vorsorgeschutzgeschäft in einer Einheit zusammen, wie an ihrem Investorentag im November 2024 angekündigt.

Die Bruttoprämien⁴ und Prämien aus Neugeschäft in der Lebensversicherung stiegen auf vergleichbarer³ Basis um 4 Prozent beziehungsweise 5 Prozent, gestützt von Wachstum in Zurichs bevorzugten Sparten der Vorsorgeschutz- und fondsgebundenen Produkte. Im Vorsorgeschutzgeschäft stiegen die Bruttoprämien⁴ auf vergleichbarer³ Basis um 7 Prozent auf USD 8,7 Milliarden. Die Prämien aus Neugeschäft im Bereich Vorsorgeschutzprodukte stiegen gegenüber dem Vorjahr auf vergleichbarer³ Basis um 6 Prozent auf USD 5,7 Milliarden.

Bei den Bruttoprämien⁴ im fondsgebundenen Geschäft wurde auf vergleichbarer³ Basis ein Wachstum von 5 Prozent auf USD 20,9 Milliarden erzielt.

Dazu trugen starke Zuflüsse aus Kapitalanlagever trägen in Irland sowie aus Vorsorgesparprodukten in Lateinamerika im Rahmen des Joint Ventures mit Banco Santander bei. Die Prämien aus Neugeschäft im fondsgebundenen Geschäft stiegen auf vergleichbarer³ Basis um 18 Prozent, wobei der Bankenvertrieb ein wichtiger Wachstumstreiber war, insbesondere in Lateinamerika durch das Joint Venture mit Banco Santander sowie in Deutschland durch die Vertriebsvereinbarung mit Deutsche Bank.

Farmers

Farmers Ergebnisse spiegeln die positiven Auswirkungen der laufenden Umstrukturierung im vergangenen Jahr wider und positionieren das Geschäft gut für weiteres Wachstum. Der Betriebsgewinn von Farmers in Höhe von USD 2,3 Milliarden entsprach dem Rekordniveau von 2023. Farmers Management Services (FMS) steuerten einen Rekord-Betriebsgewinn von USD 2,1 Milliarden bei. Dieser Anstieg um 5 Prozent gegenüber dem Vorjahr widerspiegelt das Wachstum der Farmers Exchanges⁵ , den niedrigeren Betriebsaufwand sowie den Beitrag der Maklerfirmen zum Betriebsgewinn, die Zurich im Dezember 2023 von den Farmers Exchanges⁵ übernommen hatte.

Farmers Re konnte den Betriebsgewinn gegenüber dem Vorjahr steigern, was auf ein verbessertes Underwriting bei den Farmers Exchanges⁵ und eine höhere Beteiligung an der Quotenrückversicherung von 10,0 Prozent gegenüber 8,5 Prozent im Jahr 2023 zurückzuführen war. Diese positiven Faktoren wurden teilweise durch einen niedrigeren Betriebsgewinn von Farmers Life aufgehoben, der den Abschluss des Rückversicherungsvertrags über die Abtretung des bestehenden Einzellebensversicherungsportfolios an Resolution Life im August 2023 widerspiegelt.

Die Farmers Exchanges⁵ verzeichneten einen Anstieg der Bruttoprämien um 4 Prozent gegenüber dem Vorjahr. Der Schaden-Kosten-Satz der Farmers Exchanges⁵ lag mit 91,4 Prozent um 11,9 Prozentpunkte unter dem Wert des Jahres 2023. Dieser Rückgang ist auf höhere Prämiensätze, eine moderatere Kostenentwicklung und einen verbesserten Kostensatz zurückzuführen. Die Überschussquote wurde per 31. Dezember 2024 auf 42,4 Prozent geschätzt und lag damit deutlich über der Zielspanne von 34-38 Prozent.

Akquisitionen

Wir sichern uns weiterhin Wachstumschancen.

Im Jahr 2024 erwarben wir eine 70 Prozent Beteiligung an der indischen Kotak Mahindra General Insurance, die heute als Zurich Kotak tätig ist. Darüber hinaus haben wir das weltweite Reiseversicherungs- und Assistance-Geschäft für Privatkunden von AIG übernommen. Damit wird Zurich zu einem der weltweit grössten Reiseversicherer in einem Markt mit einem jährlichen Bruttoprämienvolumen von rund USD 20 Milliarden.

Das Reiseversicherungsgeschäft von AIG wird derzeit mit der Cover-More Group, dem bestehenden Reiseversicherungsanbieter der Gruppe, zusammengeführt und wird unter der erweiterten Unternehmensmarke Zurich Cover-More tätig sein.

Kapitalposition

Zurich weist weiterhin eine sehr starke Kapitalposition auf. Per 31. Dezember 2024 lag die geschätzte Quote des Schweizer Solvenztests (SST) von Zurich bei 252 Prozent⁶ , verglichen mit 234 Prozent per 31. Dezember 2023. Dieser Anstieg ist auf günstige Marktentwicklungen, Kapitalaufbau über die geplante Dividendenausschüttung hinaus, sowie einen positiven Effekt aus der Veräusserung eines Rentenportfolios in Chile und die Emission von nachrangigen Anleihen in Höhe von USD 500 Millionen im Oktober zurückzuführen. Die Mittelzuflüsse stiegen um USD 2,4 Milliarden auf USD 7,1 Milliarden, was auf die operativen Erträge und die Zuflüsse von überschüssigem Kapital zurückzuführen ist.

Zurich wurde im Jahr 2024 von drei Ratingagenturen als einer der besten Versicherer unter den europäischen Mitbewerbern hinsichtlich der Finanzkraft der Gruppe eingestuft. Dies ist das Ergebnis jüngster Hochstufungen durch Moody's (Verbesserung des Finanzkraft-Ratings von Aa3 auf Aa2 im September) und AM Best (Verbesserung des Emittenten-Ratings von aa- auf aa im November). Das Finanzkraft-Rating (IFSR) von S&P wurde bei AA belassen. Diese Einstufungen würdigen das diversifizierte und robuste Ertragsprofil der Gruppe, ihre Bilanzstärke und ihre hohe Kapitalflexibilität, die durch ein konservatives Risikomanagement untermauert werden.

Freundliche Grüsse

Michel M. Liès, Präsident des Verwaltungsrats

Mario Greco, Group Chief Executive Officer

² Annualisierte Gesamtrendite für die Aktionäre in USD vom 1. Januar 2017 bis 31. Dezember 2024.

³ Gegenüberstellungen auf vergleichbarer Basis weisen die Veränderung in Lokalwährungen nach Berichtigung um Übernahmen und Veräusserungen und ohne Berücksichtigung von Argentinien aus. Einschliesslich Argentinien belief sich das Wachstum der Bruttoprämien in der Schaden- und Unfallversicherung auf +6%, das des Versicherungsumsatz in der Schaden- und Unfallversicherung auf +6%, das der Bruttoprämien in der Lebensversicherung auf +4% und das des Barwerts der Prämien aus Neugeschäft sowie der vertraglichen Servicemarge im Neugeschäft in der Lebensversicherung auf +6%, jeweils auf vergleichbarer Basis.

⁴ Gebuchte Bruttoprämien im Vorsorgeschutzgeschäft, Bruttoprämienzuflüsse (einschliesslich Beiträge mit Anlagecharakter) in allen anderen Sparten (einschliesslich Anlage- und Vermögensverwaltungsverträge).

⁵ Zurich Insurance Group hält keine Eigentumsanteile an den Farmers Exchanges. Die Farmers Group, Inc. (FGI), eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges und erhalten hierfür eine Gebühr.

⁶ Geschätzte Quote des Schweizer Solvenztests (SST) per 31. Dezember 2024, errechnet auf Basis des internen, von der Eidgenössischen Finanzmarktaufsicht FINMA zugelassenen Modells der Gruppe. Die SST-Quote per 31. Dezember muss bis Ende April des Folgejahres bei der FINMA eingereicht werden und wird von dieser überprüft.

Unser Geschäftsmodell

Wir schaffen nachhaltigen Mehrwert

Über mehr als eineinhalb Jahrhunderte hinweg hat sich unser Unternehmen weiterentwickelt und einen Mehrwert für all unsere Anspruchsgruppen geschaffen.

Ressourcen und Beziehungen, die wir für den langfristigen Erfolg nutzen

Unser Planet

Wir unterstützen einen positiven sozioökonomischen und ökologischen Wandel und stärken gleichzeitig die Widerstandsfähigkeit gegenüber sich entwickelnden Risiken. Ökologische Herausforderungen wie Zerstörung der Natur und Klimawandel können alle Sektoren der Realwirtschaft betreffen, die wir versichern und in die wir investieren. Letztlich können sie auch erhebliche Auswirkungen auf unseren langfristigen Wert haben.

Unsere Kunden

Kundenerwartungen ändern sich, woraus stetig neue Ansprüche hervorgehen. Die Kundinnen und Kunden erwarten zunehmend ein reibungsloses digitales Erlebnis mit stärker personalisierten und nachhaltigeren Produkten, einer schnelleren Verfügbarkeit und einfacheren Prozessen.

Unsere Mitarbeitenden

Wir unterstützen unsere Mitarbeitenden dabei, sich die passenden Fähigkeiten anzueignen, um in der sich wandelnden Arbeitswelt zu bestehen - damit sie unseren Kundinnen und Kunden dabei helfen können, dies ebenso zu tun.

Unser Finanzkapital

Unsere Aktionäre und Anleihengläubiger stellen das Finanzkapital zur Verfügung, das wir für unser Geschäft brauchen. Wir verfügen über eine starke Bilanz. Die Finanzstärke für die Zürich Versicherungs-Gesellschaft AG wurde per 31. Dezember 2024 von Standard & Poor's mit AA/stable, von Moody's mit Aa2/stable und von AM Best mit A+(superior)/stable bewertet. Das Issuer Credit Rating¹ von AM Best lautet aa/stable.

¹ AM Best unterscheidet in ihrer eigenen Methodik zwischen dem Issuer Credit Rating und dem weniger detaillierten Finanzstärke-Rating.

Unsere Lieferanten und Dienstleister

Wir haben klare ökologische, soziale und ethische Erwartungen an unsere Lieferanten weltweit, um die Einhaltung der Menschenrechte in unserem Einflussbereich zu gewährleisten.

Die Schlüsselelemente unseres Geschäftsmodells und unser Wertschöpfungsprozess

Ergebnisse und Fortschritte im Verlauf des Jahres

Unser Planet

Lesen Sie mehr darüber, wie wir zu einer nachhaltigeren Zukunft beitragen:

―

Seite 22

Unsere Kunden

Lesen Sie mehr darüber, wie wir unsere Kunden betreuen:

―

Seite 23

Unsere Mitarbeitenden

Lesen Sie mehr über unsere Mitarbeitenden und deren Beitrag zu unserem Geschäft:

―

Seite 24

Unsere Investoren

Lesen Sie mehr darüber, wie wir die Bedürfnisse unserer Investoren erfüllen:

―

Seite 25

Mit einer mehr als 150-jährigen Tradition hat sich Zurich als zuverlässige Partnerin für das Risikomanagement und die Bereitstellung innovativer Versicherungslösungen etabliert.

Im Bereich Schaden- und Unfallversicherung bieten wir Versicherungsschutz für Unternehmen und Privatpersonen. Hierzu zählen gewerbliche Fahrzeug-, Sach-, Haftpflicht-, Spezial- und Arbeiterunfallversicherungen sowie Privatversicherungen wie Auto- und Hausratversicherungen. Wir nehmen Prämienzahlungen entgegen und begleichen Schäden. Ausserdem investieren wir die Prämienzahlungen, um Renditen zu erzielen und unser Versicherungsgeschäft zusätzlich zu unterstützen.

Unser Lebensversicherungsgeschäft bietet Lebensversicherungsprodukte an, die Einzelpersonen und deren Familien im Falle des Todes des Versicherungsnehmers oder bei anderen bestimmten Ereignissen finanziell absichern. Wir nehmen die Prämienzahlungen entgegen und zahlen bei Bedarf eine vorher festgelegte Summe an die benannten Begünstigten aus. Unser Fokus gilt auch fondsgebundenen Produkten, die Lebensversicherungsschutz mit Anlagemöglichkeiten kombinieren.

Farmers Group, Inc. (FGI), eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges¹ und erhalten hierfür eine Gebühr.

¹ Zurich Insurance Group hält keine Eigentumsanteile an den Farmers Exchanges.

Kunden betreuen

Wir erweitern ständig unser Netzwerk und sorgen dafür, dass unsere Produkte, Dienstleistungen und Lösungen den Kunden über zahlreiche Kanäle zur Verfügung stehen: direkt oder indirekt über Makler und Agenten und in Kooperation mit Dritten, einschliesslich Banken, Reiseanbietern, Einzelhändlern, sowie Autovermietern und -händlern.

Ein starkes, globales Partnernetzwerk ist für unseren Erfolg entscheidend. Das erfordert, dass wir unsere Beziehungen ausbauen und pflegen.

Der Erfolg unseres Unternehmens und die Zufriedenheit unserer Kunden beruhen auf den nachfolgend beschriebenen Aktivitäten - von der Preisgestaltung für Risiken bis zur schnellen Schadenregulierung.

Vertrauensvolle Kundenbeziehungen bedeuten, dass wir besser beraten und Lösungen anbieten können, die den individuellen Bedürfnissen unserer Kunden in einer sich ständig wandelnden Risikolandschaft entsprechen.

Risiken verstehen und übernehmen

Die Absicherung von Risiken ist für unsere Geschäftstätigkeit von zentraler Bedeutung.

Unsere Underwriting-Expertise sowie unsere Kenntnisse und Fähigkeiten, die wir in jahrzehntelanger Erfahrung erworben haben und die durch eine Fülle von Daten gestützt werden, ermöglichen es uns, Risiken jeglicher Komplexität zu bewerten, zu verstehen und zu quantifizieren. So können wir unseren Kunden geeignete Versicherungslösungen zu fairen Preisen anbieten und Informationen zur Verfügung stellen, um sie bei der Steuerung ihrer Risiken und der Minderung möglicher Verluste zu unterstützen.

Als verlässliche langfristige Partner stehen wir in enger Beziehung zu unseren Kunden, um ihre individuellen Bedürfnisse besser zu verstehen und sie, wo möglich, mit den richtigen Tools zur Bewältigung jeglicher Herausforderungen auszustatten.

Im gesamten Unternehmen setzen wir Technologien ein, um die Zusammenarbeit mit unseren Kunden zu verbessern und unsere Underwriter dabei zu unterstützen, hervorragende Dienstleistungen zu erbringen. Wir verbessern ständig das Arbeitsumfeld unserer Underwriter, indem wir ihr Feedback einholen und darauf reagieren. Das verringert die Fluktuation und führt dazu, dass wir talentierte und erfahrene Mitarbeitende im Unternehmen halten und so die hohe fachliche Qualität beibehalten können, die unsere Kunden erwarten.

Schadenmanagement

Es ist sehr wichtig, dass unsere Kunden auf unsere Fähigkeiten vertrauen, unsere Verpflichtungen zu erfüllen. Erfahrung und eine über Jahrzehnte erworbene Reputation bedeuten, dass unsere Kunden darauf vertrauen können, dass wir mit unserer Fachkompetenz für sie da sind, wenn sie uns brauchen, schnell reagieren, sie während des gesamten Prozesses auf dem Laufenden halten und den Schaden fair regulieren.

Wir suchen ständig nach weiteren Möglichkeiten, die Service-Erwartungen unserer Kunden zu erfüllen, und bieten eine Reihe von Kommunikationskanälen und Selbstbedienungsmöglichkeiten an. Wir nutzen Innovation, um auf ihre sich ändernden Bedürfnisse zu reagieren und die von uns erbrachten Dienstleistungen nachhaltiger zu machen. Wir sind bestrebt, den Kunden Informationen zur Verfügung zu stellen, damit sie künftige Verluste verringern und sogar vermeiden können.

Wir analysieren systematisch Kundenfeedback und nutzen dazu eine Reihe von Interaktionsmöglichkeiten wie etwa unsere NPS-Programme (Net Promoter System) - nicht nur im Rahmen unseres Schadenabwicklungsprozesses, sondern an allen Kundenschnittstellen.

Rückstellungen verwalten

Unsere konzernweite Richtlinie, die «Zurich Way of Reserving» für die Bildung von Rückstellungen mit genau definierten Standards und einem konservativen Ansatz, bildet die Grundlage für unsere Berechnungen der Verbindlichkeiten aus dem Versicherungsgeschäft. Die Bildung von Rückstellungen wird bei uns durch eine starke Governance unterstützt, zu der auch umfangreiche interne und externe Überprüfungen gehören.

Kapital anlegen

Unsere Einnahmen beinhalten Erträge aus investierten Prämien, Policengebühren und Einlagen.

Unser Geschäftserfolg ist sowohl für diejenigen wichtig, die darauf vertrauen, dass wir Schäden zuverlässig bezahlen, als auch für Anleger, die von uns erwarten, dass wir Erträge auf Sparguthaben erzielen und unser Geschäft verantwortungsbewusst führen.

Der Ansatz von Zurich bei der Anlagenverwaltung zielt darauf ab, risikobasierte Renditen im Verhältnis zu den Verbindlichkeiten der Gruppe zu maximieren und zugleich neue Risiken in schwierigen Zeiten zu verstehen. Darum verwalten wir unsere Aktiven verantwortungsvoll und berücksichtigen bei unseren Anlageentscheidungen Nachhaltigkeitsfaktoren.

Unsere Strategie

Die Messlatte höher legen

Zurich erzielt hervorragende Erfolge und erwirtschaftet marktführende Aktionärsrenditen. Allerdings bieten sich uns neue Möglichkeiten, unsere Erfolgsgeschichte zu beschleunigen.

Als Ausdruck unserer wachsenden Zuversicht haben wir einen neuen Dreijahresplan mit den ehrgeizigsten Zielen in der Geschichte von Zurich lanciert.

Am Investorentag vom 21. November 2024 stellte Zurich den neuen Dreijahresplan für 2025-2027 vor. Als Ausdruck unserer wachsenden Zuversicht sowie um Chancen am Markt zu nutzen, umfasst der neue Dreijahresplan die ehrgeizigsten Ziele in der Geschichte von Zurich.

In den letzten acht Jahren hat Zurich mehr als CHF 28 Milliarden in Form von Bardividenden und Aktienrückkäufen an die Aktionäre ausgeschüttet und damit zu einer branchenführenden Gesamtrendite für die Aktionäre von 16 Prozent pro Jahr beigetragen.¹ Die Erreichung der neuen Ziele wird erwartungsgemäss dazu beitragen, auch künftig eine hervorragende Rendite für die Aktionäre zu erwirtschaften.

Die Finanzziele für 2025-2027 werden durch ehrgeizige Geschäftsziele untermauert:

Finanzziele

(Vorbehaltlich einer Quote von mindestens 160% des Schweizer Solvenztests (SST))

Bereinigte Eigenkapitalrendite²

>23%

Kumulative Mittelzuflüsse

>USD 19 Mrd.

Bereinigter Gewinn je Aktie³

>9%

Geschäftsziele

Firmenkunden	Privatkunden	Lebensversicherung	Farmers
Betriebsgewinn von über USD 4,2 Mrd. im Jahr 2027.	Rückkehr zu langfristiger Profitabilität.	Wachstum Bruttoprämien im Vorsorgeschutzgeschäft um durchschnittlich 8% pro Jahr.	Wandel fortführen, um ein nachhaltiges Wachstum der Farmers Exchanges⁴ zu fördern.
Bruttoprämien im Middle-Market-Segment von über USD 10 Mrd. im Jahr 2027.	Stärkere Konzentration auf Kundenloyalität.

¹ Annualisierte Gesamtrendite für die Aktionäre in USD vom 1. Januar 2017 bis 31. Dezember 2024.

² Business Operating Profit nach Steuern (BOPAT) geteilt durch das durchschnittliche Eigenkapital ohne nicht realisierte Gewinne und Verluste.

³ Bereinigter Gewinn je Aktie (Core EPS) basierend auf dem Business Operating Profit nach Steuern (BOPAT). Als Referenz: Der bereinigte Gewinn je Aktie im Geschäftsjahr 2023 betrug USD 37.9, berechnet als BOPAT von USD 5'540 Millionen geteilt durch die gewichtete durchschnittliche Anzahl der Aktien (verwässert) von 146,4 Millionen Stück. Durchschnittliche jährliche EPS-Wachstumsrate 2025-2027 in US-Dollar.

⁴ Zurich Insurance Group hält keine Eigentumsanteile an den Farmers Exchanges. Die Farmers Group, Inc. (FGI), eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges und erhalten hierfür eine Gebühr.

Der neue Dreijahresplan 2025-2027 ist kein Top-Down-Finanzplan. Vielmehr ist es ein Geschäftsplan, der die Ideen unserer Führungskräfte in den Regionen und aller Geschäftsbereiche vereint.

Der Plan macht Zurich kurzfristig leistungsfähiger und langfristig strukturell stärker und wettbewerbsfähiger. Daher umfasst der Plan neue Geschäftsprioritäten, welche die Messlatte in den Bereichen Firmenkunden, Privatkunden, Lebensversicherung und Farmers höher legen wird. Die Prioritäten bauen auf mehreren Jahren erfolgreicher Strategieumsetzung und Wachstum auf. Sie nutzen die einzigartige Marktposition von Zurich und ihre versicherungstechnische Expertise, um sicherzustellen, dass die Gruppe dem Markt immer einen Schritt voraus bleibt.

Die neuen Ziele bauen auf dem erfolgreichen Abschluss von drei Zyklen auf:

Ziele¹	2017-2019	2020-2022	2023-2025	2025-2027
ROE^{2, 3}	BOPAT ROE	BOPAT ROE	BOPAT ROE	Core ROE
	>12%	>14%	>20%	>23%
EPS CAGR		≥5%	8%	Core EPS⁴
				>9%
Mittelzuflüsse (kumulativ)	>USD 9,5 Mrd.	>USD 11,5 Mrd.	>USD 13,5 Mrd.	>USD 19 Mrd.
Kosteneinsparungen	USD 1,5 Mrd.	-	-	-
Solvenz	Z-ECM	SST	SST	SST
	100%-120%	≥160%	≥160%	≥160%
Status	Übertroffen	Übertroffen	Auf dem Weg zu übertreffen

Prioritäten: Verstärkte Ambitionen für all unsere Geschäftseinheiten

Firmenkunden	Privatkunden	Lebensversicherung	Farmers
Im Jahr 2024
Führender Versicherer für Firmenkunden mit starker Underwriting-Kultur.	Kundenorientiertes, digital unterstütztes Versicherungsgeschäft für Privatkunden.	Lebensversicherungsgeschäft mit geringer Kapitalbindung, Gewinne gestützt durch das Vorsorgeschutzgeschäft.	Einzigartiges Gebührengeschäft mit Farmers.⁵
↓	↓	↓	↓
Massnahmen 2025-2027
Disziplin im Underwriting und in der Risikoselektion in bestehenden Sparten untermauern.	Rückkehr zur langfristigen Rentabilität durch:	Vorsorgeschutzgeschäft als «ein Geschäft» weltweit unter einem Dach verwalten und ausbauen.	Fortsetzung der Geschäftstransformation, welche die Rentabilität von Farmers⁵ wiederhergestellt und die Kapitalposition verbessert hat.
Verstärkter Fokus auf die Fähigkeiten im Underwriting und in der Schadenabwicklung.	Hervorragende Leistungen bei der Preisgestaltung und Schadenabwicklung in allen Regionen erzielen.	Verbesserung der versicherungstechnischen Leistung und der Preisgestaltung.	Wachstum des Versicherungsbestands.
Gezieltes Wachstum priorisieren (mit Schwerpunkt auf Middle Market und Specialties-Versicherungen), unter Wahrung einer starken Rentabilität.	Optimierung des Geschäftsmix.	Verbesserung des Kundenfokus.
	Nutzung von Skaleneffekten und Technologievorteilen.
	Das Kundenerlebnis mit neuen Initiativen verbessern, um die Kundenloyalität und den finanziellen Erfolg zu steigern.
↓	↓	↓	↓
Im Jahr 2027
Erweitertes Firmenkundengeschäft mit stabilen Margen über den Zyklus hinweg.	Versicherungstechnisch hervorragendes Privatkundengeschäft in allen Regionen.	Wachsendes Vorsorgeschutzgeschäft, verstärkte Underwriting-Kapazitäten	Transformiertes Geschäft von Farmers⁵ mit nachhaltigem Wachstum.

¹ Ziele basierend auf IFRS 17 für die Zeiträume 2023-2025 und 2025-2027 sowie auf Grundlage von IFRS 4 für vorausgegangene Zeiträume.

² Betriebsgewinn nach Steuern geteilt durch das durchschnittliche den Aktionären zurechenbare Eigenkapital, bereinigt um nicht realisierte Gewinne/Verluste und Cashflow-Hedges. Ab dem Geschäftsjahr 2024 basiert das durchschnittliche den Aktionären zurechenbare Eigenkapital auf halbjährlichen Datenpunkten (zuvor: vierteljährlich).

³ Das zur Ermittlung der Eigenkapitalrendite und der bereinigten Eigenkapitalrendite verwendete Eigenkapital umfasst nicht realisierte Nettogewinne/(-verluste) aus finanziellen Vermögenswerten, die Nettoveränderung des Diskontierungssatzes für (Rück-)Versicherungsverträge und die Nettoveränderung des beizulegenden Zeitwerts zugrunde liegender Posten im Rahmen des sonstigen Ergebnisses innerhalb der Gesamtergebnisrechnung. Die bereinigte Eigenkapitalrendite wurde früher als Eigenkapitalrendite basierend auf dem Betriebsgewinn nach Steuern bezeichnet.

⁴ Bereinigter Gewinn je Aktie (Core EPS) in US-Dollar basierend auf dem Business Operating Profit nach Steuern (BOPAT). Als Referenz: Der bereinigte Gewinn je Aktie im Geschäftsjahr 2023 betrug USD 37.9, berechnet als BOPAT von USD 5'540 Millionen geteilt durch die gewichtete durchschnittliche Anzahl der Aktien (verwässert) von 146,4 Millionen Stück.

Wir setzen unsere kundenorientierte Strategie zum Nutzen aller unserer Anspruchsgruppen um. Gleichzeitig transformieren wir unser Geschäft, um ein langfristiges rentables Wachstum zu erzielen.

Kunden

Unser Ziel ist es, der Versicherer erster Wahl zu sein, indem wir bedeutende Beziehungen zu unseren Kunden aufbauen und uns ihre Loyalität verdienen.

Vereinfachung

Wir vereinfachen unser Geschäft sowie unsere Betriebsabläufe und reduzieren unnötige Komplexität, um unsere Ressourcen besser zu nutzen.

Innovation

Wir entwickeln uns weiter, um auch zukünftig die Erwartungen und Bedürfnisse unserer Kunden zu erfüllen.

Unsere Fortschritte im Jahr 2024

Wir haben unseren kundenorientierten Wandel deutlich vorangetrieben:

―	Kundenbindungsrate verbessert dank unserem Programm für Kundenorientierung, das nun fast 90 Prozent des Privatkundengeschäfts und der kleineren und mittleren Unternehmen abdeckt.
―	Weiter verbesserte Kundenerkenntnisse, Einführung konsistenter Kundenerlebnisstandards sowie Digitalisierung der meisten Berührungspunkte, über die Kunden mit uns via ihre bevorzugten Kanäle in Kontakt treten können.
―	Erweiterung unserer Kundenbasis auf über 75 Millionen Kunden, bei gleichzeitiger Verbesserung der Kundenzufriedenheit.
―	Ausweitung unseres Leistungsangebots für Firmenkunden: Zu den Beispielen zählen das von Zurich Resilience Solutions lancierte Climate Spotlight, das Kunden mithilfe von Klimadaten bei der Bewältigung von Klimarisiken unterstützt.
―	Investition in den Cyber-Versicherungsanbieter Cowbell mit Sitz in den USA, die unser Engagement unterstreicht, Unternehmen mit modernem Cyber-Schutz zu unterstützen.

Dank unserer ausgeweiteten Präsenz erreichen wir neue Kunden:

―	Wir haben das weltweite Reiseversicherungs- und Assistance-Geschäft für Privatkunden von AIG übernommen, was uns unter der Marke Zurich Cover-More als ein führender globaler Reiseversicherer positioniert.
―	Eintritt in den indischen Markt durch den Erwerb einer Beteiligung von 70 Prozent an Kotak Mahindra General Insurance durch eine strategische Partnerschaft mit einer führenden indischen Bank, die Ankeraktionär bleibt.

Anhaltende Vereinfachung der Betriebsabläufe, um die Qualität und Effizienz des Geschäfts zu steigern, beispielsweise durch:

―	Weitere Bereinigung unseres Lebensversicherungsgeschäfts, Abschluss des Verkaufs eines Rentenversicherungsbestands in Chile an Ohio National.
―	Unser Ansatz «Build once, use many» skaliert modulare digitale Lösungen, einschliesslich generativer KI, Datenmanagement und Preisgestaltungsplattformen für mehrere Märkte.
―	Skalierung komplexer Lösungen mithilfe von Zurich Edge, unserer externen Open-Architecture-Plattform, wodurch Partnerschaften einfacher und schneller werden.

Wir bleiben durch unsere Vordenkerposition und eine laufende Weiterentwicklung unseres Geschäfts relevant und wettbewerbsfähig. Einige Beispiele:

―	Wir veranstalteten die fünfte Ausgabe unserer Zurich Innovation Championship.
―	Zurich wurde das zweite Jahr in Folge von Mind the Bridge und der Internationalen Handelskammer in die Liste der «Top 100 Corporate Startup Stars» aufgenommen. Dies widerspiegelt unseren Fokus auf Innovation und Zusammenarbeit mit Start-ups.
―	Wir haben konzernweit digitale Plattformen implementiert, und die generative KI wird bereits in grossem Umfang genutzt: Über 500 KI-Lösungen sind im Einsatz oder in der Entwicklung.
―	In Zusammenarbeit mit Aon lancierten wir eine wegweisende Versicherungslösung für saubere Energie, die weltweiten Versicherungsschutz bietet, um die Entwicklung von sauberen Wasserstoffprojekten zu beschleunigen.
―	Gemeinsam mit Marsh McLennan veröffentlichten wir ein Whitepaper, das den Bedarf einer öffentlichprivaten Kooperation im Bereich der Cyber-Resilienz anspricht.

Wiederhergestellte Rentabilität von Farmers Insurance sowie Neuausrichtung des Vertriebs für ein rentables Wachstum.

Erfahren Sie mehr über Farmers:

―

Seite 11

Unser Climate Transition Plan

Unser Übergang zu Netto-Null

Der Klimawandel stellt eine doppelte Herausforderung dar. Die globalen Emissionen müssen gesenkt werden, um die schädlichsten Auswirkungen zu verhindern, und gleichzeitig muss eine höhere Widerstandsfähigkeit gegenüber den physischen Gefahren aufgebaut werden, denn diese werden während des Übergangs weiter zunehmen.

Um diese Aufgaben anzugehen, veröffentlichte Zurich im Jahr 2024 den ersten Climate Transition Plan des Unternehmens. Darin ist beschrieben, wie wir unser Versprechen von 2019 einlösen wollen, bis 2050 ein Netto-Null-Unternehmen zu werden, und zwar in unserem Versicherungsgeschäft, unseren Investments und in unseren Betriebsabläufen.

Doch wir haben uns ein noch höheres Ziel gesetzt: Wir möchten sicherstellen, dass Versicherungen erschwinglich bleiben, indem wir den Übergang zu Netto-Null-Emissionen in der gesamten Wirtschaft ermöglichen. Ausserdem wollen wir helfen, die Widerstandsfähigkeit der Gesellschaft gegenüber den Auswirkungen des Klimawandels zu stärken.

Unser Wandel wird ein fortlaufender, iterativer Prozess sein und den sich ändernden Kontext der Umstellung auf Netto-Null und die Entwicklungen in unserem eignen Geschäft widerspiegeln. Daher wird sich unser Plan im Laufe der Zeit weiterentwickeln und wir werden ihn jährlich aktualisieren.

Definition von Netto-Null-Emissionen

Auf globaler Ebene bedeuten Netto-Null-Emissionen, ein Gleichgewicht zwischen den erzeugten und den aus der Atmosphäre entfernten Treibhausgasemissionen zu erreichen.¹ Um den durchschnittlichen Temperaturanstieg auf 1,5 °C zu begrenzen, ist es aus unserer Sicht unerlässlich, dass die Welt dieses Ziel bis 2050 erreicht.

Dazu sind tiefgreifende, schnell umgesetzte und nachhaltige Emissionsreduzierungen erforderlich.

¹ Climate Council, 2023: What does net-zero emissions mean?

Grünerer Stahl

Zurichs Impact-Investment-Portfolio enthält mehrere grüne Anleihen, die von einer europäischen Bank ausgegeben wurden. Diese finanzieren einen Pool ökologischer Anlagen, darunter auch eine emissionsarme Stahlfabrik. Das Stahlwerk gehört einem Unternehmen, das einer der ersten durchgängig ökologischen Stahlproduzenten in industriellem Massstab werden möchte. Geplant ist eine Produktion von rund 2,5 Millionen Tonnen grünem Stahl pro Jahr, wobei die CO₂ -Emissionen im Vergleich zur traditionellen Stahlerzeugung um bis zu 95 Prozent reduziert werden sollen. Der Stahl soll mit erneuerbaren Energien erzeugt werden und durchschnittlich soll die Hälfte des Outputs aus Schrott stammen.

Lesen Sie den gesamten Plan hier:

―	www.zurich.com/sustainability/strategy-and-governance/climate-transition-plan

Weitere Informationen finden Sie in unserem Sustainability Report:

―

Seite 125

E in solider Plan

Unser Plan basiert auf vier Zielen, die sich gegenseitig verstärken.

Den Übergang der gesamten Wirtschaft zu Netto-Null ermöglichen

Seit über 150 Jahren schützen wir Privatpersonen und Organisationen vor Risiken, damit sie mit Zuversicht in die Zukunft investieren können.

Heute gehört auch dazu, unsere Kunden sowie die Unternehmen, in die wir investieren, bei ihrem Übergang zu Netto-Null zu unterstützen.

Wir sind überzeugt, dass ein erfolgreicher Übergang unser Geschäft unterstützen wird.

Die Gesellschaft widerstandsfähiger machen

Klimagefahren werden sich über die nächsten Jahrzehnte hinweg vermutlich intensivieren, selbst wenn die Welt bis 2050 Netto-Null-Emissionen erreicht.

Daher nutzen wir unsere Fachkompetenz, um mehr Unternehmen, Städten und Gemeinschaften dabei zu helfen, diese Risiken schon vor ihrem Entstehen besser zu verstehen, zu verhindern und zu reduzieren. Ausserdem unterstützen wir sie nach Verlusten und Schäden bei einem verbesserten Wiederaufbau.

Eintreten für eine unterstützende Politik

Unser Netto-Null-Ziel hängt von der Umstellung der Realwirtschaft und einem wirksamen politischen Rahmen ab.

Deshalb möchten wir unsere Daten, Expertise und unser globales Netzwerk dazu nutzen, um eine Politik zu prägen, die uns helfen kann, eine gerechte, resiliente und wirtschaftlich erfolgreiche Umstellung zu vollziehen und uns aktiv für diese Politik einzusetzen.

Weiterentwickeln, wie wir tätig sind

Wir setzen die Dekarbonisierung unseres eigenen Betriebs und unserer Lieferkette laufend fort.

Wir investieren in unsere Menschen und fördern eine Kultur des Lernens und des Wissensaustauschs, damit sich unsere Organisation gemäss unseren Zielen weiterentwickelt.

Das ermöglicht unseren Mitarbeitenden, mit unseren Kundinnen und Kunden, Zulieferern und den Unternehmen, in die wir investieren, auf ihrer Übergangsreise zusammenzuarbeiten.

Unsere Anspruchsgruppen

Einen Schritt weiter gehen

Erfahren Sie, wie wir die Erwartungen unserer wichtigsten Anspruchsgruppen antizipieren und übertreffen möchten.

Unser Planet

―

Seite 22

Unsere Kunden

―

Seite 23

Unsere Investoren

―

Seite 25

Unsere Mitarbeitenden

―

Seite 24

Unser Planet

Fortschritte machen in Richtung Netto-Null

Im Jahr 2024 legte Zurich mit dem ersten Climate Transition Plan dar, wie wir bis zum Jahr 2050 Netto-Null-Emissionen erreichen wollen. Wir sind entschlossen, jetzt zu handeln. Dabei wollen wir einen erfolgreichen Übergang vollziehen, der unseren Kunden, den Unternehmen, in die wir investieren, sowie unserem Geschäft zugutekommt. Unsere Pläne, das Netto-Null-Ziel zu erreichen, halten uns auf Kurs, eine bessere Zukunft für die nächsten Generationen zu erschaffen.

Der Übergang zu einer Netto-Null-Wirtschaft ist unsere Priorität. Wir sind überzeugt, dass dies langfristig im besten Interesse unserer Kunden, der Unternehmen, in die wir investieren, und unseres eigenen Geschäfts liegt.

Linda Freiner

Group Chief Sustainability Officer

USD 1,7 Mrd.

Nachhaltiger Ertrag

69%

Verringerung der betrieblichen Emissionen¹

USD 10,4 Mrd.

Investitionen in Klimalösungen

51,9%

Beschaffungsausgaben bei Lieferanten, die sich Netto-Null-Ziele gesetzt haben²

In unserem Sustainability Report finden Sie weitere Informationen zu unseren Leistungen in diesem Bereich:

―

Seite 137

¹ Zurich Cover-More, Farmers Group, Inc. und ihre Tochtergesellschaften, unsere Joint Ventures mit Banco Sabadell und Banco Santander sowie kleinere Geschäftseinheiten wie Real Garant und Orion, Drittanbieter und die kürzlich erworbene Zurich Kotak General Insurance und das globale Reiseversicherungs- und Assistance-Geschäft von AIG sind nicht berücksichtigt, da sie nicht in die CO₂ e-Baseline für 2019 eingeflossen sind.

² Bezieht sich auf rund USD 2 Milliarden, die jährlich für Waren und Dienstleistungen zur Aufrechterhaltung und Entwicklung der von Zurich zentral verwalteten Geschäftstätigkeiten ausgegeben werden. Gemäss der Baseline 2023 für die von Zurich verwalteten Beschaffungsausgaben sind Lieferanten, die im Berichtsjahr nicht mehr aktiv waren, nicht berücksichtigt. Ein Lieferant gilt als Lieferant mit Netto-Null-Zielen, wenn diese von der Science Based Targets-Initiative oder einer anderen wissenschaftlich akkreditierten Stelle genehmigt wurden oder wenn er ein öffentliches Ziel zur Neutralisierung aller verbleibenden Scope 1 und 2 Emissionen hat.

Fallstudie

Die Zukunft nachhaltiger Bauweisen versichern

Zurich Nordamerika ist ein führender Anbieter von Versicherungen und Risikoanalysen für Bauprojekte, die Massivholz einsetzen. Mit diesem nachhaltigen Material lässt sich der Einsatz von Stahl und Beton in vielen Konstruktionen reduzieren. Nach einer Bewertung von ersten Branchentests lancierte Zurich Nordamerika zwei wegweisende Versicherungspolicen für Baurisiken, mit einer Deckungssumme von bis zu USD 50 Millionen für qualifizierte Massivholzrisiken. Damit unterstützen wir Kunden und das Baugewerbe bei der Dekarbonisierung.

Lesen Sie die ganze Geschichte:

―	www.zurich.com/media/magazine/2024/mass-timber-insuring-the-future-of-sustainable-construction

Fallstudie

Die Umstellung auf Elektrofahrzeuge unterstützen

Zurich bietet Eigentümerinnen und Eigentümern von Elektrofahrzeugen bereits seit über einem Jahrhundert unterschiedliche Versicherungsmöglichkeiten, beginnend zu einer Zeit, als die Prämien noch auf Basis von Pferdewagen festgelegt wurden. Heutzutage bieten wir Versicherungsschutz für moderne Elektro- und Hybridfahrzeuge in unterschiedlichen Varianten an. Zurich unterstützt Privatpersonen und Unternehmen, die sich für Elektrofahrzeuge entscheiden und somit die ökologischen Auswirkungen von Mobilität reduzieren. Ausserdem arbeiten wir direkt mit Automobilherstellern zusammen, um Versicherungsschutz für ihre Kunden bereitzustellen.

Lesen Sie die ganze Geschichte:

―	www.zurich.com/media/magazine/2024/ev-owners-and-insurers-adjust-to-a-silent-power-revolution

Unsere Kunden

Eine solide Basis für Wachstum

Wir arbeiten an neuen strategischen Initiativen, um das Kundenerlebnis zu verbessern und unsere digitalen Kompetenzen zu steigern. Gleichzeitig verdienen wir uns - unterstützt durch unsere starke Marke - die Loyalität unserer Kunden. Mit aus Daten gewonnenen Erkenntnissen bieten wir ein stärker personalisiertes Erlebnis.

Diese Bemühungen tragen Früchte: Unsere Kunden erkennen diese Verbesserungen und belohnen uns mit steigender Loyalität. Folglich sind unsere Netto-Kundenzahlen gestiegen. Darüber hinaus erwerben unsere Kundinnen und Kunden pro Person mehr Produkte, sodass die Produktdichte zunimmt.

Wir verstehen unsere Kunden besser: ihre Bedürfnisse, ihre Wünsche und wie sie mit uns in Kontakt treten möchten. So kann Zurich ein besseres und stärker personalisiertes Erlebnis bieten.

Conny Kalcher

Group Chief Customer Officer

>75 Mio.

Total Kunden¹

USD 10 Mrd.

Markenwert per 2024²

35%

Wachstum des Markenwertes gegenüber 2023²

10 Mio.

Nutzer, die im Jahr 2024 über unsere Apps und Portale mit Zurich in Kontakt traten

In unserem Sustainability Report finden Sie weitere Informationen zu unseren Leistungen in diesem Bereich:

―

Seite 180

¹ >75 Millionen Privatkunden, >1 Million Firmenkunden.

² Quelle: Brand Finance, 2024

Fallstudie

Mit Technologie Versicherungsbetrug bekämpfen

Zurich setzt eine Vielfalt unterschiedlicher Methoden zur Bekämpfung von Versicherungsbetrug ein.

Dazu werden unter anderem ausgefeilte Technologien wie künstliche Intelligenz mit menschlicher Expertise kombiniert. Einige unserer Geschäftsbereiche haben ein System zur Betrugsbekämpfung umgesetzt, das von Zurich Customer Active Management (ZCAM) entwickelt wurde. ZCAM gehört zum Group Customer Office von Zurich und ist spezialisiert in Datenanalyse. Der Einsatz von Technologie ermöglicht es bei der Schadenermittlung, Diskrepanzen und ungewöhnliches Verhalten, das auf einen Betrugsversuch hinweisen könnte, rasch aufzudecken. Dadurch bleibt mehr Zeit, einzelne Fälle zu bearbeiten. Die tatsächlichen Begünstigten sind unsere Kundinnen und Kunden, denn sie profitieren von einer schnellen und effizienten Schadenabwicklung. Und indem wir mehr Betrugsfälle aufdecken, sparen wir zudem Kosten. Das kommt Versicherern sowie ehrlichen Kunden zugute.

Lesen Sie die ganze Geschichte:

―	www.zurich.com/media/magazine/2024/how-technology-including-ai-gives-claims-investigators-an-edge

Delpha DiGiacomo, Head of Fraud von Zurich Nordamerika, und ihr Team von rund 30 Ermittlerinnen und Ermittlern verlassen sich nicht nur auf die modernste Technologie, sondern auch auf ihre menschliche Fachkompetenz, um betrügerische Schadenfälle aufzudecken.

Fallstudie

Cyber-Schutz in Malaysia

Im August 2024 lancierte Zurich General Insurance Malaysia Berhad gemeinsam mit einer der ersten digitalen Banken des Landes, GX Bank Berhad (GXBank), ein Versicherungsprodukt gegen Cyberbetrug. Indem wir Malaysiern Versicherungslösungen anbieten, die im aktuellen und sich rasant wandelnden digitalen Umfeld erforderlich sind, können wir ein reibungsloseres und positiveres Kundenerlebnis bieten. Dieses ist nahtlos integriert und für Kundinnen und Kunden der GXBank bequem zu nutzen. Das neue Produkt mit dem Namen «Cyber Fraud Protect» wird im Rahmen einer GXBank-Anwendung angeboten und basiert auf der digital eingebetteten Versicherungsplattform Zurich Edge. Das Produkt bietet Schutz vor Cyberverbrechen oder elektronischen Betrugsnachrichten, unbefugten elektronischen Überweisungen von lokalen Bankkonten, E-Wallets, Kredit- oder Debitkarten. Diese Zusammenarbeit folgte auf eine bereits im Mai 2024 mit der GXBank geschlossene Vereinbarung im Bereich Bancassurance.

Unsere Mitarbeitenden

Unsere Mitarbeitenden für eine nachhaltige Zukunft stärken

Wir engagieren uns für «People Sustainability», die Nachhaltigkeit gegenüber unseren Mitarbeitenden. Wir unterstützen sie aktiv dabei, unser Geschäft erfolgreich voranzutreiben und einen herausragenden Kundennutzen zu bieten, während wir gleichzeitig die Herausforderungen des demografischen Wandels, der digitalen Transformation sowie einer intensiveren Regulierung und Compliance meistern. Unser Ansatz konzentriert sich auf zwei Säulen:

―

Die Kompetenzen und Beschäftigungsfähigkeit unserer Belegschaft langfristig durch verschiedene globale oder von den Märkten durchgeführte Initiativen und Schulungen am Arbeitsplatz fördern. So können unsere Mitarbeitenden mit neuen Trends, technologischen Fortschritten und sich wandelnden Erwartungen Schritt halten.

―

Förderung einer widerstandsfähigen, inklusiven und engagierten Organisation.

Wenn unsere Mitarbeitenden in einem Arbeitsumfeld tätig sind, in dem sie sich wohlfühlen und ihre bestmögliche Leistung erbringen können, dann können sie auch unsere Kunden auf eine Art und Weise bedienen, die uns von anderen abhebt.

Motivierte Mitarbeitende begeistern unsere Kunden und lassen unser Geschäft gedeihen. Das Engagement von Zurich für People Sustainability ist ein wesentlicher Erfolgsfaktor für uns.

Jolanda Grob

Group Chief People Officer

72,8%

Interne Stellenbesetzungen¹

32,1%

Frauen im höheren Management

>1,1 Mio.

Lernstunden²

In unserem Sustainability Report finden Sie weitere Informationen zu unseren Leistungen in diesem Bereich:

―

Seite 191

¹ Die interne Einstellungsquote ist der Anteil der internen Mobilität im Vergleich zur aggregierten Summe aus interner Mobilität und externen Einstellungen. Sie wird berechnet, indem die Gesamtzahl der internen Mobilität (die sich in horizontalen, vertikalen oder internationalen Versetzungen, der Wiedereinstellung ehemaliger Mitarbeitenden von Zurich oder dem Wechsel von befristeten zu unbefristeten Arbeitsverträgen widerspiegelt) durch die Gesamtsumme aus interner Mobilität und externen Einstellungen dividiert wird. Einstiegspositionen (Career Level A) sind von der «externen Einstellung» ausgeschlossen, da diese Positionen naturgemäss mit externen Berufseinsteigern besetzt werden.

² Auf unseren globalen Lernplattformen erfasste Stunden (d. h. physische, digitale sowie obligatorische und freiwillige Schulungseinheiten). Die Angabe der Lernstunden schliesst Farmers Group, Inc. und ihre Tochtergesellschaften, Zurich Cover-More, Zurich Kotak General Insurance und Orion aus.

Fallstudie

Innovativ Kompetenzen für die Zukunft aufbauen

Die Mitarbeitenden von Zurich Mexiko profitieren vom im Juni 2024 lancierten Programm «SuperSkillZ».

Es stattet Mitarbeitende mit innovativen Lernformaten, darunter Escape Rooms, Analysen von Fallstudien und dynamische Workshops mit Fähigkeiten für die Zukunft aus. Das Programm förderte in der gesamten Geschäftseinheit einen proaktiveren Ansatz für selbstgesteuertes Lernen. Im Jahr 2024 meldeten sich 60 Prozent der Führungskräfte und 43 Prozent der Mitarbeitenden im SuperSkillZ-Programm an und absolvierten über 1'200 Schulungsstunden. Das Programm erreichte einen hohen Net Promoter Score von 88 - ein Ausdruck der Qualität, Relevanz und der transformativen Kraft des Programms.

Fallstudie

Fähigkeiten im Einklang mit der Geschäftsstrategie entwickeln

Z.Lab wurde 2023 in der Schweiz ins Leben gerufen und bietet eine Reihe von Workshops an, um auf Teamebene die Entwicklung von Fähigkeiten mit der Geschäftsstrategie abzustimmen. Die Teilnehmenden des Programms reflektieren über ihren Beitrag zur Umsetzung der Strategie und was es braucht, um die strategischen Prioritäten erfolgreich umzusetzen. Sie identifizieren auf Teamebene die dafür erforderlichen neuen Fähigkeiten und relevante Technologien wie die Nutzung von KI, um im «learning by doing» individuelle Lücken bei diesen Fähigkeiten zu schliessen. Die Erfolge werden geteilt, um das Gelernte und die erworbenen Fähigkeiten in unterschiedlichen Teams der Organisation nutzen zu können. Der Erfolg von Z.Lab sowie die äusserst positiven Rückmeldungen von Teilnehmenden haben Zurich Österreich und Zurich Santander zur Einführung ähnlicher Programme bewogen.

Unsere Investoren

Finanzielle Stärke, konservative Bilanz

Zurich verfügt über ein starkes Geschäft mit einer branchenführenden Finanzstärke, einer konservativ verwalteten Bilanz und einer konsistenten finanziellen Leistung. Die finanzielle Flexibilität der Gruppe wird gestützt durch eine starke Solvenz und die Generierung von Mittelzuflüssen durch unser Geschäft. Das führt zu einem Liquiditätsüberschuss, der in besonders lukrative Wachstumsgelegenheiten investiert werden kann. In den letzten acht Jahren hat Zurich mehr als CHF 28 Milliarden in Form von Bardividenden und Aktienrückkäufen an die Aktionäre ausgeschüttet und damit zu einer branchenführenden Gesamtrendite für die Aktionäre von 16 Prozent pro Jahr beigetragen.¹

Zurich hat in allen Belangen eine herausragende Finanzleistung erzielt. Unser konsequentes Engagement für die Wertschöpfung für unsere Aktionäre - untermauert durch eine effektive Kapitalallokation sowie eine positive Dynamik in allen Geschäftsbereichen - stärkt unser Vertrauen in den neuen Finanzplan.

Claudia Cordioli, Group Chief Financial Officer

Weitere Informationen zu unseren Aktien finden Sie hier:

―	www.zurich.com/investor-relations/our-shares

Unseren Finanzkalender finden Sie hier:

―	www.zurich.com/media/calendar

Kontakt zu unserem Investor Relations-Team:

―	www.zurich.com/investor-relations/investor-relations-contact

Geschäftsmodell mit Überschussliquidität und Dividendenpolitik

Das Geschäftsmodell von Zurich generiert hohe Mittelzuflüsse, was eine attraktive Dividende ermöglicht. Die Gruppe beabsichtigt, die aktuell attraktive Dividendenpolitik fortzusetzen und schlägt eine Zielausschüttungsquote von etwa 75 Prozent des nachhaltigen, den Aktionären zurechenbaren Reingewinns vor. Dabei bildet die Dividende je Aktie des Vorjahres den Mindestwert und Dividendenerhöhungen beruhen auf einem nachhaltigen Gewinnwachstum.

Vorgeschlagene Bruttodividende je Aktie für 2024

CHF 28.00²

Angaben zur Aktie (CHF) per 31. Dezember

	2024	2023
Dividende je Aktie	28.00²	26.00
Aktienkurs am Ende der Berichtsperiode	538.80	439.60
Höchster Aktienkurs während der Berichtsperiode	562.60	457.90
Tiefster Aktienkurs während der Berichtsperiode	429.90	400.00
Marktkapitalisierung (CHF Mrd.)	78,86	64,34

Finanzielle Stärke

Die finanzielle Flexibilität von Zurich wird gestützt durch eine starke Solvenz und die Generierung von Mittelzuflüssen durch unser Geschäft. Die Finanzstärke für die Zürich Versicherungs-Gesellschaft AG wurde per 31. Dezember 2024 von Standard & Poor's mit AA/stable, von Moody's mit Aa2/stable und von AM Best mit A+(superior)/stable bewertet. Das Issuer Credit Rating³ von AM Best lautet aa/stable. Die Solvenzquote der Gruppe gemäss dem Schweizer Solvenztest (SST)⁴ wurde per 31. Dezember 2024 auf 252 Prozent geschätzt.

Dividenden und Aktienrückkäufe
CHF Milliarden

Dividende je Aktie
CHF

Eingetragene Aktionäre nach Typ
in Prozent per 31. Dezember 2024

¹ Annualisierte Gesamtrendite für die Aktionäre in USD vom 1. Januar 2017 bis 31. Dezember 2024.
Dividenden beziehen sich auf das Geschäftsjahr, nicht auf das Auszahlungsdatum. Rückkäufe basieren auf dem Datum der Ankündigung, nicht auf dem Datum der Ausführung.

³ AM Best unterscheidet in ihrer eigenen Methodik zwischen dem Issuer Credit Rating und dem weniger detaillierten Finanzstärke-Rating.

⁴ Geschätzte Quote des Schweizer Solvenztests (SST), errechnet auf Basis des internen, von der Eidgenössischen Finanzmarktaufsicht FINMA zugelassenen Modells der Gruppe. Die SST-Quote per 31. Dezember muss jeweils bis Ende April des Folgejahres bei der FINMA eingereicht werden und wird von dieser überprüft.

⁵ Durchschnittliche jährliche Wachstumsrate.

Z Zurich Foundation

Wirkung beschleunigen und verstärken

Die Z Zurich Foundation (die Stiftung) ist eine gemeinnützige Stiftung mit Sitz in der Schweiz, die von Mitgliedern der Zurich Insurance Group gegründet wurde. Sie ist das wichtigste Vehikel zur Umsetzung der globalen Investitionsstrategie der Zurich Insurance Group zugunsten von Gemeinschaften.

Die Wurzeln der Stiftung reichen zurück ins Jahr 1973, als sie anlässlich des 100-jährigen Jubiläums von Zurich gegründet wurde. Heute unterstützt die Stiftung Gemeinschaften auf der ganzen Welt und stützt sich dabei auch auf die eigene Kompetenz und Erfahrung von Zurich. Angeleitet durch das Vorhaben, einen echten und dauerhaften Unterschied zu machen, arbeitet die Stiftung mit Zurich und ihren Mitarbeitenden sowie mit privaten und öffentlichen Organisationen, Regierungen und weiteren wichtigen Anspruchsgruppen zusammen, um skalierbare und nachhaltige Lösungen zu liefern.

Unterstützung im Jahr 2024¹

>CHF 3 Mio.

Verdoppelte Spenden und Fundraising

>199'000

Ehrenamtlich geleistete Stunden

¹ Zurich Insurance Group und ihre Mitarbeitenden leisten einen Beitrag in Form von Fundraising, Freiwilligenarbeit und Geldspenden, während die Stiftung gemeinnützige Investitionen tätigt. Die endgültigen und geprüften Zahlen für 2024 werden im Impact Report der Stiftung offengelegt, der im Juni 2025 erscheint.

Bewältigung humanitärer Krisen

Im Jahr 2024 formalisierte die Stiftung ihre Aktivitäten zur Krisenbewältigung und professionalisierte ihren allgemeinen Ansatz. Im Verlauf des Jahres reagierte die Stiftung auf über 30 Krisen in der ganzen Welt. Eine effiziente Arbeitsweise lässt sich nur durch die Koordination und Zusammenarbeit einer Vielzahl unterschiedlicher Akteure erreichen, darunter auch humanitäre Organisationen und Mitarbeitende von Zurich. Die Stiftung möchte über die sofortige Nothilfe hinaus auch die «unsichtbaren Bedürfnisse» der Betroffenen berücksichtigen. Zum Beispiel arbeiteten in Spanien das lokale Team von Zurich und die Stiftung eng mit örtlichen Wohltätigkeitsorganisationen und humanitären Organisationen zusammen, um Betroffene der massiven Überflutungen in Valencia mit Nothilfen zu unterstützen. Zusätzlich wurde Unterstützung für mentale Gesundheit und psychologische Traumatisierung angeboten, insbesondere für Kinder aus sozial schwachen Verhältnissen.

Ein strategischer Wandel - Zurich Climate Resilience Alliance

Mehr als drei Milliarden Menschen leben in Gebieten, die durch den Klimawandel besonders gefährdet sind. Nachdem Zurich und die Z Zurich Foundation bereits ein Jahrzehnt lang Erfahrungen mit dem Aufbau von Widerstandsfähigkeit gegenüber Überflutungen gesammelt hatten, gaben sie im Jahr 2024 die Gründung der Zurich Climate Resilience Alliance bekannt. Damit wurde das Aktionsfeld der 2013 ins Leben gerufenen Zurich Flood Resilience Alliance vergrössert und weiterentwickelt. Durch eine Ausweitung des Schwerpunkts auf weitere Gefahren wie Hitzewellen, Flächenbrände und schwere Stürme möchte die Zurich Climate Resilience Alliance gemeinsam mit gleichgesinnten Organisationen bis 2027 das Leben von 5,5 Millionen Menschen verbessern, die durch den Klimawandel gefährdet sind.

Mehr erfahren:

―	www.zcralliance.org/about-us

Das Ausmass der gesellschaftlichen Bedürfnisse erfordert von uns, sehr bescheiden zu sein: Wir werden diese Probleme nicht alleine lösen können. Das gelingt nur, indem wir zusammenarbeiten.

Gregory Renand

Head of the Z Zurich Foundation

Zur Unterstützung ihrer Strategie richtet die Z Zurich Foundation ihre Bemühungen auf vier gesellschaftliche Herausforderungen aus, um eine bessere Zukunft für gefährdete Menschen zu schaffen.

Förderung sozialer Gerechtigkeit

Krisenbewältigung

Verbesserung der psychischen Gesundheit

Anpassung an den Klimawandel

Die psychische Gesundheit junger Menschen unterstützen

Im Jahr 2024 arbeitete die Stiftung mit 35 Programmen für das psychische Wohlergehen von Jugendlichen in 33 Ländern zusammen. Sie erneuerte zudem «Thriving Together», eine globale Kooperation mit Unicef, die bis 2027 mindestens 11 Millionen Menschen in 15 Ländern unterstützen möchte. Die Stiftung wird auch künftig durch die von der Unicef angeführte Global Coalition of Youth Mental Health neben anderen führenden globalen Organisationen aus dem Privatsektor ihre Wirkung verstärken.

Förderung von Ausbildung und Berufschancen

Im Jahr 2024 nutzte die Stiftung durch ihre anhaltende Kooperation mit Forge Foundation, Zurich und Zurich Santander - ein Joint Venture von Zurich und Banco Santander - ihr Programm in Lateinamerika, um jungen Menschen einen Zugang zu einer hochwertigen Ausbildung und nachhaltigen Jobs zu bieten. Diese Programmphase führt Elemente ein, um die Wirkung zu verstärken, darunter ein Konsortium von Teilnehmenden aus dem Privatsektor, das in den kommenden drei Jahren eine positive Wirkung für mehr als 1,2 Millionen Menschen in acht Ländern erzielen möchte. Die ursprüngliche Zusammenarbeit mit Forge hat bereits über 130'000 jungen Menschen Chancen geboten.

Wirtschaftsführer brauchen ein Ziel, das über Finanzergebnisse hinausreicht. Wir müssen für alle Anspruchsgruppen der Gesellschaft einen Wert schaffen.

Yilmaz Yildiz

CEO von Zurich Türkei und Mitglied des Stiftungsrats der Z Zurich Foundation, die an der New York Climate Week 2024 als einer von 12 UN Sustainable Development Goals Pioneers gewürdigt wurde.

Governance

Wirksame Governance ermöglicht es uns, dem Wandel voraus zu sein, während wir unseren grundlegenden Unternehmenswerten treu bleiben.

Mitteilung des Verwaltungsratspräsidenten zur Corporate Governance

Resilienz stärken, um Chancen zu schaffen

Unsere Expertise im Risikomanagement, solide Corporate Governance und gute Entscheidungsfindung werden sicherstellen, dass Zurich eine Marke des Vertrauens und ein Leuchtturm der Stabilität bleibt."

Michel M. Liès

Verwaltungsratspräsident

Sehr geehrte Aktionärin, sehr geehrter Aktionär

Am 19. Juli 2024 überraschte ein globaler digitaler Ausfall zahlreiche Personen und Unternehmen und verursachte überall Chaos, von Büroschreibtischen bis hin zu Flughafen-Check-ins.

Glücklicherweise war der Ausfall nicht das Ergebnis eines Cyberangriffs. Er wurde durch ein automatisches Softwareupdate eines Cybersicherheitsunternehmens ausgelöst. Doch der Vorfall diente als Erinnerung an die Bedeutung von Cyber-Resilienz sowie die Notwendigkeit von robusten Krisenvorbereitungsverfahren und Geschäftskontinuitätsplänen.

Die Bedrohungslage im Cyberbereich - zusammen mit den damit verbundenen rechtlichen und regulatorischen Anforderungen - entwickelt sich ständig weiter und wird immer komplexer. Daher investieren wir weiterhin in die neusten Sicherheitstechnologien und -praktiken, um unsere digitale Infrastruktur und die sensiblen Daten, die uns von unseren Kundinnen und Kunden anvertraut werden, zu schützen. Unser Engagement für Cyber-Resilienz geht über die Prävention hinaus; es umfasst schnelle Reaktions- und Wiederherstellungsstrategien, um die Auswirkungen eines möglichen Vorfalls zu vermindern. Der Verwaltungsrat wird im 2025 weitere Cybersicherheitsschulungen durchführen, um sicherzustellen, dass wir neue Bedrohungen und erforderliche Massnahmen verstehen und das Restrisiko managen können.

Resilienz schafft Chancen

Diese Massnahmen zur Stärkung der Cyber-Resilienz und Investitionen in grundlegende Technologien wie Cloud-, Daten- und Anwendungsprogrammierschnittstellen-Plattformen eröffnen zahlreiche Möglichkeiten. Wie in meiner letztjährigen Mitteilung erwähnt, bieten künstliche Intelligenz (KI) und generative KI transformative Möglichkeiten, von der Verbesserung des Kundenerlebnisses über die Steigerung der betrieblichen Effizienz bis hin zur Bereitstellung von Erkenntnissen, die zu besseren Entscheidungen führen.

Diese Technologien revolutionieren bereits die Versicherungsbranche. Wir haben bereits über 200 KI-Anwendungsfälle implementiert. Sie ermöglichen es uns, enorme Datenmengen mit aussergewöhnlicher Geschwindigkeit und Präzision zu analysieren und tiefere Einblicke in die Bedürfnisse und Präferenzen unserer Kundinnen und Kunden zu gewinnen. Dies befähigt uns, personalisiertere und proaktive Lösungen anzubieten, die Schadenbearbeitung zu optimieren, die Dienstleistungsqualität insgesamt zu verbessern und sogar neue Geschäftsmöglichkeiten zu schaffen.

Wir können diese Chancen jedoch nur nutzen, wenn wir robuste Cybersicherheitsmassnahmen implementieren. Während wir uns in dieser dynamischen digitalen Landschaft bewegen, haben wir die doppelte Verpflichtung, Innovation und Sicherheit in Einklang zu bringen.

Der Klimawandel stellt eine weitere doppelte Verpflichtung dar. Globale Emissionen müssen reduziert werden, um die gravierendsten Auswirkungen zu vermeiden, während gleichzeitig eine grössere Resilienz gegenüber zunehmenden Naturgefahren aufgebaut werden muss.

Die Versicherungsbranche kann eine entscheidende Rolle spielen. Wie in unserem im September 2024 veröffentlichten Klimatransitionsplan dargelegt, ergreifen wir bereits Massnahmen (siehe Seiten 19 bis 20 und 125 bis 128).

Stabilität in einem volatilen geopolitischen Umfeld

Die Welt bleibt ein volatiler Ort mit einem zunehmend prekären geopolitischen Umfeld. Im letzten Jahr haben wir eine Vielzahl von Wahlen erlebt, welche die Hälfte der Weltbevölkerung abdeckten. Diese Wahlen wurden vermutlich - anders als befürchtet - nicht durch grossangelegte, KI-gestützte Desinformation gestört, aber der Einfluss dieser neuen Regierungen, Führungspersönlichkeiten und Richtlinien wird sich ab 2025 und darüber hinaus zeigen. Die Stimmen, welche die Menschen im 2024 abgegeben haben, werden die Reaktion der Welt auf die sozialen, wirtschaftlichen und ökologischen Herausforderungen, denen wir alle gegenüberstehen, prägen. Dieses Jahrzehnt der Unsicherheit scheint kein Ende in Sicht zu haben.

Um sicherzustellen, dass der Verwaltungsrat weiterhin über die notwendigen Fähigkeiten verfügt, um unser Unternehmen durch diese turbulenten Zeiten zu navigieren, ist die Nachfolgeplanung von grösster Bedeutung. Deshalb schlägt der Verwaltungsrat den Aktionärinnen und Aktionären nach einem gründlichen Auswahlverfahren vor, Thomas Jordan als neues Verwaltungsratsmitglied zu wählen. Thomas wird mit seinem starken Hintergrund in Makroökonomie, Finanzmärkten, Finanzmarktregulierung und Risikomanagement die vielseitigen Kompetenzen des Verwaltungsrats ergänzen.

Nach 12 Jahren im Verwaltungsrat wird sich Monica Mächler an der ordentlichen Generalversammlung 2025 nicht zur Wiederwahl stellen. Im Namen des Verwaltungsrats und der Geschäftsführung von Zurich danke ich Monica für ihr Engagement in dieser Rolle. Während ihrer Amtszeit war Monica ein geschätztes Verwaltungsratsmitglied mit ihrer umfangreichen Recht-, Regulierung- und Governance-Expertise. Sie hat die Diskussionen im Verwaltungsrat durch ihre Mitgliedschaften im Governance-, Nominierungs- und Nachhaltigkeitsausschuss sowie im Prüfungsausschuss geprägt.

Ich weiss, dass unsere Kundinnen und Kunden darauf vertrauen, dass wir sie in Zeiten der Unsicherheit schützen und leiten. Ich bin zuversichtlich, dass unsere Expertise im Risikomanagement, solide Corporate Governance und gute Entscheidungsfindung sicherstellen werden, dass Zurich eine Marke des Vertrauens und ein Leuchtturm der Stabilität bleibt.

Vielen Dank für Ihr anhaltendes Vertrauen und Ihre Unterstützung.

Michel M. Liès, Verwaltungsratspräsident

Änderungen im Verwaltungsrat

Monica Mächler wird sich nach 12 Jahren im Verwaltungsrat an der nächsten ordentlichen Generalversammlung am 9. April 2025 nicht mehr zur Wiederwahl stellen. Der Verwaltungsrat schlägt den Aktionärinnen und Aktionären vor, alle anderen gegenwärtigen Verwaltungsratsmitglieder wiederzuwählen und Thomas Jordan neu in den Verwaltungsrat zu wählen.

Änderungen in der Konzernleitung

Cara Morton, zuletzt CEO der Cover-More Group, wurde per 1. Februar 2024 CEO Zurich Global Ventures. Sie trat die Nachfolge von Jack Howell an, der sich entschieden hatte, Zurich zu verlassen.

Claudia Cordioli, zuletzt Group Finance Director bei Swiss Re, wurde per 1. März 2024 Group Chief Financial Officer. Sie trat die Nachfolge von George Quinn an, der sich entschieden hatte, Zurich zu verlassen.

Bericht über die Corporate Governance

Governance der Gruppe

Unser Engagement für eine wirksame Corporate Governance

Die Zurich Insurance Group, die aus der Zurich Insurance Group AG (ZIG) und deren Tochtergesellschaften besteht (Gruppe oder Zurich), ist bestrebt, zum Wohl ihrer Aktionärinnen und Aktionäre, Kundinnen und Kunden, Mitarbeitenden und weiterer Anspruchsgruppen eine wirksame Corporate Governance zu gewährleisten, die auf Fairness, Transparenz und Übernahme von Verantwortung basiert. Die Strukturen, Regeln und Prozesse schaffen klare Befugnisse und Verantwortlichkeiten der Organe und Mitarbeitenden der Gruppe und damit die Grundlage für ein angemessenes Geschäftsverhalten. Unsere Strukturen sorgen für «Checks and Balances» und die institutionelle Trennung von Verwaltungsrat und dem Group Chief Executive Officer (Group CEO) sowie der Konzernleitung (ExCo), die zusammen für die Führung der Gruppe im täglichen Geschäft verantwortlich sind.

Die Prinzipien der Corporate Governance von Zurich sind in zahlreichen Dokumenten beschrieben, insbesondere in den Statuten von ZIG (Statuten) und dem Organisationsreglement von ZIG (Organisationsreglement) (www.zurich.com/ about-us/corporate-governance/corporate-documents). Zurich befolgt ebenfalls den Swiss Code of Best Practice for Corporate Governance (Swiss Code of Best Practice), der von economiesuisse veröffentlicht wird. Der Governance-, Nominierungs- und Nachhaltigkeitsausschuss (GNSC) des Verwaltungsrats überprüft die Corporate Governance der Gruppe regelmässig auf Best-Practice-Standards.

Eine wirksame Corporate Governance wird durch ein Vergütungssystem ergänzt, das die richtigen Verhaltensweisen fördert. Informationen über Vergütungen und Aktienbesitz von sowie Darlehen an Verwaltungsrats- und Konzernleitungsmitglieder sowie die Vergütungspolitik sind im Vergütungsbericht enthalten (siehe Seiten 74 bis 113).

Informationen zu unserer Sustainability Governance sind im Sustainability Report enthalten (siehe Seiten 134 bis 136).

Aufsicht

Zurich untersteht der Versicherungsgruppenaufsicht der Eidgenössischen Finanzmarktaufsicht FINMA (FINMA). Die regulatorischen Vorschriften für Versicherungen in der Schweiz verpflichten schweizerische Versicherungsgesellschaften und -gruppen zur Schaffung und Aufrechterhaltung von robusten Governance- und Risikomanagementsystemen sowie wirksamer interner Kontrollsysteme, die im Hinblick auf die Geschäftsaktivitäten angemessen sind. Ausserdem muss eine risikobasierte Solvabilität sowohl konzernweit als auch auf Ebene der einzelnen Gesellschaften gemäss dem Schweizer Solvenztest (SST) ausgewiesen werden. Unter anderem müssen alle wichtigen gruppeninternen Transaktionen der FINMA gemeldet werden. Neben der von der FINMA ausgeübten Gruppenaufsicht sowie der Versicherungsaufsicht über die juristischen Personen Zürich Versicherungs-Gesellschaft AG, Zürich Lebensversicherungs-Gesellschaft AG, Zürich Rückversicherungs-Gesellschaft AG und Orion Rechtsschutz-Versicherung AG unterliegen die Versicherungsgesellschaften und die weiteren Finanzdienstleistungsgesellschaften der Gruppe den jeweiligen lokalen Finanzmarktregulierungen.

Operative Konzernstruktur

Die Zurich Insurance Group AG ist die börsenkotierte Holdinggesellschaft der Gruppe und eine Aktiengesellschaft nach schweizerischem Recht, die unter der Adresse c/o Zürich Versicherungs-Gesellschaft AG, Mythenquai 2, 8002 Zürich, eingetragen ist. Im Mittelpunkt der Geschäftstätigkeit von Zurich steht die Bereitstellung erstklassiger Produkte und Dienstleistungen im Bereich der Schaden- und Unfallversicherung sowie der Lebensversicherung für Privatpersonen sowie kleine, mittlere und grosse Unternehmen.

Die operative Struktur widerspiegelt die von der Gruppe betriebenen Geschäftsbereiche und wie diese strategisch geführt werden, um verschiedene Produkte und Dienstleistungen bestimmten Kundengruppen anzubieten. Die Gruppe wird nach Regionen geführt; hinzu kommen Commercial Insurance, Zurich Global Ventures und Farmers in den USA:

―	Durch die Regionen (APAC, EMEA, LATAM und Nordamerika) bietet die Gruppe eine Vielzahl von Produkten der Schaden- und Unfallversicherung sowie Lebensversicherung für Privat- und Firmenkunden sowie Rückversicherungen an. Jede Region wird von einem regionalen CEO geleitet.
―	Commercial Insurance fasst die weltweite Expertise in den Bereichen Gross- und Firmenkundengeschäft unter einem Dach zusammen. Es ist als globales Geschäft organisiert und wird vom CEO Commercial Insurance geleitet.
―	Zurich Global Ventures betreibt globale Plattformen in den Bereichen Reisen und Leben, entwickelt weltweit spezialisierte Lösungen für das Privatkundengeschäft (z.B. Mitarbeitervergünstigungen), erbringt globale Dienstleistungen, um Kundennutzen und -engagement zu steigern (z.B. Gesundheit und Wohlbefinden, Cyber, Geräteschutz) und strebt ein Wachstum in Bereichen mit neuen Chancen für Zurich an (z.B. eingebettete Versicherung). Zurich Global Ventures umfasst Zurich Cover-More (einschliesslich des kürzlich übernommenen weltweiten Reiseversicherungsgeschäfts für Privatkunden von AIG), Zurich Integrated Benefits und International Life (ZIBIL) sowie «Venture Portfolio & Growth», die in den Regionen integriert sind. «Venture Portfolio & Growth» vereint unter einem Dach dienstleistungsorientierte Angebote und neue Aktivitäten, die sich auf Cyber, Wohlbefinden, Geräteschutz und digitale Partner konzentrieren, und umfasst unter anderem Zurich LiveWell. Zurich Global Ventures wird vom CEO Zurich Global Ventures geleitet.
―	Die Farmers Group, Inc., eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte der Farmers Exchanges bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges in den USA und beziehen hierfür Gebühren. Die Zurich Insurance Group ist nicht an den Farmers Exchanges beteiligt. Farmers Group, Inc. wird vom CEO der Farmers Group, Inc. geleitet.

Die Aktivitäten der Gruppe beinhalten ferner das Non-Core Business, zu dem bestimmte, sich in der Abwicklung befindliche Geschäftseinheiten gehören, die dem Group Chief Financial Officer (Group CFO) und dem CEO North America unterstehen. Zu Group Functions and Operations gehören die Holding-, Financing- und Headquarter-Aktivitäten der Gruppe sowie unter anderem der Group Chief Information and Digital Officer, der Group Chief Risk Officer (Group CRO) und der Group CFO.

Auf der Anlageseite verwaltet Investment Management, geleitet durch den Group Chief Investment Officer (Group CIO) die eigenen Anlagen der Gruppe sowie die Anlagen der Versicherungsnehmer.

Operative Konzernstruktur per 31. Dezember 2024

¹ Die Zurich Insurance Group ist nicht an den Farmers Exchanges beteiligt. Die Farmers Group, Inc., eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte der Farmers Exchanges bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges in den USA und beziehen hierfür Gebühren.

² Bestimmte Einheiten von Zurich Global Ventures werden unter den Group Functions and Operations ausgewiesen. Zurich Cover-More, ZIBIL's Geschäfte und Zurich LiveWell sind in die Regionen integriert.

Weitere Informationen:

Geschäftstätigkeit der Gruppe	«Konzernüberblick» ab Seite 2 und auf unserer Website (www.zurich.com/about-us)
Detaillierter Bericht über die Geschäftsergebnisse 2024	«Financial Review» ab Seite 255
Berichtspflichtige Segmente der Gruppe	Seiten 384 bis 385
Bedeutende Tochtergesellschaften der Gruppe	Seiten 399 bis 400
Konzernleitung	Seiten 56 bis 67

Kapitalstruktur

Aktienkapital und Aktien

Die Aktien der Zurich Insurance Group AG (ZIG) sind an der Schweizer Börse SIX Swiss Exchange (ISIN: CH0011075394, Kürzel: ZURN) kotiert. Gewisse Konzerngesellschaften haben Schuldtitel im Rahmen ihres Euro-Medium-Term-Note-Programms und andere Finanzinstrumente börsenkotiert.

Per 31. Dezember 2024 betrug das ordentliche Aktienkapital von ZIG CHF 14'635'575.40, aufgeteilt in 146'355'754 voll liberierte Namenaktien mit einem Nennwert von je CHF 0.10. Die Marktkapitalisierung per 31. Dezember 2024 betrug CHF 78'856'480'255.

ZIG verfügt über ein American Depositary Receipts (ADR) Level-1-Programm bei der Bank of New York Mellon (BNYM).¹ Per 31. Dezember 2024 hielten Investoren 49'506'480 ADRs (dies entspricht 2'475'324 ZIG-Aktien).

Für Informationen über eigene Aktien siehe Seite 357. Weitere Informationen über die Aktien von ZIG finden Sie auch unter: www.zurich.com/investor-relations/our-shares.

¹ Unter diesem Programm gibt die BNYM American Depositary Shares (ADSs) aus. Jede ADS repräsentiert das Recht, ein Zwanzigstel einer ZIG-Aktie zu erhalten. Die ADSs von ZIG werden ausserbörslich (OTC) gehandelt und durch American Depositary Receipts (ADR) nachgewiesen. Seit dem 1. Juli 2010 werden die ADRs von ZIG unter dem Kürzel ZURVY an der «OTCQX», einer elektronischen Plattform, die von der OTC Markets Group Inc. betrieben wird, gehandelt. ADS-Inhaber werden nicht als ZIG-Aktionäre behandelt und sind nicht in der Lage, Aktionärsrechte direkt durchzusetzen oder auszuüben. Nur die BNYM als Depositary des Level-1-Programms kann Stimmrechte gemäss Weisungen ausüben, die sie von den wirtschaftlich Berechtigten der ADRs erhält.

Kapitalband und bedingtes Aktienkapital

Am 6. April 2023 genehmigte die ordentliche Generalversammlung der ZIG ein Kapitalband, um das genehmigte Aktienkapital zu ersetzen. Bis und mit 6. April 2028 ist der Verwaltungsrat unter dem Kapitalband ermächtigt, innerhalb der Obergrenze von CHF 18'917'751.50, entsprechend 189'177'515 Namenaktien von je CHF 0.10 Nennwert, und der Untergrenze von CHF 13'541'415.00, entsprechend 135'414'150 Namenaktien von je CHF 0.10 Nennwert, eine oder mehrere Erhöhungen und/oder Herabsetzungen des Aktienkapitals vorzunehmen (Art. 5^bis der Statuten). Die Obergrenze des Kapitalbands entspricht etwa 129,3% und die Untergrenze des Kapitalbands etwa 92,5% der per 31. Dezember 2024 insgesamt ausgegebenen Namenaktien. Die Ausgabe von Aktien unter dem Kapitalband, für welche die Bezugsrechte der Aktionäre beschränkt oder aufgehoben sind, ist auf 14'600'000 Aktien begrenzt (also rund 10% der gesamten per 31. Dezember 2024 ausgegebenen Namenaktien).

ZIG kann das Aktienkapital zudem durch die Ausgabe von höchstens 29'921'600 voll zu liberierenden Namenaktien im Nennwert von je CHF 0.10 um höchstens CHF 2'992'160 erhöhen - durch freiwillige oder zwangsweise Ausübung von Wandel- und/oder Optionsrechten, welche in Verbindung mit Darlehen, Anleihen oder ähnlichen Schuldinstrumenten, aktiengebundenen Finanzinstrumenten oder anderen Finanzmarktinstrumenten (zusammen «Finanzinstrumente») von ZIG oder einer ihrer Konzerngesellschaften eingeräumt werden, oder durch zwangsweise Wandlung von Finanzinstrumenten von ZIG oder einer ihrer Konzerngesellschaften, welche eine bedingte zwangsweise Umwandlung in Aktien der ZIG erlauben, oder durch Ausübung von Optionsrechten, welche den Aktionären eingeräumt werden (Art. 5^ter Abs. 1 der Statuten). Dieses bedingte Aktienkapital entspricht etwa 20,4% der per 31. Dezember 2024 insgesamt ausgegebenen Namenaktien.

Bis und mit 6. April 2028 darf die Gesamtzahl der neuen Aktien, welche (i) aus dem Kapitalband gemäss Art. 5^bis Abs. 5 der Statuten unter Beschränkung oder Aufhebung der Bezugsrechte und (ii) aus bedingtem Aktienkapital im Zusammenhang mit Finanzinstrumenten gemäss Art. 5^ter Abs. 1 der Statuten unter Beschränkung oder Aufhebung der Vorwegzeichnungsrechte ausgegeben werden, 14'600'000 neue Aktien nicht überschreiten (also rund 10% der per 31. Dezember 2024 insgesamt ausgegebenen Namenaktien).

Das Unternehmen verfügt zudem über weiteres bedingtes Aktienkapital (Art. 5^ter Abs. 2 der Statuten) in Höhe von CHF 409'509.20 bzw. über 4'095'092 voll zu liberierende Namenaktien mit einem Nennwert von je CHF 0.10, die an Mitarbeitende der Gruppe ausgegeben werden können. Dieses bedingte Aktienkapital entspricht etwa 2,8% der per 31. Dezember 2024 insgesamt ausgegebenen Namenaktien.

Für weitere Informationen siehe Art. 5^bis und 5^ter der Statuten (www.zurich.com/de-de/investor-relations/our-shares/ articles-of-association) und Erläuterung 18 auf den Seiten 355 bis 357 der konsolidierten Jahresrechnung.

Änderungen des Aktienkapitals

Veränderungen des ordentlichen Aktienkapitals während der letzten drei Jahre

	Aktienkapital in CHF	Anzahl Aktien	Nennwert in CHF
Per 31. Dezember 2021	15'046'016.70	150'460'167	0.10
Neu ausgegebene Aktien aus bedingtem Aktienkapital	0.00	-	-
Per 31. Dezember 2022	15'046'016.70	150'460'167	0.10
Neu ausgegebene Aktien aus bedingtem Aktienkapital	0.00	-	-
Kapitalherabsetzung unter dem Kapitalband	(410'441.30)	(4'104'413)	0.10
Per 31. Dezember 2023	14'635'575.40	146'355'754	0.10
Neu ausgegebene Aktien aus bedingtem Aktienkapital	0.00	-	-
Per 31. Dezember 2024	14'635'575.40	146'355'754	0.10

Partizipationsscheine, Genussscheine und Vorzugsaktien

ZIG hat keine Partizipationsscheine, Genussscheine oder Vorzugsaktien ausgegeben.

Wandelanleihen und Optionen

Per 31. Dezember 2024 verfügte ZIG über keine ausstehenden öffentlich gehandelten Wandelanleihen oder Optionen. Informationen über die Aktienpläne für Mitarbeitende finden Sie in Erläuterung 20 auf der Seite 367.

Kreuzbeteiligungen

Per 31. Dezember 2024 hatte ZIG keine Kreuzbeteiligungen mit anderen Unternehmen, die 5% an Aktienkapital oder Stimmrechten übersteigen.

Beschränkungen der Übertragbarkeit und Nominee-Registrierungen

Es gibt keine Beschränkungen hinsichtlich der Übertragbarkeit von ZIG-Aktien. Aktionäre werden im Aktienbuch von ZIG mit Stimmrecht eingetragen, wenn sie erklären, die Aktien im eigenen Namen und auf eigene Rechnung erworben zu haben (siehe Art. 7 Abs. 2 der Statuten, www.zurich.com/de-de/investor-relations/our-shares/articles-of-association).

Nominees werden im Aktienbuch von ZIG mit Stimmrechten bis zu maximal 3% des Aktienkapitals von ZIG eingetragen, ohne dass sie die wirtschaftlich Berechtigten offenlegen müssen. Für Beteiligungen, die diese Schwelle überschreiten, werden Nominees mit Stimmrechten eingetragen, wenn sie zustimmen, (i) die bestmöglichen Anstrengungen zu unternehmen, damit sich die wirtschaftlich Berechtigten selbst im Aktienbuch eintragen lassen; (ii) auf Anfrage von ZIG innerhalb von fünf Geschäftstagen Namen, Anschrift, Nationalität und Beteiligungen jedes wirtschaftlich Berechtigten offenzulegen, für den sie 0,5 Prozent oder mehr an Aktien halten; und (iii) die wirtschaftlich Berechtigten über die Kapitalmassnahmen von ZIG zu informieren, sie zur Ausübung von Stimm- und Bezugsrechten, falls anwendbar, zu konsultieren, Dividendenweiterleitungen auszuführen, im Interesse der wirtschaftlich Berechtigten und gemäss deren Anweisungen zu handeln und alle anderen erforderlichen Massnahmen zu ergreifen. Nominees, die miteinander verbunden sind oder abgestimmt handeln, um diese Registrierungsbeschränkungen zu umgehen, werden als ein Nominee behandelt.

Spezielle Vorschriften gelten für die Registrierung und Ausübung von Rechten an Aktien, welche durch die BNYM in Zusammenhang mit dem ADR-Programm gehalten werden.

Close Periods

Gemäss der Group Policy on Dealing in Securities von Zurich (Policy) ist es Personen, die als Group Insider gelten, untersagt, während der von Zurich als Close Periods bezeichneten Zeiträume mit Zurich Securities zu handeln. Close Periods sind die Zeiträume (von mindestens 30 Tagen), die bis zum Handelstag der Bekanntgabe der Quartals-, Halbjahres- und Jahresergebnisse der Gruppe reichen und diesen einschliessen. In der Praxis dauern Close Periods rund 40 Tage, wobei der Zeitraum am Jahresende länger ist.

Zudem gelten für Group Insider, die an (potenziell) preissensiblen Projekten beteiligt sind, Handelsbeschränkungen während bestimmten Zeiträumen (Prohibited Periods). Ausserhalb der Close und Prohibited Periods können Group Insider mit vorheriger Genehmigung durch Group Compliance mit Zurich Securities handeln.

Betroffene Personen

Führungskräfte (z.B. Konzernleitungsmitglieder, Leiter bestimmter Konzernfunktionen) und Verwaltungsratsmitglieder von ZIG und bestimmten bedeutenden Tochtergesellschaften gelten aufgrund ihrer Position als Group Insider.

Weitere Personen können als Group Insider bezeichnet werden, wenn sie mit potenziell preissensiblen Informationen über Zurich Securities in Berührung kommen. Zurich führt eine Liste dieser Personen.

Zudem müssen Group Insider angemessene Schritte unternehmen, um für die Einhaltung der Policy durch mit ihnen verbundenen Personen zu sorgen (z.B. Ehepartner, Lebenspartner, minderjährige Kinder, Finanzberater, verbundene Unternehmen), einschliesslich der Bekanntgabe der Daten der Close Periods.

Aktionäre

Relevante Wertpapiere

Zurich Securities sind Securities von ZIG oder ihrer Tochtergesellschaften weltweit. Der Begriff «Securities» umfasst:

―	Wertpapiere, die zum Handel zugelassen sind (oder für die ein Antrag auf Handelszulassung gestellt wurde) oder die an einer Börse, an einem regulierten Markt, in einem multilateralen Handelssystem, in einem organisierten Handelssystem oder im ausserbörslichen Handel in der Schweiz und im Ausland gehandelt werden.
―	Wertpapiere, die auf dem Primärmarkt (z.B. Initial Public Offering) oder ausserbörslich auf dem Sekundärmarkt gehandelt werden.
―	Ausserbörsliche (OTC-)Finanzinstrumente (z.B. Derivate).
―	Von Wertpapieren abgeleitete Finanzinstrumente, deren Preis wesentlich (d.h. Zurich Securities machen mehr als 20% aus) von dem zugrunde liegenden Wertpapier abhängt, einschliesslich Schuldtitel oder Derivate.

Ausnahmen

Während einer Close oder Prohibited Period kann dem Group Insider eine Freigabe zum Verkauf von Zurich Securities erteilt werden, wenn dieser nicht im Besitz von Insider-Informationen über Zurich ist und ein aussergewöhnlicher Umstand vorliegt (z.B. ein persönlicher oder familiärer Notfall im Zusammenhang mit einer gesundheitlichen Angelegenheit oder eine rechtliche oder finanzielle Notlage), in dem der Verkauf von Zurich Securities die einzige vernünftige Handlungsmöglichkeit für den Group Insider darstellt. Die Entscheidung, ob ein Umstand als aussergewöhnlich gilt, treffen der Group Chief Compliance Officer und der Verwaltungsratspräsident von ZIG. Im Jahr 2024 wurden keine solchen Ausnahmen gewährt.

Sind die Anforderungen der Policy erfüllt, erfordern periodische Investitionen auf der Grundlage eines vordefinierten Handelsplans zudem keine Freigabe und können während der Close und Prohibited Periods fortgesetzt werden. Per 31. Dezember 2024 gab es keine vordefinierten Handelspläne.

Bedeutende Aktionäre

Gemäss den Bestimmungen zur Offenlegung bedeutender Beteiligungen an Unternehmen mit Börsenkotierung in der Schweiz ist eine Beteiligung offenzulegen, wenn gewisse Prozentwerte - beginnend mit der 3%-Schwelle - erreicht bzw. übertroffen werden oder wenn die Beteiligung anschliessend diese Schwelle unterschreitet. ZIG ist verpflichtet, Aktienbeteiligungen Dritter zu melden, sobald sie eine Mitteilung erhält, dass die Beteiligung die entsprechenden Schwellenwerte erreicht, über- oder unterschritten hat. Im Jahr 2024 erhielt ZIG eine Mitteilung von der UBS Fund Management (Switzerland) AG, Basel, deren Beteiligung den Schwellenwert von 5% überstieg.

Per 31. Dezember 2024 war ZIG - mit Ausnahme von BlackRock, Inc., New York (> 5%), The Capital Group Companies, Inc., Los Angeles (>3%) und UBS Fund Management (Switzerland) AG, Basel (> 5%) - keine Person oder Institution bekannt, die als wirtschaftlich Berechtigte direkt oder indirekt ZIG-Aktien oder Optionsrechte und/oder Wandelrechte in Bezug auf ZIG-Aktien hielt, welche die relevanten Schwellenwerte erreicht oder überstiegen haben.

Die Bekanntmachungen zu Mitteilungen sind über die Plattform der Offenlegungsstelle der SIX abrufbar: www.ser-ag.com/ de/resources/notifications-market-participants/significant-shareholders.html#/.

ZIG ist per 31. Dezember 2024 keine Person oder Institution bekannt, die direkt oder indirekt, allein oder gemeinsam mit anderen, die Kontrolle über ZIG ausübte oder Partei einer Kontrollvereinbarung über ZIG war.

Pflicht zur Unterbreitung eines Angebots

Die Statuten (www.zu rich.com/de-de/investor-relations/our-shares/articles-of-association) sehen keine Opting-out- oder Opting-up-Bestimmung im Sinne des Schweizerischen Finanzmarktinfrastrukturgesetzes vor. Daher sind Aktionäre bzw. in gemeinsamer Absprache handelnde Gruppen von Aktionären dazu verpflichtet, ein Angebot zu unterbreiten, wenn sie mehr als 331/3% des ausgegebenen und ausstehenden Aktienkapitals von ZIG halten.

Change-of-Control-Klauseln

Für die Arbeitsverträge mit den Konzernleitungsmitgliedern gilt eine Kündigungsfrist von höchstens zwölf Monaten. Das Reglement für den aktienbasierten langfristigen Incentive-Plan der Gruppe, das für alle Teilnehmer des Plans einschliesslich der Konzernleitungsmitglieder und einer bestimmten Gruppe von Führungskräften gilt, sieht vor, dass der Plan-Administrator im Falle eines Kontrollwechsels nach seinem Ermessen entweder bestehende Aktienverpflichtungen in neue Aktienrechte umwandeln oder eine Gegenleistung anstelle von Aktienverpflichtungen oder eine beschleunigte Ausübung und die Aufhebung von Veräusserungsbeschränkungen vorsehen kann.

Es gibt keine weiteren Change-of-Control-Klauseln, die Verwaltungsratsmitglieder, Konzernleitungsmitglieder oder andere Mitglieder des Senior Managements begünstigen würden.

Aktionärsstruktur

Anzahl gehaltener Aktien

per 31. Dezember 2024	Anzahl eingetragener Aktionäre	% des eingetragenen Aktienkapitals
1 - 500	135'025	17,6
501 - 1'000	4'882	5,0
1'001 - 10'000	3'910	13,6
10'001 - 100'000	409	16,8
100'001+	69	47,0
Gesamtzahl Namenaktien¹	144'295	100,0

¹ von im Aktienbuch eingetragenen Aktionären.

Eingetragene Aktionäre nach Typ

per 31. Dezember 2024	Eingetragene Aktionäre in %	Namenaktien in %¹
Private Aktionäre	96,2	34,5
Juristische Personen	3,7	45,0
Nominees, Treuhänder	0,1	20,5
Total	100,0	100,0

¹ von im Aktienbuch eingetragenen Aktionären.

Eingetragene Aktionäre nach Region

per 31. Dezember 2024	Eingetragene Aktionäre in %	Namenaktien in %¹
Schweiz	92,9	68,4
Grossbritannien	0,4	9,7
Nordamerika	0,5	11,4
Asien	0,2	0,5
Lateinamerika	0,1	0,1
Rest der Welt	5,9	9,9

¹ von im Aktienbuch eingetragenen Aktionären.

Rechte der Aktionäre

Überblick

Gemäss Art. 14 der Statuten (www.zurich.com/de-de/investor-relations/our-shares/articles-of-association) berechtigt jede Aktie, deren Eigentümer oder Nutzniesser im Aktienbuch der ZIG als Aktionär mit Stimmrecht eingetragen ist, zu einer Stimme an der Generalversammlung und zur Ausübung aller übrigen mit einer solchen Aktie verbundenen Mitgliedschaftsrechte. Alle Aktien (mit Ausnahme von eigenen Aktien) verleihen den gleichen Anspruch auf Dividendenzahlungen. Der Verwaltungsrat wird den Aktionären anlässlich der Generalversammlung vom 9. April 2025 eine Dividende von CHF 28 je Aktie (mit Ausnahme von eigenen Aktien) vorschlagen.

Stimmrechtsbeschränkungen und -vertretungen

Es gibt bei ZIG keine Stimmrechtsbeschränkungen. Aktionäre sind berechtigt, Stimmrechte für die Aktien auszuüben, für die sie im Aktienbuch eingetragen sind. Es gibt Beschränkungen hinsichtlich der Registrierung von Nominees (siehe Seite 36).

Aktionäre mit Stimmrecht können persönlich an der Generalversammlung teilnehmen oder sich durch ihre gesetzliche Vertretung, oder eine andere schriftlich bevollmächtigte Person, die nicht Aktionär zu sein braucht, vertreten lassen. Aktionäre können auch den unabhängigen Stimmrechtsvertreter mit ihrer Vertretung bevollmächtigen. Aktionäre können schriftlich oder über die Online-Plattform der Computershare Schweiz AG ihre Zutrittskarte bestellen oder eine Vertretung bevollmächtigen.

Die ordentliche Generalversammlung wählt den unabhängigen Stimmrechtsvertreter für eine Amtsdauer bis zum Abschluss der nächsten ordentlichen Generalversammlung. Der unabhängige Stimmrechtsvertreter kann wiedergewählt werden.

ZIG informiert zu Beginn der Generalversammlung über die Gesamtzahl der durch Aktionäre oder ihre Vertreter, die physisch an der Versammlung teilnehmen, vertretenen Aktien und die Gesamtzahl der durch den unabhängigen Stimmrechtsvertreter vertretenen Aktien.

Statutarische Quoren

Gemäss Art. 15 der Statuten (www.zurich.com/de-de/investor-relations/our-shares/articles-of-association) ist die Generalversammlung unabhängig von der Anzahl der anwesenden Aktionäre und der vertretenen Aktien beschlussfähig. Beschlüsse und Wahlen erfordern die Zustimmung einer absoluten Mehrheit der vertretenen Stimmen, es sei denn, die Statuten (was nicht der Fall ist) oder zwingende gesetzliche Bestimmungen sehen eine andere Regelung vor. Gemäss Art. 704 des Schweizerischen Obligationenrechts sind zwei Drittel der vertretenen Stimmen und die Mehrheit der vertretenen Aktiennennwerte für bestimmte wichtige Beschlüsse erforderlich, wie beispielsweise eine Änderung des Gesellschaftszwecks oder -sitzes oder die Auflösung der Gesellschaft.

Einberufung der Generalversammlung

Generalversammlungen werden vom Verwaltungsrat einberufen oder, falls erforderlich, von der externen Revisionsstelle und anderen Organen nach Massgabe der Art. 699 und 700 des Schweizerischen Obligationenrechts. Aktionäre mit Stimmrecht, die zusammen mindestens 5% des Aktienkapitals oder der Stimmen an der ZIG halten, können, unter Angabe der Verhandlungsgegenstände und der damit zusammenhängenden Anträge, eine Generalversammlung einberufen. Die Einladung an die Aktionäre wird im Schweizerischen Handelsamtsblatt mindestens 20 Kalendertage vor der Versammlung veröffentlicht. Darüber hinaus wird die Einladung auf unserer Website (www.zurich.com/gv) veröffentlicht und kann per E-Mail oder mit nicht eingeschriebenem Brief an eingetragene Aktionäre versandt werden.

Der Verwaltungsrat kann Generalversammlungen als Präsenzversammlungen oder als hybride bzw. virtuelle Versammlungen einberufen. Im Fall von hybriden oder virtuellen Versammlungen muss der Verwaltungsrat sicherstellen, dass die Aktionäre ihre Rechte elektronisch ausüben können (Art. 11 Abs. 4 der Statuten, www.zurich.com/de-de/investor-relations/our-shares/articles-of-association).

Traktandenliste

Der Verwaltungsrat ist für die Festlegung der Traktandenliste der Generalversammlung verantwortlich. Aktionäre mit Stimmrecht, die zusammen Aktien im Nennwert von mindestens CHF 10'000 vertreten, können schriftlich bis spätestens 45 Tage vor dem Versammlungstag:

―	die Traktandierung von Verhandlungsgegenständen, unter gleichzeitiger Angabe der Anträge, verlangen; oder
―	verlangen, dass Anträge zu Verhandlungsgegenständen in die Einberufung der Generalversammlung aufgenommen werden.

Eintragung in das Aktienbuch

Um ein ordnungsgemässes Verfahren sicherzustellen, legt der Verwaltungsrat einen Stichtag fest, an dem die Aktionäre im Aktienbuch eingetragen sein müssen, um an der Generalversammlung teilnehmen zu können. Der Stichtag wird zusammen mit der Einladung zur Generalversammlung im Schweizerischen Handelsamtsblatt veröffentlicht.

Verwaltungsrat

Ein vielfältig zusammengesetzter und unabhängiger Verwaltungsrat.

Unser Verwaltungsrat ist gut aufgestellt, um das Management bei der Umsetzung unserer strategischen Prioritäten zu unterstützen. Zudem ist er bestrebt, die Bedürfnisse aller Anspruchsgruppen zu berücksichtigen und hat einen starken Fokus auf Nachhaltigkeit und unternehmerische Verantwortung.

Michel M. Liès

Präsident des Verwaltungsrats

Nationalität

Luxemburg

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss (Vorsitz), Vergütungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 46

Christoph Franz

Vizepräsident des Verwaltungsrats

Nationalität

Schweiz und Deutschland

Mitgliedschaft in Ausschüssen

Vergütungsausschuss (Vorsitz), Governance-, Nominierungs- und Nachhaltigkeitsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 46

Joan Amble

Mitglied des Verwaltungsrats

Nationalität

USA

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 46

Catherine Bessant

Mitglied des Verwaltungsrats

Nationalität

USA

Mitgliedschaft in Ausschüssen

Prüfungsausschuss (Vorsitz), Vergütungsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 47

Michael Halbherr

Mitglied des Verwaltungsrats

Nationalität

Schweiz

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 47

Peter Maurer

Mitglied des Verwaltungsrats

Nationalität

Schweiz

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 48

Sabine Keller-Busse

Mitglied des Verwaltungsrats

Nationalität

Schweiz und Deutschland

Mitgliedschaft in Ausschüssen

Vergütungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 47

John Rafter

Mitglied des Verwaltungsrats

Nationalität

Irland

Mitgliedschaft in Ausschüssen

Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 49

Monica Mächler

Mitglied des Verwaltungsrats

Nationalität

Schweiz

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 48

Jasmin Staiblin

Mitglied des Verwaltungsrats

Nationalität

Schweiz und Deutschland

Mitgliedschaft in Ausschüssen

Risiko- und Investmentausschuss (Vorsitz), Vergütungsausschuss, Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 49

Kishore Mahbubani

Mitglied des Verwaltungsrats

Nationalität

Singapur

Mitgliedschaft in Ausschüssen

Vergütungsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 48

Barry Stowe

Mitglied des Verwaltungsrats

Nationalität

USA

Mitgliedschaft in Ausschüssen

Prüfungsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Mehr Informationen:

―

Seite 49

Verwaltungsrat

Der Verwaltungsrat bestimmt letztlich die Gesamtstrategie der Gruppe und legt die Werte und Standards der Gruppe fest. Er verfügt über die endgültige Entscheidungsbefugnis für die Zurich Insurance Group AG (ZIG), mit Ausnahme der den Aktionären vorbehaltenen Entscheidungen. Den Vorsitz im Verwaltungsrat führt der Verwaltungsratspräsident oder bei dessen Verhinderung der Vizepräsident. Der Vizepräsident und der Verwaltungsratssekretär werden vom Verwaltungsrat ernannt.

Der Verwaltungsrat und seine Ausschüsse per 31. Dezember 2024

¹ Präsident des Verwaltungsrats bzw. Vorsitzende(r) des Verwaltungsratsausschusses.

² Um den reibungslosen Informationsaustausch zwischen dem Risiko- und Investmentausschuss und dem Prüfungsausschuss zu erleichtern, ist der Vorsitzende des Prüfungsausschusses gleichzeitig Mitglied des Risiko- und Investmentausschusses, und mindestens ein Mitglied des Risiko- und Investmentausschusses ist Mitglied des Prüfungsausschusses. Der Verwaltungsratspräsident nimmt regelmässig als Gast an den Sitzungen des Prüfungsausschusses sowie des Risiko- und Investmentausschusses teil.

Grösse und Wahlen

Gemäss Statuten besteht der Verwaltungsrat aus mindestens sieben und maximal dreizehn Mitgliedern (Art. 21, www.zurich.com/de-de/investor-relations/our-shares/articles-of-association). Die Aktionäre wählen den Präsidenten und die anderen Mitglieder des Verwaltungsrats einzeln an der ordentlichen Generalversammlung jeweils für eine Amtszeit bis zum Abschluss der nächsten ordentlichen Generalversammlung. Gemäss dem Organisationsreglement (Art. 2.2, www.zurich.com/about-us/corporate-governance/corporate-documents) darf kein Verwaltungsratsmitglied mehr als 12 aufeinanderfolgende Amtszeiten ausüben, wobei der Verwaltungsrat diese Frist in Ausnahmefällen verlängern kann.

Die Verwaltungsratsmitglieder werden einzeln mit der absoluten Mehrheit der vertretenen Stimmen gewählt (Art. 17 der Statuten). Der Verwaltungsrat konstituiert sich selbst, mit Ausnahme des Präsidenten und der Mitglieder des Vergütungsausschusses, die von den Aktionären an der Generalversammlung einzeln für eine Amtszeit bis zum Abschluss der nächsten ordentlichen Generalversammlung gewählt werden.

Alle Verwaltungsratsmitglieder von ZIG sind auch Mitglieder des Verwaltungsrats der Zürich Versicherungs-Gesellschaft AG (ZIC). Herr Liès ist ebenfalls Verwaltungsratspräsident von ZIC. Kein Verwaltungsratsmitglied nimmt weitere Verwaltungsratsmandate in Tochtergesellschaften der Gruppe wahr.

Unabhängigkeit

Für Zurich ist die Unabhängigkeit der Verwaltungsratsmitglieder ein wesentliches Merkmal einer guten Corporate Governance. Die Unabhängigkeitskriterien von Zurich entsprechen den geltenden gesetzlichen Bestimmungen und richten sich nach Best-Practice-Standards wie der Richtlinie betreffend Informationen zur Corporate Governance der SIX Exchange Regulation und dem Swiss Code of Best Practice. Das GNSC überprüft jährlich die Unabhängigkeit der Verwaltungsratsmitglieder und teilt seine Ergebnisse dem Verwaltungsrat zur definitiven Entscheidung mit. Das GNSC überprüft die Unabhängigkeitskriterien, bevor es neue Kandidaten zur Wahl in den Verwaltungsrat und danach jährlich zur Wiederwahl vorschlägt. Verwaltungsratsmitglieder gelten nicht als unabhängig, wenn sie selbst (oder ein direktes Familienmitglied eines Verwaltungsratsmitglieds) während ihrer Amtszeit im Verwaltungsrat, aber mindestens in den vergangenen drei Jahren:

―	Direkt oder indirekt Beratungshonorare oder andere Vergütungen von der Gruppe, ausser in ihrer Funktion als Verwaltungsrats- oder Ausschussmitglieder, erhalten oder erhalten haben;
―	Mehr als 10% der Aktien an ZIG besitzen oder besessen haben;
―	Bei der externen Revisionsstelle beschäftigt oder mit ihr verbunden sind oder waren;
―	In einer wesentlichen direkten oder indirekten Beziehung zu einem Mitglied der Gruppe stehen oder standen;
―	Mitarbeiter der Gruppe sind oder waren (oder im Fall von direkten Familienmitgliedern, ein leitender Angestellter der Gruppe sind).

Auf Empfehlung des GNSC stellte der Verwaltungsrat fest, dass er per 19. Februar 2025 ausschliesslich aus nicht mit der Geschäftsführung betrauten und unabhängigen Mitgliedern bestand. Weitere Informationen zu den Unabhängigkeitskriterien finden Sie in Abschnitt VII (B) (3) des Anhangs I (Committees Charter) des Organisationsreglements (www.zurich.com/about-us/corporate-governance/corporate-documents). Für die Verwaltungsratsmitglieder gelten auch die Vorschriften und Regeln zur Vermeidung von Interessenkonflikten und Missbrauch von Insiderinformationen.

Nachfolgeplanung

Für den Verwaltungsrat ist es von zentraler Bedeutung, dass er seine strategische Funktion wahrnehmen kann, um Risiken und Chancen zu antizipieren und die Aufsicht und Kontrolle zu gewährleisten. Dabei spielt insbesondere die Bewahrung und Verbesserung der Vielfalt an Perspektiven und Erfahrungen des Verwaltungsrats eine wichtige Rolle.

Zu diesem Zweck führt der Verwaltungsratspräsident mit Unterstützung des GNSC jährlich einen strukturierten Nachfolgeplanungsprozess durch, wobei die Herausforderungen und Chancen der Gruppe sowie die derzeit und in absehbarer Zukunft benötigten Fähigkeiten, Wissen und Fachkenntnisse evaluiert werden. Bei den Diskussionen über die Nachfolgeplanung konzentriert sich der Verwaltungsrat auf Fähigkeiten, Fachwissen, Erfahrungshorizont und Hintergrund, das Zusammenspiel zwischen der individuellen Persönlichkeit, des Fachwissens und der Erfahrung eines Kandidaten und derjenigen der amtierenden Verwaltungsratsmitglieder, hohe Werte und Integrität sowie zeitliche Verfügbarkeit (für weitere Informationen siehe Abschnitt VII des Anhangs I (Committees Charter) des Organisationsreglements unter www.zurich.com/about-us/corporate-governance/corporate-documents).

Im Jahr 2024 fanden im GNSC regelmässig Diskussionen über die Nachfolge im Verwaltungsrat statt, weil einige Verwaltungsratsmitglieder sich in den nächsten Jahren dem Ende ihrer jeweiligen Amtszeit nähern. Darüber hinaus wurden die Zusammensetzung und die gewünschten Fähigkeiten für den Verwaltungsrat und die Ausschüsse im Detail diskutiert.

Zusammensetzung

Vielfalt ist ein entscheidender Erfolgsfaktor im heutigen sich schnell verändernden globalen Umfeld. Unser Verwaltungsrat setzt sich aus Personen mit unterschiedlichen geografischen, kulturellen und bildungsbezogenen Hintergründen und Erfahrungen zusammen, die unsere internationale Ausrichtung widerspiegeln und lokale kulturelle Perspektiven sowie regionale Netzwerke einbringen. Die unten aufgeführten persönlichen Hintergründe werden basierend auf den wesentlichen Fachkenntnissen der Verwaltungsratsmitglieder gemessen und umfassen Versicherungen, Bankwesen und nicht-finanzielle Branchen, CEO-Erfahrung, Risikomanagement, Nachhaltigkeit, IT, Daten, digitale und Cybersicherheit, Recht, Regulierung und Governance, Makroökonomie, Finanzen, Rechnungslegung und Revision sowie Mitarbeitende und Kultur. Zudem verfügt jedes Verwaltungsratsmitglied über ein breites Spektrum an Managementerfahrung in verschiedenen Bereichen, was zu einer ausgewogenen und vielfältigen Zusammensetzung des Verwaltungsrats von ZIG beiträgt.

Per 31. Dezember 2024 wies unser Verwaltungsrat folgende Eigenschaften auf:

―	Frauenanteil von 42%
―	Altersspanne von 54 bis 76 Jahren
―	Mitglieder sechs verschiedener Nationalitäten
―	Durchschnittliche Länge der Amtszeit 6,7 Jahre

Länge der Amtszeit
in %, per 31. Dezember 2024

Geschlecht
in %, per 31. Dezember 2024

Persönliche Hintergründe, Erfahrungen, Fähigkeiten und Kenntnisse
in %, per 31. Dezember 2024

Die Verwaltungsratsmitglieder werden aufgrund ihres individuellen Profils einer oder mehreren Nationalitäten, Branchen und/oder Spezialisierungsbereichen zugeordnet.

Nationalität¹
in %, per 31. Dezember 2024

¹ Die Summe der Prozentsätze beträgt aufgrund von Rundungen nicht 100.

Veränderungen im Verwaltungsrat im Jahr 2024

An der ordentlichen Generalversammlung am 10. April 2024 wurde John Rafter als neues Verwaltungsratsmitglied gewählt. Nach 12 Jahren im Verwaltungsrat stellte sich Dame Alison Carnwath an der ordentlichen Generalversammlung 2024 nicht zur Wiederwahl. Die Biografie von Dame Alison Carnwath finden Sie im Geschäftsbericht 2023 auf Seite 49 (www.zurich.com/investor-relations/results-and-reports).

Beschränkungen für Mandate

Art. 33 Abs. 1 der Statuten (www.zurich.com/de-de/investor-relations/our-shares/articles-of-association) legt die folgenden allgemein geltenden Obergrenzen für Verwaltungsratsmitglieder fest:

Zusätzliche Mandate bei börsenkotierten und nicht börsenkotierten Gesellschaften (Maximum)	höchstens 8
Mandate bei börsenkotierten Gesellschaften (im Maximum eingeschlossen)	höchstens 3

Ausgenommen von diesen allgemein geltenden Obergrenzen sind folgende Kategorien von Mandaten (Art. 33 Abs. 2 der Statuten):

Mandate bei ZIG und ihren Konzerngesellschaften	Keine Begrenzung
Mandate, die im Auftrag der ZIG oder einer Konzerngesellschaft in nicht zum Konzern gehörenden Rechtseinheiten ausgeübt werden	höchstens 5
Mandate in Vereinen, Berufs- oder Wirtschaftsverbänden, Stiftungen, Vorsorgestiftungen, Bildungseinrichtungen und ähnlichen Organisationen	höchstens 5
Mandate in Strukturen zur Verwaltung von persönlichen Vermögen oder Familienvermögen von Verwaltungsratsmitgliedern und/oder deren nahestehenden Personen	höchstens 5

Als Mandat gilt jede Mitgliedschaft im Verwaltungsrat, in der Geschäftsleitung oder im Beirat, oder eine vergleichbare Funktion nach ausländischem Recht, bei einem Unternehmen mit wirtschaftlichem Zweck. Mandate in verschiedenen Rechtseinheiten desselben Konzerns (einschliesslich Strukturen zur Vermögensverwaltung gemäss Art. 33 Abs. 2 lit. d der Statuten) und Mandate in mit dem Konzern eng verbundenen Rechtseinheiten (wie z.B. Pensionskassen und Joint Ventures) gelten als ein Mandat. Die in den Statuten festgelegten Obergrenzen entbinden die Verwaltungsratsmitglieder nicht von ihrer generell geltenden Sorgfaltspflicht oder von ihrer Pflicht zur Wahrung der Konzerninteressen. Zusätzliche Mandate dürfen nur dann übernommen werden, wenn mit deren Übernahme noch ausreichend Zeit und Ressourcen für die Ausübung der in der Gruppe übernommenen Ämter verfügbar sind.

Die Offenlegung der Mandate gemäss Art. 734e des Schweizerischen Obligationenrechts für den Verwaltungsrat finden Sie auf Seite 106 des Vergütungsberichts. Die Lebensläufe der Verwaltungsratsmitglieder auf den folgenden Seiten berücksichtigen die Richtlinie betreffend Informationen zur Corporate Governance der SIX Exchange Regulation und können andere Tätigkeiten enthalten, die im Vergütungsbericht nicht offengelegt sind.

Biografien

Michel M. Liès

Präsident des Verwaltungsrats

Jahrgang: 1954

Fähigkeiten und Erfahrung

Michel M. Liès verfügt über eine 40-jährige Erfahrung im weltweiten Versicherungs-, Rückversicherungs-, Lebensversicherungs-, Schaden- und Unfallversicherungsgeschäft. Er hat eine Vielzahl von Positionen in der Versicherungsindustrie bekleidet, darunter die des Group Chief Executive Officer von Swiss Re. Er begann seine Karriere beim Rückversicherer im Jahr 1978, wobei er zunächst für den Bereich Leben in Lateinamerika tätig war und 1983 nach Europa wechselte. Hier hatte er eine Reihe von leitenden Positionen im Lebensversicherungsgeschäft von Swiss Re inne. Im Jahr 1994 trat er in den Nichtlebenbereich von Swiss Re ein, wo er für Südeuropa und Lateinamerika verantwortlich war. Von 1998 bis 2000 fungierte Herr Liès als Leiter der Division Lateinamerika. Er wurde 2000 Leiter der Division Europa für das Schaden- und Unfallversicherungsgeschäft der Gruppe. 2005 wurde er Head Client Markets von Swiss Re, wo er für die weltweiten Kundenbeziehungen verantwortlich war. Ausserdem wurde er zum Mitglied der Konzernleitung des Rückversicherers ernannt. Von 2011 bis 2012 war Herr Liès Chairman of Global Partnerships von Swiss Re. Dieses Gremium arbeitet mit Regierungen, internationalen Entwicklungseinrichtungen und Nichtregierungsorganisationen zusammen, um globale Risiken anzugehen, einzudämmen und die Widerstandsfähigkeit zu verbessern. Im Februar 2012 wurde er zum Group CEO von Swiss Re ernannt und bekleidete diese Position bis zu seiner Pensionierung im Jahr 2016. Seit April 2018 ist er Verwaltungsratspräsident der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss (Vorsitzender), Vergütungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Herr Liès ist Präsident des Stiftungsrats von Avenir Suisse, Vorsitzender des Lenkungsausschusses des Insurance Development Forum und Präsident des European Financial Services Round Table. Er ist zudem Mitglied des Leitungsgremiums des Verwaltungsrats (stellvertretender Vorsitzender Versicherungen) des Institute of International Finance (IIF) und Mitglied des Stiftungsrats des Schweizerischen Instituts für Auslandforschung und des Lucerne Festival. Herr Liès ist Mitglied des Bretton Woods Committee.

Ausbildung

Herr Liès hat einen Master in Mathematik der Eidgenössischen Technischen Hochschule (ETH) in Zürich. Er absolvierte 1991 das Stanford Executive Program an der Stanford University, USA und schloss 1996 das Senior Executive Program an der Harvard University, USA, ab.

Christoph Franz

Vizepräsident des Verwaltungsrats

Jahrgang: 1960

Fähigkeiten und Erfahrung

Christoph Franz begann seine berufliche Karriere 1990 bei der Deutschen Lufthansa AG. Von 1994 bis 2003 übte er verschiedene Führungsfunktionen bei der Deutschen Bahn AG aus, u.a. als Vorstandsmitglied und als CEO der Division Personenverkehr. 2004 übernahm er die CEO-Position bei Swiss International Air Lines AG. 2009 wurde er zum Stellvertreter des Vorstandsvorsitzenden der Deutschen Lufthansa AG und zum CEO Passenger Airlines befördert. Von 2011 bis 2014 war er Vorstandsvorsitzender und CEO der Deutschen Lufthansa AG sowie von 2014 bis 2023 Verwaltungsratspräsident von Roche Holding AG. Seit April 2014 ist er Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG. Im April 2018 wurde er zum Vizepräsidenten des Verwaltungsrats gewählt.

Mitgliedschaft in Ausschüssen

Vergütungsausschuss (Vorsitzender), Governance-, Nominierungs- und Nachhaltigkeitsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG, Konzern-Vorsorgestiftung der Zürich Versicherungs-Gruppe

Externe Ernennungen

Herr Franz ist Mitglied des Verwaltungsrats von Chugai Pharmaceutical Ltd., von Stadler Rail AG sowie Vizepräsident und Lead Independent Director von Artemis Holding AG. Des Weiteren ist Herr Franz Mitglied der Stiftungsräte der Ernst Göhner Stiftung, der Schweizerischen Studienstiftung und des Lucerne Festival sowie Mitglied des Beirats der Universität St.Gallen (HSG). Er wurde im Mai 2017 zum Honorarprofessor für Betriebswirtschaftslehre an der Universität St.Gallen ernannt. Im September 2017 wurde Herr Franz zum Mitglied der Versammlung des Internationalen Komitees vom Roten Kreuz (IKRK) gewählt, dem übergeordneten Organ der Organisation, zusätzlich wurde er im Mai 2018 in den Rat der Versammlung gewählt. Er ist Mitglied des Beirats/Industrial Partner von Rantum Equity Participation GmbH & Co. KG und Mitglied des Senats der Hermann von Helmholtz-Gemeinschaft Deutscher Forschungszentren e.V.

Ausbildung

Herr Franz studierte Wirtschaftsingenieurwesen an der Technischen Universität Darmstadt und schloss sein Studium, ebenfalls an dieser Universität, mit einem Doktor (Dr. rer. pol.) ab. Weiter studierte er an der École Centrale de Lyon und absolvierte einen Forschungsaufenthalt (post-doctorate) an der University of California, Berkeley.

Joan Amble

Mitglied des Verwaltungsrats

Jahrgang: 1953

Fähigkeiten und Erfahrung

Joan Amble verfügt über umfangreiche Erfahrungen in der Finanzbranche. Sie begann ihre Karriere 1977 als Buchhalterin bei Ernst & Ernst (heute Ernst & Young). Von 1984 bis 1989 arbeitete sie beim Financial Accounting Standards Board (FASB) und war spezialisiert auf Renten, Derivate und andere Finanzinstrumente. Danach war sie während 14 Jahren in verschiedenen Führungspositionen bei General Electric Company (GE) tätig. Dazu gehörten unter anderem: Chief Financial Officer (CFO) GE Real Estate, Chief Operating Officer und CFO GE Capital Markets sowie Vice President und Chief Accounting Officer von GE Financial Services. Von 2004 bis Mai 2011 war Frau Amble Executive Vice President und Principal Accounting Officer, anschliessend bis Ende 2011 Executive Vice President, Finance, bei American Express Company. Im Dezember 2011 endete ihre vierjährige Amtsdauer als Mitglied des Financial Accounting Standards Advisory Council (FASAC) und im Dezember 2020 beendete Frau Amble ihre zweite dreijährige Amtszeit als Mitglied der Standing Advisory Group (SAG) des Public Company Accounting Oversight Board (PCAOB). Von 2006 bis 2008 war sie Mitglied des Verwaltungsrates sowie Vorsitzende des Prüfungsausschusses von XM Satellite Radio. Nach dem Zusammenschluss von XM Satellite Radio mit Sirius Satellite Radio war sie von 2008 bis 2021 Mitglied im Verwaltungsrat von Sirius XM Satellite Radio und stand dem Prüfungsausschuss vor. Von 2016 bis 2022 war Frau Amble unabhängige Beraterin des Kontroll- und Risikoausschusses der Geschäftsleitung der amerikanischen Tochtergesellschaft von Société Générale S.A., einer französischen multinationalen Bank und Finanzgesellschaft. Frau Amble war von 2021 bis Mai 2023 Mitglied des Verwaltungsrats, Vorsitzende des Prüfungsausschusses und Mitglied des Nominierungs- und Governanceausschusses von BuzzFeed, Inc. und anschliessend bis Dezember 2023 als Beraterin für das Unternehmen tätig. Seit April 2015 ist sie Mitglied des Verwaltungsrats der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Frau Amble ist Mitglied des Verwaltungsrats und des Prüfungsausschusses von Booz Allen Hamilton Holding Corporation und Spire Global, Inc. Sie engagiert sich ausserdem für die Förderung von Frauen im Berufsleben, unter anderem als emeritierte Präsidentin und Mitbegründerin der W.O.M.E.N. in America Inc., und hält verschiedene Vorträge dazu.

Frau Amble nimmt ebenfalls an Verwaltungsrats- und anderen Foren teil und referiert zum Thema Corporate Governance, Corporate Culture, Risk Management sowie Audit Committee Themen und Best Practices.

Ausbildung

Frau Amble schloss ihr Studium an der Pennsylvania State University mit einem Bachelor in Buchhaltung ab. Später erwarb sie einen Abschluss als Certified Public Accountant (derzeit inaktiv).

Catherine Bessant

Mitglied des Verwaltungsrats

Jahrgang: 1960

Fähigkeiten und Erfahrung

Catherine Bessant ist seit 2024 Chief Executive Officer der US-amerikanischen philanthropischen Organisation Foundation For The Carolinas mit Sitz in Charlotte, North Carolina. Vier Jahrzehnte lang war Frau Bessant bei der Bank of America tätig, wo sie 1982 im Bereich Corporate Banking einstieg. Sie bekleidete zahlreiche Führungspositionen innerhalb des Unternehmens: President of Global Product Solutions and Global Treasury Services, Chief Marketing Officer, President of Consumer Real Estate and Community Development Banking, National Small Business Segment Executive, Market President der Bank of America, Florida und President of Global Corporate Banking. Von 2010 bis September 2021 war Frau Bessant als Chief Operations and Technology Officer tätig und leitete den Bereich Global Technology and Operations der Bank of America. In dieser Funktion war sie unternehmensweit verantwortlich für End-to-End-Technologie und operative Dienstleistungen sowie Bestrebungen für Geschäftskontinuität und Informationssicherheit und leitete fast 95'000 Mitarbeitende und Auftragnehmer in über 35 Ländern. Von Oktober 2021 bis Dezember 2023 war Frau Bessant Vice Chair, Global Strategy sowie Mitglied der Geschäftsleitung der Bank of America. In dieser Funktion war sie verantwortlich für die Zusammenarbeit mit den europäischen Verwaltungsräten der Bank of America und konzentrierte sich auf die globale integrierte Strategie, Governance sowie die Beziehungen zu Kunden und Aufsichtsbehörden. Als Anerkennung für ihre sektorübergreifende Führung wurde Frau Bessant im 2020 in die «Most Powerful Women in Banking Hall of Fame» von American Banker aufgenommen. Dies, nachdem sie drei Jahre in Folge die Nummer 1 der «25 Most Powerful Woman in Banking» war. Des Weiteren war sie 16 Jahre Mitglied des Verwaltungsrats von Florida Blue, früher Blue Cross and Blue Shield of Florida und war dort zudem Lead Independent Director. Seit März 2017 ist sie Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Prüfungsausschuss (Vorsitzende), Vergütungsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Frau Bessant ist Verwaltungsratspräsidentin von USA Field Hockey und Mitglied des Advisory Board der Ross School of Business an der University of Michigan.

Ausbildung

Frau Bessant schloss ihr Studium an der Ross School of Business der University of Michigan mit einem Bachelor of Business Administration ab.

Michael Halbherr

Mitglied des Verwaltungsrats

Jahrgang: 1964

Fähigkeiten und Erfahrung

Michael Halbherr verfügt über umfassende Erfahrung in der Technologiebranche und war als Berater, Frühphaseninvestor, Verwaltungsrat und Führungskraft in jungen, aufstrebenden Unternehmen in Bereichen wie digitale Kartierung, Betriebssystemsoftware, Telekommunikation, Elektrifizierung und Industrieprodukte tätig. Seit 2023 ist er CEO von ABB E-mobility, die 2023 aus ABB ausgegliedert wurde. ABB E-mobility fokussiert sich auf die Entwicklung von leistungsstärkeren Ladesystemen für Elektrofahrzeuge. Von 2021 bis 2024 war er Mitglied des Verwaltungsrats der Vontobel Holding AG in Zürich. Von 2016 bis 2022 war er Verwaltungsratspräsident von Trafi Ltd. in Vilnius, von 2015 bis 2022 von FATMAP Ltd. in Berlin, die anschliessend an Strava, Inc. verkauft wurde, und von 2021 bis 2024 von Nanoleq AG in Zürich, die anschliessend an Myant Corp. verkauft wurde. Zuvor bekleidete er von 2006 bis 2014 verschiedene Führungspositionen bei Nokia Corporation. Unter anderem war er von 2011 bis 2014 Mitglied des Leadership Teams von Nokia und CEO von HERE BV, einer 100-prozentigen Tochtergesellschaft von Nokia und einem führenden Unternehmen in der Fahrzeugortungstechnologie. Von 2001 bis 2006 fungierte er als CEO von gate5, einem Startup im Bereich Mobiltelefonie-Software mit Sitz in Berlin, das 2006 von Nokia übernommen wurde.

Von 2000 bis 2001 war er Managing Director bei Europeatweb, dem Risikokapitalbereich von Groupe Arnault. Zuvor war er von 1994 bis 2000 als Manager bei Boston Consulting Group (BCG) an den Standorten Zürich und Boston ein aktives Mitglied des Technologieteams. Er begann seine berufliche Laufbahn im Laboratory for Computer Science des Massachusetts Institute of Technology (MIT), wo er von 1992 bis 1994 als Gastwissenschaftler und Postdoktorand mit Schwerpunkt auf Programmierparadigmen für massivparallele Rechner forschte. Seit April 2019 ist er Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Michael Halbherr ist ein nicht exekutives Mitglied des Verwaltungsrats und Verwaltungsratspräsident der German Bionic Systems GmbH in Augsburg.

Ausbildung

Michael Halbherr verfügt über ein Doktorat in Elektrotechnik der Eidgenössischen Technischen Hochschule (ETH) in Zürich.

Sabine Keller-Busse

Mitglied des Verwaltungsrats

Jahrgang: 1965

Fähigkeiten und Erfahrung

Sabine Keller-Busse verfügt über umfangreiche Erfahrung in der Finanzbranche. Sie ist President Personal & Corporate Banking, President UBS Switzerland und Präsidentin der Geschäftsleitung der UBS Switzerland AG. Frau Keller-Busse wurde im Jahr 2016 Mitglied der Konzernleitung der UBS Group AG. Seit ihrem Eintritt in die UBS im Jahr 2010 bekleidete sie verschiedene Führungspositionen wie Group Chief Operating Officer, President Europe, Middle East and Africa, Group Head Human Resources und Chief Operating Officer UBS Switzerland. Bevor sie zu UBS stiess, war sie von 2008 bis 2010 für das Privatkundengeschäft Region Zürich der Credit Suisse zuständig. Von 1995 bis 2008 arbeitete sie in der Beratung bei McKinsey & Co. mit Fokus auf die Finanzdienstleistungsbranche und wurde 2002 zum Partner gewählt. Von 2012 bis 2021 war Frau Keller-Busse Mitglied des Verwaltungsrats der SIX Group. Seit April 2021 ist sie Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Vergütungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Frau Keller-Busse ist Präsidentin des Stiftungsrats der Pensionskasse der UBS. Sie ist auch Stiftungsratsmitglied der USZ Stiftung des Universitätsspitals Zürich, der Swiss Entrepreneurs Foundation, der UBS Foundation of Economics in Society an der Universität Zürich, der HSG Foundation und der Deep Tech Nation Switzerland Foundation. Sie ist Mitglied des Vorstands und Vorstandsausschusses der Zürcher Handelskammer.

Ausbildung

Frau Keller-Busse studierte Betriebswirtschaft an der Universität St.Gallen (HSG) und schloss ihr Studium mit einem Doktortitel der Wirtschaftswissenschaften (Dr. oec.) ab.

Monica Mächler

Mitglied des Verwaltungsrats

Jahrgang: 1956

Fähigkeiten und Erfahrung

Monica Mächler verfügt über fundierte Fachkenntnisse in den Bereichen Recht, Finanzmarktregulierung und Governance im nationalen und internationalen Umfeld. Sie war von 2009 bis 2012 als Vizepräsidentin des Verwaltungsrats der integrierten Eidgenössischen Finanzmarktaufsicht (FINMA) tätig, nachdem sie zuvor von 2007 bis 2008 das schweizerische Bundesamt für Privatversicherungen geleitet hatte. Von 2010 bis 2012 leitete Frau Mächler zudem das Technical Committee der International Association of Insurance Supervisors (IAIS). Von 1999 bis 2006 war sie als Group General Counsel der Zurich Insurance Group tätig und führte das Verwaltungsratssekretariat. Sie stiess 1990 zur Zurich Insurance Group und wurde 2001 zum Mitglied des Group Management Board ernannt. Zwischen 1985 und 1990 war sie in einer Rechtsanwaltskanzlei mit Schwerpunkt Bank- und Wirtschaftsrecht tätig. Frau Mächler war Mitglied verschiedener eidgenössischer Expertenkommissionen zu regulatorischen Projekten. Sie hält regelmässig Vorlesungen sowie Vorträge und publiziert in den Bereichen internationales Wirtschaftsrecht sowie Regulierung und deren Auswirkungen. Sie war von Mai 2012 bis Mai 2018 Mitglied des Aufsichtsrats der Deutsche Börse AG. Seit April 2013 ist sie Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Frau Mächler ist seit April 2015 Mitglied des Verwaltungsrats der Cembra Money Bank AG. Sie ist auch Vorsitzende des Advisory Board des International Center for Insurance Regulation der Goethe Universität Frankfurt am Main sowie Mitglied des Stiftungsrats der Stiftung für schweizerische Rechtspflege und des Vorstands des Europa Instituts an der Universität Zürich. Zudem ist sie Mitglied der Aufsichtsorgane des Institute for International Criminal Investigations (IICI), einer gemeinnützigen Organisation in Kalifornien, sowie der Institute for International Criminal Investigations Foundation (IICIF), einer niederländischen gemeinnützigen Stiftung mit Sitz in Den Haag.

Ausbildung

Nachdem Frau Mächler in Rechtswissenschaften an der Universität Zürich promoviert und ihre Studien mit Programmen zu britischem, US-amerikanischem und internationalem Privatrecht ergänzt hatte, erwarb sie das Anwaltspatent des Kantons Zürich.

Kishore Mahbubani

Mitglied des Verwaltungsrats

Jahrgang: 1948

Fähigkeiten und Erfahrung

Kishore Mahbubani begann seine Karriere 1971 als Diplomat beim Aussenministerium in Singapur. Dort war er bis 2004 tätig und wurde in dieser Zeit nach Kambodscha, Malaysia, Washington D.C. und New York entsandt. Er repräsentierte Singapur im Januar 2001 und im Mai 2002 als Botschafter in den Vereinten Nationen und als Präsident des UN-Sicherheitsrats. Von 1993 bis 1998 war Herr Mahbubani Staatssekretär im Aussenministerium von Singapur. Als Gründungsmitglied und erster Dekan war Herr Mahbubani von 2004 bis Ende 2017 an der Lee Kuan Yew School of Public Policy der National University of Singapore (NUS) tätig. Seit Juli 2019 ist er Distinguished Fellow am Asia Research Institute (ARI) der NUS. Er tritt öffentlich auf und publiziert zu geopolitischen und wirtschaftlichen Themen. Die Financial Times hat sein Buch «The Great Convergence: Asia, the West, and the Logic of One World» zu einem der besten Wirtschaftsbücher des Jahres 2013 gewählt. Sein neustes Buch, «Living the Asian Century», wurde im August 2024 veröffentlicht. Seit April 2015 ist er Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Vergütungsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Im Februar 2021 wurde Herr Mahbubani zum Verwaltungsratspräsidenten des NUS Medical International Council ernannt und im Oktober 2021 wurde er Berater von Jabil Inc. Seit Februar 2022 ist er Berater von TvF Capital. Im September 2017 wurde er zum Verwaltungsratspräsidenten von Aggregate Asset Management gewählt. Seit Januar 2016 ist er ein unabhängiges Mitglied des Verwaltungsrats von Wilmar International Limited, Singapur. Zudem nahm er Einsitz in den Verwaltungsräten und Beiräten verschiedener Institutionen in Singapur, Europa und Nordamerika. Momentan ist er Mitglied des Yale President's Council on International Activities (PCIA). Im April 2019 wurde er Mitglied der American Academy of Arts and Sciences.

Ausbildung

Herr Mahbubani schloss sein Studium der Philosophie an der University of Singapore mit Auszeichnung ab. Weiter erwarb er einen Master of Arts in Philosophie der Dalhousie University, Kanada, die ihm ausserdem die Ehrendoktorwürde verlieh.

Peter Maurer

Mitglied des Verwaltungsrats

Jahrgang: 1956

Fähigkeiten und Erfahrung

Peter Maurer verfügt über profunde Kenntnisse globaler Megatrends, der internationalen Politik und der sozialen Herausforderungen unserer Zeit. Sein Fachwissen umfasst Arbeiten in den Bereichen Global Governance und innovative Finanzinstrumente. Er verfügt über ein aussergewöhnliches und weltweites Netzwerk und ist als Mitglied des Leadership Advisory Councils des World Economic Forum (WEF) auch mit der Geschäftswelt gut vernetzt.

Von 2012 bis 2022 war Herr Maurer Präsident des Internationalen Komitees vom Roten Kreuz (IKRK). Davor war er von 2010 bis 2012 Staatssekretär für auswärtige Angelegenheiten in der Schweiz und von 2004 bis 2010 Botschafter und Ständiger Vertreter der Schweiz bei den Vereinten Nationen. Er begann seine Laufbahn im Schweizer diplomatischen Dienst 1986 in verschiedenen Positionen in der Schweiz, Südafrika und den USA. Im April 2022 wurde Herr Maurer als Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG gewählt und übernahm die Rolle im Oktober 2022.

Mitgliedschaft in Ausschüssen

Governance-, Nominierungs- und Nachhaltigkeitsausschuss, Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Herr Maurer ist Botschafter für GSG Impact sowie Mitglied des Leadership Council des WEF. Er ist Mitglied des Beirats des International Institute for Strategic Studies in London. Zudem ist Herr Maurer Präsident des Basel Institute on Governance, Mitglied des Stiftungsrates der elea Foundation for Ethics in Globalization sowie der Vontobel-Stiftung. Er ist Präsident des Centre of Competence on Humanitarian Negotiation (CCHN) in Genf und Mitglied des Global Advisory Panel von Stars - for Leaders of the Next Generation.

Ausbildung

Herr Maurer hat an der Universität Bern, Schweiz, in Geschichte und internationalem Recht promoviert.

John Rafter

Mitglied des Verwaltungsrats

Jahrgang: 1963

Fähigkeiten und Erfahrung

John Rafter verfügt über umfangreiche Erfahrungen in der Finanz- und Versicherungsbranche. Er startete seine Karriere 1987 bei der Goldman Sachs Group, Inc. und bekleidete dort bis 2023 verschiedene Funktionen sowohl in Europa als auch in den USA. 1997 wurde er zum Managing Director und 2000 zum Partner ernannt. In diesen Funktionen fungierte er in erster Linie als Berater von Finanzinstituten bei Fusionen und Übernahmen sowie Kapitalmarkttransaktionen.

Er konzentrierte sich insbesondere auf Transaktionen im Versicherungssektor weltweit und beriet zudem Banken und Vermögensverwaltungsgesellschaften. Bei Goldman Sachs bekleidete er Führungspositionen in der Financial Institutions Group im Bereich Investment Banking und war viele Jahre lang Mitglied des konzernweiten Commitment Committee. Ausserdem war er von 2010 bis 2013 Mitglied des Verwaltungsrats der Rothesay Life Group, einer in Grossbritannien beaufsichtigten Versicherungsgruppe. Bevor er 2023 bei Goldman Sachs ausschied, trat er 2020 von seiner Rolle als Partner zurück und war von 2020 bis 2023 als Senior Adviser im Bereich Investment Banking tätig. Seit April 2024 ist er Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Keine.

Ausbildung

Herr Rafter hat einen Master of Business Administration der Stanford University, Kalifornien, und einen Bachelor of Commerce sowie ein Diplom in professioneller Buchhaltung des University College Dublin, Irland.

Jasmin Staiblin

Mitglied des Verwaltungsrats

Jahrgang: 1970

Fähigkeiten und Erfahrung

Jasmin Staiblin bringt ihr umfassendes Wissen bezüglich der Transformation von Geschäftsfeldern und der zunehmenden Bedeutung der Digitalisierung und der Nachhaltigkeit als wettbewerbsrelevantes Unterscheidungsmerkmal in ihre Rolle ein. Sie gilt als eine der führenden europäischen Expertinnen im Bereich Energie und war bis 2018 CEO von Alpiq, einem führenden Schweizer Energiedienstleister und Stromproduzenten in Europa. Sie begann ihre Karriere 1997 im globalen schwedisch-schweizerischen Technologiekonzern ABB Group. Sie bekleidete verschiedene globale Funktionen als Mitglied des Managementteams der Division Power Technologies von ABB. Von 2006 bis 2012 war sie CEO von ABB Schweiz und von 2013 bis 2018 CEO der Alpiq Holding AG. Zwischen 2011 und 2023 war sie Mitglied des Verwaltungsrats der Georg Fischer AG. Seit April 2019 ist sie Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Risiko- und Investmentausschuss (Vorsitzende), Vergütungsausschuss, Prüfungsausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Frau Staiblin ist Mitglied des Verwaltungsrats von NXP Semiconductors N.V., Eindhoven. Sie ist ausserdem Vorsitzende des Aufsichtsrats der Rolls-Royce Power Systems AG und deren Tochtergesellschaft Rolls-Royce Solutions GmbH, beide mit Sitz in Friedrichshafen und vollständig durch die Rolls-Royce plc kontrolliert.

Ausbildung

Frau Staiblin studierte Physik und Elektrotechnik an der Technischen Hochschule Karlsruhe, Deutschland und an der Königlichen Technischen Hochschule in Stockholm, Schweden. Sie beendete ihr Studium mit einem Abschluss in Physik und verfügt über einen Master of Science in Elektrotechnik.

Barry Stowe

Mitglied des Verwaltungsrats

Jahrgang: 1957

Fähigkeiten und Erfahrung

Barry Stowe verfügt über umfassende berufliche Erfahrungen und Kenntnisse, die er in diversen leitenden Positionen in der Versicherungsbranche in Nordamerika und Asien erwarb. Von 2006 bis 2018 war er Mitglied des Verwaltungsrats und der Konzernleitung von Prudential plc. Von 2015 bis 2018 war er Verwaltungsratspräsident und CEO von Jackson Holdings Ltd., einer Tochtergesellschaft von Prudential plc, und von 2006 bis 2015 CEO von Prudential Corporation Asia. Von 1995 bis 2006 war er in verschiedenen leitenden Funktionen bei American International Group (AIG) tätig, unter anderem leitete er von 2001 bis 2006 AIG Life Companies Accident & Health Worldwide mit Sitz in Hongkong. Von 1992 bis 1995 war er Vorsitzender von NISUS, einer Tochtergesellschaft von Pan-American Life Insurance Group.

Von 1980 bis 1992 nahm er unterschiedliche Funktionen beim Versicherungs- und Rückversicherungsmakler Willis Corroon Group plc in den USA wahr. Seit April 2019 ist er Mitglied der Verwaltungsräte der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG.

Mitgliedschaft in Ausschüssen

Prüfungsausschuss, Risiko- und Investmentausschuss

Sonstige Mandate innerhalb der Gruppe

Zürich Versicherungs-Gesellschaft AG

Externe Ernennungen

Barry Stowe ist Senior Advisor für McKinsey & Company, Co-Vorsitzender des Retirement Income Institute in Washington D.C., Mitglied des Stiftungsrats und Vorsitzender des Governance-Ausschusses von Cheekwood Estate & Gardens in Nashville, Tennessee, und Mitglied des Tennessee Business Leadership Council.

Ausbildung

Barry Stowe verfügt über einen Bachelor of Arts in Politikwissenschaft und Klassischer Altertumswissenschaft der Lipscomb University in Nashville, Tennessee.

Selbstbeurteilung

Um die Effektivität des Verwaltungsrats regelmässig zu besprechen und zu stärken, überprüft der Verwaltungsrat mindestens jährlich, basierend auf einer Beurteilung des GNSC, die Leistung des Verwaltungsrats und der Ausschüsse.

Die Überprüfung konzentriert sich auf die Zusammensetzung des Verwaltungsrats, die Verfügbarkeit und das Engagement bei den Sitzungen, Zusammenarbeit und Kultur, Prozesse, insbesondere die Festlegung der Traktandenliste und die Durchführung der Sitzungen, die Interaktion des Verwaltungsrats mit dem Senior Management der Gruppe und den kollektiven oder individuellen Trainingsbedarf des Verwaltungsrats. Ziel der Überprüfung ist es, festzustellen, ob der Verwaltungsrat und seine Ausschüsse effektiv und effizient arbeiten. Alle drei Jahre wird eine externe Beurteilung der Effektivität des Verwaltungsrats durchgeführt. Die nächste externe Beurteilung erfolgt 2025.

In seiner Selbstbeurteilung 2024 konzentrierte sich der Verwaltungsrat insbesondere auf die Angemessenheit seiner Zusammensetzung, Kultur und die Priorisierung von Diskussionspunkten an Verwaltungsratssitzungen sowie auf Trainingsbedürfnisse. Die Verwaltungsratsmitglieder diskutierten die Ergebnisse und definierten geeignete Massnahmen, sofern erforderlich. Der Verwaltungsrat beschloss unter anderem, ein Auffrischungstraining zu Cybersicherheit durchzuführen.

Sitzungen

Im Jahr 2024 hielt der Verwaltungsrat elf Sitzungen ab (von denen fünf teilweise per Telefon-/Videokonferenz und sieben über zwei Tage hinweg stattfanden). Eine Sitzung war vollständig der Diskussion der Strategie gewidmet. Acht Sitzungen dauerten im Laufe eines Tages vier oder mehr Stunden, und drei Sitzungen dauerten weniger als drei Stunden im Durchschnitt.

Im Jahr 2024 betrug die durchschnittliche Anwesenheit bei Verwaltungsratssitzungen 94,7%. Zur Erfüllung ihrer Pflichten wendeten die Verwaltungsratsmitglieder zusätzlich Zeit für die Teilnahme an Sitzungen der Verwaltungsratsausschüsse und für die Vorbereitung der Sitzungen auf. Die Ausschusssitzungen dauerten durchschnittlich länger als eine Stunde und vierzig Minuten.

Im Jahr 2024 wurden die Sitzungen des Verwaltungsrats zum Teil virtuell abgehalten. Darüber hinaus wurden einige informelle Gespräche zwischen Verwaltungsratsmitgliedern sowie zwischen Verwaltungsratsmitgliedern und dem Senior Management ermöglicht.

Per 31. Dezember 2024	Verwaltungsrat	Governance-, Nominierungs- und Nachhaltigkeitsausschuss
Mindestanzahl der erforderlichen Sitzungen	6	2
Anzahl der Sitzungen	11	4
Anzahl der Mitglieder	12	6
Sitzungsteilnahme in %	94,7	95,83
Individuelle Sitzungsteilnahme
Joan Amble	11/11	4/4
Catherine Bessant	10/11	-
Dame Alison Carnwath²	0/23	-
Christoph Franz	10/11	4/4
Michael Halbherr	11/11	4/4
Sabine Keller-Busse	10/11	-
Michel M. Lies	11/11	4/4
Monica Mächler	11/11	4/4
Kishore Mahbubani	10/11	-
Peter Maurer	10/11	3/4
John Rafter⁵	9/9	-
Jasmin Staiblin	11/11	-
Barry Stowe	11/11	-

Per 31. Dezember 2024	Vergütungsausschuss	Prüfungsausschuss	Risiko- und Investmentausschuss
Mindestanzahl der erforderlichen Sitzungen	2	4	4
Anzahl der Sitzungen	4	7	7
Anzahl der Mitglieder	6	6¹	6
Sitzungsteilnahme in %	100	92,38	97,62
Individuelle Sitzungsteilnahme
Joan Amble	-	-	7/7
Catherine Bessant	4/4	6/7	7/7
Dame Alison Carnwath²	-	0/1³	-
Christoph Franz	4/4	-	-
Michael Halbherr	-	-	6/7
Sabine Keller-Busse	4/4	-	-
Michel M. Lies	4/4	-	-
Monica Mächler	-	7/7	-
Kishore Mahbubani	4/4	-	7/7
Peter Maurer	-	5/6⁴	-
John Rafter⁵	-	6/66	-
Jasmin Staiblin	4/4	7/7	7/7
Barry Stowe	-	7/7	7/7

¹ Bis zum 10. April 2024 hatte der Prüfungsausschuss fünf Mitglieder.

² Nach 12 Jahren im Verwaltungsrat stellte sich Dame Alison Carnwath an der ordentlichen Generalversammlung vom 10. April 2024 nicht zur Wiederwahl.

³ Am 10. April 2024 aus dem Verwaltungsrat und Ausschuss ausgeschieden.

⁴ Am 10. April 2024 dem Ausschuss beigetreten.

⁵ An der ordentlichen Generalversammlung vom 10. April 2024 gewählt.

⁶ Am 10. April 2024 dem Ausschuss beigetreten.

Schulungen

Der Verwaltungsratspräsident sorgt dafür, dass neue Verwaltungsratsmitglieder ein Einführungsprogramm erhalten und bestehende Verwaltungsratsmitglieder passende Trainings absolvieren können. Um die Bedeutung dieses Themas zu unterstreichen, hat der Verwaltungsrat Leitlinien für die Einführung und Trainings erstellt.

Nach ihrer Ernennung absolvieren die neuen Verwaltungsratsmitglieder ein ausführliches und massgeschneidertes Einführungsprogramm, das in der Regel Folgendes umfasst:

―	Die Strategie der Gruppe, ihr Geschäftsmodell sowie ihre finanziellen und nicht-finanziellen Ziele.
―	Die Rechts- und Führungsstruktur der Gruppe, die Corporate-Governance-Strukturen und -Prozesse, den Verhaltenskodex von Zurich sowie die relevanten rechtlichen und regulatorischen Rahmenbedingungen.
―	Das Risk Management Framework der Gruppe sowie die entsprechenden Anforderungen und Prozesse im Bereich Compliance.
―	Schulung und Einführung in spezifische Themen entsprechend den regulatorischen Anforderungen (z.B. regulatorische Kapitalmodelle).
―	Relevante Prozesse des Verwaltungsrats, Sitzungspläne und andere Verwaltungsaufgaben.

Im Rahmen des Einführungsprogramms werden Sitzungen mit dem Verwaltungsratspräsidenten, den Vorsitzenden der Ausschüsse, in welchen das neue Verwaltungsratsmitglied Einsitz nehmen wird, dem Group CEO, ausgewählten Mitgliedern des Senior Managements sowie dem Verwaltungsratssekretär geplant.

Ferner wird der Trainingsbedarf des Verwaltungsrats im Rahmen der jährlichen Selbstbeurteilung des Verwaltungsrats oder auf Basis von regulatorischen Anforderungen überprüft und im Laufe des Jahres regelmässig neu beurteilt.

Im Jahr 2024 erhielten der Verwaltungsrat oder einzelne Mitglieder desselben eine Schulung zu Themen wie künstliche Intelligenz, der aktuellen makroökonomischen und geopolitischen Dynamik, Kapitalmanagement, Schweizer Solvenztest, Commercial Insurance, Analyse des Gruppenrisikoprofils, ORSA-Prozess (Own Risk and Solvency Assessment) und Szenarioanalyse sowie Corporate Governance.

Die Rolle des Verwaltungsrats

Der Verwaltungsrat ist für die Oberleitung von ZIG und der gesamten Gruppe sowie für die Überwachung der Geschäftsführung zuständig. Insbesondere ist er für folgende Bereiche verantwortlich:

―	Strategie: Der Verwaltungsrat genehmigt den Strategieplan sowie die strategischen und finanziellen Gesamtziele der Gruppe auf Empfehlung des Group CEO und erhält Berichte vom Group CEO über die Umsetzung der Konzernstrategie und die dabei erzielten Fortschritte.
―	Nachhaltigkeit: Der Verwaltungsrat genehmigt die Nachhaltigkeitsstrategie und -ziele der Gruppe einschliesslich nicht-finanzieller Ziele, die einen wesentlichen Einfluss auf ZIG oder die Gruppe haben. Weitere Informationen zu unserer Sustainability Governance finden Sie in unserem Sustainability Report auf den Seiten 134 bis 136.
―	Finanzen: Der Verwaltungsrat genehmigt den Finanzplan der Gruppe für jedes Geschäftsjahr sowie die anwendbaren Rechnungslegungsstandards, das Kontroll-Framework und wesentliche Änderungen derselben. Der Verwaltungsrat genehmigt wichtige Finanzierungsgeschäfte und -arrangements, die bestimmte Schwellenwerte übersteigen. Er genehmigt die Dividendenpolitik von ZIG und seinen Dividendenvorschlag (falls vorhanden) an die Generalversammlung. Im Rahmen seiner Befugnisse fasst der Verwaltungsrat auch Beschlüsse über Kapitalerhöhungen und/ oder -herabsetzungen.
―	Berichterstattung: Der Verwaltungsrat genehmigt den Geschäftsbericht, die halbjährliche Finanzberichterstattung der Gruppe, die Updates der Gruppe für die ersten drei und neun Monate des Jahres sowie den Bericht über die Finanzlage der Gruppe.
―	Organisation der Gruppe: Der Verwaltungsrat legt die Organisation sowie die allgemeine Governance von ZIG und der Gruppe fest. In diesem Zusammenhang genehmigt der Verwaltungsrat auch die Vergütungsstruktur der Gruppe. Im Rahmen seiner Pflicht, die Generalversammlung einzuberufen, genehmigt er Vorschläge und unterbreitet sie dieser.
―	Geschäftsentwicklung: Über bestimmten Schwellenwerten genehmigt der Verwaltungsrat den Eintritt in neue Geschäfte, den Ausstieg aus bestehenden Geschäftsaktivitäten, M&A-Transaktionen, interne Reorganisationen sowie bestimmte Investments.
―	Unternehmenskultur: Der Verwaltungsrat genehmigt und überprüft regelmässig den Verhaltenskodex von Zurich, der die ethischen Standards und Werte der Gruppe zusammenfasst.
―	Risikomanagement: Der Verwaltungsrat genehmigt die Key Risk Management Principles der Gruppe, darunter die Risikobereitschaft und -toleranz der Gruppe. Er überwacht auch das Enterprise Risk Management Framework, das die Identifizierung und Steuerung von Risiken (einschliesslich IT- und Cyberrisiken) behandelt. Darüber hinaus genehmigt der Verwaltungsrat die interne Kontrollstrategie sowie deren Umfang, den Sanierungsplan der Gruppe und den ORSA-Bericht der Gruppe.

Für weitere Informationen siehe Art. 2.1 bis 2.4 des Organisationsreglements (www.zurich.com/about-us/corporate-governance/corporate-documents).

Die Aktivitäten und Schwerpunktthemen im Jahr 2024 umfassten:

―	Umsetzung der strategischen Prioritäten für den Zyklus 2023-2025, einschliesslich Entwicklungen in allen Regionen.
―	Prüfung des Finanzplans und der Finanzziele der Gruppe.
―	Nachhaltigkeitsperformance und Leistungsmanagement von Zurich.
―	Prüfung des Klimatransitionsplans von Zurich.
―	Makroökonomische und geopolitische Entwicklungen im Jahr 2024 und Auswirkungen auf die Gruppe.
―	Status und digitale Transformation von Technologie und Geschäftstätigkeit.
―	Jährliches Update zur Cybersicherheit.
―	Risiken und Geschäftschancen durch künstliche Intelligenz.
―	Risikomanagement, einschliesslich Risikobereitschaft und -toleranz sowie Internal Control Framework, was eine integrierte Betrachtung von Risiken und Kundentrends, strukturellen Branchenveränderungen und neuen Technologien ermöglicht.
―	Fusionen und Akquisitionen, einschliesslich einer Überprüfung der jeweiligen Wertschöpfung und des Investitionsmanagements.
―	Gesetzliches und regulatorisches Umfeld.
―	Nachfolgeplanung für den Verwaltungsrat.

Die Rolle des Verwaltungsratspräsidenten

Der Präsident leitet den Verwaltungsrat, koordiniert die Aufgaben des Verwaltungsrats, beruft dessen Sitzungen ein und legt dessen Traktandenliste fest. Er steht in ständigem Kontakt mit dem Group CEO und fördert eine konstruktive Beziehung zwischen dem Verwaltungsrat, dem Group CEO und den anderen Konzernleitungsmitgliedern. In seiner Rolle nimmt er insbesondere auch folgende Aufgaben wahr:

―	Er übernimmt den Vorsitz der Generalversammlung.
―	Er überwacht die Richtigkeit und ordnungsgemässe Umsetzung der Verwaltungsratsbeschlüsse.
―	Er sorgt dafür, dass die Verwaltungsratsmitglieder genaue, zeitnahe und klare Informationen erhalten.
―	Er übernimmt in Krisensituationen die Führung und trifft Entscheidungen in dringenden Angelegenheiten, über die der Verwaltungsrat in Kenntnis gesetzt werden muss und die in das Protokoll der folgenden Verwaltungsratssitzung aufgenommen werden.
―	Er arrangiert das Einführungs- und Trainingsprogramm des Verwaltungsrats.
―	Er gibt weitere Leitlinien zur Erfüllung der Anforderungen bezüglich Eignung («Fit und Proper»-Kriterien) von Kandidaten und Mitgliedern des Verwaltungsrats vor.
―	Er organisiert die Selbstbeurteilung des Verwaltungsrats.

Für weitere Informationen siehe Art. 3 des Organisationsreglements (www.zurich.com/about-us/corporate-governance/ corporate-documents).

Die Rolle des Vizepräsidenten

Der Vizepräsident unterstützt den Präsidenten bei der Wahrnehmung seiner Aufgaben und Befugnisse und übernimmt die Rolle des Präsidenten im Falle seiner Verhinderung.

Rolle der Verwaltungsratsausschüsse

Der Verwaltungsrat delegiert bestimmte Verantwortlichkeiten und Befugnisse an die Ausschüsse, deren Mitglieder und jeweiliger Vorsitz vom Verwaltungsrat bestellt werden, mit Ausnahme der Mitglieder des Vergütungsausschusses. Im Allgemeinen legen die Ausschüsse dem Verwaltungsrat ihre Ansichten und Empfehlungen zur Entscheidung vor und besitzen keine Entscheidungsbefugnisse, ausser in den ausdrücklich im Anhang I (Committees Charter) des Organisationsreglements (www.zurich.com/about-us/corporate-governance/corporate-documents) festgelegten Fällen. Falls in einer bestimmten Situation erforderlich, kann der Verwaltungsrat jede Angelegenheit an sich ziehen und mit oder ohne Beteiligung des entsprechenden Ausschusses entscheiden. Jeder Ausschuss informiert den Verwaltungsrat rechtzeitig über eigene Ergebnisse und Massnahmen.

Alle Ausschüsse haben die Befugnis, sich extern beraten zu lassen. Um eine Sicht von aussen zu erhalten, laden der Verwaltungsrat und/oder seine Ausschüsse gelegentlich externe Berater ein (z.B. den unabhängigen Berater des Vergütungsausschusses, die externe Revisionsstelle), an einer Sitzung teilzunehmen und/oder ein bestimmtes Thema zu präsentieren.

Der Verwaltungsrat verfügt über die nachfolgend erwähnten ständigen Ausschüsse:

Governance-, Nominierungs- und Nachhaltigkeitsausschuss

Hauptaufgaben und Verantwortlichkeiten:

―	Er unterstützt den Verwaltungsrat dabei, an der Spitze einen angemessenen Ton zu setzen, um wichtige Werte und Verhaltensweisen zu fördern und eine solide und offene Kultur in der gesamten Gruppe zu gewährleisten.
―	Er unterstützt den Verwaltungsrat durch die Einführung von Corporate Governance Best Practices in der gesamten Gruppe, um sicherzustellen, dass die Rechte der Aktionäre und anderer wichtiger Anspruchsgruppen geschützt werden.
―	Er stellt sicher, dass Strukturen und Prozesse vorhanden sind, die eine solide Corporate Governance und eine ordnungsgemässe Dokumentation ermöglichen.
―	Er überwacht gesetzliche und regulatorische Entwicklungen sowie die Anforderungen an die Berichterstattung in Bezug auf Corporate Governance und Nachhaltigkeit.
―	Er ist mit der Nachfolgeplanung für den Verwaltungsrat und die Konzernleitung betraut und unterbreitet dem Verwaltungsrat Vorschläge zu dessen Zusammensetzung sowie zur Nominierung des Präsidenten und Vizepräsidenten des Verwaltungsrats, des Group CEO und der Konzernleitungsmitglieder. Abschliessende Entscheidungen werden vom Verwaltungsrat getroffen, vorbehaltlich der Zustimmung der Aktionäre, sofern erforderlich.
―	Er überwacht das Talentmanagement und die Nachfolgeplanung des Group CEO.
―	Er überprüft die Nachhaltigkeitsstrategie und -ziele der Gruppe einschliesslich nicht-finanzieller Ziele, die einen wesentlichen Einfluss auf ZIG oder die Gruppe haben, und schlägt sie dem Verwaltungsrat zur Genehmigung vor.
―	Er überprüft die Zukunftspläne der Gruppe (einschliesslich Transitionsplan) im Hinblick auf Nachhaltigkeitsthemen.

Die Aktivitäten und Schwerpunktthemen im Jahr 2024 umfassten:

―	Nachhaltigkeitsperformance und Leistungsmanagement von Zurich.
―	Prüfung des Klimatransitionsplans von Zurich und Empfehlung an den Verwaltungsrat zur Genehmigung.
―	Nachfolgeplanung für den Verwaltungsrat und die Konzernleitung.
―	Prüfung des Organisationsreglements und Empfehlung an den Verwaltungsrat zur Genehmigung.
―	Entwicklungen mit Auswirkungen auf die Corporate Governance, einschliesslich Änderungen von Gesetzen, Vorschriften und Tendenzen in der Schweiz und auf internationaler Ebene.
―	Prüfung des Corporate Governance-Berichts und Empfehlung an den Verwaltungsrat zur Genehmigung.
―	Roadshow des Verwaltungsratspräsidenten.

Vergütungsausschuss

Hauptaufgaben und Verantwortlichkeiten:

―	Er prüft jährlich die Vergütungsarchitektur und das Vergütungssystem der Gruppe sowie das Vergütungsreglement von Zurich und schlägt dem Verwaltungsrat angemessene Änderungen vor. Der Verwaltungsrat ist für die Entwicklung, Umsetzung und Überwachung der Vergütungsstruktur verantwortlich.
―	Er prüft jährlich die Vergütungsbedingungen für die Verwaltungsratsmitglieder und unterbreitet dem Verwaltungsrat diesbezügliche Empfehlungen.
―	Er prüft und empfiehlt dem Verwaltungsrat die Anstellungsbedingungen des Group CEO und der anderen Konzernleitungsmitglieder, einschliesslich der jährlichen Überprüfung der Leistungsziele und der Leistung gegenüber diesen Zielen, sowie die Ziele und Zuteilungen unter den kurz- und langfristigen Incentive-Plänen (STIP und LTIP) für den Group CEO, andere Konzernleitungsmitglieder sowie den Group General Counsel, den Group Chief Compliance Officer und den Group Chief Auditor.
―	Er prüft die Zielerreichung im Hinblick auf die festgelegten Leistungsmessgrössen für die kurz- und langfristigen Incentive-Pläne (STIP und LTIP) und erstellt eine qualitative Beurteilung der Leistung.
―	Er prüft und empfiehlt dem Verwaltungsrat die Finanzierung der STIP-Pools, die definitive LTIP-Zuteilung und die Höhe des Gesamtpools der variablen Vergütung.
―	Er prüft und empfiehlt dem Verwaltungsrat die maximale Gesamtvergütung des Verwaltungsrats und der Konzernleitung zur Vorlage an die Generalversammlung und zur Genehmigung durch diese.
―	Er arbeitet mit dem Group CEO bei sonstigen wichtigen Fragen bezüglich Anstellung, Entlöhnung und Zusatzleistungen zusammen.
―	Er diskutiert Aspekte des gesetzlichen und aufsichtsrechtlichen Umfelds sowie des Risikomanagements bezüglich Vergütung und damit verbundene Offenlegungen und prüft und empfiehlt dem Verwaltungsrat den Vergütungsbericht.

Die Aktivitäten und Schwerpunktthemen im Jahr 2024 umfassten:

―	Leistung der gesamten Gruppe und die darauf basierende STIP-Zuteilungen und Finanzierungsniveaus, definitive LTIP-Zuteilungen und die gesamte variable Vergütung für den Zeitraum bis zum 31. Dezember 2023.
―	Leistung und individuelle STIP-Zuteilungen für den Group CEO, andere Konzernleitungsmitglieder, Group General Counsel, Group Chief Compliance Officer und Group Chief Auditor.
―	Vergütungsstrukturen und -niveaus für den Verwaltungsrat, Group CEO, andere Konzernleitungsmitglieder, Group General Counsel, Group Chief Compliance Officer und Group Chief Auditor.
―	Aktienbesitz des Verwaltungsrats und der Konzernleitung gemäss den aktuellen Richtlinien.
―	Ergebnisse der vergütungsbezogenen Abstimmungen an der ordentlichen Generalversammlung 2024.
―	Vergütungsbericht, die Informationen zu den vergütungsbezogenen Abstimmungen in der Einladung zur ordentlichen Generalversammlung und gegebenenfalls andere damit zusammenhängende Offenlegungen.
―	Risikomanagementaspekte der Vergütungsstruktur der Gruppe, gemeinsam mit dem Risiko- und Investmentausschuss, sowie wesentliche Aktivitäten in Bezug auf Positionen von bekannten Schlüsselrisikoträgern («Key Risk Takers»), wie beispielsweise deren risikobezogene Beurteilung.
―	Vergütungsreglement von Zurich, einschliesslich der Leistungs- und Incentive-Architektur.
―	Regulatorisches Umfeld und externe Entwicklungen mit Blick auf die Vergütung und entsprechende Offenlegungen, einschliesslich Konsultationen mit Investoren und Proxy-Agenturen zu Vergütungs- und Offenlegungspraktiken.
―	Aktivitäten des Group Pensions Committee.

Weitere Einzelheiten über die Vergütungsstruktur der Gruppe sind im Vergütungsbericht auf den Seiten 74 bis 113 aufgeführt.

Prüfungsausschuss

Hauptaufgaben und Verantwortlichkeiten:

―	Er dient als zentrale Anlaufstelle für die Kommunikation und Beaufsichtigung in Bezug auf Rechnungslegung sowie Finanz- und Nachhaltigkeitsberichterstattung, interne Kontrolle, versicherungsmathematische Berechnungen und Analysen und Compliance.
―	Er prüft die Jahres- und Halbjahresabschlüsse der Gruppe, die Zwischenberichte der Gruppe für die ersten drei und neun Monate sowie den Geschäftsbericht der Gruppe.
―	Mindestens einmal im Jahr überprüft er die internen Kontrollstandards, einschliesslich der Tätigkeit, Pläne, Organisation und Qualität von Group Audit und Group Compliance.
―	Er überwacht die Arbeit der externen Revisionsstelle.

Zu den Schwerpunkten der Aktivitäten/Diskussionen im Jahr 2024 gehörten:

―	Jahres- und Halbjahresabschlüsse mit deutlichem Schwerpunkt auf Rechnungslegungs- und Rückstellungsthemen sowie die Zwischenberichte der Gruppe für die ersten drei und neun Monate.
―	Beurteilung der Nachhaltigkeitsberichterstattung.
―	Strategie, Umfang und Effektivität des Internal Control Integrated Framework, einschliesslich der internen Kontrollprozesse für die Finanzberichterstattung.
―	Jahresplan von Group Audit, Feststellungen von Group Audit und Umsetzung der Abhilfemassnahmen durch die Geschäftsführung.
―	Arbeit der externen Revisionsstelle, einschliesslich der regelmässigen Überprüfung der Non-Audit Services Policy, sowie Feststellungen der externen Revisionsstelle zu wichtigen Beurteilungen und Schätzungen in den Abschlüssen.
―	Jährlicher Group Compliance Plan, Aktivitäten zur Unterstützung des Managements von Compliance-Risiken, Aktualisierung und Verbesserung von Compliance-Richtlinien, Feststellungen zur Compliance, das Resultat der jährlichen Schulung zum Verhaltenskodex von Zurich sowie die sich verändernden Erwartungen der Aufsichtsbehörden.
―	Steuerstrategie und -vorschriften.
―	Gesetzliche und regulatorische Anforderungen.

Risiko- und Investmentausschuss

Hauptaufgaben und Verantwortlichkeiten:

―

Enterprise Risk Management Framework sowie Risikobereitschaft und -toleranz:

―	Er überwacht die Risikobereitschaft und -toleranz der Gruppe. Dazu gehören nach Risikoarten festgelegte Obergrenzen, die vom Verwaltungsrat als für ZIG und die Gruppe als tragbar erachtet werden, ebenso wie die Aggregation festgelegter Obergrenzen auf Gruppenebene, die Überwachung der Einhaltung der festgesetzten Risikobereitschaft und -toleranz sowie die Risikobereitschaft und -toleranz der Gruppe in Bezug auf die erwartete Höhe des Kapitals.
―	Er überwacht das Enterprise Risk Management Framework der Gruppe (einschliesslich Richtlinien, Modelle, Methoden, Berichterstattung, Systeme, Prozesse und Mitarbeitende). Das Framework regelt die Identifizierung und das Management von Risiken (einschliesslich IT- und Cyberrisiken).
―	Er überwacht die Auswirkungen von Risiken auf die wirtschaftlichen und regulatorischen Kapitalanforderungen.

―

Risikoberichterstattung:

―	Er erhält regelmässig Berichte von der Risikomanagementfunktion und beurteilt, ob alle «wesentlichen» Risikoangelegenheiten (gemäss Definition in der Zurich Risk Policy) von den Konzernleitungsmitgliedern angemessen und rechtzeitig behandelt werden.
―	Er prüft den ORSA-Bericht sowie den Sanierungsplan der Gruppe und empfiehlt sie anschliessend dem Verwaltungsrat zur Genehmigung.

―

Kapitalanlagen:

―	Er überwacht den Anlageprozess.
―	Er prüft und empfiehlt dem Verwaltungsrat Kapitalanlagen, die der Genehmigung durch den Verwaltungsrat unterliegen.
―	Er überwacht die makroökonomischen Entwicklungen.
―	Er erhält Statusberichte über die jährliche strategische Asset-Allocation der Gruppe, den Marktrisikoverbrauch im Verhältnis zum zugewiesenen Marktrisikokapital und -limit sowie die wichtigsten Marktrisikotreiber.
―	Er erhält Statusberichte über das Anlageergebnis, die wirtschaftliche Anlagerendite im Verhältnis zu den Verbindlichkeiten und zur Performance der Vermögensverwalter.

―

Risikomanagement- und Investment-Management-Funktionen: Überwachung, beispielsweise durch die Prüfung von Plänen, Organisationen, Leistung.

―

Überprüfung von relevanten aufsichtsrechtlichen Reformen.

Die Aktivitäten und Schwerpunktthemen im Jahr 2024 umfassten:

―	Updates zum Enterprise Risk Management, einschliesslich vierteljährlicher Risikoberichte, strategischer Risikobeurteilung (Group Total Risk Profiling), Besprechung des Internal Control Integrated Framework und von Szenarioanalysen.
―	Erklärungen zur Risikobereitschaft und Risikotoleranz der Gruppe für 2025.
―	ORSA-Bericht und Sanierungsplan der Gruppe für 2024.
―	Jährliches eigenes Cyberrisiko-Update.
―	Regelmässige Updates von Investment Management, einschliesslich Besprechungen der makroökonomischen Entwicklungen und der Auswirkungen auf die Anlageperformance.
―	Update zur Kapitalposition der Gruppe im Hinblick auf wirtschaftliche und regulatorische Kennzahlen.
―	Ergebnisse der Modellvalidierung 2023 und Plan 2024.
―	Update zu Kredit- und Länderrisiken.
―	Updates zu Kumulierungsmanagement, Schaden- und Unfallversicherung Underwriting, Cyber Underwriting, operationellem Risiko, eigener Versicherung, eigenem Cyberrisiko und Rückversicherungsstrategie.

―	Updates zur Strategie von Group Risk Management sowie regionale Risiko-Updates.
―	Diskussion von Risikoaspekten der Vergütungsstruktur und Updates zu Key Risk Takers gemeinsam mit dem Vergütungsausschuss.

Weitere Informationen zur Risk Governance finden Sie im Risk Review auf den Seiten 222 bis 253.

Weitere Informationen zu den Verwaltungsratsausschüssen im Allgemeinen finden Sie im Anhang I (Committees Charter) des Organisationsreglements (www.zurich.com/about-us/corporate-governance/corporate-documents).

Konzernleitung

Eine Konzernleitung, die sich auf die Erzielung von Ergebnissen konzentriert.

Unsere Konzernleitung ist gut gerüstet, um Zurich zu ihren Zielen für 2025 und darüber hinaus zu führen und sicherzustellen, dass die Gruppe agil und bereit für die Zukunft bleibt.

Mario Greco

Group Chief Executive Officer

Nationalität

Italien

Mehr Informationen:

―

Seite 62

Ericson Chan

Group Chief Information and Digital Officer

Nationalität

China (Hongkong SAR)

Mehr Informationen:

―

Seite 62

Claudia Cordioli

Group Chief Financial Officer

Nationalität

Italien

Mehr Informationen:

―

Seite 62

Peter Giger

Group Chief Risk Officer

Nationalität

Schweiz

Mehr Informationen:

―

Seite 63

Alison Martin

CEO EMEA (Europe, Middle East & Africa) und Bank Distribution

Nationalität

Grossbritannien

Mehr Informationen:

―

Seite 63

Sierra Signorelli

CEO Commercial Insurance

Nationalität

USA

Mehr Informationen:

―

Seite 64

Laurence Maurice

CEO Latin America

Nationalität

Frankreich

Mehr Informationen:

―

Seite 63

Kristof Terryn

CEO North America

Nationalität

Schweiz und Belgien

Mehr Informationen:

―

Seite 65

Cara Morton

CEO Zurich Global Ventures

Nationalität

Australien

Mehr Informationen:

―

Seite 64

Stephan van Vliet

Group Chief Investment Officer

Nationalität

Niederlande

Mehr Informationen:

―

Seite 65

Tulsi Naidu

CEO Asia Pacific

Nationalität

Grossbritannien

Mehr Informationen:

―

Seite 64

Raul Vargas

CEO of Farmers Group, Inc.

Nationalität

Argentinien und Spanien

Mehr Informationen:

―

Seite 65

Konzernleitung

Der Verwaltungsrat hat dem Group CEO die Leitung von ZIG, der Gruppe und sämtlichen Angelegenheiten übertragen, die nicht gemäss zwingenden Gesetzen und Vorschriften, den Statuten, dem Organisationsreglement oder anderen vom Verwaltungsrat genehmigten Dokumenten dem Verwaltungsrat vorbehalten sind. Der Group CEO hat bestimmte Verantwortlichkeiten und Befugnisse an die einzelnen Konzernleitungsmitglieder oder an direkt dem Group CEO unterstellte Mitarbeitende übertragen und, soweit angemessen, eine weitere Delegation von spezifischen Verantwortlichkeiten und Befugnissen genehmigt. Die Konzernleitung fungiert als Kernmanagementausschuss des Group CEO sowie als Forum für Diskussionen, Abstimmung und Koordination im Hinblick auf strategische, finanzielle und unternehmenspolitische Aspekte von gruppenweiter Relevanz.

Der Group CEO ist verantwortlich für:

―	Das Management und die Leistung von ZIG und der Gruppe.
―	Die Entwicklung und Implementierung der Gruppenstrategie und des vom Verwaltungsrat genehmigten Strategieplans sowie Berichterstattung der strategischen Umsetzung an den Verwaltungsrat.
―	Die Vertretung der Gesamtinteressen von ZIG und der Gruppe gegenüber Dritten, sofern diese Interessen nicht vom Verwaltungsrat oder dessen Präsidenten vertreten werden.
―	Die Leitung, Überwachung und Koordinierung der Tätigkeiten der Konzernleitungsmitglieder und der anderen direkt dem Group CEO unterstellten Mitarbeitenden.
―	Die Nachfolgeplanung auf Ebene der Konzernleitung.
―	Spezifische Befugnisse und Pflichten in strategischen, finanziellen und organisatorischen Angelegenheiten.

ZIG hat keine wichtigen Teile des Managements vertraglich an andere Unternehmen (oder Einzelpersonen), die nicht zur Gruppe gehören (oder von ihr beschäftigt werden), übertragen.

Für weitere Informationen, siehe Art. 7 des Organisationsreglements (www.zurich.com/about-us/corporate-governance/ corporate-documents).

Group Management
per 31. Dezember 2024

Zusammensetzung

Per 31. Dezember 2024 waren elf verschiedene Nationalitäten in der Konzernleitung vertreten. Die Konzernleitungsmitglieder haben ihre Berufserfahrung in den unterschiedlichsten Ländern erworben, sodass sie als Gruppe über umfassende Kenntnis internationaler Geschäftspraktiken verfügen.

Die durchschnittliche Amtszeit betrug 4,9 Jahre.

Länge der Amtszeit
in %, per 31. Dezember 2024

Geschlecht
in %, per 31. Dezember 2024

Nationalität¹
in %, per 31. Dezember 2024

Die Konzernleitungsmitglieder werden einer oder mehreren Nationalitäten zugeordnet.

¹ Die Summe der Prozentsätze beträgt aufgrund von Rundungen nicht 100.

Veränderungen in der Konzernleitung im Jahr 2024

Cara Morton, zuletzt CEO der Cover-More Group, wurde per 1. Februar 2024 CEO Zurich Global Ventures. Sie trat die Nachfolge von Jack Howell an, der sich entschieden hatte, Zurich zu verlassen. Claudia Cordioli, zuletzt Group Finance Director bei Swiss Re, wurde per 1. März 2024 Group Chief Financial Officer. Sie trat die Nachfolge von George Quinn an, der sich entschieden hatte, Zurich zu verlassen.

Die Biografien von Jack Howell und George Quinn finden sich auf den Seiten 65 und 66 des Geschäftsberichts 2023 (www.zurich.com/investor-relations/results-and-reports).

Beschränkungen für Mandate

Art. 33 Abs. 1 der Statuten (www.zurich.com/de-de/investor-relations/our-shares/articles-of-association) legt folgende allgemein geltenden Obergrenzen für Konzernleitungsmitglieder fest:

Zusätzliche Mandate bei börsenkotierten und nicht börsenkotierten Gesellschaften (Maximum)	höchstens 4
Mandate bei börsenkotierten Gesellschaften (im Maximum eingeschlossen)	höchstens 1

Ausgenommen von diesen allgemein geltenden Obergrenzen sind die folgenden Kategorien von Mandaten (Art. 33 Abs. 2 der Statuten):

Mandate bei ZIG und ihren Konzerngesellschaften	Keine Begrenzung
Mandate, die im Auftrag der ZIG oder einer Konzerngesellschaft in nicht zum Konzern gehörenden Rechtseinheiten ausgeübt werden	höchstens 5
Mandate in Vereinen, Berufs- oder Wirtschaftsverbänden, Stiftungen, Vorsorgestiftungen, Bildungseinrichtungen und ähnlichen Organisationen	höchstens 5
Mandate in Strukturen zur Verwaltung von persönlichen Vermögen oder Familienvermögen von Konzernleitungsmitgliedern und/oder deren nahestehenden Personen	höchstens 5

Als Mandat gilt jede Mitgliedschaft im Verwaltungsrat, in der Geschäftsleitung oder im Beirat, oder eine vergleichbare Funktion nach ausländischem Recht, bei einem Unternehmen mit wirtschaftlichem Zweck. Mandate in verschiedenen Rechtseinheiten desselben Konzerns (einschliesslich Strukturen zur Vermögensverwaltung gemäss Art. 33 Abs. 2 lit. d der Statuten) und Mandate in mit dem Konzern eng verbundenen Rechtseinheiten (wie z.B. Pensionskassen und Joint Ventures) gelten als ein Mandat. Die in den Statuten festgelegten Obergrenzen entbinden die Konzernleitungsmitglieder nicht von ihrer generell geltenden Sorgfaltspflicht oder von ihrer Pflicht zur Wahrung der Konzerninteressen. Zusätzliche Mandate dürfen nur dann übernommen werden, wenn mit deren Übernahme noch ausreichend Zeit und Ressourcen für die Ausübung der in der Gruppe übernommenen Ämter verfügbar sind.

Die Offenlegung der Mandate gemäss Art. 734e des Schweizerischen Obligationenrechts für die Konzernleitung finden Sie auf Seite 107 des Vergütungsberichts. Die Lebensläufe der Konzernleitungsmitglieder auf den folgenden Seiten berücksichtigen die Richtlinie betreffend Informationen zur Corporate Governance der SIX Exchange Regulation und können andere Tätigkeiten enthalten, die im Vergütungsbericht nicht offengelegt sind.

Biografien

Mario Greco

Group Chief Executive Officer

Jahrgang: 1959

Fähigkeiten und Erfahrung

Mario Greco stiess im März 2016 als Group Chief Executive Officer und Mitglied der Konzernleitung zu Zurich. Herr Greco begann seine berufliche Laufbahn im Bereich Management Consulting. Von 1986 bis 1994 war er für McKinsey & Company in Mailand tätig, wo er 1992 Partner und später Partner Leader im Bereich Versicherungen wurde. 1995 stiess er als Leiter der Schadenabteilung zur RAS (Allianz Gruppe) in Mailand.

Im darauffolgenden Jahr wurde er zum General Manager für das Versicherungsgeschäft und 1998 zu dessen Managing Director ernannt. Im Jahre 2000 wurde er CEO des Unternehmens. Ende 2004 berief man ihn in die Geschäftsleitung der Allianz AG, wo er für das Geschäft in Frankreich, Italien, Spanien, Portugal, Griechenland und der Türkei verantwortlich zeichnete. Im April 2005 wechselte Mario Greco zur Sanpaolo IMI Group in Mailand, wo er als CEO von EurizonVita tätig war. Im Oktober 2005 wurde er zum CEO der Eurizon Financial Group ernannt. Von 2007 bis 2012 war er bei Zurich tätig. Zuerst als CEO Global Life und von 2010 als CEO General Insurance. 2012 wurde er zum CEO von Generali ernannt.

Externe Ernennungen

Mario Greco ist Mitglied des International Advisory Council der Bocconi Universität, Mitglied der Executive Faculty an der Universität St.Gallen (HSG), Mitglied des Advisory Board des Executive MBA Programms der ETH und der Universität St.Gallen (HSG) sowie Mitglied des Beirats des Department of Economics an der Universität Zürich.

Ausbildung

Mario Greco hat einen Bachelorabschluss in Wirtschaftswissenschaften der Universität Rom sowie einen Master in International Economics and Monetary Theory der Universität Rochester im Bundesstaat New York (USA).

Ericson Chan

Group Chief Information and Digital Officer

Jahrgang: 1966

Fähigkeiten und Erfahrung

Vor seinem Eintritt bei Zurich im Oktober 2020 als Group Chief Information and Digital Officer sowie Mitglied der Konzernleitung hat Ericson Chan umfassende Erfahrungen im Bereich Technologieführerschaft gewonnen. Von 2016 bis 2020 war er CEO von Ping An Technology, wo er dazu beitrug, mithilfe digitaler Dienstleistungen einschliesslich verschiedener Fintech-Produkte und Online-Plattformen das Geschäftsmodell und die Online-Ökosysteme der Ping An Group zu transformieren. Von 1998 bis 2016 bekleidete Ericson Chan verschiedene Führungspositionen im Technologie- und operativen Bereich bei Standard Chartered Bank in Hongkong, Shanghai und Singapur. Unter anderem war er Chief Information Officer für Nordasien, Head of Corporate & Investment Banking Operations in China sowie Global Head of Consumer Banking Technology. Zudem hat er während sechs Jahren in den USA Erfahrung im Healthtech-Sektor gesammelt.

Externe Ernennungen

Ericson Chan ist Verwaltungsratspräsident des Jane Goodall Institute in Hongkong.

Ausbildung

Ericson Chan besitzt einen Bachelor of Science der University of Wisconsin-Madison in Computerwissenschaften und einen MBA des Edgewood College in Madison, Wisconsin.

Claudia Cordioli

Group Chief Financial Officer

Jahrgang: 1971

Fähigkeiten und Erfahrung

Claudia Cordioli, Zurich Group Chief Financial Officer (CFO) und Mitglied der Konzernleitung, war bereits in verschiedenen leitenden Positionen in den Bereichen Versicherung, Rückversicherung und Beratung tätig. Vor ihrem Eintritt bei Zurich als CFO am 1. März 2024 war sie von 2022 bis 2024 als Group Finance Director von Swiss Re tätig, wo sie die zentralen Finanzfunktionen und die Umstellung der Gruppe auf IFRS 17 leitete. Von 2020 bis 2022 war sie CFO des Rückversicherungsgeschäfts von Swiss Re. Davor war sie in verschiedenen leitenden Positionen innerhalb der Gruppe tätig, unter anderem als Leiterin der Region West- und Südeuropa, wo sie dem Rückversicherungsgeschäft in 15 Ländern vorstand. Bevor sie 2003 zu Swiss Re stiess, arbeitete sie bei Banken und Beratungsunternehmen als Senior Consultant, unter anderem bei der KPMG, Zürich (Schweiz).

Externe Ernennungen

Frau Cordioli ist Fellow des Aspen Institute Finance Leaders Fellowship und Mitglied des Aspen Global Leadership Network.

Ausbildung

Frau Cordioli hat einen Abschluss in Betriebswirtschaft von der Fakultät für Wirtschaftswissenschaften der Universität Verona (Italien). Im Jahr 2007 bestand sie die Prüfung zur Wirtschaftsprüferin (CPA) beim New Hampshire, U.S., Board of Accountancy.

Peter Giger

Group Chief Risk Officer

Jahrgang: 1964

Fähigkeiten und Erfahrung

Peter Giger verfügt über umfangreiche Erfahrung in der Versicherungs- und Rückversicherungsbranche, unter anderem in den Bereichen Finanzen, Risikomanagement, Strategie, Underwriting und Regulierungsmanagement. Er wurde im Oktober 2019 zum Group Chief Risk Officer und Mitglied der Konzernleitung der Zurich berufen und übernahm von Mitte 2021 bis Anfang 2022 die zusätzlichen Aufgaben als Group Chief Investment Officer auf Interimsbasis. Davor war er von 2014 bis 2018 vier Jahre lang als Leiter des Geschäftsbereichs Versicherungen der Eidgenössischen Finanzmarktaufsicht (FINMA) tätig. In dieser Zeit war er zudem stellvertretender Direktor der FINMA und Mitglied der Geschäftsleitung. In seiner Zeit bei der FINMA vertrat er die Schweiz bei internationalen Organisationen, führte Standardverfahren und -richtlinien ein und war massgeblich beteiligt an der Konsolidierung des Modells für den Schweizer Solvenztest. Von 2002 bis 2014 hatte er Führungspositionen bei Zurich inne, einschliesslich der Position des CFO des Geschäftsbereichs General Insurance von 2010 bis 2014. Davor leitete er von 1999 bis 2002 den Bereich Structured Finance bei Swiss Re. Seine berufliche Laufbahn begann Peter Giger bei Zurich, wo er von 1992 bis 1999 eine Reihe von Führungspositionen innehatte.

Externe Ernennungen

Im Februar 2020 wurde Peter Giger Mitglied des Beirats des ETH Risk Center Advisory Board. Seit Oktober 2019 ist er Mitglied der CRO Forum Association.

Ausbildung

Peter Giger hat einen Doktortitel in Betriebswirtschaft der Universität Zürich und einen Lizentiatsabschluss in Betriebswirtschaft mit Schwerpunkt IT der Universität St.Gallen (HSG).

Alison Martin

CEO EMEA (Europe, Middle East & Africa) und Bank Distribution

Jahrgang: 1974

Fähigkeiten und Erfahrung

Alison Martin verfügt über eine umfangreiche Management-, Finanz- und Geschäftserfahrung in der Versicherungsbranche.

Sie wurde im Juli 2019 zum Chief Executive Officer Europe, Middle East & Africa (EMEA) und Bank Distribution ernannt. Davor war sie von Januar 2018 bis September 2019 Group Chief Risk Officer. Alison Martin begann ihre Karriere als zertifizierte Wirtschaftsprüferin bei PwC, wo sie von 1995 bis 2003 mit Versicherungskunden in Prüfungs- und Beratungsfunktionen zusammenarbeitete. Anschliessend hatte sie Führungspositionen bei Swiss Re inne, wo sie 2003 als Finance Director Life & Health eintrat. Ab Januar 2011 arbeitete sie als Group Managing Director der Life & Health Products Division.

Im Jahr 2013 wurde sie zum Head of Life & Health Business Management von Swiss Re ernannt. In dieser Position war sie tätig, bis sie 2017 als designierter Group Chief Risk Officer und Mitglied der Konzernleitung zu Zurich stiess.

Externe Ernennungen

Frau Martin ist Vorstandsmitglied der Britisch-Schweizerischen Handelskammer.

Ausbildung

Frau Martin schloss 1995 die University of Birmingham mit einem Bachelor in Rechtswissenschaften mit Auszeichnung ab. Seit 1998 ist sie Associate Member des Institute of Chartered Accountants in England and Wales. 2010 erlangte sie das Chartered Financial Analyst Investment Management Certificate.

Laurence Maurice

CEO Latin America

Jahrgang: 1965

Fähigkeiten und Erfahrung

Laurence Maurice verfügt über umfangreiche Erfahrung in der Versicherungsbranche und in der organisatorischen Umgestaltung. Vor ihrem Eintritt bei Zurich im Oktober 2020 als CEO Latin America und Mitglied der Konzernleitung fungierte Laurence Maurice fünf Jahre lang als CEO of Spain und Head of Southern Europe von Allianz Partners. Während dieser Zeit überarbeitete sie die Strategie und unterstützte die globale Umgestaltung ihres Unternehmens. Davor verbrachte sie sieben Jahre als Global CFO bei Allianz Global Assistance sowie sieben Jahre als CFO Brazil und dann CFO Latin America von Allianz Seguros. Davor war Laurence Maurice als Head of Business Division und Head of International Internal Audit bei Allianz France tätig. Ihre berufliche Laufbahn hatte sie bei PWC begonnen.

Externe Ernennungen

Frau Maurice ist Mitglied der Französisch-Brasilianischen Handelskammer (Câmara de Comércio França-Brasil).

Ausbildung

Frau Maurice besitzt einen Abschluss in Ingenieurwissenschaften der SupAgro Montpellier sowie einen Master in Rechnungsprüfung der ESCP Europe.

Cara Morton

CEO Zurich Global Ventures

Jahrgang: 1969

Fähigkeiten und Erfahrung

Cara Morton verfügt über umfangreiche Erfahrung im Bereich der strategischen Unternehmenstransformation und -führung in der Versicherungsbranche. Sie wurde im Februar 2024 zum CEO Zurich Global Ventures und Mitglied der Konzernleitung ernannt. Davor war sie von April 2020 bis Februar 2024 als CEO von Cover-More Group tätig, die zu Zurich Global Ventures gehört. Sie stiess im Juli 2018 zunächst als Interims-CEO World Travel Protection zu Cover-More und wurde im November 2018 Chief Operating Officer von Cover-More. In dieser Funktion war sie bis April 2020 tätig, als sie zum CEO von Cover-More ernannt wurde. Bevor sie zu Cover-More kam, war Frau Morton von 2014 bis 2018 in verschiedenen Führungspositionen bei QBE Insurance Group tätig. Bei QBE war sie unter anderem als Group Head of Transformation and Change, als Group Head of Strategic Transformation und schliesslich als Group Head of Operations tätig. Frau Morton begann ihre berufliche Laufbahn im Jahr 1991 bei Accenture, früher bekannt als Andersen Consulting, in Brisbane und blieb dort bis 2014. In diesem Unternehmen leitete sie unter anderem Projekte für globale Bank- und Versicherungskunden, etwa als Geschäftsführerin des Bereichs Finanz- und Performancemanagementberatung im Asien-Pazifik-Raum.

Externe Ernennungen

Keine.

Ausbildung

Frau Morton erhielt im Jahr 1990 ihren Bachelor-Abschluss in Minerals Processing Engineering mit Auszeichnung von der University of Queensland.

Tulsi Naidu

CEO Asia Pacific

Jahrgang: 1973

Fähigkeiten und Erfahrung

Tulsi Naidu verfügt über mehr als 20 Jahre Erfahrung im Finanzdienstleistungsbereich in Europa und Asien, sowohl in der Lebens- als auch in der Sachversicherung. Sie wurde im Januar 2021 zum CEO Asia Pacific und Mitglied der Konzernleitung ernannt. Frau Naidu stiess im September 2016 als Head of Business Development EMEA zu Zurich und wurde dann zum CEO von Zurich UK ernannt. Davor war sie 14 Jahre lang bei Prudential im britischen Geschäft des Unternehmens als COO und Executive Director UK & Offshore tätig. Tulsi Naidu begann ihre Karriere in Indien und bekleidete Positionen bei Arthur Andersen und ICICI Bank, bevor sie zu CSFB stiess. Sie ist ehemalige Vorsitzende des Practitioner Panel der britischen Financial Conduct Authority.

Externe Ernennungen

Tulsi Naidu ist Independent Director von Wipro Ltd.

Ausbildung

Tulsi Naidu hat einen Bachelor-Abschluss in Mathematik, Wirtschaftswissenschaften und Statistik des Nizam College in Hyderabad und einen Master in Management des Indian Institute of Management in Ahmedabad.

Sierra Signorelli

CEO Commercial Insurance

Jahrgang: 1975

Fähigkeiten und Erfahrung

Sierra Signorelli wurde im März 2021 zum CEO Commercial Insurance und als Mitglied der Konzernleitung ernannt. Sie verfügt über umfassende Erfahrung in der Versicherungsbranche und war ab Oktober 2020 als Group Chief Underwriting Officer von Zurich und zuvor nach ihrem Eintritt in das Unternehmen im Jahr 2017 als Chief Underwriting Officer, Commercial Insurance tätig. Ihre frühere Erfahrung umfasst 17 Jahre bei American International Group, wo sie verschiedene leitende Positionen im Fachbereich Global Specialties des Versicherers innehatte, unter anderem als Global Chief Underwriting Officer, Specialty Lines, als Specialty Executive in der Region Asien-Pazifik und als Global Head of Network Partner Practice.

Externe Ernennungen

Frau Signorelli ist Vorstandsmitglied der Swiss-American Chamber of Commerce.

Ausbildung

Sierra Signorelli verfügt über einen Bachelor of Science in Umweltwissenschaft der University of California, Santa Barbara. Sie absolvierte zudem das Stanford Executive Program an der Stanford University School of Business.

Kristof Terryn

CEO North America

Jahrgang: 1967

Fähigkeiten und Erfahrung

Kristof Terryn begann seine berufliche Laufbahn 1993 im Bankgeschäft, wo er im Bereich Kapitalmärkte tätig war. 1997 wechselte er zu McKinsey & Company und war dort in unterschiedlichen Positionen im Finanzdienstleistungsbereich in Brüssel und Chicago tätig.

2004 begann er seine Tätigkeit für Zurich in der Finanzabteilung. Im Jahr 2007 wurde er Chief Operating Officer für den Geschäftsbereich Global Corporate und übernahm im Januar 2009 die Position des Chief Operating Officer für das Segment General Insurance. Herr Terryn wurde 2010, anlässlich seiner Ernennung zum Group Head Operations, Mitglied der Konzernleitung. Er wurde im September 2013 zum CEO Global Life ernannt und im Oktober 2015 zum CEO General Insurance. Im Juli 2016 wurde er zum Group Chief Operating Officer ernannt. Am 1. Januar 2021 übernahm Herr Terryn die Rolle des CEO North America.

Externe Ernennungen

Herr Terryn ist Vorstandsmitglied der American Property Casualty Insurance Association (APCIA), von Intersect Illinois, des Executives' Club of Chicago sowie der St. John's School of Risk Management. Er ist zudem Mitglied des Civic Committee des Commercial Club of Chicago und des CEO Leadership Council der Global Business Alliance.

Ausbildung

Kristof Terryn schloss sein Rechts- und Wirtschaftsstudium an der Universität von Leuven, Belgien, ab und erwarb einen MBA an der Universität von Michigan.

Stephan van Vliet

Group Chief Investment Officer

Jahrgang: 1970

Fähigkeiten und Erfahrung

Stephan van Vliet verfügt über umfassende internationale Asset-Management-Erfahrung in der Versicherungsbranche. Er stiess im Mai 2022 als Group Chief Investment Officer und Mitglied der Konzernleitung zu Zurich. Davor war er von 2017 bis März 2022 Chief Investment Officer bei Prudential Corporation Asia, Hong Kong. Vor Prudential war er von 2014 bis 2016 als Head of Insurance Asset Management bei PineBridge Investments und von 2010 bis 2013 als Head of Investments bei ING Insurance Asia Pacific tätig. Von 1994 bis 2013 hatte er Positionen in den Bereichen Asset Ownership und Asset Management bei ING Investment Management inne. Diese Positionen umfassten Beratung und Portfolioverwaltung für zahlreiche konzerninterne und -externe Versicherungsgesellschaften und Pensionskassen unter verschiedenen regulatorischen Rahmenbedingungen.

Externe Ernennungen

Herr van Vliet ist Mitglied des Stiftungsrats der Stiftung für konstruktive, konkrete und konzeptuelle Kunst (Museum Haus Konstruktiv) in Zürich und Mitglied des Advisory Council des Diversity Project Europe.

Ausbildung

Stephan van Vliet erwarb 1991 einen Bachelor in Business Administration an der Universität Nijenrode in den Niederlanden. Zwischen 1991 und 1994 schloss er einen Masterstudiengang in International Affairs an der Johns Hopkins-Universität sowie ein MBA-Studium an der Bocconi-Universität ab.

Raul Vargas

CEO of Farmers Group, Inc.

Jahrgang: 1975

Fähigkeiten und Erfahrung

Raul Vargas verfügt über mehr als zwei Jahrzehnte internationale Führungserfahrung im Bereich Global Life und Nichtlebensversicherungsgeschäft in den USA, Lateinamerika und Europa. Herr Vargas wurde im Januar 2023 zum CEO von Farmers Group, Inc. ernannt und in die Konzernleitung berufen. Im Januar 2023 wurde er zudem Mitglied des Verwaltungsrats der Farmers Group, Inc. und ist seit August 2023 deren Verwaltungsratspräsident. In seiner langjährigen Laufbahn bei der Zurich Insurance Gruppe war er zuletzt als President of Distribution, Life and Financial Services für die Farmers Group, Inc. in Los Angeles tätig, wo er neben den Bereichen Farmers New World Life und Farmers Financial Solutions auch für die Verkaufs- und Vertriebsaktivitäten verantwortlich war. Von 2014 bis 2022 war Raul Vargas CEO von Zurich Santander Insurance America.

Davor hatte er verschiedene Führungspositionen in unterschiedlichen Regionen inne.

So war er von 2011 bis 2014 Head of Distribution and Proposition Management von Zurich Santander in Madrid, Spanien, von 2007 bis 2010 Head of Life Business Latin America in Miami, Florida, sowie von 2004 bis 2007 Chief Life Actuary und Head of Product Development in Mailand, Italien.

Externe Ernennungen

Herr Vargas ist Mitglied des Verwaltungsrats von The Institutes Risk and Insurance Knowledge Group und des Southern California Leadership Council.

Ausbildung

Herr Vargas verfügt über einen Abschluss in Versicherungsmathematik und Wirtschaftswissenschaften der Universität von Buenos Aires.

Management-Ausschüsse

Zur Vereinfachung der Koordination und Abstimmung der dem Group CEO zur Genehmigung vorzulegenden Empfehlungen zu spezifischen Themen wurden für Schlüsselbereiche die folgenden funktionsübergreifenden Ausschüsse eingerichtet.

Group Balance Sheet Committee (GBSC)

Mitglieder: Group CFO (Vorsitz), Group CEO, Group CRO, Group CIO. Der Group General Counsel nimmt ex officio an den Sitzungen teil, ist aber kein stimmberechtigtes Mitglied.

Hauptaufgaben und Verantwortlichkeiten: Das GBSC dient als funktionsübergreifendes Beratungsgremium für Angelegenheiten, die die Finanzlage der gesamten Gruppe wesentlich beeinflussen könnten. Der Ausschuss legt dem Group CEO Empfehlungen vor.

Das GBSC überwacht alle wichtigen Bestimmungsfaktoren der Bilanz, wie Transaktionen, Kapitalmanagement, Rückversicherung, Asset/Liability Management, Dividenden- und Aktienrückkaufprogramme, Liquidität, Verschuldung, Ratingagenturen und andere bilanzbezogene Angelegenheiten und Themen, wie sie vom internen ökonomischen Kapitalmodell einschliesslich Zurich Economic Capital Model (Z-ECM), Risk-Based Capital (RBC) und verwandter Modelle wie SST und Solvabilität II erfasst werden.

Die Überwachung geschieht dadurch, dass mit diesen Bereichen verbundene Pläne, Richtlinien und spezifische Transaktionen regelmässig überprüft werden und dem Group CEO sowie gegebenenfalls den zuständigen Entscheidungsorganen und Management-Ausschüssen der Gruppe geeignete Massnahmen empfohlen werden.

Zentrale Themen sind:

―	Kapitalmanagement bei Eigenkapitalzuteilungen und Entscheidungen zur Kreditaufnahme und Kreditgewährung.
―	Strategie für das Ratingmanagement und Management der Zielratings.
―	Bilanzplanung bezüglich Strategien zu Liquidität, Solvabilität, Anlagen und Asset/Liability Management und der damit verbundenen Eigenkapitalzuteilung, einschliesslich Änderungen bei der Anlagestrategie.
―	Fragen der Geschäftsentwicklung bei Unternehmenstransaktionen mit Dritten, interne Umstrukturierung, Kapitalanlagen einschliesslich Immobilien und Einstieg in neue Arten von Geschäften und Märkten.
―	Wesentliche Rückversicherungsstrategien und Rückversicherungsprogramme der Gruppe.
―	Andere vom Vorsitzenden des GBSC festgelegte Themen, die einen wesentlichen Einfluss auf die Bilanz der Gruppe haben.

Group Risk Committee (GRC)

Mitglieder: Group CRO (Vorsitz), Group CFO, Group CIO, CEO EMEA und Bank Distribution¹ , CEO Commercial Insurance² , Group General Counsel. Der Group Chief Auditor und der Group Chief Compliance Officer werden ex officio zu den Sitzungen eingeladen, sind aber keine stimmberechtigten Mitglieder.

Hauptaufgaben und Verantwortlichkeiten: Die wichtigste Aufgabe des Group Risk Committee ist, hinsichtlich der Aktivitäten im Zusammenhang mit dem Gesamtrisikoprofil der Gruppe, einschliesslich u.a. Schaden- und Unfallversicherungs-, Lebensversicherungs-, Markt- und Kreditrisiken sowie operativer und strategischer Risiken, Empfehlungen zu überprüfen und gegenüber dem Group CEO auszusprechen.

Das GRC überprüft und empfiehlt Massnahmen zu Themen wie:

―	Gesamtrisikoprofil der Gruppe, einschliesslich Exponierungen und Risikoauswirkungen auf Kapital und Liquidität, Gewinn und Reputation im Vergleich zur Risikobereitschaft und -toleranz der Gruppe.
―	Änderungen an Governance-Dokumenten wie den Key Risk Management Principles und der Zurich Risk Policy.
―	Wesentliche regulatorische Meldungen, inklusive ORSA-Bericht und Sanierungsplan der Gruppe.
―	Das Internal Control Integrated Framework der Gruppe.
―	Zukünftige Änderungen an den internen Kapitalmodellen mit erheblichen Auswirkungen auf die ökonomischen Solvabilitätsquoten.
―	Der jährliche unabhängige Modellvalidierungsplan und dessen Ergebnisse, einschliesslich zusätzlicher Details in Bezug auf die wesentlichen Erkenntnisse.

¹ Die CEO EMEA and Bank Distribution ist Mitglied des GRC aufgrund ihrer Verantwortung für das Life Business Management (inkl. Underwriting und Schadenbearbeitung für Lebensversicherungen).

² Die CEO Commercial Insurance ist Mitglied des GRC aufgrund der zusätzlichen Verantwortung für Underwriting und Schadenbearbeitung für Schaden- und Unfallversicherungen.

Technische Ausschüsse

Neben Management-Ausschüssen sieht die Führungsstruktur der Gruppe auch mit Fragen technischer Art befasste Ausschüsse vor, die sich mit weiteren Aspekten der Geschäftstätigkeit von Zurich beschäftigen. Dazu gehören:

Das Asset/Liability Management Investment Committee unter der Leitung des Group CIO ist als bereichsübergreifendes Organ in erster Linie für die Überwachung und Prüfung des Asset/Liability Management der Gruppe und die strategische Asset-Allocation der angelegten Aktiven von Zurich zuständig.

Das Group Pensions Committee unter der Leitung von Gary Shaughnessy ist für die Entwicklung, Überprüfung und beratende Betreuung der Governance-Struktur der Gruppe für Angelegenheiten im Zusammenhang mit Altersvorsorgevereinbarungen und anderen Vorsorgeleistungen verantwortlich. Es ist zuständig für die Aufsicht und Beratung in den Bereichen Markt-, Demografie- und Reputationsrisiko. Es berichtet dem GBSC und legt diesem Empfehlungen zu wesentlichen pensionsbezogenen Angelegenheiten vor und berichtet regelmässig an den Vergütungsausschuss.

Das Disclosure Committee unter der Leitung des Head of Group Financial Accounting and Reporting (FAR) ist für die Prüfung sämtlicher externer Kommunikation und Offenlegung von Informationen verantwortlich, die für die Finanz- und Kapitallage und/oder die Ertragskraft der Gruppe von wesentlicher Bedeutung sind. Es prüft insbesondere die Halbjahres- und Jahresergebnisse nach IFRS Rechnungslegungsstandards sowie die Updates der Gruppe für die ersten drei und neun Monate des Jahres und die damit zusammenhängenden Dokumente, wie diesbezügliche Pressemitteilungen und Analysteninformationen. Es prüft ferner andere externe Mitteilungen, die Informationen oder Hinweise zum Ertrag in Bezug auf die aktuelle oder künftige Berichtsperiode enthalten, sowie externe Unterlagen, die gemäss den geltenden gesetzlichen Bestimmungen und Vorschriften im Zusammenhang mit öffentlichen Finanzierungstransaktionen oder öffentlich angekündigten Aktienrückkaufprogrammen erforderlich sind, sowie Nachhaltigkeitsberichte. Es überprüft auch die Kontrollsysteme und Verfahren hinsichtlich der Effektivität der internen Kontrollmechanismen der Gruppe im Zusammenhang mit der Finanzberichterstattung. Es legt dem Group CFO Empfehlungen vor.

Governance- und Kontrollfunktionen

Zurich ist bestrebt, die geltenden Gesetze, Vorschriften und internen Anforderungen, Berufs- und Branchenstandards sowie unsere Unternehmenswerte einzuhalten. Verschiedene Governance- und Kontrollfunktionen tragen dazu bei, sicherzustellen, dass Risiken identifiziert und angemessen adressiert werden, und dass interne Kontrollen vorhanden sind und effektiv eingesetzt werden. Der Verwaltungsrat ist letztlich für die Überwachung dieser Aktivitäten verantwortlich. Der Verwaltungsrat beaufsichtigt das Management und überwacht dessen Leistungen mit Berichterstattungs- und Controlling-Prozessen. Er erhält regelmässig und zeitnah Informationen über Entwicklungen, die für die Gruppe relevant sind, wie in diesem Abschnitt näher beschrieben.

Obwohl jede Governance- und Kontrollfunktion über ihr eigenes Mandat verfügt, sind die Funktionen eng aufeinander abgestimmt und arbeiten durch einen regelmässigen Informationsaustausch, Planung und sonstige Aktivitäten zusammen. Dieser Ansatz unterstützt das Management bei seinen Verantwortlichkeiten und schafft Vertrauen, dass Risiken angemessen adressiert werden.

Zurich verwendet ein Modell der drei Verteidigungslinien in ihrem Ansatz für das Enterprise Risk Management. Dieser Ansatz durchzieht die gesamte Governance-Struktur von Zurich, sodass die Risiken klar identifiziert, bewertet, der verantwortlichen Person zugeordnet, adressiert und überwacht werden.

Das Modell der drei Verteidigungslinien bei der Zurich Insurance Group
per 31. Dezember 2024

Erste Linie: Business Management

Die erste Verteidigungslinie besteht aus dem operativen Management und allen Funktionen ausser Group Risk Management, Group Compliance und Group Audit. Die erste Linie geht Risiken ein und ist für das tägliche Risikomanagement verantwortlich (d.h., Risiken werden identifiziert und überwacht, Massnahmen zur Risikominderung implementiert und es sind effektive interne Kontrollen vorhanden).

Der Group CEO und andere Führungskräfte informieren den Verwaltungsratspräsidenten und den Verwaltungsrat durch regelmässige Berichte u.a. über wichtige Leistungskennzahlen und andere Finanzinformationen der Gruppe, bestehende und drohende Risiken, Massnahmen zur Minderung solcher Risiken, wichtige Marktentwicklungen, Konkurrenten und andere bedeutende Themen und Ereignisse. Der Group CEO ist in der Regel zu den Verwaltungsratssitzungen eingeladen. Die Konzernleitungsmitglieder werden regelmässig zu den Sitzungen des Verwaltungsrats oder der Verwaltungsratsausschüsse eingeladen, während andere Führungskräfte gelegentlich an diesen Sitzungen teilnehmen.

Die meisten Sitzungen des Verwaltungsrats und der Verwaltungsratsausschüsse umfassen geschlossene Beratungen, bei denen das Management nicht anwesend ist.

Der Verwaltungsratspräsident traf sich im Jahr 2024 regelmässig mit dem Group CEO. Der Verwaltungsratspräsident trifft sich ausserhalb der regulären Verwaltungsratssitzungen gelegentlich mit anderen Konzernleitungsmitgliedern und dem Management. Ebenso verfahren auch die anderen Verwaltungsratsmitglieder, sie treffen sich insbesondere mit dem Group CFO und dem Group CRO.

Die Gruppe besitzt ein Informations- und Finanzberichtssystem. Die Jahresplanung der Gruppe, zu der eine Übersicht der finanziellen und operativen Kennzahlen gehört, wird von der Konzernleitung detailliert überprüft und vom Verwaltungsrat genehmigt. Die Prognosen für das Gesamtjahr werden bei Bedarf angepasst, um veränderte Sensitivitäten und Risiken zu berücksichtigen, die sich auf die Ergebnisse der Gruppe auswirken können. Beim Auftreten von Abweichungen werden gegebenenfalls geeignete Massnahmen ergriffen. Diese Informationen werden von Konzernleitung und Verwaltungsrat regelmässig überprüft.

Zweite Linie: Group Risk Management und Group Compliance

Die zweite Verteidigungslinie besteht aus den beiden Kontrollfunktionen Group Risk Management und Group Compliance.

Group Risk Management

Group Risk Management ist für die Unterstützung bei der Ausgestaltung, Umsetzung und Aufrechterhaltung der Enterprise Risk Management und Internal Control Integrated Frameworks von Zurich verantwortlich. Der Group Chief Risk Officer erstattet den Senior Management-Ausschüssen, dem Group CEO und dem Risiko- und Investmentausschuss regelmässig Bericht über Risikofragen (z.B. in Form von vierteljährlichen Risikoberichten und -updates). Weitere Informationen finden Sie im Risk Review auf den Seiten 222 bis 253; diese Informationen sind nicht separat im Corporate Governance-Bericht beschrieben.

Group Compliance

Group Compliance unterstützt das operative Management bei der Steuerung seiner Compliance-Risiken, indem sie Lösungen für die Einhaltung der Vorschriften und eine unabhängige Hinterfragung, Überwachung und Beurteilung in Bezug auf relevante Prozesse und Kontrollen, neue Geschäftschancen und komplexe Transaktionen bietet. Das Mandat von Group Compliance umfasst folgende Aufgaben:

―	Dem Geschäft zu ermöglichen, seine Compliance-Risiken zu steuern.
―	Ein vertrauenswürdiger Berater zu sein.
―	Eine unabhängige Hinterfragung, Überwachung von Compliance-Risiken und Beurteilung vorzunehmen.
―	Das Management unterstützen, die Compliance-Kultur und -Ethik zu fördern.

Group Compliance ist vertikal integriert, um ein globales Framework zu unterstützen, und wird vom Group Chief Compliance Officer geführt. Dieser ist direkt dem Group CEO unterstellt, wobei er als zweite Verteidigungslinie seine funktionale Unabhängigkeit wahrt. Der Group Chief Compliance Officer hat direkten Zugang zum Vorsitzenden des Prüfungsausschusses und angemessenen Zugang zum Verwaltungsratspräsidenten.

Group Compliance bietet eine unabhängige Sicht auf die massgeblichen Compliance-Risiken für das Geschäft, führt unabhängige risikobasierte Überwachungs- und Beurteilungsaktivitäten durch und hinterfragt das Geschäft. Group Compliance übt ihre Tätigkeit gemäss dem Global Annual Compliance Plan aus. Jeder Annual Compliance Plan (global, regional, lokal) ist ein risikobasierter Plan und muss auf der Grundlage einer unabhängigen zukunftsgerichteten Beurteilung der Compliance-Risiken erstellt werden, wobei die massgeblichen Risikotreiber aus dem internen wie auch dem externen Umfeld zu berücksichtigen sind.

Group Compliance vermittelt zudem Einblicke in Compliance-Risiken durch relevante und gezielte Berichterstattung. Sie liefert der Konzernleitung und dem Prüfungsausschuss im Rahmen der vierteljährlichen Berichterstattung Einblicke in die wichtigsten Compliance-Trends, -Angelegenheiten und -Erkenntnisse, Ergebnisse der Compliance-Prüfung sowie die Fortschritte in Bezug auf den Global Annual Compliance Plan, damit die Mitglieder des jeweiligen Organs fundierte Geschäftsentscheidungen treffen können. Die entsprechenden regionalen und lokalen Leitungsorgane erhalten Einblicke in relevante Compliance-Themen, einschliesslich der Fortschritte bei den jeweiligen risikobasierten Plänen. Durch diese Berichtsflüsse wird sichergestellt, dass die Organisation auf allen Ebenen die Erkenntnisse und Aktivitäten von Group Compliance einbezieht, um sich vor regulatorischen und geschäftlichen Risiken zu schützen.

Der Group Chief Compliance Officer definiert und erlässt Compliance-Richtlinien auf Gruppenstufe und legt geeignete Prozesse und Vorgaben fest. Group Compliance unterstützt eine starke Compliance-Kultur in der gesamten Gruppe durch Schulungs- und Aufklärungsinitiativen und pflegt den globalen Meldemechanismus für Integritätsbedenken. Zurich ermutigt ihre Mitarbeitenden, sich zu äussern und vermutetes oder tatsächlich illegales, betrügerisches, unangemessenes oder unethisches Verhalten (Integritätsbedenken) zu melden. Die Mitarbeitenden können ihre Bedenken an das Management, Human Resources, Group Legal, Group Compliance oder über die Zurich Ethics Line, einen telefon- und webbasierten Dienst, der von einem unabhängigen externen Anbieter betrieben wird, melden. Die Zurich Ethics Line steht auch der Öffentlichkeit, einschliesslich Kunden, Auftragnehmern und Geschäftspartnern offen, und Meldungen können auch anonym erfolgen. Zurich duldet keinerlei Vergeltungsmassnahmen gegen Mitarbeitende, die ein Integritätsbedenken in gutem Glauben melden.

Dritte Linie: Group Audit

Die Aufgabe von Group Audit besteht darin, den Verwaltungsrat und die Konzernleitung darin zu unterstützen, die Vermögenswerte, die Reputation und die Nachhaltigkeit von Zurich zu schützen. Dazu entwickelt Group Audit unabhängige, risikobasierte und objektive Prüfaktivitäten, um die Angemessenheit und Effektivität der Governance, des Risikomanagements sowie der internen Kontrollen der Gruppe systematisch zu evaluieren und zu hinterfragen.

Das Mandat von Group Audit ist uneingeschränkt und erstreckt sich über die gesamte Gruppe und umfasst alle Aktivitäten, die innerhalb und im Auftrag der Gruppe ausgeführt werden.

Der Group Chief Auditor untersteht funktional dem Vorsitzenden des Prüfungsausschusses und administrativ dem Group CEO. Group Audit trägt keine operative Verantwortung in den von ihm geprüften Bereichen und, um die Unabhängigkeit zu gewährleisten, berichten alle Mitarbeitenden von Group Audit letztlich an den Group Chief Auditor, unter Berücksichtigung lokaler Gesetze und Vorschriften. Heads of Audit für Tochtergesellschaften können zusätzliche Berichtslinien an den lokalen CEO und/oder den Prüfungsausschuss oder Verwaltungsrat der Tochtergesellschaft haben.

Group Audit entwickelt einen risikobasierten Plan und aktualisiert ihn laufend, wenn sich die Risiken, mit denen die Gruppe konfrontiert ist, ändern. Dieser Plan basiert auf dem gesamten Spektrum der Geschäftsrisiken, einschliesslich der vom Prüfungsausschuss, Management und anderen Anspruchsgruppen angesprochenen Themen. Der Prüfungsausschuss prüft und genehmigt den Plan jährlich sowie alle wesentlichen Änderungen im Laufe des Jahres. Der Prüfungsplan für 2024 umfasste 461 Prüfungen, wobei die wichtigsten Risiken und regulatorischen Anforderungen in der gesamten Gruppe berücksichtigt wurden.

Group Audit hat vollen, freien und uneingeschränkten Zugang zu allen Aktivitäten, Daten, Aufzeichnungen, Informationen, physischen Vermögenswerten und Mitarbeitern, die für die Erfüllung seiner Pflichten erforderlich sind. Group Audit koordiniert mit internen und externen Anbietern von Bestätigungsleistungen, um den Zeitpunkt der Aktivitäten abzustimmen, und kommuniziert regelmässig mit der externen Revisionsstelle, um Informationen auszutauschen sowie über Risikobeurteilungen und Prüfpläne zu informieren.

Group Audit setzt seinen Plan in Übereinstimmung mit definierten Betriebsstandards um, welche die vom Institute of Internal Auditors (IIA) erlassenen «Global Internal Audit Standards» beinhalten und mit diesen übereinstimmen. Group Audit stellt sicher, dass von ihm erkannte Probleme den entsprechenden Managementebenen zur Kenntnis gebracht werden, und dass rechtzeitig Follow-up-Aktivitäten erfolgen. Der Group Chief Auditor trifft sich monatlich mit dem Group CEO. Der Prüfungsausschuss und die Prüfungsausschüsse der Tochtergesellschaften werden mindestens vierteljährlich über wesentliche Revisionsergebnisse informiert, einschliesslich negativer Prüfvermerke und des Stands der Abhilfemassnahmen des Managements. Der Group Chief Auditor nimmt an allen Sitzungen des Prüfungsausschusses teil und trifft sich monatlich mit dem Vorsitzenden des Prüfungsausschusses sowie mit dem Verwaltungsratspräsidenten.

Der Prüfungsausschuss beurteilt die Unabhängigkeit von Group Audit und überprüft seine Aktivitäten, Pläne, Organisation, Arbeitsqualität und Zusammenarbeit mit der externen Revisionsstelle. Wie von den IIA-Standards gefordert, wird die interne Revision mindestens alle fünf Jahre einer Qualitätsprüfung durch einen unabhängigen qualifizierten Sachverständigen unterzogen. Diese Prüfung wurde in der zweiten Hälfte des Jahres 2021 durchgeführt und dem Prüfungsausschuss im Februar 2022 zur Kenntnis gebracht. Der Bericht bestätigte, dass die Praktiken von Group Audit im Allgemeinen mit dem IIA Code of Ethics und den internationalen Standards sowie den von der European Confederation of Institutes of Internal Auditing erlassenen Leitlinien entsprechen.

Externe Revisionsstelle

Dauer des Mandats und Amtszeit der leitenden Revisoren

Ernst & Young AG (EY), Maagplatz 1, 8005 Zürich, wurde an der ordentlichen Generalversammlung vom 10. April 2024 als externe Revisionsstelle von Zurich Insurance Group AG (ZIG) für das Geschäftsjahr 2024 wiedergewählt. EY ist seit dem Geschäftsjahr 2021 die externe Revisionsstelle von ZIG.

EY übernimmt sämtliche Prüfungen, die vom Gesetz und von den Statuten (www.zurich.com/de-de/investor-relations/ our-shares/articles-of-association) vorgeschrieben sind. EY ist verantwortlich für die Prüfung der Jahresrechnung von ZIG und der Gruppe und die Prüfung der Einhaltung spezifischer regulatorischer Anforderungen durch Zurich.

Isabelle Santenac von EY ist Global Relationship Partner und seit 2021 als leitende Revisorin im Amt. Sie unterzeichnet den Revisionsbericht für 2024 zusammen mit David Jewell, Audit Engagement Partner, der sein Amt im Jahr 2024 angetreten hat. Philip Kirkpatrick ist seit 2022 der verantwortliche Revisor für die regulatorische Prüfung. Die Gruppe sorgt gemeinsam mit EY dafür, dass diese Positionen mindestens alle fünf Jahre ausgetauscht werden.

Die ordentliche Generalversammlung wählt jährlich die externe Revisionsstelle. Der Verwaltungsrat schlägt vor, EY an der ordentlichen Generalversammlung von ZIG vom 9. April 2025 als externe Revisionsstelle für das Geschäftsjahr 2025 wiederzuwählen. EY erfüllt alle notwendigen Anforderungen des Bundesgesetzes über die Zulassung und Beaufsichtigung der Revisorinnen und Revisoren und ist von der Schweizerischen Revisionsaufsichtsbehörde als eingetragenes Revisionsunternehmen zugelassen.

Revisionshonorare

Insgesamt beliefen sich die von EY im Jahr 2024 in Rechnung gestellten Revisionshonorare (einschliesslich Auslagen und Mehrwertsteuer) auf USD 54,1 Mio. Dazu gehört die Prüfung der konsolidierten, SUB-KONSOLIDIERTEN und statutarischen Abschlüsse der Gruppe weltweit. Dieser Betrag umfasst ausserdem die Honorare für Zwischenprüfungen, Prüfungs- und Bestätigungsleistungen im Zusammenhang mit Meldungen der Gruppe und ihrer Tochtergesellschaften an Aufsichtsbehörden. Das Revisionshonorar wird vom Prüfungsausschuss jährlich genehmigt und ungeplante Überschreitungen werden geprüft und mit dem Management vereinbart.

Prüfungsfremde Honorare

Insgesamt beliefen sich die Honorare (einschliesslich Auslagen und Mehrwertsteuer) für prüfungsfremde Dienstleistungen wie Steuerberatung, revisionsbezogene Dienstleistungen und sonstige Dienstleistungen im Jahr 2024 auf USD 5,5 Mio.

Der Prüfungsausschuss hat eine umfassende Richtlinie für prüfungsfremde Dienstleistungen genehmigt, in der zulässige und nicht zulässige prüfungsfremde Dienstleistungen sowie Genehmigungsgrenzen für prüfungsfremde Mandate auf lokaler und Gruppenebene festgelegt sind. Zulässige prüfungsfremde Dienstleistungen können Steuerberatung, Comfort Letter, Einverständniserklärungen, Bescheinigungen und Bestätigungen umfassen, sofern solche Tätigkeiten im Einklang mit den geltenden gesetzlichen und regulatorischen Bestimmungen stehen und nicht die Unabhängigkeit und Objektivität von EY beeinträchtigen. Um Interessenkonflikte zu vermeiden, müssen alle zulässigen prüfungsfremden Dienstleistungen je nach Umfang des zu erwartenden Honorars zuvor vom Vorsitzenden des Prüfungsausschusses, dem Group CFO, dem Head of Group FAR oder dem lokalen CFO genehmigt werden. Ferner erfordert die Richtlinie unter anderem einen schriftlichen Auftrag, in welchem die zu erbringenden Dienstleistungen festgehalten werden müssen.

EY überwacht ebenfalls die prüfungsfremden Dienstleistungen und berichtet den Umfang der weltweit erbrachten prüfungsfremden Dienstleistungen quartalsweise an den Head of Group FAR und den Prüfungsausschuss.

Die Revisions- und prüfungsfremden Honorare von EY für 2024 und 2023 waren wie folgt:

Revisionshonorare und prüfungsfremde Honorare

in USD Mio., per 31. Dezember	2024	2023
Total Revisionshonorare¹	54,1	46,7
Total prüfungsfremde Honorare²	5,5	6,4
- Steuerberatung	1,2	1,2
- Revisionsbezogene Dienstleistungen³	3,6	4,8
- Sonstige Dienstleistungen⁴	0,7	0,4

¹ Die totalen Revisionshonorare beinhalten einmalige Revisionshonorare für die zusätzliche Arbeit der Revisionsstelle im Zusammenhang mit der Anwendung des überarbeiteten internationalen Prüfungsstandards ISA 600 im Jahr 2024, die Anwendung dieses Standards auf Tochtergesellschaften sowie wiederkehrende Änderungen des Prüfungsumfangs infolge von M&A-Aktivitäten. Die Prüfungsgebühren für 2023 spiegelten die Einführung von IFRS 9 durch die Gruppe im Jahr 2023 und die statutarische Einführung dieser Standards durch die Tochtergesellschaften im Jahr 2023 wider.

² Die Summe der gerundeten Einzelbeträge ergibt möglicherweise nicht immer das gerundete Gesamttotal.

³ Insbesondere für Attestation- und insurance-dienstleistungen (z.B. vereinbarte Verfahren, Service Organization Control Reports) und limited/räsonable Assurance für die Nachhaltigkeitsberichterstattung.

⁴ Im Jahr 2024 betraf dies vor allem unabhängige Dienstleistungen im Zusammenhang mit Projekten von Zurich mit Dritten.

Überwachung und Kontrolle des externen Prüfungsprozesses

Der Prüfungsausschuss trifft sich regelmässig mit der externen Revisionsstelle. Im Jahr 2024 traf sich der Prüfungsausschuss acht Mal mit EY. Die externe Revisionsstelle trifft sich regelmässig mit dem Prüfungsausschuss ohne Beisein des Managements. Auf der Grundlage schriftlicher Berichte diskutiert der Prüfungsausschuss mit der externen Revisionsstelle die Qualität des Finanz- und Rechnungswesens der Gruppe und spricht gegebenenfalls Empfehlungen aus. Diskutiert werden dabei unter anderem eine Verstärkung der internen Finanzkontrollen, die massgeblichen Rechnungslegungsgrundsätze und die Management-Reporting-Systeme. Im Zusammenhang mit der Rechnungsprüfung erhält der Prüfungsausschuss von der externen Revisionsstelle rechtzeitig einen Bericht zur geprüften Jahresrechnung der Gruppe.

Der Prüfungsausschuss überwacht die Arbeit der externen Revisionsstelle. Mindestens einmal jährlich überprüft er Qualifikation, Leistung und Unabhängigkeit der externen Revisionsstelle sowie alle Umstände, die ihre Objektivität und Unabhängigkeit belasten könnten. Die Überprüfung basiert auf der Grundlage eines von EY erstellten schriftlichen Berichts, in dem ihre internen Qualitätskontrollprozesse, wichtige auftretende Anliegen sowie sämtliche Beziehungen zwischen EY und der Gruppe und/oder ihren Mitarbeitenden, welche deren Unabhängigkeit beeinträchtigen könnten, erläutert werden. Der Prüfungsausschuss bewertet die Leistung der externen Revisionsstelle im Zuge der Revision. Er berücksichtigt die Einschätzungen des Managements bezüglich der Leistung der externen Revisionsstelle (basierend auf Kriterien wie dem Verständnis des Geschäfts von Zurich, dem technischen Know-how, der Fachkompetenz etc.) und der Qualität der Arbeitsbeziehung (Ansprechbarkeit und Antwortverhalten in Bezug auf die Bedürfnisse von ZIG und der Gruppe, Klarheit der Kommunikation). Vor Beginn der jährlichen Überprüfung kontrolliert der Prüfungsausschuss den Umfang und das generelle Ausmass der externen Prüfung und weist auf Bereiche hin, die besonderer Aufmerksamkeit bedürfen.

Der Prüfungsausschuss schlägt dem Verwaltungsrat die von der ordentlichen Generalversammlung (wieder) zu wählende externe Revisionsstelle vor und ist für die Genehmigung ihres Revisionshonorars verantwortlich (siehe Seite 71 für weitere Informationen).

Informationspolitik

Nachfolgend finden Sie eine Übersicht über die Art und Weise, wie Zurich mit ihren Aktionären kommuniziert, sowie die entsprechenden Informationsquellen:

Thema	Links
Einladung zur Generalversammlung	wird im Schweizerischen Handelsamtsblatt und auf unserer Website veröffentlicht: www.zurich.com/gv
	Sie wird auch per E-Mail oder nicht eingeschriebenem Brief an die eingetragenen Aktionäre verschickt.
Briefe an die Aktionäre	geben einen Überblick über die Geschäftstätigkeit der Gruppe im Verlauf des Jahres und die finanzielle Leistung basierend auf den Halbjahres- und Jahresergebnissen.
	www.zurich.com/de-de/investor-relations/shareholder-area/ letter-to-shareholders
Geschäftsbericht und Halbjahresbericht	www.zurich.com/investor-relations/results-and-reports
Updates der Gruppe für die ersten drei und neun Monate	www.zurich.com/investor-relations/results-and-reports
Pressemitteilungen	www.zurich.com/media/news-releases
Kostenloser Abonnementservice für Nachrichten	www.zurich.com/services/news-releases
Finanzkalender	www.zurich.com/investor-relations/calendar
Investorentag	eine Veranstaltung, die Anlegern und Analysten ein Update zu aktuellen strategischen Entwicklungen sowie Einblicke in die Segmente und Geschäftsaktivitäten der Gruppe bietet. www.zurich.com/investor-relations/investor-day
Roadshow des Verwaltungsratspräsidenten	um mit unseren Anlegern auf jährlicher Basis zu kommunizieren. www.zurich.com/investor-relations/presentations
Investor Relations	www.zurich.com/investor-relations
Sitz, Kontakt, Telefonnummer	siehe Seite 432 dieses Geschäftsberichts.

Mitteilung des Vorsitzenden des Vergütungsausschusses

Leistungsorientierte Vergütung in einem Jahr mit einer herausragenden Performance

"Wir richten die Vergütung am Geschäftserfolg von Zurich und den Interessen unserer Anleger in 2024 aus, während wir unsere profitable Wachstumsreise fortsetzen."

Christoph Franz

Vorsitzender des Vergütungsausschusses

Ich freue mich, im Namen des Verwaltungsrats und des Vergütungsausschusses den Vergütungsbericht von Zurich Insurance Group AG und ihrer Tochtergesellschaften (die «Gruppe» oder «Zurich») für das am 31. Dezember 2024 abgeschlossene Geschäftsjahr vorzustellen. Darin sind die wichtigsten Vergütungsergebnisse beschrieben, ebenso wie Beschlüsse des Vergütungsausschusses und des Verwaltungsrats.

Im Jahr 2024 erzielte Zurich ein weiteres herausragendes Ergebnis, angetrieben von einer starken Dynamik in allen Geschäftsbereichen. Somit sind wir zu Beginn unseres neuen Zyklus mit den bisher ambitioniertesten Zielen gut aufgestellt.

Der Leistungsausweis von Zurich zeugt von einer kontinuierlich starken und nachhaltigen Performance. Für unsere wachsende Kundenbasis haben wir durch Investitionen in digitale Lösungen erheblichen Mehrwert geschaffen. Dies führte zu einer stärkeren Kundenloyalität und erhöhten Aktionärsrenditen.

Das Unternehmen erzielte auch im Jahr 2024 herausragende finanzielle und betriebliche Resultate. Zu den Höhepunkten unserer Leistung zählen ein rekordhoher Betriebs gewinn (BOP) von USD 7,8 Milliarden, eine Zunahme um fünf Prozent gegenüber dem Vorjahr sowie die gruppenweite Steigerung der Kundenzufriedenheit um 3,8 Punkte gegenüber dem Jahr 2023 gemessen am Transactional Net Promoter Score (TNPS).

Die konsistent starke Leistung von Zurich ist das Ergebnis harter Arbeit und des Engagements unserer Kolleginnen und Kollegen weltweit, angeführt von unserem hochkompetenten Leadership Team, dessen Vision und Richtungsvorgaben massgeblich zu unserem anhaltenden Wachstum und Erfolg beigetragen haben.

Mit der beeindruckenden Umsetzung unseres Plans für die Jahre 2023-2025 sind wir gut aufgestellt, um unsere Erfolgsgeschichte weiter zu beschleunigen. Als Ausdruck unserer Zuversicht, dass wir weitere rentable Chancen nutzen werden, haben wir einen neuen Dreijahresplan lanciert und unsere langfristigen Incentive-Ziele (siehe die folgende Seite) an diesem neuen Plan ausgerichtet.

Engagement der Aktionäre

Bei Zurich nehmen wir die Anliegen unserer Aktionäre ernst und berücksichtigen ihr Feedback. So stellen wir sicher, dass unsere Vergütungsstruktur mit den langfristigen Interessen der Aktionäre in Einklang steht.

An unserer letzten ordentlichen Generalversammlung (GV) fanden alle drei Abstimmungen im Zusammenhang mit der Vergütung die Unterstützung durch eine deutliche Mehrheit unserer Aktionäre, wenn auch die Abstimmungsergebnisse leicht unter jenen des Vorjahres lagen.

Uns liegt viel daran, einen offenen Dialog mit unseren Anlegern zu pflegen, um deren Anregungen hinsichtlich unserer Vergütungspraktiken auf oberster Führungsebene besser zu verstehen.

In 2024 führten wir zusätzliche umfassende Konsultationen durch, trafen und besprachen uns mit Anlegern, die gemeinsam 33,5 Prozent in unserem Aktienregister ausmachen, sowie mit den wichtigsten Stimmrechtsvertretern. Diese Bemühungen dienten dem Zuhören und dem Verständnis ihrer Ansichten bezüglich unseres Ansatzes für Vergütung und Offenlegung. In diesen Sitzungen diskutierten wir die Strukturierung der Vergütung für die oberste Führungsebene, die Berücksichtigung der Vergütungshöhe durch den Vergütungsausschuss, die Zielsetzung und Ergebnisse der Vergütungen sowie die Klarheit der Offenlegung im Vergütungsbericht.

Die aufschlussreichen Erkenntnisse dieser Gespräche wurden vom Vergütungsausschuss sorgfältig berücksichtigt. Folglich haben wir Änderungen an diesem Vergütungsbericht vorgenommen, um dessen Lesbarkeit zu verbessern. Darüber hinaus wollten wir mehr Klarheit darüber schaffen, wie wir Vergütungsentscheidungen treffen, die sicherstellen, dass die Vergütungsergebnisse für die oberste Führungsebene auf die Leistung von Zurich und die Erfahrung der Anleger abgestimmt sind. Wichtige Änderungen betreffen Informationen zu unserem Governance-Prozess für die Festlegung der Ziel werte unserer kurzfristigen und langfristigen Incentive-Pläne (STIP und LTIP), den Leistungsbeurteilungsprozess sowie die Bandbreite der STIP-Zuteilungen für Konzernleitungsmitglieder.

Wir sind bestrebt, unsere Offenlegungspraktiken zu verbessern und möchten sicherstellen, dass unsere Aktionäre gut informiert sind über die Leistungsbeurteilungen, die in unsere Vergütungsentscheidungen einfliessen.

Dies umfasst den dazugehörigen Governance-Prozess sowie die dahinterstehenden Überlegungen.

Incentive-Ergebnisse 2024

2024 kurzfristiger Incentive-Plan (STIP)

Infolge des rekordhohen BOP von USD 7,8 Milliarden gegenüber dem ehrgeizigen Ziel für 2024 wurde für die Konzernleitung die Finanzierung des STIP für das Jahr 2024 auf 115 Prozent festgelegt.

Der Vergütungsausschuss prüfte zudem die Leistung des Group CEO, Mario Greco, in Bezug auf seine Zielvorgaben für das Jahr 2024. Daneben wurden die weiter gefasste Geschäftsauswirkung sowie seine persönliche Leistung und seinen Beitrag bewertet. Herr Greco führte das Wachstum der Gruppe im Geschäftsjahr massgeblich an und stellte ein Jahr früher als geplant einen sehr ehrgeizigen Businessplan für die Jahre 2025-2027 vor. Dies ist auf die aussergewöhnliche Umsetzung des Plans 2023-2025 aufgrund der konsistenten und starken Performance im Jahr 2024, die strategische Übernahme von 70 Prozent von Kotak Mahindra General Insurance, die nun als Zurich Kotak operiert, das globale Reiseversicherungs- und Assistance-Geschäft von AIG und die Lancierung des ersten Climate Transition Plans zurückzuführen. Nach sorgfältiger Überlegung beschloss der Verwaltungsrat eine STIP-Zuteilung von 200 Prozent des individuellen Zielbetrags für den Group CEO, was die im Jahr 2024 erzielte ausserordentliche Leistung widerspiegelt.

Die STIP-Zuteilungen für alle Mitglieder der Konzernleitung (einschliesslich des Group CEO) für das Jahr 2024 liegen zwischen 103 und 200 Prozent des individuellen Zielbetrags (innerhalb der möglichen Spannbreite von 0-200 Prozent). Dies spiegelt die konsistente und hohe Leistung bei der Erreichung zentraler strategischer Ziele in den Bereichen Finanzen, Kunden und Mitarbeitenden über Regionen, Geschäftssegmente und Funktionen hinweg wider.

Beim Festlegen der Vergütungsergebnisse berücksichtigte der Vergütungsausschuss die Gesamtleistung von Zurich und das Umfeld im Jahr 2024. Der Vergütungsausschuss ist der Ansicht, dass die Ergebnisse angesichts der herausragenden Leistung der Gruppe im Geschäftsjahr angemessen ist. Weitere Einzelheiten zu den Faktoren, die in die Bestimmung der variablen Vergütungen eingeflossen sind, finden sich auf den Seiten 86 bis 88.

2022-2024 langfristiger Incentive-Plan (LTIP)

Die Leistungsperiode umfasste drei starke Jahre, was im konsistenten Wachstum des Aktienkurses der Zurich-Aktie zum Ausdruck kam. Daher wird die definitive 2022 LTIP-Zuteilung im April 2025 bei 167 Prozent des Zielbetrags liegen. Die erzielten Leistungen in Bezug auf die Zielwerte werden auf Seite 79 gezeigt und es wurde keine diskretionäre Anpassung vorgenommen.

Unser 2025-2027 Zyklus und bevorstehende Änderungen am Vergütungssystem

Aufbauend auf unserem beeindruckenden Wachstum präsentierten wir unseren Dreijahresplan 2025-2027 an unserem Investorentag im November 2024. Die deutlich angehobenen Ziele zeugen von unseren Ambitionen, weiteres herausragendes Wachstum und Wert für unsere Aktionäre zu schaffen.

Um die Erfüllung unseres Businessplans 2025-2027 zu unterstützen, nehmen wir folgende Änderungen am LTIP Design für die Periode 2025-2027 vor:

―	Wir behalten die Gesamtgewichtung für die finanzielle Leistung zwar bei, doch konzentrieren wir uns in Abstimmung mit den Interessen der Aktionäre künftig auf zentrale Treiber für die Wertentwicklung des absoluten Aktienkurses. Daher führen wir eine neue Finanzkennzahl ein, die sich auf die durchschnittliche jährliche Wachstumsrate (CAGR) und den bereinigten Gewinn je Aktie (Core EPS) bezieht. Gemeinsam mit der durchschnittlichen bereinigten Eigenkapitalrendite (Core ROE) und den kumulativen Netto-Mittelzuflüssen machen diese 60 Prozent der LTIP-Leistungskriterien aus und werden jeweils zu 20 Prozent gewichtet.
―	Nachhaltigkeit bleibt ein wichtiger Schwerpunkt für Zurich und wir sind entschlossen, unsere umfassenden Auswirkungen zu steuern. Ab 2025 erhöhen wir die Gewichtung der Nachhaltigkeitsleistungskriterien von 10 auf 20 Prozent, indem wir die finanzierte Emissionsintensität (10 Prozent) zu den bestehenden operativen kohlenstoffdioxid-äquivalenten (CO₂ e)-Emissionen der Gruppe einführen. Mit dieser Änderung unterstreichen wir unser Engagement für Nachhaltigkeit sowie unsere Rolle bei der Förderung einer kohlenstoffarmen Wirtschaft - im Einklang mit unserem veröffentlichten Climate Transition Plan.
―	Die relative Gesamtrendite für die Aktionäre (rTSR) bleibt ein wichtiges LTIP-Leistungskriterium. Allerdings wird die Gewichtung auf 20 Prozent angepasst, damit die Finanzkennzahlen für unsere neuen strategischen Ziele 2025-2027 angemessen ausgewogen bleiben. Die Ermittlung der rTSR-Kennzahl bleibt unverändert.

Weitere Einzelheiten zu den Kennzahlen und dem Zuteilungsraster finden sich im Abschnitt «Ausblick» auf Seite 109.

Blick in die Zukunft

Wir sind hervorragend aufgestellt, um unsere ehrgeizigen Ziele für 2025-2027 zu erreichen, mit einem kompetenten Führungsteam, das durch unser robustes Vergütungssystem eng mit unserem Dreijahresplan verknüpft ist und einen starken Fokus auf eine leistungsorientierte Vergütung legt.

Wir schätzen das Feedback und einen offenen Dialog mit unseren Aktionären zu Vergütungsthemen. Dieser anhaltende Dialog ermöglicht uns, die Vergütungssysteme und -praktiken auch künftig weiter anzupassen.

Mithilfe der Inputs unserer Anleger werden wir unsere Offenlegungspraktiken im Vergütungsbericht weiter verbessern.

Wir sind zuversichtlich, dass Sie unsere verbesserten Offenlegungen anerkennen, und die drei Abstimmungen zur Vergütung an der ordentlichen Generalversammlung 2025 unterstützen werden:

―	Maximaler Gesamtbetrag der Vergütung für den Verwaltungsrat während des Einjahreszeitraums von der ordentlichen GV 2025 bis zur ordentichen GV 2026;
―	Maximaler Gesamtbetrag der Vergütung für die Konzernleitung für das nächste Geschäftsjahr 2026; und
―	Konsultativabstimmung zum Vergütungsbericht für die Anerkennung eines herausragenden Leistungsjahrs.

Im Namen des Vergütungsausschusses danke ich Ihnen für Ihr anhaltendes Vertrauen in Zurich.

Christoph Franz

Vorsitzender des Vergütungsausschusses

200%

STIP-Zuteilung für den Group CEO im Jahr 2024, als Prozentsatz des individuellen Zielbetrags (2023: 200% des Zielbetrags)

103-200%

Spannbreite der STIP-Zuteilung an die gesamte Konzernleitung für das Jahr 2024, als Prozentsatz des individuellen Zielbetrags (2023: 120%-200% des Zielbetrags)

167%

Definitive LTIP-Zuteilung im Jahr 2025 als Prozentsatz des Zielbetrags für den Leistungszeitraum 2022-2024 (2024: 150%)

Vergütungsbericht

Dieser Vergütungsbericht bietet Informationen zur Vergütung bei der Zurich, gemäss Anforderungen und im Einklang mit den folgenden Vorschriften:

―	Art. 734 bis 734f des Schweizerischen Obligationenrechts.
―	Ziffer 5 des Anhangs zur Richtlinie betreffend Informationen zur Corporate Governance der SIX Exchange Regulations.
―	Rundschreiben 2010/01 der Eidgenössischen Finanzmarktaufsicht FINMA zu den Mindeststandards für Vergütungssysteme bei Finanzinstituten.
―	Swiss Code of Best Practice for Corporate Governance.

Vergütung auf einen Blick

Der Abschnitt «Vergütung auf einen Blick» gibt einen Überblick über die Vergütung des Group CEO und der Konzernleitung und veranschaulicht den Zusammenhang zwischen der Geschäftsperformance und den Entscheidungen über die variable Vergütung für 2024. Die Vergütungen für den Verwaltungsrat sind ebenfalls enthalten.

Für das Bemessungsjahr 2024 meldete Zurich bei den wichtigen Finanzkennzahlen eine Rekordleistung, darunter ein BOP von USD 7,8 Milliarden. Die entsprechenden STIP-Zuteilungen für den Group CEO und die Mitglieder der Konzernleitung unterstreichen die Verpflichtung der Gruppe zu einer disziplinierten leistungsorientierten Vergütungsstrategie.

Vergütung 2024 im Verhältnis zu den Geschäftsergebnissen

Die gesamte variable Vergütung für die 58'798 Mitarbeitenden der Gruppe im Jahr 2024 wird im Kontext der Gesamterträge, des Aktienkapitals und der Rentabilität von Zurich betrachtet, wie anhand der folgenden wesentlichen Finanzkennzahlen ersichtlich.

Wesentliche Finanzkennzahlen¹

in USD Mio. für die per 31. Dezember abgeschlossenen Geschäftsjahre	2024	2023
Versicherungserträge	59'507	56'099
Betriebsgewinn (BOP)	7'751	7'381
Den Aktionären zurechenbarer Reingewinn (NIAS)	5'814	4'351
Den Aktionären zurechenbares Eigenkapital	25'472	24'860
Den Aktionären zurechenbare Eigenkapitalrendite ohne Vorzugspapiere (ROE)	24,7%	18,1%
An Aktionäre gezahlte Dividenden²	4'156	3'877
Gesamte variable Vergütung für alle Mitarbeitenden brutto vor Steuern³	1'031	986
- als Prozentsatz der Versicherungserträge	2%	2%
- als Prozentsatz des den Aktionären zurechenbaren Eigenkapitals	4%	4%
- als Prozentsatz der an die Aktionäre gezahlten Dividenden	25%	25%

¹ Die angegebenen Werte stimmen überein mit den in der Konzernbilanz ausgewiesenen Werten.

² Dividende basierend auf dem Wechselkurs am Transaktionstag im Jahr 2024 bzw. 2023.

³ Der entsprechende Gesamtbetrag der variablen Vergütungen in Schweizer Franken beträgt CHF 934 Millionen für 2024 und CHF 842 Millionen für 2023.

Wie in der obigen Tabelle zu sehen, bleibt der Aufwand für die zugeteilten oder bedingt zugeteilten variablen Vergütungskomponenten im Verhältnis zum Gesamtertrag von Zurich und dem Eigenkapital, das den Aktionären zurechenbar ist, nach wie vor relativ gering.

Vergütung der Konzernleitung

Die Vergütungsstruktur basiert auf einer fixen Vergütung bestehend aus Grundgehalt, Pensionsanwartschaften und anderen Vergütungen, einschliesslich Mitarbeitervergünstigungen, sowie einer variablen leistungsorientierten Vergütung zu Zielwerten. Die Vergütung für 2024 und 2023 umfasst die fixe Vergütung, den tatsächlichen für das Jahr zugeteilten STIP und die bedingte LTIP-Zielzuteilung, über deren definitive Zuteilung im Jahr 2027 bzw. 2026 entschieden wird.

Vergütung des Group CEO
in CHF Millionen

Vergütung der Konzernleitung (einschliesslich des Group CEO)
in CHF Millionen

STIP 2024

In Anerkennung der oben dargestellten Geschäftsperformance sowie der erzielten individuellen Leistungen liegt die STIP-Zuteilung für alle Konzernleitungsmitglieder, einschliesslich des Group CEO, für das Jahr 2024 zwischen 103-200 Prozent des individuellen Zielbetrags, innerhalb einer möglichen Spannbreite von 0-200 Prozent (2023: 120-200 Prozent des Zielbetrags). Dies unterstreicht deren konsistente und hohe Leistung bei der Erreichung zentraler strategischer Ziele in den Bereichen Finanzen, Kunden und Mitarbeitenden über Regionen, Geschäftssegmente und Funktionen.

Berechnung der STIP-Zuteilung für den Group CEO

Geschäftsperformance	Aufgrund des erzielten Rekord-BOP der Gruppe von USD 7,8 Milliarden, genehmigte der Verwaltungsrat ein Ergebnis der Geschäftsperformance von 115 Prozent (2023: 109 Prozent).
Persönliche Leistung	Die Leistung wird vom Verwaltungsrat im Vergleich zu den am Jahresbeginn festgelegten Zielen beurteilt, unter Berücksichtigung der Umsetzung strategischer Prioritäten, einschliesslich Nachhaltigkeits-Faktoren und einer risikobasierten Leistungsbeurteilung.
	Kennzahlkategorie	Gewichtung	Gesamtergebnis
	Finanzielle Messgrössen zur Förderung der Strategieumsetzung	50%	Persönliche Leistung: Übertroffen
	Kunden	40%	200% des individuellen
	Mitarbeiterengagement	10%	STIP-Zielbetrags

Weitere Informationen zu den Zielsetzungen des Group CEO: ► Seite 97

Weitere Informationen über den STIP der Gruppe: ► Seite 83

Weitere Informationen über den Leistungsbeurteilungsprozess: ► Seiten 86-88

Definitive Zuteilung für den LTIP 2022-2024

Die definitive Zuteilung für den in 2024 endenden Leistungszeitraum wurde für alle Planteilnehmenden, einschliesslich des Group CEO und aller anderen Mitglieder der Konzernleitung, auf 167 Prozent gesetzt. Die definitive Zuteilung findet am 3. April 2025 statt. Dies basiert auf der Zielerreichung im Vergleich zum Zuteilungsraster für den Leistungszeitraum 2022-2024, wie im Vergütungsbericht 2022 offengelegt. Der Verwaltungsrat hat bei der Festlegung der definitiven Zuteilung kein eigenes Ermessen ausgeübt.

¹ Nach dem Übergang zu den Rechnungslegungsstandards IFRS 17 und 9 per 2023 wurde für die Leistungsjahre 2023 und 2024 ein adjustierter NIAS ROE verwendet, um den durchschnittlichen NIAS ROE während des Leistungszeitraums zu bestimmen. Weitere Informationen hierzu befinden sich im Geschäftsbericht 2023 auf Seite 82 (www.zurich.com/investor-relations/results-and-reports).

² Es gilt das Zuteilungsraster für den Leistungszeitraum 2021-2023.

Weitere Informationen über den LTIP der Gruppe: ► Seiten 84-85

Vergütung des Verwaltungsrats

Die Mitglieder des Verwaltungsrats erhalten eine feste Vergütung in Form eines Jahreshonorars. Dieses umfasst ein Grundhonorar und soweit zutreffend Honorare für Mitgliedschaften oder Vorsitze von Ausschüssen. Das Grundhonorar wird zur Hälfte in bar und zur Hälfte in Aktien mit einer Veräusserungsbeschränkung für fünf Jahre ausgerichtet.

Diese Aktien sind nicht von der Erreichung spezifischer Leistungsziele abhängig. Die Summe der Gesamtvergütungen umfasst zudem die gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Pensionssysteme.

Im Jahr 2024 gehörten elf Mitglieder dem Verwaltungsrat während des gesamten Jahres an und zwei Mitglieder während eines Teils des Jahres. Im Jahr 2023 gehörten zwölf Mitglieder dem Verwaltungsrat während des gesamten Jahres an.

Fixe Honorare
In CHF Tausend

Richtlinien zum Aktienbesitz

Der Verwaltungsrat und die Mitglieder der Konzernleitung müssen einen signifikanten Anteil an Zurich-Aktien halten. Somit sind ihre finanziellen Interessen auf den langfristigen Erfolg, die Stabilität von Zurich und ihrer Aktionäre abgestimmt. Diese Anforderung fördert eine Kultur der Verantwortungsübernahme und Rechenschaftspflicht und zeigt das persönliche Engagement für Zurich.

Verwaltungsratsmitglieder

1 x jährliches Grundhonorar

Group CEO

5 x jährliches Grundgehalt

Andere Mitglieder der Konzernleitung

2.5 x jährliches Grundgehalt

Damit die Verwaltungsratsmitglieder die Vorgabe erfüllen, erhalten sie einen Teil ihres Honorars in Aktien mit fünfjähriger Veräusserungsbeschränkung und tätigen Zukäufe am Markt. Die Mitglieder der Konzernleitung erfüllen diese Vorgabe über ihre Teilnahme am LTIP und über Zukäufe am Markt. Verwaltungsratsmitglieder, der Group CEO und die anderen Mitglieder der Konzernleitung haben fünf Jahre Zeit ab dem Datum ihrer Ernennung zu einer Rolle im Verwaltungsrat oder in der Konzernleitung, um diese Aktienbesitzanforderungen zu erfüllen. Die Einhaltung der Richtlinien zum Aktienbesitz wird vom Vergütungsausschuss jährlich überprüft.

Ende 2024 erfüllten alle Verwaltungsratsmitglieder und Mitglieder der Konzernleitung, die mindestens fünf Jahre im Verwaltungsrat bzw. in der Konzernleitung tätig waren, die Anforderungen zum Aktienbesitz.

Schutzmassnahmen hinsichtlich der Vergütung

Das Vergütungssystem und die Vergütungspraktiken von Zurich sind in das Enterprise Risk Management Framework der Gruppe eingebettet und umfassen wichtige Schutzmassnahmen, darunter:

―	Der Schwerpunkt liegt auf der längerfristigen aufgeschobenen Vergütung für die höchsten Führungspositionen und Key Risk Takers der Gruppe.
―	Risikobasierte Leistungsbeurteilung für Konzernleitung, Leadership Team und Key Risk Takers der Gruppe.
―	Die variable Vergütung von Mitarbeitenden in Kontroll- und Assurance-Funktionen ist so strukturiert, dass Interessenkonflikte vermieden werden, indem sie an Kennzahlen für die Gruppe, statt an die Kennzahlen des von ihnen beaufsichtigten Geschäftsbereichs, gekoppelt ist.
―	Die Möglichkeit, bei der variablen Vergütung Risikoanpassungen vorzunehmen sowie Malus (alle Teilnehmenden) und Clawback (Konzernleitung und einige weitere Teilnehmenden) anzuwenden.
―	Mindestanforderungen für den Aktienbesitz des Verwaltungsrats, des Group CEO und anderer Mitglieder der Konzernleitung.

Vergütungsstruktur

Philosophie

Die Mitarbeitenden von Zurich gestalten die Zukunft des Unternehmens mit. Ein Unternehmen, das eine positive Kundenerfahrung bietet, seine Mitarbeitenden schätzt und entwickelt sowie zugunsten der Gesellschaft und des Planeten verantwortungsvoll handelt. Die Vergütungsphilosophie bei Zurich ist ein integraler Bestandteil des gesamten Beschäftigungsangebots und unterstützt die Mitarbeitenden dabei, einen positiven Beitrag zum Erfolg des Unternehmens zu leisten und unsere Ziele zu erreichen. Basierend auf etablierten Vergütungsgrundsätzen strebt die Gruppe ein ausgeglichenes und effektiv verwaltetes Vergütungssystem an, das eine wettbewerbsfähige Gesamtvergütung gewährleistet, um Mitarbeitende zu gewinnen, zu halten, zu motivieren und zu entlohnen. Das Vergütungssystem und die Vergütungspraktiken sind in das Enterprise Risk Management Framework der Gruppe eingebettet und berücksichtigen gesetzliche und regulatorische Anforderungen sowie Marktentwicklungen.

Leitsätze der Vergütungsphilosophie

Die im Vergütungsreglement von Zurich dargelegten Leitsätze der Vergütungsphilosophie lauten wie folgt:

―	Die Vergütungsstruktur wird einfach, transparent und effektiv umgesetzt. Sie berücksichtigt die Interessen wichtiger Anspruchsgruppen wie Kunden, Aktionäre und Mitarbeitende.
―	Vergütungsentscheidungen erfolgen begründet - auf der Grundlage von Leistungen, Fertigkeiten, Erfahrungen, Qualifikationen und Potenzial - und frei von jeglichen Diskriminierungen. Diese Grundsätze stellen Chancengleichheit für alle Mitarbeitenden sicher.
―	Die Ausgestaltung, Struktur und Höhe der Gesamtvergütung sind auf die Risikopolitik der Gruppe und auf ihre Risikobereitschaft abgestimmt.
―	Die Elemente der Vergütung für jeden Mitarbeitenden berücksichtigen angemessene interne und externe Faktoren und sind bei Mitarbeitenden, die wesentlichen Einfluss auf das Risikoprofil der Gruppe nehmen, an langfristige Ergebnisse geknüpft.
―	Im Rahmen eines klar definierten Leistungs- und Entwicklungskonzepts werden die Mitarbeitenden während des ganzen Jahres angeleitet, individuelle Ziele zu erreichen und Verhaltensweisen an den Tag zu legen, die mit dem Verhaltenskodex, dem Unternehmenszweck und den Werten der Gruppe übereinstimmen. Dies kann zur Unterstützung von Vergütungsentscheidungen genutzt werden.
―	Bei den variablen Vergütungen werden relevante Leistungsfaktoren berücksichtigt. Hierzu können die Leistung der Gruppe, der Länder, der Geschäftseinheiten, der Funktionen sowie individuelle Leistungen zählen.
―	Die kurz- und langfristigen Incentive-Pläne (STIP und LTIP) der Gruppe, die bei der variablen Vergütung Anwendung finden, sind an geeignete Leistungskriterien geknüpft, die so ausgewählt werden, dass sie die Umsetzung der Strategie der Gruppe unterstützen. Die gesamte variable Vergütung wird im Zusammenhang mit der langfristigen wirtschaftlichen Leistung sowie dem Nachhaltigkeitskonzept der Gruppe betrachtet.
―	Durch den LTIP werden Teile der variablen Vergütung an die zukünftige Entwicklung der Leistung und der Risiken gebunden, indem aufgeschobene Vergütungsmechanismen eingesetzt werden. Dadurch werden die Teilnehmenden ermutigt, das Unternehmen auf nachhaltige Weise zu führen.
―	Den Mitarbeitenden wird eine Reihe von Leistungen angeboten, die sich an der lokalen Marktpraxis orientieren und mit unserem Nachhaltigkeitskonzept abgestimmt sind.

Lohngleichheit

Bei Zurich halten wir die inkludierende und gleiche Behandlung aller Mitarbeitenden für wichtig. Die von uns verwendete Methode zur Kontrolle unserer Fortschritte beim Erreichen einer gleichen Bezahlung für gleiche Arbeit ist ausgerichtet auf die Anforderungen der Equity, Diversity, and Gender Equality (EDGE)-Zertifizierung. Beim Grossteil unserer Geschäftseinheiten mit 100 oder mehr Mitarbeitenden führen wir jährliche Lohngleichheitsanalysen durch.

Die Geschäftseinheiten können die Vergütung auch anhand von weiteren Parametern wie der ethnischen Zugehörigkeit, LGBTQ+, Behinderung oder Voll- und Teilzeitbeschäftigung überprüfen.

In unseren Geschäftseinheiten in der EU läuft die Bereitschaftsplanung für die Europäische Lohntransparenzrichtlinie. Diese gibt Bewerberinnen und Bewerbern sowie Mitarbeitenden das Recht auf eine grössere Lohntransparenz sowie auf das Ergreifen von Massnahmen zur Behebung von nicht gerechtfertigten geschlechtsspezifischen Lohnungleichheiten. Die EU-Mitgliedstaaten müssen diese Richtlinie vor ihrer Einführung im Jahr 2026 in der lokalen Gesetzgebung umsetzen.

Erfahren Sie mehr über unseren Ansatz in Bezug auf die Lohngleichheit im Sustainability Report:

―

Seite 198

Vergütungselemente

Gesamtvergütung

Die Gesamtvergütung für alle Mitarbeitenden enthält eine fixe Vergütung wie Grundgehälter, Pensionsanwartschaften sowie weitere Vergütungen, einschliesslich Mitarbeitervergünstigungen, und eine variable Vergütung. Die Zusammensetzung der Gesamtvergütung kann von verschiedenen Faktoren abhängen, wie dem Umfang und der Komplexität der Funktion, der Verantwortungsstufe, der Risikoexposition, der Geschäftsperformance der Gruppe und der wirtschaftlichen Tragfähigkeit, der persönlichen Leistung, der Berufserfahrung, den internen Relativitäten, der externen Wettbewerbsfähigkeit, dem geografischen Standort sowie rechtlichen Anforderungen. Die Vergütung orientiert sich am relevanten Marktmedian in klar definierten Märkten, die lokal, regional oder global sein können, und kann, abhängig von der Funktion und dem Markt, die Praktiken in der Versicherungsbranche, der Finanzdienstleistungsbranche oder sonstigen Branchen widerspiegeln.

Fixe Vergütung

Die fixe Vergütung umfasst Grundgehälter, Pensionsanwartschaften sowie weitere Vergütungen, einschliesslich Mitarbeitervergünstigungen.

Grundgehalt

Beschreibung	Feste Bezahlung für die ausgeübte Funktion zur Gewinnung und Bindung von Mitarbeitenden. Wird jährlich überprüft.
Treiber	Kann unter anderem Umfang und Komplexität der Funktion, Verantwortungsstufe, Berufserfahrung und den geografischen Standort umfassen.
Zuteilungsmöglichkeiten	In der Regel innerhalb einer Bandbreite von 80% bis 120% um den jeweiligen Marktmedian.
Berechtigung	Alle Mitarbeitenden
Umsetzung	Fixe Barvergütung

Pensionsanwartschaften und Mitarbeitervergünstigungen

Beschreibung	Mitarbeitervergünstigungen werden zum Zweck der Mitarbeitergewinnung und -bindung erbracht. Sie orientieren sich an gängiger Marktpraxis sowie unserem Nachhaltigkeitskonzept und sind am Marktmedian ausgerichtet.
Treiber	Marktpraxis
Berechtigung	Standortspezifisch
Umsetzung	Standortspezifische Leistungen

Die Gruppe sieht für die Mitarbeitenden eine Reihe von Pensionsleistungen vor, die sich an der lokalen Marktpraxis orientieren sollen. Die Leistungsangebote werden insgesamt am jeweiligen Marktmedian ausgerichtet. Das Group Pensions Committee sorgt für die Überwachung und fungiert als Fokus- und Koordinationspunkt auf Gruppenebene in Bezug auf die langfristigen finanziellen und Reputationsrisiken im Zusammenhang mit den Pensionsvereinbarungen der Gruppe. Fast allen neuen Mitarbeitenden werden Pläne angeboten, die auf einem Beitragsprimat oder einem Cash-Balance-Ansatz basieren.

Die Gruppe bietet ausserdem eine Reihe von Mitarbeitervergünstigungen, die sich an der lokalen Marktpraxis orientieren. Dies könnten zum Beispiel Lebensversicherungen, Krankenversicherungen und flexible Nebenleistungen sein, und kann auch spezifische Komponenten von Zurich einschliessen. Des Weiteren gibt es in der Gruppe einige internationale Mobilitätsprogramme, welche die Mitarbeitenden bei Standortwechseln innerhalb der Organisation effektiv unterstützen.

Variable Vergütung

Die Incentive-Pläne der Gruppe (STIP und LTIP) sehen eine Reihe von Zielzuteilungsmöglichkeiten vor, die mit dem Leistungsniveau verknüpft sind. Geschäftsergebnisse und persönliche Leistungen der Mitarbeitenden können zu einem über dem Zielwert liegenden Vergütungsniveau führen bei überdurchschnittlicher Leistung, oder zu einem reduzierten, unter den Zielen liegenden Vergütungsniveau, wenn die Leistungen hinter den Erwartungen zurückbleiben. Variable Vergütungen werden gewährt, um die Mitarbeitenden zu motivieren, wichtige kurz- und langfristige Geschäftsziele zu erreichen, welche die Umsetzung der Strategie der Gruppe unterstützen. Die Incentive-Pläne sind diskretionär und werden regelmässig vom Vergütungsausschuss sowie vom Verwaltungsrat überprüft.

Kurzfristige Incentives

Kurzfristige Incentives als Barvergütung ermöglichen Mitarbeitenden, ihre Leistung auf die Erreichung wichtiger finanzieller, kundenbezogener und individueller Ziele zu fokussieren, die zu Beginn des Bemessungsjahres festgelegt werden. Sie werden primär über den gruppenweiten STIP ausgerichtet, bei dem jeder Teilnehmende jeweils einem relevanten STIP-Pool zugeordnet ist. In einigen Ländern gibt es ausserdem lokale kurzfristige Pläne. Generell dürfen Mitarbeitende nur an einem kurzfristigen Incentive-Plan teilnehmen.

Der STIP der Gruppe wird im gesamten Unternehmen verwendet und deckt in vielen Ländern alle Mitarbeitenden ab. In einigen Ländern nimmt, je nach Marktpraxis am betreffenden Standort, nur das oberste Management daran teil. Für Mit arbeitende unterhalb einer bestimmten Stufe haben die Märkte auch die Möglichkeit, die Zuteilung ausschliesslich vom individuellen STIP-Zielbetrag und der Geschäftsperformance des entsprechenden Pools, dem diese zugeteilt wurden, abhängig zu machen, sofern ein Mindeststandard an individueller Leistung und erwarteten Verhaltensweisen erreicht worden ist.

¹ Das Ergebnis des Transactional Net Promoter Score (TNPS) ist ein globaler Best-Practice-Standard für die Kundenerfahrung und eine der wichtigen Kennzahlen zur Bestimmung der Geschäftsperformance an Märkten, an denen die Daten ausreichend robust sind. Mehr als 90% der STIP-Teilnehmenden befinden sich in einem Pool, in dem die Finanzierung durch die Ergebnisse hinsichtlich der Kundenzufriedenheit beeinflusst wird.

² Zu anderen Gruppenpools gehören das breitere Leadership Team, die Mitarbeitenden in Kontrollfunktionen und die Mitarbeitenden in Gruppen- oder regionalen Funktionen.

³ Umfasst einen separaten Pool für Farmers New World Life. Farmers Group, Inc., eine hundertprozentige Tochtergesellschaft der Gruppe, erbringt als Bevollmächtigte bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges und erhält hierfür eine Gebühr. Die Farmers Exchanges sind Eigentum ihrer Versicherungsnehmer.

⁴ Generell sind alle Mitarbeitenden am Leistungs- und Entwicklungszyklus beteiligt, der die Zielsetzung, regelmässige Gespräche über die Karrieremöglichkeiten und Fortschritte sowie die Beurteilung zum Jahresende umfasst, auch wenn sie nicht am STIP der Gruppe teilnehmen. Bestimmte Mitarbeitende können nicht am STIP oder am Leistungs- und Entwicklungszyklus teilnehmen, wie z. B. Mitarbeitende in befristeten Positionen.

Langfristige Incentives

Um das Erreichen der längerfristigen Ziele der Gruppe zu unterstützen, gibt es langfristige Incentives für eine festgelegte Gruppe der höchsten Führungspositionen bei Zurich, die einen erheblichen Einfluss auf das Risikoprofil der Gruppe haben, sowie für Personen, die für eine Teilnahme als geeignet gelten, weil sie beispielsweise aufgrund ihrer Fähigkeiten und Fachgebiete am Markt umworben sind. Zu dieser Gruppe gehören im Allgemeinen die Personen mit den höchsten Gesamtvergütungen. Der LTIP bringt die Incentives und Verhaltensweisen der Teilnehmenden mit den langfristigen Interessen der Gruppe und ihrer Aktionäre in Einklang. Um diese Zielsetzung weiter zu unterstützen, ist die Einzelabsicherung von Aktien der Zurich Insurance Group AG verboten.

In Abstimmung mit der Geschäftsstrategie und dem Risikoprofil der Gruppe und unter Berücksichtigung der etablierten Best Practices und regulatorischen Anforderungen werden die langfristigen Incentives mit einem aufgeschobenen Element ausgestattet, das den wesentlichen Risiken und dem zeitlichen Horizont Rechnung trägt. Eine derartige aufgeschobene Vergütung ist so strukturiert, dass sie das Risikobewusstsein der Teilnehmenden fördert und sie ermutigt, das Geschäft auf nachhaltige Weise zu führen.

¹ Für Change-of-Control-Klauseln, siehe Bericht über die Corporate Governance auf Seite 37

LTIP-Zuteilungsraster für 2024-2026

Der Verwaltungsrat überprüft die Leistungskriterien jährlich, um die Abstimmung mit den strategischen und finanziellen Zielen sicherzustellen. Die Leistungskriterien werden jeweils vor Beginn des Leistungszeitraums festgelegt. Die Ergebnisse bezogen auf die vordefinierten Leistungskriterien bestimmen nach dem dreijährigen Leistungszeitraum die Höhe der definitiven Zuteilungen.

Leistungskriterien	Gewichtung	0% definitive Zuteilung	50% definitive Zuteilung	100% definitive Zuteilung	150% definitive Zuteilung	200% definitive Zuteilung
Durchschnittlicher Core ROE	30%	<15% p.a.	15% p.a.	20% p.a.	21% p.a.	≥22% p.a.
	Der Core ROE, zuvor als BOPAT ROE bezeichnet, ist eines der finanziellen Ziele im Strategiezyklus. Die Einbindung dieser Kennzahl in den LTIP stimmt die Interessen der Plan-Teilnehmenden und der Aktionäre aufeinander ab, indem der Schwerpunkt auf eine nachhaltige Rentabilität gelegt wird. Dies unterstreicht die Wichtigkeit, die Kapitaleffizienz auf einem marktführenden ROE-Niveau zu halten, während das Geschäft expandiert Es erfolgt eine lineare Interpolation, um die Höhe der definitiven Zuteilung zu bestimmen.
Kumulative Netto-Mittelzuflüsse	30%	<USD 11,5 Mrd.	USD 11,5 Mrd.	USD 13,5 Mrd.	USD 14,0 Mrd.	≥USD 14,5 Mrd.
	Das Leistungskriterium der Mittelzuflüsse zeigt, wie gut das Unternehmen seine Erträge in Liquidität umwandelt. Unsere Prioritäten für die Verwendung von Liquidität bleiben unverändert. Dies sind Dividendenzahlungen im Einklang mit unseren Erträgen sowie eine Beschleunigung des organischen und nicht organischen Wachstums. Es erfolgt eine lineare Interpolation, um die Höhe der definitiven Zuteilung zu bestimmen.
Relative TSR-Position	30%	18.-13.	12.-10.	9.-7.	6.-4.	3.-1.
	Betrachtet die Leistung von Zurich im Verhältnis zu einer internationalen Vergleichsgruppe von Versicherungsunternehmen. Der Vergütungsausschuss überprüft die Vergleichsgruppe regelmässig, um sicherzustellen, dass die Mitbewerber eine starke TSR-Korrelation aufweisen sowie das Unternehmensprofil und die geografische Ausbreitung der Gruppe widerspiegeln. Die Vergleichsgruppe der Branche für das Jahr 2024 blieb unverändert und umfasst die folgenden Unternehmen: AIG, Allianz, Allstate, Aviva, AXA, Chubb, Generali, Legal & General, Manulife Financial Corp, MetLife, Munich Re, Progressive Ohio, Prudential Plc, QBE, Swiss Re, The Hartford, Travelers Cos. Inc. Ansatz einer Bewertungstabelle für die definitive Zuteilung.
Operative CO₂ e-Emissionen	10%	>64'050 metrische Tonnen	64'050 metrische Tonnen	61'000 metrische Tonnen	57'950 metrische Tonnen	≤54'900 metrische Tonnen
	Unterstützt das Reduktionsziel der Gruppe für operative CO₂ e-Emissionen¹ und basiert auf rund 90 Prozent der CO₂ e-Emissionen des Betriebs von Zurich². Die verbleibenden 10 Prozent wurden aufgrund von Zeitverzögerungen bei der Verfügbarkeit von Daten, die nicht mit dem Zeitpunkt der Beurteilung für die Höhe der definitiven LTIP-Zuteilungen übereinstimmen, von der für den LTIP verwendeten Berechnungsmethode ausgeschlossen. Darin sind die Emissionen von Einrichtungen und Rechenzentren berücksichtigt, die seit dem Jahr 2022 durch den Einsatz erneuerbarer Energien minimiert wurden. Jedes Jahr wird eine Reasonable Assurance dieser Daten angestrebt³. Es erfolgt eine lineare Interpolation, um die Höhe der definitiven Zuteilung zu bestimmen.

¹ CO₂ e-Emissionen beinhaltet CO₂ und das CO₂ -Äquivalent anderer Treibhausgase, am häufigsten sind dies Methan (CH4), Stickstoffoxid (N2O), Fluorkohlenwasserstoffe (FKW), Perfluorkohlenwasserstoffe (PFKW), Schwefelhexafluorid (SF6) und Stickstofftrifluorid (NF3).

² Cover-More, Farmers Group, Inc. und ihre Tochtergesellschaften, unsere Joint Ventures mit Banco Sabadell und Banco Santander, kleinere Unternehmen wie Real Garant und Orion, Drittanbieter sowie die neuen Akquisitionen Zurich Kotak und Travel Guard, fallen nicht in den Geltungsbereich, da sie im Ausgangswert der CO₂ e-Emissionen von 2019, der für die Festlegung des LTIP-Ziels verwendet wurde, nicht berücksichtigt wurden.

³ Der Independent Assurance Report ist im Sustainability Report auf den Seiten 217 bis 220 zu finden.

Details zum LTIP, die für die Entscheidung über die definitive Zuteilung im Jahr 2025 im Anschluss an die Leistungsperiode von 2022-2024 relevant sind, befinden sich im Vergütungsbericht 2022 (www.zurich.com/investor-relations/ results-and-reports) und die Leistungsergebnisse sind im Abschnitt «Vergütung auf einen Blick» dieses Berichts auf Seite 79 ausgewiesen.

Details zum LTIP für die ab dem Jahr 2025 laufende Leistungsperiode befinden sich im Abschnitt «Ausblick» auf Seite 109.

Leistungsbeurteilungsprozess

Starke Governance bei der Zielsetzung und der Beurteilung der Zielerreichung

Der Vergütungsausschuss ist bestrebt, robuste und herausfordernde Ziele zu setzen, um Anreize für das Erreichen einer herausragenden Geschäftsperformance zu schaffen. Zum Ende des Leistungszyklus führt der Vergütungsausschuss einen umfassenden Prozess durch - wie nachfolgend beschrieben -, um die Erfolge im Vergleich zu den Zielen zu bewerten, und um die STIP-Pool-Finanzierung, die individuellen STIP-Zuteilungen sowie die Höhe der definitiven LTIP-Zuteilungen im Zusammenhang mit der Gesamtleistung von Zurich zu bestimmen.

Qualitative und risikobezogene Beurteilung der Leistung sowohl für STIP und LTIP

Der Verwaltungsrat genehmigt die Finanzierung der STIP-Pools und die definitive LTIP-Zuteilung nach eigenem Ermessen. Für beide wird die Höhe der endgültigen Zuteilungen mit der Geschäftsperformance verknüpft. Neben der im Vergleich zu den gesetzten Zielen tatsächlich erzielten Geschäftsperformance berücksichtigt der Verwaltungsrat auch Faktoren wie die Ertragsqualität, ungewöhnliche Posten oder Einmaleffekte, die sich auf die Ergebnisse auswirken, die Marktbedingungen, die Leistung gegenüber der Vergleichsgruppe sowie eine Überprüfung der Risikoüberlegungen und den Input von anderen Assurance-Funktionen, die vom Group Chief Risk Officer bereitgestellt werden.

Die qualitative Beurteilung stellt sicher, dass die Zuteilungsniveaus mit den Leitsätzen der Vergütungsphilosophie von Zurich übereinstimmen und unter anderem die Umsetzung der Strategie der Gruppe unterstützen sowie die Interessen wichtiger Anspruchsgruppen und die Übereinstimmung mit den Risikorichtlinien berücksichtigen.

Bestimmung der Finanzierung der STIP-Pools

1. Kennzahlen für den STIP-Pool prüfen und genehmigen	Die STIP-Kennzahlen umfassen in erster Linie den BOP der Gruppe, des Landes oder der Geschäftseinheit und können andere relevante Grössen wie Kundenkennzahlen umfassen. Der TNPS ist die vorrangige Kundenkennzahl, um Kundenerfahrungen zu verstehen. Basierend auf dem Vorjahresergebnis schlägt das Group Customer Office TNPS-Ziele als absolute Steigerung der Punktzahl vor. Der Businessplan wird dem Verwaltungsrat vor Beginn des Bemessungsjahrs zur Genehmigung vorgelegt, wobei die finanziellen und strategischen Ziele der Gruppe ebenso berücksichtigt werden wie die von der Geschäftsführung bereitgestellten Informationen.
2. Beurteilung der Geschäftsperformance	Nach Abschluss des Bemessungsjahrs wird das Ergebnis der Geschäftsperformance für jeden STIP-Pool als Prozentsatz des Zielbetrags bestimmt. Der BOP wird im Vergleich zum genehmigten Businessplan beurteilt und das TNPS-Ergebnis wird mit den ursprünglich festgelegten Zielen verglichen. Bei Beurteilung der Geschäftsergebnisse wird eine Überprüfung von Risikoüberlegungen durch den Group Chief Risk Officer berücksichtigt.
3. Beurteilung durch den Verwaltungsrat und Ergebnis der Geschäftsperformance	Der Verwaltungsrat genehmigt die Finanzierung des STIP-Pools als Prozentsatz des Zielbetrags (innerhalb der Spannbreite von 0-175 Prozent des Ziels) auf der Grundlage der Empfehlung des Vergütungsausschusses und unter Berücksichtigung der tatsächlichen Leistung im Vergleich zum Plan, ungewöhnlicher Posten oder Einmaleffekten, sowie der Marktbedingungen und Risikobeurteilungen. Das endgültige Ergebnis der Geschäftsperformance für jeden STIP-Pool verknüpft die Leistungsergebnisse mit dem Finanzierungsniveau und berücksichtigt zudem die Gesamtergebnisse der Gruppe und eine qualitative Beurteilung der Leistung.

Bestimmung der individuellen STIP-Zuteilungen für Mitglieder der Konzernleitung

1. Ziele überprüfen und genehmigen	Die persönlichen Ziele für den Group CEO werden vom Verwaltungsrat basierend auf den Empfehlungen des Vergütungsausschusses zu Beginn des neuen Bemessungsjahrs festgelegt und genehmigt, während die Ziele der Konzernleitungsmitglieder vom Group CEO festgelegt werden. Dabei wird ein umfassender Prozess befolgt, der die strategischen Ziele des Unternehmens berücksichtigt und sicherstellt, dass die Ziele ausreichend herausfordernd sind. Die Ziele umfassen eine ausgewogene Mischung von Finanz-, Kunden-, Mitarbeiter- und Strategiekennzahlen, die alle auf die Unterstützung der langfristigen Geschäftsstrategie und die Förderung einer nachhaltigen Leistung ausgerichtet sind.
2. Beurteilung der individuellen Leistung	Zum Ende der Leistungsperiode führen der Group CEO und alle anderen Mitglieder der Konzernleitung eine Selbstbeurteilung zur Überprüfung und Bewertung ihrer individuellen Leistung durch. Diese wird ergänzt um Erkenntnisse von Group Risk Management sowie anderen Kontroll- und Assurance-Funktionen, die Risiko-, Compliance- und Rechnungsprüfungsinformationen zu den einzelnen Mitgliedern bereitstellen. Der Beurteilungsprozess berücksichtigt nicht nur quantitative Erfolge, sondern auch qualitative Faktoren und die Perspektiven der Assurance-Funktionen. Anschliessend bespricht der Group CEO mit jedem Konzernleitungsmitglied die jeweilige Beurteilung, bevor er die Bewertungen mit dem Vergütungsausschuss diskutiert.
3. Beurteilung durch den Vergütungsausschuss und Bestimmung der individuellen STIP-Zuteilung	Nach einem strikten Verfahren überprüfen der Group CEO und der Vergütungsausschuss die individuellen Leistungserfolge der Konzernleitungsmitglieder, unter Berücksichtigung von Risiko- und Verhaltensaspekten. Die Leistung des Group CEO wird ohne seine Anwesenheit durch den Vergütungsausschuss bewertet. Bei der Bestimmung der endgültigen individuellen Zielerreichung für Mitglieder der Konzernleitung berücksichtigt der Vergütungsausschuss auch Faktoren wie die allgemeine Geschäftsperformance, wichtige Ereignisse und Erfolge im Jahr, die nicht von den zu Beginn der Leistungsperiode gesetzten Zielen erfasst werden. So wird sichergestellt, dass das Ergebnis abgestimmt ist mit der Erfahrung der Aktionäre und dass die Beiträge der einzelnen Personen zu diesem allgemeineren Leistungskontext berücksichtigt werden. Der Verwaltungsrat genehmigt, auf Empfehlung des Vergütungsausschusses, die endgültigen STIP-Zuteilungen.

Bestimmung der definitiven LTIP-Zuteilungen

1. Leistungskriterien überprüfen und genehmigen	Der Verwaltungsrat legt für jeden Leistungszeitraum relevante Leistungskriterien fest. Der Vergütungsausschuss überprüft regelmässig die Ausgestaltung des LTIP und die Leistungskriterien. Dabei wird beurteilt, ob diese nach wie vor angemessen auf die langfristigen Interessen der Gruppe und ihrer Aktionäre ausgerichtet sind und effektiv die Performance im Einklang mit den strategischen Prioritäten von Zurich und den sich entwickelnden Marktbedingungen vorantreiben. Als Ergebnis der Überprüfung schlägt der Vergütungsausschuss dem Verwaltungsrat Aktualisierungen und Änderungen an der Ausgestaltung des LTIP und den Leistungskriterien zur Genehmigung vor.
2. Beurteilung der Geschäftsperformance	Nach Beendigung des dreijährigen Leistungszeitraums wird die definitive Zuteilung basierend auf der Erreichung der im Voraus festgelegten Leistungskriterien bestimmt. Die Zielerreichung wird im Hinblick auf die festgelegten Leistungskennzahlen, die zu Beginn des Leistungszeitraums festgelegt wurden, beurteilt. Der Vergütungsausschuss prüft die Zielerreichung im Hinblick auf diese vorab festgelegten Leistungskennzahlen und beurteilt die Leistung qualitativ. Auf Grundlage dieser Prüfung schlägt der Vergütungsausschuss dem Verwaltungsrat die Höhe der definitiven Zuteilungen zur Genehmigung vor.
3. Beurteilung und Genehmigung der definitiven Zuteilung durch den Verwaltungsrat	Auf Empfehlung des Vergütungsausschusses prüft und genehmigt der Verwaltungsrat den Prozentsatz für die definitive Zuteilung, der zwischen 0 und 200 Prozent liegen kann. Diese Genehmigung bestimmt den Prozentsatz der individuellen Zielaktien, die am Zuteilungsdatum definitiv zugeteilt werden.

Aussergewöhnliche Anpassungen für definitive LTIP-Zuteilungen

Wir sind uns der Bedeutung eines transparenten und gut definierten Prozesses für die Berechnung der Incentive-Ergebnisse bewusst. Gleichzeitig sollten der Verwaltungsrat und in bestimmten Fällen auch der Group CEO in der Lage sein, ausserordentlichen Umständen Rechnung zu tragen und entsprechende Konsequenzen für problematisches Verhalten anzuwenden sowie dem Eingehen überzogener Risiken entgegenzuwirken. Dies befindet sich im Einklang mit unserem überlegten und verantwortungsvollen Ansatz bei der Bestimmung der Incentive-Höhe und ermöglicht die Berücksichtigung allfälliger zusätzlicher Faktoren, die im Interesse der Aktionäre liegen und möglicherweise nicht vollständig von den Leistungskennzahlen erfasst werden, die ursprünglich zu Beginn des Leistungszyklus festgelegt wurden.

Auf dieser Grundlage behält sich der Verwaltungsrat das Recht vor, die definitive Zuteilung nach eigenem Ermessen anpassen, um unangemessene Ergebnisse zu vermeiden oder die finanziellen Auswirkungen der getroffenen Entscheidungen zur Umsetzung der Strategie zu berücksichtigen oder mit aussergewöhnlichen Umständen umzugehen. Im Fall des LTIP beinhaltet dies eine Anpassung der berechneten definitiven Zuteilung um maximal +/-25 Prozentpunkte. Für die berechnete definitive Zuteilung für den Leistungszeitraum von 2022 bis 2024 wurde keine diskretionäre Anpassung vorgenommen.

Der Group CEO ist berechtigt, Anpassungen der individuellen Zuteilungen um maximal +/-25 Prozentpunkte der berechneten definitiven Zuteilung vorzunehmen, die auf individuellen Umständen basiert. Hiervon ausgenommen sind Anpassungen für Mitglieder der Konzernleitung, denn diese werden auf Vorschlag des Vergütungsausschusses vom Verwaltungsrat festgelegt. In Sonderfällen wie zum Beispiel einem schwerwiegenden Verstoss gegen externe Regeln ist der Verwaltungsrat berechtigt, die individuellen Zuteilungen über die Spanne von +/-25 Prozentpunkten hinaus anzupassen, einschliesslich einer Korrektur der definitiven Zuteilung einer Person auf 0 Prozent.

Vergütungsgovernance

Genehmigungsstruktur für die Vergütung

Der Verwaltungsrat ist verantwortlich für die Gestaltung, Umsetzung und Überwachung der Vergütungsstruktur der Gruppe und des Vergütungsreglements. Darunter fallen die Governancestruktur, Philosophie, Grundsätze, System und Praktiken der Vergütung. Der Vergütungsausschuss unterstützt den Verwaltungsrat bei diesen Aufgaben. Der Vergütungsausschuss beurteilt jährlich das Vergütungsreglement und die Vergütungsstruktur von Zurich, einschliesslich der Incentive-Pläne, die diskretionär sind und jederzeit beendet oder modifiziert werden können. Der Vergütungsausschuss schlägt dem Verwaltungsrat bei Bedarf entsprechende Änderungen vor.

Weitere Informationen finden Sie im Abschnitt «Vergütungsausschuss» des Corporate Governance Berichts:

―	Seiten 53-54

Im Jahr 2024 wurden der Vergütungsausschuss und der Verwaltungsrat von einem ernannten Lead Advisor bei Willis Tower Watson unabhängig beraten. Der ernannte Lead Advisor bei Willis Towers Watson erbrachte keine weiteren Dienstleistungen für die Gruppe. Der Vergütungsausschuss überprüft ihre Mandate und Honorare und beurteilt kontinuierlich die Leistung.

Der Verwaltungsratspräsident, der Group CEO oder andere Mitglieder der Konzernleitung nehmen nicht an Sitzungen des Vergütungsausschusses oder des Verwaltungsrates teil, an denen Entscheidungen hinsichtlich ihrer individuellen Vergütung getroffen werden.

Die Genehmigungsstruktur für Vergütungen ist wie folgt festgelegt und bildet einen effektiven Governance-Rahmen, der die Abstimmung mit den Interessen der Aktionäre berücksichtigt.

Gegenstand	Empfehlung des Verwaltungsratsausschusses	Genehmigung durch den Verwaltungsrat	Genehmigung durch die GV
Vergütungsstruktur	Vergütungsausschuss sowie Risiko- und Investmentausschuss	•
Relevante Kapitel des Organisationsreglements	Vergütungsausschuss	•
Vergütungsreglement von Zurich	Vergütungsausschuss	•
Gesamte variable Vergütung	Vergütungsausschuss	•
Finanzierung der STIP-Pools	Vergütungsausschuss¹	•
Definitive LTIP-Zuteilungen	Vergütungsausschuss¹	•
Vergütungsbericht	Vergütungsausschuss	•	Konsultative Abstimmung
Vergütung des Verwaltungsrats	Vergütungsausschuss	•	Verbindliche Abstimmung
Vergütungen der Konzernleitung	Vergütungsausschuss	•	Verbindliche Abstimmung²

¹ Basierend auf den erzielten Ergebnissen der vordefinierten Kennzahlen und einer qualitativen Gesamtbewertung.

² Die Vergütung des Group CEO wird von den Aktionären gemeinsam mit der Vergütung der Konzernleitung genehmigt.

Abstimmung über die Vergütung an der Generalversammlung

Die Aktionäre genehmigen die maximale Gesamtvergütung des Verwaltungsrats für den nächsten einjährigen Zeitraum zwischen den ordentlichen Generalversammlungen sowie die maximale Gesamtvergütung der Konzernleitung für das nächste Geschäftsjahr (Art. 18 Abs. 1 der Statuten: www.zurich.com/de-de/investor-relations/our-shares/articles-of-association). Darüber hinaus sind die Aktionäre eingeladen, ihre Ansicht zum Vergütungsbericht in einer konsultativen Abstimmung auszudrücken. Einzelheiten zu den Abstimmungen sind in der Einladung zur ordentlichen Generalversammlung 2025 zu finden (www.zurich.com/gv) sowie in den entsprechenden Abschnitten des Vergütungsberichts über den Verwaltungsrat (Seite 93) und für die Konzernleitung (Seite 100). Die Artikel 18, 28, 32 und 34 der Statuten beschreiben den Ansatz bei den Abstimmungen über Vergütungen, zu zusätzlichen Beträgen für neue Mitglieder der Konzernleitung während eines Zeitraums, für den die Vergütung der Konzernleitung bereits genehmigt wurde, zur leistungsorientierten Vergütung der Konzernleitung, zur Zuteilung von Aktien, zu Verträgen mit Mitgliedern des Verwaltungsrats und der Konzernleitung sowie zur Vorgehensweise in Bezug auf Darlehen.

Vergütung und Risiko

Der Vergütungsausschuss sowie der Risiko- und Investmentausschuss treffen sich jährlich, um eine Risikoüberprüfung der Vergütungsstruktur und der Vergütungsgovernance zu besprechen. Die Risikobeurteilung bei Vergütungsentscheidungen und die Fähigkeit, Risikoanpassungen vorzunehmen sowie gegebenenfalls Malus und Clawback anzuwenden, sind Merkmale des Vergütungssystems von Zurich. Group Risk Management beurteilte die Vergütungsstruktur im Jahr 2024 und berichtete, dass keine Anreize geschaffen werden, unangemessene Risiken einzugehen, welche die Risikobereitschaft und -toleranz der Gruppe übersteigen.

Um die Ausrichtung der Vergütung an der Risikobereitschaft und -toleranz der Gruppe weiter zu fördern, berät sich Group Risk Management mit anderen Kontroll-, Governance- und Assurance-Funktionen, um dem Group CEO eine Auswertung über die Risikofaktoren vorzulegen, die bei der Beurteilung der Gesamtleistung für die jährliche Finanzierung von Vergütungen berücksichtigt werden sollten. Neben anderen Faktoren berücksichtigt der Group CEO die Beurteilung des Group Risk Management, wenn er dem Vergütungsausschuss seine Vorschläge für die Finanzierung des STIP-Pools vorlegt, damit der Vergütungsausschuss eine Empfehlung an den Verwaltungsrat zur endgültigen Genehmigung aussprechen kann. Der Group Chief Risk Officer steht zur Verfügung, um diese Ergebnisse mit dem Vergütungsausschuss und dem Verwaltungsrat zu besprechen.

Alle Positionen des Leadership Teams der Gruppe, einschliesslich der Konzernleitung, gelten als Key-Risk-Taker-Positionen. Die Vergütung der Key-Risk-Taker-Positionen legt den Schwerpunkt auf die langfristigen Incentives und somit die aufgeschobene Vergütungskomponente. Group Risk Management liefert im Rahmen der jährlichen individuellen Leistungsbeurteilung des Leadership Teams der Gruppe, einschliesslich der Konzernleitung, zusammen mit anderen Kontroll- und Assurance-Funktionen Risiko-, Compliance- und Rechnungsprüfungsinformationen über alle Key-Risk-Takers. Diese werden bei der Beurteilung der Leistung und bei Vergütungsentscheidungen berücksichtigt.

Die variable Vergütung von Mitarbeitenden in Kontroll- und Assurance-Funktionen ist so strukturiert, dass Interessenkonflikte vermieden werden, indem sie an Messgrössen für die Profitabilität der Gruppe gekoppelt ist, statt an die Profitabilität des Geschäftsbereichs, der von diesen Funktionen kontrolliert wird.

Group Audit beurteilt die operative Umsetzung des Vergütungsreglements bei Zurich in angemessenen Abständen, um sicherzustellen, dass die Vergütungsstruktur in der gesamten Gruppe eingehalten wird.

Vergütungen und Aktienbesitz

Geprüft

Die im Vergütungsbericht gemäss Art. 734a-734f des Schweizerischen Obligationenrechts enthaltenen Informationen müssen entsprechend den Prüfvorschriften gemäss Art. 728a des Schweizerischen Obligationenrechts extern geprüft werden. Alle geprüften Abschnitte sind entsprechend gekennzeichnet.

Der folgende Abschnitt erläutert die Vergütungen und den Aktienbesitz von Mitgliedern des Verwaltungsrats und der Konzernleitung sowie die Vergütungen aller Mitarbeitenden.

Verwaltungsrat

Honorare von Verwaltungsratsmitgliedern

Als weltweit tätige Versicherungsgesellschaft muss Zurich die Höhe der Verwaltungsratshonorare so bemessen, dass die Gruppe hochqualifizierte Verwaltungsratsmitglieder gewinnen und halten kann, die am Erfolg von Zurich langfristig interessiert sind und die Diversität der Mitarbeitenden und Kunden der Gruppe widerspiegeln. Um bei der Festsetzung der Verwaltungsratsvergütung behilflich zu sein, führt ein unabhängiger Berater regelmässig Vergleichsstudien durch. Zurich ist bestrebt, die Vergütung ihrer Verwaltungsratsmitglieder an relevanten Medianwerten auszurichten. Hierbei wird der Swiss Market Index (SMI) als Grundlage herangezogen. Die Höhe des Honorars wird für jedes Verwaltungsratsmitglied auf Basis der Funktion und entsprechend der in der nachfolgenden Tabelle dargestellten Honorarstruktur festgelegt. Die Honorare werden in bar und in Aktien ausgerichtet, wobei die Hälfte des Grundhonorars in Aktien mit einer fünfjährigen Veräusserungsbeschränkung entrichtet wird. Die an die Verwaltungsratsmitglieder zu entrichtenden Honorare (einschliesslich des in veräusserungsbeschränkten Aktien entrichteten Anteils) sind nicht an das Erreichen spezifischer Leistungsziele gebunden.

Alle Verwaltungsratsmitglieder der Zurich Insurance Group AG sind auch Mitglieder des Verwaltungsrats der Zürich Versicherungs-Gesellschaft AG, und die Honorare decken die Aufgaben und Verantwortlichkeiten in beiden Gremien ab.

Honorarstruktur für die Mitglieder des Verwaltungsrats¹

	Honorare in bar (in CHF '000)	Honorare in veräusserungsbeschränkten Aktien (in CHF '000)	Gesamthonorarstruktur 2024 (in CHF '000)	Gesamthonorarstruktur 2023 (in CHF '000)
Grundhonorar für den Präsidenten des Verwaltungsrats²	1'000	1'000	2'000	2'000
Grundhonorar für den Vizepräsidenten des Verwaltungsrats²	225	225	450	450
Grundhonorar für Mitglieder des Verwaltungsrats	120	120	240	240
Ausschussvergütung³	80	-	80	80
Honorar für den Vorsitz des Prüfungsausschusses	100	-	100	100
Honorar für den Vorsitz des Vergütungsausschusses	80	-	80	80
Honorar für den Vorsitz des Risiko- und Investmentausschusses	80	-	80	80
Honorar für den Vorsitz des Governance-, Nominierungs- und Nachhaltigkeitsausschusses	80		80	80

¹ Diese Beträge beziehen sich auf den Zeitraum von ordentlicher GV zu ordentlicher GV. Nicht darin enthalten sind andere Honorare für Mitgliedschaften in Verwaltungsräten von Tochtergesellschaften von Zurich.

² Weder der Präsident noch der Vizepräsident erhalten für ihre Tätigkeit in den Ausschüssen des Verwaltungsrats der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG zusätzliche Honorare.

³ Betrag bleibt gleich, unabhängig davon, in wie vielen Ausschüssen ein Verwaltungsratsmitglied mitwirkt.

Informationen darüber, in welchen Ausschüssen die Verwaltungsratsmitglieder tätig sind, finden Sie im Bericht über die Corporate Governance auf Seite 42. 2024 bestand der Verwaltungsrat ausschliesslich aus nicht geschäftsführenden Mitgliedern, die vom Management unabhängig sind.

Ist ein Verwaltungsratsmitglied gleichzeitig Mitglied des Verwaltungsrats einer oder mehrerer Tochtergesellschaften von Zurich Insurance Group AG (mit der Ausnahme von Zürich Versicherungs-Gesellschaft AG), hat das Verwaltungsratsmitglied darüber hinaus einen Anspruch auf ein zusätzliches Honorar in Höhe von CHF 50'000 pro Jahr sowie von weiteren CHF 10'000 pro Jahr, wenn es auch einem Prüfungsausschuss eines solchen Verwaltungsrats vorsitzt. Die Honorarstruktur für den Verwaltungsrat einer Tochtergesellschaft kann geändert werden, wenn bestimmte Umstände - wie ein zusätzlicher Zeitaufwand für die Erfüllung der Aufgaben eines Verwaltungsratsmitglieds - dies rechtfertigen. In den Jahren 2024 und 2023 übte keines der Verwaltungsratsmitglieder ein zusätzliches Mandat bei einem Verwaltungsrat einer Tochtergesellschaft von Zurich aus (mit der Ausnahme von Zürich Versicherungs-Gesellschaft AG).

In den nachstehenden Tabellen sind die in den Jahren 2024 und 2023 an die Verwaltungsratsmitglieder ausbezahlten Honorare aufgeführt. Im Jahr 2024 gehörten elf Mitglieder dem Verwaltungsrat während des gesamten Jahres an und zwei Mitglieder während eines Teils des Jahres. Im Jahr 2023 gehörten zwölf Mitglieder dem Verwaltungsrat während des gesamten Jahres an. Die Honorare für das Kalenderjahr 2024 beliefen sich, einschliesslich der gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Pensionssysteme, auf insgesamt CHF 5'848'443 und sind somit höher als der entsprechende Betrag von CHF 5'846'358 für 2023 aufgrund der leicht gestiegenen Pensionskosten.

Geprüft

Verwaltungsratshonorare 2024

in CHF	2024¹
	Honorare in bar
	Grundhonorar	Ausschussvergütung²	für den Ausschussvorsitz³
M. Liès, Präsident⁷	1'000'000	n.a.	n.a.
C. Franz, Vizepräsident⁷	225'000	n.a.	n.a.
J. Amble, Mitglied	120'000	80'000	-
C. Bessant, Mitglied	120'000	80'000	100'000
A. Carnwath, Mitglied⁸	30'000	20'000	-
M. Halbherr, Mitglied	120'000	80'000	-
S. Keller-Busse, Mitglied	120'000	80'000	-
M. Mächler, Mitglied	120'000	80'000	-
K. Mahbubani, Mitglied	120'000	80'000	-
P. Maurer, Mitglied	120'000	80'000	-
J. Rafter, Mitglied⁸	90'000	60'000	-
J. Staiblin, Mitglied	120'000	80'000	80'000
B. Stowe, Mitglied	120'000	80'000	-
Gesamt in CHF⁹	2'425'000	800'000	180'000

in CHF	2024¹
	Gesamthonorar in bar	Grundhonorar in veräusserungsbeschränkten Aktien^{4, 5}	Pensionskosten⁶

M. Liès, Präsident⁷	1'000'000	1'000'000	-
C. Franz, Vizepräsident⁷	225'000	225'000	6'232
J. Amble, Mitglied	200'000	120'000	-
C. Bessant, Mitglied	300'000	120'000	-
A. Carnwath, Mitglied⁸	50'000	-	-
M. Halbherr, Mitglied	200'000	120'000	6'577
S. Keller-Busse, Mitglied	200'000	120'000	-
M. Mächler, Mitglied	200'000	120'000	-
K. Mahbubani, Mitglied	200'000	120'000	-
P. Maurer, Mitglied	200'000	120'000	-
J. Rafter, Mitglied⁸	150'000	120'000	-
J. Staiblin, Mitglied	280'000	120'000	5'634
B. Stowe, Mitglied	200'000	120'000	-
Gesamt in CHF⁹	3'405'000	2'425'000	18'443

in CHF	2024¹
	Gesamthonorar
M. Liès, Präsident⁷	2'000'000
C. Franz, Vizepräsident⁷	456'232
J. Amble, Mitglied	320'000
C. Bessant, Mitglied	420'000
A. Carnwath, Mitglied⁸	50'000
M. Halbherr, Mitglied	326'577
S. Keller-Busse, Mitglied	320'000
M. Mächler, Mitglied	320'000
K. Mahbubani, Mitglied	320'000
P. Maurer, Mitglied	320'000
J. Rafter, Mitglied⁸	270'000
J. Staiblin, Mitglied	405'634
B. Stowe, Mitglied	320'000
Gesamt in CHF⁹	5'848'443

Verwaltungsratshonorare 2023

in CHF	2023¹
	Honorare in bar
	Grundhonorar	Ausschussvergütung²	für den Ausschussvorsitz³
M. Liès, Präsident⁷	1'000'000	n.a.	n.a.
C. Franz, Vizepräsident⁷	225'000	n.a.	n.a.
J. Amble, Mitglied	120'000	80'000	-
C. Bessant, Mitglied	120'000	80'000	75'000
A. Carnwath, Mitglied	120'000	80'000	25'000
M. Halbherr, Mitglied	120'000	80'000	-
S. Keller-Busse, Mitglied	120'000	80'000	-
M. Mächler, Mitglied	120'000	80'000	-
K. Mahbubani, Mitglied	120'000	80'000	-
P. Maurer, Mitglied	120'000	80'000	-
J. Staiblin, Mitglied	120'000	80'000	80'000
B. Stowe, Mitglied	120'000	80'000	-
Gesamt in CHF⁹	2'425'000	800'000	180'000

in CHF	2023¹
	Gesamthonorar in bar	Grundhonorar in veräusserungsbeschränkten Aktien^{4, 10}	Pensionskosten⁶

M. Liès, Präsident⁷	1'000'000	1'000'000	-
C. Franz, Vizepräsident⁷	225'000	225'000	4'202
J. Amble, Mitglied	200'000	120'000	-
C. Bessant, Mitglied	275'000	120'000	-
A. Carnwath, Mitglied	225'000	120'000	-
M. Halbherr, Mitglied	200'000	120'000	6'577
S. Keller-Busse, Mitglied	200'000	120'000	-
M. Mächler, Mitglied	200'000	120'000	-
K. Mahbubani, Mitglied	200'000	120'000	-
P. Maurer, Mitglied	200'000	120'000	-
J. Staiblin, Mitglied	280'000	120'000	5'579
B. Stowe, Mitglied	200'000	120'000	-
Gesamt in CHF⁹	3'405'000	2'425'000	16'358

in CHF	2023¹
	Gesamthonorar
M. Liès, Präsident⁷	2'000'000
C. Franz, Vizepräsident⁷	454'202
J. Amble, Mitglied	320'000
C. Bessant, Mitglied	395'000
A. Carnwath, Mitglied	345'000
M. Halbherr, Mitglied	326'577
S. Keller-Busse, Mitglied	320'000
M. Mächler, Mitglied	320'000
K. Mahbubani, Mitglied	320'000
P. Maurer, Mitglied	320'000
J. Staiblin, Mitglied	405'579
B. Stowe, Mitglied	320'000
Gesamt in CHF⁹	5'846'358

¹ Die Beträge in den Tabellen verstehen sich brutto und beinhalten keine geschäftlich bedingten Auslagen, die bei der Tätigkeit der Verwaltungsratsmitglieder angefallen sind.

² Mitglieder eines Ausschusses erhalten für ihren Einsitz in den Ausschüssen, unabhängig von der Anzahl der Ausschüsse, eine Barvergütung in Höhe von CHF 80'000. Die Ausschüsse, in denen die Verwaltungsratsmitglieder tätig sind, sind im Bericht über die Corporate Governance zu finden.

³ Der Ausschussvorsitz erhält jeweils ein Jahreshonorar in Höhe von CHF 80'000, und der Vorsitz des Prüfungsausschusses erhält zusätzliche CHF 20'000.

⁴ Die den Mitgliedern des Verwaltungsrats zugeteilten Aktien sind nicht an die Erreichung von Leistungskriterien gebunden und unterliegen einer fünfjährigen Veräusserungsbeschränkung.

⁵ Per 16. Juni 2024 wurden Michel M. Liès 2'121, Christoph Franz 477 und den anderen Verwaltungsratsmitgliedern je 254 Aktien zugeteilt. Die Anzahl Aktien für die Hälfte des Grundhonorars berechnet sich anhand des am 15. Juni 2024 zuletzt verfügbaren gültigen Schlusskurs der Aktie (CHF 471.40). Wenn der Wert der zugeteilten Aktien nicht genau der Hälfte des Grundhonorars des Mitglieds entsprach, wurde die Differenz in bar ausbezahlt.

⁶ Die gemäss Schweizer Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVG) gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Pensionssysteme wurden im Einklang mit der zulässigen Mindestleistung für anspruchsberechtigte Mitglieder gezahlt. Von Verwaltungsratsmitgliedern allfällig persönlich geleistete Beiträge an Pensionssysteme sind in den Honoraren enthalten, die in der Tabelle angegeben sind.

⁷ Weder der Präsident noch der Vizepräsident erhielten für ihre Tätigkeit in den Ausschüssen des Verwaltungsrats der Zurich Insurance Group AG und der Zürich Versicherungs-Gesellschaft AG zusätzliche Honorare.

⁸ An der ordentlichen GV am 10. April 2024 wurde John Rafter als neues Verwaltungsratsmitglied gewählt und Alison Carnwath stellte sich aufgrund der Amtszeitbegrenzung von zwölf Jahren nicht zur Wiederwahl.

⁹ Darüber hinaus zahlte Zurich zudem die gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Sozialversicherungssysteme, die sich 2024 auf CHF 215'208 beliefen. Im Jahre 2023 waren es CHF 246'067. Sämtliche persönlichen Beiträge der Verwaltungsratsmitglieder an Sozialversicherungssysteme sind in den aufgeführten Beträgen in der vorstehenden Tabelle enthalten. In der Schweiz wohnhafte Verwaltungsratsmitglieder haben Anspruch auf ausgewählte Mitarbeitervergünstigungen.

¹⁰ Per 16. Juni 2023 wurden Michel Liès 2'336, Christoph Franz 525 und den anderen Verwaltungsratsmitgliedern je 280 Aktien zugeteilt. Die Anzahl Aktien für die Hälfte des Grundhonorars berechnete sich anhand des Schlusskurses vom 15. Juni 2023 (CHF 428.00). Wenn der Wert der zugeteilten Aktien nicht genau der Hälfte des Grundhonorars des Mitglieds entsprach, wurde die Differenz in bar ausbezahlt.

Geprüft

Vergütung und Darlehen für gegenwärtige Verwaltungsratsmitglieder

Gegenwärtige Verwaltungsratsmitglieder erhielten in den Jahren 2024 und 2023 keine weiteren Vergütungen, abgesehen von den weiter oben in diesem Bericht erwähnten Vergütungen. In den Jahren 2024 und 2023 wurden keine Antrittsprämien an Verwaltungsratsmitglieder geleistet. Per 31. Dezember 2024 und 2023 hatte kein gegenwärtiges Verwaltungsratsmitglied ausstehende Darlehen oder Kredite.

Vergütung und Darlehen für frühere Verwaltungsratsmitglieder

Frühere Verwaltungsratsmitglieder erhielten in den Jahren 2024 und 2023 keine Vergütungen im Zusammenhang mit ihrer früheren Funktion. Per 31. Dezember 2024 und 2023 hatte kein früheres Verwaltungsratsmitglied ausstehende Darlehen oder Kredite, die zu nicht marktüblichen Bedingungen gewährt wurden.

Zahlungen und Darlehen an nahestehende Personen von Verwaltungsratsmitgliedern

Nahestehende Personen von gegenwärtigen oder früheren Verwaltungsratsmitgliedern erhielten in den Jahren 2024 oder 2023 keine Zahlungen zu nicht marktüblichen Bedingungen, noch wurde auf Forderungen ihnen gegenüber verzichtet.

Keine nahestehende Person von gegenwärtigen oder früheren Verwaltungsratsmitgliedern hatte per 31. Dezember 2024 oder 2023 ausstehende Darlehen oder Kredite, die zu nicht marktüblichen Bedingungen gewährt wurden.

Abstimmung über die Vergütung des Verwaltungsrats an der ordentlichen Generalversammlung

Die nachfolgende Tabelle bietet einen Überblick über die an den Verwaltungsrat gezahlte Gesamtvergütung für den einjährigen Zeitraum zwischen den ordentlichen Generalversammlungen und die entsprechenden maximalen Gesamtvergütungen, die von den Aktionären für die letzten beiden Zeiträume genehmigt wurden. Die weiter oben in diesem Bericht angegebenen Beträge beziehen sich jeweils auf ein Kalenderjahr, während sich die in der folgenden Tabelle angegebenen Beträge auf den einjährigen Zeitraum zwischen zwei ordentlichen Generalversammlungen beziehen.

Überblick über die in den letzten zwei Zeiträumen an den Verwaltungsrat entrichteten Honorare¹

		Honorare				An der o. GV genehmigter Maximalbetrag (in CHF '000)
Periode von o. GV zu o. GV	Anzahl Mitglieder	in bar (in CHF '000)	in Aktien (in CHF '000)	Pensionskosten² (in CHF '000)	Gesamt (in CHF '000)
2024 - 2025³	12	3'405	2'425	19	5'849	6'000
2023 - 2024	12	3'405	2'425	18	5'848	6'000

Periode von o. GV zu o. GV	Zustimmung in %
2024 - 2025³	96,0%
2023 - 2024	96,8%

¹ Neben den in dieser Tabelle aufgeführten Beträgen zahlt Zurich auch die gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Sozialversicherungssysteme. Zum Vergleich: Zurich zahlte ein Betrag von CHF 215'208 und CHF 246'067 in den Jahren 2024 bzw. 2023.

² Gesetzlich vorgeschriebene Arbeitgeberbeiträge an Pensionssysteme gemäss Schweizer Bundesgesetz über die berufliche Alters-, Hinterlassenen- und Invalidenvorsorge (BVG) werden im Einklang mit den gesetzlich vorgeschriebenen Mindestleistungen für anspruchsberechtigte Mitglieder gezahlt.

³ Umfasst eine Schätzung der Arbeitgeberbeiträge an Pensionssysteme für das 1. Quartal 2025 und beruht auf der Annahme, dass die im 1. Quartal 2025 zu zahlenden Honorare unverändert bleiben.

Einzelheiten über die beantragte maximale Gesamtvergütung für den Verwaltungsrat für den einjährigen Zeitraum zwischen den ordentlichen Generalversammlungen 2025 und 2026 sind in der Einladung zur ordentlichen Generalversammlung 2025 zu finden (www.zurich.com/gv).

Geprüft

Aktienbesitz der Verwaltungsratsmitglieder

Der Aktienbesitz der Verwaltungsratsmitglieder, die 2024 im Amt waren, ist für die vergangenen zwei Jahre in der folgenden Tabelle ausgewiesen. Der ausgewiesene Aktienbesitz schliesst den Anteil an Aktien ein, der den Verwaltungsratsmitgliedern als Bestandteil ihrer Honorare zugeteilt wurde, die Aktien, die von den Mitgliedern am Markt erworben wurden, und die Aktien, die von den Verwaltungsratsmitgliedern nahestehenden Personen gehalten werden.

Aktienbesitz der Verwaltungsratsmitglieder¹

Anzahl der Aktien der Zurich Insurance Group AG per 31. Dezember	Aktienbesitz
	2024	2023
M. Liès, Präsident	17'254	15'133
C. Franz, Vizepräsident	8'648	8'171
J. Amble, Mitglied	3'631	3'377
C. Bessant, Mitglied	2'676	2'422
A. Carnwath, Mitglied²	n.a.	2'002
M. Halbherr, Mitglied	1'853	1'599
S. Keller-Busse, Mitglied	1'135	881
M. Mächler, Mitglied	4'179	3'925
K. Mahbubani, Mitglied	3'631	3'377
P. Maurer, Mitglied	1'449	1'195
J. Rafter, Mitglied³	254	n.a.
J. Staiblin, Mitglied	2'723	2'469
B. Stowe, Mitglied	1'853	1'599
Gesamt	49'286	46'150

¹ Kein Mitglied des Verwaltungsrats hielt per 31. Dezember 2024 oder 2023 allein oder gemeinsam mit ihm nahestehenden Personen mehr als 0,5% der Stimmrechte der Zurich Insurance Group AG.

² Alison Carnwath stellte sich bei der ordentlichen GV 2024 nicht zur Wiederwahl.

³ John Rafter wurde an der ordentlichen GV 2024 als neues Verwaltungsratsmitglied gewählt. Zusätzlich zu der oben genannten Anzahl Aktien hält er 420 American Depository Receipts (ADRs).

Konzernleitung

Vergütung der Konzernleitung

Die an die Mitglieder der Konzernleitung für 2024 bezahlte Gesamtvergütung entspricht dem Wert der Grundgehälter, der Pensionsanwartschaften, der sonstigen Vergütungen einschliesslich Mitarbeitervergünstigungen, der Barleistungen im Rahmen des kurzfristigen Incentive-Plans sowie der im Rahmen des LTIP im Jahr 2024 zielzugeteilten Aktien. Um die Entscheidungsfindung zur Vergütungsstruktur und zum Mix der einzelnen Vergütungselemente für die Mitglieder der Konzernleitung zu unterstützen, führt der Verwaltungsrat regelmässig Vergleichsstudien durch. Diese Studien berücksichtigen die relevanten Marktpraktiken bei den Vergleichsgruppen und die interne Relativität, um sicherzustellen, dass die Vergütungsstruktur wettbewerbsfähig bleibt, mit den Branchenstandards abgestimmt sowie aus einer internen Gleichgewichtsperspektive ausgewogen ist.

Die Kernvergleichsgruppe wird regelmässig vom Vergütungsausschuss überprüft, um ihre Relevanz zu gewährleisten, und die Analyse wird gegebenenfalls durch weitere Vergleichsstudien ergänzt, zum Beispiel durch eine Analyse der Vergütungspraktiken der im Swiss Market Index (SMI) aufgeführten grossen Unternehmen in der Schweiz oder von Unternehmen ähnlicher Grösse in anderen Ländern.

Hierfür wurden 2024 die Vergütungsstrukturen und -praktiken einer Kernvergleichsgruppe von Unternehmen analysiert:

AIG, Allianz, Allstate, Aviva, AXA, Chubb, Generali, Legal & General, Manulife Financial Corp., MetLife, Munich Re, Progressive Ohio, Prudential Plc, QBE, Swiss Re, The Hartford and Travelers Companies, Inc.

Diese Kernvergleichsgruppe umfasst Unternehmen, die in Bezug auf die Branche, Marktpräsenz, Grösse und globale Reichweite bedeutende Ähnlichkeiten mit Zurich aufweisen. Die in unserer Vergleichsgruppe enthaltenen Unternehmen sind in erster Linie im Versicherungs- und im Rückversicherungssektor tätig. Darüber hinaus enthält die Vergleichsgruppe auch Unternehmen mit einer erheblichen Präsenz in wichtigen Märkten weltweit.

Über die Hälfte des BOP der Zurich Gruppe wird derzeit in den USA erwirtschaftet, sodass Vergleichsunternehmen aus den USA eine wichtige Vergleichsgrösse für Zurich darstellen. Diese Perspektive ist für Zurich bei der Rekrutierung der richtigen Talente für die Gruppe von entscheidender Bedeutung, da Zurich in vielfältigen Regionen tätig ist und dort mit anderen Unternehmen um Talente konkurriert.

Gesamtvergütung der Konzernleitung

Die folgende Tabelle zeigt für die Jahre 2024 und 2023 die Gesamtvergütung der höchstbezahlten Person im Unternehmen, Mario Greco, Group CEO, sowie die Gesamtvergütung aller Mitglieder der Konzernleitung (einschliesslich der Beträge für den Group CEO). Die variable, leistungsorientierte Vergütung basiert auf dem zugeteilten STIP in 2024 und den LTIP Zielzuteilungen, welche in 2024 bedingt zugeteilt wurden.

Die einmaligen Vergütungszahlungen wie beispielsweise Antrittsprämien für neu eingestellte Mitglieder der Konzernleitung und die Beträge vertraglich vereinbarter Vergütungen nach dem Ausscheiden aus der Konzernleitung und während der Kündigungsfrist sind unterhalb der Gesamtbeträge ausgewiesen.

Das jährliche Grundgehalt des Group CEO wurde seit April 2023 nicht mehr angepasst. Die Gesamtvergütung für alle Mitglieder der Konzernleitung im Jahr 2024 blieb im Vergleich zum Vorjahr ähnlich. Im Jahr 2024 gab es keine Änderungen an der Vergütungsstruktur für die Konzernleitung per se. Allerdings wurden bestimmte Vergütungskomponenten für einige Mitglieder angepasst, um die Leistung zu widerspiegeln und die Umsetzung der strategischen Ziele zu unterstützen. Die Höhe der zugeteilten kurzfristigen Vergütungen entspricht den Leistungsergebnissen im Vergleich zu den gesetzten Zielen. Die Differenz der Pensionsanwartschaften im Vergleich zum Vorjahr ist auf einen Anstieg der Pensionsaufwendungen infolge eines internationalen Umzugs zurückzuführen. Der Anstieg der sonstigen Vergütungen im Jahr 2024 gegenüber dem Jahr 2023 berücksichtigt zudem die Kosten für Expatriates, die in Fussnote 6 der Tabelle näher erläutert werden.

Geprüft

Vergütung der höchstbezahlten Person und aller Mitglieder der Konzernleitung (einschliesslich der höchstbezahlten Person)¹

in CHF Mio. für die per 31. Dezember abgeschlossenen Geschäftsjahre		Höchstbezahlte Person (Group CEO)		Konzernleitung
		2024²	2023²	2024^{2, 3}	2023^{2, 4}
Fixe Vergütung	Grundgehälter	1,78	1,76	11,52	11,69
	Pensionsanwartschaften⁵	0,51	0,47	3,55	3,08
	Sonstige Vergütungen⁶	0,05	0,06	3,95	3,30
Variable Vergütung	Kurzfristige Incentives	3,55	3,55	18,56	18,68
	Langfristige Incentives⁷	3,99	3,99	17,83	19,16
Gesamt in CHF		9,88	9,83	55,41	55,91
Gesamt in USD⁸		10,99	11,16	61,82	63,41
in CHF Mio. für die per 31. Dezember abgeschlossenen Geschäftsjahre		2024⁹	2023⁹	2024^{3, 9}	2023^{4, 9}
Sonstige Zahlungen und Aktienzuteilungen¹⁰		-	-	2,34	-
Vertraglich vereinbarte Vergütungen nach dem Ausscheiden aus dem ExCo bis zur Beendigung des Arbeitsverhältnisses¹¹		-	-	2,52	-

¹ Darüber hinaus zahlte Zurich in Übereinstimmung mit den am Anstellungsort der Mitglieder der Konzernleitung anwendbaren Gesetzen für Mitglieder und frühere Mitglieder der Konzernleitung zudem Arbeitgeberbeiträge an Sozialversicherungssysteme. Diese betrugen CHF 2,62 Mio. für das Jahr 2024 bzw. CHF 2,50 Mio. für das Jahr 2023. Die Offenlegung der Arbeitgeberbeiträge zu den Sozialversicherungssystemen bezieht sich auf die im jeweiligen Jahr gezahlten oder zugeteilten Vergütungen auf der Grundlage bestmöglicher Schätzungen. Da die Beitragszahlungen auf das Gesamteinkommen berechnet werden, während die Leistungen einer Maximalhöhe unterliegen, besteht keine direkte Korrelation zwischen den an die Sozialversicherungssysteme bezahlten Beträgen und den von Mitgliedern der Konzernleitung erhaltenen Leistungen.

² Die ausgewiesene Vergütung versteht sich brutto und gilt für die Zeit, in der die Mitarbeitenden während des Jahres Mitglieder der Konzernleitung sind und enthält keine geschäftlich bedingten Auslagen, die bei der Tätigkeit der Mitglieder der Konzernleitung angefallen sind.

³ Auf der Grundlage von 14 Mitgliedern der Konzernleitung, von denen zehn während des ganzen Jahres 2024 in der Konzernleitung tätig waren. Nähere Angaben zu den Mitgliedern der Konzernleitung im Jahr 2024 sind im Bericht über die Corporate Governance zu finden.

⁴ Auf der Grundlage von 12 Mitgliedern und früheren Mitgliedern der Konzernleitung, von denen alle während des ganzen Jahres 2023 in der Konzernleitung tätig waren.

⁵ Der Gesamtwert der im Jahresverlauf entstandenen Pensionsanwartschaften der Mitglieder der Konzernleitung, berechnet auf der Grundlage der Arbeitgeberbeiträge und der versicherungsmathematisch bewerteten Arbeitgeberkosten für die entstandenen Pensionsanwartschaften.

⁶ Die Mitglieder der Konzernleitung erhalten sonstige Vergütungen in Form von Mitarbeitervergünstigungen, Nebenleistungen, Sachleistungen sowie Zulagen im Zusammenhang mit Auslandsentsendungen und damit verbundenen Kosten, zum Beispiel für den Steuerausgleich, im Einklang mit der globalen Mobilitätsrichtlinie der Gruppe und andere Zahlungen, die gemäss den jeweiligen Arbeitsverträgen der einzelnen Mitarbeitenden geschuldet sind. Die Sachleistungen wurden zu marktüblichen Sätzen bewertet und gewisse Beträge, wie die Kosten des Steuerausgleichs, beziehen sich auf die im jeweiligen Jahr gezahlte oder zugeteilte Vergütung und basieren auf bestmöglichen Schätzungen.

⁷ Die Zielzuteilung von PSUs im Jahr 2024, unter Verwendung des Schlusskurses von CHF 478.30 am Tag vor der Zuteilung (zweiter Arbeitstag im April).

⁸ Die Beträge wurden während des Jahres zu den geltenden Wechselkursen von Schweizer Franken in US-Dollar umgerechnet, und die 2025 zu zahlende leistungsorientierte Barvergütung wurde zum Jahresendkurs 2024 umgerechnet.

⁹ Die ausgewiesene Vergütung versteht sich brutto und enthält keine geschäftlich bedingten Auslagen, die bei der Tätigkeit der Mitglieder oder ehemaligen Mitglieder der Konzernleitung angefallen sind.

¹⁰ Dies sind ausserordentliche Leistungen, einschliesslich Zahlungen und Aktienzuteilungen, die dazu dienen, entgangene Ansprüche aus den Incentive-Plänen früherer Arbeitgeber auszugleichen. Die Beträge beziehen sich auf das, was im jeweiligen Jahr vereinbart wurde, unabhängig davon, wann die Zahlungen fällig sind.

¹¹ Bezieht sich auf vertraglich vereinbarte Vergütungen von aus der Konzernleitung ausgetretenen Personen, die für die Dauer des Anstellungsverhältnisses während 2024 bzw. 2023 (soweit zutreffend) nach dem Ausscheiden aus der Konzernleitung und während der Kündigungsfrist ausgerichtet wurde. Zu diesen Vergütungen können anteilige Grundgehälter, leistungsorientierte kurzfristige Vergütungen, zielzugeteilte Aktien im Rahmen des LTIP, Kosten für Pensionsanwartschaften, Mitarbeitervergünstigungen sowie Zulagen im Zusammenhang mit Auslandsentsendungen und damit verbundene Kosten, zum Beispiel für den Steuerausgleich, gehören und basieren auf bestmöglichen Schätzungen. An Mitglieder der Konzernleitung werden keine Abgangsentschädigungen gezahlt.

Ergebnisse der variablen Vergütung der Konzernleitung

Zielvorgaben und -erreichung und STIP-Zuteilung 2024 des Group CEO

Die Zielvorgaben für Mario Greco unterliegen einem strikten Verfahren, um sicherzustellen, dass alle Ziele ausreichend herausfordernd sind. Dieser Prozess wird näher auf den Seiten 86 bis 88 beschrieben, einschliesslich der Methoden für die Bestimmung der Finanzierung des STIP-Pools sowie der individuellen STIP-Zuteilungen für die Mitglieder der Konzernleitung.

Eine Zusammenfassung der Kennzahlen für die Zielvorgaben des Group CEO, die im Rahmen des Zielsetzungsprozesses genehmigt wurden, sowie die entsprechenden Zielerreichungsgrade finden sich nachfolgend.

Die quantitativen Ergebnisse, die sich aus den Finanz-, Kunden- und Mitarbeiterkennzahlen ableiten, sind wichtig, aber nicht die einzigen Faktoren, die der Verwaltungsrat bei der Bestimmung der STIP-Zuteilungen berücksichtigt. Der Verwaltungsrat bewertet zudem kritische Elemente, die den gesamten Geschäftskontext und die Aktionärserfahrungen berücksichtigen. Diese umfassen die Fähigkeit, die langfristigen strategischen Ziele des Unternehmens zu priorisieren und voranzutreiben, Beiträge zur Förderung nachhaltigen Wachstums sowie Führungsqualitäten bei der Bewältigung zentraler geschäftlicher Herausforderungen. Der Verwaltungsrat prüft sorgfältig, wie die Handlungen und Entscheidungen mit der übergeordneten Vision und den Zielen des Unternehmens übereinstimmen, um sicherzustellen, dass die STIP-Zuteilungen nicht nur messbare Ergebnisse widerspiegeln, sondern auch den strategischen Mehrwert, der für das Unternehmen geschaffen wird.

Individuelle Leistungsbeurteilung

Individuelles Leistungsergebnis

Das Gesamtergebnis der persönlichen Leistung (innerhalb der Spannbreite von 0-185%) basiert auf allen erzielten Leistungen sowie der Gesamtbeurteilung und Empfehlung des Vergütungsausschusses, genehmigt durch den Verwaltungsrat

185%

STIP Zuteilung

Die definitive STIP-Zuteilung, wie vom Verwaltungsrat genehmigt, ist auf Seite 79 erläutert.

Der Vergütungsausschuss würdigt, dass der Core ROE (zuvor als BOPAT ROE bezeichnet) als Kennzahl ebenfalls in den LTIP einfliesst. Nach sorgfältiger Überlegung ist der Vergütungsausschuss zu dem Schluss gekommen, dass dieser Ansatz angemessen ist, weil die Ziele im Rahmen des LTIP längerfristig herausfordernd sind, im Gegensatz zu den Zielen im Rahmen des STIP. Diese Kennzahl hat eine strategische Bedeutung für die Erfüllung des Businessplans der Gruppe gegenwärtig und zukünftig.

Rahmenwerk für die Zielvorgaben und STIP-Zuteilungen für die Konzernleitung

Die STIP-Zuteilungen für die einzelnen Mitglieder der Konzernleitung werden vom Verwaltungsrat genehmigt.

Auf Basis der Geschäftsperformance und der erzielten individuellen Leistungen liegen die STIP-Zuteilungen für alle Mitglieder der Konzernleitung (einschliesslich des Group CEO) für 2024 zwischen 103-200 Prozent des individuellen STIP-Zielbetrags (innerhalb der möglichen Spannbreite von 0-200 Prozent).

Kennzahlkategorie	Gewichtung
Finanzielle Messgrössen zur Förderung der Strategieumsetzung	40-50%
Kunden	40%
Mitarbeitende/Nachhaltigkeit	10-20%

Langfristige Vergütungen für alle Mitglieder der Konzernleitung

Aspekte des LTIP 2024	Details
Dreijähriger Leistungszeitraum	2024-2026
Beurteilungsjahr der definitiven Zuteilung	2027
Gesamtzahl der zugeteilten Performance Share Units (PSUs)	37'277
Wert der PSUs (Aktienschlusskurs am Tag vor der Zuteilung)	CHF 478.30
Gesamtwert der Zielzuteilung für die langfristigen Vergütungen	CHF 17,83 Mio.
Kriterien und Ziele für die definitive Zuteilung	Dem Zuteilungsraster auf Seite 85 zu entnehmen
Dividendenäquivalente Einheiten (DEUs)	Können während des Ausübungszeitraums anfallen
Individueller LTIP-Zielbetrag für Mitglieder der Konzernleitung	125% bis 225% des jährlichen Grundgehalts
Zuteilungsmöglichkeiten	0% bis 200% der Zielaktien einer Person (PSUs und DEUs)

Antrittsprämien

Antrittsprämien für neu eingestellte Mitglieder der Konzernleitung werden im Einklang mit dem schweizerischen Gesetz nur geleistet, um einen nachweisbaren finanziellen Nachteil durch entgangene Vergütungsansprüche des vorherigen Arbeitgebers zu kompensieren. Falls Zahlungen an neu eingestellte Mitglieder geleistet werden, um entgangene Ansprüche aus den Vergütungsplänen früherer Arbeitgeber auszugleichen, sollen die Zahlungen tendenziell in Bezug auf Art und Zeitpunkt den entgangenen Zahlungen entsprechen und können Geldleistungen und/oder die Zuteilung veräusserungsbeschränkter Aktien (RSUs) oder PSUs umfassen. Bei Geldleistungen besteht in der Regel ein Rückforderungszeitraum, wenn der Mitarbeitende das Unternehmen innerhalb der ersten zwei Jahre nach Einstellung freiwillig verlässt. RSUs werden normalerweise drei bis fünf Jahre nach der Zielzuteilung definitiv zugeteilt. Solchen Aktien werden während des Ausübungszeitraums auch DEUs gutgeschrieben, um Dividendenausschüttungen auszugleichen. RSUs, PSUs und entsprechende DEUs verfallen in der Regel, wenn der/die Begünstigte solcher Zuteilungen das Unternehmen vor dem Datum der definitiven Zuteilung verlässt und das Anstellungsverhältnis beendet wird.

Im Jahr 2024 wurden Antrittsprämien in Höhe von CHF 2,34 Millionen an ein neues Mitglied der Konzernleitung geleistet, das während des Jahres die Beschäftigung bei der Gruppe aufnahm. Diese umfassen Geldleistungen für die Jahre 2024, 2025, 2026 und 2027 sowie RSUs, die in den Jahren 2024, 2025 und 2026 definitiv zugeteilt werden. Im Jahr 2023 wurden keine Antrittsprämien geleistet.

Geprüft

Vergütung und Darlehen für gegenwärtige Mitglieder der Konzernleitung

Gegenwärtige Mitglieder der Konzernleitung erhielten in den Jahren 2024 und 2023 keine weiteren Vergütungen, abgesehen von den weiter oben in diesem Bericht erwähnten Vergütungen. Per 31. Dezember 2024 und 2023 hatte kein gegenwärtiges Mitglied der Konzernleitung ausstehende Darlehen oder Kredite.

Vergütung und Darlehen für frühere Mitglieder der Konzernleitung

Im Jahr 2024 erhielt ein früheres Mitglied der Konzernleitung die vertraglich vereinbarte Vergütung (Leistungen im Zusammenhang mit der Erstellung von Steuererklärungen in Höhe von weniger als CHF 3'000), zuzüglich der gesetzlich vorgeschrieben Arbeitgeberbeiträge an Sozialversicherungssysteme, die auf diesen Betrag anfallen. Diese Vergütung steht im Zusammenhang mit der früheren Beschäftigung dieses früheren Konzernleitungsmitglieds bei Zurich. Keine weiteren früheren Mitglieder der Konzernleitung erhielten im Jahr 2024 Vergütungen im Zusammenhang mit ihren früheren Funktionen, abgesehen von den weiter oben im Bericht erwähnten Vergütungen. Im Jahr 2023 erhielten zwei frühere Mitglieder eine vertraglich vereinbarte Vergütung, die Beträge für ausstehende Zahlungen des Grundgehalts, Pensionsanwartschaften, weitere Nebenleistungen und einen Steuerausgleich im Zusammenhang mit der vorausgegangenen Beschäftigung bei Zurich umfasste. Darüber hinaus enthielt eines dieser Mitglieder eine Vergütung für erbrachte Leistungen als Berater und als nicht geschäftsführender Vorsitzender einer Tochtergesellschaft von Zurich. Der Gesamtbetrag belief sich auf CHF 0,52 Mio., zuzüglich der auf diesen Betrag anwendbaren gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Sozialversicherungssysteme. Per 31. Dezember 2024 und 2023 hatte kein früheres Mitglied der Konzernleitung ausstehende Darlehen oder Kredite.

Zahlungen und Darlehen an nahestehende Personen von Mitgliedern der Konzernleitung

Nahestehende Personen von gegenwärtigen oder früheren Mitgliedern der Konzernleitung erhielten in den Jahren 2024 oder 2023 keine Zahlungen zu nicht marktüblichen Bedingungen, noch wurde auf Forderungen ihnen gegenüber verzichtet. Keine nahestehende Person von gegenwärtigen oder früheren Mitgliedern der Konzernleitung hatte per 31. Dezember 2024 oder 2023 ausstehende Darlehen oder Kredite, die zu nicht marktüblichen Bedingungen gewährt wurden.

Abstimmung über die Vergütung der Konzernleitung an der ordentlichen Generalversammlung

Die folgende Grafik bietet einen Überblick über die maximalen Gesamtvergütungen für die Konzernleitung, die von den Aktionären an den letzten beiden ordentlichen Generalversammlungen, in den Jahren 2024 und 2023, genehmigt wurden. Sie enthält zudem die maximal gewährte Vergütung für 2024 unter Berücksichtigung der folgenden Beträge, die in der Tabelle auf Seite 96 offengelegt werden:

―	Die tatsächliche fixe Vergütung umfasst Grundgehälter, Pensionsanwartschaften und andere Vergütungen.
―	Kurzfristige Vergütungen, die im Rahmen des STIP der Gruppe zugeteilt wurden.
―	Langfristige Vergütungen, dargestellt als mögliche LTIP-Zuteilung bei einer potenziellen definitiven Zuteilung von 0 bis 200 Prozent des Werts des Zielbetrags. Der endgültige Betrag hängt vom Wert der definitiven Zuteilung ab, der nach Abschluss des dreijährigen Leistungszeitraums im Jahr 2027 berechnet wird.
―	Zusätzliche Vergütungsbeträge wie Antrittsprämien und Aktienzuteilungen für neue Mitglieder der Konzernleitung sowie vertraglich vereinbarte Vergütungen nach Ausscheiden bis zur Beendigung des Arbeitsverhältnisses für frühere Mitglieder der Konzernleitung.

Genehmigte maximale Gesamtvergütung und gewährte Beträge für 2024¹
in CHF Millionen

¹ Die LTIP-Beträge berücksichtigen weder die Aktionärsrenditen, einschliesslich der dividendenäquivalenten Aktien vom Tag der Zielzuteilung bis zum Tag der definitiven Zuteilung, noch die Auswirkungen der Aktien- und Wechselkursschwankungen. Zudem zahlt Zurich die gesetzlich vorgeschriebenen Arbeitgeberbeiträge an Sozialversicherungssysteme, die im Jahr 2024 CHF 2,62 Mio. betrugen.

Gemäss Art. 18 Abs. 4 der Statuten (www.zurich.com/de-de/investor-relations/our-shares/articles-of-association), ist Zurich berechtigt, zusätzliche Zahlungen an alle neuen Mitglieder zu leisten, die in einem Zeitraum zur Konzernleitung stossen, für den die Generalversammlung die Vergütung der Konzernleitung bereits genehmigt hat. Diese zusätzlichen Beträge können für den jeweiligen Zeitraum bzw. die jeweiligen Zeiträume bezahlt werden, falls der bereits genehmigte Gesamtbetrag solcher Vergütungen nicht ausreicht. Die Summe der zusätzlichen Beträge darf im Laufe einer Vergütungsperiode 30 Prozent der entsprechenden genehmigten maximalen Gesamtvergütung der Konzernleitung nicht übersteigen.

Unter Berücksichtigung der maximal möglichen definitiven LTIP-Zuteilung, die im Jahr 2027 zu bestimmen ist, liegt der für 2024 zugeteilte Betrag unter der maximalen Gesamtvergütung, die von den Aktionären an der ordentlichen Generalversammlung 2023 genehmigt wurde.

Einzelheiten, über die für 2026 vorgeschlagene maximale Gesamtvergütung für die Konzernleitung sind in der Einladung zur ordentlichen Generalversammlung 2025 zu finden (www.zurich.com/gv).

Bedingte Zuteilung von Aktien für die Konzernleitung

Per 31. Dezember 2024 betrug die Gesamtzahl der bedingt zugeteilten Aktien (PSUs und DEUs) im Rahmen des LTIP 116'868 (134'964 per 31. Dezember 2023) und die Zahl der bedingt zugeteilten RSUs betrug 3'247 (2'165 per 31. Dezember 2023). RSUs werden in der Regel für Antrittsprämien genutzt, die näher auf Seite 99 beschrieben werden.

Im Rahmen der regulären jährlichen LTIP-Zielzuteilung werden die PSUs drei Jahre nach der Zuteilung zusammen mit allen DEUs, die während des Ausübungszeitraums aufgelaufen sind, definitiv zugeteilt. Bei Zuteilungen an Konzernleitungsmitglieder unterliegt die Hälfte der daraus resultierenden definitiv zugeteilten Aktien einer weiteren dreijährigen Veräusserungsbeschränkung. Die tatsächliche Höhe der definitiven Zuteilung wird in Übereinstimmung mit den im Vergütungsbericht für das Zuteilungsjahr dargelegten Vergütungsleitsätzen und Zuteilungskriterien festgelegt.

Eine Zusammenfassung der bedingten Aktienzuteilungen an Konzernleitungsmitglieder, die per 31. Dezember 2024 erfolgten, ist folgender Tabelle zu entnehmen:

Übersicht über bedingt zugeteilte Aktien für die Konzernleitung per 31. Dezember¹

Jahr der Zielzuteilung		Jahr der definitiven Zuteilung
		2025	2026	2027	Gesamt
Zielzugeteilte Aktien gemäss LTIP²	2022	37'761	-	-	37'761
	2023	-	39'631	-	39'631
	2024	-	-	39'476	39'476
RSUs³	2020	-	1'766	-	1'766
	2021	-	-	-	-
	2022	-	-	-	-
	2023	-	-	-	-
	2024	524	957	-	1'481

¹ DEUs werden während des Ausübungszeitraums gutgeschrieben und in diese Beträge einbezogen, soweit sie bereits aufgelaufen sind. Auf die DEUs fallen keine weiteren dividendenäquivalenten Aktien an.

² Am Datum der definitiven Zuteilung wird die ursprüngliche Anzahl der PSUs gemeinsam mit den DEUs anhand der erzielten Leistungen in Relation zum vordefinierten Zuteilungsraster für die definitive Zuteilung bewertet.

³ Für die definitive Zuteilung gelten keine leistungsorientierten Konditionen.

Geprüft

Aktienbesitz der Mitglieder der Konzernleitung

Der Aktienbesitz der Mitglieder der Konzernleitung, die im Jahr 2024 im Amt waren, ist für die vergangenen zwei Jahre in der folgenden Tabelle ausgewiesen. Der ausgewiesene Bestand umfasst die Zahlen definitiv zugeteilter Aktien mit und ohne Veräusserungsbeschränkung, erworben im Rahmen des LTIP, am Markt erworbene Aktien sowie Aktien, die von Personen gehalten werden, die Mitgliedern der Konzernleitung nahestehen. In der Tabelle nicht berücksichtigt sind jedoch die potentiellen Aktien der Mitglieder der Konzernleitung, die momentan bedingt zugeteilt sind.

Aktienbesitz der Konzernleitungsmitglieder¹

Anzahl der Aktien, per 31. Dezember	Aktien
	2024	2023
M. Greco, Group CEO	111'436	110'898
E. Chan, Group Chief Information and Digital Officer	7'691	3'868
C. Cordioli, Group Chief Financial Officer²	1'870	n.a.
P. Giger, Group Chief Risk Officer	11'616	9'808
J. Howell, früherer CEO Zurich Global Ventures³	n.a.	13'029
A. Martin, CEO EMEA und Bank Distribution	24'422	20'939
L. Maurice, CEO Latin America	3'767	1'877
C. Morton, CEO Zurich Global Ventures³	1'280	n.a.
T. Naidu, CEO Asia Pacific	4'577	4'346
G. Quinn, früherer Group Chief Financial Officer²	n.a.	70'597
S. Signorelli, CEO Commercial Insurance	7'655	9'793
K. Terryn, CEO North America	16'765	19'731
S. van Vliet, Group Chief Investment Officer	365	161
R. Vargas, CEO der Farmers Group, Inc.	10'328	9'434
Gesamt	201'772	274'481

¹ Kein Mitglied der Konzernleitung hielt per 31. Dezember 2024 bzw. 2023 allein oder gemeinsam mit ihm nahestehenden Personen mehr als 0,5% der Stimmrechte.

² Claudia Cordioli wurde mit Wirkung zum 1. März 2024 von ausserhalb des Unternehmens zum Group Chief Financial Officer ernannt und tritt die Nachfolge von George Quinn an, der mit Wirkung zum 29. Februar 2024 aus der Konzernleitung ausgeschieden ist.

³ Jack Howell trat am 31. Januar 2024 aus der Konzernleitung zurück und wurde von Cara Morton abgelöst, die zum 1. Februar 2024 durch interne Beförderung zur CEO von Zurich Global Ventures ernannt wurde.

Trading-Pläne

Die Mitglieder der Konzernleitung können Aktien im Rahmen von vordefinierten Trading-Plänen verkaufen, die zuvor vom Verwaltungsratspräsidenten genehmigt werden müssen. Die Bedingungen der Transaktionen im Rahmen der Trading-Pläne müssen vorab festgelegt werden und können danach nicht mehr geändert werden. Trading-Pläne werden entsprechend der Richtlinie betreffend die Offenlegung von Managementtransaktionen ordnungsgemäss der SIX Swiss Exchange gemeldet. Per 31. Dezember 2024 bestanden keine Trading-Pläne. Zudem wurden 2024 oder 2023 keine Trading-Pläne eingerichtet.

Alle Mitarbeitenden

Vergütung aller Mitarbeitenden

Bitte entnehmen Sie die Informationen zu den Kernelementen der Vergütung und zum Ansatz betreffend Vergleichsstudien für alle Mitarbeitenden dem Abschnitt «Vergütungsstruktur» auf den Seiten 82 bis 85. Vergleichsstudien werden vorwiegend auf lokaler Ebene durchgeführt und genehmigt. Die Gruppe beschäftigte per 31. Dezember 2024 62'393 und per 31. Dezember 2023 59'593 Mitarbeitende (Vollzeitäquivalente).

Der folgende Abschnitt zeigt die Gesamtvergütung der Mitarbeitenden der gesamten Gruppe (einschliesslich der Konzernleitung) für 2024 und 2023. Der Betrag der kurzfristigen Incentives umfasst unter anderem die Zuteilungen über alle Pools hinweg im Rahmen des STIP der Gruppe. Die gegenüber den vordefinierten Kennzahlen für die STIP-Pools erzielten Leistungen führten zu einem Finanzierungsniveau von insgesamt 121 Prozent des Zielbetrags der gesamten Gruppe für 2024 (114 Prozent für 2023). Der Wert der langfristigen Incentives umfasst die im Jahr 2024 im Rahmen des LTIP zielzugeteilten Aktien, die für die definitive Zuteilung im Jahr 2027 beurteilt werden, und andere aufgeschobene Vergütungen, die im Jahresverlauf zugeteilt wurden.

Gesamtvergütung aller Mitarbeitenden

in CHF Mio. für die per 31. Dezember abgeschlossenen Geschäftsjahre		2024	2023
Fixe Vergütung	Grundgehälter, Pensionsanwartschaften und andere Vergütungen¹	5'455	5'460
Variable Vergütung	Kurzfristige Incentives²	763	675
	Langfristige Incentives³	171	167
Gesamtvergütung		6'389	6'302

¹ Service Costs für Pensionsanwartschaften repräsentieren den Barwert der Anwartschaften auf Pensions- und Altersleistungen im Leistungsprimat zuzüglich der Arbeitgeberbeiträge zu den Beitragsprimatplänen, die sich aus erworbenen Dienstjahren in der Rechnungsperiode ergeben. Der in dieser Tabelle für Leistungsprimatpläne gezeigte Betrag wird anhand versicherungsmathematischer Faktoren berechnet und kann von Jahr zu Jahr aufgrund von Veränderungen der wirtschaftlichen Bedingungen schwanken. Diese Zahlen sind detaillierter in Erläuterung 19 der konsolidierten Jahresrechnung erklärt. Sonstige Vergütungen umfassen Beträge für Mitarbeitervergünstigungen und andere im Rahmen von Arbeitsverträgen zu leistende Zahlungen.

² Umfasst die leistungsorientierten Barvergütungen für das Jahr, einschliesslich der Beträge aus dem STIP der Gruppe und anderen lokalen kurzfristigen Incentive-Plänen, die der Genehmigung durch die zuständigen lokalen Verwaltungsräte unterliegen können. Zahlungen wie Antrittszahlungen und Abgangsentschädigungen in bar sind ebenfalls enthalten.

³ Umfasst aufgeschobene aktien- und bargeldbasierte Zuteilungen, die im Berichtsjahr gewährt wurden, sowie in Aktien entrichtete Antrittszahlungen und weitere aktienbasierte Vergütungen. Darin enthalten sind die im Rahmen des LTIP-Plans der Gruppe zugeteilten PSUs, deren definitive Zuteilung im Jahr 2027 beurteilt wird. Von diesem Betrag wurden CHF 170,5 Mio. in Aktien zugewiesen und CHF 0,4 Mio. als bargeldbasierte Zuteilung vorgenommen. Der Wert der aktienbasierten langfristigen Incentives berücksichtigt den Aktienkurs, der zur Bestimmung der Anzahl der zugeteilten Share Units verwendet wurde.

Wert der ausstehenden aufgeschobenen Vergütungen

Das Vergütungssystem der Gruppe enthält Instrumente für das Aufschieben von Vergütungen. Die nachstehende Tabelle gibt einen Überblick über den Gesamtwert der ausstehenden aufgeschobenen Vergütungen per 31. Dezember 2024 und 2023.

Wert der ausstehenden aufgeschobenen Vergütungen aller Mitarbeitenden

In CHF Mio. für die per 31. Dezember abgeschlossenen Geschäftsjahre	2024	2023
Aufgeschobene Barvergütung¹	7	3
Zielzugeteilte Aktien gemäss LTIP²	464	470
Bedingt zugeteilte RSUs²	40	21
Definitiv zugeteilte, aber veräusserungsbeschränkte Aktien	79	177
Gesamtwert der ausstehenden aufgeschobenen Vergütungen	590	671

¹ Ausstehende aufgeschobene Barvergütung im Rahmen lokaler langfristiger Incentives, oder zur Erfüllung lokaler Aufschubanforderungen für kurzfristige Incentives für ausgewählte Positionen in bestimmten Rechtsordnungen, werden zu den entsprechenden Wechselkursen per Jahresende bewertet.

² Die aufgeschobene und bedingt zugeteilte Vergütung wird zum Aktienkurs per Jahresende des relevanten Jahres bewertet. DEUs werden während des Ausübungszeitraums gutgeschrieben und in diese Beträge einbezogen, soweit sie bereits angefallen sind. Auf die DEUs fallen keine weiteren dividendenäquivalenten Anteile an.

Aktienverwässerung

Zurich hat in den Jahren 2024 und 2023 keine neuen Aktien ausgegeben.

Aktienverwässerung per 31. Dezember

		2024	2023
Aktienverwässerung	Im Laufe des Jahres ausgegebene Aktien¹	-	-
	Kapitalherabsetzung unter dem Kapitalband	-	(4'104'413)
	Namenaktien per 31. Dezember	146'355'754	146'355'754
LTIP	Gesamtzahl der zielzugeteilten Aktien²	1'275'026	1'249'450
	- als Prozentsatz der Namenaktien	0,87%	0,85%

¹ In den Jahren 2024 und 2023 wurden die aktienbasierten Vergütungen durch eigene, am Markt zurückgekaufte Aktien finanziert.

² Bei einer definitiven Zuteilung in der Höhe von 167% des Zielbetrags für die im Jahr 2025 definitiv zugeteilten Aktien und einer angenommenen definitiven Zuteilung von 100% in den Jahren 2026 und 2027. Für 2023 stellt der Betrag eine definitive Zuteilung von 150% im Jahr 2024 und eine angenommene definitive Zuteilung von 100% in den Jahren 2025 und 2026 dar.

Gesamtbetrag variable Vergütungen

Der Gesamtbetrag der variablen Vergütung für die 58'798 Mitarbeitenden der Gruppe im Jahr 2024 belief sich auf CHF 934 Millionen (2023: CHF 842 Millionen für 56'228 Mitarbeitende) und setzte sich aus den folgenden Bestandteilen zusammen:

―	Dem Gesamtaufwand der leistungsorientierten Barleistungen für das Bemessungsjahr 2024, was dem Gesamtbetrag sämtlicher Finanzierungspools für den STIP der Gruppe sowie den lokalen kurzfristigen Incentive-Plänen entspricht.
―	Dem Wert der 2024 erfolgten Aktienzuteilungen und anderer aufgeschobener Vergütungskomponenten, darunter die im Rahmen des LTIP zugeteilten Performance Share Units (PSUs).
―	Dem Gesamtbetrag der in 2024 zugesagten Antrittszahlungen für Mitarbeitende, die ihre Beschäftigung im Unternehmen im Jahr 2024 aufnahmen, unabhängig davon, wann die Zahlungen fällig sind.
―	Dem Gesamtbetrag der in 2024 zugesagten Abgangsentschädigungen, unabhängig davon, wann die Zahlungen fällig sind.

Provisionszahlungen an angestellte Versicherungsagenten sind nicht im Gesamtbetrag der variablen Vergütungen enthalten. Die Pläne für Provisionszahlungen der angestellten Versicherungsagenten gelten nicht als Teil der rentabilitätsbasierten Incentive-Pläne. Die Vertriebsprovisionen gelten, ähnlich wie die an Broker oder andere externe Vertriebspartner gezahlten Provisionen als Vertriebsaufwand. Die angestellten Versicherungsagenten schaffen keine Finanzrisiken, da sie nicht an der Festlegung der Preisniveaus der von ihnen verkauften Produkte beteiligt sind. Mit Blick auf operative- und Reputationsrisiken, besonders mit Blick auf mögliche Verkäufe unter Vorgabe falscher Tatsachen, unterliegt die Kontrolle dieser Risiken der gruppenweiten Einhaltung des Zurich Enterprise Risk Management Frameworks und des Verhaltenskodexes der Gruppe.

Bei der Festsetzung des Gesamtbetrags der zugeteilten oder bedingt zugeteilten variablen Vergütungen berücksichtigt der Verwaltungsrat den langfristigen wirtschaftlichen Erfolg der Gruppe und andere relevante Faktoren. Der durchschnittliche ökonomische Gewinn wird durch Abzug der erforderlichen Kapitalrendite, basierend auf den gewichteten Durchschnittskapitalkosten, vom bereinigten BOP (Betrag vor Zinsen und variabler Vergütung) nach Steuern berechnet. In dieser Hinsicht generiert die Gruppe nach wie vor langfristig ökonomischen Gewinn, der den Betrag der zugeteilten oder bedingt zugeteilten variablen Vergütung übersteigt.

Antrittszahlungen und Abgangsentschädigungen

Für Antrittszahlungen und Abgangsentschädigungen gelten die folgende Definition und die folgenden Grundsätze:

―

Antrittszahlungen sind Zahlungen, die bei der Ausfertigung eines Arbeitsvertrags vereinbart werden (ob sofort oder über eine bestimmte Zeitspanne entrichtet). Antrittszahlungen können Vergütungen beinhalten, die eine Person vor dem Eintritt ins Unternehmen und der Erbringung von Leistungen erhält (Vergütung im Voraus) oder Entschädigungen für entgangene Leistungen eines früheren Arbeitgebers (Antrittsprämien). An Mitglieder des Verwaltungsrats und der Konzernleitung werden keine Vergütungen im Voraus geleistet. Antrittsprämien für Mitglieder der Konzernleitung (Group CEO eingeschlossen) sind vom Verwaltungsrat auf Antrag des Vergütungsausschusses innerhalb der von der Generalversammlung und den Statuten festgelegten Grenzen zu bewilligen.

―

Abgangsentschädigungen werden im Zusammenhang mit der Beendigung eines Beschäftigungs-/Anstellungsverhältnisses geleistet. Zurich schliesst in den Begriff Abgangsentschädigungen keine bezahlten Freistellungen oder ähnliche Zahlungen für Mitarbeitende in Rechtssystemen ein, in denen solche Zahlungen laut geltendem Recht erforderlich sind oder in denen sie auf der Grundlage vertraglicher Kündigungsfristen geleistet werden, die gängiger Marktpraxis entsprechen, oder in denen sie zwar nicht auf der Grundlage eines Vertrags erfolgen, aber gängiger Marktpraxis entsprechen. Jedoch sind bezahlte Freistellungen oder ähnliche Zahlungen eingeschlossen, die über die gängige Marktpraxis hinausgehen, unabhängig davon, ob diese auf der Grundlage eines Vertrags oder aus Kulanz erfolgen. An Mitglieder des Verwaltungsrats und der Konzernleitung werden keine Abgangsentschädigungen gezahlt.

Grundsätzlich gewährt die Gruppe keine Antrittszahlungen und Abgangsentschädigungen. Wenn die Umstände im Interesse der Gruppe solche Zahlungen jedoch rechtfertigen, können sie unter Einhaltung eines klaren Governance-Prozesses genehmigt werden. Jede derartige Zahlung in Höhe von mindestens CHF 1 Million muss durch den Vorsitzenden des Vergütungsausschusses genehmigt werden, und zwar bevor das Beschäftigungsangebot ausgesprochen bzw. die Verpflichtung zur Zahlung einer Abgangsentschädigung eingegangen wird.

Antrittszahlungen und Abgangsentschädigungen an Key Risk Takers

Die nachfolgende Tabelle enthält an Key Risk Takers geleistete Antrittszahlungen und Abgangsentschädigungen.

Key Risk Takers sind die Inhaber der höchsten Führungspositionen bei Zurich sowie von Positionen mit einem erheblichen Einfluss auf das Risikoprofil von Zurich. Alle Positionen des Leadership Teams der Gruppe, einschliesslich der Konzernleitung, gelten als Key-Risk-Taker-Positionen. An Key Risk Takers, die Mitglieder der Konzernleitung sind, wurden keine Vergütungen im Voraus und/oder Abgangsentschädigungen geleistet. 2024 und 2023 für die Konzernleitung geleistete Antrittsprämien sind eingeschlossen, sofern solche Zahlungen geleistet wurden.

Antrittszahlungen und Abgangsentschädigungen für Key Risk Takers

in CHF Mio. für die per 31. Dezember abgeschlossenen Geschäftsjahre	2024		2023
	Betrag (in CHF Mio.)	Anzahl der Begünstigten	Betrag (in CHF Mio.)	Anzahl der Begünstigten
Antrittszahlungen	4,52	4	3,99	11
Abgangsentschädigungen	0,01	1	0,00	-

Auswirkungen der Vergütung aus früheren Jahren auf den Reingewinn 2024 und 2023

Die definitive Zuteilung im Rahmen des LTIP bestimmt die tatsächliche Anzahl der Aktien, die den Teilnehmenden für die ursprünglich zielzugeteilten Aktien gewährt werden. Wertdifferenzen zwischen dem in der Erfolgsrechnung für den LTIP ursprünglich als Aufwand verbuchten geschätzten Betrag und den tatsächlich definitiv zugeteilten Aktien werden gemäss den Rechnungslegungsgrundsätzen in der konsolidierten Erfolgsrechnung ausgewiesen. Für den 2022 Plan mit Aktien, die 2025 definitiv zugeteilt werden, ergibt sich keine Auswirkung auf die Erfolgsrechnung 2024, da die tatsächliche Entwicklung den ursprünglichen Schätzungen entspricht. Im Jahr 2023 wurde der Aufwand in der Erfolgsrechnung um USD 44 Millionen erhöht, um Anpassungen infolge der tatsächlichen Leistung für den Plan 2021 widerzuspiegeln.

Externe Mandate der Verwaltungsrats- und Konzernleitungsmitglieder

Gemäss Art. 734e des Schweizerischen Obligationenrechts und Art. 33 der Statuten (www.zurich.com/de-de/investor-relations/our-shares/articles-of-association) sind in der nachfolgenden Tabelle sämtliche Mitgliedschaften von Verwaltungsrats- und Konzernleitungsmitgliedern in vergleichbaren Funktionen in anderen Unternehmen mit einem wirtschaftlichen Zweck per 31. Dezember 2024 aufgeführt. Mandate in verschiedenen Rechtseinheiten desselben Konzerns und Mandate in mit dem Konzern eng verbundenen Rechtseinheiten gelten als ein Mandat (vgl. Art. 33 Abs. 3 der Statuten) und sind mit einem «^* » gekennzeichnet. Neue Mandate in 2024 im Vergleich zu 2023 sind mit «^** » gekennzeichnet.

Ausserdem enthält der Bericht über die Corporate Governance die Lebensläufe der Verwaltungsratsmitglieder (Seiten 46 bis 49) sowie der Konzernleitungsmitglieder (Seiten 62 bis 65). Diese Lebensläufe berücksichtigen die Richtlinie betreffend Informationen zur Corporate Governance der SIX Exchange Regulation und können weitere, in den nachfolgenden Tabellen nicht ausgewiesene Verpflichtungen enthalten.

Geprüft

Verwaltungsrat¹	Art. 33 Abs. 1 der Statuten
	Höchstens 8
	Mandate bei nicht börsenkotierten Unternehmen	Mandate bei börsenkotierten Unternehmen
	Höchstens 5-8 in Abhängigkeit der Anzahl Mandate bei börsenkotierten Unternehmen	Höchstens 3
Christoph Franz	- Mitglied des Beirats/Industriepartner, Rantum Equity Participation GmbH & Co. KG	- Mitglied des Verwaltungsrats und des Vergütungsausschusses, Chugai Pharmaceutical Co., Ltd.
	- Vizepräsident des Verwaltungsrats, Artemis Holding AG^**	- Mitglied des Verwaltungsrats, Vorsitzender des Nominierungs- und des Vergütungsausschusses, Stadler Rail AG
Joan Amble		- Mitglied des Verwaltungsrats und des Prüfungsausschusses von Booz Allen Hamilton Holding Corporation
		- Mitglied des Verwaltungsrats und des Prüfungsausschusses von Spire Global, Inc.
Michael Halbherr	- CEO, ABB e-mobility Holding AG
	- Vorsitzender des Aufsichtsrats, German Bionic Systems GmbH
Sabine Keller-Busse	- Vorsitzende der Geschäftsleitung, UBS Switzerland AG^*	- Mitglied der Konzernleitung, President Personal & Corporate Banking und President UBS Switzerland, UBS Group AG^*
Monica Mächler		- Mitglied des Verwaltungsrats, Vorsitzende des Audit and Risk Committees, Cembra Money Bank AG
Kishore Mahbubani	- Präsident des Verwaltungsrats, Aggregate Asset Management Pte Ltd.	- Mitglied des Verwaltungsrats, Vorsitzender des Nachhaltigkeitsausschusses, Wilmar International Limited
John Rafter
Jasmin Staiblin	- Vorsitzende des Aufsichtsrats, Vorsitzende des Personal- und des Mediationsausschusses, Rolls-Royce Solutions GmbH^*	- Mitglied des Verwaltungsrats und des Prüfungsausschusses, NXP Semiconductors N.V.
	- Mitglied des Aufsichtsrats, Vorsitzende des Prüfungs-, des Präsidial- und des Mediationsausschusses, Rolls-Royce Power Systems AG^*

Verwaltungsrat¹	Art. 33 Abs. 2 der Statuten
	Überdies gelten die nachfolgend aufgeführten separaten Mandatsbeschränkungen
	Mandate, die im Auftrag der Zurich Insurance Group AG oder einer Konzerngesellschaft in nicht zum Konzern gehörenden Rechtseinheiten ausgeübt werden	Mandate in Vereinen, Berufs- oder Wirtschaftsverbänden, Stiftungen, Vorsorgestiftungen, Bildungseinrichtungen und ähnlichen Organisationen	Mandate in Strukturen zur Verwaltung von persönlichen Vermögen oder Familienvermögen von Verwaltungsratsmitgliedern und/oder deren nahestehenden Personen
	Höchstens 5	Höchstens 5	Höchstens 5
Christoph Franz		- Mitglied des Stiftungsrats, Ernst Göhner Stiftung

Joan Amble			- Gründerin und Präsidentin, JCA consulting, LLC

Michael Halbherr			- Präsident des Verwaltungsrats, Bergfuchs AG

Sabine Keller-Busse		- Präsidentin des Stiftungsrats, Pensionskasse der UBS
Monica Mächler
Kishore Mahbubani
John Rafter			- Alleiniges Mitglied von East Columbia RE LLC^**
Jasmin Staiblin			- Mitglied des Verwaltungsrats und Geschäftsführerin, condir AG

¹ Per 31. Dezember 2024 hatten Michel M. Liès, Catherine Bessant, Peter Maurer und Barry Stowe keine Mandate inne, die unter die Offenlegungsvorschrift von Art. 734e des Schweizerischen Obligationenrechts fallen.

Geprüft

Konzernleitung¹	Art. 33 Abs. 1 der Statuten
	Höchstens 4
	Mandate bei nicht börsenkotierten Unternehmen	Mandate bei börsenkotierten Unternehmen
	Höchstens 3-4 in Abhängigkeit der Anzahl Mandate bei börsenkotierten Unternehmen	Höchstens 1
Tulsi Naidu		- Mitglied des Verwaltungsrats, Mitglied des Prüfungs-, Risiko- und Compliance-Ausschusses und des Nominierungs- und Vergütungsausschusses/Corporate-Social-Responsibility-Ausschusses, Wipro Limited
Kristof Terryn

Konzernleitung¹	Art. 33 Abs. 2 der Statuten
	Überdies gelten die nachfolgend aufgeführten separaten Mandatsbeschränkungen
	Mandate, die im Auftrag der Zurich Insurance Group AG oder einer Konzerngesellschaft in nicht zum Konzern gehörenden Rechtseinheiten ausgeübt werden	Mandate in Vereinen, Berufs- oder Wirtschaftsver bänden, Stiftungen, Vorsorgestiftungen, Bildungseinrichtungen und ähnlichen Organisationen	Mandate in Strukturen zur Verwaltung von persönlichen Vermögen oder Familienvermögen von Konzerleitungsmitgliedern und/oder deren nahestehenden Personen
	Höchstens 5	Höchstens 5	Höchstens 5
Tulsi Naidu
Kristof Terryn			- Geschäftsführer (Alleineigentümer), Terryn Investments B.V.

¹ Per 31. Dezember 2024 hatten Mario Greco, Ericson Chan, Claudia Cordioli, Peter Giger, Alison Martin, Laurence Maurice, Cara Morton, Sierra Signorelli, Stephan van Vliet und Raul Vargas keine Mandate inne, die unter die Offenlegungsvorschrift von Art. 734e des Schweizerischen Obligationenrechts fallen.

Ausblick

Der Vergütungsausschuss überprüft die Vergütungsstruktur, das System und die Praktiken der Gruppe jährlich, um sicherzustellen, dass sie die Umsetzung der Strategie der Gruppe unterstützen. Stakeholder-Feedback, Marktanforderungen sowie Risiko-, Rechts- und regulatorische Aspekte sind Teil des Überprüfungsprozesses.

Die folgende Tabelle gibt einen Überblick über die wichtigsten Themen, die im Jahr 2024 diskutiert wurden, sowie die vom Verwaltungsrat getroffenen Entscheidungen für Verbesserungen, die ab dem Jahr 2025 wirksam werden.

Diese Änderungen sollen sicherstellen, dass diese mit dem neuen Businessplan im Einklang stehen.

Thema	Details
Verwaltungsrat	Für 2025 werden keine Änderungen an den Honoraren für den Verwaltungsrat vorgeschlagen.
Group CEO	Das Grundgehalt des Group CEO wird mit Wirkung vom 1. April 2025 um 7% auf CHF 1,90 Millionen erhöht (2024: CHF 1,78 Millionen). Das Gehalt des Group CEO wurde seit April 2023 nicht mehr erhöht, was einer durchschnittlichen Erhöhung des Grundgehalts über die letzten zwei Jahre von 3,5 Prozent entspricht. Die jährlichen Zielwerte für den STIP und LTIP, in Prozenten des Grundgehalts, bleiben unverändert.
Konzernleitung	Für 2025 werden keine Änderungen an der Vergütungsstruktur der Konzernleitung vorgeschlagen, allerdings könnten bestimmte Vergütungskomponenten für gewisse Mitglieder angepasst werden. Die relevanten individuellen Leistungsziele für 2025 wurden festgelegt, um die Umsetzung der Strategie zu unterstützen und gleichzeitig Risiko- und Verhaltensaspekte zu berücksichtigen.
STIP 2025	Der Group BOP bleibt eine wichtige Kennzahl für Zurich und wird auch künftig als zentraler Faktor für die Finanzierung der STIP-Pools genutzt. Der Verwaltungsrat hat die folgenden Anpassungen für das Leistungsjahr 2025 genehmigt. Kennzahl zur Geschäftsperformance BOP-Ziele für die Schaden- und Unfallversicherung in den Ländern schliessen die Auswirkungen auf das Netto-Anlageergebnis nicht ein. Dadurch wird eine klare Pflichtentrennung zwischen dem Geschäft und dem Group Investment Management sichergestellt. Höhere Flexibilität bei der Bestimmung von individuellen Leistungsergebnissen Im Einklang mit unserem Streben nach einer kontinuierlichen Verbesserung führen wir ab dem Leistungsjahr 2025 bei der Bestimmung der individuellen Leistungsergebnisse eine grössere Flexibilität ein. Die individuellen Leistungsergebnisse können nun mit einer breiteren Spannbreite in den drei Leistungskategorien (teilweise erreicht, vollständig erreicht, übertroffen) bestimmt werden. Diese Anpassung soll die wertvollen Beiträge unserer Mitarbeitenden effektiver unterstützen und anerkennen.

Leistungskategorie	Teilweise erreicht	Vollständig erreicht	Übertroffen
2024 - Persönliche Leistung	0-75%	80-120%	125-185%
2025 - Persönliche Leistung	0-85%	70-130%	115-185%

Topic

LTIP 2025-2027

Details

Zur Ausrichtung auf den neuen Businessplan hat der Verwaltungsrat die folgenden Änderungen am LTIP der Gruppe genehmigt, die mit Beginn des Leistungszeitraumes 2025-2027 in Kraft treten:

Verbesserte finanzielle Leistungskennzahlen

Wir behalten die Gesamtgewichtung der finanziellen Leistungskennzahlen mit 60 Prozent bei und führen als neue Finanzkennzahl die durchschnittliche jährliche Wachstumsrate (CAGR) des bereinigten Gewinns je Aktie (Core EPS) mit einer Gewichtung von 20 Prozent ein. Diese neue Kennzahl konzentriert sich auf zentrale und wichtige Treiber der absoluten Aktienkursentwicklung und dient der Abstimmung mit den Interessen der Aktionäre. Um die Einbeziehung des CAGR Core EPS zu ermöglichen, reduzieren wir die Gewichtung des durchschnittlichen Core ROE und der kumulativen Mittelzuflüsse jeweils von 30 auf 20 Prozent. Mit dieser Anpassung soll die zentrale Kennzahl priorisiert werden, welche die Entwicklung des Aktienkurses antreibt, während wir unsere Ziele für die Kapitaleffizienz und die Liquiditätsumwandlung wahren.

Stärkere Betonung der absoluten Rendite für die Aktionäre

Die relative Gesamtrendite für die Aktionäre (rTSR) bleibt eine wichtige LTIP-Leistungskennzahl. Allerdings wird die Gewichtung von 30 auf 20 Prozent angepasst, um Raum zu schaffen für einen stärkeren Fokus auf die Erzielung der absoluten Gesamtrendite für die Aktionäre (d.h. Ertrags- und Dividendenwachstum) sowie die Abstimmung mit den Nachhaltigkeitszielen der Gruppe zu verbessern. Dies wird eine angemessene Balance der Finanzkennzahlen sicherstellen, die mit unseren neuen Zielen 2025-2027 abgestimmt sind.

Mit Blick auf die Leistungskennzahl der rTSR nimmt der Verwaltungsrat das Feedback der Aktionäre zum Schwellenwert für die definitive Zuteilung entgegen. Der Schwellenwert für die definitive Zuteilung reflektiert sowohl die Marktpraxis von Unternehmen des SMI, die eine rTSR-Kennzahl anwenden, als auch die Tatsache, dass das Zuteilungsniveau von Zurich für die maximale Höhe der definitiven Zuteilung anspruchsvoller ist als bei der Mehrheit von vergleichbaren TSR-Unternehmen. Der Verwaltungsrat ist daher der Ansicht, dass dieser Ansatz weiterhin angemessen ist und alle Merkmale der Messung des rTSR unverändert bleiben sollten.

Stärkerer Fokus auf Nachhaltigkeit

Wir erhöhen die Bedeutung der klimabezogenen Leistungskriterien von 10 auf 20 Prozent, wobei wir 10 Prozent Gewichtung für die neu hinzugefügte finanzierte Emissionsintensität und 10 Prozent für die bestehenden operativen CO₂ e-Emissionen zuweisen. Die finanzierte Emissionsintensität wird als metrische Tonnen CO₂ e-Emissionen pro investierter USD-Million des börsenkotierten Aktienkapitals und der Unternehmensanleihenbestände der Zurich Insurance Group definiert. Dieses Verhältnis wird durch die Dekarbonisierungsbemühungen des investierten Unternehmens, die Portfolioentscheidungen von Zurich sowie Veränderungen der Finanzmarktbedingungen beeinflusst. Darüber hinaus verfeinern wir den Ansatz für das operative CO₂ e-Emissionsziel. Die operativen CO₂ e-Emissionsziele des LTIP für die vorausgegangenen zwei Zyklen wurden ursprünglich ohne ausreichende Berücksichtigung des Geschäftswachstums ausgewiesen. Mit dem Abschluss zweier bedeutender Akquisitionen im Jahre 2024 passen wir dieses LTIP-Ziel an, um eine stärker normalisierte Position zu reflektieren, die uns erlaubt, Wachstumsaktivitäten zu absorbieren, und die neue Standards im Geschäftsverhalten widerspiegelt, die sich seit der Pandemie entwickelt haben. Daher drücken wir die Kennzahl der operativen CO₂ e-Emissionen als Tonne pro Vollzeitstelle (t/FTE) aus.

Diese Anpassung unterstreicht unseren Einsatz für die Nachhaltigkeit und unsere Rolle für die Förderung einer kohlenstoffarmen Wirtschaft. Das absolute Reduktionsziel der CO₂ e-Emissionen wird für die LTIPs 2023-2025 und 2024-2026 weiter gelten.

Die Leistungskriterien werden über einen dreijährigen Leistungszeitraum jeweils unabhängig voneinander bewertet.

Das LTIP-Zuteilungsraster für den Leistungszeitraum 2025-2027:

Leistungskriterien	Gewichtung	0% definitive Zuteilung	50% definitive Zuteilung	100% definitive Zuteilung	150% definitive Zuteilung	200% definitive Zuteilung
CAGR Core EPS (pro Jahr)	20%	<6%	6%	9%	9.5%	≥10%
Durchschnittlicher Core ROE¹ (pro Jahr)	20%	<15%	15%	23%	24.5%	≥25.5%
Kumulative Netto-Mittelzuflüsse (in USD)	20%	<15 Mrd.	15 Mrd.	19 Mrd.	20 Mrd.	≥21 Mrd.
Relative TSR-Position (Rang)	20%	18.-13.	12.-10.	9.-7.	6.-4.	3.-1.
Operative CO₂ e-Emissionen² (in metrischen Tonnen pro FTE)	10%,	>1.40	1.40	1.33³	1.26	≤1.20
Finanzierte Emissionen⁴ (Intensität pro Jahr)	10%,	>-50%	-50%	-53%⁵	-54%	≤-55%

¹ Der durchschnittliche Core ROE ist äquivalent mit dem durchschnittlichen BOPAT ROE.

² Basierend auf ca. 90% der operativen Emissionen gemäss Scope 1, 2 and 3 (Upstream); die verbleidenden Emissionen (Strom, Heizung, Abfall) werden aufgrund der Zeitverzögerung bei der Verfügbarkeit von Daten nicht berücksichtigt.

³ Die definitive Zuteilung von 100% ist eine lineare Projektion der Entwicklung des 70%-Reduktionsziels der operativen Gesamtemissionen für das Jahr 2029.

⁴ Das Ziel für das Jahr 2027 für börsenkotiertes Eigenkapital und Positionen in Unternehmensanleihen wird per Jahresende 2027 gegenüber dem Basisjahr 2019 gemessen. Reflektiert die Reduzierung der Emissionsintensität (Scope 1 und 2), definiert als Tonnen CO₂ -Äquivalent pro investierte USD 1 Million.

⁵ Die definitive Zuteilung von 100% ist eine lineare Projektion der Entwicklung des 55%-Reduktionsziels der finanzierten Emissionsintensität für das Jahr 2030.

Der Vergütungsausschuss wird den Dialog über die Themen Vergütung und Offenlegung mit Anlegern, Stimmrechtsberatern und anderen Anspruchsgruppen auch im Jahr 2025 weiter pflegen.

Ferner können die Aktionäre an der ordentlichen Generalversammlung 2025 im Rahmen einer Konsultativabstimmung ihre Ansichten zum Vergütungsbericht 2024 äussern. Zudem haben sie die Möglichkeit, im Rahmen der verbindlichen Abstimmungen die maximalen Gesamtvergütungen für den Verwaltungsrat für den einjährigen Zeitraum von der ordentlichen GV 2025 bis zur ordentlichen GV 2026 und für die Konzernleitung für das Geschäftsjahr 2026 zu genehmigen.

Weitere Informationen zu diesen Abstimmungen sind in der Einladung zur ordentlichen GV 2025 (www.zurich.com/gv) und in den jeweiligen Abschnitten dieses Berichts zu finden.

Bericht der Revisionsstelle

An die Generalversammlung der Zurich Insurance Group AG, Zurich

Zürich, 19. Februar 2025

Bericht der Revisionsstelle zur Prüfung des Vergütungsberichts

Prüfungsurteil

Wir haben den Vergütungsbericht der Zurich Insurance Group AG (die Gesellschaft) für das am 31. Dezember 2024 endende Jahr geprüft. Die Prüfung beschränkte sich auf die Angaben nach Art. 734a-734f OR in den als "geprüft" gekennzeichneten Tabellen des Vergütungsberichts.

Nach unserer Beurteilung entsprechen die Angaben nach Art. 734a-734f OR im beigefügten Vergütungsbericht dem schweizerischen Gesetz und den Statuten.

Grundlage für das Prüfungsurteil

Wir haben unsere Prüfung in Übereinstimmung mit dem schweizerischen Gesetz und den Schweizer Standards zur Abschlussprüfung (SA-CH) durchgeführt. Unsere Verantwortlichkeiten nach diesen Vorschriften und Standards sind im Abschnitt "Verantwortlichkeiten der Revisionsstelle für die Prüfung des Vergütungsberichts" unseres Berichts weitergehend beschrieben. Wir sind von der Gesellschaft unabhängig in Übereinstimmung mit den schweizerischen gesetzlichen Vorschriften und den Anforderungen des Berufsstands, und wir haben unsere sonstigen beruflichen Verhaltenspflichten in Übereinstimmung mit diesen Anforderungen erfüllt.

Wir sind der Auffassung, dass die von uns erlangten Prüfungsnachweise ausreichend und geeignet sind, um als eine Grundlage für unser Prüfungsurteil zu dienen.

Sonstige Informationen

Der Verwaltungsrat ist für die sonstigen Informationen verantwortlich. Die sonstigen Informationen umfassen die im Geschäftsbericht enthaltenen Informationen, aber nicht die mit "geprüft" gekennzeichneten Tabellen im Vergütungsbericht, die Konzernrechnung, die Jahresrechnung und unsere dazugehörigen Berichte.

Unser Prüfungsurteil zum Vergütungsbericht erstreckt sich nicht auf die sonstigen Informationen, und wir bringen keinerlei Form von Prüfungsschlussfolgerung hierzu zum Ausdruck.

Im Zusammenhang mit unserer Prüfung haben wir die Verantwortlichkeit, die sonstigen Informationen zu lesen und dabei zu würdigen, ob die sonstigen Informationen wesentliche Unstimmigkeiten zu den geprüften Finanzinformationen im Vergütungsbericht oder unseren bei der Prüfung erlangten Kenntnissen aufweisen oder anderweitig wesentlich falsch dargestellt erscheinen.

Falls wir auf Grundlage der von uns durchgeführten Arbeiten den Schluss ziehen, dass eine wesentliche falsche Darstellung dieser sonstigen Informationen vorliegt, sind wir verpflichtet, über diese Tatsache zu berichten. Wir haben in diesem Zusammenhang nichts zu berichten.

Verantwortlichkeiten des Verwaltungsrates für den Vergütungsbericht

Der Verwaltungsrat ist verantwortlich für die Aufstellung eines Vergütungsberichts in Übereinstimmung mit den gesetzlichen Vorschriften und den Statuten und für die internen Kontrollen, die der Verwaltungsrat als notwendig feststellt, um die Aufstellung eines Vergütungsberichts zu ermöglichen, der frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern ist. Zudem obliegt ihm die Verantwortung über die Ausgestaltung der Vergütungsgrundsätze und die Festlegung der einzelnen Vergütungen.

Verantwortlichkeiten der Revisionsstelle für die Prüfung des Vergütungsberichts

Unsere Ziele sind, hinreichende Sicherheit darüber zu erlangen, ob die im Vergütungsbericht enthaltenen Angaben gemäss Art. 734a-734f OR frei von wesentlichen falschen Darstellungen aufgrund von dolosen Handlungen oder Irrtümern sind, und einen Bericht abzugeben, der unser Prüfungsurteil beinhaltet. Hinreichende Sicherheit ist ein hohes Mass an Sicherheit, aber keine Garantie dafür, dass eine in Übereinstimmung mit dem schweizerischen Gesetz und den SA-CH durchgeführte Prüfung eine wesentliche falsche Darstellung, falls eine solche vorliegt, stets aufdeckt. Falsche Darstellungen können aus dolosen Handlungen oder Irrtümern resultieren und werden als wesentlich gewürdigt, wenn von ihnen einzeln oder insgesamt vernünftigerweise erwartet werden könnte, dass sie die auf der Grundlage dieses Vergütungsberichts getroffenen wirtschaftlichen Entscheidungen von Nutzern beeinflussen.

Als Teil einer Prüfung in Übereinstimmung mit dem schweizerischen Gesetz und den SA-CH üben wir während der gesamten Prüfung pflichtgemässes Ermessen aus und bewahren eine kritische Grundhaltung. Darüber hinaus:

―	identifizieren und beurteilen wir die Risiken wesentlicher falscher Darstellungen im Vergütungsbericht aufgrund von dolosen Handlungen oder Irrtümern, planen und führen Prüfungshandlungen als Reaktion auf diese Risiken durch sowie erlangen Prüfungsnachweise, die ausreichend und geeignet sind, um als Grundlage für unser Prüfungsurteil zu dienen. Das Risiko, dass aus dolosen Handlungen resultierende wesentliche falsche Darstellungen nicht aufgedeckt werden, ist höher als ein aus Irrtümern resultierendes, da dolose Handlungen kollusives Zusammenwirken, Fälschungen, beabsichtigte Unvollständigkeiten, irreführende Darstellungen oder das Ausserkraftsetzen interner Kontrollen beinhalten können.
―	gewinnen wir ein Verständnis von dem für die Prüfung relevanten Internen Kontrollsystem, um Prüfungshandlungen zu planen, die unter den gegebenen Umständen angemessen sind, jedoch nicht mit dem Ziel, ein Prüfungsurteil zur Wirksamkeit des Internen Kontrollsystems der Gesellschaft abzugeben.
―	beurteilen wir die Angemessenheit der angewandten Rechnungslegungsmethoden sowie die Vertretbarkeit der dargestellten geschätzten Werte in der Rechnungslegung und damit zusammenhängenden Angaben.

Wir kommunizieren mit dem Verwaltungsrat bzw. dessen zuständigem Ausschuss unter anderem über den geplanten Umfang und die geplante zeitliche Einteilung der Prüfung sowie über bedeutsame Prüfungsfeststellungen, einschliesslich etwaiger bedeutsamer Mängel im Internen Kontrollsystem, die wir während unserer Prüfung identifizieren.

Wir geben dem Verwaltungsrat bzw. dessen zuständigem Ausschuss auch eine Erklärung ab, dass wir die relevanten beruflichen Verhaltensanforderungen zur Unabhängigkeit eingehalten haben, und kommunizieren mit ihnen über alle Beziehungen und sonstigen Sachverhalte, von denen vernünftigerweise angenommen werden kann, dass sie sich auf unsere Unabhängigkeit auswirken, und - sofern zutreffend - über Massnahmen zur Beseitigung von Gefährdungen oder getroffene Schutzmassnahmen.

Ernst & Young AG

Isabelle Santenac, Zugelassene Revisionsexpertin, Leitende Revisorin

Yana Töngi, Zugelassene Revisionsexpertin

Sustainability report

Sustainability is everyone's business. At Zurich, we continue to integrate sustainability into what we do.

Executive message on sustainability

Sustainability is everyone's business

Sustainability matters to us at Zurich not least because the effects of climate change are all around us. Forthat reason, 2024 proved a seminal year with the publication of our first Climate Transition Plan. The Plan outlines how we intend to achieve our ambition, announced in 2019, to become a net-zero business by 2050. In that sense, it reflects both change and continuity, and a stage on our net-zero journey.

Furthermore, climate change mitigation and adaptation remain the most significant sustainability topics for our business. We use our expertise to help companies, cities and communities better understand, prevent and reduce risks before they materialize, while also supporting them to build back better after loss and damage. In 2024, we further integrated resilience insights into our insurance business and continued to grow Zurich Resilience Solutions (ZRS), our specialized risk advisory business.

"Climate change mitigation and adaptation remain the most significant sustainability topics for our business."

Mario Greco

Group Chief Executive Officer

We gained further insights from conducting our first double materiality assessment based on the Corporate Sustainability Reporting Directive. When it comes to prioritizing and shaping strategy, it's vital to understand not only how our activities impact people and the environment but also how sustainability issues affect our business and performance.

Across our three focus areas - Planet, Customers and People - we tracked further progress in 2024. For example, we exceeded our 2025¹ emission reduction targets for listed equity and corporate bonds, not to mention real estate which has already reached its target one year ahead of target year. What's more, we expanded our financed emissions measurement for our proprietary investments adding sovereign bonds to the portfolio coverage.

Insurance can play a key role in supporting sustainable development. Forthat, our sustainable solutions need to deliver impact. We are working toward developing a portfolio of solutions that help lower carbon emissions and close protection gaps. In doing so, we expand the reach of the insurance safety net, and enhance the resilience of customers and communities to the financial impacts arising from unexpected events. Notably, in 2024, revenue from sustainable solutions increased by 25 percent.

While the long-term environmental and social impacts of artificial intelligence (AI) are still unknown, the insurance industry, like others, needs to balance the risks and opportunities in the design, development and deployment of these technologies. We therefore updated our data commitment to address the responsible use of AI this year.

None of the above would be possible without the right capabilities and culture. We need the best people in the market equipped with the right skills. Expanding sustainability expertise across the Group is a priority as is the focus on long-term employability. We have already taken important decisions in this area and will drive our efforts forward. People sustainability is an enabler for our business success. Attracting, developing and retaining talent in our core business will become even more important in the future.

Sustainability is everyone's business. At Zurich, we continue to integrate sustainability into what we do.

Mario Greco

Group Chief Executive Officer

Sustainability performance highlights 2024

Planet

-54%

Target achieved

Reduced intensity in financed corporate CO₂ e emissions

2023: -43%

Target 2025:¹ -25%

-30%²

Target achieved one year early

Reduced intensity in financed real estate CO₂ e emissions

2022: -25%

Target 2025:¹ -30%

65%

Target achieved

Engage with companies that produce 65 percent of financed emissions that have not set science-based targets

2023: 60%

Target 2025:¹ 65%

New target set

Reduction of insurance-associated emissions intensity³

Target by 2030:⁴ -20%

-69%

Reduction in CO₂ e emissions from our own operations⁵

2023: -67%

Target by 2025:⁴ -60%

Customers

USD 1.7bn

Sustainable revenues

2023: USD 1.4bn

Target by 2025:⁴ Annual increase

3.7 point

Increase in our Global TNPS

2023:4.3 point

79.4%

Customer retention Retail

2023: 81.6%

90.6%

Customer retention CLP

2023: 93.5%

88.2%

Premium retention CI

2023: 88.6%

People and suppliers

72.8%

Internal hires

2023: 73.4%

Target by 2025:⁴ Annual increase

57.5%

Female share of promotions

2023: 50%

32.1%

Female share in senior management

2023: 30.3%

50%

Female share on the Executive Committee

2023: 33.3%

59.4%

Our managed procurement spend (MPS)⁶ with suppliers who have set science-based targets⁷

2023: 52.1%

Target by 2025:⁴ 75%

Leader status

Supply Chain Engagement Leader status by CDP for the second year running

2023: Leader status

¹ Target 2025 is always defined as using year-end 2024.

² Real estate emissions are only available with a four-quarter lag. Emissions in 2024 will be reported in the 2025 sustainability report.

³ In our large corporate customer portfolio (base year 2022). Determined by scope 1 and 2 for our customers' emissions using the PC AFI AE methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

⁴ Target by 2025 is always defined as using year-end 2025. Target by 2030 is always defined as using year-end 2030.

⁵ Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Orion, third party vendors as well as our new acquisitions Zurich Kotak and Travel Guard are excluded since they were not reflected in the CO₂ e emissions baseline in 2019.

⁶ MPS means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations. According to the 2023 baseline of managed procurement spend, excluding suppliers no longer active in the year of reporting.

⁷ We consider a supplier to have science-based targets when their emission reduction targets are approved by the SBTi, a similar scientifically accredited body or otherwise require a reduction of at least 42 percent in scope 1 and 2 emissions.

Planet

35%

Ambition achieved one year early

Green certified buildings in total real estate

2023: 23%

Target by 2025:¹ 30%

New 2030 interim targets

Financed emission targets set for listed equity & corporate bonds and real estate

USD 10.4bn

Climate solutions investments

2023: USD 9.3bn

Target 2025:² annual increase

3.9m

Avoided metric tons of CO₂ e emissions per year through impact investments

2023:4.5m

Ambition per year: 5.00m

5.3m

People benefited by positive contribution to their lives and livelihoods

2023:4.6m

Ambition per year: 5.00m

New target set

By 2030 engage with 450 of our large insurance customers who contribute most heavily to our portfolio emissions

5.3%

Target achieved one year early

Share of total invested assets in impact investments

2023:4.6%

Target by 2025:² 5%

Impact investment awards winner

(Re-) Insurer of the year by Environmental finance

Responsible investor of the year -(Re-) Insurer by Insurance Asset Risk

Customers

USD 644.2m

Revenues from energy efficiency and low-carbon technologies

2023: USD 424m

1.7 point

Increase in our claims TNPS

2023:1.2 point

99.8%

Information Security Awareness training completion rate

2023:99.6%

People

1% point

Engagement compared to high performing companies

2023: 2% points

18.9 hours

Average learning hours per employee

2023: 20.2 hours

USD 644

Average learning spend per employee

2023: USD 644

12.9%

Employee turnover

2023:14.3%

99.99%

Code of Conduct completion rate

2023:99.99%

Suppliers

73%

Our MPS³ with suppliers that meet or exceed the key expectations of our SCOC⁴

2023:72.2%

51.9%

Our MPS³ with suppliers who have set net-zero targets⁵

2023:49.4%

Target by 2025:¹ 75%

¹ Target by 2025 is always defined as using year-end 2025. Target by 2030 is always defined as using year-end 2030.

² Target 2025 is always defined as using year-end 2024.

³ MPS means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations. According to the 2023 baseline of managed procurement spend, excluding suppliers no longer active in the year of reporting.

⁴ Our SCOC is available on our website: www.zurich.com/en/sustainability/governance-and-policies/-/media/project/zurich/dotcom/sustainability/docs/sustainable-sou rcing-supplier-code-of-conduct-2021.pdf? v=4

⁵ We consider a supplier to have net-zero targets when their net-zero target is approved by the SBTi,a similar scientifically accredited body or otherwise has a public target to neutralize any residual scope 1 and 2 emissions.

All amounts are shown in U.S. dollars and rounded to the nearest million unless otherwise stated, with the consequence that the rounded amounts may not always add up to the rounded total. Other numbers, e.g., full time equivalent employees are shown with absolute values. All ratios are calculated using the underlying amounts rather than the rounded amounts.

1. Introduction and strategy

Sustainability is a long-term endeavor.

s an insurer, we¹ believe our relationship with our customers, the planet and its people are key to future success in sustainability. We have continued to increase our focus on sustainability through the release of our first climate transition plan that outlines how we are going to execute on our ambition to become net-zero by 2050 across our insurance business, investments and operations, and contribute to the wider society in our role as an insurer. We have conducted our double materiality assessment in line with the Corporate Sustainability Reporting Directive (CSRD).

We have published our climate transition plan, further pursuing tangible change in our organization to meet our targets. Measuring and transparently reporting on our progress against this | plan demonstrates our continued commitment to ' positive action and change, supporting a brighter long-term future for all stakeholders.

Linda Freiner

Group Chief Sustainability Officer (Group CSO)

Our journey on sustainability reporting has developed from our determination to provide clear, comprehensive and high-quality information on our performance against key sustainability indicators,² coupled with increased focus from governments and stakeholders, as well as the progression of standards and frameworks on what and how to report on sustainability.

We have moved from first-time reporting to enhanced coverage of the requirements from the Sustainability Accounting Standards Board (SASB), World Economic Forum's International Business Council (WEF IBC) and the Task Force on Climate-related Financial Disclosures (TCFD) frameworks. We incorporated the requirements of the Swiss Code of Obligations on non-financial reporting, obtained reasonable assurance on environmental key performance indicators (KPIs) and, in early 2024, we received the advisory vote from our shareholders on the sustainability report 2023 at our annual general meeting. In addition, this sustainability report includes enhancements such as our first climate transition p|an in line with the requirements from the Swiss Ordinance on Climate Disclosures, as well as an increase in scope for assurance (please see appendix 6.7 for further details).

Figure 1

Our sustainability reporting journey

	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Progress of our sustainability report (part of the nnual Report)	- SASB & WEF: first time partial reporting.	- SASB & WEF & TCFD: enhancement across frameworks.	- Compliance with new requirements under the Swiss CO on non-financial reporting.	- Compliance with the Swiss Ordinance on Climate Disclosures including transition plan and TCFD (already reported).	- For SR 2025 we are assessing the inclusion of CSRD³ for the entire Group, in addition to Swiss Ordinance on Climate Disclosures.
	- TCFD: first performance of climate risk scenario assessment.	- Expansion of climate risk scenario	- SR advisory vote at the A GM 2024.
	- Reporting on Zurich's sustainability pillars.	assessment and disclosure of additional asset classes.
	- New KPIs developed and measured: e.g., sustainable revenues.	- Additional KPIs mainly capturing Investment management, claims, digital trainings, procurement.
	- Limited assurance received on most material KPIs.	- Reasonable assurance received on environmental KPIs.
Relevant regulatory developments	- FIN MA disclosure requirements on climate risk apply.	- FINMA guidance on climate risk disclosures applies.	- New requirements under the Swiss CO on non-financial reporting apply.	- TCFD and transition plan - mandatory under the Swiss Ordinance on Climate Disclosures.

SR: Sustainability Report

SASB: Sustainability Accounting Standards Board -standard for the insurance industry

WEF: 21 core metrics World Economic Forum - Stakeholder Capitalism Metrics

Swiss CO: Swiss Code of Obligations

TCFD: Task Force on Climate-related Financial Disclosures

AGM: Annual General Meeting

³ CSRD is a regulatory framework within the European Union aimed at enhancing and standardizing sustainability reporting.

We continue to see a challenge in the interoperability between different standards in various jurisdictions, and divergence in decisions from governments on which standard they adopt, or the basis for the creation of their own legal requirements. As reporting requirements increase, companies are having to further invest in the resources and skill sets, whilst balancing this with a need to maintain and increase concrete actions toward sustainability. Reporting can be a valuable catalyst for change, but only when integrated into actionable decisions will it pave the way for a sustainable future, where transparency fuels progress and tangible results become evident. In all this, we continue to be guided by our Sustainability Framework¹ focusing on our customers, our planet and its people as the cornerstones to build a resilient organization that responds to the needs of our time and those arising in the future.

¹ www.zurich.com/sustainability/strategy-and-reporting/strategy

Basis for presentation

This sustainability report is based on emerging regulations and legal requirements (Swiss Code of Obligations and Swiss Ordinance on Climate Disclosures), with adherence to the SASB standard, reporting frameworks (TCFD and WEF IBC), and good practices, providing insights into the most material topics for our business and stakeholders. It adheres to the 'disclose or explain' approach, presenting all significant indicators directly in the sustainability report, labeled by the corresponding sustainability focus areas and reporting standard.

We cover data from January 1 to December 31, 2024, unless stated otherwise, with some data collected and reported earlier in the year. Where data is extrapolated to produce an annualized view (based on our methodology), this is indicated by footnotes in the respective tables. We provide detailed index tables² related to SASB and WEF IBC on our website, alongside references to the Global Reporting Initiative (GRI), and our position with reference to Bloomberg's Gender Equality Index.

Indicators discussed in this sustainability report are labeled to identify the sustainability impact area framework or standard, to which the reporting is linked. Please note that indicators might impact several areas across environment, social and governance. In this case, we highlight the most relevant impact area or areas as in some cases more than one of the impact arareas will have the same level of importance and relevance.

² www.zurich.com/sustainability/strategy-and-reporting/reporting/sustainability-report

Legend of icons used

Selected 2024 sustainability highlights

We highlight some of the sustainability actions and outcomes that we have accomplished in 2024.

Turning to algae to achieve net-zero

Zurich has signed a pre-payment contract with a company in Wales which grows microalgae to remove carbon dioxide from the atmosphere.

Nellie, which is based in Aberystwyth, grows the algae in a specially designed photobioreactor. It is then dried and turned into biochar, a very stable form of carbon which can be stored in the soil for hundreds and even thousands of years.

This is one of several agreements that Zurich has with early stage, but highly promising, carbon-removal suppliers as part of its strategy to balance out its unavoidable remaining emissions once it has reduced its emissions as much as possible.

Over a year, Nellie's bioreactor array can produce around 64 tons of dried algae which has so far removed 115 tons of carbon dioxide from the atmosphere. The company ends up with about 40 tons of biochar which is sold to local farmers as a fertilizer and soil additive. The system is modular, scalable and can be deployed elsewhere.

Zurich's pre-payments against future carbon removal certificates that Nellie aims to produce, will help fund the scale-up of the business and support Nellie to progress toward their goal of removing up to 100,000 tons of carbon dioxide from the atmosphere each year by 2030. Further payments will be made as the company meets certain milestones.

Zurich aims for net-zero in its own operations by 2030. That will only be achieved after reducing emissions by 70 percent, compared to 2019 levels, and then by purchasing carbon removal certificates in the amount equivalent to our remaining emissions.

Transforming lives and supply chain

Zurich Brazil accelerated the transformation of its supply chain in 2024 through the Transformar Program. This program aims to:

―	Increase the inclusion of social and diverse resources within supplier contracts.
―	Empower and recognize good ESG practices in suppliers.

In January 2024, for example, Zurich Brazil initiated a new contract with the supplier Sodexo. Sodexo prioritizes diversity, equity and inclusion for its employees and one of its facilities management teams is composed entirely of individuals in socially vulnerable situations, including women who have experienced domestic violence, and refugees.

To help develop their self-esteem and skills, Zurich Brazil conducted several workshops with Sodexo in September and October 2024, covering topics such as selfawareness, personal image/style consulting, self-makeup, and financial education.

In terms of empowering and recognizing suppliers for good ESG practices, Zurich Brazil also conducted workshops focused on developing governance in sustainability and information security. About 100 companies participated in these workshops.

Helping suppliers transition to net-zero

In 2024, Zurich supplier DelphianLogic - an award-winning provider of custom learning solutions - used our tools and resources to measure its carbon dioxide emissions for the first time and set science-based emission reduction targets, approved by the Science Based Targets initiative.

Zurich provides climate training materials and teamed up with carbon accounting firm Normative to offer free access to the Business Carbon Calculator so that suppliers can calculate their carbon footprint.

This engagement reflects Zurich's ambition to become a net-zero emissions business and to cascade climate action across the supply chain.

"The first step to reducing emissions is calculating them," said DelphianLogic CEO and co-founder, Saurabh Ganguli. "By providing access to the Business Carbon Calculator, Zurich has not only empowered us to advance our sustainable business practices but has also reinforced our resolve to make a meaningful impact on the environment.''

Zurich targets for 75 percent of its managed procurement spend¹ to be with suppliers that have science-based emission reduction targets by 2025 and net-zero targets by 2030.

Aribau 195 Real Estate Project

The Aribau 195 project is a significant refurbishment initiative aimed at transforming an office building in Barcelona's Ensanche district, focusing on sustainability and ESG criteria. Aligning with Zurich goals to reduce carbon footprints and create more liveable urban spaces, the project modernizes the building while respecting Barcelona's architectural heritage. It won the AEO (Spanish association of Offices) award for the best renovation project in Spain in November 2024. Integrating nature into urban spaces, it offers 8,300 square meters of office space and 1,000 square meters of landscaped exteriors. The project has been awarded LEED Platinum and seeks WELL Gold certification, emphasizing its dedication to environmental sustainability and human wellbeing.

A key aspect of Aribau 195 is the extensive use of the existing structure, retaining over 80 percent of the original building to reduce waste and conserve resources.

The redesign incorporates prefabricated concrete elements, and modular lattice panels to improve thermal and acoustic performance, aligning with sustainable building practices. Green roofs, terraces and an interior garden increase urban biodiversity and provide ecological benefits while facilities for electric vehicle charging and ample bicycle parking promote sustainable transportation. A Building Information Modeling system optimizes resources and ensures efficient construction and operation. Relying solely on renewable energy sources, the project supports the European Union's decarbonization goals.

¹ The spend of approximately DSD 2 billion annually managed by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations.

WORLD ECONONOMIC FORUM
G

1.1 Our approach to sustainability

Insurance acts as a societal safety net for us all. We use our expertise as a risk manager to enhance resilience to natural, societal, economic and financial risks. We believe social responsibility and care for our planet are aligned with shareholders' interests. For us, sustainability is a business opportunity as well as an urgent global imperative. That is why we have integrated sustainability across our business, both globally and locally.¹ We will continue to use the levers we have as a global insurer and collaborate with our stakeholders in compliance with applicable laws and regulations to live up to our purpose to create a brighter future together and make a positive impact in the world.

Sustainability reporting captures our progress toward our qualitative ambitions and quantitative targets. Based on our Sustainability Framework, we cluster our reporting into three main focus areas, aiming to achieve outcomes that benefit the planet, customers and people, now and in the long term.

¹ For more information on our business model, please refer to the Group overview on pages 14 to 15.

1.1.1 Our Sustainability Framework

We have been working to integrate sustainability across our strategy for many years through our Sustainability Framework, using technology, innovation, learning, partnerships and governance as key enablers of implementation.

In 2024, we continued to execute on our Sustainability Framework and scale impact to bring our sustainability ambitions to life, especially in relation to better supporting our customers and catalyzing our own transition journey through the publication of our first climate transition plan.² As an advocate, adviser and role model, we want to empower individuals and organizations to act today to create a better tomorrow.

² For more information on our climate transition plan, see our website: www.zurich.com/sustainability/strategy-and-reporting/climate-transition-plan

Figure 2

Sustainability Framework - Our qualitative ambitions and quantitative targets in 2024¹

Planet: Mitigate and adapt to climate change

―	Net-zero operations by 2030, investments and underwriting by 2050.
―	New interim 2030 engagement and emissions targets set for underwriting and investments.²
―	75 percent of managed procurement spend³ with suppliers with net-zero targets by 2030.

Customers: Support transformation toward a sustainable future

―	Grow sustainable revenue, especially climate solutions that support our customers' transition and resilience.
―	Invest equivalent to 6 percent of assets under management (AuM) in climate solutions by 2030.⁴
―	Evolve our customer experience with empathy, care, and listening.
―	Deliver digital sustainability to maintain and enhance customer trust.

People: Future proof our people and enable more to thrive

―	Increase share of internal hires.
―	Sustain inclusive & equitable workplaces for everyone.⁵
―	Support people to protect their physical, mental, financial and social wellbeing.

¹ www.zurich.com/-/media/Project/Zurich/Dotcom/investor-relations/docs/investors/Chairmans- Roadshow-2024.pdf

² For more details, see section 1.2 Climate transition plan on pages 125 to 128.

³ Managed procurement spend (MPS) means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations.

⁴ Equivalent to approximately USD 10 billion. Estimated based on AuM 2023. Any portfolio activity will be subject to market conditions and potential other constraints.

⁵ For more details on Diversity, Equity, Inclusion and Belonging (DEIB), see section 5.1.2 Diversity, equity, inclusion and belonging on pages 196 to 198.

WORLD ECONOMIC FORUM
G

1.1.2 Assessing materiality

With sustainability topics maintaining their accelerating rise in importance for our shareholders, governments, customers and regulators, we strive to continually improve our materiality assessment process in order to deepen our understanding of our risks, opportunities and impacts. To do so, we work together with our stakeholders to get a clearer picture of what matters most for us from a sustainability perspective. To deliver robust results, we aligned our approach with the structure provided by the CSRD, which builds upon and strengthens existing EU requirements around nonfinancial reporting.³ Therefore, in 2024, we conducted our first double materiality assessment (DMA) in line with CSRD, taking both an outside-in and inside-out view of potential material issues.

The 2024 DMA included both quantitative and qualitative analysis including direct engagement with our key stakeholders combined with an extensive round of interviews with a wide range of leading experts from across our diverse businesses and geographies. In particular, we engaged with senior management, employees, investors, customers, brokers, suppliers, industry associations and nongovernmental organizations (NGOs) to understand their points of view on impact and financial materiality across environmental, social and governance dimensions. This DMA helps us identify those sustainability matters that are most material to our stakeholders, while also considering how they influence our company.

We followed a two-step approach for stakeholder engagement:

―	Step 1: We engaged through interviews with senior management and through surveys with various employees around the world, using a draft list of the European Sustainability Reporting Standards (ESRS) topics to guide discussions. Post-interview, surveys were issued to capture further thoughts on sustainability in relation to our Group.
―	Step 2: We engaged a broader group through topic-level surveys to identify sustainability priorities. The process aimed to gather different perspectives on the materiality of topics identified in earlier steps.

Using these insights, we identified four core material areas spanning 10 material specific subtopics. Additionally, we also developed a watchlist of topics that, while not currently classified as material in the DMA, are deemed significant enough to warrant ongoing observation. This additional list allows us to track developments, gauge potential impacts, and prepare for any necessary action should these topics gain material significance in the years ahead.

³ Our methodology is aligned with the DMA implementation guidance from the European Financial Reporting Advisory Group (EFR AG).

Figure 3

Double materiality matrix

These most material topics and subtopics are covered as follows: We elaborate on climate change in chapter 3. Our planet (see pages 137 to 179), on consumers and end users in chapter 4. Our customers (see pages 180 to 190), on our own workforce in chapter 5. People (see pages 191 to 199), and on business conduct in section 5.2 Prevention of bribery & corruption (see pages 199 to 201).¹

The outcomes of this DMA are key to further sustainability strategy refinements for us and instrumental to defining our forthcoming CSRD-aligned disclosures. We continue to monitor ongoing and emerging trends that likely influence the risks, opportunities and impacts associated with the specific subtopics that affect our business and stakeholders. Climate change mitigation and climate change adaptation in particular continue to be the most material subtopics for our business. In this regard, we have developed our climate transition plan to support our business and stakeholders with the growing implications of these issues.

¹ For an overview of the topics and subtopics in our Sustainability report, see Appendix 6.2 Material topics and subtopics reference table on page 208.

1.2 Climate transition plan²

Climate change presents a dual imperative. Global emissions need to be reduced to avoid the most damaging impacts and simultaneously build greater resilience against the physical hazards which will continue to grow even as we transition. Insurers are fundamental to answering this challenge: as risk managers, helping customers to understand, prevent and reduce climate-related risks; as risk carriers, protecting households, companies and communities by absorbing the financial shocks from increasingly extreme weather; and finally, as institutional investors, financing the transition of companies and scaling capital toward climate solutions.

² www.zurich.com/sustainability/strategy-and-reporting/climate-transition-plan

In September 2024, we published our first climate transition plan outlining how we are carrying out the ambition made in 2019, to become a net-zero business by 2050 across our insurance business, investments and operations. Yet, our ambition goes farther. We are determined to help the society of the future. The consequences of climate change should be addressed by enabling an economy-wide transition to net-zero and at the same time, helping make society more resilient. Our plan is built on four pillars:

Figure 4

Our climate transition plan

Our climate transition plan outlines how we are executing on our net-zero commitment

Enabling an economywide net-zero transition

For more than 150 years, we have protected individuals and organizations against risk so they can invest in the future with confidence. Today, this includes supporting our customers and investee companies to succeed in the transition to net-zero. We believe a successful transition will support our business.

We do so by:

―	Engaging with our customers & investee companies on their transitions
―	Scaling climate solutions through our products, services and investments
―	Aligning each of our insurance and investment portfolios to support emissions reductions

Making society more resilient

Climate hazards are likely to intensify for decades to come, even if the world reaches net-zero by 2050. We are using our expertise to help more companies, cities and communities better understand, prevent and reduce risks before they materialize, while also supporting them to build back better after loss and damage.

We do so by:

―	Further integrating resilience insights into our insurance business
―	Growing our risk advisory business
―	Collaborating beyond our business to support the communities we operate in

Advocating for supportive policies

Our net-zero ambition is dependent on the transition of the real-world economy and an effective public policy framework. That's why we want to put our data, expertise and global network to use in shaping and advocating for policies that can help achieve a just, resilient and economically successful transition.

We do so by:

―	Supporting and informing public policies, regulations and standards that help the real economy's transition
―	Collaborating with partners to maximize our efforts
―	Supporting the insurance market, in collaboration with the public sector, to continue to provide the level of cover that businesses and communities require

Evolving how we operate

We are continuing to decarbonize our own operations and supply chain. We are investing in our people and fostering a culture of learning and knowledge sharing so that our organization evolves with our ambition. This enables our employees to engage with customers, suppliers and the companies we invest in on their transition journey.

We do so by:

―	Reducing our own emissions to achieve net-zero operations by 2030
―	Aligning with suppliers and sharing expertise to decarbonize our supply chain
―	Developing employees' skills, capabilities, and culture for transition

Dependencies

Introduction of effective public policy frameworks | Development of new technologies and climate solutions

Pace of transition of the real-world economy

To deliver on our climate transition plan, we have set a number of interim targets (going forward, updates on our climate transition plan including progress on the targets, new targets, changes related to the implementation of CSRD and other elements will be included in our future sustainability reports):

Enabling an economy-wide net-zero transition

1. Engaging with our insurance customers and investee companies on their transition

We are engaging on the transition, to understand the needs, challenges and transition plans of our customers and investee companies who make the largest contribution to our portfolio emissions, as well as gaining deep insight into the industry, technological and regulatory contexts they are operating in. We also engage with our investee companies to encourage those which have not done so to set and deliver against targets aligned with the Paris Agreement.

Engaging with our insurance customers: Our focus is on creating real-world impact, so we prioritize engagement with customers who can make the greatest contribution to emission reductions and where our direct relationship means we have a greater degree of influence.

New targets

―	Between September 2024 to September 2025, we are expanding our engagement to 65 corporate customers on their transition-related objectives, opportunities and challenges.
―	We will continue to expand our engagement efforts so that by 2030 we will have engaged with 450 of our large corporate customers who contribute most heavily to our portfolio emissions on their transition.¹

Through these engagements, we look at our customers' transition plans along our ACDC framework (for more details, see page 162). We coordinate our engagement to maximize our impact where an investee company is also an insurance customer.

Engaging with our investee companies: As an investor, we retain an active dialogue with and we influence our investee companies, through using our voting rights to support their net-zero commitments, which would not be possible if our approach emphasized divestment and exclusions. Since 2019, we have engaged with top 65 percent emitters of financed emissions that have not set science-based targets. Looking ahead, we will evolve our approach to prioritize bilateral engagements with a select group of companies.

¹ Determined by scope 1 & 2 for our customers' emissions using the Partnership for Carbon Accounting Financials (PC AF) insurance-associated emissions methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

New target

By 2030, we will directly engage with 20 high-emitting investee companies currently lacking credible sciencebased targets, focusing on those with the greatest potential to reduce real-world emissions.

Should engagement fail and companies refuse to set targets after due dialogue, we will use our voting rights against board members at shareholder meetings and, ultimately, will divest.

2. Scaling climate solutions through our products, services and investments

We will scale climate solutions by prioritizing our insurance capacity and risk engineering expertise to support our customers' transition needs and objectives with sustainable products and services; and by putting our own investment capital to work in activities, projects and technologies contributing to climate change mitigation or building resilience.

Revenues from climate solutions; We are focusing on channeling our insurance capacity across all insurance lines, profitably expanding our range of sustainable products and services, and deploying and growing our expertise to support key net-zero technologies and infrastructure in key markets. We aim to continue to grow our revenues in this area.

Investing in climate solutions; As an investor, we put our own capital to work to help scale climate solutions.

New target

By 2030, we aim to continue expanding our investments in climate solutions to approximately USD 10 billion equivalent to 6 percent of assets under management (AuM),² focusing on green and sustainability bonds, clean infrastructure projects, and real estate.

Our impact investing portfolio aims to help avoid 5 million metric tons of C02e emissions annually by 2030 through investments in various climate solutions. As in the past, we see the majority of 'avoided emission' coming from our Green bond portfolio (please refer to impact investment for further details, see pages 174 to 176).

Expanding our investments in climate solutions is dependent on the supply of appropriate projects to invest in, as well as the need to maintain appropriate diversification and liquidity in our overall investment approach to match our liabilities.

² Estimated based on AuM 2023. Any portfolio activity will be subject to market conditions and potential other constraints.

3. Aligning each of our portfolios for insurance and investments to support emission reductions

We are targeting net-zero by 2050 in our insurance and investment portfolios in ways that support real-world emission reductions, in line with science-based pathways.

Aligning our insurance portfolio

New target

As an interim target on the path to net-zero, we are targeting a reduction in the intensity of insurance-associated emissions (IAE) in our large corporate customer portfolio by 20 percent by 2030, starting from a 2022 baseline.¹

Looking ahead, we expect oil and gas producers to have credible transition plans aligned to achieving net-zero by 2050, with interim targets and clear measurable commitments. Those transition plans should be in place by 2030. As a last resort, where transition risks are not sufficiently managed we will then exit the relationship.²

Aligning our investments

Following the successful achievement of our 2025 interim targets, we are targeting the following 2030 interim targets:

New targets

―	55 percent reduction in the emissions intensity of our listed equity and corporate bond investments against a 2019 baseline.³
―	45 percent reduction in the emissions intensity of our direct real estate investments against a 2019 baseline.⁴

Evolving how we operate

Reducing our own emissions to achieve net-zero operations by 2030, with an interim target of 60 percent reduction by 2025.⁵ This is achieved working on several levers, e.g., transitioning our car fleet to 100 percent electric, shifting commuting to electric vehicles (EV) and public transport where possible, and keeping air travel near current levels.

Aligning with suppliers and sharing expertise to decarbonize our supply chain; our target is to have 75 percent of our Managed Procurement Spend (MPS) of approximately USD 2 billion⁶ annually with suppliers that,

―	by 2025 have set science-based targets to reduce emissions,⁷ and,
―	by 2030, set targets to reach net-zero.⁸

Looking ahead

Our first climate transition plan marks an important milestone in our journey to achieving our net-zero commitment. Our transition will be an ongoing, iterative process reflecting the changing context in the shift to net-zero and developments in our own business. As a result, our climate transition plan will evolve over time, and we will update it annually.

¹ Determined by scope 1 & 2 for our customers' emissions using the PCAF IAE methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

² These positions do not apply to Workers' Compensation, Employers Liability, Accident & Health, Life, Surety Reclamation Bonds, certain environmental products and other employee protection coverages that have a positive impact on human health or the environment.

³ Reduction of emissions intensity (Scope 1 and Scope 2). Emissions intensity is defined as metric tons CO₂ equivalent per USD million invested.

⁴ Reduction of emissions intensity (Scope 1 and Scope 2). Emissions intensity is defined as kilograms CO₂ equivalent per square meter.

⁵ Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Orion, as well as third party vendors are excluded as well as our new acquisitions Zurich Kotak and Travel Guard.

⁶ Managed procurement spend means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations.

⁸ We consider a supplier to have net-zero targets when their net-zero target is approved by the SBTi, a similar scientifically accredited body or otherwise has a public target to neutralize any residual Scope 1 and 2 emissions.

1.3 Our targets and ambitions

To execute our Sustainability Framework, we have set ourselves both qualitative ambitions and quantitative targets.¹ In line with our aim to be transparent, we report yearly on our progress against those ambitions and targets.

Please note that target 2025 and target 2030 is always defined as using year-end 2024 and 2029 values, respectively (e.g., reduction of financed emissions). By 2030 target (e.g., for reduction of IAE intensity) is defined as using year-end 2030 value, similar by 2025 target (e.g., for operational carbon emissions) is defined as using year-end 2025 value.

Please also note that parentheses around percentages or points indicate a reduction.

¹ For more details on our targets and ambitions, see section 6.1 Our yearly progress on our targets and ambitions on pages 206 to 207.

Figure 5

Our 2024 achievements and progress

Investment management

Reduction of financed emissions

Reduce emissions intensity of listed equity and corporate bond investments
(metric tons CO₂ e/USD million invested) (compared to 2019)

Reduce emissions intensity of direct real estate investments
(kg CO₂ e/m² ) (compared to 2019)

Engagement

Engage companies producing 65% of financed emissions that have not set science-based targets

Impact investing portfolio

Share of total invested assets in impact investments

Climate solutions investments

Allocation to climate solutions investments

Underwriting

Revenues from sustainable solutions
(USDm)

Engagement with customers on their transitions
(no. of customers)

Reduction in insurance-associated emissions intensity²
(metric tons CO₂ e/USD million) (compared to 2022)

Our people

Internal hires

¹ Estimated based on AuM 2023, equivalent to approximately USD 10 billion. Any portfolio activity will be subject to market conditions and potential other constraints.

² Determined by scope 1 & 2 for our customers' emissions using the PCAF IAE methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

Own operations and supply chain

Absolute reduction in all operational emissions¹ ,²
(compared to 2019)

Reduction of scope 1 and 2 emissions¹
(compared to 2019)

Reduction of scope 3 emissions¹ ,²
(compared to 2019)

% of MPS³ that is with suppliers having science-based targets⁴

% of MPS³ that is with suppliers having science-based targets to reach net-zero⁵

¹ Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Crion, third party vendors as well as our new acquisitions Zurich Kotak and Travel Guard are excluded since they were not reflected in the CC2e emissions baseline in 2019.

² Resulting from air, rental and rail business travel, employee commuting, strategic data centers, printed paper and waste, as well as indirect energy impact.

³ MPS means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations. According to the 2023 baseline of MPS, excluding suppliers no longer active in the year of reporting.

⁴ We consider a supplier to have science-based targets when their emission reduction targets are approved by the SBTi, a similar scientifically accredited body or otherwise require a reduction of at least 42 percent in scope 1 and 2 emissions.

⁵ We consider a supplier to have net-zero targets when their net-zero target is approved by the SBTi, a similar scientifically accredited body or otherwise has a public target to neutralize any residual scope 1 and 2 emissions.

1.4 Our exclusions and positions

We take underwriting and investment decisions aligned with our purpose, values and strategy. We integrate all of our commitments and have the following specific positions which are laid out here in a simplified way.¹

¹ For further information and the detailed position please visit our website: www.zurich.comlsustainabilitylgovernance-and-positionslour-positions

Table 1

Our exclusions and positions

Coal, oil sands and oil shales

Not underwrite and invest¹ in companies that:

―	generate more than 30 percent of their revenue from mining thermal coal, or produce more than 20 million tons of thermal coal per year.
―	generate more than 30 percent of their electricity from coal.
―	are in the process of developing any new thermal coal mining, power or transportation infrastructure; We will also not underwrite any new metallurgical coal mining.²
―	generate at least 30 percent of their revenue directly from the extraction of oil from oil sands.
―	are purpose-built (or "dedicated") transportation infrastructure operators for thermal coal or oil sands products, including pipelines, cargo ships and railway transportation.
―	generate more than 30 percent of their revenue from mining oil shale, or generate more than 30 percent of their electricity from oil shale.

This is already fully implemented, but we continue to screen new customers and investee companies and will only consider companies that are already below those limits or have near-term commitments in place to bring them below the limits, with annual reviews of progress. If in the course of these dialogues the company does not show credible progress in their transition from thermal coal, oil sands or oil shale, we will, as permissible by law or regulation, reduce exposure, divest from equity holdings, stop investing in new debt and run off existing holdings.

Where permissible by law, we will fully phase out insurance for companies, involved in thermal coal activities by 2030 for OECD and EU27 countries and by 2040 for the rest of the world.

On thermal coal, in our investment management activities, we also engage with companies on the phase out of thermal coal production and use in OECD countries and EU 27 by 2030 and rest of world by 2040.

Oil and gas

To the extent permissible under law or regulation, we exclude the following from our activities:

―	New single-site P&C insurance policies for new (upstream) oil and gas exploration and development projects, for sites where licenses were approved after 31 December 2022.
―	Oil and gas drilling and production projects and infrastructure (up and midstream) in the rctic.^3,4

Within our insurance offering, we also expect oil and gas producers to have a zero routine flaring commitment by 2030 and have credible transition plans aligned to achieving net-zero by 2050, with interim targets and clear measurable commitments.² Those transition plans should be in place by 2030.

As a last resort, where permissible by law or regulation, we will then exit customers where transition risks are not sufficiently managed.⁵

For our investments in private debt,⁶ we have dedicated fossil fuel guidelines agreed with our asset managers. For listed asset classes, we focus on engaging with carbon-intensive companies, such as those operating in the oil and gas sector, on the need to set science-based emissions target. In line with our guidelines, we exclude any thermal coal related assets in these portfolios. Further, these portfolios will not finance oil and gas assets which are not aligned with science-based or government-issued regional I national 1.5°C pathways.

Banned cluster munitions and antipersonnel land mines

No new business relationships⁷ with companies that produce, stockpile, distribute, market, or sell banned cluster munitions or anti-personnel land mines. If we become aware of potential involvement of an existing customer or investee company in such activities, we will engage in a maximum two-year dialogue to explain our position on this sustainability issue and expect compliance with the relevant international treaties.

¹ On invest we do not include met coal, as we do not have the data to screen companies for that.

² Enhancement to existing position, applicable from 2025 onwards.

³ Considered as anything north of 66 degrees latitude with the exception of the Norwegian Continental Shelf.

⁴ For insurance, this applies to any policy in the following lines that have exposure to those arctic operations; Construction, Operational property covers, Marine and General liability.

⁵ These positions do not apply to Workers' Compensation, Employers Liability, Accident & Health, Life, Surety Reclamation Bonds, certain Environmental products and other employee protection coverages that have a positive impact on human health or the environment.

⁶ Excluding Collateralised Loan Obligations (CLOs) and Real Estate.

⁷ Business dealings include the provision of insurance products and services and direct investments.

1.5 Stakeholder overview

Taking into account our stakeholders' needs is crucial in the identification of our sustainability priorities. This is why we actively engage with them in different ways. Stakeholder engagement allows us to get valuable insights, which we include in our decision-making processes. The feedback we collect helps us anticipate and mitigate potential risks and align our sustainability strategy with both internal and external expectations, thus strengthening the foundation of our Sustainability Framework and fostering the transparency and trustworthiness of our reporting.

Figure 6

Our key stakeholder groups

Our Stakeholders

1 Customers

We build meaningful relationships with our customers and improve their experience by understanding their needs. We support their sustainability transition by expanding our range of sustainable products and services.

2 Shareholders

We engage consistently and openly with investors, analysts, rating agencies and proxy advisors to communicate our approach to sustainability and performance, and get invaluable insights into their rapidly evolving expectations.

3 Employees

We support our people to get the most from their careers, expand their skills and work in an environment where they feel included, engaged and inspired.

4 Suppliers

We aim to work with suppliers who share our values, and we expect high standards of business conduct from those who represent us or do business with us.

5 Governments and Regulators

We are fostering and maintaining strong, trusted relationships with regulators and policymakers to support our sustainability objectives.

6 Local Communities

We are investing in our communities, working closely with the Z Zurich Foundation¹ (the Foundation) and through the efforts of our local offices around the world.¹

1 Customers	2 Shareholders	3 Employees	4 Suppliers	5 Governments and Regulators	6 Local communities
Engagement
- Listening to retail customers through TNPS and Brand Consideration surveys.	- Chairman annual roadshow.³	- Regular personal development conversations.	- Integration of ESG factors and sustainability-related criteria into procurement decisions.	- Direct dialogue with regulators and policymakers across our key markets and on topics where we have relevant insight and expertise.	- We share our resources and expertise to help build more resilient communities, adding value beyond our core business activity, incl. through volunteering, fundraising and other initiatives.
- Responsibly using data provided by our customers to improve our understanding of their needs.	- Conducting a Remuneration Committee Chair outreach initiative.	- Online and workbased skill development.	- Supplier due diligence, training and events.	- Participation in industry dialogues through trade associations.
- RNPS studies and surveys with brokers.	- Meetings between shareholders and proxy advisors with Group CSO and Group Chief Underwriting Officer.	- Inclusion networks, Employee Resource Groups (ERGs) and volunteering opportunities.	- Meetings with key suppliers to emphasize our net-zero ambitions and how they can play their part by engaging in their own net-zero aligned climate action.	- Responses to consultations.
- Actively engaging with our commercial customers who materially contribute to our portfolio emissions.	- "ESG (Environmental, Social Governance) Guide to Zurich"⁴ presentation annually updated.	- Employment relations and occupational health & safety representation.		- Thought leadership activity, incl. production of reports and participation in events.
		- Employee events, incl. leadership forums, webcasts, townhalls and off-sites.
		- Annual Zurich Experience Survey (ZES).

¹ The Foundation is a Swiss-based charitable foundation established by members of the Group. It is the main vehicle by which we deliver on our global community investment strategy.

² Our Group and employees contribute through fundraising, volunteering and cash contributions whereas the Foundation carries out community investment activities. Excluded are employees of Cover-More and of Farmers Group, Inc. (FGI). FGI, a wholly owned subsidiary of the Group, and certain of its subsidiaries provide certain non-claims services and ancillary services to the Farmers Exchanges in the U.S. as their attorney-in-fact and receive fees for their services. The Group has no ownership interest in the Farmers Exchanges.

³ www.zurich.co m/-/media/project/zurich/dotcom/investor-relations/docs/i nvestors/chairmans-roadshow-2024.pdf

⁴ www.zurich.co m/-/media/project/zurich/dotcom/investor-relations/docs/investors/2024-a-guide-to-esg-at-zurich.pdf2v=1

1 Customers	2 Shareholders	3 Employees	4 Suppliers	5 Governments and Regulators	6 Local communities
Impact
- Improving customer communication through delivery of empathy trainings at service and claims centers.	- Increasing understanding of our shareholders' expectations allows us to align our ESG priorities.	- Increasing employee engagement - and thereby business performance - by listening and including employees' perceptions and experiences.	- Increasing compliance levels by promoting our supplier code of conduct (SCOC).	- Shape development of supportive policy frameworks.	- Helping communities disproportionately affected by the climate crisis adapt and thrive.
- Use of TNPS feedback to redesign customer journeys.	- Further development of remuneration framework and reporting transparency.	- Contributing to a sustainable workplace and a positive work experience.	- Effectively managing supply chain ESG risks.	- Limit risk of unintended consequences from new regulations.	- Collaborating to create sustainable development and positive impact in the communities, where we are active.
- Greater understanding of customers' transitions and their emerging needs.	- Developing bestpractice in sustainability strategy and reporting.		- Decarbonizing our supply chain.	- Inform public policy debates.
- Supporting product and service innovation with a focus on resilience.
- Further integrating resilience insights into our insurance business.
Our progress in 2024
- Improved TNPS scores across our business.	- Clear shareholders' support for the advisory vote of the Sustainability report 2023 at the AGM.	- Adjusted people priorities to focus on, for example, core skills building, or upskilling in digital, AI, and data.²	- Suppliers understanding of our Sustainability Framework, in particular our net-zero ambitions.	- Recognition of our expertise by the EU taskforce on resilience and integration of our inputs in the 2024 report on resilience policy.⁵	- The Zurich Climate Resilience Alliance and the Urban Climate Resilience Program partnered with local and global organizations to implement tailored solutions in nine countries, where community resilience is actively measured and improved.
- Improved Claims TNPS scores. - Increased brand consideration in several markets.	- Recognition of our Sustainability leader status by main ESG rating agencies.	- Improved female representation in senior management.³	- Supplier improvement plans to align their sustainability strategy, performance and goals with our expectations and ambitions (i.e., create a human rights policy, measure emissions and set targets).	- Publication of Economist Impact research report on urban resilience.⁶	- Together with the Foundation, Zurich Australia has generated about a third of the funds raised for the Surf Aid Make a Wave Challenge, helping communities in Indonesia and the Pacific.
- Improved retention rates where customer needs are addressed.¹		- Achieved 4th rank among insurance companies in the Forbes World's Best Employers award.⁴

¹ For more information on these results, see section 4.2 Customer attraction and retention (page 185).

² For more information on learning and development, see section 5.1.1 Careers and work (pages 193 to 196).

³ For more information on equal representation of all genders across the organization, see section 5.1.2 Diversity, equity, inclusion and belonging (pages 196 to 198).

⁴ www.forbes.com/lists/worlds-best-employers/

⁵ https://climate.ec.eu ropa.eu/document/download/4df5c2fe-80f9-4ddc-8199-37eee83e04e4_en?filename=policy_adaptation_climate_resilience_dialogue_report_en.pdf

⁶ https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/industry-knowledge/climate-change/docs/resilience-from-the-ground-up.pdf

2. Governance

WORLD ECONOMIC FORUM
G

Sustainability is embedded in our governance framework.

The Board of Zurich Insurance Group Ltd has the ultimate responsibility for the Group's success, for delivering longterm sustainable value. It sets our values and standards, and establishes a framework of effective controls. As part of its strategic responsibility, the Board approves our sustainability strategy and objectives, including non-financial targets with a material impact on the Group. It is supported by its Board Committees within their respective core mandates:

―	The Governance, Nominations and Sustainability Committee (GNSC) recommends our sustainability strategy and objectives, reviews the climate transition plan and exercises oversight on sustainability-related matters.
―	The Audit Committee exercises oversight of sustainability reporting.
―	The Risk and Investment Committee exercises oversight of risks, including sustainability risks.
―	The Remuneration Committee evaluates the remuneration architecture, including incentive plans which are linked to appropriate performance criteria supporting the strategy's execution.

Our governance framework is key to driving trust, accountability and sustainable value for our stakeholders.

Katja Roth Pellanda

Group General Counsel

At management level, accountability for different areas of expertise, including sustainability aspects related to each of these areas, is assigned to an Executive Committee (ExCo) member or a Group CEO direct report. By opting for an integrated approach, our existing governance bodies are responsible for sustainability-related topics that concern their field of expertise.

In addition, the Group Chief Sustainability Officer (Group CSO), who reports into the Group CEO, is responsible to drive our Sustainability Framework and to act as a sounding board for strategic alignment of global sustainability priorities to assure a consistent approach and to facilitate oversight. The Group CSO is also responsible for monitoring progress with respect to the sustainability priorities and targets, and reporting thereon to the GNSC, the Group CEO and the ExCo.

The Sustainability team, reporting to the Group CSO, drives the development of sustainability priorities across our businesses and supports regions, countries and functions with implementation by providing centralized expertise, facilitating collaboration and knowledge sharing, and ensuring that action plans are in place.

Strategy development and its implementation is facilitated by the Sustainability Executive Team, which comprises sustainability heads of relevant functions and countries and which is chaired by the Group CSO.

Regions and countries are operationally responsible for implementing the sustainability strategy developed at Group level. We review and monitor strategy implementation through quarterly internal scorecards. Progress toward climate-related targets across regions and countries is discussed at least annually as part of regular business performance review meetings. This is in addition to regular monitoring performed at Group level across key business functions.

Figure 7

Sustainability is embedded in our governance framework

¹ Specific sustainability responsibility.

² Dedicated sustainability responsibility.

TCFD
G

2.1 Governance around climate-related risks and opportunities

The organization's governance around climate-related risks and opportunities

As outlined above, sustainability - and therefore environmental topics, such as climate and nature - are integrated into our governance structure.

In particular, the GNSC has been mandated by the Board to oversee our approach and conduct with regard to sustainability. Oversight with respect to sustainability risks, including risks associated with environmental topics such as climate change and nature loss, is achieved through regular updates from the Group CSO on material topics and on the performance against, among others, climate-related targets. Outcomes of scenario-based climate risk assessments were discussed with management as part of strategy setting processes. The Group CSO also reports the consolidated set of material actions arising from scenario-based climate risk analysis to the GNSC after confirming with the ExCo for Group CEO approval. In addition to this, the GNSC was engaged on several strategic topics throughout 2024, including operational emissions, sustainability performance management and recommending the Board to approve our first climate transition plan.

The accountability of each ExCo member and Group CEO direct report for sustainability within their assigned function or business includes, amongst others, climate and nature. Responsibilities for such a role include contributing to the development and implementation of our climate transition planning, assessing and managing climate-related risks and opportunities, managing progress against climate-related corporate targets and value chain engagement on climate-related issues. Furthermore, environmental topics, including climate change, are considered as part of mergers and acquisitions decision-making and due diligence processes.

Further information on sustainability risk and its governance is set out in the risk review (see pages 222 to 254). Further information on our metrics and targets is available in section 3.3 Targets and metrics of this sustainability report (see pages 159 to 179).

TCFD
G

2.2 Impact of climate-related performance on remuneration

Sustainability-related actions, including actions to support the transition to net-zero, are reflected in the annual objectives for employees, including the ExCo members, where relevant. The corresponding achievements are considered in the individual performance assessment and in the determination of awards under the Group's short-term incentive plan (STIP).

To support our net-zero journey, the performance metrics under our long-term incentive plan (LTIP) include an operational C02e emissions metric with a weighting of 10 percent for the 2023-2025 and 2024-2026 performance periods. For the performance period 2025-2027, we are raising the weight of sustainability-related performance criteria from 10 to 20 percent by introducing financed emissions intensity (10 percent) as an additional sustainability performance metric to the existing operational C02e emissions of the Group. Financed emissions intensity is defined as metric tons C02 equivalent emissions per USD million invested of our listed equity and corporate bond holdings. The LTIP is used for a defined group of our most senior positions, including all ExCo members.

Both the STIP and LTIP are further described in our remuneration report (see pages 83 to 88 and page 109).

TCFD
G

The members of the Board receive fixed remuneration as an annual fee, of which half of the basic fee is paid in cash and half in five-year sales-restricted shares which are not subject to the achievement of any specific performance conditions.

Read more on Board fees in the remuneration report:

―	Pages 91 to 94

3. Our planet

Taking action today to safeguard tomorrow.

Climate change presents a dual imperative. Global emissions need to be reduced to avoid the most damaging impacts and simultaneously build greater resilience against the physical hazards which will continue to grow even as we transition. We focus on enabling a positive socio-economic and environmental transition, while at the same time building resilience to evolving risks. A stable climate and healthy, diverse natural environment are critical to continuing human and economic development. Environmental challenges including nature loss and climate change can impact all sectors of the real economy which we insure and invest in, and ultimately can have significant impacts on the company's long-term value. Understanding, measuring and managing these impacts - while seizing the opportunities that arise from the transition to a net-zero world - is essential to creating sustainable value for our stakeholders.

We want to address the dual imperative of climate change - both decarbonization of the economy and building resilience to the impacts of climate change.

Linda Freiner

Group Chief Sustainability Officer

TCFD
E

While environmental topics beyond climate are considered as part of our approach to sustainability,¹ understanding and managing climate change impacts remains a particular focus.² This section presents our disclosure in line with the recommendations of the TCFD and represents our assessment of the resilience of our strategy to climate change risk. In order to simplify the structure, we embedded governance around climate change in Chapter 2. Governance (see pages 134 to 136).

¹ E.g., revenues resulting from sustainable solutions, see section 4.1.1 Revenues from sustainable solutions on pages 181 to 185.

² Climate change has been identified as one of our most material topics. For more information, see section 1.1.2 Assessing materiality on pages 124 to 125.

TCFD
E
G

3.1 Strategy

The actual and potential impacts of climate-related risks and opportunities on the organization's businesses, strategy and financial planning

3.1.1 Our approach to climate change

Our business strategy calls on us to deliver in our various roles as an insurer:

―	as a risk manager, helping customers to understand, prevent and reduce climate-related risks.
―	as a risk carrier, protecting households, companies and communities by absorbing the financial shocks from increasingly extreme weather.
―	as an institutional investor, financing the transition of companies and scaling capital toward climate.

3.1.2 Managing climate risk

In line with TCFD recommendations, when we consider the topic of climate change, we consider both physical and transition-related impacts. Physical risks include increasing frequency and severity of acute events such as floods due to heavy rain but also longer-term changes in variables such as sea levels, temperatures etc. Transition risks can stem from policy, regulatory and societal changes introduced to address the impacts of climate change.

Figure 8

Climate-related risk

Risk type

Physical

―

Acute Physical incl.

―	Tropical cyclone
―	Hail
―	Flood

Chronic physical, incl. sea level rise

―	Variability in temperature

Transition policy and legal

―	Increased pricing of greenhouse gas (GHG) emissions and removal of subsidies
―	Restrictions on products and technologies

Technology

―	New low-carbon and energy efficiency technologies

Market and sentiment

―	Changing customer behavior and consumer preferences
―	Stigmatization of sectors and technologies
―	Changed cost of production inputs

Impact channels

Changes to extreme weather events

―	Changes in frequency and severity
―	Geographic shift of events

Changes in productivity

―	Agricultural and labor productivity

Changes in demand

―	Increasing demand for low-carbon products and materials
―	Reduced demand for carbon-intense technologies and products

Changes in costs

―	Direct carbon costs
―	Changes in operating costs (supply chain, commodity costs, compliance, new production processes)
―	Abatement

Competition and pass-through effects

―	Shifts in market share
―	Passing costs through to end customers
―	Products and services with low price elasticity

Economic Impact

Individual companies

―	Changes in revenues and costs from impacts on workforce and production assets and changes in supply chain costs and reliability
―	Increased operating costs
―	Lower product margins
―	More operational breakdowns
―	Early write-offs and stranded assets
―	Changes in borrowing costs
―	Higher sales volumes and profits for companies providing low-carbon products and services

Macroeconomy

―	Higher Infrastructure costs
―	Changes in GDP and growth rates
―	Changes in borrowing costs
―	Changes in interest rates

Impact to insurers' balance sheet

Liabilities (insurance)

―	Changes in, and shift of, demand across geographies/sectors/lines of business
―	Changes in loss frequency
―	Changes in loss severity

Assets (investments)

―	Valuation changes
―	Changes in default rates

Our view on climate risk

Physical and transition risk will play out overcoming decades with pervasive impacts to the global economy and potentially our business if they are not adequately managed. Understanding and managing potential impacts is an important aspect of maintaining our short- and longer-term profitability. Over the medium to long term, physical risk is expected to increasingly impact economic growth. The new technologies, energy generation and construction methods expected to evolve as part of the transition to a net-zero economy will serve to influence the size and composition of the global economy.

The long-time horizons over which climate change will play out introduces uncertainty around the degree to which physical or transition risk shapes the future global economy. This is something further dependent on the nature of public policy frameworks introduced over the coming decades. As the global economy evolves in response to the changing climate, our business will be impacted, most notably through changing demand for our products, changes to the loss experience associated with those products and changes to the value of our assets.

Given our ability to reprice many of our products on an annual basis, our focus on developing customer resilience and our flexible investment approach, we believe we are sufficiently flexible to adapt to events as they unfold and we will remain well positioned to insure the future economy. Nonetheless, physical- and transition-related impacts represent sources of increased risk and require careful consideration and management.

Our approach to climate risk

Climate risk is managed in a way consistent with other risks we are exposed to. Our risk management approach considers multiple time horizons and approaches to manage near-term impacts and navigate highly uncertain outcomes over the medium to long term. Assessments of the evolving physical and transition risk landscape are integrated into our underwriting and investment strategies.

―

Over the short term, we use sophisticated natural catastrophe modelling, with a focus on underwriting activities, to inform balance sheet resilience against changing frequency and severity of perils, with our view of natural catastrophe risk used to inform financial planning.

―

For the medium to longterm we complement our short-term management of climate-related risks through the use of scenario-based climate risk analysis, which allows us to assess the strategic implications of climate change over time horizons extending beyond the financial cycle and assess the resilience of our strategy to potential climate risks. We employ a static balance sheet approach, fully recognizing that the analysis is a theoretical "what if" exercise, which is useful to stretch management thinking about the medium-to-long-term outlook, but not to inform insights from an immediate solvency, financial or capacity management perspective.

Figure 9

Managing and understanding climate-related impacts is integral to our business

Short-term risk management

―	Natural catastrophe modeling to inform balance sheet resilience
―	Modeling exposures to climate related natural catastrophes such as hurricane, hail and flood to inform capital and solvency assessment incl. profitability assessment and reinsurance strategy
―	Transition risk considered qualitatively as part of our Total Risk ProfilingTM methodology

Medium and long term analysis

―	Climate risk scenario analysis to inform medium and longterm strategic resilience
―	'What-if' analysis, performed using a fixed balance sheet approach and considering both physical and transition risk
―	Allows to understand and informs around potential future impacts of climate change

Figure 10

Time horizons considered

Short term 0-3 years (until 2026)	This is aligned with our financial planning cycle, in which we place a particular focus on managing the changing frequency and severity of perils, which is critical to ensuring profitability and management of accumulation risk. Over this horizon, insight derived from our natural catastrophe modeling (see section 3.1.3 Natural catastrophe modeling: current exposure to physical risk on pages 139 to 142) informs our capital and solvency calculations. Our view of natural catastrophe risk also underpins profitability assessments and strategic capacity allocation and guides the type and quantity of reinsurance we buy. Drivers of transition risk that could have an impact on the achievement of our short-term strategic objectives are in scope for consideration as part of our annual process by applying our Total Risk ProfilingTM methodology (see section 3.2.1 Integration of climate risk within the overall risk management framework on page 157).
Medium term 3-10 years (until 2035)	While we operate with a three-year financial cycle horizon, a consideration of longer time horizons allows us to reflect potential risks and opportunities associated with climate change in the formulation of appropriate responses. A 10-year horizon allows us balance the need for strategic insight with the growing uncertainty associated with longer time horizons. Our view on the resilience of our business strategy over the medium term is informed through the use of scenario analysis.
Long term 10 - 30 years (until 2050)	Our net-zero commitment requires that we extend our time horizons to 2050 to consider more fully the potential risks and opportunities associated with aligning our business with a net-zero future. Such time horizons are well suited to certain long-term assets such as real estate investments and life insurance risks. Our view on the resilience of our business strategy over the long term is informed through the use of scenario analysis.

TCFD
SASB
E

3.1.3 Natural catastrophe modeling: current exposure to physical risk¹

To manage our short-term climate risks more effectively, we are investing in improving our understanding of them. Modeling the effects of physical risk on our portfolios is a key focus. Managing the changing frequency and severity of perils is critical to ensuring profitability and managing accumulation risk over the short term (1-3 years). Based on our work so far, it has become clear that model adjustments are required in some peril regions to reflect the impact of climate trends on physical risk today. We focus on Property & Casualty (P&C) exposures and monitor the following:

¹ Results from the Q4 2024 Group Catastrophe Model are presented in the analysis shown below. There are timing differences in the underlying exposures considered in this analysis (underlying exposures by peril region are generally as of June or September 2024, and in exceptional cases as of September or December 2023). For more information, see also 3.2.2 Managing risks from climate-related natural catastrophes on page 158.

Approach

Current exposures to physical climate risk are expressed through Annual Expected Loss (AEL) and Probable Maximum Loss (PML). Modeled exposures comprising the peril regions are as follows:

―	Central Europe hail; Austria, Belgium, Czech, Republic, Denmark, Estonia, Finland, France, Germany, Great Britain, Hungary, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Norway, the Netherlands, Poland, Slovakia, Slovenia, Sweden and Switzerland.
―	Europe wind; Austria, Belgium, Czech Republic, Denmark, France, Germany, Guernsey, Ireland, Isle of Man, Jersey, Luxembourg, the Netherlands, Norway, Poland, Sweden, Switzerland and the UK.
―	Europe flood; Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Portugal, Sweden, Switzerland and the UK, including others like Guernsey, Isle of Man, Jersey, San Marino and Vatican.
―	CB, MX and U.S. hurricane; Caribbean, Mexico and the U.S.

Our approach to modeling is discussed further in the section on managing risks from climate-related natural catastrophes (see page 158). We highlight how various drivers including exposed insurance portfolio and vulnerability changes, model updates, exposure data quality, foreign exchange rates and reinsurance can influence natural catastrophe modeling output (e.g., AEL, PML) over time.

Scope

The climate risk assessment is applied to our portfolios, namely the exposure of our P&C business to natural catastrophe perils, impacted by climate change that could materially impact us.

Quantification

AEL

AEL provides a view on the expected loss due to natural catastrophes per year, averaged over many years.

PML

PML is a tail metric that looks at severe, unexpected but still possible outcomes of natural catastrophes at a defined probability of occurrence.

Monetary losses

Amount of monetary losses attributable to insurance payouts from natural catastrophes.

TCFD
E

Annual Expected Loss

Figure 11

Annual Expected Loss for top five peril regions¹

¹ AEL excludes Farmers Re's participation in the Farmers Exchanges' all lines quota share treaty of 8 percent as of December 31, 2024. This treaty contributes to Zurich Group's AEL for U.S. severe convective storm with USD 85 million and for U.S. hurricane with USD 16 million.

² The geographic scope includes correlated exposure in the CB and in MX. The AEL for U.S. hurricane only is USD 184 million in 2024.

³ The scope of the Central EU hail model was extended to also include Czech Republic, Denmark, Estonia, Finland, Great Britain, Hungary, Ireland, Latvia, Lithuania, Luxembourg, Norway, Poland, Slovakia, Slovenia and Sweden.

⁴ The scope of the EU flood model was extended to also include Denmark, Finland, France, Ireland, Luxembourg, Netherlands, Norway, Poland, Portugal and Sweden.

Our modeled AEL from climate-related natural catastrophes provides an indicator of our current exposure to perils that might be affected by climate change. The AEL analysis above reflects our current top five peril regions, net of reinsurance, before tax and excluding unallocated loss adjustment expenses. This analysis helps us manage risks related to insuring these perils, such as accumulation risk. Risk appetite limits by peril region are in place and exposure is currently within appetite.

2024 numbers generally reflect exposure, model, reinsurance and exchange rate changes since the last reporting. The increase of Central EU hail is driven by a model change, including geographic scope extension and increased granularity of exposure data for Italy. The modeled geographic scope has also been extended for EU flood.

SASB
E

Probable Maximum Loss

The graphs below show the materiality of natural catastrophe risk relative to other risk types and the materiality of our climate-related perils to overall catastrophe risk. Natural catastrophe risk accounts for only 6 percent of our Swiss Solvency Test (SST) total risk capital. From those 6 percent only 45 percent relate to natural catastrophe risk with NorthAmerica hurricane being the largest contributor.

Figure 12

SST by risk type and climate-related perils as proportion of natural catastrophe SST risk capital

¹ The natural catastrophe SST total risk capital is defined by the 1 percent worst annual losses. These are driven by peril regions with large potential losses beyond 100-year return period (e.g., North America hurricane).

Figure 13

Probable Maximum Loss by top three peril regions¹
in USD millions

¹ PML excludes Farmers Re's participation in the Farmers Exchanges' all lines quota share treaty of 8 percent as of December 31, 2O24. This treaty increased Zurich Group's PML for US hurricane by USD 81 million for the 5O-year PML and by USD 96 million for the 100-year PML.

The net annual aggregate 50- and 100-year PML are shown above for the top three climate-related peril regions measured by SST total capital contribution.¹

SASB
E

P&C monetary losses from natural catastrophes

Our loss ratio for 2024 was 65.6 percentage with 0.6 percentage points attributable to the following natural catastrophe experienced in 2024. We follow the Group's Catastrophe Response Group (CRG) governance for natural catastrophe identification. Here we report events where the total net loss is above USD 200 million. The Hurricane Helene event and figure has been reviewed by the CRG, a cross-functional committee which oversees and recommends to the ExCo the best-estimate ultimate loss for material catastrophes. The term "catastrophe" in the context of the CRG covers both man-made and natural catastrophe peril events that are relatively infrequent or are phenomena that produce unusually large aggregate losses.

Table 2

Total amount of net losses¹

Event name (by event and region)	Total net losses in USDm (2024)
Hurricane Helene (hurricane, North America)	250
Total	250

¹ Only events above USD 200 million are reported.

In estimating the total net losses of catastrophes, assumptions and models are applied. These assumptions and models do not only have inherent variability, but can also change over time as the catastrophe event develops. Hence the estimates provided above can change over time as the event matures and the estimates become more stable.

An important aspect of our proprietary view on natural catastrophe risk is the evaluation of patterns and trends in catastrophe activity with time. Natural variability of event activity is an integral part of our view on natural catastrophe risk, as are statistically significant trends that may be detectable in our claims experience or credible, conclusive modeling of past, present and future climate as a driver of loss activity. We regularly revisit our risk views and underlying models on climate-related perils in order to reflect trends in the hazard, whereas exposure trends are naturally captured by exposure data updates. Natural variability is at the same time evaluated and kept up to date as part of the regular reviews of our natural catastrophe risk view, which underpins the structuring and purchase of reinsurance along with the profitability assessment and strategic capacity allocation for risk assumed from customers.

We follow a gross-line underwriting strategy and focus substantial time and resources on ensuring risk-adequate underwriting and pricing of the business we assume upfront, including consideration of potential climate change induced trends. Reinsurance is used as a means to maximize diversification of net retained risks and to protect shareholders against earnings volatility. We engage with a core panel of reinsurance partners to secure the required capacity at sustainable pricing over the medium term. Given our financial strength, we have the option to weigh the benefits and cost of reinsurance against other forms of risk financing and thus adapt to supply-side changes in the reinsurance market as a potential consequence of the macroeconomic response to climate change adaptation.

3.1.4 Portfolio level scenario-based climate risk analysis

We consider potential longer-term impacts of climate change to our business through an annual scenario-based analysis which considers our underwriting and investment activities as well as our own operations.

Key aspects of our analytical framework are outlined below. To ensure the medium-term outlook is sufficiently distinct from our financial planning cycle, we extended the medium-term timeframe from 2030 to 2035 as part of our 2024 cycle (see Figure 10 on page 139).

¹ Our disclosure shows our efforts to provide additional details. However it is acknowledged that full compliance is not envisaged e.g., due to our reporting standards (no disclosure of gross losses), or our industry's catastrophe modeling standards. There are generally no catastrophe models available, for example, for chronic diseases, droughts and extreme heat and therefore no PMLs can be provided. Tsunami risk is correlated (and modeled) with seismic risk and therefore cannot be reported on a stand-alone basis as part of insured products from weather-related natural catastrophes, which are the scope of S ASB.

Figure 14

Scope and time horizons for climate risk analysis¹

	Underwriting	Investments	Operations
Approach	Premium analyzed by Line of business (LoB), region and industry and sector respectively to identify areas with potentially high exposure to physical and transition risk. Each such area analyzed in depth to understand the potential relationship between key climate drivers and insurance demand and loss experience.	Third-party model leveraged to understand impacts to asset valuations through exposures of companies and industries to physical and transition risk drivers. Analysis informed by asset-level data on relevant risk drivers, including CO₂ e emissions, abatement costs, exposure to physical risks, dependency on fossil fuels.	Physical risk exposure analysis performed to understand potential future exposures at key locations combined with model-based assessment of supply chain resilience to transition risk.
Scope	- Most material P&C LoB / Industry sectors (64 percent premium)	- Listed equities	- Owned offices and offices with greater than 10-year lease terms, with more than 100 employees
	- Life protection products (93 percent premium)	- Corporate credit	- All strategic data centers
		- Real estate	- Suppliers performing services with the highest level of criticality
		- Sovereign bonds
	- Percentage change in demand is the estimated impact on size and composition of demand for insurance products due to the drivers of physical and transition climate risk, compared with a 2035 baseline.	Impacts to asset valuation for listed equities, corporate credit and real estate, which represents approximately 35 percent of the assets under management.	Changing exposure to natural catastrophes.
	- Percentage change in expected losses is the estimated impact on claims due to the drivers of physical and transition climate risk, compared with a 2035 baseline.	Sovereign bonds are assessed qualitatively.
Medium Term 3-10 years (until 2035)	Quantitative	Qualitative	Quantitative
Long Term 10 - 30 years (until 2050)	Qualitative	Quantitative	Quantitative

¹ For details on modeling approaches, methodologies and key assumptions, see section 3.2.3 Portfolio level, scenario-based climate risk analysis on pages 158 to 159.

Scenarios used

The scenarios underpinning the analysis of our underwriting and investment activities are drawn from the Network for the Greening of the Financial System (NGFS) suite and are chosen to allow us consider a broad range of risks and opportunities of varying degrees of physical and transition risk and determine the resilience of our strategy in both net-zero aligned and high physical risk future states. The emissions pathways of the selected scenarios correspond broadly to representative concentration pathways (RCP) 2.6 and 6.0.

The scenarios used to understand physical risk impacts to our own operations are broadly aligned with those used for our underwriting and investment analysis in terms of RCP assumed (RCP 2.6 and 8.5), meaning we consider similarly varying degrees of physical risk.

Figure 15

NGFS scenario framework¹

^* Used scenarios.

¹ Scenario used from NGFS: www.ngfs.net/ngfs-scenarios-portal

² Nationally Determined Contributions.

Current policies

This scenario assumes that only currently implemented policies continue, leading to high physical risks. Emissions grow until 2080 leading to about 3°C of warming and severe physical risks. This includes irreversible changes like higher sea level rise. The assumed levels of physical risk impact productivity, suppress economic activity and ultimately result in declines in GDP. Overall levels of transition risk in this scenario are low.

Net-zero 2050

An ambitious scenario that limits global warming to 1.5°C by 2100 through the immediate implementation of stringent climate policies and innovation, reaching net-zero by 2050. Some key jurisdictions reach net-zero for all greenhouse gases by this point. CO₂ removal is used to accelerate decarbonization but kept to a minimum. Physical risks are relatively low but transition risks owing to regulation, carbon pricing, technological changes and climate abatement costs are higher but still on a low level.

3.1.5 Portfolio level scenario-based climate risk analysis: Underwriting

Sierra Signorelli

CEO Commercial Insurance

TCFD
SASB
E

Underwriting analysis

―	The results for our Property & Casualty (P&C) business show an increased impact in the scenario year under both current policies as well as a net-zero 2050 scenario. However, impacts are still considered to be of low materiality to the Group. No material changes in response are, therefore, deemed necessary.
―	Medium-term demand impacts to our Life Protection business are broadly stable owing to several factors, including changes in geographic mix and the later assumed calculation date. Loss analysis by 2035 shows low losses but with the potential for higher losses if transition risk gives rise to high levels of unemployment.

Key analysis findings

Outcomes from our medium-to-long-term climate risk scenario analysis are presented below.

Medium term

Figure 16

Potential climate change-related impacts to our underwriting portfolio under current policies and net-zero 2050 scenarios with strategically aligned responses

Definition of terms used:

―	Sector: Industry group of the customer base except for transport, which was considered together with the total motor book, and property, which was considered across industry due to the overarching impact of physical risk associated with climate change.
―	Weight in underwriting portfolio: Indicates how much the sector/geography/line of business being considered contributes to the overall underwriting portfolio.
―	Demand impacts: High, medium and low risk relate to the potential decline in premium volume due to the various scenarios whereas high, medium and low growth indicate that there is a potential increase in premium due to the changing landscape driven by transition.
―	Loss impacts: High, medium and low as above relate to the potential increase in losses in each sector if no strategic or mitigating action is taken as part of the underwriting strategy.

Overall impacts to P&C demand and losses in 2035, under the scenarios considered as modeled and with assumptions made, are estimated to be of low materiality in both scenarios. In general, the diversification of our P&C business in terms of geographic footprint, industry mix and line of business limits our potential impacts. Under both scenarios our existing portfolio management processes allows us to flexibly respond to potential climate risks and opportunities, mitigating modeled impacts that result from the static balance sheet approach, that does not allow for any portfolio changes over the scenario period. Analysis to date does not suggest material impacts to fee income received from Farmers Group Inc. through to 2035.

Current policies: a closer look

P&C

Physical risk is assumed to dominate in the current policies scenario. In that scenario, two main transmission channels can lead to impacts on our insurance portfolio. Firstly, the scenario assumption that increasing physical risk will lead to a general modest suppression of economic growth and a reduction of retail purchasing power is expected to also reduce demand for insurance. Secondly, climate change driven changes in severity and frequency of severe weather events can increase losses in our property and, to a lesser degree, motor books.

With increases in physical climate risk being a long-term trend, both impacts remain small over the scenario timeline. Compared to previous results, the latest analysis shows lower loss impacts for our property portfolio, reflecting our management actions around exposure reduction and climate change-related adjustments to expected losses in our natural catastrophe models.

A notable shift in the latest results is the prediction of increased motor losses compared to previous assessments. This is driven by the assumption of higher EV penetration even under a current policies scenario, which is reflective of increased sales trends over the last few years.

Life

The scenario assumption is that increasing physical risk will lead to a general modest suppression of economic growth and hence a fall in demand for life protection insurance. Climate change-driven changes in temperatures are assumed to increase claims losses based on their impact on specific causes of death or disability claims.

Our Life protection is primarily based on retail sales but with a material proportion relating to corporate business. For retail business, we are assuming that demand will change in line with overall GDP impacts in each relevant economy. The effect of risk varies by country. For corporate business the model attributes different industry size impacts by scenario. In a steady state this gives rise to a lowering of demand for corporate insurances. However, this may not fully allow for opportunities related to growing sectors and their changing need for life protection for their workforces.

Our high level assessment of loss impacts suggest low effects by 2035. We note the potential for rising temperatures giving rise to increasing claims from sources such as cardiovascular disease. Given our geographic footprint and protection coverage types, we do not model major additional claims from acute weather events.

Net-zero 2050: a closer look

P&C

Under the net-zero scenario, insurance demand can be impacted through three categories:

―	Through direct increases or decreases of insured activities, such as construction of renewable projects.
―	Through changes in economic growth directly related to the transition, such as a growth in total electricity production.
―	Through contagion of transition effects to the overall economy.

The net-zero 2050 scenario is predicated on an immediate transition over the next 10 years, with the period of highest transition risk occurring before the 2035 scenario year. Due to the speed of scenario developments, changing the scenario horizon to 2035 from 2030 as in previous assessments, results in a discernible change in results.

Particularly, by 2035, the scenario moves beyond a transitory increase in investment activity that drives insurance demand through growth opportunities in construction insurance for renewable energy projects and retrofit projects that upgrade buildings to net-zero standards. By 2035, the scenario hypothesizes that a significant part of required transition investments have been completed, particularly in the power sector, where investment activity returns below current levels.

Outside of the construction space, industrial production and with it insurance demand is expected to continue to grow, reflecting economic and demographic developments both driven by and unrelated to transition efforts. However the high carbon prices under a net-zero scenario combined with a lower demand for industrial goods such as cement, steel and chemicals due to improvements in material efficiency and circularity, depress industrial growth compared to a current policy scenario. Growth in specific transition relevant materials such as copper or cobalt will not be sufficient to compensate the overall reduction in industrial output.

Combined with the general contagion of carbon prices on economic growth, company net revenues and country GDP, our model output therefore provides a more negative insurance demand outlook under the net-zero scenario compared to our baseline scenario or the current policies scenario over the scenario time horizon. To note is that a large part of this negative impact will be driven by our static balance sheet approach. While this approach is useful to isolate climate effects and simplify modeling, it overestimates negative impacts as it disregards organic changes of our portfolio that would track shifts in economic activity and automatically capture growth from transition relevant activities that are not yet present at scale today.

The rapid uptake of new low-carbon technologies under the net-zero scenario will also come with increased risk of insurance losses. This applies to new technologies in renewables, carbon capture and storage for power and industry, hydrogen for industry, as well as new construction materials and techniques in the construction sector, which are difficult to price due to the lack of historical claims data. Due to the uncertainty of technological developments, we are not able to fully quantitatively model potential loss developments. From qualitative workshop discussions that are part of our scenario assessment process, the speed of change has been consistently assessed as a driver that might exacerbate transition risk impacts, as skills and supply chains might not keep up with the required technological change, leading to more disruption and losses. However based on current trends, this situation seems unlikely to unfold as companies and governments are increasingly aware of the trade-offs and risks, and deploy mitigating actions to control the speed and quality of deployed technologies. By maintaining our careful approach to underwriting new technologies and working with customers to understand their challenges and build up experience over time, we also expect that we would be able to maintain adequate pricing and risk selection to retain profitability through this transition period.

anarea where this dynamic is already unfolding is the motor sector, with the increasing uptake of electric or alternatively fueled vehicles. Combining the expected EV growth of the net-zero scenario with current EV loss trends results in a pronounced negative impact in our scenario modeling. However as our understanding of EV specific loss drivers is already improving and being reflected in pricing models, we can expect that the move to EVs will not have sustained impact on our overall motor portfolio profitability.

Life

For the Life business, modeling shows transition impacts by 2035 are sufficient to give greater overall demand falls than under the current policies scenario. However, by that stage it is noticeable that in the LATAM region the beneficial impacts of the net-zero policies in reducing physical risk outweigh the additional demand suppression from transition risk. This balance of physical risk and transition risk will vary depending on the choice of model year.

For the loss analysis on the Life business we note that, by 2035, modeling suggest lower levels of temperature increase under the net-zero scenario than the current policies scenario. This in turn leads to lower expected losses on the portfolio.

Long-term

P&C and Life

In the long term (beyond 2035 to 2050), under the current policies scenario, the severity and frequency of acute and chronic physical risks are expected to steadily increase, however with regional differences in speed and severity (e.g., coastal areas, wildfire zones). Quantitative modeling over these timelines is no longer sensible, as socioeconomic, political and technological developments will have a material impact on insurance loss trends and those developments are much less predictable over longer time periods. Given our business is concentrated in developed countries with a fairly high adaptive capacity, it is reasonable to assume that even for a 2050 time horizon, insurability will be more or equally determined by political and market developments rather than pure physical risk. Our existing accumulation and portfolio management processes already enable us to monitor developments and evolve our risk appetite as physical and political changes arise.

Under the net-zero scenario, by design, transition activities will have been successfully concluded by 2050, thereby diminishing further transition risks. Under the scenario parameters we can expect a peak of transition risks around 2030 with a gradual reduction of transition risk thereafter, as more of the economy becomes aligned with a net-zero pathway. While transition risks will remain elevated until 2050 in many regions, depressing GDP growth, they are not expected to increase beyond the levels modeled for 2035.

While not quantitatively modeled, we expect this outcome would be markedly different under a delayed transition scenario, where after lower short-term transition risk a higher peak is expected around 2040, as potentially more change needs to happen in a shorter time period.

Responses

Under both scenarios our existing portfolio management processes allows us to flexibly respond to potential climate trends. Relying on those processes will allow us to respond to emerging climate-related risk drivers the same as for other risk drivers. Generally depressed economic growth and inflationary pressures predicted under both scenarios are risks we are equipped to deal with in line with general market and insurance cycles.

Given this flexibility to adapt and our existing risk management processes, the static balance sheet approach employed in scenario modelling will overestimate longer-term impacts on our portfolio. Using this static balance sheet approach is a conscious choice to limit model complexity, better isolate climate trends and provide an indication on potential worst case impacts. As we are aware of its limitations when considering strategic implications of our model output we still consider it to be appropriate as the starting point to discuss responses.

Life

Whilst our Life protection portfolio includes some longer-term contracts, our corporate business is primarily short term in nature. The business is also diverse in terms of geographic footprint and (for corporate business) industry mix. For longer-term business, we remain vigilant to the potential for long-term trends affecting mortality and morbidity trends. We will continue to develop our climate-related loss analyses and use these to inform our pricing and underwriting.

P&C

In general, the diversification of our P&C business in terms of geographic footprint, industry mix and line business limits our potential exposure. Our ability to annually re-underwrite and adapt our pricing and risk selection criteria to emerging trends allows us to respond to emerging climate trends and balance near-term market movement against mid-term strategic scenario possibilities.

Our ongoing focus on natural catastrophe modeling and accumulation management will continue to prepare us for future developments of physical climate risk.

The actions outlined in our climate transition plan to deepen our understanding of the technologies, barriers and dependencies involved in the transition pathways of different industries, will also prepare us for the potential risks and opportunities expected under a net-zero scenario. Where we see profitable opportunities arising, we will continue to develop new insurance solutions for nascent technologies which present new risks and therefore require innovative approaches to insurance. By engaging early, we collect crucial data to identify and mitigate technological risks.

Impact areas for consideration	Response	Progress
Physical impact of climate change continues to drive potential risk in the property book	We continued to develop our best-in-class catastrophe modeling and accumulation management.	Completed our initiative on rebalancing capacity deployment within our NorthAmerican business.
		Maintaining sound exposure management across our key peril regions will remain an ongoing focus, as will further rebalancing as part of ongoing business using in-house climate science experts and external advisors.
Monitor profitability trends associated with EV	Under all considered scenarios the uptake of EVs will increase, requiring continued focus on monitoring profitability trends associated with EVs to adjust our propositions appropriately.	Cur share of EVs in the overall motor portfolio is consistent with our footprint and local EV market trends, showing that our evolving motor propositions adequately capture the growing EV penetration.
	Additionally, we are seeking to optimize claims networks for emerging technology and expanded focus on technological advancements in driving and vehicles.
Potential impacts on carbonintensive sectors under a net-zero scenario and associated sectorial shifts	Continue to balance risk across the portfolio and understand the risks associated with transition trends and technologies	The actions outlined in our climate transition plan to deepen our understanding of the technologies, barriers and dependencies involved in the transition pathways of different industries and supplement our overall portfolio and performance management processes. Where we see profitable opportunities arising from transition trends, we will continue to develop new insurance solutions for nascent technologies which present new risks and therefore require innovative approaches to insurance.

Case study

Together with Aon we have launched a pioneering clean energy insurance facility, providing comprehensive coverage globally for blue and green hydrogen projects with capital expenditures of up to USD 250 million. The initiative is the result of extensive research that both parties have conducted over the past two years around the specific needs and challenges of our customers when developing blue and green hydrogen projects. We, as the lead insurer, and Aon, as the exclusive broker, aim to accelerate the development of clean hydrogen projects. Clean hydrogen has immense potential as an eco-friendly alternative to fossil fuel and we strongly believe it can play a critical role in the energy transition.

The new multi-line clean energy insurance facility offers comprehensive coverage through a single integrated policy, encompassing construction, delay in start-up, operational cover, business interruption, marine cargo limits, and third-party liability. It also includes coverage for carbon capture, utilization, and storage (CCUS) technologies, providing customers with a complete suite of solutions across the entire value chain of hydrogen production.

Green hydrogen is produced by splitting water into hydrogen and oxygen via electrolysis powered by renewable energy. Blue hydrogen is derived from natural gas and uses carbon capture technologies to reduce its carbon intensity. It represents a bridge technology until green hydrogen is available in sufficient quantities and at competitive prices.

3.1.6 Portfolio level scenario-based climate risk analysis: Investments

Stephan van Vliet

Group Chief Investment Officer

TCFD
E

Proprietary investment portfolio analysis

―	Our analysis indicates that climate change-related risk to asset valuation would not pose a major risk to our capital position. This conclusion considers equity, credit and real estate, which represent approximately 35 percent of our assets under management.
―	Under the net-zero 2050 scenario, the accumulated impact for our investment portfolios is limited. However, we observe higher transition risks, leading to a greater modeled impact on valuations for carbon-intensive sectors. These increased climate-related impacts can be attributed to several potential market changes, such as regulatory shifts, carbon pricing, technological advancements, climate mitigation costs, increased demand for low-carbon products and services, and decreased demand for fossil fuel-related products and services.
―	Under the current policies scenario, we observe low or moderately low physical risks for our investment portfolios, as physical risks are estimated to materialize and impact the asset valuation more profoundly further out in the future compared with the maturity patterns of climate transition risks. The model indicates high physical exposures for a few sectors, such as agriculture and activities in tropical regions, but where our investment asset exposure is limited.
―	Our analysis of sovereign bonds indicates mildly inflationary outcomes under both current policies and net-zero 2050 scenarios.

Key analysis findings

Outcomes from our medium-to-long-term climate risk scenario analysis are presented below.

Medium term

The net-zero scenario will see the largest negative near-to-medium-term impact, due to rapid transitioning over the next few years which will be disruptive for economic activity. However, the economic impact is likely to turn positive over time, as large-scale investments in new technologies generate both stronger demand and productivity gains, as economic activity and energy systems adjust to higher carbon prices. Some challenges are still likely to remain over the medium to long term, however, in particular around the larger costs associated with achieving the "last mile" of emission reductions. The current policies scenario, sees a permanent and negative impact on economic activity that will materialize over the medium to long term, including beyond the 2050 horizon, but near-term impact is likely to be relatively limited.

Long term

Listed Equities

Overall, the impacts on our global equity portfolio are slightly smaller than those of a broad market benchmark, especially in the current policies scenario. This can be explained by several factors, including geographic exposure, different sector weighting and specific security exposure.

Figure 17

Estimated impact on listed equity portfolio across net-zero 2050 and current policies scenarios in comparison to a well-diversified global equity benchmark¹

¹ The sector heatmap is calibrated to highlight relative impact per industry sector. Aggregate scenario level impacts are assessed in relation to our definition of financial materiality.

Under the net-zero 2050 scenario, we observe elevated transition risks of carbon-intensive sectors such as energy, non-energy materials, and consumer cyclicals, where the impact on valuation is significantly higher than for lower carbon-intense sectors. These sectors face greater impacts compared to low-carbon sectors by, for example, the increase of carbon pricing mechanisms and demand changes which can result in lower profit margins. Conversely, opportunities arise for sectors that can contribute to and benefit from the transition to a low-carbon economy, particularly utilities. Those stand to gain from the demand creation resulting from the introduction, development and deployment of renewable energy solutions. Compared to previous assessment cycles, we note that some sectors both within our equity portfolio and within the benchmark are now experiencing altered asset valuation impacts, which can mostly be explained by model updates. The primary factors driving these changes include updates to the marginal abatement cost curves to reflect the latest technological expectations, revisions to the core oil and gas model, and improvements in growth models. Lower abatement costs diminish the competitive edge of low-carbon intensity players while reducing costs for high-carbon intensity sectors, leading to lower valuation impacts for carbon-intensive sectors like energy and lower opportunity impacts for sectors such as utilities. Changes in oil and gas modeling now incorporate a higher global oil price and demand curve, replacing previous regional differences. For gas, the model now distinguishes between three global regions with varying gas prices. Those changes are leading to increased impacts in particular for energy. Additionally, the updated growth model better captures the lifecycle of companies, reflecting three distinct phases: growth, transition, and terminal. This refinement has resulted in increased impacts, particularly for consumer cyclicals and energy.

For lower-carbon sectors, such as services, finance, and healthcare, we observe low impacts on asset valuations. This result is sensible given their limited direct exposure to climate-related transition risks via their emission intensity profile. However, for finance, the indirect exposure through the financing of higher-emitting sectors is not accounted for in the asset class valuation modelling. In scenarios involving increased carbon pricing, stricter climate-related regulations, or advancements in low-carbon technologies, the finance sector could encounter more significant exposure to climate transition risks, necessitating mitigation measures. Although not shown directly in the outcome of the analysis, all sectors, including low-carbon sectors, could potentially be severely impacted by a rapid transition to a low-carbon economy, as it can lead to energy scarcity, rising energy prices, and economic bottlenecks. On the other hand, many sectors could potentially benefit from the transition to a low-carbon economy, by taking measures to meaningfully decrease GHG emission or increase exposure to low-carbon solutions and services offerings.

Under the current policies scenario, physical climate-related risks are estimated to have a low to moderately low impact on asset valuations, in contrast to the higher transitional risks observed under the net-zero 2050 scenario. This difference occurs because the most significant physical impacts of climate change are projected to occur further in the future, beyond the time span covered by the model, making them less immediate compared to transitional risks.

However, the 1.5^o C temperature limit was breached in 2024, which is much earlier than many climate scientists have predicted, we need to be aware that physical climate-related risks may materialize faster than previously expected. The potential impacts on our portfolio will therefore need to be monitored closely going forward.

Corporate Credit

The outcome of the model shows that our corporate credit portfolio has lower impact levels than the benchmark in general.

Figure 18

Estimated impact on corporate bond portfolio across net-zero 2050 and current policies scenarios in comparison to a well-diversified global benchmark¹

¹ The sector heatmap is calibrated to highlight relative impact per industry sector. Aggregate scenario level impacts are assessed in relation to our definition of financial materiality.

We observe notably lower climate-related impacts for our global credit portfolio compared to our listed equity portfolio. This discrepancy can be attributed to the shorter maturity of the credit portfolio, as bonds typically mature before the most severe climate-related risks come into effect. This may lead to an underestimation of the long term climate-related exposure, as the climate risk from bonds bought after the maturity of the initial portfolio is not captured. Assessed against previous year's reporting, we note only minor changes in the asset valuation of the portfolio.

Compared to our listed equity portfolio, the 'Finance' sector has a higher weighting in our corporate credit portfolio. The model only considers direct climate risks for the finance sector, excluding potential material indirect impacts through portfolio-related activities. Therefore, we will closely monitor these indirect risks to ensure that any potential impact on valuation is adequately addressed over time. Under the net-zero 2050 scenario, our corporate credit portfolio exhibits similar patterns as our listed equity portfolio, with carbon-intensive sectors facing higher transition risks and thus greater modeled impacts on valuation compared to low-carbon sectors. For utilities, our corporate credit portfolio is more weighted toward climate transition laggards, while our listed equity portfolio has higher exposure to climate transition leaders. This discrepancy explains the significant divergence in asset valuation impacts between the equity portfolio, which is estimated to benefit from opportunities in a net-zero 2050 scenario, and the credit portfolio, which is expected to face moderate detrimental impacts. Additionally, the benchmark has a higher exposure to utilities than our credit portfolio, which accounts for the higher impacts observed in the benchmark compared to our credit portfolio. For business services and industrials, we anticipate slightly higher transition risks for our corporate debt portfolios compared to the benchmark. This is because our portfolio has relatively high exposure to entities within these sectors that offer services associated with higher greenhouse gas emissions, and thus higher transition risks, such as waste management and environmental services. However, these sectors have a low overall weighting in our portfolio.

Under the current policies scenario, we observe low impact levels on asset valuation. The bonds in our corporate credit portfolio tend to mature before the strongest climate-related risks materialize. However, as physical risks will most likely materialize earlier than previously anticipated, the potential impacts to our portfolio will be closely monitored.

Sovereigns

The climate change-related risks on our sovereign debt exposure are analyzed differently than the other asset classes¹ highlighted above.

Sovereign bond impacts reflect the macroeconomic effects of changes in energy consumption, energy costs, physical risks of climate change, and the response of central banks to those shocks. A significant upward move in inflation will result in higher nominal government bond yields, implying a negative price and asset valuation impact.

The two NGFS scenarios considered differ markedly with respect to their inflationary consequences. The current policies scenario has a relatively limited inflationary impact over the time period considered. While labor productivity is expected to suffer in a hotter world, which would put upward pressure on prices and inflation, this effect is only expected to develop slowly. There are also likely to be offsetting changes in demand and economic activity in the worst affected regions, resulting in relatively minor overall inflation impact. By contrast, the net-zero 2050 scenario is seen as inflationary, with inflation set to overshoot central bank inflation targets by a significant amount over the earlier scenario period, primarily driven by the introduction of a rapidly rising price of carbon, but also reflecting strong investment demand and potentially disruptive changes to energy systems. While this will exert upward pressure on government bond yields, the impact is seen to be transitory, as central banks retain their inflation targets, preventing a more severe and persistent inflationary outcome from developing. This means that the overall average impact on yields is estimated to remain relatively limited, particularly for securities with a longer maturity. That said, periods with heightened volatility, both in inflation and nominal government bond yields, should not be ruled out. While not modeled under the asset only view presented here, we note that adverse pricing impacts from rising yields on our sovereign bond portfolios will be materially offset by a similar effect on the discounted value of our liabilities.

¹ Impacts on government bond yields are derived using the national institute global econometric model (NiGEM^*) model. NiGEM^* is a global macroeconomic model and models the effect of climate shocks on macroeconomic variables such as GDP, inflation, debt issuance, and central bank policy rates. These macroeconomic factors are key drivers of interest rate risk for sovereign bonds, and default risk for each sovereign issuer. The price impact for individual sovereign debt securities in the portfolio are then derived.

Real Estate

We continue to observe only minor exposure to climate change-related risks in our real estate portfolio. Given the almost unchanged regional and sectoral portfolio diversification between 2022 and 2023, the changes in valuation impact compared to previous reporting are primarily driven by changes in model variables. Impacts in real estate in Q4 2023 and Q1 2024 are mainly driven by changes in the marginal abatement cost curves.

The impact valuation levels have slightly increased for the real estate portfolio, with the most substantial impact occurring under the net-zero 2050 scenario. More than 80 percent of our direct real estate investments are in Europe with an overweight in Switzerland and Germany. Under the different scenarios, our portfolio is most exposed to rising temperatures in Southern Europe, where residents will become more reliant on electricity to power ventilation, fans or air conditioning to stay cool under warmer temperatures. Under the net-zero 2050 scenario this could be subject to, among others, risks associated with carbon price introduction, if electricity consumption is relying on carbon-intense sources. In order to mitigate climate-related risks of our real estate portfolio, buildings in our portfolio are to be constructed with more low-carbon materials and become more energy efficient, with both heating and cooling of buildings deriving from low-emitting sources and technologies (such as heat pumps).

As part of its investment decision process we also rely on physical risk inputs provided by Zurich Resilience Solutions (ZRS).² This location-specific analysis helps identify potentially underperforming Real Estate assets in riskier, less resilient geographies, and enables a more accurate view on potential future adaptation requirements and mitigating measures.

² ZRS provides an end-to-end analysis encompassing a portfolio-level climate risk analysis, through to location-level climate risk assessments.

Responses

Our strategic response to the climate change-related risks we observe in this analysis is our long-term commitment to decarbonize our investment portfolio to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5^o C above pre-industrial levels. To support our net-zero commitment, we have set interim targets for engagements, climate solutions investments and emission reductions and have further strengthened our policy toward high emitting sectors.

We will continue with several key actions to remain resilient to identified risks:

―	As climate change-related risk scan rapidly evolve and materialize faster than expected, we will conduct regular monitoring and active management of the risks.
―	We will continue to address risks associated with carbon-intensive sectors through a bottom-up approach with our emission reduction targets, outlined in the section 1.2 Climate transition plan (see on page 125) around our 2030 interim targets, and fossil fuel exclusion policies, and we will continue with efforts to deliver our long-term commitment to decarbonize our investment portfolio to net-zero GHG emissions by 2050, consistent with a maximum temperature rise of 1.5oc above pre-industrial levels.
―	The oil and gas policy implemented in 2023 for private debt investments helps us further to mitigate exposure to climate risk. Zurich will not provide private debt financing of projects in the Arctic¹ and in new oil and gas upstream projects.² We further specified investment boundaries for mid- and downstream projects, subject to local governance.
―	As part of our ongoing commitment to impact investing and our target to help avoid the emission of 5 million metric tons of CO₂ e per year, we will invest in climate solutions across different asset classes to finance climate mitigation and adaptation.
―	While increasing the resilience of our portfolio against climate transition risks, our decarbonization strategy also contributes to limiting the physical climate risks showcased in the current policies scenario, which may materialize in our portfolio over the long term.
―	Our structured and disciplined investment management approach is carefully crafted to match liabilities, minimize unrewarded risks, and remain stable throughout the macroeconomic cycle. The resulting portfolio is highly diversified across asset classes, sectors and geographies.
―	We will continue to apply our security selection process, which takes into account good ESG practices and climate risks as part of our responsible investor approach and our long-standing practice of ESG integration. On an issuer level, both transition risks and opportunities are reflected through thorough ESG integration.
―	We retain a focus on the rapid decarbonization of our Swiss real estate portfolio and are continuing with our energy optimization project in Switzerland.

¹ Defined as anything north of 66 degrees latitude with the exception of the Norwegian continental shelf.

² For more information on our oil and gas policy, see 1.4 Our exclusions and positions on page 131, andwww.zurich.com/sustainability/governance-and-positions/our-positions

3.1.7 Portfolio level scenario-based climate risk analysis: Own operations and supply chain

TCFD
E

Own operations and supply chain

―	Based on the impacts observed, we believe that executing our sustainable operations strategy and in-force risk management processes, which focus on building business resilience and monitoring the supply chain, are sufficient to mitigate climate change risk.

Key analysis findings

Outcomes from our medium-to-long-term climate risk scenario analysis are presented below.

Medium term

The findings in the medium-term analysis substantially mirror the findings in the long-term analysis.

Long term

When considering physical and transition risk, and to test our hypothesis that we are operationally resilient to medium-and long-term impacts of climate change, we place a focus on the higher physical risk scenario and consider locations with high exposure levels and above.

In 2050, for offices and strategic data centers (locations) the most prominent perils (impacting at least 25 percent of locations) remained consistent with the medium-term analysis: drought, precipitation, thunderstorms and wind. The number of locations with high or very high hazard levels increased slightly for drought and precipitation. For wind and thunderstorms, the total number of locations with at least high exposure levels remained the same. Precipitation has the highest exposure across both time frames and increases from medium to long term by 18 percent.

Figure 19

Our exposure by hazard level for offices and strategic data centers

For suppliers, the results were fairly consistent with the office and strategic data center analysis. However, additionally, heat and wildfire also represented prominent hazards. This is largely attributed to the concentration of locations in India. While hazard levels remained fairly consistent (i.e., changing by only a few percentage points), supplier locations exposed to high or very high precipitation levels increased in 2050 by 45 percent.

Figure 20

Our exposure by hazard level for suppliers

2035 - exposure by hazard level

2050 - exposure by hazard level

Critical processes performed at in-scope office locations are included in business continuity plans, which contain appropriate recovery strategies aligned to a "loss of premises" scenario. These plans are reviewed and updated on an annual basis to address any changes in the threat landscape (e.g., energy crisis, pandemic, etc.), therefore the process evolves with our understanding of climate risks.

Certain supplier locations within our supply chain are already exposed to high and very high physical risks and there is a degree of concentration risk in certain high risk locations due to several suppliers providing critical services in close proximity to another. Despite this, suppliers have shown high levels of resilience and we have not directly experienced material service outages due to the risk mitigation and business resilience measures adopted by us and our suppliers.

An analysis of transition risk exposure for our direct operations, which included a deep dive into the potential impacts arising from the introduction of global carbon taxes has not revealed any likely material impacts in either time frame given the low carbon intensity of the operations of the insurance sector and our approach to continuously improve the way we manage operational sustainability risks and opportunities.

Cur analysis showed that suppliers of critical services within our supply chain are not exposed to significant transition risks. This finding aligns with our prior expectations, as these suppliers do not operate in carbon-intensive sectors or industries and are not significantly negatively impacted with the shift toward a lower-carbon economy, including regulatory changes, shifts in market dynamics, or advancements in green technologies. Consequently, their lower exposure to these risks supports the stability and resilience of our supply chain.

Responses

―	Cur business resilience program is designed to ensure continuity of business services, even under operational stress.
―	Backup data centers provide resilience for all regional strategic data centers and recovery capabilities are tested on an annual basis.¹

¹ Large range impacts affect cities, regions or countries; distance between data centers >500km.

3.1.8 Portfolio level scenario-based climate risk analysis: Conclusions

Our annual portfolio-level scenario-based climate risk analysis considers material business activities across underwriting, investments and our operations.

―	The most impacted sectors and LoB across our P&C business remain consistent with previous analysis - motor, property, construction and fossil fuels. We note that analysis outcomes demonstrate a strong sensitivity to assumptions made. Model updates and change to our medium-term quantification time horizon have the effect of influencing demand impacts in both scenarios (e.g., decreased upside across construction). Impacts remain nonmaterial on aggregate, with no broad adaptations deemed necessary to in-force responses which we can adapt to balance near-term market movements against the mid-term strategic scenario expectations.
―	Impacts within our life protection analysis remain largely consistent with previous cycles. The use of a later model date shows differences in the level of impact of physical and transition risk, hence showing model sensitivity. Cur mix of long- and short-term contracts remains broadly unchanged, and our approaches to risk management for both types of business remain appropriate.
―	Similar outcomes are noted across our proprietary investments where analysis of key asset classes demonstrates a largely unchanged risk profile, with physical risk having impact in few sectors to which we have limited exposure and where transition risk primarily impacts carbon-intensive sectors. In line with previous assessments, observed impacts do not suggest material risk to our capital position. We believe that our multi-faceted responsible investment strategy is adequately flexible to adapt to climate-related risks highlighted by this analysis and will continue to strengthen our practices to help us remain resilient to emerging risks.
―	Cur analysis suggests existing business continuity planning, internal risk policies, monitoring and supplier due diligence processes are sufficient to address observed physical risk impacts across operating locations and supply chain. Further, analysis suggests we are not exposed to material transition-related financial impacts or service disruption under the scenarios considered.

In line with previous cycles, analysis outcomes suggest that our customer-focused approach and diversified portfolios, supported by strong risk management practices, continue to provide the resilience and flexibility necessary to be able to adapt to the climate change impacts observed. Analysis outcomes do not suggest impacts to access to capital over the medium term.

We caveat these conclusions by acknowledging the hypothetical nature of the underlying scenarios, the uncertainty inherent in scenario modeling over the timeframes considered and the somewhat conservative modeling of physical and transition risk. As the effects of climate change gradually increase over the coming decades, adaptation efforts at the individual, company and state level will increase and provide resilience against expected impacts. This is likely to reduce societal and economic losses. However, outcomes will be influenced by highly uncertain political, societal and technological developments. On the other hand, exceeding tipping points, such as accelerated melting of Antarctic ice sheets or permafrost thawing, could lead to large-scale discontinuities in the global climate systems and accelerate the impacts from physical climate risk. We believe our strategy of continually analyzing changing risk profiles and retaining customer focus gives us the flexibility required to maintain our resilience and continue to meet the needs of our customers as climate-related risk profiles evolve.

3.1.9 Other climate risk assessment outcomes: litigation risk and reputational consequences

Our management of climate risk considers both litigation risk and reputational consequences.

Litigation risk: We closely monitor developments potentially impacting litigation-related risks and take actions to address them proactively.

Reputational consequences: We recognize the heightened public scrutiny that accompanies our climate-related ambitions and that any failure (real or perceived) to deliver on our objectives and targets could have an impact on our reputation. We believe our approach and clearly defined supporting activities, as outlined in our transition plan, our strong internal focus on delivery, monitoring through the governance structures described in Chapter 2. Governance (see pages 134 to 136) and transparent public disclosure on progress, mitigate this risk.

3.2 Risk management

Peter Giger

Group Chief Risk Officer

TCFD
SASB
E

The processes used by the organization to identify, assess and manage climate-related risks

3.2.1 Integration of climate risk within the overall risk management framework

We consider impacts from climate change to be drivers for other risks, such as market or natural catastrophe risks, which are managed within our existing risk management framework. Cur approach to managing climate risk is embedded in our multi-disciplinary, Group-wide risk management framework, following the same objectives of informed and disciplined risk taking. The risk management framework is based on a governance process starting from the Board that sets forth clear responsibilities for taking, managing, monitoring and reporting risks.

These responsibilities are:

―

To identify, assess, manage, monitor and report risks including (but not limited to) climate change, that can have an impact on the achievement of our strategic objectives, we apply a proprietary Total Risk ProfilingTM methodology. This considers our planning horizon and allows us to classify risks according to their materiality based on the estimated severity and the likelihood of the risk materializing. This creates a relative rating for all risks, including specific aspects of climate risk (e.g., physical and transition risks), and, by definition, the prioritization of risk mitigation. Further, it supports the definition and implementation of mitigating actions. At Group level, this is an annual process involving the ExCo and the direct reports to the CEO, followed by regular reviews and updates by management.

―

To take the longer-term nature of climate change into account, we complement our Total Risk ProfilingTM methodology with portfolio-level scenario-based climate risk analysis. This provides an outlook on long-term risk developments relevant to our underwriting and investment portfolios as well as to our operations, as outlined in the strategy section (see pages 137 to 157). The details of our risk management framework and analysis by risk type are outlined in the risk review (see pages 222 to 254).

3.2.2 Managing risks from climate-related natural catastrophes

As outlined in the strategy section (see pages 137 to 157), changes in physical risks related to long-term¹ climate change could, over time, impact us through the property-related business via affected severity and probability of climate-related natural catastrophes and weather-related events. The risk is in most parts mitigated by the flexible nature of our underwriting portfolio, with contracts that are typically renewed annually. We recognize that the climate has been changing already in the past decades with impacts such as land-ice melt and rise in sea levels, that need to be considered in our assessment of physical risk. It is, however, clear that climate science indicates the greatest changes in physical risks related to climate change will occur over the longer term. We have established sophisticated natural catastrophe modeling capabilities to manage our underwriting selection, so that accumulations stay within intended exposure limits. The resulting view of natural catastrophe risk also underpins profitability assessments and strategic capacity allocation and guides the type and quantity of reinsurance we buy. To be globally consistent, natural catastrophe exposures are modeled centrally.

Third-party models provide a starting point for the assessment of natural catastrophe risk. However, they are generally built for the market average and need validation and adjustment by specialized teams to reflect the best view of risk. We have been a leader in natural catastrophe model validation since 2005 when we developed our proprietary' Zurich View' of risk. This gives us nearly two decades of experience in applying a structured and quantitative approach to optimize our risk view. To arrive at the 'Zurich View', which also aims to reflect the impact of climate change that happened until today already, models are adjusted in terms of frequency, severity and event uncertainty.

Adjustment factors address potential losses from non-modeled, property-related exposures or secondary perils to the extent not covered by the third-party models. Every catastrophe event provides an opportunity to learn from our own claims experience and the modeling framework provides a place to capture the new insights. We constantly review and expand the scope and sophistication of our modeling and strive to improve data quality by leveraging technology.

We supplement internal know-how with external knowledge (e.g., the Advisory Council for Catastrophes). We are a shareholder in PERILS AG, Switzerland, a catastrophe exposure and loss data aggregation and estimation firm. We are also a member of the open-source initiative Oasis Loss Modeling Framework and rejoined the Global Earthquake Model Foundation as a governor sponsor in 2023.

Catastrophe models based on historical data do not capture potential, much longer-term shifts of extreme weather events related to climate change. However, when combined with general circulation models (GCMs), which build representations of the Earth's physical climate systems, catastrophe models can help us understand the risk of future climate conditions. The quality of GCMs continues to evolve as scientific understanding of the Earth's climate systems increases and as progress is made in computing power and artificial intelligence. This science is evolving, and we have strengthened our catastrophe modeling team with dedicated resources to create methodologies to integrate forwardlooking aspects into our modeling approach.

¹ This refers to time periods up to 10 years and even out to 30 years, as mentioned in section 3.1.4 Portfolio level scenario-based climate risk analysis on pages 142 to 144.

3.2.3 Portfolio level, scenario-based climate risk analysis

Assessments of the resilience of our business model to potential climate risks over time periods extending beyond the financial cycle are performed using scenario analysis. Assessment granularity and time frames can be tailored to the specific requirements of the assessment.

Anintegrated modeling approach, leveraging a third-party model, is adopted for the analysis of our underwriting and proprietary investment portfolios to ensure, as much as possible, the consistent use of assumptions. To quantify impacts on our assets, the model adopts a bottom-up approach to coherently analyze the exposures of businesses, industries and corporate sectors to physical and transition risk To provide a map of vulnerabilities, it uses asset-level data on relevant risk drivers, including carbon emissions, abatement options, exposure to physical risks (including location-based exposure to acute physical risks), exposure to the greening of the economy, dependency on fossil fuels and competitiveness. Data underpinning the assessment of impacts on our assets are used in conjunction with premium and loss data to model impacts on our insurance business in a bespoke process.

To complete our analysis, we consider potential impacts to our own offices, strategic data centers, and supply chain.²

Our quantitative physical risk analysis focuses on changing exposure levels at key locations over the medium to long term in an effort to determine robustness of our resilience program to the impacts observed. Transition risk is assessed both qualitatively and quantitatively. Risk drivers are qualitatively evaluated for relevance, materiality and likelihood, with a focus on potential mitigation or adaptation costs impacting operating budgets. Our quantitative analysis adopts a bottom-up approach consistent with that adopted for our investment analysis and assumes significant negative impacts to supplier valuations as an indicator of additional operating cost and/or critical service disruption risk.

Given the flexibility of our business model, in both our underwriting and asset portfolios and the static balance sheet approach adopted, scenario-based climate risk analysis is performed in the full recognition that it represents a theoretical "what if" analysis. It is a useful approach which can serve to stretch management thinking about the much longer-term outlook and consider the resilience of our strategy, but it does not provide insights from an immediate solvency, financial or capacity management perspective

² The risk assessment of our own operations and supply chain excludes certain businesses such as Farmers Group, Inc., Cover-More, Joint Ventures and other small subsidiaries.

Data sources, assumptions and limitations

―

We adopt a static, balance-sheet approach to better isolate potential medium- and long-term impacts of climate change. This implies quantified impacts assume no strategic reaction from us to the risks identified, and no movements in pricing to adapt to changing conditions.

―

The analysis of our investments considers overall financial impacts by 2050, by discounting the cash-flow estimates from the asset modeling component to net present value terms, and in that way brings forward all future impact. This is a suitable way to assess and compare impact, both across scenarios and time horizons, but it is important to stress that the actual impact on economic activity and cash flows will be realized in the future, and that the timing will differ markedly depending on the scenario. Moreover, if realized impacts are not appropriately reflected in asset prices, when they occur, this can lead to volatility in both economic activity and asset prices over time.

―

Scenario analysis leverages a third-party model which utilizes third-party data, including the latest available emissions data. This is supplemented with internal data, including year-end financial data.

―

Modeled impacts of acute physical risks on expected losses are, to every extent possible, based on our own natural catastrophe modeling. We work with a third-party model which enables us to search publicly available hazard data by type of hazard. We will expand our in-house modeling to cover a wider range of physical risks and this will be included in our own catastrophe modeling results.

―

While the bottom-up approach adopted by the underlying model facilitates granular analysis of climate change-related risk, the model depends on certain assumptions, namely:

―	The assumption of smooth transitioning, as capital moves from carbon-intensive to low-carbon activities without bottlenecks or frictions (e.g., costs are passed to consumers), leads to a muted 'cost of transition', despite the carbon prices assumed in the underlying scenarios.
―	The assumption of perfect information, where action is only taken once new policies are in place, omits an important uncertainty effect.
―	Complex hazards such as inland floods, severe convective storms, tropical and extra-tropical storms including coastal flooding are assessed by catastrophe models that rely on simplified assumptions.

For further details on our risk management process and supporting committees:

―	See the risk review on pages 222 to 254.

TCFD
E

3.3 Targets and metrics

We use numerous indicators across our underwriting and investment activities, as well as our own operations, to monitor, assess and manage climate-related impacts to, and of, our business. This section outlines the main targets underpinning our climate strategy and lists the key performance indicators (KPIs) we track.

The metrics and targets used to assess and manage relevant climate-related risks and opportunities

3.3.1 Our targets

Our commitment to net-zero focuses primarily on supporting emissions reduction in the real economy. We believe we can best achieve this by focusing our approach on engagement with customers and investee companies, and accompanying their transition. This reflects our principle, which holds that the financial service industry's most effective contribution to fighting climate change derives from assisting, incentivizing, and asking our investee companies, customers, suppliers and other stakeholders to embark on their own decarbonization pathways. We hold ourselves accountable to the same expectations through leading by example with our own operations.

Outlined below are the principal targets we have set to align our business activities with the net-zero commitment. Those targets are also described in our climate transition plan (see section 1.2 Climate transition plan on pages 125 to 128) and our targets and ambitions (see section 1.3 Our targets and ambitions on pages 129 to 130). which provide a transparent picture of our progress toward set targets and positions.¹

¹ Please note that target 2025 and target 2030 is always defined as using year-end 2024 and 2029 values. respectively (e.g.. reduction of financed emissions). By 2030 target (e.g.. for reduction of IAE intensity) is defined as using year-end 2030 value. similar by 2025 target (e.g.. for operational carbon emissions) is defined as using year-end 2025 value.

Table 3

Our targets to net-zero commitment

Area	Definition	Targets & ambitions
Reduction of financed emissions	Reduce the intensity of emissions (scope 1 & 2) of listed equity and corporate bond investments. in terms of metric tons of CO₂ e per USD million invested (base year 2019).¹	2025: 25%
		2030: 55%
	Reduce the intensity of emissions of direct real estate investments. in terms of kilograms of CO₂ e per square meter (base year 2019).	2025: 30%
		2030:45%
Reduction of insurance-associated emissions intensity	Reduce the intensity of insurance-associated emissions (IAE)² in our large corporate customer portfolio by 20 percent (base year 2022)	By 2030: 20%
Reduction in operational carbon emissions³	Total emissions: absolute reduction in all operational emissions (base year 2019)	Total emissions:
		- By 2025:60%
		- By 2029:70%
	Scope 1&2; reduction in emissions from the fleet and onsite heating as well as from purchased electricity. heat and steam (e.g.. district heating). base year 2019).	Scope 1&2:
		- By 2025:62%
		- By 2029:80%
	Scope 3; reduction in operational emissions. resulting from air. rental and rail business travel. employee commuting. strategic data centers. printed paper. waste. as well as indirect energy impacts (base year 2019)	Scope 3:
		- By 2025:60%
		- By 2029:67%
Investment engagement	Engage with top 65 percent emitters of financed emissions that have not set science-based targets (base year 2019).	2025: 65%
	Engage directly with high-emitting companies which currently do not have credible science-based targets.	2030: 20
Insurance engagement	Engage with our large insurance customers who contribute most heavily to our portfolio emissions⁴ on their transition-related objectives. opportunities and challenges.	Sept 24 - Sept 25:⁵ 65
		By 2030:450
Climate solutions	Allocation to climate solutions investments	2025: increase
		2030: 6% of AuM⁶
	Avoid 5 million metric tons of CO₂ e emissions per year through impact investments.	Ongoing (ambition)

¹ Attributed with enterprise value methodology and matched based on most recently available emission data.

² IAE is determined by scope 1 & 2 for our customers' emissions using the Partnership for Carbon Accounting Financials (PCA F) insurance-associated emissions methodology for commercial lines. covering customers with revenues greater than USD 1 billion.

³ Cover-More. Farmers Group. Inc. and its subsidiaries. our joint ventures with Banco Sabadell and Banco Santander. smaller businesses like Real Garant and Orion. third party vendors as well as our new acquisitions Zurich Kotak and Travel Guard are excluded since they were not reflected in the CO₂ e emissions baseline in 2019.

⁴ As determined by scope 1& 2 for our customers' emissions using the PC AF insurance-associated emissions methodology for commercial lines. covering insurance customers with revenues greater than USD 1 billion.

⁵ In the 12 months following the publication of our climate transition plan in September 2024.

⁶ Estimated based on AuM 2023. equivalent to approximately USD 10 billion. Any portfolio activity will be subject to market conditions and potential other constraints.

3.3.2 Our performance metrics

This section highlights the key metrics we use to measure and manage climate-related risks and opportunities. They represent a combination of metrics derived from the SASB and WEF IBC standards expanded with further metrics of our own. in line with guidance from the TCFD.

Underwriting

Z
E

Insurance-associated emissions (IAE)

To provide transparency on our Commercial Insurance portfolio carbon footprint. we are leveraging the accounting method for IAE. published by the Partnership for Carbon Accounting Financials (PCAF) in November 2022. We also report portfolio IAE intensity. which aligns with the Weighted Average Carbon Intensity (WACI) metric proposed by the CRO Forum.

In scope for reporting is our portfolio of large corporate customers, defined as customers with revenues greater than USD 1 billion. Lines of Business not covered by the current PCAF standard are excluded from the calculation. Excluded per PCAF attribution factor for commercial lines are agricultural government schemes, structured trade credit, CAR/EAR engineering lines, surety, and insurance contracts purchased by public entities.

With this reporting scope we cover our large commercial customers, representing USD 7.4bn of gross written premium and equating to 25 percent of our total Commercial Insurance gross written premium in the baseline year of 2022.

To provide a measure for the quality of emission data used for our IAE reporting, we provide a weighted average quality score aligned with PCAF methodology. Our score of 2.9 (1 being best, 5 being worst) is driven on the one hand by the inclusion of large non-listed companies in our reporting scope, where the availability of reported emissions is lower and industry emission factors have been used (predominantly quality score 4). On the other hand we have not assigned quality score 1 to any of our data, as our currently available data sets do not yet include information if customer emissions have gone through external verification as required by PCAF for score 1. In practice, many externally reported emission figures will likely have been verified. Capturing this additional data requires further analysis and would be included in future updates if appropriate data sets become available.

Figure 21

Insurance-associated emissions

―	Insured's premium: For the purpose of IAE calculation, premium is defined as gross written premium (the total amount to be paid by the insured to the re/insurer for the policy written in the period). For multi-year contracts, an annualized premium value shall be used. Gross premium shall also be used for Fronting Policies.
―	Insured's revenue; Total amount of income generated by the insured customer through the sale of goods or services.
―	Insured's emissions; Total scope 1&2 emissions¹ of the customer either based on company-specific reported emissions or sector-specific estimations.
―	Portfolio premium; Sum of all insurance premiums within the scope of the calculation.

Also while we aim to align the reporting years of premium and customer emissions, there is a systematic lag in emission reporting and to calculate the full IAE for our in-scope portfolio, we need to rely on previous year emission data for some customers.

¹ We do not deem the quality and availability of customer scope 3 emissions to be sufficient to allow for stable reporting and therefore do not include them in our calculation.

We are using S&P Global to source the emission data required. For customers where publicly reported emissions data is not available, estimates have been taken based on average industry carbon intensities, also provided by S&P Global, multiplied by the customer's revenues. Customer revenues are also provided by S&P Global and supplemented by internal data where no match with S&P data could be found.

Interpretation of the IAE figures and progress over time needs to be mindful of the limitations in data quality and availability. Company-reported emissions are currently only available for around 30 percent by premium of our in-scope portfolio, with the remainder relying on emission estimates. While we consider average industry intensities scaled by customer revenue a reasonable proxy for customer emissions, over time we aim to continually replace estimations with actual emissions as more customers start their own reporting. This might however lead to year-over-year volatility in our reporting, as actual reported emissions differ from previously applied estimations.

Z
E

Commercial Insurance IAE intensity target

Supporting our commitment to align our insurance portfolio to net-zero by 2050 we have set an interim target to reduce the IAE intensity of our portfolio of large corporate customers, defined as customers with more than USD 1 billion in revenues, by 20 percent by 2030 from a 2022 baseline.

This scope has been chosen as our focus is on creating real-world impact, so we prioritize engagement with customers who can make the greatest contribution to emission reductions and where our direct relationship means we have a greater degree of influence. Despite still being low overall, the availability of reported emissions also tends to be higher for larger companies, allowing for greater certainty in target reporting and achievement.

To arrive at our target value, we have modeled the expected carbon intensity of our portfolio, taking into account various business growth scenarios and existing customer decarbonization targets and, in the absence of explicit targets, the nationally determined emission reduction pathways of our customers' countries of residence, where available.

The baseline for our intensity target is based on 2022 premium data and the latest available emission data at the time of determining the target. While largely based on 2022 emission data, the use of some 2021 emission data was required given the time lag in reporting and updates by data providers.

Table 4

Insurance-associated emissions: Baseline and target

Insurance-associated emissions from large corporate customers (revenues greater than USD 1 billion)	Unit	2022 (baseline)	Target (if applicable)
Absolute IAE (scope 1&2)	million metric tons CO₂ e	1.7
IAE Intensity (scope 1&2)	t CO₂ e/USDm	234	20% reduction by 2030
PCAF weighted average data quality score	1-5	2.9

Z
E

Engagement

We engage our insurance customers to better understand where they are in their transition, their needs and priorities, and to deepen our understanding of the technologies, barriers and dependencies involved in their industries'transitions. The insights we gather help inform how we support our customers, our approach to investments, and our understanding of likely decarbonization pathways. Our focus is on creating real-world impact, so we prioritize engagement with customers who can make the greatest contribution to emission reductions and where our direct relationship means we have a greater degree of influence.

Starting in September 2024, we are engaging with 65 insurance customers within 12 months on their transition-related objectives, opportunities and challenges. We will continue to expand our engagement efforts, so that by 2030 we will have engaged with 450 of our large insurance customers who contribute most heavily to our portfolio emissions.¹ For the purpose of progress reporting against our target, we consider an engagement to have started after the first content discussion with the customer has taken place.

As we engage with our customers on an ongoing basis, we look at their transition plans along four criteria (ACDC framework):

1. Alignment with the Paris Agreement and net-zero targets.

2. Commitment, including what near-term plans and significant investments are in place.

3. Delivery, including what progress has been made so far against targets.

4. Communication, in particular transparent and regular disclosures.

As we build our understanding of and evaluate our customers' plans, we will prioritize our support and capacity for those customers who are actively transitioning.

¹ Determined by scope 1& 2 for our customers' emissions using the PC AF (Partnership for Carbon Accounting Financials) insurance-associated emissions methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

Table 5

Engagement: Baseline and target

Engagement	Unit	2024	Target (target year)
Engagements conducted	Number of customers	N/A¹	450 of our large insurance customers who contribute most heavily to our portfolio emissions (2030)
Engagements conducted	Number of customers	N/A¹	65 of our large insurance customers who contribute most heavily to our portfolio emissions; Sept 24 - Sept 25

¹ First reporting in 2025.

SASB
E

Revenues from energy efficiency and low-carbon technologies²

Our products related to energy efficiency and low-carbon technology, separately priced, amounted to USD 644.2 million for the year 2024 (USD 424 million in 2023). The increase in revenue was mainly driven by our repair vs replace solutions in North America (USD 243.8 million), reporting sustainable revenues on electronics and home warranty, where repair is the priority. Our total EV solutions contribute USD 271.2 million, mainly coming from the EMEA region with solutions in 2024 on mid-market EV's. Renewable energy solutions from North America and EMEA contribute USD 108.3 million.

For more information on our sustainable solutions, please see section 4.1.1 Revenues from sustainable solutions on pages 181 to 183.

² Revenues capture gross written premiums and other fee services.

Z
E

Investment Management

In 2024 we successfully met all of our 2025 interim climate targets,¹ aligning with our net-zero commitment in engagement, climate solutions investments, and portfolio decarbonization. This marks a major milestone as it is the first time we have set and achieved a five-year climate target, showcasing our capability to contribute to the 30-year journey toward net-zero. Our recently updated Responsible Investment White Paper² highlights the interlinkage of our targets in a new chapter on climate action, illustrating how our engagements and financing of climate solutions drive decarbonization.

¹ Please note that target 2025 and target 2030 is always defined as using year-end 2024 and 2029 values, respectively (e.g., for reduction of financed emissions).

² https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/sustainability/docs/responsible-investment-at-zurich.pdf

Engagement for the transition

Company engagement

Engagement is a key mechanism for investors seeking to mitigate systemic climate risks and work toward net-zero. As asset owners, we are uniquely placed to encourage company behavior and the decarbonization of the real economy.

In our 2019 - 2025 engagement we saw multilateral engagement, through initiatives such as Climate Action 100+, as a key way to amplify our positive impact, especially on climate change issues as we work to decarbonize our portfolio without simply divesting from high-emitting sectors.

Figure 22

Our engagement approach

¹ Science-based targets.

Table 6

Engagement progress

	2024	2023
Engagement started	65%	60%
Engagement not started	0%	5%
=Target	65%	65%
Started engagements undertaken..
Collectively	25%	25%
Bilaterally	40%	34%
... with outcome
Failed¹	16%	16%
Cngoing²	31%	24%
Succeeded³	18%	20%

Note: All percentages correspond to percent of financed emissions in 2019 (baseline) without net-zero targets, cumulative progress since December 31, 2019.

¹ Engagement considered as failed under the thermal coal, oil sands and oil shale policy if it became clear the company would neither move under the 30 percent threshold nor set net-zero targets and was hence excluded: or that a company approached under the net-zero program refuses to set science-based net-zero targets.

² Engagement considered as ongoing includes when a first contact is established with the company to engage in a meaningful conversation.

³ Engagement considered as succeeded if a company has publicly committed to science-based net-zero targets (under SBTi) or an equivalent scientific verification body, referring to Zurich only as a contributor to the outcome.

In 2024, we closed our bilateral net-zero engagement campaign having reached the 2025 target to have engaged with top 65 percent emitters of financed emissions that have not set science-based targets (as shown in Table 6). We focused on companies with heavy emissions to understand the company's current emission intensity and their transition plans. In cases where the company had not yet established such a plan, we urged the company to set up a transition plan with preferably externally validated targets. In 2024, we successfully kicked off a number of engagements. This in close collaboration with our local investment management teams. In 2024, some companies were not able to submit validated science-based targets within 24 months of committing to do so under the Science Based Targets initiative (SBTi). This resulted in a lower ratio of successful engagements for 2024.

Figure 23

Engagement progress for top 10 emitters without science-based targets (SBT)¹

Financed emissions %

¹ Company grouping according to our proprietary methodology, which considers ownership and operational control structures (corresponding to financed emissions using 2019 baseline data).

² Failed engagement under thermal coal program means the company was added to the restricted list and hence equity exposure was divested and credit exposure put in run-off.

Figure 24

Top 10 emitters without science-based targets (SBT) by sector and region¹

Top 10 emitters by sector

Top 10 emitters by region

¹ Corresponding to financed emissions in 2019 (baseline data).

Case study

Our objective for our bilateral engagements is to encourage emissions-reduction-target disclosure beyond 2030, and external verification. A Latin American metal mining company is part of our top 65 percent financed emissions and therefore a company to engage with as part of our 2025 engagement target. The following case study provides details on that specific engagement on climate transition.

The company currently focuses on integrating its near-term 2030 targets to reduce operational greenhouse gas emissions by 70 percent. The methods include, among others, implementing 100 percent clean energy matrix and electrifying its various transportation vehicles. Within the next year, the company is planning to develop and publish targets for beyond 2030. The target scope will expand to further operational emission activities, such as refinery activities. Via the engagement letters and during the engagement call, we encouraged the company to develop ambitious targets and to seek external verification of both their existing and future targets, e.g., by SBTi. We further encouraged the company to set targets for their scope 3 emissions.

We agreed to have a conversation again next year on the progress of their target setting process, including external verification of targets, in particular for the targets beyond 2030.

We will continue monitoring and engaging with the company on climate transition. We appreciated the company's openness and willingness to exchange during the engagement call.

Z
E

Asset manager engagement and policy advocacy

While bilateral corporate engagement - the most common form of investor engagement to date - is an important tool for addressing the financial risks of climate change, we aim to complement this approach with other, more systematic forms of engagement like asset manager engagement and policy advocacy.

As an asset owner, one of the most important and impactful engagement opportunities we have is to engage with our asset managers to support greater climate action and 1.5^o C alignment. This engagement impacts the wider set of stakeholders and hence can have a wide market impact. In 2024, we supported the Net-Zero Asset Owner Alliance (NZAOA) efforts on asset managers^, engagement. We seek for asset managers to better align their investment strategies with net-zero targets, focusing on achieving more impactful climate outcomes through effective stewardship. During several meetings between asset managers and the NZAOA, we had active discussions around the specifics of fossil fuel engagement approaches and strategies, and engagement reporting expectations. We confirmed that the ́Alliance ́s engagement expectations' is being used to shape an asset manager's new stewardship approach.

Achieving a net-zero investment portfolio and real-world change requires close collaboration with our own asset managers. Besides our continued efforts on engagement, we also focused on our asset managers that manage private assets or execute voting rights on listed equity on our behalf. For private asset managers, we defined the requirements in delivering net-zero strategies and developed a tailored approach focusing on specific climate-related expectations.

We further strengthened our asset manager engagement process to systematically address climate-related stewardship to now also include and analyze how our asset managers have exercised their voting rights regarding climate-related proposals. For managers falling short of our expectations, we initiated engagements to ensure they align with the standards outlined in the NZAOA proxy voting guidance document.

In 2024, we made significant strides in policy advocacy, contributing to a global investor statement and participating in key consultations on sector and national regulations. By signing the '2024 Global Investor Statement', we aimed to underscore the urgency of aligning financial flows with the Paris Agreement goals and to advocate for stronger climate policies. As part of the NZAOA, we engaged in policy dialogues with the U.S. State Department and the UK government.

Additionally, as members of the Investment Leaders Group, we were invited to collaborate with climate finance negotiators from Canada, Australia, and New Zealand, influencing the climate finance discussions at the 29th UN Climate Change Conference (COP29).

Z
E

Financed emissions

We calculate three types of financed GHG emissions defined by the underlying investment: Corporates, which includes listed equity and corporate bonds, direct real estate and sovereign debt.

In 2021, we set interim targets for 2025 following the guidance of the NZAOA for the asset classes of listed equity, corporate bonds and direct real estate. Since the announcement, we have been working on local objective setting, implementation and data improvements. We have translated the global portfolio target into regional and local implementation. This allows us to capture factors such as local market considerations, sector diversification, and past and projected pathways of emissions.

We strongly believe that simply divesting from companies with carbon-intense footprints is less effective than engaging with them to support the shift to sustainable practices. The findings from our engagement efforts, as described above, will guide us through portfolio construction and rebalancing actions, benchmark changes and, where relevant and as a last resort, divestments.

Table 7

Assets under Management: corporate portfolio¹

	In scope AuM (USDbn)
	2024	2019	Difference
Zurich Corporate portfolio²	46.6	58.5	(20)%
By investment asset class
Listed equity	6.9	10.6	(35)%
Corporate bonds	39.7	47.9	(17)%
By region
PAC	5.5	4.5	23%
EMEA	30	38.2	(22)%
Americas	11.1	15.9	(30)%
By sector
Utilities	3.2	4.4	(27)%
Government-owned company	1.5	2.7	(44)%
Energy	1.5	2.1	(29)%

¹ AuM covers companies listed equity and corporate bonds.

² in scope AuM decreased in line with total AuM.

Table 8

Absolute and relative emissions of the corporate portfolio¹

	Absolute financed emission (million metric tons CO₂ e)²			Relative emission intensity (metric tons CO₂ e/1 million market value)
	2024	2019 (baseline)	Difference	2024	2019 (baseline)	Difference
Zurich Corporate portfolio	2.9	7.9	(63)%	62	136	(54)%
By investment asset class³
Listed equity	0.4	1.0	(62)%	52	90	(41)%
Corporate bonds³	2.5	7.0	(64)%	64	146	(56)%
By region
PAC	0.7	1.8	(63)%	120	400	(70)%
EMEA	1.7	4.5	(63)%	56	118	(53)%
Americas	0.6	1.7	(66)%	52	105	(51)%
By sector
Utilities³	0.9	2.7	(66)%	288	616	(53)%
Government-owned company	0.3	1.4	(79)%	200	529	(62)%
Energy³	0.5	0.7	(27)%	311	305	2%

	Relative emission intensity (metric tons CO₂ e/1 million market value)
	Target
Zurich Corporate portfolio	(25)%
By investment asset class³
Listed equity
Corporate bonds³
By region
PAC
EMEA
Americas
By sector
Utilities³
Government-owned company
Energy³

¹ In order to provide a comprehensive overview, details incl. prior year data are shown in appendix 6.4 Emissions profile on pages 210 to 211.

² Financed emissions cover scope 1 and 2 of underlying companies (listed equity and listed corporate credit) attributed with enterprise value methodology and matched based on most recently available emission data.

³ Emission reporting for Zurich-validated green bonds in the utility and energy sectors was refined in 2022 to reflect the nature of the financed projects. Please see the green bond validation methodology in our white paper: www.zurich.com/-Zmedia/project/zurich/dotcom/sustainability/docs/responsible-investment-at-zurich.pdf

In 2024, we reached our interim 2025 decarbonization target for corporate bonds and listed equity as we reduced our financed C02e emissions by 54 percent against the target of a 25 percent reduction. Our absolute financed emissions declined over the same period by 63 percent.

Figure 25

Breakdown of reduction in financed emissions

Intensity change attribution (in metric tons CO₂ e/1 million metric value)

This reduction in financed emissions was mainly driven by changes in portfolio composition and structural emission reductions of our portfolio companies.

Portfolio activities are estimated to contribute half of the intensity reduction over the past five years. Portfolio activities are changes in our portfolio composition, when we allowed high-emitting positions to mature without reinvesting in the same issuer or by actively divesting from high-emitting positions and reinvested capital in new positions of lower-emitting companies. We also observe an expected further meaningful drop in emissions from companies in run-off under the thermal coal/oil sands policy due to maturing assets in 2024.

Real world emission reduction reported by our portfolio companies are estimated to contribute one-third of our emission intensity reductions. Our analysis suggests that a notable 15 percent of these reductions are achieved by just 10 issuers. While most of these companies are in the utility sector, others operate in energy, metals and mining, and building materials.

Other effects mainly refer to currency effects and timing lags but can also include data updates.

Uncertainties and dependencies

Our experience demonstrated the need to consider both absolute and relative indicators when measuring the emission performance of portfolios. Relative indicators are sensitive to changes in company valuation, whereas absolute emissions are sensitive to strategic shifts in asset allocation. It is important to reiterate that capital market price changes have a significant impact on reported financed emissions based on the formula applied, resulting in the sensitivity of reported targets. In the long run, it remains our view that alignment with the NZAOA methodology will provide us with a stable and robust metric describing the trajectory of our emission reduction pathway, but we expect a high level of volatility of intensity and financed emissions numbers driven by the current political sentiment and potential for financial market volatility.

Further, it is important to note that the real economy is not moving at the pace at which we have reduced our financed emissions. In fact, the current nationally determined contributions under the Paris Agreement would still put the world at 2.1⁰ C-2.4⁰ C above pre-industrial levels, which is far above the ambition of the Paris agreement of 1.5^o C. This means that the financial markets' emissions reductions are largely a result of portfolio reallocation, shifting capital to more sustainable investments and hence divesting from heavy-emitting companies. While we can regard the reductions as a testament to portfolio reallocation and as an important demonstration to the rest of the investment ecosystem that decarbonization is possible, the actions must be pursued with urgency in the real economy.

Moreover, we should also be cautious about projecting achievements to the future.

Furthermore, more of our financed emissions of listed equity and corporate bonds have committed or set targets under SBTi compared to our baseline. The % of financed emissions in run-off under our coal / oil sands policy remains stable.

Table 9

Corporate portfolio emissions with commitments or in run-off¹

	% of financed emissions with SBTi¹		% of financed emissions in run-off under coal/oil sands policy
	2024	2019 (baseline)	Difference	2024
Zurich Corporate portfolio	24.8	14.3	73%	4.4
By investment asset class
Listed equity	21.2	22.6	(6)%
Corporate bonds	25.3	13.2	92%
By region
PAC	5.6	1.2	384%	17.1
EMEA	35.3	22.9	54%	0.3
Americas	16.7	5.3	218%	1.7
By sector
Utilities	17	14.4	18%	12.3
Government-owned company	40.3	5.4	641%,	3.9
Energy	0	0	0%	0.5

¹ Committed or set targets under SBTi.

Table 10

Absolute and relative emissions of the sovereign bond portfolio

	In Scope AuM 2024 (USD bn)	Absolute financed emissions 2024 (million metric tons CO₂ e)¹	Relative emission intensity 2024 (tons Co2e/mUSD)²
Zurich Sovereign Portfolio	43.9	7.6	159

¹ Scope 1 (production-based approach) excluding Land Use, Land-Use Change and Forestry (LULUCF) - USD GDP-PPP.

² Based on Nominal Value.

In 2024, we expanded our emissions measurement of our proprietary portfolio, now covering also our sovereign bond portfolio. For 2024, the CO₂ e emissions financed by our global sovereign debt portfolio amounted to 7.6 million metric tons CO₂ e. This corresponds to a carbon intensity of 159 tCO₂ e / mUSD.

We use a methodology aligned with the accounting methodology recommended by NZAOA, which is based on the current version of the PCAF's Global GHG Accounting and Reporting Standard. While we measure the financed emissions for sovereign bonds, these assets are not covered by an emission reduction target.¹

We measure and report absolute emissions for our proprietary portfolio for listed equity, corporate bonds, direct real estate and sovereign bonds, covering approximately 60 percent of the total portfolio.

Z
E

For our direct real estate portfolio, we successfully reduced our relative emission intensity by 30 percent in accordance, i.e., meeting our 2025 interim target one year early. Our target includes scope 1 and 2 emissions, the so called 'operational emissions'.²

¹ Sovereign bonds: disciplined ALM practices and, in some cases, insurance regulation requires us to hold substantial amounts of minimum-risk assets denominated in local currency to back local liabilities. We do not generally manage any multi-currency sovereign bond portfolios that would allow ESG factors to influence issuer selection.

² Scope 1 emissions, also known as direct emissions, are defined as emissions from sources that exist "on site" of an asset. These include primarily emissions from onsite heating systems. A common example of scope 1 emissions for real estate is natural gas and oil burned onsite. Scope 2 emissions are defined as emissions that are related to purchased electricity, heat, steam or cooling. This energy is consumed by the assets but generated offsite.

Table 11

Assets under Management: real estate portfolio

	In scope AuM (USDbn)
	2023¹	2019 (baseline)	Difference
Zurich global real estate portfolio	10.0	11.7	(14)%
By region²
PAC	0.1	NA	NA
EMEA	8.1	10.0	(19)%
Americas	1.8	1.7	6%

¹ Real estate emissions are only available with a four-quarter lag. Emissions in 2024 will be reported in the 2025 sustainability report. Includes investment portfolio buildings only, as own-use buildings are part of our operational emissions target.

² Direct real estate holdings form the base for the emission reduction targets.

Table 12

Absolute and relative emissions of the real estate portfolio

	Absolute emissions^1,2 (metric tons CO₂ e)			Relative emissions intensity³ (kg CO₂ e/sqm)
	2023	2019 (baseline)	Difference	2023	2019 (baseline)	Difference
Zurich global real estate portfolio⁴	34,491	53,181	(35%)	15.2	21.6	(30%)
By region⁵
PAC	589	NA	NA	59.5	NA	NA
EMEA	24,761	41,153	(40%)	17.1	22.9	(25%)
Americas	9,141	12,028	(24%)	11.3	18.0	(37%)

	Target
Zurich global real estate portfolio⁴	(30%)
By region⁵
PAC
EMEA
Americas

¹ The CO₂ e emissions are calculated according to the location-based method. In cases where the data is available or properties use onsite/offsite renewable energies, the marketbased methodology is applied.

² The emission factors are retrieved from the International Energy Agency (IE A, 2020) with the exception of Switzerland for local calculation references (Intep, REIDA 2022 and local authorities) which are aligned with IE A.

³ The relative emissions intensity is calculated based on gross floor area (GFA) of the buildings.

⁴ Real estate emissions are only available with a four-quarter lag. Emissions in 2024 will be reported in the 2025 sustainability report. Includes investment portfolio buildings only, as own-use buildings are part of our operational emissions target.

⁵ Direct real estate holdings form the base for the emission reduction targets.

At year-end 2023, we achieved a 30 percent reduction, meeting our reduction target one year ahead of target year. This marks an improvement compared to the 25 percent reduction achieved in the prior year. The incremental reduction in 2023 compared to 2022 is 6.2 percent resulting in a decrease to 15.2kg CO₂ e per square meter. This is primarily driven by further decreases in the relative emissions in Switzerland (8.6 percent) and Germany (0.6 percent). In terms of absolute emissions, Switzerland and Germany achieved reductions of 1,160 metric tons CO₂ e and 601 metric tons CO₂ e, compared to 2022. These positive results are attributed to the ongoing capital expenditure program in Switzerland and additional energy optimization measures in Germany. Additionally a number of buildings were sold in 2023.

Figure 26

Relative emissions compared to assets under management from 2019 to 2023

The above graph illustrates the decline in relative emission intensity and AuM from 2019 to 2023. The 14 percent reduction in AuM relative to the baseline year of 2019 can be attributed to strategic asset allocation, particularly over the past two years, as well as devaluations resulting from challenging market conditions. Additionally, relative emissions have decreased to 15.2 kg CO₂ e per square meter, a change facilitated by the aforementioned initiatives.

The completeness of our emission data - measured by the coverage ratio¹ - increased slightly from 82 percent for 2022 to 83 percent for 2023.

¹ The coverage ratio is the GF Ain square meters (m2) of completed properties for which data is collected as a percentage of the total GFA area in m² of all completed properties in the portfolio.

Figure 27

Emission reduction target-setting methodology and scope: Listed equity and corporate bonds

Absolute emissions¹

Relative emissions (intensity)

Key

I: Current value of investment on issuer i

EV: Enterprise value of issuer i

C; Carbon emissions^* of issuer i

^* Carbon emissions = scope 1 and scope 2 emissions

In 2021, we announced our initial set of interim targets (2025). The targets cover the following:

―	Listed equity, listed corporate debt and direct real estate.

We chose to calculate corporate-financed emissions and the resulting relative emissions intensity using the protocol's preferred approach, which is based on enterprise value, not revenue.

While a revenue-based carbon intensity measure is a good way to compare companies based on their size and underlying technology, in line with the NZAOA methodology, we believe the enterprise value approach is a better way to convert a corporation's operational emissions (scope 1+2) into the "financed emissions." This can be attributed to a company's underlying equity and/or debt investors, who are ready to take additional responsibility for the emissions. To calculate corporate financed emissions, we use the following methodology:

―

Scope 1+2 emissions in line with the GHG protocol, which are provided by S&P Trucost.

―

Enterprise value is defined as the sum of market capitalization of common stock at fiscal year end, the market capitalization of preferred equity at fiscal year end, and the book values of debt and minorities' interests minus the cash and cash equivalents held by the enterprise. When enterprise value is not available (for example for financial companies), it is substituted with market capitalization. Enterprise value data is provided by S&P Trucost.

Market value is defined as the market value of listed equity and listed corporate debt at fiscal year end. While all financial data (enterprise value and market value) is calculated as of December 31 of the reporting year, we use the latest available corporate emission data available as of January each year, when portfolio level financed emissions are calculated on an annual basis. This means that emissions data is systematically lagging. For example, financed emissions for 2024 will be largely based on full-year 2023 emissions data, as full-year 2024 emissions data will only be made available by investees in the first half year of 2026, and tends to flow to data providers via CDP submissions in the fourth quarter of a given year.

¹ In line with PCAF Global GHG Standard, see; carbonaccountingfinancials.com/files/downloads/PCAF-Global-GHG-Standard.pdf

Figure 28

Emission reduction target-setting methodology and scope: Sovereign bonds

We follow the NZAOA-provided approach to measure the financed emissions of our sovereign bond portfolio: Financed emissions cover production (scope 1) emissions (excluding land use, land-use change and forestry (LULUCF)) of sovereign bonds of all maturities issued in domestic or foreign.

Absolute approach:

Where exposure to sovereign bonds is in Nominal Value.

Intensity approach:

For production emissions:

W_I : weighted exposure of sovereign bonds for sovereign "i"in a portfolio consisting of "n"securities based on Marked Value

PPP: Purchasing Power Parity

Green certified buildings

We successfully reached our ambition of increasing the proportion of green-certified buildings to 30 percent within our global real estate portfolio by the end of 2025 one year early.

Table 13

% green certified buildings in total real estate¹

	% green certified buildings
	2024	2023	2022	2021	2020	2019
Zurich Global Real Estate Portfolio	35%	23%	22%	19%	22%	25%
PAC	17%	0%	0%	0%	0%	0%
EMEA	34%	21%	23%	20%	23%	28%
Americas	48%	34%	17%	19%	18%	17%

	Target
	2025
Zurich Global Real Estate Portfolio	30%
PAC
EMEA
Americas

¹ Market-value weighted and based on balance sheet investments, incl. buildings used by Zurich.

Investments in green-certified buildings rose to 35 percent in 2024 (USD 4.5 billion, see Table 14), up from 23 percent in 2023, thereby achieving our ambition of 30 percent one year ahead of schedule. This increase is mainly driven by more certified buildings in Germany, where the number of certified buildings rose from 17 to 32. The intention is to sustain this elevated standard of certified buildings in the forthcoming years.

TCFD
E

Climate solutions

As a large asset owner, we will leverage our investments to help mitigate climate change and adapt to it. We define climate solutions as investments in economic activities, technologies, or projects that contribute to the mitigation (including enabling activities) of climate change by reducing greenhouse gas emissions, facilitate the transition to a low-carbon, climate-resilient economy or enhance the resilience of people and assets against the effects of climate change.

We leverage our knowledge and proven investment process from impact investing and real estate investments and count environmental impact investments and green certified buildings toward our climate solutions investments. For further information on our impact investment approach, see pages 174 to 176.

Our ability to invest in climate solutions varies annually based on market conditions, available opportunities, and balance sheet capacity.

Table 14

Z
E

Climate solutions

	2024	2023	2022	2021	2020	2019 (baseline)
Climate solution investments (USDm)	10,442	9,272	8,192	8,203	8,054	7,408
of which environmental impact investments¹	5,936	5,792	4,640	5,115	4,424	3,662
of which green certified buildings^2,3	4,506	3,480	3,5525	3,088	3,631	3,747
Million metric tons CO₂ e avoided through climate-related impact investments⁴ (ambition)	3.9	4.5	3.2	4.6	2.9	2.8

	Difference (to baseline)	Target/Ambition
Climate solution investments (USDm)	41%	upward trend
of which environmental impact investments¹	62%
of which green certified buildings^2,3	20%
Million metric tons CO₂ e avoided through climate-related impact investments⁴ (ambition)		5

¹ Values refer to the environmental share of our impact investments displayed in Table 16: Impact investing portfolio on page 176.

² Green certified buildings based on balance sheet investments, incl. buildings used by Zurich.

³ Values refer to the share of green certified buildings of our global real estate portfolio displayed in Table 13: % green certified buildings in total real estate on page 172.

⁴ Impact numbers for 2021 and following include methodology upgrade, as explained in our impact measurement methodology paper: www.zurich.com/-Zmedia/project/zurich/ dotcom/sustainability/docs/zurich-impact-measurement-framework.pdf

⁵ The reevaluation in Austria affected the 2022 year and the value has dropped from USD 4,035m to USD 3,552m.

Case study

Private infrastructure debt investments are particularly suited for impact investing: By investing in infrastructure, impact investors can achieve a dual objective of generating financial returns while contributing to positive social and environmental outcomes. An example is the transition to a low-carbon economy, which requires large investments in new infrastructure. Specific renewable energy or energy efficiency projects can play a vital role and be easily evaluated against specific impact objectives, such as avoiding C02e being emitted to the atmosphere.

One example is Zurich's debt investment in a portfolio of solar parks in Spain. The portfolio of 23 ground-mounted solar parks can produce 180,000 megawatt hours annually,¹ which is enough energy to power around 9,000 homes supporting the growth of Spain's renewable energy sector and the contribution toward clean energy generation. The solar parks are owned by a developer with extensive expertise in the renewable energy market in Spain.

The rationale for investment in the transaction includes the attractive risk-return profile, the geographically diversified nature of the portfolio of the underlying solar energy generation assets, and the favorable regulatory environment that ensured stability of cash flows and limited exposure to electricity market price fluctuations. Moreover, Zurich's investment in a well-established, long-term solar energy asset that facilitates the avoidance of 1,300 metric tons CO₂ e emissions annually, shows our commitment to the transition of the economy to a low-carbon energy model and therefore climate change mitigation.

¹ Corresponding to 127 megawatt (MW) of generation capacity.

Z
E

Other Responsible Investment KPIs

We aim to create value for both our company and for society as a whole. As part of this approach, we expect our asset managers to integrate sustainability factors and monitor accordingly i.e., to reflect the risks and opportunities associated with it when choosing assets for our portfolios. We have implemented a global set of policies and investment processes across our entities to provide a consistent approach. Through ESG integration, we price and manage financially material sustainability risks and opportunities. Investments may also enable economic activities that can have positive impacts on our environment and society. We use various third-party data providers that supply information on the most material ESG risks and opportunities, as well as adverse impacts and ongoing controversies per company in the context of the sector they operate in. We have integrated sustainability information, including climate data, into our systems and have information about the performance of our portfolios.

The following section shows the progress we have made with our responsible investment strategy in 2024 and in the past. Our responsible investment strategy is aimed at successfully managing our proprietary investment assets, while mitigating costs to the environment and delivering benefits to society. Our strategy is based on three pillars;

―	ESG integration: into the investment process across asset classes and alongside traditional financial metrics while generating superior risk-adjusted, long-term financial returns.
―	Impact investing; build an impact investing portfolio that makes a positive contribution to the environment and society, to improve the lives of 5 million people and to help avoid the emission of 5 million metric tons of CO₂ e per year. Additionally, we target to allocate 5 percent of invested assets to impact investments by 2025.
―	Advancing together; make responsible investment mainstream through interaction with other industry participants and engaging with policy makers to build markets in which sustainability risk is priced efficiently and decarbonization is incentivized.

Summary ESG integration and impact investment portfolio

Table 15

Investment portfolio managed by responsible investors

	2024	2023	Change (2024 to 2023)	2022	2021	2020
Assets managed by responsible investors¹	99.8%	99.8%	0 pts	99.6%	99.6%	99.6%
Total amount of impact investments (USD millions)	8,460	7,882	7%	6,328	7,037	5,770
% of Investment portfolio	5.3%	4.6%	0.7 pts	3.8%	3.3%	2.5%
Investment portfolio (USD millions)²	160,645	171,200	(6)%	168,478	211,334	226,389

	2019
Assets managed by responsible investors¹	98.2%
Total amount of impact investments (USD millions)	4,555
% of Investment portfolio	2.2%
Investment portfolio (USD millions)²	204,803

¹ A United Nations supported PRI signatory or asset manager that fulfills our minimum requirements for ESG integration. See our responsible investment white paper: www.zurich.com/-/media/project/zurich/dotcom/sustainability/docs/respo nsible-investment-at-zurich.pdf

² Investment portfolio is calculated on a market basis, and is different from the total Group investments reported in the consolidated financial statements, which is calculated on an accounting basis and doesn't include cash and cash equivalents.

Z
E

ESG integration - Proxy voting

As part of our active ownership strategy, we require all our managers for listed equities to exercise their voting rights on directly held equities. For our in-house asset management, we seek that outcomes of engagements are linked to the proxy voting process to form a consistent active-ownership approach. This means that where engagement as part of our net-zero ambition fails and companies refuse to set targets after due dialogue, we will vote against board members at shareholder meetings.

Figure 29

Proxy voting

¹ Not all votes cast can be allocated to "with" or "against" management. Those explain the difference between our votes cast of 72% and our voting behavior of 71%.

In 2024, we voted on 72 percent of our in-scope equity (externally and internally managed). Approximately 70 percent of our equity investments are in scope for proxy voting.¹ The share of voted equity dropped due to changes in the investment style, moving direct active equity management into equity fund investments. We measure the votes we cast based on assets under management. Reasons for not casting a vote are a combination of portfolio turnover, cost/benefit considerations and voting restrictions (such as demands to vote in person, share blocking or requirements that increase the cost of voting).

¹ For further details, see our proxy voting policy: www.zurich.com/-/media/project/zurich/dotcom/sustainability/docs/zu rich-proxy-voting-policy-and-guidelines.pdf

Case study

Companies issuing climate transition plans often seek investor validation through 'Say on Climate' proposals. At the beginning of this year, a major European energy and petrochemical company of which we are a shareholder scaled back its emissions reduction commitment, now targeting a lower figure than originally stated. This reversal raised concerns about the company's progress on transitioning to a net-zero economy. At its 2024 Annual General Meeting (AGM), we, along with an important portion of shareholders, voted against the "Say on Climate" proposal, which sought approval for the company's progress and updated plans. We opposed the proposal in order to convey to the company that they have not made enough progress toward meaningful climate action. Our opposition is meant as a message on the urgent need for tangible action from high-emitting companies.

As shareholders we can also communicate our dissatisfaction with the company's climate actions by voting against board members at its AGM. In 2024, we voted against the Directors or members of the ESG board of several companies with whom we have been engaging for several years but who still do not show strong and credible commitments toward net-zero. For example, we voted against the Board of Director of a European steel company who has been involved in severe environmental controversies and does not show strong commitment to CO₂ e emission reduction. We expect the company to set and execute a tangible decarbonization plan in line with the Paris agreement.

Z
E

Impact investing

Build an impact investing portfolio that makes a positive contribution to the environment and society, with the ambition to help avoid the emission of 5 million metric tons of CO₂ e per year, and to improve the lives of 5 million people. The latter we have reached for the first time in 2024.

We further achieved our commitment to investing 5 percent of our proprietary investment portfolio to impact investments, one year ahead of target year. In 2024, our impact investment portfolio grew to a total of USD 8.5bn, equivalent to 5.3 percent of our proprietary investment portfolio (see Table 15). The increase was driven by a strong momentum in issuances of Sustainability bonds by supranational and non-financials. Achieving our target further demonstrates our ability to grow our allocation to climate solutions and investments benefiting society. Going forward, we are focussing our efforts on climate solutions investments and the environmental angle of impact investing.

We are proud that our impact investment approach won two awards in 2024 recognizing our thought leadership as an institutional investor in this area.

In 2024, as part of the Insurance Development Forum, we helped create a blueprint¹ to guide insurance sector investments in resilient infrastructure, as part of our impact investing efforts. This blueprint aims to develop a pipeline of infrastructure projects that meet the insurance sector's investment needs. This initiative reflects our commitment to enhancing the resilience of at-risk communities in emerging and developing economies against climate change and natural disasters.

¹ www.insdevforum.orq/press-release-insurance-development-forum-announces-plans-to-facilitate-investments-in-resilient-infrastructure-in-developinq-emerqinq-markets/

Figure 30

Impact metrics

3.9 million metric tons CO₂ e emissions avoided

5.3 million people benefited by positive contribution to their lives and livelihoods

In 2024, our impact investing portfolio of USD8.5 billion helped avoid a total of 3.9 million metric tons of CO₂ e emissions and benefited 5.3 million people.² The above mentioned increase of issuance of Sustainability bonds supported us in achieving our target as it resulted in a higher exposure toward social impact intense issuers such as supranational.

As in the previous year, we see the majority of 'avoided emission' coming from our Green, Social and Sustainability bond portfolio, while private equity is also a large contributor to 'people benefited'. The decrease in avoided emissions, particularly in Renewable Energy projects, is linked to grids operating at lower carbon intensities, resulting in a reduced impact when replacing traditional energy sources. Additionally, there has been a decrease in funding for nature-based solution projects, such as forestation, which usually have significant carbon sequestration potential. Recent years have also experienced volatility in this area.

We further see a lower allocated amount to nature-based solution projects (e.g., forestation projects), which typically have high carbon sequestration potential.

In recent years we have seen volatility in the impact metrics. This is driven by reported impact numbers but also the underlying portfolio constructions.

After engaging in impact reporting for several consecutive years, we have witnessed positive changes in the landscape, including a notable increase in standardization and clarity. The dedication to precision in both reported and actual impact measures reflects heightened efforts by impact managers, particularly in measuring the real impact post-project development. Additionally, we have noticed a growing trend where impact asset managers exercise conservatism in defining the scope of reported projects.

Furthermore, our own impact portfolio has undergone transformations due to bond maturities and exits in portfolio companies. These shifts have contributed to the fluctuation in impact numbers on a portfolio level from year to year. Despite this volatility, we view these developments as positive news for the industry, recognizing that enhanced measurement practices lead to more effective impact management.

² Please see:www.zurich.com/investment-manaqement/responsible-investment/impact-investment for more details on impact investing approach. Impact numbers for 2021 and following include methodology upgrade, as explained in our impact measurement methodology paper: www.zurich.com/-/media/project/zurich/dotcom/sustainability/docs/zurich-impact-measurement-framework.pdf

Table 16

Impact investing portfolio

	2024	2023	Change (2024 to 2023)	2022	2021	2020
Total amount of impact investments (USD millions)	8,460	7,882	7%	6,328	7,037	5,770
Total amount of impact investments - environmental share	70%	73%		73%	73%	77%
Total amount of impact investments - social share	30%	27%		27%	27%	23%
Green, Social & Sustainability bonds (USD millions)	7,502	6,857	9%	5,247	5,846	4,677
Impact private equity (USD millions)	210	216	(3)%	213	211	189
Impact infrastructure private debt (USD millions)	748	808	(7)%	867	980	904

	2019
Total amount of impact investments (USD millions)	4,555
Total amount of impact investments - environmental share	80%
Total amount of impact investments - social share	20%
Green, Social & Sustainability bonds (USD millions)	3,645
Impact private equity (USD millions)	163
Impact infrastructure private debt (USD millions)	747

Z
E

Advancing together

Responsible investment will only have an impact if this approach becomes mainstream. Supporting sector initiatives and joining member-led organizations to advance responsible investment practices forms an integral part of our approach.

We have signed the UN-backed Principles for Responsible Investment (PRI)¹ as well as the Principles for Sustainable Insurance (PSI) and collaborate with several industry initiatives and research bodies. For instance, we are a founding member of the UN-convened Net-Zero Asset Owner Alliance (NZAOA),² co-chairing its Policy and Transition Finance work tracks the past two years, demonstrating leadership in addressing climate change by committing to ambitious targets but also benefiting from having access to resources, tools and expertise provided by the UN and other partners.

Our long-standing commitment to the Green and Social Bond Principles³ underscores our dedication to the Green, Social and Sustainability bond market. Our leadership role was reaffirmed with our reelection in 2024 to the Executive Committee of the Green and Social Bond Principles, ensuring continued alignment to foster a Green, Social and Sustainability bond market that enables capital raising and investments for new and existing projects with environmental benefits.

We are also a founding member of the Investment Leaders Group (ILG),⁴ facilitated by the Cambridge Institute for Sustainability Leadership (CISL), working on developing and promoting best practices for responsible investing. The latest efforts were around nature where ILG's research aims to empower investors to understand how shifts in market sentiment, induced by awareness of present and future environmental and specific nature risks, could affect global financial markets in the short term.

In 2024, Zurich also became the Convener of the Advisory Board of the Operating Principles for Impact Management (OPIM).⁵ As a leading institutional asset owner in impact investing, we can play an important role to help and grow the market by being inspirational to fellow asset owners.

TCFD
GRI
E

Own operations and supply chain

We are actively managing our operational emissions⁶ in alignment with four core principles:

Transparency

We report on the carbon dioxide equivalents (CO₂ e) of the following sources of emissions to track progress toward our science-based targets for reducing emissions, in line with efforts to limit global temperature rise;

―	Scope 1 emissions from fleet and onsite heating in our workplaces.
―	Scope 2 emissions from purchased electricity, heat and steam in our workplaces.
―	Scope 3 emissions from air, rental and rail business travel, employee commuting, strategic data centers, printed paper, waste, as well as indirect energy impact.

¹ www.unpri.org/

² www.unepfi.org/net-zero-alliance/

³ www.icmagroup.org/sustainable-finance/

⁴ www.cisl.cam.ac.uk/business-action/sustainable-finance/investment-leaders-group

⁵ www.impactprinciples.org/

⁶ Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Crion, third party vendors as well as our new acquisitions Zurich Kotak and Travel Guard are excluded since they were not reflected in the CC2e emissions baseline in 2019.

Accountability

We set clear targets on our operational emissions (see Table 17 on page 178), including a target in our LTIP.¹

We have been carbon neutral since 2014 through the use of high quality offsets, which we apply only after prioritizing emissions reductions. In 2021 we launched our path to net-zero operations with our first carbon removal purchases.²

We also set an internal price on carbon. In 2024, the price was USD 55 per metric ton which we aim to progressively increase through to 2030. The price is applied to actual emissions to determine the value of our carbon fund which supports our carbon neutrality and net-zero carbon commitments, and other innovative solutions to drive down emissions from operations, as well as those from other sources related to our business.

Collaboration

We can only be successful if we address sustainability risks and opportunities together. In addition to cross-functional collaboration, which is required internally to deliver our operational sustainability agenda, we focus on: employee engagement, engagement with our supply chain, and other external stakeholders such as universities, and NGOs to share knowledge, promote research and improve our understanding of evolving operational sustainability risks and opportunities.

Continuous improvement

Our operational sustainability is based on a model of continuous improvement of processes which is essential as best practices in sustainability are regularly advancing. Our efforts are heavily focused on improving data quality through opportunities such as data automation and improving control processes. We are also working to align with the financial reporting boundary (see Table 18 on page 179).

Please see the table below for progress on our targets for our own operations against a 2019 baseline.³

¹ For more details on our governance framework, see chapter 2. Governance on pages 134 to 136.

² For further details about our approach to net-zero in our operations, visit our website: www.zurich.com/sustainability/planet/sustainable-operations

³ Our environmental reporting methodology follows the GRI Standard, which is based on the requirements of the Greenhouse Gas Protocol Corporate Accounting and Reporting Standard. For more details on methodology, visit our website: www.zurich.com/sustainability/planet/sustainable-operations

Sustainable operations

Table 17

Absolute carbon emissions coming from our own operations¹

		2024	2024 Progress against baseline in %	2023²	2023 Progress against baseline in %	2019 (baseline)
Absolute carbon emissions	Total	56,795	(69)	60,066	(67)	180,805
Absolute reduction in	Final	52,090
all operational emissions
	Initial estimate³	4,705
Scope 1 + 2 emissions	Total	18,374	(62)	19,807	(59)	48,290
Fleet emissions	Final	14,470		15,524		20,285
Onsite heating	Initial estimate³	2,000		2,341		3,794
Electricity emissions	Initial estimate³	25		62		20,630
District heating emissions	Initial estimate³	1,880		1,880		3,581
Scope 3 emissions	Total	38,420	(71)	40,259	(70)	132,515
Printed paper	Final	2,117		1,384		2,435
Strategic data center	Initial estimate³	0				6,847
Energy and fuel-related emissions	Initial estimate³	4,383		4,697		11,731
Waste	Initial estimate³	100		192		808
Business travel emissions	Final	15,174		14,861		41,018
Air travel emissions⁴	Final	14,091		13,599		39,435
Rental car emissions	Final	618		841		1,241
Rail emissions	Final	465		422		342
Employee commuting emissions	Final	16,647		19,125		69,676

		Target reduction by 2025	Target reduction by 2029	Target reduction by 2030
Absolute carbon emissions	Total	(60)	(70)	Net-zero
Absolute reduction in all operational emissions	Final
	Initial estimate³
Scope 1 + 2 emissions	Total	(62)	(80)	Net-zero
Fleet emissions	Final
Onsite heating	Initial estimate³
Electricity emissions	Initial estimate³
District heating emissions	Initial estimate³
Scope 3 emissions	Total	(60)	(67)	Net-zero
Printed paper	Final
Strategic data center	Initial estimate³
Energy and fuel-related emissions	Initial estimate³
Waste	Initial estimate³
Business travel emissions	Final
Air travel emissions⁴	Final
Rental car emissions	Final
Rail emissions	Final
Employee commuting emissions	Final

¹ Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Orion, third party vendors as well as our new acquisitions Zurich Kotak and Travel Guard are excluded since they were not reflected in the CO₂ e emissions baseline in 2019 which was used to set the LTIP target. Data in the table shown as metric tons of CO₂ e.

² https://edge.sitecorecloud.io/zurichinsur6934-zwpcorp-prod-ae5e/media/project/zurich/dotcom/sustainability/docs/zurich-environmental-performance-data-2023.xlsx

³ Initial estimate only refers to the year 2024. Emissions related to facilities data (electricity, heating and waste) and data centers are impacted by a time lag and are therefore estimated. Final data will be published by Q2 2025 on our website.

⁴ DEFR A emissions factors for air travel are held flat to the 2022 factor set given subsequent updates incorporated load factors which were impacted by the pandemic. This would have inflated air emissions by an estimated 20 percent and would not reflect an accurate view of our travel activity.

We have included estimated emissions for the purpose of presenting a total operational footprint for 2024,¹ comparable to previous years' performance.¹

In 2024, we achieved a reduction in total operational emissions over the previous year following two years of rebound since the COVID-19 pandemic-induced decline. Against our 2019 baseline, the reduction was 69 percent. The strongest reduction was in our employee commuting emissions which was primarily due to data quality improvements. We are continuously improving the calculation approach, reducing dependencies on assumptions, and expanding automation. For example, we are able to capture actual commutes taken and link them to the commuting profile of the individual (if that commuter chose to provide the details of their commute). We also continued to progress on our transition to electric vehicles,³ adding more than 900 electric vehicles during 2024, totaling 49 percent of the global car fleet. If we add the count of hybrids, this covers 61 percent of the car fleet. Air travel emissions increased by 4 percent compared to 2023, as we continue to prioritize the needs of our customers and partners.

While print has increased slightly since 2023, emissions have disproportionately increased due to a change in the calculation methodology for the underlying DEFRA emissions factors.

¹ Cover-More, Farmers Group, Inc. and its subsidiaries, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Orion, as well as third party vendors are excluded as well as our new acquisitions Zurich Kotak and Travel Guard.

² Final figures will be presented upon conclusion of the reasonable assurance audit in Q2 2025.

³ Including battery electric vehicle and plug-in hybrid.

In 2024, we expanded our emissions measurement for entities which were not included in the baseline in 2019. Estimations have been prepared for those.¹ Scope 3 emissions, in particular employee commuting and business travel, represent the highest emissions sources in our estimates.

¹ Those include Cover-More, our joint ventures with Banco Sabadell and Banco Santander, smaller businesses like Real Garant and Orion, as well as third party vendors and our new acquisition, Zurich Kotak. The acquisition of Travel Guard is not included due to the late closing in December 2024.

Table 18

Absolute carbon emissions estimated for entities not included in the baseline

In metric tons CO₂ e	2024
Absolute carbon emissions	9,482
Scope 1 emissions	1,034
Scope 2 emissions	2,628
Scope 3 emissions	5,821

4. Our customers

Building a brighter future together with our Customers.

2024 was a year of accelerated progress where we focused our efforts on driving business growth through customer focus. This means building customer loyalty to become the insurer of choice.

We deepened our understanding of customers and their needs through advanced data analytics and insights, and connected the dots between customer loyalty and financial performance. This is allowing us to support the net-zero transition by providing relevant insurance products and specialized risk advice that in turn helps our customers become more resilient, and it is significantly improving our ability to deliver our customer promise: Your needs at the heart of everything we do.

Our work is guided by Zurich's Customer Experience and Broker Experience standards, powered with the responsible use of technology, including Generative Al, and through continually building customer capabilities - now reaching more than 65 percent of employees across the organization - to ultimately build meaningful relationships with our customers. In this way, we continue to build a brand that is closer than ever to our customers.

At ZuriDh, we don't just Dover, we Dare. Our commitment to a customer-first approach means we consider the unique needs of our customers, as we design propositions and experiences, making it easy for customers to interact with us both digitally through customer apps or portals and in-person, depending on their preference.

Conny Kalcher

Group Chief Customer Officer

Z
S

4.1 Customer experience and customer-centric solutions

Listening to our customers

We measure improvements to the retail customer experience through Transactional Net Promoter Score (TNPS)¹ and to the commercial customer experience through Relationship Net Promoter Score (RNPS)² and broker surveys. We periodically assess each country to evaluate our progress, set targets for improvement and define actions to be taken -obtaining a global view on how our customers experience our brand to date. In 2024, we surveyed 1.5 million customers, evidencing continued high levels of customer satisfaction and a 3.7 point increase in our global TNPS score. This increase is as a result of our continuous employee training, digitization and personalization, improving experiences for our customers in our helpdesk, purchase and website touchpoints.

Customer experience

Zurich's Customer Experience (CX) and Broker Experience (BX) standards for retail and commercial insurance set and raise the bar for the experiences that we want our customers to have. They cover a range of touchpoints across the customer journey with the aim to go above and beyond local laws and regulations to address our customers' evolving needs and expectations. These standards foster the development of sustainable products and services, and of behaviors that consider customers' physical, mental, financial and social wellbeing.

In 2024, we progressed on the most material topics in relation to our consumers and end users.³ We continue to rollout across retail markets our mobile-first customer portal, Zurich One. The portal delivers on a wide range of functionalities, for example, secure access to customer policies and claims and self-services such as personal data updates. The portal development is delivering on our CX Standards by addressing increased transparency, speed in service and accessibility of policies. Following the initial launch in 2023 of the web-based version in Switzerland and the app version in Italy, in 2024 we launched the app version in Switzerland. The portal has maintained an average app store rating of 4.7 out of 5. The web version is now available in Indonesia. Equally, we are improving the digital experience of more than 10 million customers that engage with us globally through our portals and apps.

¹ TNPS provides us with feedback on our performance in the eyes of our customers and delivers insight on how specific interactions affect their experience. TNPS excludes Zurich Kotak business due to onboarding of the business onto our customer platform.

² RNPS delivers insight on the overall customer experience, with or without specific interactions.

³ For further information, see section 1.1.2 Assessing materiality on pages 124 to 125.

Customer-centric solutions

In 2024 we continued to roll out the Zurich Customer Centricity program, a customer-focused distribution and sales approach that applies extensive customer data analytics and segmentation to improve our understanding and anticipate customer needs and aspirations, helping deliver more relevant and personalized propositions. The program is now active in 13 countries, accounting for 57 percent of our retail customer base¹ globally.

Z
E
S

4.1.1 Revenues from sustainable solutions

Measuring our sustainable solutions through our internal definition

Since the establishment of our own definition of sustainable solutions in 2021, every sustainable solution must undergo a thorough assessment and meet our stringent criteria to be included and reported as sustainable revenue. All sustainable solutions brought forward by the countries that meet our criteria are approved on a quarterly basis by our dedicated advisory group.

The term sustainable solution refers to insurance products, add-on coverages, investment products and advisory services that are designed or adapted to support activities that generate a positive environmental or social impact and contribute to the mitigation of climate risks.

In 2024, we enhanced the description of the solutions to provide more clarity and detail in the examples. This is updated in the table below showing examples of revenues from sustainable solutions across the three categories (environmental, social and investment).

Table 19

Internal definition of revenues from sustainable solutions

Revenues from sustainable environmental solutions	Solutions related to technologies and/or activities that have an impact on reducing greenhouse gases, preserve or enhance biodiversity as well as enable the responsible use of natural resources. These solutions aim to mitigate and support resilience against the adverse impact of environmental-related risks on our customers.	Examples include:
		- Insurance coverage for electric vehicles.
		- Carbon capture solutions.
		- Risk prevention services that contribute to more customer awareness and resilience to the adverse impacts of climate change e.g., flood resilience.
Revenues from sustainable social solutions	Solutions that enhance the social or financial inclusion and address the needs of vulnerable groups including those that reduce inequalities and help close the gender gap and other inequities. Solutions designed to incentivize physical and mental healthy lifestyles, preventive medical care and safe behavior.	Examples include:
		- Life protection for customers with existing chronic diseases such as diabetes or cancer.
		- Life protection policies sold in a bundle with LiveWell.
		- Micro-insurance for low-income customers, e.g., insurance for smallholder farmers.
Revenues from sustainable investment solutions	Investment products with a dedicated responsibility approach which goes beyond simple exclusions or the integration of ESG factors from a pure risk mitigation perspective.	Examples include:
		- Unit-linked products tailored to the needs of customers with sustainable preferences. Focused on sustainable environmental and social factors, e.g., ESG funds, as well as transitional aspects.

SASB
E
S

Several products incentivize health, safety, and/or environmentally responsible actions/behaviors for our customers. Here are some examples:

LiveWell by Zurich² enhances holistic health and wellbeing by focusing on physical, mental, social and financial health. In promoting positive living habits, the LiveWell app has helped improve users'quality of life, enrolling more than 595,000 users to date. For example, after joining LiveWell, users who completed guided meditations slept 37 minutes more per night and 'low activity' users increased daily steps from under 3,000 to over 5,500. In 2024, LiveWell expanded its services by enhancing in-app health scans and increasing access to telehealth, mental and other counseling services. These efforts led to LiveWell receiving the Frost & Sullivan's 2024 Global Customer Value Leadership award³ for advancing accessible mental health solutions.

Our joint venture with Banco Sabadell as part of accident and health insurance, offers additional services to people over the age of 60. For example, home care services and an accompaniment service, including access to day centers, excursions, rehabilitation and physiotherapy.

Our repair versus replacement offering in Germany is supporting a change in customer behavior. By offering an extended warranty solution past the two-year standard, the solution prioritizes repair of electronics over their replacement. When a claim is submitted, customers are encouraged to repair their device or take a refurbished device in the first instance before seeking a new one, thus reducing the additional carbon created by producing and shipping new 'replacement' devices.

Our car cover insurance in Chile encourages drivers to drive less, through a variable pricing scheme that rewards drivers for using their vehicle less, i.e., the less they drive the less they are charged. This insurance encourages customers to think more about whether they need to drive or can use alternative solutions at the same time as keeping their premium low.

¹ Excluding the customers of our joint venture with Banco Santander. Zurich Kotak and Travel Guard are also excluded due to ongoing onboarding onto our customer platform.

² LiveWell by Zurich is accessible as a health and wellbeing app and ecosystem to support users integrate holistic wellness into their life. It is also offered to our employees as part of our global mental wellbeing program, see section 5.1.3 Wellbeing on pages 198 to 199.

³ www.frost.com/uncategorized/livewell-awarded-frost-sullivans-2024-global-customer-value-leadership-award-for-advancing-equitable-and-accessible-mental-health-solutions/

Z
E
S

Sustainable solutions meeting our internal criteria generated USD 1.7 billion in revenues (2 percent of our total gross written premiums, fees and net flows) during 2024 (USD 1.4 billion in 2023) an increase of 25.2 percent We continue to strive to create new solutions that help our customers on their journey to becoming more sustainable.

Since 2023 we have increased the number of approved solutions across our environmental, social and sustainable investment categories from 335 to 402 in 2024, mainly driven by our environmental category with 41 new solutions approved.

Revenues from sustainable solution split by region and sustainable category

Figure 31

Revenues from sustainable solutions split by region and sustainable category
In USD millions

EMEA contributes USD 726.8 million (42.7 percent), increasing its revenue from sustainable solutions by 192.9 million. Contributions are mainly coming from two sustainable categories, namely sustainable investments and environmental solutions. EMEA's contribution reflects the invested asset geographical split, with the majority of our investments and unit-linked business being invested in our European countries. The environmental category is contributing USD 271.9 million mainly through our EV solutions across Spain, Switzerland, Germany and the UK.

North America contributes USD 535.2 million (31.4 percent), increasing the revenue generated from sustainable solutions by USD 108.8 million compared with 2023. Contributions are mainly coming from solutions, where repair takes priority over replacement for electronic devices and appliances. In almost all cases the devices are repaired.

APAC contributes USD 320.5 million (18.8 percent) and LATAM contributes USD 119.9 million (7 percent) to our sustainable revenues in 2024. Both regions have a strong performance in the social category providing for 91.5 percent and 78.5 percent respectively of their sustainable revenues for 2024. For example, Japan is providing solutions on personal accident cover, both for the elderly and low income individuals, with Brazil providing accident and health cover to more exposed individuals.

Figure 32

Revenues from sustainable solutions by product category
In USD millions

¹ ZRS predominantly consists of environmental solutions, and was therefore allocated to the environmental category with the following split, USD 12.3 million for environmental and USD 9.2 million for social solutions.

² Social coverage to more exposed individuals predominantly consist of social solutions, and was therefore allocated to the social category with the following split, USD 102.6 million for social solutions and USD 24.2 million for environmental.

Our environment solutions totaling USD 680.6 million for 2024 cover a number of categories. For example, e-mobility provides a holistic solution for EVs that includes coverage outside of the car itself, including, theft of charging cables and damages to home infrastructure (home charging) as well as coverage for the production of the batteries. With our repair vs replace solutions, where priority is given to repairing appliances to reduce the amount of waste going to landfill sites, or if a replacement is needed, it is sourced from the most energy efficient models. Renewable energy solutions provide liability, construction and/ or property cover, for the production of renewable energy (e.g., solar and wind). In EMEA, for example, Portugal has enhanced its home and buildings cover for customers using solar power renewable energy in 2024, to cover electrical hazards, damage from breakage or falling from the roof as well as acts of vandalism and increased costs associated with reconstruction.

Social solutions across North America, APAC and LATAM countries with a total of USD 581.4 million in 2024, are providing affordable accident and health cover to more exposed individuals. These people find it difficult to obtain insurance owing to the nature of their work (e.g., gig and truckers) and/or are households that have low income (those earning less than the national average in some countries) or owing to their age find it difficult to obtain cover. Our social coverage solutions to more exposed individuals are following the same approach as the accident and health category by providing tailored coverage to those who have low income or are socially disadvantaged.

Sustainable investments solutions coming from our ESG unit-linked products are contributing USD 440.4 million to our total sustainable revenues for 2024. These solutions are mainly coming from the EMEA region with Germany's savings and pension plan, Switzerland's Green bonds and Zurich Carbon Neutral World Equity Fund. Switzerland also increased its offering of sustainable investments solutions in 2024, to include Carbon Neutral bonds denominated in USD and EUR.¹ These solutions seek to increase the share of sustainable investments, establish a strong focus on clean technology companies and move away from investing in fossil fuel-linked companies.

¹ For further information, see section 4.1.2 Innovating for our customers - Unit linked business on pages 184 to 185.

SASB
E
S

4.1.2 Innovating for our customers

We believe insurance can make a significant contribution to the goal of net-zero and a low-carbon future, helping our customers on their own transition journey. We work with customers and collaborate with public and private organizations to develop innovative solutions that enhance their resilience and help to prevent and/or minimize the damage and harm that can come from climate-related perils. Our insurance and risk management solutions are developing alongside the release of new technologies, business models and approaches that are needed to help our customers transition to a climate-neutral economy. Our expertise helps with the management of the associated risks during implementation. We use capital markets to search for and fund solutions seeking to reduce and/or remove pressing social or environmental issues. Below are some examples that explain how and what we are doing to help our customers on this transition journey.

Our social solutions focus on providing affordable and accessible personal accident and health cover, to more exposed individuals and/or those that would not ordinarily be able to obtain insurance, either owing to their age, pre-existing or new health conditions, or societal status. With these solutions we are able to improve and enhance the social benefits of affordable insurance cover, through helping an aging population, covering diseases that other providers do not and reducing the potential exposure to livelihoods.

Z
E
S

Climate Resilience by Zurich Resilience Solutions (ZRS)

Climate change is the most pressing business and societal challenge of our time. With the world experiencing severe weather events with increasing severity and frequency, it is becoming more important for organizations to tackle the present day and future climate risks confronting them. Additionally, organizations must fulfil the growing obligations and expectations, from both regulators and society at large, to identify, manage and report on their climate risks in order to demonstrate their business resilience and economic sustainability.

The ZRS team works with organizations around the world to build resilience against the present and future impacts of climate change. As our specialized risk advisory business, ZRS helps organizations identify, assess and adapt to risks such as climate change. For example, we worked with the City Council of Madrid to identify and quantify its exposure to short- and long-term climate risks, particularly with regards to extreme heat and its impact on people. By better understanding the likelihood of an extreme heat event, and the severity of its impact, the City Council is able to prioritize the adaptation measures required to reduce risk and make its city safer.

We believe that understanding exposure to climate risk is an essential step for our customers to protect their business, assets and people. In 2024, ZRS launched Climate Spotlight, an interactive digital solution to help organizations assess their exposure to climate risks up to the year 2100. It is available through two customer products, Climate Spotlight Core and Expert, which have been designed to meet the needs both of mature and young organizations with varying priorities, resources and budgets to tackle climate-related risks. Both products provide a present-day and future-looking climate risk analysis which is accessed via an intuitive dashboard and downloadable risk report, providing insights that can be used to inform climate adaption decisions and complete climate risk reporting. This analysis leverages our proprietary climate data, which is developed using the Intergovernmental Panel on Climate Change (IPCC)¹ scenarios. This data is used by our insurance, operations and investment business, and is consistent with the hazard view used in the calculation of our solvency position for the natural catastrophe risk as part of the SST calculation, see section 3.1.3 Natural catastrophe modeling; current exposure to physical risk on page 141 for further information.

We combine these state-of-the-art analytics with on-site risk assessments from climate risk specialists, to provide practical recommendations organizations need, in order to adapt their physical assets and on-site operations to climate change. For example, working with a global logistics company, our climate risk experts undertook climate risk assessments at critical port terminals. The outcomes fed into the terminal's maintenance schedules and potential investments into upgrading physical resilience measures on key infrastructure.

This end-to-end approach from portfolio-level risk analysis, down to location-based risk assessments, is a key differentiator in the market and supports customers with site adaptations as well as their climate-related reporting obligations.

¹ www.ipcc.ch/

Serving customers through digital applications and real-time support

Zurich Integrated Benefits & International Life continues to enhance the customer experience through digitization, increasing accessibility and financial wellbeing. In the Middle East, the MyZurichLife app allows customers to easily and securely manage their insurance and helps financial advisers provide quick support, fostering close and trusted relationships. The app has achieved 30,000 downloads and around 15,500 logins per month to date. As a result of consistent positive feedback, additional services are being introduced - notably the new Zurich Digital Advice tool, which uses advanced data analytics to help customers simulate future scenarios and build a holistic plan to achieve personalized financial goals within an hour. Accurate data and timely insights enable customers to simplify complex financial choices and make informed decisions confidently.

World Travel Protection (WTP), a cornerstone of our travel insurance and assistance business, provides comprehensive travel risk mitigation as well as medical and security assistance services for leisure and corporate travelers. From pre-trip intelligence briefings and real-time alerts during geopolitical events, natural disasters and other risks, to medical evacuations and access to doctors and hospitals, WTP helps to keep travelers informed and supported every step of their journey. In 2024, nearly 38,000 real-time alerts were generated, over 137,000 cases managed and 1,350 evacuations were conducted resulting in safer and healthier travelers. These services are delivered through security personnel and practicing clinicians supported by leading technology and a robust global network of 85,000 providers in our global command centers, which operate 24/7.

Z
E
S

Unit-linked business

We continue to integrate responsible investment in the unit-linked Life business. It is our ambition to provide our customers with a range of responsible investment solutions that not only meet our high quality standards, but also the sustainability preferences of our customers. Underlying this ambition is a combination of Group-wide and local initiatives.

The Zurich Carbon Neutral Fund initiative offers a well-diversified investment portfolio combined with a low-carbon investment strategy. Seeking alignment with the 1.5^o C goal of the Paris Agreement, the financed emissions are being compensated through carbon offsetting.¹ These funds are available to our customers in nine countries.

This initiative began with the launch of our flagship Zurich Carbon Neutral World Equity Fund in 2021. The positive feedback from our customers and distributors has encouraged us to expand the Zurich Carbon Neutral Fund range. In 2024, we introduced four additional solutions aligned with the Zurich Carbon Neutral investment approach. We have expanded our equity fund offering to include two additional funds covering US Equity and European Monetary Union Equity. In addition, we now have two corporate credit offerings covering Corporate Bonds denominated in USD and EUR.² These new solutions mark an important step in expanding our Carbon Neutral fund range and building a comprehensive multi asset portfolio offering for the benefit of both our investment and unit-linked insurance customers.

Introducing these additional solutions, has achieved a significant milestone reaching over EUR 1.8 billion in Assets under Management. As of December 31, 2024, the Zurich Carbon Neutral Funds generated net inflows of EUR 106.5 million.

¹ For the year 2024, carbon offsetting was made through 100 percent removal-based projects. For example, we work with a carbon offsetting cooperative scheme for farmers in Uganda. The project aims to achieve long-term emission reductions by combining carbon sequestration with improvements in rural livelihoods.

² The additional Equity funds are the Zurich Carbon Neutral US Equity Fund and the Zurich Carbon Neutral European Economic and Monetary Union (EMU) Equity Fund. The additional Credit funds are the Zurich Carbon Neutral US Corporate Bond Fund and the Zurich Carbon Neutral Euro Corporate Bond Fund.

SASB
S

4.2 Customer attraction and retention

Our Retail business serves over 75 million customers across our business, and remains stable with a customer retention rate at 79.4 percent³ (2024) and 81.6 percent (2023), despite economic pressure due to continued rate increases. To guide our focus on our customer ambition "to become the insurer of choice for our customers by earning their loyalty", we are introducing the Net Revenue Retention KPI, a new internal metric that closely measures the financial impact of our customer strategy. This metric provides us with a holistic customer-based rather than policy-based view of our business, and helps us to identify and understand the drivers of customer loyalty to inform business decisions, providing us with the information needed to serve our customers better and build meaningful relationships with them.

Our Corporate Life and Pensions (CLP) business has over 52 thousand customers across our business, representing millions of individual workers and, in some places, their family members. In 2024, CLP's retention rate⁴ is 90.6 percent, a decline from 93.5 percent in 2023. This decrease, was primarily attributable to a one-time data quality exercise in Switzerland, which removed customers who were inactive due to factors such as company liquidation. Excluding this impact, the 2024 retention rate is 93.2 percent, consistent with 2023. CLP continued winning new customers in 2024, which led to an overall growth in the customer base by 1.l percent. This result is due to many factors, including its proven relationship management model, both with distributors and customers. Each established distribution partnership is assigned a senior relationship manager with years of experience in employee benefits. Our strategic customer relationships benefit from dedicated specialists, both locally and globally. In addition, CLP has a number of successful product innovations and new distribution agreements in 2024. In Australia, owing to increased demand from customers, the local Corporate Care proposition was refreshed to add more inclusive benefits covering women's health, employee wellbeing and mental health. In Germany, our freedom of service entity was selected as the exclusive protection provider for mid-market customers of a major distributor. Similarly in the UK, CLP was selected for the first time as provider of income protection coverage for a major distributor's SME portfolio recognizing the quality of our solution through its design and pricing. Our global financing solutions achieved the largest geographical footprint in the industry, as recognized by global distributor WTW, and benefit from a particularly effective approach to captive cessions, owing to our successful collaboration with commercial insurance. CLP continues to invest in technology platforms so that it can both reach new customers and serve existing customers better and more efficiently. For example, we are upgrading our quotation platform to a new technology stack with an open architecture. This allows us to integrate better with internal and third-party digital platforms, growing our market share with brokers and customers like SMEs who prefer these channels.

In Commercial Insurance, our continued pursuit of customer satisfaction remains at the forefront of our strategic initiatives. The portfolio has grown to over 1 million customers across our business. In 2024, despite changing market conditions, we steadfastly adhered to our customer value proposition and maintained our commitment to our Customer Experience and Broker Experience Standards. These standards underpin our desire to meet and exceed our customers' expectations and are evidenced both through our strong premium retention metrics as well as through external market recognition. The 2024 SAMA Excellence awards⁵ recognized Zurich's global customer relationship management as outstanding, not only in the insurance sector, but across industries, making us a two-time winner of this prestigious award. The retention ratio⁶ remained strong at 88.2 percent compared to 88.6 percent in 2023. This has been achieved whilst preserving a consistent approach to underwriting discipline and maintaining a proactive approach to risk selection. Our relentless focus on delivering exceptional customer experiences underscores our promise to support and serve our valued clients effectively, regardless of market dynamics.

³ The customer retention rate is calculated based on retail core customers, excluding our affinity partners in Brazil, Germany, Indonesia P&C, as well as the joint ventures with Banco Sabadell and Banco Santander. Zurich Kotak and Travel Guard are also excluded due to ongoing onboarding onto our customer platform. When calculating the customer retention rate, the attrition of customers in employer-sponsored plans (e.g., life insurance plans) due to turnover (voluntary or involuntary) is not applicable. Additionally, the split between voluntary and involuntary laps was not made.

⁴ Indonesia, Malaysia, North America and Portugal, are excluded due to ongoing onboarding onto our customer reporting system, Zurich Horizon.

⁵ www.strategicaccounts.org/en/awards/

⁶ Premium retention rate for Commercial excluding our Crop, Programs, Direct market, Group Captives and Surety business in North America.

4.3 Fair and transparent advice

SASB
S
G

4.3.1 Customer experience and communication

As we refine and standardize the customer experience, we equally acknowledge that each customer is a unique individual who can be exposed to different triggers at different stages of their life. In a world where digital and physical boundaries are blurring, the human touch becomes even more valuable in customer experience. That is why we deployed a new Customer Communication Strategy in 2023, addressing the way we work with our customers in one-to-one interactions. Our strategy has materialized in 2024 through two components, namely the Zurich Tone of Voice Framework and the Zurich Customer Empathy Program.

The Zurich Tone of Voice Framework provides a set of rules and guidance which provide increased warmth, clarity and conciseness in our communication with our customers about what we offer and any actions a customer needs to take. Throughout 2024,15 countries have adopted the framework, and are focused on embedding the rules and guidance within key customer-facing documents, with the support of dedicated training and Al tools. This will expand to cover other customer documents and communications.

To support frontline employees in achieving emotional connections with our customers and truly understanding their needs and communication styles, we have developed the Zurich Customer Empathy Program, an award-winning training¹ that helps our customers feel seen, valued, and understood. In 2024, the training was completed by more than 11,700 employees globally, reaching 18.5 percent of our total workforce, directly impacting TNPS scores in key customer touchpoints.

In line with our Code of Conduct, we strive to manage the risk of poor outcomes for our customers and conduct our business in a way that treats them fairly. We believe that clear and transparent advice is critical to mitigating the risks that our customers face throughout their journey with us and we enable them to make informed decisions and choices for themselves. Our Code of Conduct² outlines key behaviors that guide and inspire us to work with the highest ethical, legal and professional standards. We have a global Customer Facing Conduct (CFC) framework in place to support strong customer management in all our countries.

The CFC framework is designed to support countries in identifying, evaluating and mitigating the risks related to customer facing conduct. It also supports in developing detective and preventive control activities in existing processes across the customer lifecycle. These activities help to maximize the likelihood of fair and positive outcomes for our customers in alignment with the changing needs of our customers, new business models and the evolution of expectations and requirements from regulators and other stakeholders.

¹ https://excellenceawards.brandonhall.com/winners/

² For further details, see section 5.2.2 Training and awareness on page 200.

SASB
E
S

4.3.2 Continuously measuring and improving claims handling

Claims is a key component of our value proposition and sits at the heart of insurance. When an insured incident occurs, our dedicated claims team is there to support our customers in their most important time of need. Whether it is a personal motor claim or a large commercial property fire, every claim within our retail and commercial business presents an opportunity to not only pay out or provide a service to our customers, but to consider whether there is an opportunity to utilize a more sustainable claims solution or support future resilience. We want to continue building these solutions to support the growing number of sustainable products and services that we can offer our customers.

Empathetic and competent claims management is critical to providing first-class customer service. We strive to put the customer at the heart of everything we do and to make the claims experience as transparent, personal, and responsive as possible. In 2024, we won awards recognizing our market-leading claims services, for example the UK Claims Team won best team award at the Insurance CX Awards. Malaysia won Travel Insurance Initiative of the year by Insurance Asia. Quoros Innovation Awards recognized Brazil as the bronze winner for the Social Sustainable and Responsible category. Equally, Global Brokers Surveys consistently consider that we perform at peer average or above. As a result of our continuous efforts, evidenced by the different recognitions and interactions with our customers, our claims TNPS score improved by 1.7 points. There has also been a 4.3 percent increase in the number of responses from our customers, showing that our customers have a stronger willingness to communicate their claims experience to us. This also represents an opportunity for us to use customer feedback to elevate service levels and deliver fair and positive outcomes for our customers.

Our Global Claims Blueprint continues to give guidance to countries on the claims capabilities that are required to deliver operational, technical and service excellence. In 2024, we introduced new references to sustainability within our Global Claims Proposition, one of which states: "Where you elect to reinstate your building, we will always endeavor to rebuild based on improving resilience within the scope of cover afforded under your policy." To achieve this, in collaboration with global adjusters, we are modifying our adjusting templates to incorporate references to relevant building materials, construction methods or differences in building code, which may give rise to an improved sustainability outcome or at the very least highlight the options and the choices that are available for the customer.

Here is a closer look at some of our initiatives. In Brazil, we have continued our collaboration with our motor repair body shops that have been certified with an independently accredited Green Seal. In 2024 in recognition of a shortage of skilled labor in the local market, they have partnered with the Institute Divina Previdencia and the body shops to sponsor a training program, targeting the unemployed, primarily women as certified panel beaters. The body shop solution has influenced other countries in LATAM, namely Chile and Argentina that are working with local businesses to develop and implement a similar approach, where we aim to have a consistent form of Green Seal accreditation and provide similar sustainable practices in our motor repair body shops. Spain has partnered with 'Centro Zaragoza', an automotive research institute of national and international reference. This company evaluates more than 200 environmental and operational factors to certify body shops with a 'sustainable seal'. In Malaysia we have partnered with Car Medic¹ which disposes of scrap vehicles in ways that minimize pollution risks. Part of Car Medic's end-of-life vehicle treatment includes 'depollution', the safe removal of fluids and other scheduled waste (engine, filter and transmission oils, coolant, etc), preventing fuel, spare part oil and other chemical contamination. This exercise helps to prevent harmful fluids arising from the salvage and dismantling of a vehicle being left behind to contaminate the environment. This arrangement supports local businesses, enables more sustainable practices, and raises awareness of sustainable measures that can be put in place, such as reducing water consumption, safe handling of waste and the use of green parts.

Educating our customers and brokers and training our people on sustainable practices remains equally important, as we continue to recognize that we all have a part to play. In 2024, our claims team in the UK in collaboration with ZRS, delivered events to over 400+ customers addressing ESG topics such as climate resilience and forever chemicals, including Per-and Polyfluoroalkyl Substances (PEAS)² In May 2024, our team in Mexico held a broader session for 45 of their brokers and agents on our claims proposition, which included sharing insights on sustainability within claims and the impact of climate change. Similar educational sessions have taken place in Australia, and more recently sustainability has been explored through a regulatory and legal lens with our brokers in France with support from our claims legal panel.

We continue to collaborate with some of our largest global claims partners to understand the energy efficiency associated with a repair, replacement or reinstatement option. We expect these types of practices and solutions to continue evolving, supporting our ability to offer more informed choices to our customers and improved claims sustainability insight.

¹ https://carmedic.com.my/about-us/

² PFAS are widely used, long-lasting chemicals, components of which break down very slowly over time.

Z
S

4.4 Digital confidence & trust

One of our goals is to make people and organizations more resilient by fostering confidence in a digital society. We are determined to be transparent about data management and our data privacy policy, as this is a critical factor for customer trust.

In 2024, we further strengthened our global data privacy platform and continued developing our artificial intelligence (Al) solutions, including generative Al, as well as our Al Assessment Framework.

We frequently educate our employees and senior management on our data privacy policy and our data commitment. Our annual data privacy training was assigned to all employees³ in 2024, with a global completion rate of 99.9 percent. The completion rate was above 99.6 percent in all regions. The training highlights the importance of observing privacy rights and using personal data in a legal and transparent manner. The 2024 data privacy e-learning for all employees included additional content for employees in Underwriting, Claims and HR to provide more function-specific content.

In addition, our annual information security awareness training encompassing a broad spectrum of information security topics and behaviors relevant to all employees⁴ reached a completion rate of 99.8 percent. This annual education is supported throughout the year with smaller, supplemental offerings in the form of tip sheets, bite-sized learning campaigns, live events with subject matter experts, and more. Topics include working remotely and securely, creating robust passwords, social engineering, and the many forms of phishing. Employees learn to identify and report phishing attempts and gain insights into how cybercriminals use new technologies, for example, Al and what measures they can take to protect both company and personal data. Information security awareness training is reviewed and updated annually to remain on top of the latest developments with cyber threats, and aligned with our policies and controls.

³ Excludes employees on a long-term leave during the training window, new joiners who joined after the cut-off date for the annual training assignment, and employees who left the company before the assignment due date, as well as Farmers Group, Inc. and its subsidiaries.

⁴ Excludes employees on a long-term leave during the training window, new joiners who joined after the cutoff date for the annual training assignment, and employees who left the company before the assignment due date, as well as Orion.

Z
S
G

4.4.1 Data and Responsible Al Commitment

In July 2024, in order to reflect the increased maturity and relevance of Al for our business operations, including the importance of Responsible Al (RAI) to our company and culture as well as meeting our customers' evolving expectations, we relaunched and expanded our Data Commitment from 2019 to Data and Responsible Al Commitment⁵

⁵ www.zurich.com/sustainability/governance-and-positions/data-privacy-and-protection

Privacy Framework and Tool

In 2024, we continued the implementation of the global data privacy platform, enabling consistency and standardization of the privacy management processes. This central platform enables the execution of comprehensive data privacy impact assessments, as well as compliance and the mitigation of risks, including the maintenance of the records processing activities. In addition, it includes the inventory and evaluation of risks associated with Al solutions and the management of data incidents. Consequently, our global data incident management framework has been enhanced to handle privacy incidents swiftly and more effectively for the data entrusted to us by our customers, while adhering to regulatory requirements.

The worldwide implementation of this process ensures that all countries utilize a unified tool for reporting data incidents, significantly improving our capacity to comprehend the impact and scope of incidents, particularly those involving third parties at an earlier stage.

Training and awareness

In 2024, we further enhanced training and awareness activities tailored to our employees based on their exposure to the data privacy risk. Our annual data privacy conference, complemented with targeted training and awareness sessions for key personnel, promotes a consistent understanding of various data privacy and responsible Al-related topics and emerging trends across our business. This conference brings together experts and internal cross-functional teams to explore the latest developments in data privacy through key notes speeches, presentations, workshops and panel discussions.

In addition, our information governance and data compliance networks offer a continuous forum for sharing experiences, discussing case studies, and developing collaborative solutions. Network calls take place every quarter covering relevant internal and external updates, such as the rollout of internal frameworks and the implementation of business-led projects and tools.

To provide the information governance and data compliance networks with the best practices, a Data Privacy and Records Management Guidance has been issued. This comprehensive document is shared with the local information governance and data privacy teams to foster a common understanding among our experts.

Our ambition is to harness the transformative power of Al in a safe and responsible way to drive growth, enhance operational efficiency, and deliver exceptional value to our customers.

We believe that Al enhances our customers' journey by providing better services and experiences. Our approach to a safe, responsible and customer-centric use of Al technologies is based on the following guiding principles:

―	Safety: Our use of Al is governed by our risk management framework including data privacy and protection, and taking into consideration industry best practices. We operate Al models and their data in safe and protected environments.
―	Transparency: We disclose to our customers when they are interacting with Al, with clear labels or disclaimers, and can explain Al outcomes.
―	Accountability: In line with our Code of Conduct, we are committed to acting with integrity and doing the right thing, including appropriate Customer Facing Conduct and responsible use of Al.
―	Reliability: Our use of Al is subject to human oversight that identifies and mitigates potential risks, including the prevention of harmful biases.

During 2024, we embedded and further refined our internal Al governance tools and processes, as set out in our Al Assessment Framework (AIAF). Our AIAF is closely aligned with the Organisation for Economic Co-operation and Development (OECD) Al principles¹ and supports our global organization to assess the usage of Al and to mitigate related risks accordingly, in line with our Responsible Al Commitment.

Besides our customer Data and Responsible Al Commitment, we are focused on providing our workforce with the technical skills needed to be fit for the future. Globally 7,421 employees have undertaken our Digital Mastery Program at various levels to enhance their understanding of Digital, Data and Al. In addition over 11,700 employees have completed the Zurich Customer Empathy program created to help our customer facing employees master the different empathy attributes, recognize different personality types and communication styles, and effectively apply these skills in daily work to enhance empathetic communication.

While technological advances in Al continued to grow throughout 2024, we further expanded our portfolio of around 200 Al use cases and strengthened our ability to leverage Generative Al (GenAI) to solve business problems and unlock the significant amount and value of unstructured data that we own as an insurer. One example of a GenAI use case is an internally developed tool (ProgramIQ) that helps the underwriter proof check local policy wordings have been drafted correctly and are consistent across countries. It does this by extracting the coverages from each policy and showing them side by side in a common language and currency. With that it strengthens underwriting governance, improves efficiency, and provides greater contract certainty for our customers.

For all usage of GenAI, we have been running pilots and proof of value assessments globally to develop the use cases and provide training and guidance dedicated to the safe and responsible use of this technology. We aim for adoption of Al ∕ GenAI in our core businesses, and to use and reuse the technology to augment improvement in productivity, operational efficiency and enable the delivery of the best outcome for our customers.

Our GenAI solutions are managed through a group-wide platform, that includes a focus on customer data privacy in the design as well as embedding key components of RAI and cybersecurity. Through this platform we can understand and measure the energy consumption of GenAI models, including projections of consumption patterns and the proposition of alternative, equally suitable models, helping to foster a sustainable use of this technology.

Management of Al risk is also being embedded in our third-party governance and our model risk frameworks, thus providing for a multi-stakeholder oversight. Our Al inventory serves as a key asset in enabling global visibility of the solutions we are developing and deploying across the organization. In combination with other key components of our AIAF, we are well positioned to continue to generate business value through enabling safe and compliant RAI innovation.

¹ https://oecd.ai/en/ai-principles

Z
S
G

4.4.2 Cybersecurity

Over the last decade, cybercriminals have progressed beyond simple phishing scams and basic malware to increasingly more sophisticated tactics. The proliferation of advanced persistent threats, ransomware attacks, and data breaches continues to elevate both the risk and magnitude of financial loss, reputational damage, and regulatory fines.

Additionally, nation-state-backed cyberespionage has become a significant concern, with adversaries seeking to steal intellectual property, disrupt critical infrastructure, or undermine national security. The increasing frequency and severity of these attacks continues to highlight the need for organizations to invest in robust cybersecurity countermeasures to protect entrusted customer data, corporate reputation and other valuable assets.

Organizations such as ours that handle large amounts of sensitive data, are targets for cybercriminals seeking financial gain or to disrupt critical services. The increasing sophistication of attacks, coupled with the growing complexity of IT environments and their associated supply chains necessitate more institutional governance that includes proactive threat detection, automated prevention, incident response plans, and ongoing employee training to mitigate these risks.

Cyber resilience remains a core focus for us, with key initiatives and continuous improvement efforts encompassing the following:

Focus on assessing and enhancing cyber maturity and measurements

With objectively measured year-over-year improvement against comprehensive and industry-leading frameworks, our pursuit of the U.S. National Institute of Standards and Technology (NIST) Cyber Security Framework (CSF) maturity benchmarks offers a comprehensive, standardized, and risk-based approach toward cybersecurity that we believe to be essential for global financial services companies. By adopting NIST CSF principles, we have strengthened our defenses, protected our customers' data, and maintained our reputation in the face of evolving cyberthreats. We are also dedicated to maintaining the highest security standards as evidenced by our peer-group leading CSF maturity rating.

Modernize security platforms while simplifying respective operations

The shift from siloed data center hosted workloads to public cloud IT services has resulted in the emergence of new solutions such as endpoint and network detection and response to mitigate cyber risk at scale with both speed and agility unlike what was available previously. Where appropriate, a shift toward cloud-centric security solutions that are geared to both legacy and traditional as well as cloud-native workloads represents an optimal pathway to efficiently balance the risk mitigations of today with the information technology needs of tomorrow.

Maintain attentiveness toward basic cyber hygiene

Basic cyber hygiene refers to the fundamental practices and habits that individuals and organizations can adopt to protect themselves from cyberthreats. Methodical attention to organizational policies, procedures, and their respective technical control via automated guardrails helps to enhance our environments' resilience to commodity threats and helps to be compliant with widely accepted standards and best practices.

Routinely practice response and recovery for infrequent yet impactful events

Cyber resilience means that in the event of a cyber disruption, critical business operations can ideally sustain, or otherwise be restored with minimal service interruption. Preparations and advancements in this space were noted as part of our coordinated reaction, response and recovery during this year's unprecedented CrowdStrike operational incident that impacted millions of Windows devices worldwide. While not a traditional cyber event caused by malicious intent, many of the same principles around IT integrity and availability were demonstrated in our rapid recovery, such as assembling the Crisis Management Team and communicating with key stakeholders both locally and globally, directly supporting the prioritization of recovery efforts, which successfully mitigated any material operational losses stemming from the event.

As the cyberthreat landscape becomes increasingly complex, we remain committed to maintaining a proactive and adaptive stance. By leveraging our state of the art Cyber Fusion Center, with 24/7/365 monitoring capabilities, employing cutting-edge technologies, automating critical processes and adhering to industry-leading security standards, we are dedicated to fortifying our cyber defense, response, and recovery capabilities. Our goal is to not only detect and mitigate threats promptly but also to build a resilient infrastructure that can withstand the evolving challenges of the digital age.

Z
S
G

4.4.3 Business resilience

In the first quarter of 2024, we concentrated on refining the scope of countries and our business resilience programs, by focusing on only those most critical business processes subject to resilience measures, allowing us to further build resilience in those critical processes. This was implemented by an enhanced business resilience scoping and impact assessment, enabling us to identify critical business processes that require recovery capabilities in an aligned and consistent way. Countries and Group functions conducted an impact assessment using an enhanced rating scale across the financial, reputational and customer impact categories. The reputational and customer impact category rating scale was provided centrally to the countries, whereas the financial impact category rating is determined by the countries or Group function as a direct financial loss figure that represents the maximum amount they are willing to accept as a result of operational disruption to determine rating scale. This provides us with a relative local view of criticality and equally a comparable view at a Group level. Alongside financial and reputation parameters, the impact on our customers is a key metric used to identify the refined scope for resilience activities.

This was combined with increased effective use of the global digital platform by our countries and Group functions to complete their Business Impact Analysis (BIA) and Business Continuity Planning (BCPs) for critical business processes. Greater transparency has been achieved with the global implementation of the platform and regional level governance reviews are an effective way to understand gaps and areas of improvements in the business continuity planning across the organization.

We are continually enhancing our response and recovery capabilities through regular testing and scenario-based exercises conducted at different levels of the organization. In the third quarter of 2024, the Group Crisis Management Team (CMT), including members of our ExCo, conducted a scenario-based exercise. The exercise provided the Group CMT with the opportunity to test the decision-making process in relation to a crisis event, rehearse the response to internal and external communications and test the effectiveness of our strategic management on events impacting the organization's ability to service and protect customers. The 2024 exercise highlighted the importance of having resilience solutions in place to minimize disruption to our customers through continuity planning in our operations and trained and exercised incident response teams to manage and minimize the impacts of potential incidents. The exercise highlights the importance of the business resilience framework and observations are fed into the continual improvement cycle key initiatives for 2025.

5. People

We're actively supporting the long-term employability of our people, while addressing customer and societal needs.

For us being a responsible and impactful business is more than a story we tell. It's a principle that informs every action we take. It's who we are.

When our people are at their best, we excel in delivering exceptional experiences to our customers and business partners, while also positively contributing to society. We provide employees with a range of opportunities to grow and develop their skills to remain up to date, so they can be employable for the long term.

We are optimistic, caring and reliable. With forward thinking, results-orientation and a sense of togetherness, we bring our purpose to life to create a brighter future together. Our distinct culture, guided by our values, and our positive work environment that supports our people to thrive and deliver on our strategy.

Our people are at the core of what we stand for. By supporting their long-term employability, continuous upskilling and reskilling as well as a culture of inclusivity and resilience, we engage our people and empower them to thrive, thereby driving sustainable growth and strength for our business and society.

Jolanda Grob

Group Chief People Officer

5.1 Our people

As a global employer and provider of protection solutions to millions of people, we also focus on the sustainability of our employees. Our people are at the core of our business: they are the driving force behind our business success and bring our commitments to life. Our industry requires expertise, adaptability, empathy and innovation to deliver exceptional customer experiences and sustained business results. The engagement and skills of our people are pivotal in understanding and meeting our customers' needs, and we rely on their knowledge, creativity and commitment to deliver on our strategic priorities.

Aspiring to sustainable people practices is the essence of our people vision, and this aspiration is embedded into our Sustainability Framework. We support the development of our people's skills and careers so they remain employable, now and in the future, enabling the continued success of our business. We also sustain a distinct culture and a positive work environment that attracts, engages and retains our people. We value and respect our people's contribution and care for each other, supporting them to thrive.

In 2024, we progressed on the most material topics in relation to our own workforce:¹

¹ For more information, see section 1.1.2 Assessing materiality on pages 124 to 125.

―	Training and skills development: We continuously enhance the quality, relevance and variety of our training and skills development approach for our people, thereby increasing the levels of expertise, efficiency and productivity across the organization.
―	Diversity, equity, inclusion and belonging: We strive to sustain a work environment in which our voices and perspectives are diverse, our behaviors are inclusive, our actions drive equity and our people feel a strong sense of belonging, so they can be at their best and help drive the company's performance, now and in the future.
―	Inclusive representation: We support an inclusive workforce where all individuals, and their diverse perspectives, are valued and respected. We invest in the development of our people, and foster an environment where everyone has the opportunity to thrive and succeed throughout their career. This commitment strengthens our ability to serve our customers, enhances our business resilience, and drives superior performance.
―	Work flexibility: We are dedicated to support our employees to thrive by promoting flexible working. We rely on our Group-wide FlexWork@Zurich principles and encourage our employees to work in a way that achieves optimal results and fosters innovation and collaboration to respond to changing customer needs, while helping to maintain a healthy work-life balance.

Our commitment to a sustainable future depends on our ability to maintain the required balance between focusing on internal hiring and offering development opportunities to our existing workforce, and attracting specific skills and workforce segments from the external world. We annually assess our human capital risks via our Total Risk ProfilingTM methodology, which supports business management across the Group in the identification, assessment and management of risks that the entity or activity under assessment faces. We engage in annual people risk assessment and quarterly follow-up on actions identified to mitigate the risks and deliver on our business growth plans at the required pace.

WORLD ECONOMIC FORUM
S

In 2024, our headcount increased to 63,842 employees (4.5 percent increase compared to 61,067 in 2023, as a result of inorganic growth). 94.5 percent of the workforce has permanent contracts and 5.5 percent has temporary contracts.

Figure 33

Our workforce

¹ Calculated as of December 31,2024, on an headcount basis of 63,842 employees only (equivalent of 62,393 FTE (Full Time Equivalent) as part of own workforce; total numbers include 0.7 percent 'undisclosed gender', that is, employees with no declared gender).

Our internal grading system defines the following progression by career level:

―	Career level A comprises all entry level and low specialization roles.
―	Career level B includes frontline managers and technical staff.
―	Career level C includes middle managers and highly specialized technical staff.
―	Career level D comprises senior executives and senior experts.
―	Career level E incorporates the most senior roles such as country CEOs and other senior business leaders.

Senior management comprises career levels D and E together. Middle management refers to career level C.

5.1.1 Careers and work

Throughout 2024, we continued to successfully develop and retain employees with key skills and capabilities, in line with changes in the world of work and evolving customer expectations. Our programs, processes and initiatives remained available to all eligible employees, independent of their form of employment (e.g., full-time or part-time, permanent or temporary).

Approach

We continuously enhance the quality, relevance and variety of our training and skills development approach for our people, thereby increasing the levels of expertise, efficiency and productivity across the organization.

Actions

We attract the right talents and skills as we continue to be an employer of choice to grow careers. We continue to place significant emphasis on supporting our apprenticeship, trainee and internship programs globally, offering opportunities for people at any stage of their careers. As part of our commitment, we employ more than 1,600 apprentices, trainees and interns a year with particularly strong programs in Switzerland, the UK and North America. We also partner with the Global Alliance for Youth to strengthen the employability of youth through workplace-based learning. In 2024,14.7 percent of our workforce and 34.8 percent of our new hires were aged 30 or younger.

WORLD ECONOMIC FORUM
S

Table 20

New hires

	Career level (%)¹
	A	B	C	D	E	Senior management
Dimension
Region
APAC	19.3	15	21.5	22	0	20
EMEA	35.4	26.7	29.6	31	30	30.9
LATAM	19.7	15.7	14.2	7	0	6.4
North America	24.3	41.1	29.2	28	40	29.1
Corporate Center	1.3	1.5	5.5	12	30	13.6
Gender
Female	56.5	52.5	39.8	30	10	28.2
Male	43	46.6	58.8	61	90	63.6
Undisclosed gender²	0.5	0.9	1.5	9	0	8.2
Age Group
Age < 30	60	21.8	1.8	0	0	0
Age 30-50	35	67.2	79.6	76	50	73.6
Age > 50	5	11	18.6	24	50	26.4
Employment Type
Full-time	91.4	96.5	97.1	95	100	95.5
Part-time	8.6	3.5	2.9	5	0	4.5
Nationality
National	60.3	46.7	50.4	45	20	42.7
Non-national	6.9	8	14.6	20	40	21.8
Undisclosed nationality³	32.8	45.4	35	35	40	35.5
Total (% 2024)	32.9	32.9	2.6	1	0.1	1.1
Total (# 2024)	3,434	3,433	274	100	10	110

	Total % 2024	Total # 2024
Dimension
Region
APAC	18.9	1,970
EMEA	32.7	3,422
LATAM	23.3	2,434
North America	23.6	2,464
Corporate Center	1.5	159
Gender
Female	51.3	5,359
Male	46.8	4,886
Undisclosed gender²	2	204
Age Group
Age < 30	34.8	3,638
Age 30-50	51.9	5,419
Age > 50	13.3	1,392
Employment Type
Full-time	94.3	9,849
Part-time	5.7	600
Nationality
National	62.7	6,555
Non-national	8.1	845
Undisclosed nationality³	29.2	3,049
Total (% 2024)	100	N/A
Total (# 2024)	N/A	10,449

¹ Excludes 'unranked' employees who are not assigned to any career level, comprising employees in Germany (not ranked due to locally applicable restrictions preventing the use of this data), Zurich Kotak (due to recent acquisition), Orion, sales force teams (due to their higher volatility), and individual cases with late job assignments on year end hires. The total includes all new hires, including 'unranked^,. In 2024, 29.4 percent of new hires are 'unranked'.

² 'Undisclosed gender' refers to employees with no declared gender.

³ 'Undisclosed nationality' refers to employees for whom we do not hold nationality/citizenship information, mostly from North America.

We listen to our people regularly and focus our actions on what drives their engagement Our annual Zurich Experience Survey (ZES)¹ had an excellent 85 percent response rate in 2024 (up 3 percentage points versus ZES 2023). We have been reassured that our employees' perception of personal and professional development, as well as career opportunities not only performs above our industry peers, and at or above high performing organizations, but also continues to drive the engagement of our people. Our engagement score was 1 percentage point better than that of high performing companies and 4 percentage points better than other global finance and insurance peers working with the same provider.²

¹ The annual ZES was administered in May 2024 across the Group, excluding Farmers Group, Inc., Cover-More, Zurich Kotak and Orion. In 2023, we enhanced our continuous listening approach and rolled out a new, annual engagement survey, the ZES, along with other employee lifecycle surveys, wellbeing measures and pulse surveys. This allows us to collect richer insights about employees' perceptions of their work experience at Zurich, as well as better understand their levels and drivers of engagement.

² All benchmarks are from our external provider's client companies.

We prioritize internal over external hires, whenever possible. By promoting accelerated internal mobility among our people, we support their professional and personal development, upskilling, reskilling (e.g., GTO Reskilling Program)¹ and career diversification. About two-thirds of our internal mobility represents vertical moves, and our promotions continue to reflect a balanced gender split; 57.5 percent of all promotions were females (compared to 50 percent in 2023). The remaining third is a combination of horizontal mobility (58.9 percent opportunities taken up by females), international mobility (38.5 percent females), and other forms of internal mobility such as rehires (that is, all newly contracted employees who were former Zurich employees prior to re-joining, 57 percent females), changes in employment contract from temporary to permanent (56.8 percent females).

¹ For more information on our GTO Reskilling Program, please visit our website: www.zurich.com/sustainability/highlights

We continue to build out our leadership pipeline to support career growth through vertical, lateral or international moves. Our managerial and leadership development approach is clustered around four key areas:

1. Leadership development designed and delivered in our countries.

2. Identification and development of emerging future leaders across the Group.

3. Talent development in core areas.

4. Executive development and succession planning.

In 2024, our internal hiring rate for senior management was 72.2 percent, a decrease compared to 84.3 percent in 2023. External hires enhance our critical skill supply, and also represent an opportunity to increase the diversity of backgrounds and perspectives of our workforce globally. Overall, our approach contributes to our people remaining employable, now and in the future, irrespective of their seniority, gender, age, or any other personal characteristics.

Z
S

Table 21

Internal hires¹ ,²

	Career level (%)
	A	B	c	D	E	Senior management
Dimension
Gender
Female	100	68.8	80.4	80	66.7	79.7
Male	100	63.5	79.5	72.4	43.8	70.1
Undisclosed gender³	100	54.8	42.9	-	-	-
Age Group
Age < 30	100	62.9	74.3	100	-	100
Age 30-50	100	66.2	79.5	72.1	14.3	70.5
Age > 50	100	73.8	80.9	78	66.7	76.6
Total Internal Hiring (% 2024)	100	66.4	79.6	73.7	47.4	72.2

	Total % 2024 -Independent of career level	Total % 2023 -Independent of career level
Dimension
Gender
Female	75	76.2
Male	70.2	70.8
Undisclosed gender³	52.9	100
Age Group
Age < 30	73.7	72.1
Age 30-50	71.4	71.6
Age > 50	78.1	82.2
Total Internal Hiring (% 2024)	72.8	73.4

¹ Internal hiring rate is the proportion of internal mobility in comparison to the aggregated sum of internal mobility and external hiring. It is calculated by dividing the total number of internal mobility (reflected by horizontal, vertical or international moves, re-hiring of former Zurich employees, or changing employment contract types from temporary to permanent contracts) by the aggregated total of internal mobility plus external hiring. The internal hiring rate of career level A excludes external hires, as these positions are, by nature, mainly filled by external career starters, meaning the internal hiring rate of career level A is always 100 percent. The total % for 2024 (independent of career level) is also calculated without taking career level A external hires into account.

² Excludes 'unranked' employees who are not assigned to any career level (15.8 percent of our workforce), comprising employees in Germany (not ranked due to locally applicable restrictions preventing the use of this data, 8.3 percent of our workforce), Zurich Kotak (due to recent acquisition, 2.8 percent of our workforce), Orion (0.3 percent of our workforce), and sales force teams (due to their higher volatility, 2.6 percent of our workforce).

³ 'Undisclosed gender' refers to employees with no declared gender.

We offer varied opportunities to our people for professional and personal development, as well as career advancement. While we know that most impactful learning occurs on the job (e.g., via feedback, internal mobility, secondments, part-time assignments), we also invest in coaching, mentoring and formal learning, including accredited education and support for degree programs and certifications with the partnering institutions. The insights we collect via the Performance and Development Cycle (PDC)² inform the strategic training needs and focus area across the Group on specific development and upskilling. In addition, our internal career development tool, MyJourney, offers insights into our strategic skills needs as we compare the skills our employees possess with the skills we need to be successful today and tomorrow.

Our global learning platform, MyDevelopment, offers more than 32,000 courses, including the full library of LinkedIn Learning. Through technical academies we aim to build capabilities that are core to our business. In 2024, we further enhanced our Customer and Commercial Insurance Academies,³ and strengthened our Digital Academy with custom content relating to Al, data and automation. We also launched the Zurich Sustainability Academy, our one-stop shop for building the foundational knowledge on what sustainability means for us and for the insurance sector.

The "Sustainability and Insurance Fundamentals" course in 2024 was taken by 722 employees. The additional intermediate level learning modules aimed for our global sustainability practitioners cover themes such as Sustainability Risks, Impacts & Opportunities, Decarbonization, and topics linked to Building a More Resilient Society.

² The PDC is a clearly defined approach that annually guides all employees through goal setting, regular career and progress conversations, and a year-end review. At the end of 2024, 57,625 employees managed this process through our supporting system, MyPDC (6,217 employees were out of scope from Cover-More, Zurich Kotak, Chile sales force, Orion, some entities in Germany, Austria and others, 9.5 percent of our workforce). By the end of 2024, out of 52,625 employees eligible to conduct their year-end performance review in MyPDC, 91.3 percent completed the review. Our PDC approach captures the entire annual process in MyPDC in a single form, with separate sections for goal setting, career development review (incl. drafting of individual development and training plans), progress conversations and year-end performance review.

³ In 2024, our Commercial Insurance and Customer Office Academies received eight gold, one silver, and one bronze Brandon Hall Group Excellence Awards to recognize the exceptional training programs that promote learning and development opportunities across our organization. See more: https://excellenceawards.brandonhall.com/winners/

WORLD ECONOMIC FORUM
S

Table 22

Average learning hours¹ ,²

	Career level³
	A	B	c	D	E	Senior management
Dimension
Gender
Female	20.1	19.1	19.3	16.4	8.6	16
Male	21.1	16.2	17	11.3	7.3	11.1
Undisclosed gender⁴	21.9	20.5	22.5	11.6	0	11.6
Age Group
Age < 30	23.5	15.7	16.4	0.4	0	0.4
Age 30-50	19.6	18.1	18.4	12.5	7.7	12.4
Age > 50	14	15	15.8	12.5	7.2	12.1
Total average # 2024	20.5	17.6	17.9	12.9	7.6	12.6

	Total average #2024
Dimension
Gender
Female	19.5
Male	18.2
Undisclosed gender⁴	20.7
Age Group
Age < 30	22.2
Age 30-50	18.7
Age > 50	15.2
Total average # 2024	18.9

¹ Hours tracked on our global learning platforms (i.e., physical, digital as well as mandatory and voluntary training sessions).

² Reporting on average learning hours excludes Farmers Group, Inc., Cover-More and Zurich Kotak (due to recent acquisition, 2.8 percent of our workforce). The average learning hours per person in Farmers Group, Inc. is 36.1 hours.

³ Excludes 'unranked' employees who are not assigned to any career level (15.8 percent of our workforce), comprising employees in Germany (not ranked due to locally applicable restrictions preventing the use of this data, 8.3 percent of our workforce), Zurich Kotak (due to recent acquisition, 2.8 percent of our workforce), Orion (0.3 percent of our workforce), and sales force teams (due to their higher volatility, 2.6 percent of our workforce). The total includes all employees, including 'unranked'.

⁴ 'Undisclosed gender' refers to employees with no declared gender.

WORLD ECONOMIC FORUM
S

In 2024, our employees dedicated over 1.1 million hours to online learning, as in 2023.¹ This translates to an average of 18.9 hours per employee, a decrease from 20.2 hours in 2023 due to the increased number of employees. This is primarily due to the shorter length of available learning content; the individual learning consumption (i.e., the number of courses started or completed) per employee increased since 2023. Our learners' Net Promoter Score for all our courses is 42 for 2024,4 points higher than in 2023.

Our learning approach not only embraces formal learning but increasingly shifts toward applied learning experiences that are crucial for professional growth and development. These include:

―	Learning through collaboration: We have a number of platforms that facilitate communication and collaboration. These include leveraging our Al assistants, such as ZuriChat, Microsoft Copilot and others where employees can ask questions, solve problems and share knowledge in novel ways.
―	Peer learning and mentoring: Interactions with colleagues and mentors provide rich and meaningful opportunities for informal learning, which can be more contextually relevant than formal training.
―	On-the-job learning: Provides engaging learning moments for our employees, applying theoretical knowledge and frameworks to real-world situations. For instance, communities of practice allows an exchange of knowledge on specific expertise, or our My70Percent initiative which encourages employees to consider exploring on-the-job assignments outside of their everyday role.
―	Job shadowing: Observing experienced colleagues in their roles also allows employees to acquire new skills. For instance, the UK's Zurich Ride the Rails initiative encourages employees to shadow colleagues in different functions to learn more about the business and develop cross-functional relationships.

In 2024, we spent more than USD 41 million on learning (compared to USD 39 million in 2023), an average of USD 644 per employee, as in 2023.

We continue to retain talent and skills, measured by both our people's intention to stay working for us as well as actual turnover rates. Employees' willingness to recommend Zurich as a great place to work, as measured in the ZES 2024, is 5 percentage points better than those in high performing companies and 8 percentage points better than other global finance and insurance peers, as is their intention to stay working for us (3 percentage points better and 5 percentage points better, respectively). Total employee turnover decreased to 12.9 percent compared to 14.3 percent in 2023. Over the years, we observed minimal variance in the entry and exit patterns based on gender. In 2024,52.8 percent of the individuals voluntarily or involuntarily departing our organization were female (compared to 53.6 percent in 2023).

Our employees under 30 years of age continue to have a higher voluntary turnover rate compared to other age groups, in line with external market trends. As we remain focused on getting insights from various sources, our aim is to continuously improve and remain an attractive employer for all who look to start and develop careers, not just in core technical insurance roles.

¹ Reporting on learning hours excludes Farmers Group, Inc., Cover-More, Zurich Kotak and Orion.

WORLD ECONOMIC FORUM
S

Table 23

Turnover¹

	Career level (%)²
	A	B	C	D	E	Senior management
Dimension
Region
APAC	14.5	12.1	10.2	8.7	0	9
FMEA	11.9	8.8	8	10.6	20	10.9
LATAM	15.1	16.3	10.2	10.1	0	9.5
North America	20.5	17.1	12.5	11.7	7.5	11.5
Corporate Center	3.4	6.7	9.9	9.8	6.7	9.5
Gender
Female	14.2	14.1	9.9	7.8	11.1	7.9
Male	16.3	12.2	10.6	11.7	8.7	11.5
Undisclosed gender³	28.2	20	0	10	0	10
Age group
Age <30	17.6	19.1	12.3	66.7	0	66.7
Age 30-50	14.1	12.6	8.9	8.5	0	8.2
Age >50	13.9	12.4	13.1	12.7	13	12.7
Employment type
Full-time	14.4	13	10	10.3	9.5	10.3
Part-time	22.8	17.7	16.5	13.7	0	13.2
Nationality
National	12.3	10.2	8.6	10.6	9.2	10.6
Non-national	12.8	10.9	9.2	7.9	10.3	8.2
Undisclosed nationality⁴	22	17.2	12.5	12.2	7.5	11.9
Total (% 2024)	15	13.2	10.3	10.4	9.3	10.4

	Voluntary turnover (%)	Involuntary turnover (%)	Total turnover (%) 2024
Dimension
Region
APAC	10.2	2.6	12.8
FMEA	5	4.5	9.5
LATAM	7.4	7.8	15.2
North America	8.5	8.4	16.9
Corporate Center	3.2	5	8.2
Gender
Female	7.4	5.9	13.2
Male	6.5	5.9	12.4
Undisclosed gender³	13.1	8	21.2
Age group
Age <30	12.7	5.1	17.8
Age 30-50	7.4	4.7	12.1
Age >50	3.2	8.9	12.1
Employment type
Full-time	7	5.6	12.6
Part-time	7.3	9.7	17
Nationality
National	5.8	4.6	10.5
Non-national	6.3	4.9	11.2
Undisclosed nationality⁴	9.1	8.3	17.4
Total (% 2024)		5.9	12.9

¹ Total turnover is calculated as the sum of number of voluntary leavers and the number of involuntary leavers, divided by the average headcount of the selected year. Voluntary turnover refers to employees deciding to leave the company, e.g., for personal reasons. Involuntary turnover refers to cases where the decision to leave is not entirely made by the employee, e.g., retirement and mutual agreement. Reporting excludes temporary employees and interns.

³ 'Undisclosed gender' refers to employees with no declared gender.

⁴ 'Undisclosed nationality' refers to employees for whom we do not hold nationality/citizenship information, mostly from North America.

Case study

Zurich Italy's digital skills revolution

To tackle the challenges of an aging workforce and to bridge the skills gap between unemployed young people and the digital needs of businesses, Zurich Italy founded the Generation program, now in its third year.

The offering is simple: Young adults aged 19-29 attend a completely free 18-week intensive training program with Zurich, with the opportunity to join Zurich as an intern for an initial six months at the end.

So far the program has been a huge success. 95 percent of first year students are still working full time with Zurich today, as we need digitally savvy employees. Their highly sharpened digital skills, along with additional softer skills learned on the program, position them to provide constructive feedback on how to streamline and improve digital and data-based business processes and ways of working.

It's a win-win. This program benefits not only Zurich but also local communities, where young people may have the capability and desire but lack the opportunity to access such professional opportunities. It is opening the doors to a broader pool of talents and redefining the future of work at Zurich.

5.1.2 Diversity, equity, inclusion and belonging

We value diverse perspectives, aim to foster a sense of belonging and always look to uphold fairness. We encourage open communication and collaboration by creating a connected community where collective ideas flourish. Guided by our Board of Directors,¹ and in compliance with all applicable laws and regulations, we strive to integrate diversity, equity, inclusion and belonging (DEIB)¹ in all countries in which we operate by taking targeted actions and assuming leadership accountability to increase and benefit from diversity within the workforce, to offer equal opportunities and to foster inclusion and belonging.

¹ The Governance, Nominations and Sustainability Committee assists the Board in setting an appropriate tone at the top to promote key values and behaviors, and to ensure a sound and open culture.

Approach

We strive to sustain a work environment in which our voices and perspectives are diverse, our behaviors are inclusive, our actions drive equity and our people feel a strong sense of belonging. We support an inclusive workforce, where all individuals, and their diverse perspectives, are valued and respected. We invest in the development of our people, and foster an environment where everyone has the opportunity to thrive and succeed throughout their career. This commitment strengthens our ability to serve our customers, enhances our business resilience, and drives superior performance.

Actions

We maintain a distinct culture where people feel they belong. Our cultural differentiator, as measured in the ZES 2024, is our people's strong sense of belonging to our diverse, tolerant and inclusive company. Employees' sense of belonging is also the number one global driver of engagement. The vast majority of our employees believe that their teams have a climate where diverse perspectives are valued and they can be their authentic selves at work (1 resp. 2 percentage points better than those in high performing companies; 2 resp. 5 percentage points better than other global finance and insurance peers). In 2024, we ranked fourth among insurance companies in the Forbes World's Best Employers award,² and several of our countries continue to receive Top Employer, Great Place to Work, EDGE or other certifications and awards, validating employees' perception.

We value diversity, and we embrace individual perspectives, experiences, insights and ideas. We view diversity broadly to include gender, gender identity, sexual orientation, disability, ethnicity, race, as well as diversity of viewpoints, backgrounds, experiences and geography. We fully benefit from the differing skills and abilities of all of our people. We encourage exchange, raise awareness, strengthen respect and inclusion by supporting our employee resource groups (ERGs)³ across the organization. Our ERGs provide thought-provoking and developmental programs throughout the year from which everyone can benefit. We encourage engagement in these groups in order to strengthen our community. In North America, for instance, one in three employees is a member of at least one ERG. Our Women's Innovation Network (WIN) is our biggest ERG with several thousand members across all continents.

We encourage representation of genders across the organization. At the end of 2024,41.7 percent of our Board of Directors (compared to 50 percent in 2023), 50 percent of our Executive Committee (compared to 33.3 percent in 2023) and 50.9 percent of our employee population were female (compared to 52 percent in 2023). In addition, we monitor gender representation across multiple dimensions, including career levels and age groups. Our initiatives have helped drive improvements in gender representation since 2017, particularly in senior management. At the end of 2024, female employees represented 32.1 percent of senior management (compared to 30.3 percent in 2023), and we have seen progress across the Group in the external hiring, promotion and attrition of women in senior management. The share of females in senior management was at hiring 28.2 percent, internal hiring 44.7 percent (incl. promotions 45.2 percent) and voluntary leavers 34.7 percent.⁴

In addition, across the Group,⁵ 43.3 percent of our people managers (compared to 42.5 percent in 2023) and 54.1 percent of our individual contributors were female (compared to 53.9 percent in 2023). We also have initiatives in place to develop women's science, technology, engineering, and mathematics (STEM) careers, with several senior IT appointments in 2024. At the end of 2024,30.2 percent of our employees working in IT or engineering roles were female (compared to 33.3 percent in 2023).

¹ www.zurich.com/careers/deib

² www.forbes.com/lists/worlds-best-employers/

³ Our Group-wide ERGs are: WIN (Women's Innovation Network), ZurichNExT (promoting intergenerational dialogue), Pride@Zurich (alliance of LGBTQ+ employee networks) and YouMatter (supporting employee wellbeing). Countries have in addition several other local ERGs.

⁴ At the end of 2024,44.7 percent of our succession plans across the entire workforce (excluding Cover-More and Orion) included female nominees.

⁵ Excludes Orion, as well as Zurich Kotak, due to recent acquisition.

Figure 34

Gender representation highlights

We continue to support the development of female talents to accelerate their readiness for leadership positions. Most of our countries engage in programs and initiatives such as the Ellevate program in Switzerland.

Case study

Empowering women and transforming leadership at Zurich Switzerland

Zurich Switzerland's "Ellevate" program was developed to address the need for a robust female leadership succession pipeline in Switzerland, providing visibility, networking, and career advancement opportunities for women in the organization.

Launched in January 2024, the 24-month program is built on three core principles: leap, engage, and empower. Research found that while women are often over-mentored, they are under-sponsored, so the focus of "Leap" is to pair participants with sponsors who actively advocate for their career progression. Quarterly "Engage" events are intended to provide a platform for open discussions of critical issues, with the CEO and other senior leaders.

Ellevate aims to "Empower" female talents by creating a supportive physical and virtual community where they can learn from and support each other.

Additionally, Ellevate integrates a "talent brokerage" system where development needs and aspirations are shared with the talent acquisition team and used as part of Zurich's internal-first approach to recruitment. Success is measured through subjective feedback, tracking career progress and identifying insights to address the unspoken barriers that women often face.

Ellevate is not just seen as a development initiative but a crucial step toward gender balance and organizational growth.

We value generational diversity in our workforce by supporting the employability of individuals at all stages of their careers and providing flexibility for smooth transitions to new opportunities. Our early-in-career programs are successful in recognizing internal talent and developing employees' skills for future needs of our organization via workshops, coaching sessions and experience-based project work. These prepare participants for leadership opportunities within the company. For our mature workers, several of our countries are piloting phased retirement and knowledge transfer programs.

Additionally we stand for all other aspects of diversity, including intersectionality, creating opportunities for all. Related to lesbian, gay, bisexual, transgender, intersex, queer/questioning, asexual and many others¹ (LGBTQ+), for instance, we have an active global employee resource group, and we have been recognized as a Top Global Employer for the LGBTQ+ community by Stonewall since 2018.

¹ Such as non-binary and pansexual.

WORLD ECONOMIC FORUM
S

We advocate for gender pay equality, fairness and pay transparency, and actively promote pay equity and equal opportunity in all countries where we operate. We regularly monitor our processes to ensure that we meet this commitment and our aspiration to a future with no gap. We already pay 100 percent of our workforce at or above local minimum wage. As part of the annual remuneration cycle, the majority of our businesses with 100 or more employees² perform an equal pay analysis in order to regularly measure the gender pay gap, and to ensure a continued focus on gender pay equity. This process has successfully generated engaged conversations across our organization, and our leaders are fully dedicated to promote pay equity across genders or any other demographic (which may apply locally). In 2024, we analyzed in depth the equal pay results, allowing us to set a global gender pay equity target in 2025.

We proactively respond to new requirements, as new legislation is being implemented related to pay equity and pay transparency.³ We report on gender pay requirements in countries where we are legally required to do so, in accordance with local laws, regulations, related methodology and communication requirements. In 2024, we enhanced our tools and processes to improve our ability to monitor and measure pay equity across the Group, in alignment with local and regional pay transparency legislation. A new tool is being rolled out in two phases. Our EU countries impacted by the EU Pay Transparency Directive are part of the first phase of implementation in 2024. Other countries will be part of the second phase of implementation in 2025.

² Cover-More Argentina and Cover-More Australia will be onboarded in 2025; Zurich Kotak onboarding plans are under development.

³ To find out more about our "Equal Pay for Equivalent Work" analysis, see: www.zurich.com/en/careers/deib/equity

5.1.3 Wellbeing

The wellbeing of our employees reflects our ambition to be a sustainable employer. We support our employees' physical, mental, financial and social health through proactive guidance and resources. We continue to strengthen our credentials in this space by providing guidance and solutions to cultivate a work environment in which they can thrive. We have developed a global holistic wellbeing framework⁴ that provides our people with tools and resources to stay healthy and empowered. We aim to support measures that allow employees to grow in all dimensions of wellbeing and be their best selves every day and everywhere.

⁴ www.zurich.com/careers/wellbeing

Approach

We are dedicated to support our employees to thrive by promoting flexible working, as we know there is a strong link between flexibility, inclusion and productivity. We rely on our Group-wide FlexWork@Zurich principles and encourage our employees to work in a way that achieves optimal results and fosters innovation and collaboration to respond to changing customer needs, while helping to maintain a healthy work-life balance.

Actions

In the ZES 2024, the vast majority of our employees say Zurich cares about their health and wellbeing (4 percentage points better than those in high performing companies and 5 percentage points better than other global finance and insurance peers), and that they are able to balance their work and personal lives (on par with high performing companies and 3 percentage points better than other global finance and insurance peers).

WORLD ECONOMIC FORUM
S

Physical wellbeing

We recognize that individual lifestyles differ, every family is unique and balancing responsibilities is important to all of us. We continuously evolve our policies to better reconcile work and family life, for instance, by supporting greater flexibility in childcare and eldercare. Our FlexWork@Zurich principles serve as the basis of our commitment to fostering work-life balance and empowering our employees to optimize their productivity. Through these principles, we offer flexible working arrangements that accommodate individual lifestyles, e.g., flexible hours, hybrid working, purchase options for additional paid time off, unpaid leave support (two weeks up to six months), try out part-time on a "pilot" basis (for one to three months) or switching to part-time, adjusted availability, or job sharing roles. We also support healthy lifestyles through health-promotion activities and competitions via health centers and sports clubs, or sponsor sport events.¹

¹ For detailed health & safety KPIs, incl. number and rate of fatalities as a result of work-related injuries, see the 2024 WEF index table on our website: www.zurich.com/sustainability/ strategy-and-reporting/reporting/sustainability-report

Social wellbeing

We embrace a culture of dialogue and inclusion. Listening to employees and addressing concerns and needs is part of what we do, and our annual ZES gives us actionable feedback. Several of our countries engage in local programs designed to look after employees' social health such as supporting various employee resource groups, encouraging local cultural celebrations and team building activities, or organizing lunch & learn sessions about inclusive language or inclusive leadership.

Mental wellbeing

Our global mental wellbeing program is focused on comprehensive measures to prevent mental health problems, such as identification of risk factors in our operations, monitoring of mental health, awareness raising on risk factors and mental health issues, and some concrete prevention activities (e.g., stress management courses, adjustments to ways of working, return-to-work programs) are implemented. Access to our health app LiveWell is becoming part of our Employee Benefits packages provided to the employees of our commercial customers, as well as in some countries offering it to our employees.² Several of our countries have measures in place to care for employees when the need arises (e.g., mental health first aid, extensive mental aid), or implement solutions such as dependent care (e.g., on-site childcare, financial support, emergency care, holidays care, referral services) or offer options for special leave (maternity/ paternity leave beyond legal requirements and/or elderly care leave) in line with local value proposition and legal requirements. To give back to society and the communities in which we live as well as to manage mental wellbeing in an impactful way, all our businesses actively encourage volunteering.³

² For more information on the LiveWell app, see section 4.1.1 Revenues from sustainable solutions on page 181.

³ For more information, see section 5.6 Community investment on page 205.

Financial wellbeing

Our global total rewards framework ensures that all plans and programs align to a common set of guiding principles, the Zurich Remuneration Rules, while providing the flexibility to adapt to local market practices.⁴ Through our expertise, we support the financial wellbeing of our people through financial education (e.g., budgeting, financial literacy), retirement planning, access to discount schemes, income protection solutions, and, in some markets, financial advisors.

⁴ For more information on local minimum wage requirements, see the 2024 WEF index table on our website: www.zurich.com/sustainability/strategy-and-reporting/reporting/ sustainability-report

WORLD ECONOMIC FORUM
G

5.2 Prevention of bribery & corruption

5.2.1 Group anti-bribery and anti-corruption policy

We invest in controls to prevent and detect, among other risks, any bribery or corruption. We have put in place strong and effective controls and we monitor financial, legal and regulatory developments to conduct business in an ethical and compliant manner.

We take a risk-based approach for the development and implementation of our Group Anti-Bribery and Anti-Corruption Framework (the Framework). The Framework is designed to prevent and detect acts of bribery and corruption. The Group Policy Anti-Bribery and Anti-Corruption (Group Policy ABC)⁵ sets out the minimum requirements and obligations, with which our subsidiaries worldwide, including their board members⁶ and employees, need to comply. It also provides related guidance regarding anti-bribery and anti-corruption compliance that our businesses should adopt.

⁵ The Group Policy ABC requires the appointment of an anti-bribery and corruption officer (ABCO) for each country. The ABCO's duty is to monitor compliance with the Group Policy ABC and the applicable local anti-bribery and anti-corruption framework. The ABCO also supports business management in maintaining the local anti-bribery and anti-corruption framework and reviewing it regularly to ensure that it appropriately addresses bribery and corruption risks in the country.

⁶ Subject to Group and local governance requirements.

The Group Policy ABG sets out minimum requirements in relation to the following topics, among others:

―	Associated persons' due diligence.
―	Third-party payment due diligence.
―	Incentives.
―	Gifts, entertainment and other advantages.

We perform due diligence in accordance with our Group Policy ABC before selecting a party to be an Associated Person.¹ The due diligence must be appropriate to the anti-bribery and anti-corruption risk the relationship with the Associated Person may present. Higher risk Associated Persons receive periodically recurring due diligence.

On third-party payments, our Group Policy ABG requires the establishment of documentation which provides, among other things, a business rationale for the relationship. It also requires our employees to be alert to potential anti-bribery and anti-corruption red flags² that may be associated with improper third-party payments. Such red flags are to be addressed through a so-called third-party payment due diligence process.

The Compliance function is mandated to provide assurance to internal stakeholders (business management, board and audit committees) that compliance-related risks are managed effectively, and that controls are designed adequately and operating effectively. In addition, Compliance supports businesses in the countries in managing compliance-related risks appropriately and remediating gaps in operative compliance controls. It is important to note that anti-bribery and anti-corruption is part of the compliance risk universe³ and subject to independent assurance, advice and enablement by Compliance in accordance with the Zurich Compliance Charter and Zurich Compliance Program.

Assurance activities conducted by the Compliance and Audit functions in 2024 confirmed the overall assessment that our controls around anti-bribery and anti-corruption are well designed and working effectively.

¹ Associated Persons are individuals or entities who perform services for, to, or on behalf of, an organization and may include: brokers, insurance agents and intermediaries, distributors, subcontractors, employees of outsourcing partners, our employees, Group entities or subsidiaries, independent non-executive directors, joint venture partners, outsourcers, including external asset managers, other consortia members, other (non-insurance) agents in the process of conducting business, suppliers and service providers (e.g., property management companies).

² Anti-bribery and anti-corruption red flags include, but are not limited to, the following: The recipient of the payment is a public official or a close relative of a public official, the transaction value appears to be high in relation to the goods or services provided, the payment is being made to a country that is different to the country in which the recipient is located or the services are/were rendered, etc.

³ The compliance risk universe captures common global compliance risk themes.

WORLD ECONOMIC FORUM
G

5.2.2 Training and awareness

Fostering a culture of compliance among all our employees is important. To achieve this, it is critical to encourage general awareness and understanding of potential areas of bribery and corruption risk, applicable laws, and our policies.

We frequently educate our employees and Board members on topics related to compliance and ethics. This begins with mandatory Code of Conduct training.⁴ This annual training raises awareness of what it means to do the right thing. It helps employees and managers feel more confident in making ethical decisions in their day-to-day work. It also helps employees to spot and report possible bribery and corruption incidents. In 2024, almost all our employees⁵ completed the training, resulting in a global completion rate of 99.99 percent. The completion rate was above 99.9 percent in all regions.⁶ In addition, all 12 members of our Group Board completed the training. Employees whose roles expose them to potentially greater bribery and corruption-related risks are also required to undergo enhanced training on how to identify and respond to potential bribery and corruption risks.

The Compliance function develops the training in line with the Group Policy ABC and in consideration of local risks, regulations and requirements for each jurisdiction. The training is reviewed on an annual basis to incorporate new developments and requirements. This keeps our employees and management at the forefront of the prevention of bribery and corruption and helps us fulfil our ambition of being a responsible and ethical business.

⁴ The code of conduct training includes the topic of anti-bribery and anti-corruption.

⁵ In 2024, the code of conduct training was also shared with various business partners depending on country requirements.

⁶ Excludes employees on a long-term leave during the training window, new joiners who joined after the cut-off date for the annual training assignment, and employees who left the company before the assignment due date.

5.2.3 Protected advice

Anti-bribery and anti-corruption is a risk which affects all business lines. Comprehensive regulatory requirements -some with extraterritorial reach including the U.S. Foreign Corrupt Practices Act (FCPA) and the UK Bribery Act - as well as a high level of regulatory scrutiny and extensive criminal enforcement with large penalties, fines or settlements drive up the inherent anti-bribery and anti-corruption risk for our company.

As outlined above, our employees are all subject to our Group Policy ABC⁷ and our Code of Conduct,⁸ and we provide them with training and other resources which aim to prevent and detect potential misconduct, lf employees suspect misconduct, we want them to feel comfortable reporting their concerns and feel supported by the organization when doing so.

⁷ www.zurich.com/en/about-us/corporate-governance/code-of-conduct/we-care-about-business-integrity

⁸ www.zurich.com/about-us/corporate-governance/code-of-conduct

WORLD ECONOMIC FORUM
G

There are multiple channels for our employees and other stakeholders to report alleged wrongdoing or suspected or actual illegal, fraudulent, improper or unethical conduct ("integrity concerns") to people managers, Compliance, HR or Legal. They can also use the Zurich Ethics Line (ZEL) to report integrity concerns anonymously, either via telephone or online via a web form. We do not tolerate retaliation against any employee or other person reporting an integrity concern in good faith. The ZEL is available globally and offers support in a total of 25 languages. All integrity concerns are reviewed by a triage committee comprising representatives of Compliance, HR and Legal.

Further, as part of our commitment to prevent and fight bribery and corruption, we signed in late 2023, the Call-to-Action¹ on the 20th anniversary of the UN Convention against Corruption (UNCAC). This was put forward as an appeal by companies to governments to intensify efforts to tackle corruption affecting business communities around the world, and to join forces in this endeavor. The Call-to-Action urges governments to underscore anti-corruption and good governance as fundamental pillars of a sustainable and inclusive global economy and embrace them as important tenets of the 2030 Agenda for Sustainable Development. Concretely, this Call-to-Action, signed by companies across the world, was submitted at the 10th Conference of the States Parties to the UN Convention against Corruption (CoSP10) to serve as basis for governments' discussions and decisions on this matter.

¹ www.unglobalcompact.org/take-action/action/anti-corruption-call-to-action

WORLD ECONOMIC FORUM
S

5.3 Human rights

We respect the protection of international human rights within our sphere of influence and work hard to avoid being complicit in human rights abuses. When interacting with employees, customers, investees, shareholders, suppliers, the public at large or any other stakeholder, we aim to promote the following best-practice standards to manage potential adverse human rights impact:

―	United Nations Guiding Principles on Business and Human Rights: Implementing the United Nations "Protect, Respect and Remedy' Framework".
―	OECD Guidelines for Multinational Enterprises.
―	United Nations Global Compact.

These principles are embodied in our Code of Conduct, which applies to our employees and Board members.² We endeavor to work with third parties such as consultants, advisers, suppliers and agents who share our values, and we expect our business partners to adhere to the spirit of our code and embrace high standards of business conduct.

We assess possible adverse human rights impacts within our sphere of activity, which includes our role as an employer, as an insurer, and as an investor as well as our own operations and supply chain and our position within society.

² More information in section 5.2.2 Training and awareness on page 200.

Our responsibility as an employer

We strive to maintain an environment free from all forms of discrimination and harassment. We do not tolerate harassment, discrimination or bullying in the workplace, whether based on race, ethnicity, color, age, sex, gender, gender identity or expression, sexual orientation, national origin, religion, disability, pregnancy, veteran status, or any other relevant characteristics protected under applicable law. This applies regardless of an individual's duties or positions within the organization.

We offer multiple channels for employees and others to speak up and raise concerns, including to people managers, Compliance, HR and Legal, as well as the Zurich Ethics Line (ZEL)³

We strive to build an inclusive and equitable workplace that empowers everyone to achieve their full potential. We are developing policies, practices and ways of working that support diversity, inclusion, equity and belonging. We recognize the right of employees to freedom of association and collective bargaining and to freely form and join groups for the promotion and protection of employment interests.⁴

Our employees generally work in low-risk environments and are not exposed to significant health and safety hazards. Nevertheless, we adopt a systems-based approach to managing health and safety risks in a structured and consistent way across all our operations and have a global program in place to ensure we continually improve our health and safety performance.⁵

³ More information in section 5.2.3 Protected advice on pages 200 to 201.

⁴ An illustrative example is the Zurich European Forum (ZEF). It was established in 1996 with the aim to open an honest and transparent dialogue and consultation with our European employee representatives on transnational topics of interest. Today, ZEF is composed of 29 delegates from l3 countries. In addition to its quarterly Steering Committee meetings, ZEF also meets in plenary session once a year in Zurich with the participation of the Group CEO, EMEA CEO, Global Chief People Officer, and a group of corporate and European leaders depending on the topics to discuss. Over the course of this year, this employee representative body has covered a wide range of topics from workload and sustainability to digitalization and artificial intelligence. It has played an important role in the region for almost 30 years, continuously engaging in a dialogue on social, strategic and financial topics that are of relevance for us where the employee representatives voice their opinions and concerns, which also fosters and deepens trust levels throughout the workplace.

⁵ For further information, see section 5.1.3 Wellbeing on pages 198 to 199 and the WEF Index table (see: www.zurich.com/sustainability/strategy-and-reporting/reporting/ sustainability-report).

Our responsibility as an insurer

Our approach to managing sustainability risks in business transactions has a particular focus on transactions where the insured customer may have an established track record of human rights violations, or is implementing projects that are particularly prone to potential human rights and environmental issues, such as mining or oil and gas projects.⁶

Human rights issues that are considered under our policy are:

―	Child labor.
―	Forced labor and compulsory labor.
―	Involuntary relocation of local communities, inappropriate use of force or adverse impacts on vulnerable indigenous people. Evidence of such violations can include, but is not limited to, the absence of right of free, prior and informed consent for Indigenous Peoples (EPIC).
―	Poor health and safety conditions.
―	Instances of bribery and corruption.

Through our underwriting guidelines and checklists, we apply a clear guidance on underwriting decisions including clear referral processes.

⁶ For further information, see: www.zurich.com/sustainability/governance-and-positions/our-positions

Our responsibility as an investor

We implemented a global set of policies and investment processes across the organization, which aim at ensuring a consistent approach on the integration of ESG topics, as part of our responsible investment strategy.¹ We proactively integrate ESG factors in our investment decisions. Material ESG factors include, but are not limited to:

―	Climate change risks (transition risks, physical risks and litigation risks).
―	Activities negatively affecting biodiversity or increasing water stress.
―	Deforestation, land degradation, and depletion of natural resources.
―	Raw material sourcing.
―	Environmental and health impacts of hazardous chemicals, waste and pollution.
―	Exposure to banned cluster munitions and anti-personnel land mines.
―	Human rights including labor rights in the supply chain.
―	Community impact.
―	Human capital: health and safety and labor management.
―	Product safety.
―	Corruption and bribery matters.
―	Breaches of regulation, international norms and conventions.

¹ For further information on our approach relating to responsible investment, see: www.zurich.com/-/media/project/zurich/dotcom/sustainability/docs/responsible-investment-at-zurich.pdf

Working with suppliers

When working with suppliers,² we apply our Supplier Code of Conduct which sets a clear expectation that our suppliers respect human rights. Each year, we conduct an annual human rights risk assessment to identify potential adverse impacts on human rights within our supply chain. The labor standards and workplace practices operated by our suppliers are a critical factor in the likelihood of adverse human rights impacts occurring. In 2024, our findings indicate that our supply chain has a low-risk exposure to such issues. We also carried out an additional assessment concerning child labor, following the same approach adopted in 2023.³ The assessment confirmed that there remains no reasonable suspicion of child labor within our supply chain.

The first step in our human rights risk assessment is to analyze the human rights set out in the United Nations Declaration of Human Rights, and seek to identify which, if any, of these fundamental human rights could be adversely impacted in our tier-one supply chain, i.e., those suppliers with whom we have a direct buying contract.

We then seek to identify the goods and services categories and countries where the potential risk of adverse impacts to human rights issues is highest. To identify high-risk goods and services categories, we consider data and reports from reputable NGOs and our own internal expert judgement. Our assessment is based upon the prevalence of human rights issues reported and an assessment of working practices at industry or sector level. Our assessment of high-risk countries is based on:

―	The reported prevalence of human rights issues.
―	The degree of respect for worker rights, based upon local laws and actual practices.
―	The extent of political freedom and civil liberties.
―	The extent of corruption.

We share the findings of this assessment internally, provide relevant training, carry out risk-based due diligence on suppliers and use a software tool that uses artificial intelligence to screen news reports, social media posts and NGO reports to monitor potential ESG-related (including human rights) supply chain issues.

² For further information, see 5.4 Sustainable sourcing on page 203.

³ Pursuant to the Swiss Ordinance on Due Diligence and Transparency in relation to Minerals and Metals from Conflict-Affected Areas and Child Labor.

WORLD ECONOMIC FORUM
S

5.4 Sustainable sourcing

Approach

Due to the nature of our business, we are predominantly a consumer of services. Compared with other industry sectors such as manufacturing, the risks associated with the environmental, social, human rights,¹ and governance impact of our supply chain are low. Nonetheless, we are striving to effectively manage such issues. As part of this, we have established a sustainable sourcing program,² which aims to enhance the resilience of our supply chain, supports our commitment to net-zero and creates a positive social impact.

It comprises three pillars, which address environmental, social and ethical factors. Its objective is to embed these factors throughout the sourcing cycle, align suppliers with our values and be transparent about our expectations. We have developed a supplier code of conduct (SCOC)³ to lay a clear foundation for systematically integrating responsible business conduct in our supply chain and provide online training videos for suppliers to familiarize themselves with our expectations.

¹ For more information on our commitment to human rights, including human rights due diligence and human rights risk assessment, see section 5.3 Human rights on pages 201 to 202.

² www.zurich.com/sustainability/planet/sustainable-sourcing

³ www.zurich.com/en/sustainability/governance-and-policies/-/media/project/zurich/dotcom/sustainability/docs/sustainable-sourcing-supplier-code-of-conduct-2021.pdf?v=4

Figure 35

Sustainable sourcing program

We aspire to use our influence as a buyer of goods and services to accelerate the adoption of sustainable business practices among our suppliers by asking them to comply with this code. We evaluate supplier alignment with the SCOC and request selected suppliers to complete a self-assessment. We review the self-assessment results and internally audit a sample of the responses. As of 2024, we confirmed that 73 percent⁴ of our managed procurement spend (MPS)⁵ is with suppliers that meet or exceed the key expectations of our SCOC, following a self-assessment.

⁴ According to the 2023 baseline of managed procurement spend, excluding suppliers no longer active in the year of reporting.

⁵ MPS means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations.

Actions

Throughout 2024, we have continued to engage and support our suppliers to improve their sustainability performance. In particular, we have held online and in-person events with our suppliers to educate them on our sustainability ambitions and promote the tools and resources that we have provided to use within their own businesses. Our tools and resources include a carbon emissions calculator, training videos and policy statement templates. The tools are designed to address common areas in which multiple suppliers fall short of our expectations and support us to drive up supply chain standards. We are proud that some suppliers have started their own climate action using our free tools as a result of the engagement activities carried out by our teams. We will continue to work with our suppliers to address these areas in the short to medium term. Where our engagement fails and suppliers cannot or refuse to embed the minimum standards, we will review the relationship and examine appropriate measures, including phasing it out to protect our commitment to doing the right thing.

To ensure our colleagues are equipped with the necessary knowledge and skills to successfully engage suppliers on sustainability topics we provide access to a learning academy. The content includes internally produced online courses covering climate change, human rights, social procurement and supplier due diligence processes. The completion rate of the supplier due diligence training for employees working within the Procurement function for calendar year 2024 is 99.4 percent.⁶

⁶ Based upon a completion deadline of January 24, 2025.

Net-zero supply chain

To complement our net-zero goals for our own operations, we are looking to our supply chain to set emissions reduction and net-zero targets, consistent with local law. Our goal is for 75 percent of our MPS to be with suppliers that have science-based emissions reduction targets by 2025 and net-zero targets by 2030. As of the end of 2024,59.4 percent⁷ of our MPS is with suppliers who have set science-based targets and 51.9 percent⁸ of our MPS is with suppliers who have set net-zero targets. We aim to use our influence and press for change, expecting suppliers to set their own targets. In 2024, we were again recognized with Supply Chain Engagement Leader status by CDP⁹ for the second consecutive year.

⁹ CDP is a not-for-profit charity that runs the global disclosure system for individuals and organizations to manage their environmental impacts.

WORLD ECONOMIC FORUM
S

5.5 Responsible tax

We aim to manage tax costs and risks to benefit our customers, employees, shareholders, and society as a whole. This commitment is part of our goal to be a responsible corporate citizen in all the communities where we operate.

Acting as a responsible taxpayer is one way of contributing to the economic and social development of these communities. We view tax compliance as a key objective and dedicate significant resources to ensure that our tax activities are managed in a sustainable, well-governed, and transparent manner.

We pay taxes in the countries where we operate, adhering to local laws and regulations. The location of our subsidiaries and branches is based on business needs. We do not engage in aggressive tax planning or artificial structures that lack business purpose or economic substance. We own only a small number of entities in low or zero-tax jurisdictions, involved in insurance, reinsurance, and asset management. We are committed to refraining from using so-called 'tax havens' for tax planning and do not shift value created elsewhere to non-cooperative jurisdictions.

Our approach to tax is outlined in our tax strategy,¹ which aligns with our Code of Conduct.²

¹ To find out more about our tax strategy, please visit: www.zurich.com/sustainability/governance-and-positions/being-a-responsible-taxpayer

² www.zurich.com/about-us/corporate-governance/code-of-conduct

WORLD ECONOMIC FORUM
S

5.6 Community investment

Our community investment activities¹ are mainly delivered by the Z Zurich Foundation (the Foundation), a charitable organization funded by various members of the Group. Over its current strategic cycle, from 2024 - 2027, the Foundation has the ambition to create brighter futures and more opportunities for 25 million vulnerable people.

The Foundation's highlights for 2024 include:

―	Significant developments in all four focus areas: Adapting to climate change, enabling social equity, improving mental wellbeing, and responding to crisis. The Foundation launched new multi-year programs to assist communities across the globe alongside like-minded organizations. For example, building on the collaboration with Junior Achievement US which started in 2023, the Foundation approved further support for this organization to further scale and deepen support to American youth that will transform the educational landscape. The extension of the project builds on the success of the initial program aiming to create new opportunities and empower the next generation to take control of their future. It will be rolled out in over 12,000 schools across the U.S., impacting more than 2.3 million students by 2029, as well as thousands of educators and Zurich volunteers.
―	Over USD 41.7 million² investment in community programming across the Foundation's strategic areas of work. In addition, the Foundation collaborated closely with our teams to engage our customers and distributors in social impact initiatives.
―	Formalization of its humanitarian response approach, enabling more efficient support to the most vulnerable affected by climate and conflict-related catastrophes. In 2024, the Foundation made over 30 donations to disaster relief initiatives across the globe, e.g., for the significant flooding in Brazil and Spain, as well as the major hurricanes in the United States. For these disasters, the Foundation collaborated closely with our local teams and charitable organizations on the ground to provide comprehensive support to people impacted by these catastrophic events.

¹ Our Group and employees contribute through fundraising, volunteering and cash contributions whereas the Foundation carries out community investment activities.

² The final and audited 2024 figures will be disclosed in the Foundation's Impact Report, which will be published in June 2025. To find out more about the Foundation's work in 2024, please refer to the Group overview on pages 26 to 27.

Table 24

Employee-led fundraising and volunteering

	2024	2023	Difference
Fundraising and donations (USD millions)¹	3.8	3.0	26.5%
Total time volunteered by workforce (hours)	199,469	146,433	36.2%
Workforce actively volunteering (% of total headcount)	24.1%	20.3%	18.9%

¹ Includes fundraising and donations of our employees, but excludes Z Zurich Foundation matching.

2024 was a record year for us in terms of employees volunteering. For the first time ever, our employees have recorded close to 200 thousand hours of volunteering, including volunteering time of our customers and brokers when done together with our employees.

While the Foundation is the main vehicle by which we deliver on our global community investment strategy, members of the Group also drive community support actions and actively engage with charity organizations to address local needs and priorities.

Table 25

Charitable cash contributions
In USD millions

	2024	2023	Difference
Charitable cash contributions by members of the Group¹	18.2	17.8	2%
Charitable cash contributions by Z Zurich Foundation²	54.5	49.6	10%

¹ Charitable cash contributions capture contributions from members of the Group to charitable initiatives and organizations, excluding the Foundation. It is at the discretion of the individual countries to define what they deem eligible in their respective context. As such there are no limitations or exclusions (e.g., religious or political purposes) as there are for contributions executed by the Foundation.

² Charitable cash contributions capture our contributions to the Foundation. The donations are made by various members of the Group.

Charitable contributions by members of the Group to charitable initiatives and organizations in 2024 increased compared with 2023. We have decided to increase our financial support to the Foundation so it can adapt its response to those most in need in our societies, as those needs grew significantly across all focus areas in 2024. The rise in our contributions is reinforced by foreign exchange rate effects due to the strengthening of the Swiss franc against the U.S. dollar in 2024.

6. Appendix

6.1 Our yearly progress on our targets and ambitions

The table below shows our progress over the years compared to our qualitative ambitions and quantitative targets we set to execute our Sustainability Framework. Please note that target 2025 and target 2030 is always defined as using year-end 2024 and 2029 values, respectively (e.g., reduction of financed emissions). By 2030 target (e.g., for reduction of IAE intensity) is defined as using year-end 2030 value, similar by 2025 target (e.g., for operational carbon emissions) is defined as using year-end 2025 value. Please also note that parentheses around percentages or points indicate a reduction.

Table 26

Our yearly progress on our targets and ambitions

Investment management

Our areas of focus	Our progress
	2020 to 2024
Reduction of financed emissions
Reduce emissions intensity of listed equity and corporate bond investments	2020	2021	2022	2023	2024
(metric tons CO₂ e/USD million invested, compared to 2019)	(6)%	(21)%	(12)%	(43)%	(54)%
Reduce emissions intensity of direct real estate investments	2020	2021	2022	2023
(kgCO₂ e/m² , compared to 2019)	(6)%	(20)%	(25)%	(30)%
Engagement
Engage companies producing 65% of portfolio emissions and lacking targets aligned with Paris Agreement (PA)		2021	2022	2023	2024
		46%	54%	60%	65%
Engage directly with high-emitting companies which currently do not have credible sciencebased targets
Climate solutions
Allocation to climate solution investments	2020	2021	2022	2023	2024
	+9%	+11%	+17%	+25%	+41%
Allocation to climate solutions investments
(based on % AuM)¹
Avoid CO₂ e emissions through climate-related impact investment organization		2021	2022	2023	2024
(ambition per year)		4.6 million metric tons CO₂ e	3.2 million metric tons CO₂ e	4.5 million metric tons CO₂ e	3.9 million metric tons CO₂ e
Impact investment
Share of total invested assets in impact investments	2020	2021	2022	2023	2024
	2.5%	3.3%	3.8%	4.6%	5.3%
People to benefit from a positive contribution to their lives and livelihood (ambition per year)		2021	2022	2023	2024
		3.6 million people	4.7 million people	4.6 million people	5.3 million people

Our areas of focus	Our targets
	2025	2030	2050	Targets/ ambitions without a deadline
Reduction of financed emissions
Reduce emissions intensity of listed equity and corporate bond investments			Net-zero investment portfolio
(metric tons CO₂ e/USD million invested, compared to 2019)	(25)%	(55)%
Reduce emissions intensity of direct real estate investments
(kgCO₂ e/m² , compared to 2019)	(30)%	(45)%
Engagement
Engage companies producing 65% of portfolio emissions and lacking targets aligned with Paris Agreement (PA)	65%
Engage directly with high-emitting companies which currently do not have credible sciencebased targets		20
Climate solutions
Allocation to climate solution investments	Annual increase
Allocation to climate solutions investments		6%
(based on % AuM)¹
Avoid CO₂ e emissions through climate-related impact investment organization				Avoid 5 million metric tons CO₂ e
(ambition per year)
Impact investment
Share of total invested assets in impact investments
	5%
People to benefit from a positive contribution to their lives and livelihood
(ambition per year)
				5 million people

¹ Estimated based on AuM 2023, equivalent to approximately USD 10 billion. Any portfolio activity will be subject to market conditions and potential other constraints.

Underwriting

Our areas of focus	Our progress				Our targets
	2021 to 2024				2025	2030
Revenues from sustainable solutions	2021¹	2022²	2023	2024	Annual increase
(in USDm)	289	801	1,360	1,702
Engagement with large corporate customers who contribute most heavily to our portfolio emissions						450
Reduction in IAE intensity in our large corporate customer portfolio³						(20)%
(compared to 2022 baseline)

Our areas of focus	Our targets
	2040	2050
Revenues from sustainable solutions
(in USDm)
Engagement with large corporate customers who contribute most heavily to our portfolio emissions
Reduction in IAE intensity in our large corporate customer portfolio³		Net-zero UWR portfolio
(compared to 2022 baseline)

¹ 2021 amounts were calculated under IFRS 4 'Insurance Contracts' and not remeasured to IFRS 17 'Insurance Contracts'.

² Due to the adoption of IFRS 17 'Insurance Contracts' in 2023, the measurement of revenues from sustainable solutions in our Life business was remeasured and aligned to net flows.

³ Determined by scope 1& 2 for our customers' emissions using the PCAF (Partnership for Carbon Accounting Financials) insurance-associated emissions methodology for commercial lines, covering customers with revenues greater than USD 1 billion.

Own operations and supply chain

Our areas of focus	Our progress					Our targets
	2020 to 2024					2025
Absolute reduction in all operational emissions¹	2020	2021	2022	2023	2024
(compared to 2019)	(60)%²	(73)%	(70)%	(67)%	(69)%	(60)%
Reduction of scope 1 and 2 emissions¹	2020	2021	2022	2023	2024
(compared to 2019)	(41)%²	(56)%	(56)%	(59)%	(62)%	(62)%
Reduction of scope 3 emissions^1,3	2020	2021	2022	2023	2024
(compared to 2019)	(67)%²	(80)%	(74)%	(70)%	(71)%	(60)%
% of MPS⁴ that is with suppliers having science-based targets⁵				2023	2024	75% with sciencebased targets⁵
				52.1%	59.4%
% of MPS⁴ that is with suppliers having net-zero targets⁶				2023	2024
				49.4%	51.9

Our areas of focus
	2029	2030
Absolute reduction in all operational emissions¹		Net-zero operational emissions
(compared to 2019)	(70)%
Reduction of scope 1 and 2 emissions¹
(compared to 2019)	(80)%
Reduction of scope 3 emissions^1,3
(compared to 2019)	(67)%
% of MPS⁴ that is with suppliers having science-based targets⁵
% of MPS⁴ that is with suppliers having net-zero targets⁶		75% with net-zero targets⁶

² The 2020 numbers were restated as a number of data quality improvement opportunities were revealed during the assurance process. For a detailed overview, see: www.zurich.eom/-/media/project/zurich/dotcom/ sustainability∕docs∕Zurich-environmental-performance-data-2021.xlsx

³ Resulting from air, rental and rail business travel, employee commuting, strategic data centers, printed paper and waste, as well as indirect energy impact.

⁴ MPS means the spend of approximately USD 2 billion annually managed centrally by Zurich's Procurement and Vendor Management function on goods and services that are required to enable Zurich to maintain and develop its operations. According to the 2023 baseline of MPS, excluding suppliers no longer active in the year of reporting.

⁵ We consider a supplier to have science-based targets when their emission reduction targets are approved by the SBTi, a similar scientifically accredited body or otherwise require a reduction of at least 42 percent in scope 1 and 2 emissions.

⁶ We consider a supplier to have net-zero targets when their net-zero target is approved by the SBTi, a similar scientifically accredited body or otherwise has a public target to neutralize any residual scope 1 and 2 emissions.

Customer data

Our areas of focus	Our progress 2020 to 2024
Keep customers' data safe	Never sell customers' personal data.
	Not share customers' personal data without being transparent about it.
	Put customers' data to work so Zurich can better protect them and so they can get the most out of life.

Our people

Our areas of focus	Our progress				Our targets
	2021 to 2024				2025
Internal hires	2021	2022	2023¹	2024	Annual increase
	68%	71.2%	73.4%	72.8%

¹ As of 2023, we included Farmers Group, Inc. and Cover-More. The internal hiring rate of career level A excludes external hires, as these positions are, by nature, mainly filled by external career starters, meaning the internal hiring rate of career level A is always 100 percent. The total % for 2024 (independent of career level) is also calculated without taking career level A external hires into account.

6.2 Material topics and subtopics reference table

Table 27

Material topics and subtopics reference table

Topic	Subtopic	Page	Section
Climate change (E1)	Climate change mitigation	137	Chapter 3. Our planet
	Climate change adaptation	137	Chapter 3. Our planet
Own workforce (S1)	Equal treatment and opportunities for all	196	Section 5.1.2 Diversity, equity, inclusion and belonging
	Working conditions	191	Section 5.1 Our people
	Other work-related rights	201	Section 5.3 Human rights
	Training and skills development	193	Section 5.1.1 Careers and work
Consumers and end-users (S4)	Information-related impacts for consumers and/or end-users	180 and 186	Sections 4.1 Customer experience and customer-centric solutions and 4.3 Fair and transparent advice
	Access to (quality) information	186	Section 4.3 Fair and transparent advice
Business conduct (GI)	Corporate culture	199	Section 5.2 Prevention of bribery & corruption
	Protection of whistleblowers	200	Section 5.2.3 Protected advice

6.3 TCFD reference table

Table 28

TCFD reference table

The sections listed in the table below are the main source of information on a given thematic area. There may be additional information in other parts of the sustainability report.

Thematic area	Recommended disclosure	Page Section
Governance	a. Describe the board's oversight of climate-related risks and opportunities.	135 to 136 2.1 Governance around climate-related risks and opportunities
		136 2.2 Impact of climate-related performance on remuneration
	b. Describe management's role in assessing and managing climate-related risks and opportunities.	135 to 136 2.1 Governance around climate-related risks and opportunities
		136 2.2 Impact of climate-related performance on remuneration
Strategy	a. Describe the climate-related risks and opportunities the organization has identified over the short, medium, and long term.	137 3.1.1 Our approach to climate change
		137 to 139 3.1.2 Managing climate risk
	b. Describe the impact of climate-related risks and opportunities on the organization's businesses, strategy, and financial planning.	137 to 139 3.1.2 Managing climate risk
		139 to 142 3.1.3 Natural catastrophe modeling: current exposure to physical risk
	c. Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios, including a 2^o C or lower scenario.	142 to 144 3.1.4 Portfolio level scenario-based climate risk analysis
		144 to 148 3.1.5 Portfolio level scenario-based climate risk analysis: Underwriting
		149 to 154 3.1.6 Portfolio level scenario-based climate risk analysis: Investments
		154 to 156 3.1.7 Portfolio level scenario-based climate risk analysis: Own operations and supply chain
		156 to 157 3.1.8 Portfolio level scenario-based climate risk analysis: Conclusions
		157 to 157 3.1.9 Other climate risk assessment outcomes: litigation risk and reputational consequences
Risk Management	a. Describe the organization's processes for identifying and assessing climate-related risks.	157 to 159 3.2 Risk management
	b. Describe the organization's processes for managing climate-related risks.	157 to 159 3.2 Risk management
	c. Describe how processes for identifying, assessing, and managing climate-related risks are integrated into the organization's overall risk management.	137 to 139 3.1.2 Managing climate risk
		139 to 142 3.1.3 Natural catastrophe modeling: current exposure to physical risk
		157 to 159 3.2 Risk management
Metrics and Targets	a. Disclose the metrics used by the organization to assess climate-related risks and opportunities in line with its strategy and risk management process.	159 to 179 3.3 Targets and metrics
	b. Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) emissions and the related risks.	159 to 179 3.3 Targets and metrics
		206 to 207 6.1 Our yearly progress on our targets and ambitions
	c. Describe the targets used by the organization to manage climate-related risks and opportunities and performance against targets.	159 to 160 3.3.1 Our targets
		206 to 207 6.1 Our yearly progress on our targets and ambitions

6.4 Emissions profile

Table 29

Emissions profile

	In scope AuM (USDbn)
	2024	2023	2022	2021	2020	2019 (baseline)
Zurich Corporate Portfolio	46.6	49.6	47.7	63.1	64.3	58.5
By investment asset class
Listed equity	6.9	6.7	6.4	10.5	10.6	10.6
Corporate bonds	39.7	43.0	41.2	52.6	53.8	47.9
By region
APAC	5.5	5.3	5.0	6.0	5.1	4.5
FMEA	30.0	32.0	29.5	40.7	42.5	38.2
Americas	11.1	12.4	13.2	16.3	16.7	15.9
By sector
Utilities	3.2	4.0	4.0	4.8	4.7	4.4
Government-owned	1.5	1.9	1.7	2.2	2.6	2.7
Energy	1.5	1.8	1.9	2.5	2.7	2.1

	In scope AuM (USDbn)	Absolute financed emissions (million metric tons CO₂ e)¹
	Diff (2024 to baseline)	2024	2023	2022	2021	2020
Zurich Corporate Portfolio	(20)%	2.9	3.8	5.7	6.8	8.3
By investment asset class
Listed equity	(35)%	0.4	0.4	0.5	0.7	0.8
Corporate bonds	(17)%	2.5	3.4	5.1	6.0	7,5
By region
APAC	23%	0.7	0.9	1.3	1.8	1.8
FMEA	(22)%	1.7	2.2	3.2	3.9	4.8
Americas	(30)%	0.6	0.8	1.2	1.1	1.6
By sector
Utilities	(27)%	0.9	1.4	2.2	2.9	2.7
Government-owned	(44)%	0.3	0.5	0.9	0.8	1.3
Energy	(29)%	0.5	0.5	0.7	0.8	1.0

	Absolute financed emissions (million metric tons CO₂ e)¹		Relative emission intensity (metric tons CO₂ e∕l million market value
	2019 (baseline)	Diff (2024 to baseline)	2024	2023	2022	2021
Zurich Corporate Portfolio	7.9	(63)%	62	77	119	108
By investment asset class
Listed equity	1.0	(62)%	52	57	84	71
Corporate bonds	7.0	(64)%	64	80	125	115
By region
APAC	1.8	(63)%	120	164	261	292
FMEA	4.5	(63)%	56	68	108	95
Americas	1.7	(66)%	52	63	89	70
By sector
Utilities	2.7	(66)%	288	358	547	600
Government-owned	1.4	(79)%	200	262	518	375
Energy	0.7	(27)%	311	290	383	310

	Relative emission intensity (metric tons CO₂ e∕l million market value				% of financed emissions with SBTi²
	2020	2019 (baseline)	Diff (2024 to baseline)	Target	2024	2023
Zurich Corporate Portfolio	128	136	(54)%	(25)%	24.8	21.8
By investment asset class
Listed equity	74	90	(41)%		21.2	22.2
Corporate bonds	139	146	(56)%		25.3	21.8
By region
APAC	355	400	(70)%		5.6	6.3
FMEA	113	118	(53)%		35.3	32.8
Americas	98	105	(51)%		16.7	8.6
By sector
Utilities	565	616	(53)%		17.0	16.8
Government-owned	498	529	(62)%		40.3	40.1
Energy	384	305	2%		0.0	0.0

	% of financed emissions with SBTi²
	2022	2021	2020	2019 (baseline)	Diff (2024 to baseline)	% of financed emissions in run-off under coal/oil sands policy 2023
Zurich Corporate Portfolio	23.3	19.9	19.5	14.3	73%	4.4%
By investment asset class
Listed equity	25.9	25.1	27.8	22.6	(6)%
Corporate bonds	23.0	19.3	18.7	13.2	92%
By region
APAC	6.5	1.2	1.6	1.2	384%	17.1%
FMEA	35.7	32.4	31.3	22.9	54%	0.3%
Americas	8.2	6.1	4.3	5.3	218%	1.7%
By sector
Utilities	19.3	16.7	17.9	14.4	18%	12.3%
Government-owned	27.5	26.5	24.3	5.4	641%	3.9%
Energy	0.0	0.0	0.0	0.0	0%	0.5%

	In scope AuM (USDbn)
	2023	2022	2021	2020	2019 (baseline)	Diff (2023 to baseline)
Zurich global real estate portfolio^6,7	10.0	10.3	11.1	12.5	11.7	(14)%
APAC	0.1	0.1	NA	NA	NA	NA
EMEA	8.1	8.3	9.4	10.8	10.0	(19)%
Americas	1.8	1.8	1.7	1.7	1.7	6%

	Absolute emissions (metric tons CO₂ e)
	2023	2022	2021^3,4	2020^3,4	2019 (baseline)	Diff (2023 to baseline)
Zurich global real estate portfolio^6,7	34,491	37,110	39,362	50,669	53,181	(35)%
APAC	589	555	NA	NA	NA	NA
EMEA	24,761	27,183	27,897	37,244	41,153	(40)%
Americas	9,141	9,372	11,465	13,425	12,028	(24)%

	Relative emission intensity (kg CO₂ e∕sqm)⁵
	2023	2022	2021	2020	2019 (baseline)	Diff (2023 to baseline)
Zurich global real estate portfolio^6,7	15.2	16.2	17.2	20.4	21.6	(30)%
APAC	59.5	56.0	NA	NA	NA	NA
EMEA	17.1	17.9	18.2	21.3	22.9	(25)%
Americas	11.3	12.4	15.3	18.1	18.0	(37)%

	Relative emission intensity (kg CO₂ e∕sqm)⁵
	Target
Zurich global real estate portfolio^6,7	(30)%
APAC
EMEA
Americas

¹ Financial emissions cover scope 1+2 of underlying companies (listed equity and listed corporate credit) attributed with enterprise value methodology and matched, based on most recently available emission data.

² Committed or set targets under SBTi.

³ The CO₂ e emissions are calculated according to the location-based method. In cases where the data is available or properties use onsite/offsite renewable energies, the market-based methodology is applied.

⁴ The emission factors are retrieved from the IEA, (2020) with the exception of Switzerland for local calculation references (lntep, REIDA 2022 and local authorities) which are aligned with IEA.

⁵ The relative emissions intensity is calculated based on GFA of the buildings.

⁶ Real estate emissions are only available with a four-quarter lag. 2024 emissions will be reported in the 2025 sustainability report. Includes investment portfolio buildings only, as own-use buildings are part of our operational emissions target.

⁷ Direct real estate holdings form the base for the emission reduction targets. There are no applicable figures for the APAC region available.

6.5 Career level distribution of our workforce

WORLD ECONOMIC FORUM
S

Table 30

Career level distribution of our workforce

	Career level (%)¹
	A	B	c	D	E	Senior management
Dimension
Region
APAC	20.6	12.3	10.9	11.1	3.7	10.7
FMEA	39.7	36.1	34.5	37.7	23.9	36.9
LATAM	20.5	9.7	9.1	6.2	6.4	6.3
North America	18.6	39.7	37.6	24.4	24.8	24.4
Corporate Center	0.6	2.2	7.9	20.5	41.3	21.7
Gender
Female	62.8	50.1	38.5	32.6	24.8	32.1
Male	37	49.6	61.3	66.6	75.2	67.1
Undisclosed gender²	0.2	0.3	0.3	0.8	0	0.7
Age group
Age <30	30.6	9.5	0.7	0.1	0	0.1
Age 30-50	49.5	64.1	66.3	54.1	27.5	52.5
Age >50	19.9	26.4	33	45.8	72.5	47.3
Employment type
Full-time	89.6	94.8	95.1	95.9	96.3	95.9
Part-time	10.4	5.2	4.9	4.1	3.7	4.1
Nationality
National	70.6	51.6	48	52.5	32.1	51.3
Non-national	5.9	6.7	11.2	21.7	43.1	23
Undisclosed nationality³	23.4	41.7	40.7	25.8	24.8	25.7
Total (% 2024)	24.8	48	8.4	2.8	0.2	3
Total (# 2024)	15,850	30,635	5,373	1,777	109	1,886

	Total % 2024	Total # 2024
Dimension
Region
APAC	15.1	9,625
FMEA	40.4	25,822
LATAM	13.4	8,537
North America	28.6	18,235
Corporate Center	2.5	1,623
Gender
Female	50.9	32,492
Male	48.4	30,872
Undisclosed gender²	0.7	478
Age group
Age <30	14.7	9,364
Age 30-50	58.6	37,395
Age >50	26.8	17,083
Employment type
Full-time	92.6	59,133
Part-time	7.4	4,709
Nationality
National	61.6	39,301
Non-national	7.3	4,633
Undisclosed nationality³	31.2	19,908
Total (% 2024)	100	N/A
Total (# 2024)	N/A	63,842

¹ The breakdown by career level excludes 'unranked' employees who are not assigned to any career level (15.8 percent of our workforce), comprising employees in Germany (not ranked due to locally applicable restrictions preventing the use of this data, 8.3 percent of our workforce), Zurich Kotak (due to recent acquisition, 2.8 percent of our workforce), Orion (0.3 percent of our workforce), and sales force teams (due to their higher volatility, 2.6 percent of our workforce). The total includes all employees, including 'unranked'.

² 'Undisclosed gender' refers to employees with no declared gender.

³ 'Undisclosed nationality' refers to employees for whom we do not hold nationality/citizenship information, mostly from North America.

6.6 Swiss legal requirements (CO Art. 964b)

Table 31

Swiss Code of Obligations reference table

The sections listed in the table below are the main source of information on a given matter. There may be additional information in other parts of the sustainability report.

Legal requirements	Section	Page
General information required to understand our business	Our performance	Q
	Our global business	9
	Our business mix	10 to 11
	Our business model	14 to 15
	Our strategy	16 to 18
Environmental matters (incl. CO₂ goals)	Sustainability performance highlights 2024	117
	1.1 Our approach to sustainability	124 to 125
	1.2 Climate transition plan	125 to 128
	1.3 Our targets and ambitions	129 to 130
	1.4 Our exclusions and positions	131
	3. Our planet, in particular:	137 to 179
	- 3.1 Strategy	137 to 157
	- 3.2 Risk management	157 to 159
	- 3.3 Targets and metrics	159 to 179
	4.1.1 Revenues from sustainable solutions	181 to 183
Social matters	Sustainability performance highlights 2024	117
	1.1 Our approach to sustainability	124 to 125
	1.3 Our targets and ambitions	129 to 130
	1.4 Our exclusions and positions	131
	1.5 Stakeholder overview	132 to 133
	4. Our customers	180 to 190
	5.4 Sustainable sourcing	203
	5.5 Responsible tax	203 to 204
Employee-related matters	Sustainability performance highlights 2024	117
	1.1 Our approach to sustainability	124 to 125
	1.3 Our targets and ambitions	129 to 130
	1.5 Stakeholder overview	132 to 133
	5. People	191
	5.1 Our people	191 to 199
Human rights matters	1.1 Our approach to sustainability	124 to 125
	1.5 Stakeholder overview	132 to 133
	5.3 Human rights	201 to 202
	5.4 Sustainable sourcing	203
Corruption matters	1.1 Our approach to sustainability	124 to 125
	5.2 Prevention of bribery & corruption	199 to 201
References to national, European or international regulations	1. Introduction and strategy	120 to 121

6.7 Assurance scope visualization

Table 32

Assurance scope

The below reference table gives an overview of the metrics which have been externally assured for the year ended December 31,2024 unless otherwise stated. The assurance degree (reasonable, limited) and the framework or standard used are detailed for each metric.

Where	Assured metric Table / figures ∕ KPI	Title	Assurance degree	Annual report	Framework/Standard
Chapter 3
Our planet: Drive positive impact
	Figure 11	Annual Expected Loss for top five peril regions	Limited	140	Zurich Insurance Group's methodology¹
	Figure 13	Probable Maximum Loss by top three peril regions	Limited	141	SASB Standards
	KPI	Revenues from energy efficiency and low-carbon technologies	Limited	162	SASB Standards
	Table 4	Insurance-associated emissions: Baseline	Limited	162	Zurich Insurance Group's methodology¹
	Table 5	Engagement: Baseline	Limited	162	Zurich Insurance Group's methodology¹
	Table 6	Engagement progress	Limited	164	Zurich Insurance Group's methodology¹
	Figure 23	Engagement progress for top 10 emitters without science-based targets (SBT)	Limited	164	Zurich Insurance Group's methodology¹
	Figure 24	Top 10 emitters without science-based targets (SBT) by sector and region	Limited	165	Zurich Insurance Group's methodology¹
	Table 7	Assets under Management: corporate portfolio	Limited	166	Zurich Insurance Group's methodology¹
	Table 8	Absolute and relative emissions of the corporate portfolio	Limited	167	Zurich Insurance Group's methodology¹
	Table 9	Corporate portfolio emissions with commitments or in run-off	Limited	168	Zurich Insurance Group's methodology¹
	Table 11	Assets under Management: real estate portfolio (year-end 2023)	Limited	169	Zurich Insurance Group's methodology¹
	Table 12	Absolute and relative emissions of the real estate portfolio (year-end 2023)	Limited	169	Zurich Insurance Group's methodology¹
	KPI	Coverage ratio real estate portfolio (yearend 2023)	Limited	170	Zurich Insurance Group's methodology¹
	Table 13	% green certified buildings in total real estate	Limited	172	Zurich Insurance Group's methodology¹
	Table 14	Climate solutions	Limited	172	Zurich Insurance Group's methodology¹
	Table 15	Investment portfolio managed by responsible investors	Limited	173	Zurich Insurance Group's methodology¹
	Figure 29	Proxy voting	Limited	174	Zurich Insurance Group's methodology¹
	KPI	People benefited and emissions avoided through impact investment portfolio	Limited	175	Zurich Insurance Group's methodology¹
	Figure 30	Impact metrics	Limited	175	Zurich Insurance Group's methodology¹
	Table 16	Impact investing portfolio	Limited	176	Zurich Insurance Group's methodology¹
	Table 17	Absolute carbon emissions coming from our own operations	Reasonable	178	GRI Standards
	Table 18	Absolute carbon emissions estimated for entities not included in the baseline	Reasonable	179	Zurich Insurance Group's methodology¹
Chapter 4
Our customers: Their needs are at the heart of everything we do
	Figure 31	Revenues from sustainable solutions split by region and sustainable category	Limited	182	Zurich Insurance Group's methodology¹
	Figure 32	Revenues from sustainable solutions by product category	Limited	183	Zurich Insurance Group's methodology¹
	KPI	Retail - customer retention rate	Limited	185	SASB Standards
	KPI	Commercial Insurance - Premium retention rate	Limited	185	Zurich Insurance Group's methodology¹
	KPI	Corporate Life and Pensions -customer retention rate	Limited	185	SASB Standards
	KPI	Employees completing data protection and privacy training	Limited	187	Zurich Insurance Group's methodology¹
	KPI	Employees completing information security awareness training	Limited	187	Zurich Insurance Group's methodology¹
Chapter 5
Our people: Let's grow together
	KPI	Total Group headcount	Limited	192	Zurich Insurance Group's methodology¹
	Figure 33	Our workforce	Limited	192	Zurich Insurance Group's methodology¹
	Table 20	New hires	Limited	193	WEE IBC metrics
	KPI	% of all promotions are women	Limited	194	Bloomberg GEI methodology
	Table 21	Internal hires	Limited	194	Zurich Insurance Group's methodology¹
	Table 22	Average learning hours	Limited	195	WEE IBC metrics
	KPI	Total number of hours training registered on MyDevelopment	Limited	195	WEE IBC metrics
	KPI	Average training expenditure per full time employee	Limited	195	WEE IBC metrics
	KPI	Total expenditure on training	Limited	195	WEE IBC metrics
	Table 23	Turnover	Limited	196	WEE IBC metrics
	KPI	% of individuals voluntarily or involuntarily departing the organization are women	Limited	195	Bloomberg GEI methodology
	KPI	% of our people managers are women	Limited	197	Bloomberg GEI methodology
	KPI	% of our individual contributors are women	Limited	197	Bloomberg GEI methodology
	KPI	% of our employees working in IT or engineering roles are female	Limited	197	Bloomberg GEI methodology
	KPI	Employees completing anti-corruption training overall and by region	Limited	200	WEE IBC metrics
	KPI	Completion rate of the supplier due diligence training (%)	Limited	203	Zurich Insurance Group's methodology¹
	KPI	% of MPS with suppliers in compliance with or exceeding our SCOC	Limited	203	Zurich Insurance Group's methodology¹
	KPI	% of MPS with suppliers that have science-based emissions reduction targets	Limited	203	Zurich Insurance Group's methodology¹
Chapter 5
Our people: Let's grow together
	KPI	% of MPS with suppliers that have net-zero targets	Limited	203	Zurich Insurance Group's methodology¹
	Table 25	Charitable cash contributions	Limited	205	Zurich Insurance Group's methodology¹
Appendix
	Table 30	Career level distribution of our workforce	Limited	212	WEF IBC metrics
WEF IBC index
	KPI	Financial assistance received from the government	Limited	WEF Index table	WEF IBC metrics

¹ Regarding performance indicators in line with Zurich Insurance Group's methodology, a description of the methodology is included in the relevant sections of the sustainability report.

7. Independent assurance report

To the Executive Committee of Zurich Insurance Group Ltd, Zurich

Zurich, 19 February 2025

Independent Assurance Report on selected Indicators in the Annual Report 2024

We have been engaged to perform assurance procedures to provide limited and reasonable assurance on selected indicators (including GHG emissions) included in Zurich Insurance Group Ltd and its consolidated subsidiaries' (the Group's) Sustainability Report, integrated in the Annual Report 2024 for the year ended 31 December 2024 (the Report).

Our limited and reasonable assurance engagement focused on selected indicators (including GHG emissions) as presented in Appendix 6.7 - table 32 in the Report.

We did not perform assurance procedures on other information included in the Report, other than as described in the preceding paragraph, and accordingly, we do not express a conclusion or opinion on that information.

Applicable criteria

The Group defined as applicable criteria (the Applicable Criteria):

―	Global Reporting Initiative Standards (GRI) complemented by Zurich Insurance Group's methodology for environmental indicators 2024 for indicators listed under 'Reasonable assurance' section in the Appendix. A description of the methodology is available under 'Zurich's path to net-zero operations' at: https://www.zurich.com/sustainability/planet/net-zero-in-operations, 'Overview of operational emissions targets and results'.
―	SASB Insurance reporting standard for indicators listed under 'SASB standard indicators' section in the Appendix. The guideline is presented on the SASB webpage at: https://www.sasb.org/standards/download/.
―	World Economic Forum's (WEF) Metrics of Sustainable Value Creation for indicators listed under 'WEF IBC metrics' section in the Appendix. The guideline is presented on the WEF webpage at: https://www.weforum.org/stakeholdercapitalism/our-metrics.
―	Zurich Insurance Group's own methodology for indicators listed under 'Indicators based on Zurich Insurance Group's own methodology' section in the Appendix. A description of the methodology for these selected indicators is included in the relevant sections of the sustainability indicators as listed in the Appendix.
―	Partnership for Carbon Accounting Financials (PCAF) for indicators listed under 'Indicators based on PCAF methodology'. The guideline is presented on the PCAF webpage at https://carbonaccountingfinancials.eom/en/standard#a
―	Bloomberg GEI methodology for indicators listed under 'Indicators based on Bloomberg GEI framework'. The guideline is presented on the Bloomberg GEI webpage: Companies Take Action on Diversity and Inclusion in Bloomberg's 2023 Gender-Equality Index

Inherent limitations

The accuracy and completeness of selected indicators (including GHG emissions) are subject to inherent limitations given their nature and methods for determining, calculating and estimating such data. In addition, the quantification of the non-financial matters indicators is subject to inherent uncertainty because of incomplete scientific knowledge used to determine factors related to the emissions factors and the values needed to combine e.g. emissions of different gases. Additionally, GHG procedures are subject to estimation (or measurement) uncertainty resulting from the measurement and calculation processes used to quantify emissions within the bounds of existing scientific knowledge.

Our assurance report should therefore be read in connection with Zurich Insurance Group's Sustainability Report section of the Report, its definitions and procedures on non-financial matters reporting therein.

Responsibility of the Management

The management is responsible for the selection of the Applicable Criteria and for the preparation and presentation, in all material respects, of the selected indicators (including GHG emissions) in accordance with the Applicable Criteria. This responsibility includes the design, implementation, and maintenance of internal control relevant to the preparation of the Report that are free from material misstatement, whether due to fraud or error.

Independence and quality control

We have complied with the independence and other ethical requirements of the International Code of Ethics for Professional Accountants (including International Independence Standards) of the International Ethics Standards Board for Accountants (IESBA Code), which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.

Our firm applies the International Standard on Quality Management 1, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Our responsibility

Limited assurance:

Our responsibility is to express a conclusion on the selected indicators based on the evidence we have obtained.

Reasonable assurance:

Our responsibility is to express an opinion on the presentation of the selected indicators (including GHG emissions) based on the evidence we have obtained. We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

We conducted our limited and reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information. This standard requires that we plan and perform this engagement to obtain limited and reasonable assurance about whether the selected indicators (including GHG emissions) are free from material misstatement, whether due to fraud or error.

Summary of work performed

Limited assurance:

Procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not provide all the evidence that would be required to provide a reasonable level of assurance.

Although we considered management's internal controls when determining the nature and extent of our procedures, our assurance engagement was not designed to provide assurance on internal controls. Our procedures did not include testing controls or performing procedures relating to checking aggregation or calculation of data within IT systems.

Our limited assurance procedures included, amongst others, the following work:

―	Assessment of the suitability of the Applicable Criteria and their consistent application
―	Interviews with relevant personnel to understand the business and reporting process, including the sustainability strategy, principles and management
―	Interviews with the Group's key personnel to understand the sustainability or non-financial reporting system during the reporting period, including the process for collecting, collating and reporting the indicators and non-financial information
―	Checking that the calculation criteria have been correctly applied in accordance with the methodologies outlined in the Applicable Criteria
―	Analytical review procedures to support the reasonableness of the data
―	Identifying and testing assumptions supporting calculations

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our assurance conclusion.

Reasonable assurance:

A reasonable assurance engagement in accordance with ISAE 3000 involves performing procedures to obtain evidence about the Indicators in scope of reasonable assurance. The procedures selected depend on the practitioner's judgment, including the assessment of the risks of material misstatement, whether due to fraud or error, in the Indicators in scope of reasonable assurance. In making those risk assessments, we considered internal controls relevant to Zurich Insurance Group's preparation of the Indicators in scope of reasonable assurance.

Our reasonable assurance procedures included, amongst others, in addition to the procedures listed above for the limited assurance engagement, the following work:

―	Site visits (physical or virtual) in selected countries to (visually) inspect operations, perform inquiries and inspect documents on a sample basis
―	Testing, on a sample basis, of underlying source information to check the accuracy of the data
―	Identification and testing of assumptions supporting calculations
―	Evaluation of the overall presentation, structure and content of the environmental disclosures

We believe that the evidence we have obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

Conclusion - limited assurance

Based on the procedures performed and the evidence obtained, nothing has come to our attention that causes us to believe that the selected indicators in the Report of Zurich Insurance Group Ltd have not been prepared, in all material respects, in accordance with the Applicable Criteria.

Opinion - reasonable assurance

In our opinion, the selected indicators (including GHG emissions) in scope of reasonable assurance in the Report of Zurich Insurance Group Ltd are presented, in all material respects, in accordance with the applicable criteria.

Ernst & Young Ltd

Mark Veser (Qualified Signature), Executive in charge

Yana Toengi (Qualified Signature), Partner

Risk review

Managing risk means staying ahead of events, while promoting innovative solutions and maintaining financial strength.

Message from our Group Chief Risk Officer

Fostering resilience in a dynamic environment

In 2024, the world around us continued to evolve at an accelerated pace, shaping the Group's risk landscape in sometimes unpredictable ways. Persistent geopolitical tensions, the rapid emergence of new technologies and shifting global dynamics underscored the importance to our customers of enhancing their resilience and innovating responsibly, to thrive not only in the current environment, but in the years to come.

Throughout these turbulent times, Zurich continued to deliver on its strategic objectives and maintained both financial and operational robustness. This persistent strength stems from our deep-rooted experience in navigating volatile conditions. Our risk management system plays a pivotal role in identifying, assessing and managing threats, ultimately allowing us to stay ahead in a changing and uncertain world.

"Risk management cultivates an environment for informed, appropriate risk-taking and resilience, enabling Zurich and its customers to innovate and be ready for the future."

Peter Giger

Group Chief Risk Officer

At Zurich, risk management is more than just a function; it is a cornerstone of our culture. Informed risk-taking requires a thorough understanding of risks and transparency on risk-reward trade-offs. By equipping our employees with the knowledge to take calculated risks within the Group's appetite, we ensure that, in times of change, we protect our capital, liquidity, earnings, reputation and customers. Our Total Risk ProfilingTM methodology, a key part of Zurich's Enterprise Risk Management framework, enables us to identify critical risks and focus on what matters. This proactive risk management strategy establishes a robust foundation of resilience for us and our customers, ensuring continued success despite external challenges, even the existential ones like climate change.

Responding to global challenges

Zurich's operational risk landscape in 2024 was shaped by several geopolitical conflicts. That included wars in Ukraine and the Middle East, coupled with persistent tensions in the East and South China Sea. This added to the complexities Zurich and our customers faced, and the necessity to assess business and supply chain resilience. Moreover, some nations turned to protectionist measures, rebalancing trade accounts, striving to reduce their interdependence, potentially disrupting the global balance of power, and risking a division of the global economy into geopolitical blocs.

International dynamics and financial markets struggled with uncertainty. Domestically, many countries grappled with internal destabilization. However, interest rates started to decline, and inflation in many countries approached target levels across most industries.

Promoting innovation

In the face of global challenges, building resilience and managing uncertainty are critical components of our business growth strategy. Guided by the principles of safety, transparency, accountability and reliability, we innovate responsibly to foster sustainable growth while enhancing our customers' experience and delivering value to our stakeholders.

Managing climate transition

Climate models indicate that rising global temperatures contribute to more severe and potentially more frequent extreme weather events. Proprietary insights derived from climate models, alongside actual loss experience, have informed the Group's approach to managing climate transition, as outlined in our recently published climate transition plan. As the climate landscape continues to evolve, we remain vigilant, closely monitoring our exposures and making necessary adjustments.

Strong financial position

Supported by the robust management of risks, in 2024, our financial strength remained at very strong levels (see page 231 for Swiss Solvency Test results), reaffirming our resilience and our ability to support our customers even through uncertain and volatile times.

Peter Giger

Group Chief Risk Officer

Development of Swiss Solvency Test (SST) ratio

The Group Swiss Solvency Test (SST) ratio increased to 252 percent as of December 31, 2024 from 234 percent as of December 31, 2023. The development of the SST ratio in 2024 reflects strong underlying capital generation and favorable market movements, partially offset by assumption and model changes.

SST ratio
in %

¹ The SST results as of December 31, 2024 are estimated and may differ from the final SST results, which will be presented in the Financial Condition Report at the end of April 2025.

Analysis of Group total risk capital
in %, as of December 31, 2024

Highlights by risk type

Insurance risk

The Group's insurance risk is diversified by geography, line of business, product and customer, supported by our centralized purchase of reinsurance which led to continued sound insurance outcomes in 2024 in the face of natural catastrophes and the inflationary environment.

―	Pages 235-241

Market risk

Required capital held by the Group for investment risk taking decreased slightly during 2024. This was largely driven by improved market conditions, including higher yields and a stronger USD against major currencies. Model and assumption changes contributed to an increase in risk. Market volatilities have remained relatively stable against the prior year. The Group's investment portfolio remains well diversified across risk drivers and geographies.

―	Pages 242-247

Other credit risk

Credit quality remained stable despite challenging macroeconomic and geopolitical conditions.

―	Pages 247-248

Operational risk

Zurich's operational risk management approach enables the Group to focus on high-priority matters under demanding circumstances and to maintain operational risk within acceptable levels.

―	Pages 249-250

Risk review

The risk review information marked 'audited' is an integral part of the consolidated financial statements.

Risk management

Audited

The risk review information marked 'audited' is an integral part of the consolidated financial statements.

Audited

Objectives of risk management

Taking and managing risk is an integral part of the insurance business. Zurich takes risks in order to support the achievement of its strategy and serve its customers in global and local markets. Risk management contributes to enhancing the value of Zurich by embedding disciplined and conscious risk taking, where risk-reward trade-offs are transparent and understood, and risks are appropriately rewarded.

The Group's objectives in managing risks are to:

―	Support achievement of its business strategy and objectives, and protect capital, liquidity, earnings and reputation by identifying, assessing, responding to, monitoring and reporting risks in line with the Group's risk appetite and tolerance.
―	Enable the Board of Directors (the 'Board'), senior management and other stakeholders charged with governance and oversight to discharge their risk management responsibilities, including risk reporting and external disclosures.
―	Support transparency in decision-making processes by providing consistent, reliable and timely risk information.
―	Embed risk culture by promoting risk awareness, and disciplined and informed risk-taking.

Enterprise Risk Management framework

To achieve its risk management objectives, the Group manages risk according to an established Enterprise Risk Management (ERM) framework, which is comprised of six components: risk governance and risk culture, risk appetite and tolerance, risk identification and risk assessment, risk response, risk monitoring, and risk reporting. The Group's ERM framework is documented by both policy and non-policy documents, including the Zurich Risk Policy (ZRP) and related risk policy manuals, and is complemented by training and guidance materials.

The Group's risk appetite and tolerance statement reflects Zurich's willingness and capacity to take risks in pursuit of value creation and sets boundaries within which the businesses act. Zurich protects its capital, liquidity, earnings, and reputation by monitoring that risks are taken within agreed risk appetite levels and tolerance limits. The Group regularly assesses and, as far as possible, quantifies material risks to which it is exposed.

The ZRP is a Group policy that articulates Zurich's approach to risks and sets mandatory requirements for risk management throughout the Group. The policy describes the Group's ERM framework and provides a standardized set of risk types. Risk-specific policy manuals provide requirements and procedures to implement the principles outlined in the ZRP.

The Group identifies, assesses, manages, monitors and reports risks that have an impact on the achievement of its business strategy and objectives by applying its proprietary Total Risk ProfilingTM methodology. This methodology allows Zurich to assess risks in terms of severity and likelihood, and supports the definition and implementation of mitigating actions. At Group level, this is an annual process, followed by regular reviews and updates by management.

To foster transparency about risk, the Group regularly reports on its risk profile at business, Group, and Board levels. The Group has procedures to refer risk topics to senior management and the Board in a timely manner.

The Group's solvency position is disclosed on the basis of the Swiss Solvency Test (SST) ratio. The Group's SST internal model is approved by the Swiss Financial Supervisory Authority (FINMA). Zurich's goal is to maintain capital consistent with a 'AA' financial strength rating for the Group, which translates into an SST ratio target of 160 percent or above.

The Group applies the Zurich Economic Capital Model (Z-ECM) as an internal metric. The Z-ECM provides a key input into the Group's planning process as an assessment of the Group's economic risk profile.

Risk-based remuneration

Based on the Group's remuneration rules, the Board approves the design and structure of remuneration arrangements that support the achievement of strategic and financial objectives, without encouraging inappropriate risk-taking.

Group Risk Management's role in respect of remuneration and its interaction with Board committees is described in the remuneration report.

Audited

Risk governance and risk management organization

For information on the Group's overall governance, including the Board and Group executive level, see the corporate governance report (unaudited).

Risk management organization

The Group Risk Management function is a global function, led by the Group Chief Risk Officer (CRO).

The risk function is independent of the business by being a vertically integrated function. Unless otherwise required by local laws or regulations, CROs and Heads of Risk report into the Group CRO, except for the Farmers CRO, who has a matrix reporting line to the Group CRO. They independently challenge, support and advise management on business decisions from a risk perspective.

Capital management

Audited

Objectives of capital management

The Group manages capital to maximize long-term value while maintaining financial strength within its 'AA' target range, and meeting regulatory, solvency and rating agency requirements.

As of December 31, 2024, shareholders' equity based on International Financial Reporting Standards (IFRS) Accounting Standards of USD 25.5 billion and subordinated debt of USD 8.9 billion were part of the capital available in the Group's Swiss Solvency Test (SST) available financial resources (AFR). Further adjustments to derive SST AFR typically include deductions for proposed dividends and share buybacks, goodwill and intangible assets, deferred tax assets and liabilities, as well as the market-consistent valuation of insurance liabilities, which includes market value margin (MVM) and the value of in-force business. The MVM, also known as risk margin, is the cost of future regulatory risk capital stemming from the present portfolio of assets and liabilities.

Zurich strives to simplify the Group's legal entity structure to reduce complexity and increase fungibility of capital.

Capital management framework

The Group's capital management framework forms the basis for actively managing capital within Zurich. The Group uses a number of different capital models, taking into account economic, regulatory, and rating agency constraints. The Group's capital and solvency position is monitored and regularly reported to the Executive Committee (ExCo) and Board of Directors.

Zurich's policy is to allocate capital to businesses earning the highest risk-adjusted returns, and to pool risks and capital as much as possible to operationalize its risk diversification.

The Group's executive management determines the capital management strategy and sets the principles, standards and policies to execute the strategy. Group Treasury and Capital Management executes the strategy.

Capital management program

The Group's capital management program comprises various actions to optimize shareholders' total return and to meet capital needs, while enabling Zurich to take advantage of growth opportunities. Such actions include paying and receiving dividends, capital repayments, share buybacks, issuance of shares, issuance of senior and hybrid debt, securitization and purchase of reinsurance.

The Group seeks to maintain a balance between returns for shareholders and the security that a sound capital position provides, also for its customers. Dividends, share buybacks, and issuances and redemption of debt have a significant influence on capital levels. During 2024, the Group:

―	paid a dividend out of retained earnings,
―	bought own shares, and
―	issued senior and subordinated debt to refinance maturing and callable debt.

The Swiss Code of Obligations stipulates that dividends may only be paid out of freely distributable reserves or retained earnings. Apart from what is specified by the Swiss Code of Obligations, Zurich Insurance Group Ltd faces no legal restrictions on dividends it may pay to its shareholders. As of December 31, 2024, the amount of the statutory general legal reserve was more than 46 times the paid-in share capital. The ability of the Group's subsidiaries to pay dividends may be restricted or indirectly influenced by minimum capital and solvency requirements imposed by insurance and other regulators in the countries in which the subsidiaries operate. Other limitations or considerations include foreign exchange control restrictions in some countries, and rating agencies' methodologies.

For more information on issuances and redemptions of debt, see note 17 of the consolidated financial statements. For more information on acquisitions and divestments, see note 4 of the consolidated financial statements.

Risk and solvency assessment

Audited

Regulatory capital adequacy

The Group endeavors to manage its capital so that its regulated entities meet local regulatory capital requirements. In each country in which the Group operates, the local regulator specifies the minimum amount and type of capital that each of the regulated entities must hold in addition to their liabilities. In addition to the minimum capital required to comply with the solvency requirements, the Group aims to hold an adequate buffer under local solvency requirements to ensure regulated subsidiaries can absorb a level of volatility and meet local capital requirements.

Regulatory solvency regimes

Regulatory requirements in Switzerland

The Swiss Solvency Test (SST) adopts a risk-based and total balance sheet approach. Insurance companies are required to provide a market-consistent assessment of the value of their assets and liabilities. Possible changes to these balance sheet positions are modelled over a one-year period to arrive at the total required capital.

Under the SST, insurance companies and insurance groups can apply to use company-specific internal models to calculate risk-bearing and target capital, as well as the SST ratio. The SST results as per December 31 must be submitted to the Swiss Financial Market Supervisory Authority (FINMA) annually. Zurich filed with FINMA an SST ratio of 234 percent (unaudited) as of December 31, 2023. The Group monitors its solvency position on a regular basis and discloses it quarterly. Zurich met the regulatory solvency requirements in Switzerland throughout 2024.

The estimated SST ratio as of December 31, 2024 stood at 252 percent (unaudited). The final SST ratio as of December 31, 2024 will be filed with FINMA by the end of April 2025 and is subject to review by FINMA.

Regulatory requirements in the European Economic Area (EEA)

The main regulatory framework governing the Group's subsidiaries in the EEA is Solvency II. This is an economic and risk-based framework which covers assets and liabilities valuation as well as capital requirements (pillar 1), governance and risk management (pillar 2), and supervisory reporting and public disclosure (pillar 3). All EEA-based legal entities of the Group use the Solvency II standard formula for their pillar 1 requirements with the exception of Zurich Insurance Europe AG (ZIE), which applies an approved internal model.

Effective January 2, 2024, Zurich Insurance plc moved to Germany, by means of a cross-border conversion under the European Directive on cross-border conversions, mergers and divisions, and changed the name to Zurich Insurance Europe AG (ZIE). The head office move had no material impact on ZIE's organization, customer-facing and business activities in the local markets ZIE operates in.

Starting in 2020, the European Commission has undertaken a review of the Solvency II Directive based on technical advice provided by the European Insurance and Occupational Pensions Authority (EIOPA). The amended text to the Solvency II Directive has been published in the EU Official Journal on January 8, 2025. Member States of the EU must transpose the amending Directive into their national laws by January 29, 2027, and apply the measures from January 30, 2027.

Regulatory requirements in the United Kingdom (UK)

The UK operates under the Solvency UK regime which is tailored to the UK market. The regime has been simplified and allows more flexibility to UK firms while maintaining strong prudential standards. The Solvency UK and Solvency II regimes are still substantially aligned but divergences could be expected over the coming years.

Regulatory requirements in the U.S.

In the U.S., required capital is determined using the National Association of Insurance Commissioners' risk-based capital model. This method, which builds on statutory accounts, measures the minimum amount of capital for an insurance company to support its overall business operations by taking into account its size and risk profile.

Regulatory requirements in other jurisdictions

Every country has a capital standard for insurance companies. Several jurisdictions (e.g., Brazil, Mexico, and Hong Kong) have implemented approaches similar to Solvency II.

Swiss Solvency Test (SST)

SST ratio

The SST ratio is calculated as the Group's SST available financial resources (AFR) divided by the SST target capital (TC). The SST ratio of 252 percent as of December 31, 2024, is well above the Group's SST target of 160 percent.

The development of the SST ratio in 2024 reflects strong underlying capital generation and portfolio management actions. Favorable market movements were partially offset by model and assumption changes.

SST available financial resources (AFR)

The Group's AFR are derived from the SST net assets. The net assets represent the difference between the value of assets and liabilities according to the market-consistent valuation methodology under SST.

During 2024, the Group's AFR increased by USD 2.1 billion to USD 36.4 billion as of December 31, 2024, compared to USD 34.3 billion as of December 31, 2023. The main drivers of the AFR increase in 2024 were the strong capital generation and favorable market movements as well as issuance of subordinated debt. Merger and acquisition (M&A) activities decreased the AFR.

SST target capital (TC)

The Group uses an internal risk model to determine the required TC.

The Group's TC as of December 31, 2024 amounted to USD 14.4 billion, a decrease of USD 0.3 billion compared with USD 14.7 billion as of December 31, 2023, driven by a decrease in market risk and insurance risks following M&A activities and favorable market movements. Model and assumption changes increased the TC.

Group Swiss Solvency Test (SST) ratio and underlying components

Table 1

in USD billions	December 31, 2024¹	December 31, 2023
Total risk capital	19.6	20.1
Other effects on target capital (TC)²	(5.2)	(5.4)
Target Capital	14.4	14.7
Available financial resources (AFR)	36.4	34.3
Of which Market value margin (MVM)	(3.7)	(4.1)
Group SST ratio	252%	234%

¹ The SST results as of December 31, 2024 are estimated and may differ from the final SST results, which will be presented in the Financial Condition Report at the end of April 2025.

² Other effects are expected business development over the forecasting horizon, additional business costs and FINMA requirements.

Total risk capital by risk type and business segment

The chart below shows the total risk capital, split by risk type and business segment, as of December 31, 2024, and 2023, respectively. As of December 31, 2024, the largest components of total risk were market risk and premium and reserve risk, comprising 54 percent and 27 percent of the total risk capital, respectively.

The decrease in total risk capital as of December 31, 2024 compared to December 31, 2023 was driven by a decrease in market risk and insurance risks following favorable market movements and impact from portfolio management actions. Model changes partially offset the reduction in total risk capital.

The contribution of the risk types as of December 31, 2024 remained relatively unchanged compared to December 31, 2023.

Total risk capital, split by risk type and business segment

December 31, 2024

December 31, 2023

Audited

Methods and assumptions used in the SST sensitivity analysis

The use of SST sensitivities for assessing the nature and extent of risks arising from insurance contracts is deemed appropriate as the SST represents a comprehensive framework that takes into account the interdependencies between risks and is used by the Group to assess and manage risks.

The sensitivity analysis provides information on how the Group's SST available financial resources (AFR) and solvency ratio are affected by changes in risk variables. The SST AFR and solvency ratio sensitivities are presented before tax and net of external reinsurance.

The SST AFR and related sensitivities are evaluated as instantaneous market or insurance shocks. All elements of the economic balance sheet and the required capital sensitive to a market or insurance parameter shock are recalculated. For example, values of all balance sheet and risk components change in the event of foreign exchange moves of 10 percent. However, in the event of a shock to equity markets, the Property & Casualty (P&C) net insurance liabilities and risks remain constant.

To assess the SST AFR and ratio sensitivities, the SST balance sheet positions are fully revalued under the specific shock scenarios. Each instrument is revalued separately, taking relevant product features into account. Non-linear valuation effects, where they exist, are reflected in the calculations. Valuation of the insurance liabilities under the shock scenarios is based on the replicating portfolios representing the insurance liabilities in the SST market risk model. Life business replicating portfolios are portfolios of assets that replicate the cash flows or present values of the life insurance liabilities under stochastic scenarios from the local life valuation models, according to the methodology approved by FINMA. The replicating portfolios are calibrated to match dependencies of life insurance liabilities on financial market developments in respect of interest rates, equity and property. The options and guarantees of the underlying life insurance liabilities are captured through inclusion of options in the replicating portfolios. The P&C replicating portfolios are represented by zero coupon bonds and are sensitive to interest rate shocks.

The SST required capital and market value margin (MVM) are fully recalculated using parameters of a market shock as input to the risk calculations and taking into account impact of the market parameters on the base exposure, e.g., impact of the interest rate shocks on the insurance risk is reflected via revaluation of the risk exposure due to discounting effect.

In calculating the impact of a shock on the SST AFR and ratio, insurance liabilities' replicating portfolios, risk exposure (where not dependent on market parameters), and model parameters remain unchanged from the base case.

The SST AFR and related sensitivities aim to provide Zurich's investors with guidance on how its AFR and solvency ratio would move in a different economic environment. Such shocks are linear, and they are a simplified representation of reality as the various market parameters never move in isolation or in sync within the same market class (e.g., equites).

Sensitivity and scenario analysis

The Group evaluates sensitivities to, and stress scenarios on, the SST ratio, and assesses results relative to Zurich's risk appetite and tolerance. The sensitivities in the chart below capture impact on the Group SST ratio due to sensitivities to financial market movements.

Market risk sensitivities show the estimated impact on the Group's SST ratio of a half percentage-point (50 basis points, or bps) increase or decrease in yield curves, a 10 percent appreciation or depreciation in the U.S. dollar, a 20 percent rise or decline in all stock markets, and a 100 bps increase in credit spreads, with and without euro-denominated sovereign bonds. The sensitivities are considered as separate but instantaneous shocks. They are a best estimate and non-linear, for example, a change to the size of the market movement could result in disproportionally higher or lower impact on the SST ratio depending on the prevailing market conditions at the time.

SST sensitivities
as of September 30¹

Impact on the SST ratio due to sensitivities to financial market conditions:²

¹ Base ratio and sensitivities as of September 30, 2024 are calculated reflecting the Chile Life annuity transaction completed in the fourth quarter of 2024. Base ratio and sensitivities as of September 30, 2023 are calculated reflecting the separation of the legacy traditional back book in Germany.

² Sensitivities are best estimates and reflect 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. Credit spreads (CS) include mortgages, including and excluding euro sovereign spreads. CS sensitivities of available capital include changes to the volatility adjustment applied to interest rate curves.

Insurance financial strength rating (IFSR)

Zurich reached the top of the league table of European peers for its financial strength rating across the three rating agencies with which it had interactive relations in 2024, following upgrades by Moody's and AM Best.

The insurance financial strength rating (IFSR) of the Group's main operating entity, Zurich Insurance Company Ltd (ZIC), is an important indicator of Zurich's competitive position, while the Group's credit ratings also affect the cost of debt capital.

ZIC's Moody's rating was upgraded to 'Aa2' from 'Aa3' in September 2024 as a reflection of the "Group's track record of strong and stable earnings along with its conservative risk and capital management, which support the Group's balance sheet resilience and enhance its financial flexibility".

In November 2024, ZIC's AM Best Long-Term Issuer Credit Rating (ICR) was upgraded to 'aa' from 'aa-' as a result of "continued resilience of the Group's balance sheet strength, underpinned by excellent financial flexibility, and strong operating returns from its diverse profit centers". AM Best's Financial Strength Rating, which is on a less granular scale, is at 'A+ (Superior)'.

S&P's IFSR remained at the 'AA' level.

As of January 2025, the IFSR of ZIC was 'AA/Stable' by S&P Global Ratings, 'Aa2/Stable' by Moody's, and 'A+ (Superior)/Stable' by AM Best. The AM Best ICR was 'aa/Stable'.

Analysis by risk type

Audited

Insurance risk

Insurance risk is the risk of deviations from what is expected in the timing, frequency or severity of insured events, leading to loss, including adverse change in the value of insurance liabilities (Life and Property & Casualty (P&C)). This may result from inherent uncertainty of insured events or losses, inadequate or ineffective underwriting or accumulation management, inappropriate product development, pricing, claims management, reserving or reinsurance. The profitability of insurance business is also susceptible to business risk in the form of unexpected changes in expenses, policyholders' behavior, and fluctuations in new business volumes. Zurich manages insurance risk through:

―	Specific underwriting and claims standards and controls
―	Robust reserving processes
―	External reinsurance

Property & Casualty (P&C) insurance risk

P&C insurance risk arises from coverage provided for motor, property, liability, special lines and worker injury. It comprises premium and reserve (P&R) risk, catastrophe risk, and business risk. P&R risk covers uncertainties in the frequency of the occurrence of the insured events as well as in the severity of the resulting claims. Catastrophe risk predominantly relates to uncertainty around natural catastrophes. Business risk predominantly relates to unexpected increases in the expenses relating to claims handling, underwriting, and administration.

Management of Property & Casualty (P&C) insurance risk

The Group's underwriting strategy takes advantage of the diversification of property and casualty risks across lines of business, customers and geographic regions. Zurich defines Group-wide governance for insurance risk including for new products. Underwriting discipline is a fundamental part of managing insurance risk. The Group sets limits on underwriting capacity and delegates authority to individuals based on their specific expertise and sets appropriate underwriting and pricing guidelines. Technical reviews assure that underwriters perform within authorities and adhere to underwriting policies.

P&C insurance reserves are regularly estimated, reviewed and monitored by qualified and experienced actuaries at local, regional and Group levels. To arrive at their reserve estimates, the actuaries take into consideration, among other things, the latest information regarding loss payments, as well as related trends and patterns.

Economic inflation has generally softened during 2024; however, it continues to pose challenges in some areas, including motor portfolios. Inflation is monitored with insights feeding into actuarial reserving models as well as Zurich's underwriting processes and pricing, and the monitoring of and response to loss trends are a key focus. Additionally, the potential increase in litigation abuse is a risk that the Group closely follows. The Group's existing risk management and governance processes continue to monitor and respond to developments in the environment. Several actions related to inflation, identified through the Group's Total Risk ProfilingTM, have been implemented, including the enhancement of virtuous circle discussions. Moreover, measures beyond rate changes, such as in claims and portfolio management, continue.

Additionally, there is a concerted effort to foster communication between functions that extends beyond inflation challenges. To ensure a common understanding of business insights and new trends for reserve analysis, financial plans, underwriting and pricing decisions, the Group has established a culture of continuous cross-functional collaboration. For this, underwriting, actuarial (pricing and reserving), claims, finance, sales and distribution, risk engineering and risk management contribute to quarterly meetings at local and Group levels.

Zurich's Emerging and Sustainability Risk Committee (ESRC) - with cross-functional expertise from core insurance functions such as underwriting, claims and risk management - identifies, assesses and recommends actions for emerging risks.

Governance is in place to ensure appropriate focus on top-line targets and profitability. Reinsurance is deployed to help manage insurance risk. Group Risk Management also provides independent assurance through risk reviews.

The Group is exposed to losses that could arise from natural and man-made catastrophes. The main concentrations of risks arising from such potential catastrophes are regularly reported to executive management.

Natural catastrophes

The Group uses third-party models, adjusted to Zurich's view, to manage its underwriting, monitor accumulations relative to intended exposure limits, and assess the capital requirement for natural catastrophes. Consistent with this view on natural catastrophes, Zurich performs profitability assessments and strategic capacity allocations, which inform the type and quantity of reinsurance it buys.

To ensure global consistency, exposures to natural catastrophes are modeled by a dedicated Group function. Potential losses from property, engineering, motor and marine policies with material exposure in hazard-prone geographical areas are probabilistically modeled, as are worker injury policies with material exposure in U.S. seismic zones. Where material, losses for other lines of business are estimated based on adjustments to these modeled results. Risk modeling mainly addresses weather-induced perils such as wind, flood, tornado, and hail, and geologically-induced perils such as earthquake. The most important peril regions for natural catastrophes are North Atlantic hurricane, California earthquake and European windstorm.

Zurich regularly reviews and expands the scope and sophistication of its modeling and strives to improve data quality. Zurich continues to invest in a diversified, multi-vendor-based catastrophe modeling ecosystem and in expanding its catastrophe research and development capabilities to complement existing expertise in natural catastrophe risk management. This applies for example to a shifting risk landscape due to climate change.

Zurich supplements internal know-how with external knowledge (e.g., the Advisory Council for Catastrophes) and is a shareholder of PERILS AG, Switzerland, a catastrophe exposure and loss data aggregation and estimation firm. Zurich is a governor sponsor of the Global Earthquake Model (GEM) Foundation and is also a member of the open-source initiative, Oasis Loss Modelling Framework.

For further details on the integration of climate risks into Zurich's modeling approach, refer to the section 'managing risks from climate-related natural catastrophes' in the Group's sustainability report (unaudited). For more information on the assessment of the resilience of Zurich's business model to potential climate risks beyond the financial cycle, refer to the section 'portfolio level, scenario-based climate risk analysis' of the Group's sustainability report (unaudited).

Man-made catastrophes

Man-made catastrophes include events such as industrial accidents, terrorism and cyber-attacks. For terrorism, worker injury and property risk exposures are analyzed to identify areas with significant risk concentration. Other lines of business are assessed, although the potential exposure is not as significant. An internal scenario model is used to evaluate potential exposures in every major U.S. city. The Group's analysis for the P&C business has shown that its exposures outside of North America are lower, in a large part due to government-provided pools. Outside the modeled areas, exposure concentrations are identified in Zurich's Risk Exposure Data Store (REDS). Exposure concentrations for location-based man-made scenarios, other than terrorism, are also identified in REDS, for example, industrial explosions at global ports.

The Group uses third-party and internally developed models through a dedicated Group function to manage its underwriting and accumulations for cyber and casualty catastrophe risks. The Group actively monitors and manages its cyber exposure, assessing accumulations against intended limits, and continues to refine products to ensure their appropriateness. Improving modeling capabilities and data quality for cyber and casualty catastrophe risks remain key focus areas.

Concentration of Property & Casualty (P&C) insurance risk

The Group defines concentration risk in the P&C business as the risk of increased losses resulting from exposure aggregation. Concentration risk for a P&C insurer may arise due to a concentration of business written within a geographical area or of underlying risks covered.

The P&C business segment constitutes the largest overall allocation of risk capital, with U.S. and Caribbean hurricane consuming the most risk capital in terms of SST ratio sensitivity.

The relative significance of premium and reserve (P&R) risk (unaudited) marginally increased from 26 percent of the total SST risk capital as of December 31, 2023, to 27 percent as of December 31, 2024.

The relative significance of natural catastrophe risk (unaudited) has remained stable at 6 percent of the total SST risk capital as of December 31, 2023, and 2024, respectively. However, some portfolio actions and the reduction of exposure in high accumulation zones have led to a more favorable view on U.S. hurricane and California earthquake.

For more information about the Group's P&C business by geographic region, using International Financial Reporting Standards (IFRS) Accounting Standards as a basis, see the segment information in note 26 of the Group's consolidated financial statements as of December 31, 2024.

Analysis of sensitivities for Property & Casualty (P&C) risks

The chart below shows the three largest natural catastrophe events to which the Group is exposed. Insurance risk scenarios are defined as events that have a small probability of occurring but could, if realized, negatively affect the Group's SST ratio. The impact of insurance-specific scenarios on the target capital is not taken into account.

SST P&C-specific scenarios
as of September 30

Impact on the SST ratio due to P&C risk-specific scenarios:¹

¹ Scenario impact comparable to the modeled 250-year net occurrence loss for the respective peril (equivalent to a 99.6 percent probability of non-exceedance.)

Tables 2.a and 2.b show the sensitivity of net income before tax and net assets based on IFRS Accounting Standards, using the Group effective income tax rate, as a result of adverse development in the net loss ratio by one percentage point. The sensitivities do not indicate the probability of such an event and do not consider any non-linear effects of reinsurance. Based on the assumptions applied in the sensitivity analysis in tables 2.a and 2.b, each additional percentage-point increase in the loss ratio would have a linear impact on net income before tax and net assets.

The Group also monitors insurance risk by evaluating extreme scenarios, taking into account the non-linear effects of reinsurance contracts.

For further information about the development of net insurance losses by financial year, see note 7 of the Group's consolidated financial statements.

Insurance risk sensitivity for the Property & Casualty business - current period

Table 2.a

in USD millions, for the year ended December 31, 2024	Europe, Middle East & Africa	North America	Asia Pacific	Latin America	Reinsurance	Total²
+1% in loss ratio¹
Net income before tax	(187)	(210)	(38)	(32)	(8)	(448)
Net assets	(140)	(157)	(28)	(24)	(6)	(335)

Insurance risk sensitivity for the Property & Casualty business - prior period

Table 2.b

in USD millions, for the year ended December 31, 2023	Europe, Middle East & Africa	North America	Asia Pacific	Latin America	Reinsurance	Total²
+1% in loss ratio¹
Net income before tax	(172)	(206)	(34)	(28)	(8)	(423)
Net assets	(129)	(155)	(26)	(21)	(6)	(317)

¹ The 1 percent change in net loss ratio is defined as a 1 percent change in the insurance revenue.

² Total is inclusive of consolidation eliminations.

Life insurance risk

The risks associated with Life insurance include:

Life liability risk

―	Mortality risk: when, on average, the death incidence among policyholders is higher than expected.
―	Longevity risk: when, on average, annuitants live longer than expected.
―	Morbidity risk: when, on average, the incidence of disability due to sickness or accident among policyholders is higher than expected, or recovery from disability is lower than expected.

Life business risk

―	Policyholder behavior risk: when, on average, policyholders discontinue or reduce contributions, or withdraw benefits prior to the maturity of contracts at a rate that is different from expected.
―	Expense risk: when expenses incurred in acquiring and administering policies are higher than expected.
―	New business risk: when volumes of new business are insufficient to cover fixed acquisition expenses.

Market risk

―	Market risk: the risk associated with the Group's balance sheet positions where the value or cash flow depends on financial markets, which is analyzed in the 'market risk, including investment credit risk' section.

Credit risk

―	Credit risk: the risk associated with a loss or potential loss from counterparties failing to fulfill their financial obligations, which is analyzed in the 'market risk, including investment credit risk' and 'other credit risk' sections.

Management of Life insurance risk

The Group's Life underwriting results are based on the assumptions relating to life insurance risks. The actual experience may differ to that expected at the time of writing the business. For example, mortality could be either higher or lower than anticipated due to an unexpectedly harsh or benign flu season.

To understand the potential impact of experience differing from expectations, Zurich uses models to perform sensitivity analyses. The impact of changing the assumptions is considered under different scenarios across the risk types and products. Changes relating to absolute level and trend development in assumptions are considered by product category. For example, Zurich looks at the impact of an increase in morbidity rates for protection products or changes in the level and trend of longevity for annuity products. These analyses assist in understanding how sensitive the business is to changes in various assumptions and where there are benefits of having a diversified portfolio of risks and products. Changes in the same assumption can have a positive impact on one product and a negative impact on another. For example, people living longer than expected may have a positive impact on products that offer life cover, as claims are then paid later than expected, but could have a negative impact on annuity products as payments are made for longer than expected. At Zurich, Life liability risks are managed through established processes with requirements described in the Zurich Risk Policy (ZRP).

The Group has local product development and approval committees and a Group-level committee to review potential new life products that could significantly increase or change the nature of the risks or introduce new risks. The Group also regularly reviews the continued suitability and the potential risks of existing life products open to new business to ensure sustainability of the business.

Product pricing involves setting assumptions relating to life insurance risks. Local teams have the responsibility for the pricing of the products in line with the experience and emerging trends observed in each market. The emerging experience is regularly monitored and compared against expectations. Where permitted, premiums are adjusted for factors such as age, gender, and health-related conditions to reflect the corresponding risks. Policy terms and conditions and disclosure requirements are designed to mitigate the risk arising from non-standard and unpredictable risks that could result in a severe financial loss.

The underwriting process forms an important part of risk management and risk selection for life insurance risks. This process is supported through setting standards in the ZRP and providing support through additional underwriting guidelines.

Where required and appropriate, life insurance risks are also managed using reinsurance.

Unit-linked products are designed to reduce much of the market and credit risk associated with the Group's traditional business offerings. Risks that are inherent in these products are largely passed on to the policyholder, although a portion of the Group's management fees is linked to the value of funds under management, and hence is at risk if fund values decrease. Contracts may have minimum guaranteed death benefits where the sum at risk depends on the fair value of the underlying investments. Other life insurance liabilities include conventional life insurance products, such as protection and life annuity products.

Protection products (including disability products) provide benefits linked to policyholders' life and health and mainly carry mortality and morbidity risks. Changes in, and availability of, medical treatments and lifestyle changes are among the most significant factors that could result in earlier or more claims than expected or customers claiming for longer than expected. The risk selection process is informed by medical, lifestyle and financial parameters of applicants. Access to health information can potentially be restricted through regulation or undocumented health results. Advancements in biological and genetic testing may give individuals health information inaccessible to insurers. This in turn could lead to an inability to reflect the true risk profile in pricing products, adverse claims experience and a reduced product offering. Disability, when defined in terms of the ability to perform an occupation, could also be affected by adverse economic conditions. This impact could come through, for example, an increase in claims relating to mental health conditions triggered by an economic downturn.

Life annuity products provide benefits that are paid to the customer either for a certain number of years, or until they die. Therefore, these products carry longevity risk as people living longer than expected can have a material impact on these products. Medical advances and improved social conditions that lead to increased longevity are significant risk drivers for these products. Annuitant (beneficiary) mortality assumptions include allowance for future mortality improvements. The trends in mortality improvements are monitored to ensure that changes in experience are considered. The exposure to longevity risk at a Group level is measured regularly and compared against the limit set by the Group.

The Group is exposed to risks posed by policyholder behavior and fluctuating expenses. These are mitigated by designing products that, as closely as possible, match revenue and expenses associated with the contract.

The Group is also exposed to investment and surrender risks related to bank-owned Life insurance contracts sold in the U.S. See heading 'other assets at amortized cost' in note 5 of the consolidated financial statements for more information.

In the past, low interest rates have led to an increase in both Life business risks and Life liability risks (especially longevity risk). Furthermore, interest rate guarantees (with concentration in traditional guaranteed business in Germany and Switzerland) expose Zurich to financial losses that may arise as a result of adverse movements in interest rates combined with potential increases in policyholders surrendering their policies. These guarantees are managed through a combination of asset-liability management and hedging.

The Group has a dynamic hedging strategy to reduce the investment risk associated with the closed book of variable annuities written by its U.S. subsidiary, Zurich American Life Insurance Company.

Higher than expected inflation could affect Life insurance business through, for example, customer affordability issues and reduced demand. The expenses to administer Life insurance business could be higher than expected, leading to higher product expense loads. This could result in a combination of higher customer premiums and reduced profitability. Potential actions to manage the effects of higher-than-expected inflation include assumption updates, customer behavior monitoring, product reviews, as well as design and customer retention initiatives.

Diversification across regions and businesses, as further described, contributes to reducing the impacts of the risks associated with the Life business described above.

Concentration of Life insurance risk

The Group defines concentration risk in the Life business as the risk of increased losses resulting from exposure aggregation. Concentration risk for a life insurer may arise with respect to investments in a geographical area, economic sector, or individual issuers, or due to a concentration of business written within a geographical area, of a product type, or of underlying risks covered. The Group's exposure to life insurance risks varies significantly by geographic region and line of business and may change over time.

In respect of the Life liability risk profile, on a non-diversified basis, mortality risk accounts for almost half, concentrated predominantly in the EMEA region, morbidity risk accounts for over one third, with roughly equal concentrations in the APAC and EMEA regions, and longevity risk accounts for approximately a fifth, concentrated predominantly in the EMEA region.

In respect of the Life business risk profile, on a non-diversified basis, lapse up risk accounts for almost three quarters, concentrated predominantly in the EMEA region, expense risk accounts for approximately one fifth, concentrated predominantly in the EMEA region, and lapse down risk accounts for less than a tenth, with roughly equal concentrations in EMEA and APAC regions.

For more information about the Group's concentration of risk within the Life business by geographic region, on an International Financial Reporting Standards (IFRS) Accounting Standards basis, see the segment information in note 26 of the consolidated financial statements as of December 31, 2024.

Analysis of sensitivities for Life insurance risks

The chart below shows the sensitivity of the SST ratio to changes in the key risk drivers.

SST life-specific scenarios
as of September 30

Impact on the SST ratio due to Life risk-specific scenarios:^{1 2}

¹ SST ratios under sensitivities do not include recalculated target capital under the scenarios.

² Sensitivities are calculated analogous to those sensitivities used to calculate SST Risk Capital. For increased and decreased lapse rate sensitivities, only policies for which there is a reduction in the available capital due to the change in lapse rate, are subjected to the sensitivity and contribute to the change in the SST ratio shown. Policies which will show an increase in available capital due to the change in lapse rate, are not considered in the respective sensitivities and do not contribute to the change in SST ratio shown.

Reinsurance for Property & Casualty (P&C) and Life businesses

The Group's objective in purchasing reinsurance is to provide market-leading capacity for customers while protecting the balance sheet, supporting management of earnings volatility, and achieving capital efficiency. In addition, reinsurance supports the Group underwriting strategy and risk appetite. The Group follows a centralized reinsurance purchasing strategy for both P&C and Life, and bundles programs, where appropriate, to benefit from diversification and economies of scale. To align country capacity with the Group's risk appetite and tolerance, internal reinsurance is applied.

The Group has specific facultative P&C reinsurance facilities to actively manage and reduce potential claims-recovery risks on facultative cessions and to support the strategy on operational excellence.

The Group uses traditional and collateralized reinsurance to protect itself against extreme single events, multiple event occurrences across regions, and increased frequency of events.

The Group participates in the underlying risks through its retention and co-participation in excess layers. The Group reviews its reinsurance programs on an annual basis to reflect its risk appetite and market conditions.

A global property catastrophe program is in place and includes both regional and global capacity as well as both annual and multi-year capacity.

To complement existing treaties, the Group purchases catastrophe reinsurance specific to life insurance for its exposure to natural and man-made catastrophes.

While property catastrophe and property per risk treaties continue to face pricing pressure, this has somewhat eased for property catastrophe treaties, particularly for most extreme events. When it comes to liability, reinsurers remain concerned about U.S. casualty risk. While reinsurance capacity is generally accessible, reinsurers are selectively deploying their capacity to the best and most sophisticated insurance companies.

Strategic partnerships and long-term relationships continue to provide an effective path for Zurich to execute on its reinsurance strategy.

Zurich follows a strategy of diversification of reinsurance placements in order to manage its counterparty exposure. The Group's reinsurance counterparty exposure as of December 31, 2024 was within the Group's risk tolerance. For further information on these counterparty limits, refer to section 'other credit risk'.

Group catastrophe reinsurance protection
as of July 1, 2024 (in USD millions)

¹ Calculated with EUR/USD exchange rate of EUR 1 = USD 1.0715 as of July 1, 2024.

Market risk, including investment credit risk

Market risk relates to the possibility of loss of value due to changes in financial market conditions.

Risk factors include:

―	Equity market price changes
―	Real estate market price changes
―	Interest rate changes
―	Credit and swap spread changes
―	Defaults of issuers
―	Changes in currency exchange rates

The Group manages the market risk of assets relative to liabilities on an economic total balance sheet basis.

This is done to achieve the maximum risk-adjusted excess return on assets relative to the liability benchmark, while also taking into account the Group's risk tolerance and local regulatory constraints.

The Group has policies and limits to manage market risk and keep its strategic asset allocation in line with its risk capacity. Zurich centrally manages certain asset classes to control aggregation of risk and provides a consistent approach to constructing portfolios and selecting external asset managers. It diversifies portfolios, investments and asset managers, and regularly measures and manages market risk exposure. The Group defines limits on concentration of investments in single issuers and certain asset classes, as well as the degree to which asset interest rate sensitivities may deviate from liability interest rate sensitivities. The Group regularly reviews its capacity to hold illiquid investments.

The Asset/Liability Management Investment Committee reviews and monitors the Group's strategic asset allocation and tactical boundaries, and monitors Group asset/liability exposure. The Group oversees the activities of local asset/liability management investment committees and regularly assesses market risks at both Group and local business levels. The economic effect of potential extreme market moves is regularly examined and considered when setting the asset allocation.

Risk assessment reviews include the analysis of the management of interest rate risk for each major maturity bucket and adherence to the aggregate positions with risk limits. The Group follows processes to manage market risks and to analyze market risk hotspots. Actions to mitigate risks are taken, if necessary, to manage fluctuations affecting asset/liability mismatch and risk-based capital.

The Group may use derivative financial instruments to mitigate market risks arising from changes in currency exchange rates, interest rates and equity prices, from credit quality of assets, and from commitments to third parties. The Group enters into derivative financial instruments mostly for economic hedging purposes and, in limited circumstances, the instruments may also meet the definition of an effective hedge for accounting purposes.

In compliance with Swiss insurance regulation, the Group's policy prohibits speculative trading in derivatives, meaning a pattern of so-called 'in-and-out trading' activity without any reference to an underlying position. The Group addresses the risks arising from derivatives through a stringent policy that requires approval of a derivative program before transactions are initiated, and by subsequent regular monitoring by Group Risk Management of open positions and annual reviews of derivative programs.

For more information on the Group's investment result, including the treatment of selected financial instruments, see note 5 of the consolidated financial statements. For more information on derivative financial instruments and hedge accounting, see note 6 of the consolidated financial statements. For more information on the development of expected credit loss allowance by type of financial asset, see note 23 of the consolidated financial statements.

Risk from equity securities and real estate

The Group is exposed to risks from price fluctuations on equity securities and real estate. These could affect the Group's liquidity, reported income, economic surplus and regulatory capital position. Equity risk exposure includes common stocks (including equity unit trusts), private equity, common stock portfolios backing participating-with-profit policyholder contracts, and equities held for employee benefit plans. Exposure to real estate risk includes direct holdings in property and property company shares and funds. Returns on unit-linked contracts, whether classified as insurance or investment contracts, may be exposed to risks from equity and real estate, but these risks are borne by policyholders. The Group is however indirectly exposed to market movements from unit-linked contracts with respect to both earnings and economic capital; market movements affect the amount of fee income earned when the fee income level is dependent on the valuation of the asset base. Therefore, the value of in-force business for unit-linked business can be negatively affected by adverse movements in equity and real estate markets.

The Group manages its risks related to equity securities and real estate as part of the overall investment risk management process and applies limits as expressed in policies and guidelines. Specifically, Zurich limits holdings in equities, real estate and alternative investments. To realize an optimal level of risk diversification, the strategy for equities is defined through a composite of market benchmark indices. The Group has the capability and processes in place to change the exposure to key equity markets via the use of derivatives, or purchase or sale of securities within a short time frame.

For additional information on equity securities and investment property, see note 5 of the consolidated financial statements.

Risk from interest rates and credit spreads

Interest rate risk is the risk of an adverse economic impact resulting from changes in interest rates, including changes in the shape of yield curves. Yield curve changes affect the value of interest rate-sensitive investments and derivatives as well as the fair value of insurance liabilities. Other balance sheet items, such as liability investment contracts, debt issued by the Group, commercial and residential mortgages, employee benefit plans, loans and receivables, are also affected.

The Group manages credit spread risk, which is the variation in economic value due to changes in the level or the volatility of credit spreads over the risk-free interest rate. Movements of credit spreads are driven by several factors including changes in expected default probability, default losses, risk premium, liquidity and other effects.

Returns on unit-linked contracts, whether classified as insurance or investment contracts, are at the risk of the policyholder; however, the Group is exposed to fluctuations in interest rates and credit spreads insofar as they affect the amount of fee income earned if the fee income level is dependent on the valuation of the asset base.

Analysis of market risk sensitivities for interest rate, equity and credit spread risks

Group SST available financial resources sensitivities

The following section presents the sensitivities of Group available financial resources (AFR) under SST assumptions with respect to certain standard financial market scenarios.

The SST AFR impact - the difference between the impact on Group SST assets and liabilities - represents the economic risk related to changes in market risk factors to which the Group is exposed. Positive values represent an increase in the SST AFR, and values in parentheses represent a decrease.

SST AFR sensitivities are shown split by segment. The heading 'Rest of the business' includes Farmers, Group Finance and Operations, and Non-Core Businesses.

Analysis of economic sensitivities for interest rate risk

Table 3 shows the estimated impact on SST AFR of a 50 basis point (bps) increase or decrease in yield curves after consideration of hedges in place.

Economic interest rate sensitivities on SST AFR

Table 3

in USD millions, as of September 30	2024	2023
50 bps increase in the interest rate yield curves
Property & Casualty	(91)	(88)
Life	250	260
Rest of the business	80	61
50 bps decrease in the interest rate yield curves
Property & Casualty	87	109
Life	(356)	(410)
Rest of the business	(87)	(62)

Analysis of economic sensitivities for equity risk

Table 4 shows the estimated impact on SST AFR from a 20 percent decline in stock markets, after consideration of hedges in place.

Economic equity price sensitivities on SST AFR

Table 4

in USD millions, as of September 30	2024	2023
20% decline in stock markets
Property & Casualty	(1,356)	(1,183)
Life	(1,464)	(1,168)
Rest of the business	(71)	(81)

Analysis of economic sensitivities for credit spread risk

Table 5 shows the estimated impact on SST AFR from a 100 basis point increase in corporate credit spreads.

The sensitivities apply to all fixed-income instruments, excluding government, supranational and similar debt securities.

Economic credit spread sensitivities on SST AFR

Table 5

in USD millions, as of September 30	2024	2023
100 bps increase in credit spreads
Property & Casualty	(1,656)	(1,404)
Life	(1,676)	(1,449)
Rest of the business	(185)	(169)

Risks from defaults of counterparties

Debt securities

The Group is exposed to credit risk from third-party counterparties where the Group holds securities issued by those entities. Default risk is controlled by Group counterparty concentration risk limits which aim to keep the size of potential losses to an acceptable level.

Exposure level limits are in place and are based on default and recovery rates. Limits tighten progressively for lower-rated exposures. Where the Group identifies investments that are expected to trigger limit breaches, appropriate mitigating actions are implemented.

For information on the Group's debt securities by rating of issuer and the corresponding allowance for expected credit losses, see note 23 of the consolidated financial statements.

Debt securities - credit risk concentration by industry
in %, as of December 31

As of December 31, 2024, the largest concentration in the Group's debt securities portfolio was government-related at 53 percent of all debt securities. In all other categories, a total of USD 20 billion (36 percent) was secured.

As of December 31, 2023, 51 percent of the Group's debt portfolio was invested in government-related securities. In all other categories, a total of USD 20 billion (38 percent) was secured.

The second-largest concentration in the Group's debt securities portfolio was financial institutions, comprising investments mainly in banking, finance companies and insurance.

Cash and cash equivalents

To reduce credit concentration, settlement and operational risks, the Group limits the amount of cash that can be deposited with a single counterparty. The Group also maintains an authorized list of acceptable cash counterparties.

Cash and cash equivalents amounted to USD 6.8 billion as of December 31, 2024 and USD 7.3 billion as of December 31, 2023. The risk-weighted average rating of the overall cash portfolio was 'A-' as of both December 31, 2024, and December 31, 2023. The 10 largest bank exposures represented 52 percent of the total cash and cash equivalents amount, of which the risk-weighted average rating was 'A-' as of both December 31, 2024, and December 31, 2023.

Mortgage loans and other loans

Mortgage loans amounted to USD 4.0 billion as of December 31, 2024 and USD 4.3 billion as of December 31, 2023. The Group's largest mortgage loan portfolios are held in Switzerland (USD 2.7 billion), in Italy (USD 0.5 billion) and in Germany (USD 0.6 billion); these are predominantly secured against residential property but also include mortgages secured by commercial property.

Derivatives

The replacement value of outstanding derivatives represents a credit risk to the Group. These instruments include interest rate and cross-currency swaps, forward contracts and purchased options. A potential exposure could also arise from possible changes in replacement values. The Group regularly monitors credit risk exposures arising from derivative transactions. To limit credit risk, derivative financial instruments are executed with counterparties rated 'BBB' or higher as per Zurich Risk Policy (ZRP) requirements. The Group's standard practice is to only transact derivatives with those counterparties for which the Group has in place an International Swaps and Derivatives Association (ISDA) Master Agreement, with a Credit Support Annex. This mitigates credit exposures from over-the-counter transactions due to close-out netting and requires the counterparty to post collateral when the derivative position exceeds an agreed threshold. The Group further mitigates credit exposures from derivative transactions by using exchange-traded or centrally cleared instruments whenever possible.

Risk from currency exchange rates

The Group operates internationally and is therefore exposed to the financial impact of changes in the exchange rates of various currencies.

Assets, liabilities, income and expenses are denominated in multiple currencies, predominantly the euro, Swiss franc, British pound and U.S. dollar. On entity balance sheets, a currency mismatch may cause a balance sheet's net asset value to fluctuate, either through income or directly through equity. The Group manages this risk by matching foreign currency positions on entity balance sheets within prescribed limits. Residual mismatches are reported centrally to take advantage of netting effects across the Group. Zurich hedges these residual mismatches within an established limit through a central balance sheet. For information on net gains/losses on foreign currency transactions included in the consolidated income statements, see notes 1 and 3 of the consolidated financial statements. The monetary currency risk exposure on entity balance sheets is considered immaterial.

Additionally, the Group applies net investment hedge accounting to mitigate translation differences that arise when the results and positions of selected net investments are translated into the Group's presentation currency, the U.S. dollar.

Table 6 shows the sensitivity of total equity based on International Financial Reporting Standards (IFRS) Accounting Standards to changes in exchange rates for the main functional currencies to which the Group is exposed. Positive values represent an increase in the value of the Group's total equity.

Sensitivity of the Group's total equity to exchange rate fluctuations

Table 6

in USD millions, as of December 31	2024	2023
10% increase in
EUR/USD rate	440	313
GBP/USD rate	33	17
CHF/USD rate	(327)	(591)
BRL/USD rate	94	128
AUD/USD rate	284	311
JPY/USD rate	96	104
Other currencies/USD rates	577	472

The sensitivities show only the effects of a change in exchange rates, while other assumptions remain unchanged. The sensitivity analysis does not consider management actions that might be taken to mitigate such changes. The sensitivities do not indicate the likelihood of such events occurring in the future and do not necessarily represent Zurich's expectations of future market changes. While table 6 shows the effect of a 10 percent increase in exchange rates, a 10 percent decrease would have the converse effect.

For additional information about foreign currency translation and transactions, see notes 1, 3 and 6 of the consolidated financial statements.

Other credit risk

Credit risk is the risk associated with a loss or potential loss from counterparties failing to fulfill their financial obligations. See section 'risks from defaults of counterparties' for more information. The Group's exposure to other credit risk is derived from the following main categories of assets:

―	Reinsurance assets
―	Receivables

The Group's objective in managing credit risk exposures is to maintain them within parameters that reflect the Group's strategic objectives, and its risk appetite and tolerance. Sources of credit risk are assessed and monitored, and the Group has policies to manage specific risks within various subcategories of credit risk. To assess counterparty credit risk, the Group uses ratings assigned by external rating agencies, qualified third parties, such as asset managers, and internal rating assessments. If the ratings of external rating agencies differ, the Group generally applies the lowest, unless other indicators justify an alternative, which may be an internal credit rating.

The Group actively uses collateral to mitigate credit risks. Underlying credit risks are managed independently from the collateral. The Group has limits and quality criteria to identify acceptable letter of credit providers. Letters of credit enable Zurich to limit the risks embedded in reinsurance, captives, deductible programs, trade credit and surety.

The Group has counterparty limits which are regularly monitored. Exposure to counterparties' parent companies and subsidiaries is aggregated to include reinsurance assets, investments, derivatives, and certain insurance products. Group aggregate concentration limits and relevant exception approvals are monitored in line with risk policy requirements.

On-balance sheet exposures are the main source of credit risk. Off-balance sheet credit exposures are related primarily to certain insurance products, reinsurance and collateral used to protect underlying credit exposures on the balance sheet. The Group had no material amount of off-balance sheet exposures related to undrawn loan commitments as of December 31, 2024. See note 21 of the consolidated financial statements for undrawn loan commitments.

Credit risk related to reinsurance assets

The Group's Corporate Reinsurance Security Committee oversees the credit quality of cessions and reinsurance assets. The Group typically only cedes new business to authorized reinsurers with a minimum rating of 'A-'.

Of the exposure ceded to reinsurers that are rated below 'A-' or are not rated, 52 percent was collateralized as of December 31, 2024 and 60 percent as of December 31, 2023. Of the exposure ceded to reinsurers that are rated below 'A-' or are not rated, 69 percent was ceded to captive insurance companies in 2024, and 62 percent in 2023.

Reinsurance assets included reinsurance recoverables (the reinsurers' share of reserves for insurance contracts) of USD 27.9 billion and USD 27.1 billion, and receivables arising from ceded reinsurance of USD 2.5 billion and USD 2.1 billion as of December 31, 2024 and 2023, respectively, gross of allowance for impairment. Reserves for potentially uncollectible reinsurance assets amounted to USD 98 million as of December 31, 2024 and USD 117 million as of December 31, 2023. The Group's policy on impairment charges takes into account both specific charges for known situations (e.g., financial distress or litigation) and a general, prudent provision for unanticipated impairments.

Reinsurance recoverables in table 7 are shown before taking into account collateral, such as cash or bank letters of credit, and deposits received under ceded reinsurance contracts. Unsecured reinsurance recoverables shown are after deducting collateral. Bank issuing letters of credit for the benefit of Zurich are, on average, 'A' rated. The value of the collateral received amounts to USD 18.5 billion and USD 17.2 billion as of December 31, 2024 and 2023, respectively.

Table 7 shows reinsurance recoverables and unsecured reinsurance recoverables split by rating.

Reinsurance recoverable and unsecured reinsurance recoverable by rating of reinsurer and captive

Table 7

as of December 31	2024				2023
	Reinsurance recoverable		Unsecured reinsurance recoverable		Reinsurance recoverable
	USD millions	% of total	USD millions	% of total	USD millions	%of total
Rating
AAA	4	0.0%	1	0.0%	5	0.0%
AA	5,870	21.0%	4,832	28.7%	4,969	18.4%
A	12,988	46.5%	7,599	45.2%	14,669	54.2%
BBB	3,990	14.3%	2,250	13.4%	2,563	9.5%
BB	437	1.6%	225	1.3%	822	3.0%
B and below	296	1.0%	116	0.7%	172	0.6%
Unrated	4,354	15.6%	1,801	10.7%	3,873	14.3%
Total	27,939	100.0%	16,824	100.0%	27,073	100.0%

as of December 31	2023
	Unsecured reinsurance recoverable
	USD millions	%of total
Rating
AAA	-	0.0%
AA	4,493	29.4%
A	7,804	51.1%
BBB	586	3.8%
BB	419	2.7%
B and below	70	0.5%
Unrated	1,915	12.5%
Total	15,287	100.0%

Credit risk related to receivables

The largest amount of the Group's credit risk exposure to receivables is related to third-party agents, brokers and other intermediaries.

Receivables are diversified across a large number of counterparties and do not pose significant single name concentration risk. The biggest individual exposures are related to the large global insurance brokers; however, exposure to these brokers is small if compared to total receivables, and these brokers are not among the top individual counterparties where the Group has significant concentration of credit risk.

The Group has policies and standards to manage and monitor credit risk related to intermediaries.

The Group strives to keep the balance of past-due positions as low as possible.

Receivables from ceded reinsurance are part of reinsurance assets and managed accordingly. For more information about receivables, see note 14 of the Group's consolidated financial statements, and for more information about the calculation of expected credit losses, see notes 3 and 23 of the Group's consolidated financial statements. For information about reinsurance assets, see note 7 of the Group's consolidated financial statements.

Operational risk

Operational risk is the risk of financial loss, adverse reputational, legal or regulatory impact, resulting from inadequate or failed processes, people, systems or from external events, including external fraud, catastrophes, or failure in outsourcing arrangements. Zurich has a framework to identify, assess, manage, monitor, and report operational risk within the Group. Within this framework, the Group:

―	Uses a scenario-based approach to assess, model and quantify the capital required for operational risk for business units under extreme circumstances. This approach allows information to be compared across the Group and highlights the main scenarios contributing to the capital required under Zurich Economic Capital Model (Z-ECM).
―	Documents and reviews operational events exceeding a threshold determined by the Zurich Risk Policy (ZRP). Remedial action is taken to avoid the recurrence of such operational events.
―	Conducts risk assessments where operational risks are identified for key business areas. Risks identified and assessed to be above a certain threshold must have a risk response. Risk mitigation plans are documented and tracked on an ongoing basis. In the assessments, the Group uses sources of information such as the Total Risk ProfilingTM process, internal control effectiveness, and audit findings, as well as scenario modeling and operational event data.

The Group has specific processes and systems in place to focus on high-priority operational matters such as managing information security and business resilience, as well as combating fraud.

Preventing, detecting and responding to fraud are embedded in Zurich's business processes. Both claims and non-claims fraud are included in the common framework for assessing and managing operational risks. For Zurich's internal model calculations, claims fraud is part of insurance risk and non-claims fraud is part of operational risk.

Group own insurance

Zurich sets up and maintains insurance programs to protect the Group from the risk of adverse financial consequences of insurable events. They comprise global insurance programs and local insurance policies.

Zurich global insurance programs are managed centrally and cover risk exposures such as:

―	Property damage and business interruption/terrorism and political violence
―	Commercial general liabilities including risks related to environmental accidents
―	Professional indemnity and commercial crime
―	Directors and officers liability
―	Cyber-network security and privacy insurance

Local insurance policies are managed locally and include coverage to meet mandatory local requirements or for country-specific risks that are not part of the global insurance programs.

Data risk

The strategic relevance of data as a business asset is rising at a rapid pace and the risks associated with data management are becoming increasingly prominent. Preventing risks such as data losses and privacy breaches, and assessing and monitoring the potential misuse of data and losses triggered by failures in data management remain in focus. Specifically, appropriate governance of data for business purposes and decision-making processes, including automation, machine learning techniques and other advanced technologies, remains a priority. As Zurich strives to inspire confidence in a digital society with its Data and Responsible AI Commitment, assurance on the ethical use of advanced technologies is provided from a risk management perspective for the protection and privacy of data of the Group's customers and other stakeholders.

The relevance of technological risks, such as cyber risk, is rapidly increasing across all data-driven industries. Exposure to these risks has grown in lockstep with the significant rise in digital services provided directly to customers and the increasing prevalence of digital ecosystems and cloud solutions in today's interconnected world.

Third-party risk

Outsourcing and engagement with third parties introduces risks relevant to the delivery of Zurich's strategy, such as data loss or disclosure, disruption to critical customer services and regulatory compliance. Digitalization has increased the complexity and accelerated the pace of change within the Group's third-party ecosystem. The Group addresses risks associated with third-party engagements along its supply and value chain. Applying a consistent Group-wide approach to third-party governance is among Zurich's key priorities.

Business resilience risk

Zurich, along with the rest of the insurance industry, is going through a period of transformation in order to meet changing customer and regulatory expectations. In addition, the increasing automation of processes, the development of advanced analytics capabilities, and fragmented supply chains have contributed to an increasingly complex operating environment. In response to these challenges, and to better protect the interests of stakeholders, the Group continues to evolve its business resilience capability through a number of ongoing initiatives related to the protection and recovery of critical services and by enhancing transparency related to associated risks such as pandemics, technology failure, and potential supply chain/power interruptions.

Model risk

At Zurich, models are employed to support the Group's subject matter experts in areas such as pricing of insurance policies, risk and investment management, fraud detection, predicting customer behaviors and providing insights that enable informed decision-making. Such models are powerful tools for managing the business as well as the risks faced by the Group. However, their effectiveness is highly dependent on inputs, methodologies, and model implementation. For this reason, Group-wide model risk governance is in place to effectively protect the Group's financial, strategic and reputational interests.

Risk management and internal controls

The Group considers internal controls to be essential for managing operational risk. The Board of Directors (the 'Board') has overall responsibility for the Group's risk management and internal control frameworks. The objectives of the Group's internal control system are to provide reasonable assurance that Zurich's consolidated financial statements and disclosures are materially correct, support reliable operations, and ensure legal and regulatory compliance. The internal control system is designed to mitigate rather than eliminate risks that could impact the achievement of business objectives.

The Group promotes risk awareness and understanding of controls through communication and training. Risk management and internal control systems are designed at Group level and implemented across the Group. Management, as the first line of defense, is responsible for identifying, evaluating and managing risk, and designing, implementing and maintaining internal controls. Testing of the relevant internal controls also forms part of the control life cycle.

Key processes and controls in the organization are subject to review and challenge by the second and third lines of defense. The second and third lines of defense regularly report on observations, conclusions and recommendations that arise from their independent examination of internal controls. Control issues of Group-level significance and associated mitigation actions are reported regularly to the Audit Committee of the Board. The Risk and Investment Committee of the Board reviews the effectiveness of the Group's risk management system, including the Group's risk tolerance and enterprise-wide risk governance framework, in accordance with the charter for each committee.

The Group's Disclosure Committee, chaired by the Head of Group Financial Accounting and Reporting, reviews the accuracy, completeness and timeliness and compliance with legal and regulatory requirements of external disclosures and the effectiveness of the respective internal controls. The conclusions result in a recommendation to the Group Chief Financial Officer (CFO) to release the disclosures to the Audit Committee of the Board, who may then challenge the disclosures further. The Board reviews and approves the announcement of the results and the annual report before they are made public.

Audited

Liquidity risk

Liquidity risk is the risk that an entity within the Group may not have sufficient liquid financial resources to meet its obligations when they fall due or would have to incur excessive costs to do so. Zurich's policy is to maintain adequate liquidity and contingent liquidity to meet its liquidity needs under normal conditions and in times of stress. To achieve this, the Group assesses, monitors and manages its liquidity needs on an ongoing basis.

Group-wide liquidity management policies and specific guidelines govern how entities plan, manage and report their entity liquidity and include regular stress tests for all major legal entities and branches within the Group. The stress tests use a standardized set of internally defined stress events, and are designed to provide an overview of the potential drain on liquidity should the Group have to recapitalize entity balance sheets. Similar guidelines apply at the Group level, and detailed liquidity forecasts are regularly conducted, based on entities' input and the Group's forecasts. As part of its liquidity management, the Group maintains sufficient cash and cash equivalents and high-quality, liquid investment portfolios to meet outflows under expected and stressed conditions.

The Group also maintains internal liquidity sources that cover the potential liquidity needs within the Group, including those that might arise in times of stress. The Group takes into account the amount, availability and speed at which these sources can be accessed. The Group has access to diverse funding sources to cover contingencies, including asset sales, external debt issuance and making use of committed borrowing facilities or letters of credit. The Group maintains a range of maturities for external debt securities. A potential source of liquidity risk is the effect of a downgrade of the credit rating of the Group. This could affect the Group's commitments and guarantees, potentially increasing liquidity needs. This risk - and mitigating actions that might be employed - are assessed on an ongoing basis within the Group's liquidity framework.

The Group regularly analyzes the liquidity of the investment assets and ensures that the liquidity of assets remains in line with liquidity requirements. In 2024, the Group's holdings in illiquid assets were within its capacity.

For more information on debt obligation maturities, see note 17 of the consolidated financial statements, and for information on commitments and guarantees, see note 21 of the consolidated financial statements.

The Group's ongoing liquidity monitoring includes regular reporting to the executive management and quarterly reporting to the Risk and Investment Committee of the Board, covering aspects such as the Group's liquidity, possible adverse scenarios that could affect the Group's liquidity and possible liquidity needs from the Group's main subsidiaries, including under conditions of stress.

For more information on the Group's other financial liabilities, see note 15 of the consolidated financial statements. See note 5 of the consolidated financial statements for information on the maturity of debt securities.

The Group has committed to contribute capital to subsidiaries and third parties that engage in making investments in direct private equity and private equity funds. Commitments may be called by the counterparty during the term of the investment (generally three to five years) and must be funded by the Group on a timely basis. See note 21 of the consolidated financial statements for more information.

Strategic risk and risks to the Group's reputation

Strategic risk

Zurich defines strategy as the long-term plan of action designed to position the Group to achieve its goals and aspirations, aligned with Zurich's purpose and values. Strategic risk is defined as the risk that the strategy, or parts of it, may become sub-optimal or unachievable.

Strategic risks can arise from:

―	Internal triggers, such as inadequate risk-reward assessments of strategic plans or changes to underlying assumptions.
―	External triggers, including macroeconomic or geopolitical events or trends, regulatory or legal changes, or developments in the competitive landscape.

The Group manages risks associated with strategic business decisions through its risk assessment processes and tools, including the Total Risk ProfilingTM process. As part of the annual assessment of strategic risks, the Executive Committee (ExCo) assesses potential risks from both external and internal factors, looking at the current year and beyond. The ExCo members define appropriate response actions and review the status of these actions, along with changes to key risks, at least quarterly.

The Group evaluates the risks of mergers and acquisitions (M&A) transactions both from a quantitative and a qualitative perspective. The Group conducts risk assessments of M&A transactions to evaluate risks specifically related to integrating acquired businesses.

Risks to the Group's reputation

Many factors can affect Zurich's reputation including the Group's market conduct, relationship with customers, brand image, workplace culture, corporate strategy, underwriting practices, marketing efforts, claims handling, corporate responsibility, regulatory compliance, financial performance, communications, and crisis management.

Every risk type has potential consequences for Zurich's reputation. Effectively managing these risks supports the prevention of adverse reputational outcomes.

The Group aims to preserve its reputation by:

―	Adhering to applicable laws and regulations.
―	Following the core values and principles of the Group's code of conduct, which promote integrity and good business practice.

The Group centrally manages certain aspects of risk to reputation, for example, communications, through functions with the appropriate expertise. Potential risks to Zurich's reputation are included in its risk assessment processes and tools, including the Total Risk ProfilingTM process.

Sustainability risk

Zurich defines sustainability risks as those arising from events or conditions related to topics or trends relevant to the Group's Sustainability Framework and which adversely impact the achievement of Zurich's business strategy or targets.

Sustainability risks often possess time horizons that extend beyond a strategic cycle, which results in a higher degree of uncertainty regarding their potential consequences. Zurich manages sustainability risks using two complementary perspectives, namely 'outside-in', where risks associated with sustainability issues and topics affect the Group, and 'inside-out', which considers the risks resulting where Zurich's own activities have an influence on those issues and topics. Risks of the latter type typically have reputational consequences. A variety of risk management approaches is used to support identification, assessment, and responses to these risks.

The selection of approaches is informed by whether the sustainability risk is:

―	An emerging outside-in risk: e.g., risks associated with climate change.
―	An emerging inside-out risk: e.g., risks associated with fossil fuels or deforestation.
―	A current outside-in risk: e.g., risks associated with severe weather.
―	A current inside-out risk: e.g., risks associated with thermal coal, human rights (child labor, forced labor), or banned weapons.

Sustainability topics are often a driver for other risk types (e.g., sustainability topics with respect to underwriting or investment management risks) and these are managed in accordance with the principles and requirements of the respective business and/or functions policies. For more information about how climate-related risks, in particular, are identified, assessed, and managed, refer to the section 'risk management' of the Group's sustainability report.

Sustainability risk approach

To carry out effective sustainability risk management, the Group follows its Enterprise Risk Management (ERM) framework and selects different approaches to support, for example, the identification, assessment, monitoring and response to those risks according to their relevant perspective and time horizon.

The Group's ERM framework helps to protect the Group against natural, societal, economic and financial risks, and supports the identification of potential business opportunities. The framework also helps the Group to recommend proper response strategies, which can include the development of new products and services that support Zurich's customers in managing their sustainability risks.

Risk identification and assessment: Emerging sustainability risks are identified and assessed at least annually through the update of the Emerging Risk Radar. For risks that extend beyond the strategic cycle, scenario analysis is performed. For current sustainability risks, the identification and assessment is done in accordance with the process defined by the Emerging and Sustainability Risk Committee (ESRC) and the potential impact to the Group in line with the Total Risk ProfilingTM methodology.

Risk response: For emerging risks, risk responses can include the adoption of sustainability positions that articulate Zurich's appetite for a sustainability risk, and may also trigger the development of new policies, guidelines, products, processes, projects or other management actions. For current risks, it can entail a new Group strategic sustainability priority in line with the Total Risk ProfilingTM methodology.

Examples of sustainability positions:

―	Zurich will not enter into new business relationships with companies that produce, stockpile, distribute, market, or sell banned cluster munitions or anti-personnel landmines.
―	Where permissible by law or regulation, Zurich will not insure or invest in companies that generate more than 30 percent of their revenue from thermal coal, or produce more than 20 million tons of thermal coal per year.

For further information on Zurich's sustainability positions, refer to the Group's sustainability report.

Another example of a risk response is the environmental, social, and governance (ESG) integration in the Group's investment management activities. The ESG integration across asset classes, and alongside traditional financial metrics and risk management practices, helps Zurich achieve superior risk-adjusted, long-term financial returns. At Zurich, ESG integration is defined along the lines of four basic requirements: training, data, investment process, and active ownership. These four requirements not only help Zurich integrate ESG factors within its investment decisions, but also to understand and monitor where the Group or its asset managers stand in terms of ESG-related capabilities.

Risk monitoring: Emerging sustainability risks are monitored at least annually through the emerging risk process, while current sustainability risks are monitored through the Group-mandated strategic Total Risk ProfilingTM.

Risk reporting: Emerging and current sustainability risks are reported internally and externally as required.

For more information about the sustainability risk approach, refer to the section 'risk management' of the Group's sustainability report.

Financial review

With our 2025-2027 business plan, we're picking up the pace, challenging ourselves to be our best, while following our successful long-term strategy.

Message from our Group Chief Financial Officer

Durable growth

"The Group delivered another set of record results, laying a strong foundation for our ambitious 20252027 financial plan. Our strategic focus remains on leveraging Zurich's uniquely diversified business to drive durable, profitable growth and generate attractive shareholder returns. Disciplined capital and risk management position us well to invest in innovation and navigate a rapidly evolving industrial landscape."

Claudia Cordioli

Group Chief Financial Officer

Full year 2024 results set the pace for the 2025-2027 financial cycle. Business operating profit (BOP) increased 5 percent to a record USD 7.8 billion with a Core ROE¹ of 24.6 percent for the year. Net income attributable to shareholders (NIAS) amounted to USD 5.8 billion. Considering this performance, our strong capital position, as well as management's expectation of further improvement over the next financial cycle, the Board will propose a dividend increase of 8 percent to CHF 28 per share.

Primed for growth

As outlined at our Investor Day in 2024, Zurich expects compound annual growth in core earnings per share (EPS) to exceed 9 percent in 2025-2027, a Core ROE of more than 23 percent in 2027 as well as cumulative cash remittances in excess of USD 19 billion over the cycle. This compares with a target of 8 percent CAGR of EPS growth in 2023-2025, a BOPAT ROE of more than 20 percent in 2025 and cumulative cash remittances in excess of USD 13.5 billion over the period 2023-2025.

2023 - 2025 financial targets

Target: >20.0%

Core ROE¹

24.6%

FY 2024

Target: >USD 13.5bn cumulative 2023-2025

Cumulative cash remittances

USD 11.9bn

FY 2023 and FY 2024

SST solvency target: 160% or above

Estimated SST ratio²

252%

FY 2024

Target: ≥ 8%

Adjusted earnings per share growth in USD

15%³

Compound annual growth rate (CAGR) FY 2024 versus baseline of USD 32.1

¹ Previously named BOPAT ROE. Calculated as business operating profit after tax (BOPAT) divided by average shareholders' equity excluding unrealized gains and losses. Average shareholders' equity based on semi-annual data points (based on quarterly data points in previous disclosures).

² Estimated Swiss Solvency Test (SST) ratio as of December 31,2024, 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.

³ Adjusted earnings per share substitutes actual net capital losses with net capital gains expected under long term market assumptions (~USD 0.8bn). Full year 2024 EPS on a reported basis of USD 40.2.

A strong performance across all businesses

Property & Casualty (P&C) saw an 8 percent increase in business operating profit (BOP). Insurance revenue grew 6 percent with strong growth in our Commercial and Retail insurance businesses supported by continuing price increases of 4 percent over the year.

The combined ratio improved by 0.2 percentage points to 94.2 percent versus the prior year. Higher earned rate as well as a lower level of losses were partially offset by an increase in commission expenses due to business mix shifts.

Favorable prior-year development of 1.6 percent was well within the indicated 1 to 2 percent range, demonstrating the strength of the Group's reserves.

The Group's Life business delivered an excellent performance, reflecting the success of the Group's strategy to focus on protection and unit-linked business.

Life showed ongoing successful execution of its strategy supported by a solid underlying performance, delivering a record BOP of USD 2.2 billion, up 8 percent compared with the prior year.

Farmers BOP remains in line with the prior year, showing a 5 percent increase in Farmers Management Services (FMS) BOP and further supported by stronger results from Farmers Re. Farmers Life BOP is lower following the completion of a reinsurance transaction in 2023.

The Farmers Exchanges¹ reported a robust set of results which underscores their financial wellbeing and strength. Gross written premiums grew by 4 percent, the combined ratio improved 12 percentage points to 91.4 percent and the estimated year-end surplus ratio of 42.4 percent was above the upper band of the target range of 34 percent to 38 percent.

Robust balance sheet and higher cash generation

During the year, the Group continued to focus on and optimize the use of capital. The Group's balance sheet remained very strong with the Swiss Solvency Test (SST)² ratio at an estimated 252 percent, well above the Group's floor of 160 percent.

The Group successfully converted earnings into distributable cashflow with cash remittances back to the Group of USD 7.1 billion over the year driven by operational earnings and remittances of excess capital.

Dividend proposal of CHF 28

In line with our dividend policy, the Board proposes an 8 percent dividend increase to CHF 28 per share.

Claudia Cordioli

Group Chief Financial Officer

Property & Casualty (P&C)

Combined ratio

Life

Business operating profit
in USD millions

Farmers Exchanges¹

GWP
in USD millions

Insurance revenue
in USD millions

2024 split of reserves and liabilities

Farmers

Farmers BOP
in USD millions

¹ Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc. (FGI), a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services.

² Estimated Swiss Solvency Test (SST) ratio as of December 31, 2024, 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.

Financial overview

The information contained within the financial overview is unaudited and is based on the consolidated results of Zurich Insurance Group Ltd and its subsidiaries (collectively, the Group) for the years ended December 31, 2024 and 2023. All amounts are shown in U.S. dollars and rounded to the nearest million unless otherwise stated, with the consequence that the rounded amounts may not always add up to the rounded total. All ratios and variances are calculated using the underlying amounts rather than the rounded amounts. This document should be read in conjunction with the 2024 Annual Results of the Group and in particular with its consolidated financial statements for the year ended December 31, 2024.

In addition to the figures stated in accordance with IFRS Accounting Standards, the Group uses business operating profit (BOP), new business metrics and other performance indicators to enhance the understanding of its results. Details of these additional measures are set out in the glossary. These should be viewed as complementary to, and not as substitutes for, the IFRS figures. For a reconciliation of BOP to net income attributable to shareholders (NIAS), see note 26 (table 26.4) of the audited consolidated financial statements for the years ended December 31, 2024.

Financial highlights

in USD millions, for the years ended December 31	2024	2023	Change¹
Business operating profit	7,751	7,381	5%
Net income attributable to shareholders	5,814	4,351	34%
P&C business operating profit	4,204	3,893	8%
P&C insurance revenue	44,792	42,293	6%
P&C combined ratio	94.2%	94.5%	0.2 pts
Life business operating profit	2,235	2,060	8%
Life contractual service margin (CSM)²	11,657	11,526	1%
Life present value of new business premiums (PVNBP)³	16,891	16,384	3%
Life new business CSM (NB CSM)²	1,094	1,037	5%
Life new business margin (as % of PVNBP)⁴	6.5%	6.3%	0.1 pts
Farmers business operating profit	2,286	2,296	(0%)
Managed gross earned premium margin	7.0%	7.0%	(0.0 pts)
Average Group investments⁵	148,383	142,389	4%
Net investment result on Group investments⁵	6,814	4,687	45%
Net investment return on Group investments^{5, 6}	4.6%	3.3%	1.3 pts
Total return on Group investments^{5, 6}	4.3%	6.3%	(1.9 pts)
Shareholders' equity	25,472	24,860	2%
Swiss Solvency Test ratio⁷	252%	234%	19 pts
Return on common shareholders' equity (ROE)⁸	24.7%	18.1%	6.6 pts
Core ROE⁸	24.6%	23.0%	1.6 pts

¹ Parentheses around numbers represent an adverse variance.

² CSM is net of external reinsurance and before the effect of non-controlling interests.

³ Present value of new business premiums (PVNBP) is gross of reinsurance and before the effect of non-controlling interests.

⁴ Calculated as new business CSM divided by PVNBP.

⁵ Including investment cash and derivatives.

⁶ Calculated on average Group investments.

⁷ Estimated Swiss Solvency Test (SST) ratio as of December 31, 2024, 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.

⁸ Shareholders' equity used to determine NIAS and Core ROE is adjusted for net unrealized gains/(losses). Core ROE previously referred to as BOPAT ROE.

Overall, Group business operating profit (BOP) increased 5 percent to USD 7.8 billion in 2024, driven by strong momentum in all areas of the business.

Net income attributable to shareholders (NIAS) increased 34 percent in 2024, mainly due to the strong increase in BOP and higher net capital gains.

Operating update

Property & Casualty (P&C)

in USD millions, for the years ended December 31	Total
	2024	2023	Change
Insurance revenue	44,792	42,293	6%
Insurance service result	3,500	3,186	10%
Net investment result	1,539	1,529	1%
Fee result	98	115	(15%)
Other result	(779)	(807)	3%
Business operating profit	4,204	3,893	8%
Loss ratio	65.6%	66.2%	0.6 pts
Expense ratio	28.6%	28.3%	(0.4 pts)
Combined ratio	94.2%	94.5%	0.2 pts

Insurance revenue in Property & Casualty (P&C) for the year ended December 31, 2024 increased 6 percent, benefiting from growth across all regions.

The insurance service result increased USD 315 million compared with the prior year, driven by higher insurance revenue and a lower combined ratio.

The net investment result for 2024 increased USD 10 million compared with the prior year, mainly driven by additional investment income of USD 312 million above prior year levels due to higher yields as well as higher realized capital gains of USD 44 million coming from the Group's hedge fund portfolio. This was partially offset by higher insurance finance expenses of USD 346 million compared with the previous year due to an increase in the unwind of discount expenses.

The contribution of the fee and other result increased by USD 10 million in 2024 compared with the prior year.

Business operating profit increased 8 percent to USD 4.2 billion for the year ended 2024 compared with the prior year, driven by a strong performance in EMEA which was partially offset by higher catastrophe losses in North America.

The combined ratio of 94.2 percent in 2024 decreased 0.2 percentage points compared with the prior year. The loss ratio improved by 0.6 percentage points to 65.6 percent, mainly driven by improvement in the underlying loss experience. The expense ratio of 28.6 percent in 2024 was 0.4 percentage points higher than the previous year, mainly driven by an increase in commission expenses.

P&C business operating profit (BOP)
in USD millions, for the years ended December 31

EMEA business operating profit increased USD 672 million compared with the prior year, mainly due to premium growth, a strong Retail recovery and an improved investment result.

North America business operating profit for 2024 decreased 13 percent or USD 334 million compared with the prior year mainly due to higher catastrophe losses of approximately USD 400 million.

Asia Pacific business operating profit for 2024 was 18 percent above the prior year, mainly driven by higher premiums, a more favorable loss experience and increased investment income.

Latin America business operating profit for 2024 was up 23 percent compared with the prior year due to premium growth and an improved combined ratio.

P&C combined ratio
%, for the years ended December 31

In EMEA, the combined ratio improved 2.5 percentage points compared with the prior year, driven by lower levels of catastrophe losses compared to the previous year.

In North America, the combined ratio deteriorated 1.3 percentage points compared with the prior year, mainly due to an increase in the catastrophe loss ratio.

The Asia Pacific combined ratio improved 0.7 percentage points compared with the prior year where an overall improvement in the loss ratio was partially offset by higher commission expenses.

The Latin America combined ratio improved 1.1 percentage points compared with the prior year, as the result benefited from lower losses and expenses.

Life

in USD millions, for the years ended December 31	2024	2023	Change
Insurance service result	2,409	2,281	6%
Net investment result	604	592	2%
Fee result	306	256	20%
Business operating profit	2,235	2,060	8%
Assets under management¹	278,600	259,476	7%
Contractual service margin	11,657	11,526	1%

¹ Assets under management comprise balance sheet Group investments and unit-linked investments plus assets that are managed by third parties, on which fees are earned.

In 2024, the Group's Life business generated a business operating profit of USD 2.2 billion, 8 percent higher compared with the prior year, driven by underlying growth and favorable experience.

Assets under management (AuM) increased 7 percent in 2024 to USD 278.6 billion, driven by favorable market movements and net inflows.

The contractual service margin (CSM) increased 1 percent to USD 11.7 billion on a reported basis in 2024, with improvements coming from model refinements and economic variances, which benefited from favorable market movements, as well as new business added in 2024, offset by amortization and an unfavorable impact of foreign currency movements.

Life business operating profit (BOP)
in USD millions, for the years ended December 31

In EMEA, business operating profit of USD 1.6 billion was 24 percent higher compared with the prior year, driven by the strong performance of fee businesses, primarily from Ireland and Switzerland, and a strong contribution from protection, as well as non-recurring impacts driven by reserve releases and the non-completion of the disposal of a legacy back book in Germany.

In North America, business operating profit decreased by USD 50 million to USD 57 million, with the impact of improved mortality experience more than offset by a less favorable impact from assumption updates.

In Asia Pacific, business operating profit decreased 12 percent to USD 243 million, mainly driven by a favorable non-recurring impact from re-pricing actions in Australia in the prior year.

In Latin America, business operating profit decreased 12 percent compared with the prior year, with growth in the technical result of short-term protection offset by a lower investment result and the impacts of inflation and currency depreciation in Argentina.

NB CSM, PVNBP and NBM by Segment¹

in USD millions, for the years ended December 31	Present value of new business premiums (PVNBP)²		New business contractual service margin (NB CSM)³		New business margin (as % of PVNBP) (NBM)⁴
	2024	2023	2024	2023	2024	2023
Europe, Middle East & Africa (EMEA)	8,605	8,818	643	600	7.5%	6.8%
North America	694	333	19	7	2.5%	(1.1%)
Asia Pacific	2,779	2,939	319	326	11.5%	11.1%
Latin America	4,828	4,296	112	105	2.3%	2.4%
Total	16,891	16,384	1,094	1,037	6.5%	6.3%

¹ For long-term life insurance contracts. Does not include short-term life insurance contracts, which are accounted for with premium allocation approach (PAA), or investment contracts, which are accounted for with IFRS 9.

² Present value of new business premiums (PVNBP) is gross of reinsurance and before the effect of non-controlling interests.

³ New business CSM is net of external reinsurance and before the effect of non-controlling interests.

⁴ Calculated as new business CSM divided by PVNBP.

Present value of new business premiums (PVNBP) increased 3 percent on a reported basis and 5 percent on a like-for-like basis (adjusting for currency movements, reclassifications and excluding Argentina which was impacted by inflation and currency depreciation), driven by growth in protection and unit-linked business.

In EMEA, PVNBP decreased 3 percent on a like-for-like basis. The reduction was driven by lower sales in retail savings, which reflect exceptional sales volumes in Spain in the prior year period. This was mostly offset by higher sales of protection and unit-linked products.

In North America, PVNBP more than doubled from a low base, benefiting from large corporate contracts.

In Asia Pacific, PVNBP was 2 percent lower on a like-for-like basis compared with the prior year, which benefited from large corporate schemes in Australia.

In Latin America, PVNBP was 19 percent higher on a like-for-like basis compared with the prior year, driven by strong sales of unit-linked pension products.

New business written in 2024 added USD 1.1 billion, 5 percent more than in the prior year on a like-for-like basis, reflecting sales growth and a slightly improved new business margin of 6.5 percent (compared with 6.3 percent in 2023) mainly due to a more favorable business mix.

PVNBP and NB CSM do not include short-term life insurance and investment contracts, which are accounted for under the premium allocation approach (PAA) and IFRS 9, respectively. Insurance revenues from short-term life insurance, which is mainly related to protection business in Latin America, grew 7 percent on a like-for-like basis. Fee revenues for investment contracts, which are mainly written in EMEA, grew 10 percent on a like-for-like basis compared with the prior year, benefiting from higher assets under management.

Farmers

in USD millions, for the years ended December 31	2024	2023	Change
Farmers Management Services (FMS)	2,074	1,970	5%
Farmers Re	192	117	63%
Farmers Life	20	209	(91%)
Total business operating profit	2,286	2,296	-

Farmers Management Services (FMS) business operating profit increased 5 percent compared with the prior year, driven by the higher gross earned premium base of the Farmers Exchanges and from the brokerage entities which were acquired in December 2023. The managed gross earned premium margin was 7 percent, consistent with the prior year.

Farmers Re reported a business operating profit of USD 192 million for 2024, due to improved underwriting results at the Farmers Exchanges and a higher reinsurance participation percentage of 10.0 percent, compared with 8.5 percent in the prior year, as well as higher interest income.

Farmers Life business operating profit was USD 189 million lower than the prior year and reflected the reinsurance agreement to cede its individual life in-force book to Resolution Life which was completed in August 2023.

Farmers Exchanges

The Farmers Exchanges are owned by their policyholders. Farmers Group, Inc., a wholly owned subsidiary of the Group, 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

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 Re.

in USD millions, for the years ended December 31	2024	2023	Change
Gross written premiums	28,371	27,351	4%
Gross earned premiums	28,004	26,702	5%

The Farmers Exchanges reported growth in gross written premiums of 4 percent in 2024, reflecting growth in most books of business. Gross earned premiums increased 5 percent over the same period.

Group Functions and Operations

in USD millions, for the years ended December 31	2024	2023	Change
Holding and Financing	(496)	(486)	(2%)
Headquarters	(354)	(314)	(13%)
Zurich Global Ventures¹	(20)	(29)	32%
Total business operating profit	(870)	(830)	(5%)

¹ Includes only central initiatives.

Group Functions and Operations reported net expenses of USD 870 million for 2024, a 5 percent increase compared with the prior year.

Non-Core Businesses

in USD millions, for the years ended December 31	2024	2023	Change
Zurich Legacy Solutions	(55)	3	nm
Other run-off	(49)	(41)	(18%)
Total business operating profit	(104)	(38)	nm

The Group's Non-Core Businesses, which comprise run-off portfolios that are managed with the intention of proactively reducing risk and releasing capital, reported an operating loss of USD 104 million for 2024, compared with a loss of USD 38 million in 2023. The higher operating loss in 2024 includes losses from reinsurance on certain run-off portfolios.

Financial update

Balance sheet review

Total assets and liabilities:

The total assets of the Group stood at USD 358 billion in 2024, a decrease compared with USD 361 billion in 2023.

The total liabilities for the Group also decreased to USD 331 billion in 2024 from USD 335 billion in 2023. The main driver for the reduction was the completion of the sale of the annuity book of Zurich Chile Seguros de Vida S.A., which resulted in reduction in total assets and liabilities of approximately USD 2.5 billion and recognition of a pre-tax gain on sale of USD 84 million. A further reduction in total liabilities resulted from the net redemption of debt issued of USD 0.9 billion.

The completion of the acquisition of Kotak Mahindra General Insurance Company Limited increased goodwill and other intangible assets by USD 556 million. Additionally, the recent completion of the acquisition of the AIG travel business will result in an estimated increase in goodwill and other intangible assets of USD 662 million, currently booked within Receivables and other assets.

Group assets
Total assets as of December 31, 2024
(in USD millions)

Group liabilities and equity
Total liabilities and equity as of December 31, 2024
(in USD millions)

Shareholders' equity:

The Group's shareholders' equity of USD 25.5 billion increased USD 0.6 billion from USD 24.9 billion at year-end 2024, largely driven by net income attributable to shareholders of USD 5.8 billion partially offset by the payment of the Group dividend of USD 4.2 billion and treasury share transactions of USD 1.1 billion, mainly related to the completion of the share buyback program launched on June 17, 2024.

Treasury and capital management

The Group's balance sheet remains very strong, as demonstrated by the recent upgrade of ratings for the Zurich Insurance Company Ltd by Moody's (Financial Strength ratings from Aa3 to Aa2) and AM Best (Issuer Credit rating updated from aa- to aa), while S&P's Insurance Financial Strength rating remained steady at the AA level. All three also confirmed a stable outlook. In addition, as of December 31, 2024, the Group's estimated SST ratio¹ remained very strong at 252 percent.

During 2024, the Group saw net remittances of USD 7.1 billion, driven by both operational earnings and capital released as a result of the Group's efforts to extract capital from its operating businesses.

Net cash remittances by business
for the year ended December 31, 2024
(in USD millions)

¹ Estimated Swiss Solvency Test (SST) ratio as of December 31, 2024, 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.

Significant transactions in 2024

AIG Travel

On December 2, 2024, the Group completed the acquisition of AIG's global personal travel insurance and assistance business (AIG Travel) for a cash consideration of USD 617 million, plus a contingent consideration with a fair value of USD 93 million as of the acquisition date. The AIG Travel business will be combined with the Group's travel insurance provider Cover-More Group and operate within the expanded corporate brand Zurich Cover-More. The acquisition includes access to the AIG Travel customers and distribution partners globally.

The assets and liabilities acquired mainly consist of goodwill and intangible assets with a preliminary value of USD 520 million and USD 142 million, respectively. The net assets acquired less the fair value of the contingent consideration are currently included within Receivables and other assets.

Kotak Mahindra General Insurance Company Limited

On November 2, 2023, the Group entered into a strategic alliance with Kotak Mahindra Bank Limited to acquire a majority stake in Kotak Mahindra General Insurance Company Limited. On June 18, 2024, after obtaining all the necessary approvals, the Group completed the acquisition of a 70 percent stake in Kotak Mahindra General Insurance Company Limited (now renamed Zurich General Kotak Insurance Company (India) Limited) for a consideration of approximately USD 657 million, through a combination of capital injections and share purchases.

The opening balance sheet is presented within Note 4 of the consolidated financial statements.

Zurich Chile Seguros de Vida S.A. annuity book

On May 8, 2023, Inversiones Suizo-Chilena S.A. entered into an agreement to sell the annuity book of Zurich Chile Seguros de Vida S.A. to Ohio National Seguros de Vida S.A., a Chilean life insurance company and indirect subsidiary of Constellation Insurance, Inc. On December 2, 2024, the Group completed the sale of USD 2.5 billion in reserves with a pre-tax gain of USD 84 million recognized in profit or loss.

Being a responsible taxpayer

The shareholders' effective tax rate increased to 25.1 percent for the period ended December 31, 2024 compared with 25.0 percent for the same period of 2023. The increase was driven primarily by slightly less favorable developments in the geographical profit mix in 2024.

Message from our Group Chief Investment Officer

Remaining resilient

Macroeconomic environment

2024 was a year characterized by elections and ongoing regional conflicts. Economies and financial markets were shaped by further declines in inflation and the start of a global monetary policy easing cycle, driving risk assets sharply higher. Even though inflationary trends proved to be more challenging than central banks might have wished, they continued easing. The Swiss National Bank was the first among G10 members to cut rates. It was followed by other central banks including the U.S. Federal Reserve. While bond yields were volatile over the year as inflation oscillated, equities were again stellar performers, despite major shifts in the political landscape. An unusually high number of elections saw incumbent parties falter, in part due to high and rising consumer prices that undermined voter confidence. That included the U.S., while in France the government also faced challenges and in Germany early elections were called. We believe uncertainty and volatility are set to continue, requiring a continuation of resilient and flexible investment strategies to deliver on our obligations to our policyholders and customers.

"We believe uncertainty and volatility are set to continue, requiring a continuation of resilient and flexible investment strategies to deliver on our obligations to our policyholders and customers."

Stephan van Vliet

Group Chief Investment Officer

Investment result and portfolio quality

In 2024, our net investment income rose to USD 5.7 billion from USD 5.4 billion the previous year. This growth was primarily fueled by higher interest rates on debt securities and selective optimization of our asset allocation choices, enhancing our investment income throughout the year.

Net capital gains on Group investments were USD 1.1 billion, supported by strong equity market performance and a reduction in capital losses from the sale of fixed income assets compared with 2023. Net investment result for 2024 was USD 6.8 billion with a total investment return of 4.35 percent.

Our investment portfolio remains strategically well-diversified across various regions and industries. We maintain a diversified allocation across asset classes, including public and private equities, real estate, private debt and a majority allocation to fixed income.

Our portfolios reflect the strength of our balance sheet, with the following asset classes showing solid performance overall:

―	The private debt portfolio showed a robust performance in 2024 with a gross book yield of 5.80 percent and a total return of 6.39 percent. Zurich's purposely conservative approach to fixed income risk-taking resulted in very low impairment amounts while still harvesting the higher yields and illiquidity premium across multiple sectors and geographies.
―	The hedge fund portfolio generated an attractive risk-adjusted return of 15.3 percent versus 19.2 percent return on the MSCI World Index while taking only 25 percent of the risk of the index. Equity strategies were particularly profitable, with a diversified industry allocation.

Overall, the portfolio's performance was driven by strategic asset allocation and active management, ensuring robust returns and resilience against market volatility. We note that 94 percent of the fixed income portfolio comprises securities rated BBB or higher.

Responsible investment

Investment Management successfully met its 2025 interim climate targets. This milestone marks a significant step in Zurich's journey toward net-zero.

We closed our engagement campaign with the top 65 percent emitters of Zurich-financed emissions which had not set science-based targets, baselined in 2019. Additionally, we increased investments in climate solutions, driven by certifications of green-certified buildings. Since 2019, we have reduced the emission intensity of Zurich's listed equity and corporate bond portfolios, as well as our direct real estate portfolio.

Our impact investment portfolio of USD 8.5 billion, benefiting 5.3 million people annually, is helping us to achieve our impact targets.

These achievements illustrate our commitment to supporting the transition to a sustainable future and making a positive impact on the environment and society. Our updated Responsible Investment White Paper highlights the connections of these targets in a new chapter on 'climate action', showing how our engagements and financing of climate solutions drive decarbonization.

We remain committed to continuing our journey toward net-zero with more ambitious 2030 targets building on our 2025 achievements. Reflecting on the changed scope for industry cooperation and what we have learned over the past five years, we have amended our engagement approach to focus on fewer Zurich investee companies.

In 2024, we expanded our carbon-neutral fund solutions for life insurance clients, introducing new equity and credit strategies and offering them to customers in 9 countries across Europe, Middle East, Latin America, and Asia Pacific. By year-end, we had assets under management of EUR 1.8 billion across five funds, with strong performance exceeding broad market indices.

Stephan van Vliet

Group Chief Investment Officer

Total investments,¹ 2024

Rating of credit, private debt securities, 2024

Credit and private debt securities per segment, 2024

¹ Market value of the investment portfolio (economic view).

Consolidated income statements

in USD millions, for the years ended December 31	Notes	2024	2023
Insurance revenue	9	59,507	56,099
Insurance service expense		(50,456)	(47,422)
Net expenses from reinsurance contracts held		(3,031)	(2,981)
Insurance service result		6,020	5,696
Net investment income on Group investments		5,730	5,382
Net capital gains/(losses) on Group investments		1,084	(696)
Net investment result on Group investments	5	6,814	4,687
Net investment result on unit-linked investments		16,384	14,191
Change in liabilities for investment contracts and other funds		(8,112)	(6,378)
Reinsurance finance income/(expenses)		(12,244)	(10,963)
Net investment result		2,842	1,536
Fee income	10	6,011	5,885
Fee business expenses	10	(3,575)	(3,583)
Fee result		2,436	2,303
Other revenues		358	210
Net gains/(losses) on divestment of businesses	4	114	(104)
Interest expense on debt		(440)	(456)
Other expenses	11	(2,864)	(2,727)
Other result		(2,832)	(3,077)
Net income before income taxes		8,465	6,458
of which: Attributable to non-controlling interests		566	536
Income tax (expense)/benefit	16	(2,261)	(1,741)
attributable to policyholders		(179)	(172)
attributable to shareholders		(2,082)	(1,568)
of which: Attributable to non-controlling interests		(176)	(170)
Net income after taxes		6,204	4,717
attributable to non-controlling interests		390	366
attributable to shareholders		5,814	4,351
in USD
Basic earnings per share	18	40.48	29.96
Diluted earnings per share	18	40.15	29.73
in CHF
Basic earnings per share	18	35.62	26.91
Diluted earnings per share	18	35.33	26.71

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

Consolidated statements of comprehensive income

in USD millions, for the years ended December 31	Net income attributable to shareholders	Net unreal. gains/ (losses) on financial assets	Change in discount rate for insurance/ reinsurance contracts	Change in fair value of underlying items through OCI	Cumulative foreign currency translation adjustment	Total other comprehensive income recycled through profit or loss
2023
Comprehensive income for the period	4,351	2,974	(979)	(1,250)	(776)	(31)
Details of movements during the period
Change (before reclassification, tax and foreign currency translation effects and after allocation to policyholders)		2,951	(1,405)	(1,631)	(788)	(873)
Reclassification to income statement (before tax, foreign currency translation effects and allocation to policyholders)		1,299	-	-	11	1,311
Reclassification to retained earnings		-	-	-	-	-
Income tax (before foreign currency translation effects)		(1,108)	310	335	-	(463)
Foreign currency translation effects		(168)	116	46		(6)
2024
Comprehensive income for the period	5,814	(144)	81	104	(868)	(827)
Details of movements during the period			-	-
Change (before reclassification, tax and foreign currency translation effects and after allocation to policyholders)		(1,031)	271	299	(867)	(1,328)
Reclassification to income statement (before tax, foreign currency translation effects and allocation to policyholders)		390	-	-	(1)	389
Reclassification to retained earnings		-	-	-	-	-
Income tax (before foreign currency translation effects)		309	(67)	(104)	-	139
Foreign currency translation effects		188	(123)	(91)	-	(26)

in USD millions, for the years ended December 31	Revaluation reserve	Net actuarial gains/(losses) on pension plans	Total other comprehensive income not recycled through profit or loss	Total other comprehensive income attributable to shareholders	Total comprehensive income attributable to shareholders	Total comprehensive income attributable to non-controlling interests
2023
Comprehensive income for the period	(18)	(448)	(466)	(498)	3,854	390
Details of movements during the period
Change (before reclassification, tax and foreign currency translation effects and after allocation to policyholders)	(18)	(466)	(484)	(1,357)
Reclassification to income statement (before tax, foreign currency translation effects and allocation to policyholders)	-	-	-	1,311
Reclassification to retained earnings	(5)	-	(5)	(5)
Income tax (before foreign currency translation effects)	6	120	126	(337)
Foreign currency translation effects	-	(103)	(103)	(109)
2024
Comprehensive income for the period	(1)	368	367	(460)	5,354	211
Details of movements during the period
Change (before reclassification, tax and foreign currency translation effects and after allocation to policyholders)	(0)	395	394	(934)
Reclassification to income statement (before tax, foreign currency translation effects and allocation to policyholders)	-	-	-	389
Reclassification to retained earnings	(1)	-	(1)	(1)
Income tax (before foreign currency translation effects)	0	(95)	(95)	44
Foreign currency translation effects	-	68	68	42

in USD millions, for the years ended December 31	Total comprehensive income
2023
Comprehensive income for the period	4,244
Details of movements during the period
Change (before reclassification, tax and foreign currency translation effects and after allocation to policyholders)
Reclassification to income statement (before tax, foreign currency translation effects and allocation to policyholders)
Reclassification to retained earnings
Income tax (before foreign currency translation effects)
Foreign currency translation effects
2024
Comprehensive income for the period	5,566
Details of movements during the period
Change (before reclassification, tax and foreign currency translation effects and after allocation to policyholders)
Reclassification to income statement (before tax, foreign currency translation effects and allocation to policyholders)
Reclassification to retained earnings
Income tax (before foreign currency translation effects)
Foreign currency translation effects

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

Consolidated balance sheets

Assets

in USD millions, as of December 31	Notes	2024	2023
Assets
Cash and cash equivalents		6,768	7,280
Total Group investments	5	152,562	140,966
Equity securities		14,182	13,217
Debt securities		118,415	105,924
Investment property		11,734	13,684
Mortgage loans		4,047	4,324
Other financial assets		4,039	3,682
Investments in associates and joint ventures		146	135
Investments for unit-linked contracts		148,535	141,144
Total investments		301,098	282,110
Insurance contract assets	7	768	580
Reinsurance contract assets	7	21,450	21,942
Receivables and other assets	14	11,717	10,391
Deferred tax assets	16	1,703	1,700
Assets held for sale¹	4	1,203	23,758
Property and equipment	12	1,867	2,092
Attorney-in-fact contracts	13	2,650	2,650
Goodwill	13	4,805	4,541
Other intangible assets	13	3,977	4,337
Total assets		358,005	361,382

¹ As of December 31, 2024, the Group had USD 1.2 billion of assets held for sale based on agreements signed to sell portfolios of Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4). In 2023, the Group had USD 23.8 billion of assets held for sale based on agreements signed to sell portfolios of Zurich Deutscher Herold LebensversicherungAktiengesellschaft, Zurich Chile Seguros de Vida S.A., Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4).

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

Liabilities and equity

in USD millions, as of December 31	Notes	2024	2023
Liabilities
Liabilities for investment contracts	8	66,507	60,270
Insurance contract liabilities	7	230,479	216,962
Reinsurance contract liabilities	7	437	504
Obligation to repurchase securities		1,123	796
Other liabilities¹	15	16,022	16,661
Deferred tax liabilities	16	2,446	2,300
Liabilities held for sale²	4	1,162	23,860
Senior debt	17	4,020	5,190
Subordinated debt	17	8,871	8,559
Total liabilities		331,067	335,102
Equity
Share capital	18	10	10
Additional paid-in capital	18	1,410	1,333
Net unreal. gains/(losses) on financial assets		(4,452)	(4,307)
Change in discount rate for (re)insurance contract		4,372	4,291
Change in fair value of underlying items		1,158	1,053
Cumulative foreign currency translation adjustment		(11,103)	(10,616)
Revaluation reserves		254	254
Retained earnings		33,823	32,842
Shareholders' equity		25,472	24,860
Non-controlling interests		1,466	1,419
Total equity		26,938	26,280
Total liabilities and equity		358,005	361,382

¹ Includes restructuring provisions, litigation and regulatory provisions (see note 15) and other provisions.

² As of December 31, 2024, the Group had USD 1.2 billion of liabilities held for sale based on agreements signed sell portfolios of Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4). In 2023, the Group had USD 23.9 billion of liabilities held for sale based on agreements signed to sell portfolios of Zurich Deutscher Herold LebensversicherungAktiengesellschaft, Zurich Chile Seguros de Vida S.A.,Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4).

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

Consolidated statements of cash flows

in USD millions, for the years ended December 31	2024	2023
Cash flows from operating activities
Net income attributable to shareholders	5,814	4,351
Adjustments for:
Net (gains)/losses on divestment of businesses	(114)	104
(Income)/expense from equity method accounted investments	3	(2)
Depreciation, amortization and impairments of fixed and intangible assets	911	852
Other non-cash items	(2)	(13)
Underwriting activities:	16,983	11,101
Net changes in insurance contracts assets/liabilities	7,352	5,063
Net changes in reinsurance contracts assets/liabilities	217	(1,357)
Net changes in liabilities for investment contracts	9,414	7,395
Investments:	(16,507)	(6,881)
Net capital (gains)/losses on total investments	(16,295)	(12,387)
Net changes in derivatives	63	(56)
Net changes in money market investments	(1,252)	(429)
Sales and maturities
Debt securities	75,261	63,529
Equity securities	68,553	53,752
Other	4,679	7,040
Purchases
Debt securities	(76,490)	(60,812)
Equity securities	(67,614)	(52,020)
Other	(3,412)	(5,498)
Net changes in sale and repurchase agreements	395	(355)
Net changes in receivables and payables	(445)	(825)
Net changes in other operational assets and liabilities	286	(779)
Net changes in deferred tax assets and liabilities	278	(209)
Net cash provided by/(used in) operating activities	7,603	7,345
Cash flows from investing activities
Additions to tangible and intangible assets	(370)	(418)
Disposals of tangible and intangible assets	9	57
(Acquisitions)/disposals of equity method accounted investments, net	(85)	(39)
Acquisitions of companies, net of cash acquired	(1,078)	(734)
Divestments of companies, net of cash divested	115	-
Dividends from equity method accounted investments	5	2
Net cash provided by/(used in) investing activities	(1,404)	(1,132)
Cash flows from financing activities
Dividends paid	(4,467)	(4,116)
Net movement in treasury shares	(1,309)	(2,023)
Issuance of debt	728	544
Repayment of debt	(1,117)	(1,196)
Lease principal repayments	(207)	(211)
Net cash provided by/(used in) financing activities	(6,372)	(7,002)
Foreign currency translation effects on cash and cash equivalents	(382)	278
Change in cash and cash equivalents¹	(555)	(510)
Cash and cash equivalents as of January 1	7,645	8,155
Cash and cash equivalents as of December 31	7,090	7,645
of which: Cash and cash equivalents	6,768	7,280
of which: Unit-linked²	322	365
Other supplementary cash flow disclosures³
Other interest income received	5,119	4,995
Dividend income received	1,240	1,164
Other interest expense paid	(507)	(534)
Income taxes paid	(1,702)	(1,665)

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

¹ Includes USD 0 million and USD 56 million as of December 31, 2024 and 2023, respectively, of cash and cash equivalents reclassified to assets held for sale (see note 4), which has been recognized in net changes in other operational assets and liabilities.

² These amounts are included within 'Investments for unit-linked contracts' on the balance sheet.

³ These amounts are primarily included in the operating activities of the cash flow statement.

Cash and cash equivalents

in USD millions, as of December 31	2024	2023
Cash and cash equivalents comprise the following:
Cash at bank and in hand	5,726	6,560
Cash equivalents	1,364	1,085
Total	7,090	7,645

For the periods ended December 31, 2024 and 2023, cash and cash equivalents held to meet local regulatory requirements were USD 306 million and USD 373 million, respectively.

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

Consolidated statements of changes in equity

in USD millions	Share capital	Additional paid-in capital	Net unreal. gains/(losses) on financial assets	Change in discount rate for insurance/ reinsurance contracts	Change in fair value of underlying items through OCI	Cumulative foreign currency translation adjustment
Balance as of December 31, 2022 after the adoption of IFRS 17	11	1,158	(7,949)	5,270	2,041	(10,433)
Effect of adoption IFRS 9¹	-	-	667	-	262	-
Effect of adoption IAS 29 and restatement under IFRIC 7²	-	-	-	-	-	226
Balance as of January 1, 2023 after the adoption of IFRS 9, IAS 29 and restatement under IFRIC 7	11	1,158	(7,282)	5,270	2,303	(10,208)
Issuance of share capital	-	-	-	-	-	-
Dividends to shareholders	-	-	-	-	-	-
Share-based payment transactions	-	175	-	-	-	-
Treasury share transactions	-	-	-	-	-	-
of which: share buy-back program	-	-	-	-	-	-
Cumulative foreign currency translation adj. hyperinflation	-	-	-	-	-	368
Reclassification from revaluation reserves	-	-	-	-	-	-
Total comprehensive income for the period, net of tax	-	-	2,974	(979)	(1,250)	(776)
Net income	-	-	-	-	-	-
Net unreal. gains/(losses) on financial assets	-	-	2,974	-	-	-
Change in discount rate for insurance/reinsurance contracts	-	-	-	(979)	-	-
Change in fair value of underlying items through OCI	-	-	-	-	(1,250)	-
Cumulative foreign currency translation adjustment	-	-	-	-	-	(776)
Revaluation reserve	-	-	-	-	-	-
Net actuarial gains/(losses) on pension plans	-	-	-	-	-	-
Net changes in capitalization of non-controlling interests	-	-	-	-	-	-
Balance as of December 31, 2023	10	1,333	(4,307)	4,291	1,053	(10,616)
Balance as of December 31, 2023 as previously reported	10	1,333	(4,307)	4,291	1,053	(10,616)
Issuance of share capital	-	-	-	-	-	-
Dividends to shareholders³	-	-	-	-	-	-
Share-based payment transactions	-	77	-	-	-	-
Treasury share transactions	-	-	-	-	-	-
of which: share buy-back program⁴	-	-	-	-	-	-
Cumulative foreign currency translation adj. hyperinflation	-	-	-	-	-	382
Reclassification from revaluation reserves	-	-	-	-	-	-
Total comprehensive income for the period, net of tax	-	-	(144)	81	104	(868)
Net income	-	-	-	-	-	-
Net unreal. gains/(losses) on financial assets	-	-	(144)	-	-	-
Change in discount rate for insurance/reinsurance contracts	-	-	-	81	-	-
Change in fair value of underlying items through OCI	-	-	-	-	104	-
Cumulative foreign currency translation adjustment	-	-	-	-	-	(868)
Revaluation reserve	-	-	-	-	-	-
Net actuarial gains/(losses) on pension plans	-	-	-	-	-	-
Net changes in capitalization of non-controlling interests	-	-	-	-	-	-
Balance as of December 31, 2024	10	1,410	(4,452)	4,372	1,158	(11,103)

in USD millions	Revaluation reserves	Retained earnings	Shareholders' equity	Non-controlling interests	Total equity
Balance as of December 31, 2022 after the adoption of IFRS 17	272	35,313	25,683	1,247	26,930
Effect of adoption IFRS 9¹	-	(553)	377	-	376
Effect of adoption IAS 29 and restatement under IFRIC 7²	-	(86)	139	-	139
Balance as of January 1, 2023 after the adoption of IFRS 9, IAS 29 and restatement under IFRIC 7	272	34,674	26,199	1,247	27,446
Issuance of share capital	-	-	-	-	-
Dividends to shareholders	-	(3,877)	(3,877)	(239)	(4,116)
Share-based payment transactions	-	(69)	106	-	106
Treasury share transactions	-	(1,763)	(1,762)	-	(1,762)
of which: share buy-back program	-	(1,561)	(1,561)	-	(1,561)
Cumulative foreign currency translation adj. hyperinflation	-	(31)	336	22	358
Reclassification from revaluation reserves	-	5	5	-	5
Total comprehensive income for the period, net of tax	(18)	3,903	3,854	390	4,244
Net income	-	4,351	4,351
Net unreal. gains/(losses) on financial assets	-	-	2,974
Change in discount rate for insurance/reinsurance contracts	-	-	(979)
Change in fair value of underlying items through OCI	-	-	(1,250)
Cumulative foreign currency translation adjustment	-	-	(776)
Revaluation reserve	(18)	-	(18)
Net actuarial gains/(losses) on pension plans	-	(448)	(448)
Net changes in capitalization of non-controlling interests	-	-	-	-	-
Balance as of December 31, 2023	254	32,842	24,860	1,419	26,280
Balance as of December 31, 2023 as previously reported	254	32,842	24,860	1,419	26,280
Issuance of share capital	-	-	-	-	-
Dividends to shareholders³	-	(4,156)	(4,156)	(311)	(4,467)
Share-based payment transactions	-	(1)	76	-	76
Treasury share transactions	-	(1,090)	(1,090)	-	(1,090)
of which: share buy-back program⁴	-	(1,275)	(1,275)	-	(1,275)
Cumulative foreign currency translation adj. hyperinflation	-	44	426	30	456
Reclassification from revaluation reserves	-	1	1	-	1
Total comprehensive income for the period, net of tax	(1)	6,182	5,354	211	5,566
Net income	-	5,814	5,814
Net unreal. gains/(losses) on financial assets	-	-	(144)
Change in discount rate for insurance/reinsurance contracts	-	-	81
Change in fair value of underlying items through OCI	-	-	104
Cumulative foreign currency translation adjustment	-	-	(868)
Revaluation reserve	(1)	-	(1)
Net actuarial gains/(losses) on pension plans	-	368	368
Net changes in capitalization of non-controlling interests	-	-	-	117	117
Balance as of December 31, 2024	254	33,823	25,472	1,466	26,938

¹ Impacts to retained earnings include the impact of deferred tax revaluations of USD 6 million, and exclude the effect of USD 522 million related to the overlay approach applied in 2022 for presentation of the comparative period balances for certain financial assets backing direct participating insurance contracts.

² Effect of adoption of IAS 29 'Financial Reporting in Hyperinflation Economies' and Restatement under IFRIC 7 in Turkey.

³ As approved by the Annual General Meeting of shareholders on April 10, 2024, the dividend of CHF 26 per share was paid out of retained earnings on April 16, 2024.

⁴ On October 30, 2024 Zurich Insurance Group Ltd completed its public share buyback program of up to CHF 1.1 billion which it launched on June 17, 2024. 2,221,529 shares were repurchased at an average purchase price of CHF 495.15.

The notes to the consolidated financial statements are an integral part of these consolidated financial statements.

Notes to the consolidated financial statements

Zurich Insurance Group Ltd and its subsidiaries (collectively the Group) is a provider of insurance products and related services. The Group operates in Europe, Middle East & Africa (EMEA), North America, Latin America and Asia Pacific through subsidiaries, as well as branch and representative offices.

Zurich Insurance Group Ltd, a Swiss corporation, is the holding company of the Group and its shares are listed on the SIX Swiss Exchange. Zurich Insurance Group Ltd was incorporated on April 26, 2000, in Zurich, Switzerland. It is recorded in the Commercial Register of the Canton of Zurich under its registered address at Mythenquai 2, 8002 Zurich.

On February 19, 2025, the Board of Directors of Zurich Insurance Group Ltd authorized these audited consolidated financial statements for issue. These financial statements will be submitted for approval to the Annual General Meeting of Shareholders to be held on April 9, 2025.

1. Basis of presentation

General information

The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards and comply with Swiss Law. The accounting policies used to prepare the consolidated financial statements comply with IFRS Accounting Standards, including the adoption and implementation of new accounting standards and amendments for the financial year beginning January 1, 2024 as set out in note 2.

The accounting policies applied by the reportable segments are the same as those applied by the Group. The Group accounts for intersegment revenues and transfers as if the transactions were with third parties at current market prices. Dividends and realized capital gains and losses, as well as gains and losses on the transfer of net assets, are eliminated within the segment, whereas all other intercompany gains and losses are eliminated at Group level. In the consolidated financial statements, intersegment revenues and transfers are eliminated.

Certain amounts recorded in the consolidated financial statements reflect estimates and assumptions made by management about insurance and reinsurance contract assets and liabilities, investment valuations, interest rates and other factors. For more information about significant judgments applied, please see note 3.

All amounts in the consolidated financial statements, unless otherwise stated, are shown in U.S. dollars rounded to the nearest million, with the consequence that the rounded amounts may not add up to the rounded total in all cases. All ratios and variances are calculated using the underlying amounts rather than the rounded amounts.

The following balances are generally considered to be non-current: equity securities, investment property, investments in associates and joint ventures, deferred tax assets, property and equipment, goodwill, attorney-in-fact contracts, other intangible assets and deferred tax liabilities.

The following balances are mixed in nature (including both current and non-current portions): debt securities, mortgage loans, other loans, insurance and reinsurance contract assets and liabilities, other assets, investments for unit-linked contracts, liabilities for investment contracts, obligations to repurchase securities, other liabilities, senior and subordinated debt, and assets and liabilities held for sale.

Effective January 2, 2024, the registered head office of Zurich Insurance plc (ZIP) was moved from Dublin, Ireland to Frankfurt, Germany by means of a cross-border conversion under the European Directive on cross-border conversions, mergers and divisions. While ZIP has converted to a German AG known as Zurich Insurance Europe AG (ZIE), it has preserved its legal personality in the conversion (i.e., no transfer of assets, dissolution or winding up were involved in this move).

Capital management and the effect of regulatory frameworks

The Group manages capital to maximize long-term value while meeting regulatory, solvency and rating agency requirements. The Group's capital management framework forms the basis for actively managing capital using a number of different capital models, taking into account economic, regulatory and rating agency constraints. The Group's capital and solvency position is monitored and regularly reported to the Executive Committee and Board of Directors.

Zurich's policy is to allocate capital to businesses earning the highest risk-adjusted returns, and to pool risks and capital as much as possible to operationalize its risk diversification. The Group's executive management determines the capital management strategy and sets the principles, standards and policies to execute the strategy, which is carried out by Group Treasury and Capital Management.

The Group's capital management program comprises various actions to optimize shareholders' total return and to meet capital needs, while enabling Zurich to take advantage of growth activities. Such activities include paying and receiving dividends, capital repayments, share buybacks, issuance of shares, issuance of senior and hybrid debt, securitization and purchase of reinsurance.

The Group endeavors to manage its capital so that its regulated entities meet local regulatory capital requirements.

In each country in which the Group operates, the local regulator specifies the minimum amount and type of capital that each of the regulated entities must hold in addition to their liabilities. In addition to the minimum capital required to comply with the solvency requirements, the Group aims to hold an adequate buffer under local solvency requirements to ensure regulated subsidiaries can absorb a level of volatility and meet local capital requirements. In addition, the Group is subject to minimum capital requirements in Switzerland.

Principle exchange and discount rates

Table 1.1 summarizes the principal exchange rates used for translation purposes. Net gains/(losses) on foreign currency transactions included in the consolidated income statements were USD (153) million and USD (99) million for the years ended December 31, 2024 and 2023, respectively. Foreign currency exchange forward and swap gains/ (losses) included in these amounts were USD 370 million and USD (226) million for the years ended December 31, 2024 and 2023, respectively.

Principal exchange rates

Table 1.1

USD per foreign currency unit	Consolidated balance sheets at end-of-period exchange rates		Consolidated income statements and cash flows at average exchange rates
	12/31/2024	12/31/2023	12/31/2024	12/31/2023
Euro	1.0353	1.1053	1.0821	1.0813
Swiss franc	1.1035	1.1874	1.1365	1.1132
British pound	1.2520	1.2737	1.2781	1.2434
Brazilian real	0.1619	0.2059	0.1865	0.2003
Australian dollar	0.6189	0.6817	0.6599	0.6644
Japanese yen	0.0064	0.0071	0.0066	0.0071

Tables 1.2 and 1.3 summarize the closing discount rates used for Group's most relevant insurance portfolios in the measurement of the (re-)insurance contract assets and liabilities as of December 31, 2024 and 2023, by major currency:

Discount rates by major currency -liquid products

Table 1.2

as of December 31	2024				2023
	U.S. dollar	Swiss franc	Euro	British pound	U.S. dollar	Swiss franc
1 year	4.18%	0.05%	2.24%	4.46%	4.76%	1.17%
5 years	4.02%	0.17%	2.14%	4.04%	3.50%	1.05%
10 years	4.07%	0.38%	2.27%	4.07%	3.45%	1.16%
20 years	4.10%	0.89%	2.26%	4.30%	3.46%	1.49%
40 years	3.65%	1.46%	2.54%	4.03%	3.18%	1.86%

as of December 31	2023
	Euro	British pound
1 year	3.36%	4.73%
5 years	2.32%	3.35%
10 years	2.39%	3.28%
20 years	2.41%	3.43%
40 years	2.69%	3.16%

Discount rates by major currency -more illiquid products

Table 1.3

as of December 31	2024				2023
	U.S. dollar	Swiss franc	Euro	British pound	U.S. dollar	Swiss franc
1 year	4.55%	0.50%	2.48%	4.70%	5.23%	1.53%
5 years	4.39%	0.62%	2.38%	4.28%	3.97%	1.41%
10 years	4.44%	0.83%	2.51%	4.31%	3.92%	1.52%
20 years	4.47%	1.32%	2.50%	4.54%	3.93%	1.83%
40 years	3.99%	1.75%	2.70%	4.27%	3.60%	2.09%

as of December 31	2023
	Euro	British pound
1 year	3.55%	5.03%
5 years	2.51%	3.65%
10 years	2.58%	3.58%
20 years	2.60%	3.73%
40 years	2.82%	3.46%

2. New accounting standards and amendments to published accounting standards

Standards, amendments and interpretations effective or early adopted as of January 1, 2024 and relevant for the Group's operations

Table 2.1 shows new accounting standards or amendments to, and interpretations of, standards relevant to the Group that have been implemented for the financial year beginning January 1, 2024, with no material impact on the Group's consolidated financial statements.

Standard/Interpretation

Table 2.1

Amended standards		Effective date
IFRS 16	Lease Liability in a Sale and Leaseback	January 1, 2024
IAS 1	Classification of Liabilities as Current or Non-current	January 1, 2024
IAS 1	Non-current Liabilities with Covenants	January 1, 2024
IAS 7/IFRS 7	Supplier Finance Arrangements	January 1, 2024

Standards, amendments and interpretations issued that are not yet effective or adopted by the Group

Table 2.2 shows new accounting standards or amendments to, and interpretations of, standards relevant to the Group, which are not yet effective or adopted by the Group. These standards, amendments and interpretations are not expected to have a material impact on the Group's financial position or performance. Furthermore, amendments resulting from the annual improvements Volume 11 will have no material impact on the Group's financial statements.

Standard/Interpretation

Table 2.2

New standards/interpretations		Effective date
IFRS 18	Presentation and Disclosure in Financial Statements	January 1, 2027
IFRS 19	Subsidiaries without Public Accountability: Disclosures	January 1, 2027
Amended standards
IAS 21	Lack of Exchangeability	January 1, 2025
IFRS 9/IFRS 7	Amendments to the Classification and Measurement of Financial Instruments	January 1, 2026
IFRS 9/IFRS 7	Contracts Referencing Nature-dependent Electricity	January 1, 2026

3. Summary of material accounting policies and critical accounting estimates and judgments

Material accounting policies applied in these consolidated financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Other accounting policies are presented as part of the respective note disclosures.

Critical accounting estimates and judgments

The preparation of these consolidated financial statements requires critical accounting estimates that involve discretionary judgments and the use of assumptions which are susceptible to change due to inherent uncertainties. Because of the uncertainties involved, actual results could differ significantly from the assumptions and estimates made by management.

Such critical accounting estimates are of significance to consolidation principles, measurement of insurance contracts issued and reinsurance contracts held, the determination of fair value for financial assets and liabilities, expected credit losses, impairment of goodwill and attorney-in-fact contracts, employee benefits and deferred taxes.

a) Consolidation principles

The Group's consolidated financial statements include the assets, liabilities, equity, revenues, expenses and cash flows of Zurich Insurance Group Ltd and its subsidiaries. A subsidiary is an entity that Zurich Insurance Group Ltd either directly or indirectly controls. Generally, control is achieved by holding the majority of the voting rights which allows the Group to control relevant activities of the subsidiary. The Group may hold significant interests in investment entities, where the voting rights are not the dominant factor of control. To the extent the Group is involved in the design and has significant exposure to the risks and variable returns from such investment entities, the Group is deemed to have control and consolidates such investment entities. The results of subsidiaries acquired are included in the consolidated financial statements from the date of acquisition or from the date on which control is obtained. The results of subsidiaries that have been divested during the year are included up to the date control ceased.

All intra-Group balances, profits and transactions are eliminated.

Changes in ownership interests in a subsidiary that do not result in a change in control are recorded within equity.

Non-controlling interests are shown separately in equity, consolidated income statements, consolidated statements of comprehensive income and consolidated statements of changes in equity.

The consolidated financial statements are prepared as of December 31 based on individual company financial statements at the same date. In some cases, information is included with a time lag of up to three months. The impact on the Group's consolidated financial statements is not material.

Critical accounting estimates and judgments

Farmers Group, Inc. (FGI), a wholly owned subsidiary of the Group, and certain of its subsidiaries, provide certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services (see section g) for details). Farmers Exchanges are owned by their policyholders and directed by the Board of Governors. The Group does not consolidate the Farmers Exchanges as the Group does not have control over the relevant activities of the Farmers Exchanges.

b) Foreign currency translation and transactions

Foreign currency translation

Due to the Group's economic exposure to the U.S. dollar (USD), the presentation currency of the Group's consolidated financial statements is the U.S. dollar. Many Group companies have a different functional currency, being that of the respective primary economic environment in which these companies operate. Assets and liabilities are translated into the presentation currency at end-of-period exchange rates, while income statements, statements of comprehensive income and statements of cash flows are translated at average exchange rates for the period. The resulting foreign currency translation differences are recorded directly in other comprehensive income (OCI) as cumulative translation adjustments (CTA). The functional currency of the Group corresponds to the functional currency of the ultimate parent, Zurich Insurance Group Ltd, which is the Swiss franc (CHF).

Foreign currency transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rate at the date of the transaction or, for practical reasons, a weighted average rate, if exchange rates do not fluctuate significantly.

Foreign currency monetary items and foreign currency non-monetary items that are carried at fair value are translated at end-of-period exchange rates. The resulting foreign currency translation differences are recorded in income, except for the following:

―	Foreign currency translation differences that are recognized in OCI in conjunction with the recognition of unrealized gains or losses on debt securities held to collect contractual cash flows and for sale, changes in the discount rate for insurance contracts and reinsurance contracts held, and changes in the fair value of underlying items for insurance contracts; and
―	Foreign currency translation differences arising on monetary items that form part of net investments in foreign operations, as well as foreign currency translation differences arising from monetary items that are designated as hedging instruments in a qualifying net investment hedge relationship, are included directly in OCI as CTA.

Hyperinflation

The Group considers various factors to determine whether an economy in a country where a foreign operation is situated is hyperinflationary, including the cumulative three-year inflation rate. If an economy becomes hyperinflationary, the financial statements of foreign operations with the functional currency of the hyperinflationary economy are restated to reflect the current purchasing power at the end of the reporting period using the official consumer price indices commonly used in the respective country. The restatement includes all balance sheet amounts that are not expressed in terms of the measuring unit current at the balance sheet date and items of comprehensive income for the current year by applying the change in the price index from the dates when the items of income and expense were originally recorded. The restated financial statements of a foreign operation are translated into the Group's presentation currency at closing rates. Any translation adjustment resulting from initial application of the hyperinflationary accounting is recognized directly in equity. The Group applies hyperinflationary accounting to its foreign operations with the functional currency of Argentinian peso (from January 1, 2019) and Turkish lira (from January 1, 2023).

c) Insurance contracts issued and reinsurance contracts held

Scope

The Group applies accounting policies outlined in this section to insurance contracts issued that transfer significant insurance risk from policyholders or other insurance companies to the Group and reinsurance contracts held that transfer significant insurance risk from the Group to third-party reinsurers. The significant insurance risk transfer is determined by comparing the present value of benefits payable if an insured event occurred with the present value of benefits payable if the insured event did not occur. This assessment is made on a contract-by-contract basis at initial recognition and not subsequently reassessed unless the contract has been modified (see below). Investment contracts with discretionary participation features (DPF) are accounted for as insurance contracts if the reporting entity also issues insurance contracts. Furthermore, financial guarantee contracts and certain fixed-fee service contracts (e.g., roadside assistance) issued by the insurance entities in the normal course of business are also accounted for as insurance contracts.

Separating components

The Group assesses its insurance contracts issued and reinsurance contracts held to determine whether they contain any of the following components which need to be separated and accounted for under another IFRS Accounting Standard:

―	Derivatives embedded in insurance contracts where the economic characteristics and risks of the derivative contract are not closely related to those of the host contract, and a separate financial instrument with the same terms as the embedded derivative would meet the definition of a derivative;
―	Investment components that are not highly interrelated with the insurance components and for which contracts with equivalent terms are sold, or could be sold, separately in the same market or the same jurisdiction are accounted for as investment contracts; or
―	Distinct service components, such as unattached risk engineering service contracts, claims handling service contracts provided to policyholders within their layer of risk retention or captive fronting services, are accounted for as service contracts.

Level of aggregation

Generally, a single contract is the smallest unit of account. However, under certain circumstances, a single contract contains components that are separated and treated as if they were stand-alone contracts, provided the criteria below are fulfilled:

―	The insurance components are priced separately and are, or could be, sold separately in the same jurisdiction;
―	The substance of the contract to be separated is the same as issuing multiple separate contracts; or
―	There is no interdependency between the different risks covered and a lapse or cancellation of one insurance component does not cause a lapse or cancellation of another insurance component.

Similarly, for insurance and reinsurance contracts entered into with the same counterparty, the Group makes an evaluation of whether they are designed to achieve an overall commercial effect and therefore need to be combined and treated as one contract. The Group combines certain captive arrangements, where the policyholder and the captive reinsurer are the same counterparty, that are designed to achieve an overall commercial effect, which results in the net retention by the Group presented both on balance sheet and in profit or loss.

The level of aggregation is determined by dividing the business written into portfolios comprising contracts subject to similar risks and managed together. Portfolios are further divided into annual cohorts with contracts issued no more than one year apart, which are divided into groups of contracts based on their expected profitability: (i) onerous contracts, if any; (ii) contracts with no significant possibility of becoming onerous, if any; and (iii) remaining contracts, if any. Depending on the characteristics of the portfolio, an annual cohort may consist of just one group. The Group chose to group together those contracts that would fall into different groups only because law or regulation specifically constrains its practical ability to set a different price or level of benefits for policyholders with different characteristics. The effect of such grouping is not material to the Group.

Initial recognition

The Group recognizes groups of insurance contracts it issues from the earliest of the following:

―	The beginning of the coverage period of the group of contracts;
―	The date when the first payment from a policyholder becomes due (or when the first payment is received, if there is no due date); or
―	An earlier date, if facts and circumstances indicate that the group is onerous.

Contract boundary

The measurement of a group of insurance contracts includes all future cash flows within the boundary of each contract in the group. Cash flows are within the boundary of an insurance contract if they arise from substantive rights and obligations that exist during the reporting period in which the Group can compel the policyholder to pay the premiums, or in which the Group has a substantive obligation to provide the policyholder with insurance contract services.

A substantive obligation to provide insurance contract services ends when:

―

The Group has the practical ability to reassess the risks of the particular policyholder and, as a result, can set a price or level of benefits that fully reflects those risks, or

―

Both of the following criteria are satisfied: (i) the Group has the practical ability to reassess the risks of the portfolio of insurance contracts that contain the contract and, as a result, can set a price or level of benefits that fully reflects the risk of that portfolio; and (ii) the pricing of the premiums up to the date when the risks are reassessed does not take into account the risks that relate to periods after the reassessment date.

Insurance contract classification

The Group issues non-life products including a variety of motor, home and commercial products for individuals as well as small and large businesses on both local and global basis predominantly through its Property & Casualty (P&C) operations. The majority of such insurance contracts are short-term and either have a contract boundary of one year or less or qualify for the simplified approach (or the premium allocation approach (PAA)) because the measurement of the liability for remaining coverage under PAA does not deviate significantly from the measurement that would apply under the general model (or the building block approach (BBA)). Therefore, such contracts are measured under PAA. Some non-life entities also issue individual accident and health products with a long-term contract boundary which are accounted for under BBA. The proportion of contracts accounted for under BBA is not material in the context of P&C insurance contract assets and liabilities.

Moreover, the Group issues life insurance products on both an individual and a group basis, including annuities, endowment and term insurance, unit-linked and traditional savings products, as well as private health, supplemental health and long-term care insurance. The majority of such insurance contracts are long-term and measured under BBA. Some life entities also issue short-term protection products that fulfill the eligibility criteria and are accounted for under PAA. The proportion of contracts accounted for under PAA is not material in the context of Life insurance contract assets and liabilities. Unit-linked insurance contracts and some traditional savings contracts issued in Switzerland, Germany, Italy, Portugal and Austria include policyholder participation features. Such contracts are classified as direct participating contracts and measured under the variable fee approach (VFA) if, at inception, all of the following criteria are met:

―	The contractual terms specify that the policyholder participates in a share of a clearly identified pool of underlying items;
―	The Group expects to pay to the policyholder an amount equal to a substantial share of the fair value returns on the underlying items; and
―	The Group expects a substantial proportion of any change in the amounts to be paid to the policyholder to vary with the change in fair value of the underlying items.

Some participating contracts do not meet the above criteria to be measured under VFA because of either the Group's discretion over the cash flows to be paid to policyholders (either in their timing or in their amount), or absence of a clearly identifiable pool of underlying items. Those contracts are accounted for under BBA indirect participating and presented as contracts measured under BBA in note 7. Furthermore, the Group applies BBA indirect participating measurement to certain contracts for which changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to the policyholders. For example, BBA indirect participating approach is applied to contracts where contractual cash flows are adjusted for inflation based on a market-observable index of prices or rates.

Insurance acquisition cash flows (IACF)

Insurance acquisition costs are selling, underwriting and initiating costs typically incurred prior to or at the start of the coverage period of a contract that are directly attributable to the acquisition of portfolios of insurance contracts, including, for example, sales commissions, direct response marketing, premium taxes and in-house expenses directly attributable to sales and policy issuance activities.

The Group allocates IACF to groups of insurance contracts in a systematic and rational way, differentiating between groups of contracts that have been recognized as of the reporting date and groups of contracts that will be recognized in the future, including expected contract renewals. IACF allocated to groups of insurance contracts not yet recognized as of reporting date are recognized as an asset presented within the insurance contract asset or liability attributable to the portfolio of insurance contracts until they are included in the measurement of the group of contracts recognized. At each reporting date, the Group assesses the recoverability of such assets for pre-coverage IACF based on the expected fulfillment cash flows of the related groups of contracts, if facts and circumstances indicate that the asset may be impaired.

IACF are amortized in a systematic way over the coverage period using the same pattern as for insurance revenue recognition. For contracts accounted for under PAA, certain acquisition cash flows are expensed as incurred for contracts where the coverage period of each contract in the group does not exceed one year.

Insurance service expenses

These expenses consist of claims and other insurance service expenses that the Group incurs to fulfill its obligations toward the policyholders that arise within the contract boundary of the underlying (re-)insurance contracts. They also include amortization of insurance acquisition cash flows, changes in the fulfillment cash flows relating the liability for incurred claims (LIC), losses on groups of onerous contracts and reversals of such losses, and impairment and reversal of impairment of assets for pre-coverage insurance acquisition cash flows. Costs incurred that cannot be directly attributed to portfolios of insurance contracts (e.g., costs incurred in connection with future business opportunities) are excluded.

Investment components

Investment components that are not separated based on the requirements outlined above are accounted for as part of the underlying insurance contract. Such investment components, which are treated as non-distinct components, represent amounts that the Group is required to repay to a policyholder under the terms of the insurance contract in all circumstances, regardless of whether an insured event occurs. For most life products measured under VFA, particularly for unit-linked insurance contracts, the Group defines the cash surrender value as the non-distinct investment component. Any cash flows related to investment components are excluded from insurance revenue and insurance service expenses.

Measurement under PAA

For non-participating insurance contracts that are eligible for PAA, the measurement of the liability for remaining coverage (unexpired risk) is simplified as compared with the measurement under BBA and is accounted for separately from incurred claims (expired risk).

The liability for remaining coverage (LRC) is measured initially based on the premium received less any payments that relate to eligible IACF. Subsequently, the LRC is reduced by the amount recognized as insurance revenue for services provided in the period less any amortization of IACF recognized as an expense in the period. Insurance revenue is generally recognized on a straight-line basis, unless a different pattern represents a better approximation of the release from risk under the insurance contract. Certain insurance contracts (e.g., extended warranty contracts) may include a significant financing component when the premium from the policyholder is due more than 12 months before the Group provides insurance coverage. In this case, the LRC is adjusted for the time value of money.

Where facts and circumstances indicate that a group of contracts is onerous at initial recognition, the Group performs additional analysis to determine if a net outflow is expected. The net outflow is recorded immediately in profit or loss, resulting in the recognition of a loss component for the liability for remaining coverage and the carrying amount of the liability for the group of contracts being equal to the fulfillment cash flows.

The liability for incurred claims (LIC) reflects a current, explicit, unbiased and probability-weighted estimate of the present value of the expected future cash outflows considering all reasonable and supportable information available without undue cost or effort about the amount, timing, and uncertainty of those future cash flows. It includes an explicit adjustment for non-financial risk (the risk adjustment, see below). The risk adjustment is recognized as and when the claims are incurred and subsequently released to insurance service expense as the uncertainty associated with the amount and timing of claim payments is resolved.

Generally, the LIC is adjusted for the effect of time value of money and financial risk, unless the respective claims are expected to be paid within one year of being incurred. The Group selected the accounting policy to disaggregate the movement in the LIC resulting from changes in discount rates and to present this in OCI. The unwind of the discount on the LIC based on locked-in accident year discount rates is presented in profit or loss.

The Group accounts for premiums collected from the policyholders by intermediaries as future cash flows included in the measurement of corresponding groups of insurance contracts until they are settled or recovered in cash. Any premium receivables or accrued premium or claims payables that remain outstanding as of the reporting date are presented as part of the insurance contract assets or liabilities.

Measurement under BBA (including indirect participating BBA)

Each group of insurance contracts under BBA is measured as the sum of the fulfillment cash flows, comprising (i) estimates of future cash flows and (ii) risk adjustment for non-financial risk (see below), and the contractual service margin (CSM). The estimates of the future cash flows represent a current, present value, probability-weighted estimate that is consistent with observable market information and is adjusted to reflect financial risk. The CSM represents the margin the Group is charging for the service it provides in addition to the compensation it requires for bearing risk. The Group requires each group of contracts to be denominated in a single predominant currency of the cash flows within the group of contracts, which is not necessarily the same as the functional currency of the reporting entity issuing such insurance contracts.

On initial recognition, the CSM is measured as the difference between the expected present value of cash inflows and cash outflows, after adjusting for uncertainty and any cash flows received or paid before or on initial recognition.

Subsequently, at the end of each reporting period, each group of insurance contracts is measured as the sum of (i) the LRC reflecting the fulfillment cash flows related to future service; (ii) the CSM; and (iii) the LIC reflecting the fulfillment cash flows related to past service. The LIC is created when the Group has an obligation to pay valid claims for insured events that already occurred and other amounts related to past service.

The Group recognizes income and expense for the following changes in the carrying amount of the LRC:

―	Insurance revenue - for the reduction in the LRC due to services provided in the period, excluding any investment components (see note 9 for the composition of insurance revenue recognized in the period);
―	Insurance service expenses - for losses on groups of onerous contracts, and reversals of such losses; and
―	Insurance finance income or expense - for the effect of the time value of money and financial risk.

The Group recognizes income and expense for the following changes in the carrying amount of the LIC:

―	Insurance service expense - for the increase in the liability because of claims and expenses incurred in the period, excluding any investment components;
―	Insurance service expense - for any subsequent changes in fulfillment cash flows relating to incurred claims and incurred expenses; and
―	Insurance finance income or expense - for the effect of the time value of money and financial risk.

As part of the subsequent measurement, the fulfillment cash flows are updated to reflect current estimates, and the changes in the fulfillment cash flows are treated as follows:

―	Experience adjustments that relate to current or past service are recognized immediately in profit or loss;
―	Changes related to future service adjust the CSM measured using the discount rates as described below;
―	Changes resulting from changes in discount rates are presented in OCI. The Group selected the accounting policy of disaggregating the movement in fulfillment cash flows between profit or loss and OCI; and
―	Changes in estimates that arise as a result of changes in the application of discretion for groups of BBA indirect participating contracts, such as changes in the crediting percentage for policyholder participation, affect the future consideration that the Group will receive from the contract and adjust the CSM.

The CSM at the end of the reporting period is allocated over the current and remaining coverage period based on the coverage units. The coverage units represent the quantity of insurance contract services provided by the contracts in the group, determined by considering for each contract the quantity of the benefits provided under the contract and its expected coverage period. The Group has determined the sum assured (or annuity) in force as the main driver of coverage units for insurance contract service for non-participating contracts. The CSM allocated to coverage units provided in the period is recognized in profit or loss as insurance revenue.

The Group may provide an investment-return service in addition to insurance contract service under some traditional savings insurance contracts without direct participating features (e.g., endowment contracts). Such service is deemed to exist only if such contracts involve an investment component or the policyholder has a right to withdraw an amount. The Group expects the investment component or amount the policyholder has a right to withdraw to include an investment return and the Group expects to perform investment activity to generate that investment return. Whenever the Group provides both insurance contract and investment-return services to the policyholder, the coverage units are appropriately weighted to reflect both services to allocate the CSM over the current and remaining coverage period. The Group has determined the assets under management (or equivalent) as the main driver of coverage units for investment-return service.

The risk adjustment is released as part of insurance revenue as the uncertainty associated with the amount and timing of benefit payments is decreased or resolved.

(Re-)insurance finance income or expense recognized in profit or loss are determined by a systematic allocation of the expected total finance income or expense over the duration of the group of insurance contracts. Depending on the nature of the insurance contracts, it reflects the effect of time value of money and financial risk as follows:

―

For groups of contracts for which changes in assumptions that relate to financial risk do not have a substantial effect on the amounts paid to the policyholder (e.g., term life contracts), the systematic allocation is determined using a risk-free rate, plus an illiquidity premium that is locked at the inception of the group of contracts; and

―

For groups of contracts for which changes in assumptions that relate to financial risk have a substantial effect on the amounts paid to the policyholders (e.g., savings contracts with policyholder participation based on an index or a rate or other indirect participating contracts), the systematic allocation is determined using a rate that allocates the remaining revised expected insurance finance income or expense over the remaining duration of the group of contracts at a constant rate (effective yield).

Measurement under variable fee approach (VFA)

Insurance contracts that fulfill all the participating contracts criteria specified above are measured under VFA.

These criteria ensure that insurance contracts with direct participation features are contracts under which the Group's obligation to the policyholder is the net of:

―	The obligation to pay the policyholder an amount equal to the fair value of the underlying items; and
―	A variable fee that the Group will deduct from the above in exchange for the future service provided by the insurance contract, consisting of the amount of the Group's share of the fair value of the underlying items less fulfillment cash flows that do not vary based on the returns on underlying items.

The underlying items for unit-linked insurance contracts are the unit-linked assets typically held in pooled investment vehicles that meet the specific investment objective of the policyholders, who fundamentally bear the credit, market and liquidity risk of the related investments. The underlying items for traditional savings contracts issued in Switzerland, Germany, Italy, Portugal and Austria are the net assets, or a specified subset of the net assets, of the issuing insurance entity. The net assets, or a subset of the net assets, typically include financial instruments held in the Group investment portfolio (debt securities, equity securities, investment properties, mortgage loans and other assets).

For such contracts, in addition to the insurance contract service, the Group provides an investment-related service to the policyholders managing the underlying items on their behalf. The coverage units are appropriately weighted to reflect both services to allocate the CSM over the current and remaining coverage period. For these direct participating contracts and other savings contracts, the sum assured in force and assets under management (or equivalent) are included to reflect the weighting for insurance and investment services and the pattern of delivery of those services.

Measurement under VFA reflects the nature of participating contracts; therefore, changes in the amount of the entity's share of the fair value of the underlying items relate to future service and adjust the CSM. Similarly, the change in the effect of time value of money and financial risks not arising from the underlying items (for example, the effect of financial guarantees) relates to future service and adjusts the CSM, except where risk mitigation applies.

Risk mitigation applies in limited circumstances where the Group hedges the risks associated with such financial guarantees using derivative financial instruments or reinsurance contracts held under a documented risk management objective and strategy. In such cases, the changes in the effect of financial guarantees are recognized immediately in profit or loss in the same way as the changes in fair value of the derivative instruments. Other changes in the fulfillment cash flows are treated consistently with BBA measurement, i.e., they adjust CSM if related to future service, or are recognized immediately in profit or loss if related to current or past service. However, unlike BBA, all the adjustments are measured using current discount rates.

Where the underlying items are the net assets or a specified subset of the net assets of the issuing insurance entity, in addition to the participation in the returns from underlying financial assets, the policyholder participates in the risk and/or expense results. While the risk and expense results are included within the insurance service results, the policyholder participation thereof is included within the insurance finance income or expense.

Changes in the obligation to pay the policyholder an amount equal to the fair value of the underlying items do not relate to future service and do not adjust the CSM.

For all contracts with direct participation features where the Group holds the underlying items, the Group applies the accounting policy choice of disaggregating insurance finance income or expense for the period to include in profit or loss an amount that eliminates accounting mismatches, with income or expense included in profit or loss on the underlying items held.

Reinsurance contracts held

The Group enters into reinsurance contracts in the normal course of business to limit the potential for losses arising from certain exposures. Reinsurance contracts do not relieve the Group as the originating insurer of its liability. Reinsurance contracts held are recorded separately unless the contract combination criteria specified above are fulfilled.

Similar to insurance contracts issued, reinsurance contracts held are accounted for under PAA, if the qualifying criteria for PAA are fulfilled, or BBA in all other cases. The following differences specifically apply to reinsurance contracts held:

―	Classification: Reinsurance contracts held can never be classified as direct participating contracts; hence, measurement under VFA does not apply.
―	Level of aggregation: Reinsurance contracts held cannot be onerous; therefore, at initial recognition, the groups of reinsurance contracts held comprise (i) contracts in a net gain position, if any; (ii) contracts with no significant possibility of turning into a net gain position subsequently, if any; and (iii) remaining contracts, if any.
―	Recognition of the CSM: As reinsurance contracts held cannot be onerous, for the groups of reinsurance contracts held accounted for under BBA, the CSM is recognized regardless of whether the reinsurance contract is a net gain or a net cost for the Group.
―	Recognition of the risk of non-performance: The measurement of reinsurance contracts held includes the effect of non-performance risk of the reinsurer which considers the reinsurer's credit rating and the expected recovery period.
―	Presentation: The Group presents the income or expense from reinsurance contracts held, other than reinsurance finance income or expense, as a single amount in profit or loss.

Reinsurance contracts held are measured using assumptions consistent with the assumptions used for the underlying insurance contracts for the fulfillment cash flows. The risk adjustment for non-financial risk represents the amount of risk being transferred by the holder of the reinsurance contract to the issuer of that contract. Consistent with the underlying insurance contracts, the Group made an accounting policy choice of disaggregating the reinsurance finance income or expense between profit or loss and OCI.

If reinsurance contracts held cover underlying onerous insurance contracts, a loss recovery component is established if the Group enters into such reinsurance contracts at or before the date when the losses or reversals of losses on the underlying insurance contracts are recognized. The loss recovery component is measured by reference to the percentage of claims from underlying onerous insurance contracts expected to be recovered from the reinsurance contracts held.

Critical accounting estimates and judgments

Non-life contracts

The Group is required to establish a LIC for payment of losses and loss adjustment expenses that arise from the Group's non-life products. These liabilities represent the expected ultimate cost to settle claims occurring prior to, but still outstanding as of, the balance sheet date. The Group establishes its liabilities by product line, type and extent of coverage, and year of occurrence. There are two categories of the LIC: liability for reported losses, and liability for incurred but not reported (IBNR) losses. Additionally, the LIC is held for loss adjustment expenses, which contain the estimated legal and other expenses expected to be incurred to finalize the settlement of the losses.

The Group's liability for reported losses and loss adjustment expenses is based on estimates of future payments to settle reported claims. The Group bases such estimates on the facts available at the time the liability is established, considering the estimated costs of bringing pending claims to final settlement. The liability takes into account inflation, as well as other factors that can influence the amount required to fulfil the Group's obligations, some of which are subjective and some of which are dependent on future events. In determining the level of the liability, the Group considers historical trends and patterns of loss payments, pending levels of unpaid claims and types of coverage. In addition, court decisions, economic conditions and public attitudes may affect the ultimate cost of settlement and, as a result, the Group's estimation of the liability. Between the reporting and final settlement of a claim, circumstances may change which may result in changes to established liability. Items such as changes in law and interpretations of relevant case law, results of litigation or changes in medical costs, as well as costs of vehicle and home repair materials and labor rates can substantially impact ultimate settlement costs. Accordingly, the Group reviews and reevaluates claims and their liabilities on a regular basis. Amounts ultimately paid for losses and loss adjustment expenses can vary significantly from the level of liabilities originally set.

The Group establishes the liability for IBNR losses to recognize the estimated cost of losses for events which have already occurred, but for which the Group has not yet been notified. This liability is established to recognize the estimated costs required to bring such claims to final settlement. As these losses have not yet been reported, the Group relies upon historical information and statistical models, based on product line, type and extent of coverage, to estimate its IBNR liability. The Group uses reported claim trends, claim severities, exposure growth and other factors in estimating its IBNR liability. The liability is revised as additional information becomes available and as claims are actually reported.

The time required to learn of and settle claims is an important consideration in establishing the Group's LIC. Short-tail claims, such as those for motor and property damage, are normally reported soon after the incident and are generally settled within months. Long-tail claims, such as bodily injury, pollution, asbestos and product liability, can take years to develop and additional time to settle. For these claims, information concerning the event, such as the required medical treatment for bodily injury claims and the required measures to clean up pollution, may not be readily available. Accordingly, the reserving analysis of long-tail lines of business is generally more difficult and subject to greater uncertainties than for short-tail claims.

Since the Group does not establish a liability for catastrophes in advance of the occurrence of such events, these events may cause volatility in the levels of its LIC subject to the effects of reinsurance recoveries. This volatility may also be contingent upon political and legal developments after the occurrence of the event.

The Group uses a number of accepted actuarial methods to estimate and evaluate the amount of the LIC. The nature of the claims being reserved for and the geographic location of the claims influence the techniques used by the Group's actuaries. Additionally, the Group's Corporate Center actuaries perform periodic reserve reviews of the Group's businesses throughout the world. Management considers the results of these reviews and adjusts its liabilities, where necessary.

The process of establishing the amount of the LIC is complex and deals with uncertainty, requiring the use of informed estimates and judgments considering the time value of money and the uncertainty about the amount and timing of the cash flows that arise from non-financial risk. Any changes in estimates or judgments are reflected in profit or loss in the period in which estimates and judgments are changed.

Significant delays may occur in the notification and settlement of claims, and a substantial measure of experience and judgment is involved in assessing outstanding liabilities, the ultimate cost of which cannot be known with certainty as of the balance sheet date. The LIC is determined on the basis of the information available. However, it is inherent in the nature of the business written that the ultimate liabilities may vary as a result of subsequent developments.

Life contracts

The measurement of life insurance contracts involves a number of assumptions regarding mortality or longevity, lapses, surrenders, expenses, future policyholder participation (or profit sharing), discount rates and investment returns. These assumptions can vary by country, year of policy issuance and product type, and are determined with reference to past experience adjusted for new trends, current market conditions and future expectations. As such, the amounts included in future cash flows may not represent the ultimate amounts paid out to policyholders. For example:

―	The estimated number of deaths determines the value of the benefit payments. The main source of uncertainty arises because of the potential for pandemics and wide-ranging lifestyle changes, such as changes in eating, smoking and exercise habits, which could result in earlier deaths for age groups in which the Group has significant exposure to mortality risk.
―	For contracts that insure the risk of longevity, such as annuity contracts, an appropriate allowance is made for people living longer. Continuing improvements in medical care and social conditions could result in further improvements in longevity in excess of those allowed for in the estimates used to determine the liability for contracts where the Group is exposed to longevity risk.
―	Under certain contracts, the Group has offered product guarantees (or options to take up product guarantees), including fixed minimum crediting interest rate or fixed minimum annuity benefits. In determining the value of these options and/or benefits, estimates have been made as to the percentage of policyholders that may exercise them. Changes in investment conditions could result in significantly more policyholders exercising their options and/or benefits than had been assumed.
―	Estimates are made as to future investment income arising from the assets backing long-term insurance contracts. These estimates are based on current market returns as well as expectations about future economic and financial developments.

Assumptions are determined with reference to current and historical customer data, as well as industry data. Assumptions also reflect expected earnings on the assets supporting the future policyholder benefits. The information used by the Group's qualified actuaries in setting such assumptions includes, but is not limited to, pricing assumptions and available experience studies based on internal and external data. Expert judgment is involved in setting these assumptions, which are subject to a review and governance process that involves significant effort; therefore, it is generally performed on an annual basis.

Risk adjustment for non-financial risk

The risk adjustment for non-financial risk is the compensation that the Group requires for bearing the uncertainty about the amount and timing of the cash flows of groups of insurance contracts that arises from non-financial risk (insurance risk and other non-financial risk such as lapse risk). The risk adjustment is an explicit adjustment to the estimates of future cash flows to reflect the compensation the Group would require to make it indifferent between fulfilling a liability that has a range of possible outcomes arising from non-financial risk and fulfilling a liability that will generate fixed cash flows with the same expected present value as the insurance contracts.

The Group estimates the risk adjustment using a confidence level approach, taking into account the Group's internal view of the level of capital required in order to continue operating on a going-concern basis based on the Group's target Swiss Solvency Test (SST) ratio. The risk adjustment is calibrated as the value at risk (VaR) at the defined target confidence level minus the expected value of the future cash flows using simulations of the distribution of the future cash flows. This distribution is based on the SST framework and model, with a few modifications considering the different purpose of the IFRS 17 risk adjustment.

Separate target confidence levels apply to the distribution of cash flows of long-duration (predominantly life) and short-duration (predominantly non-life) (re-)insurance contracts. The confidence levels fall within the following ranges: 74 - 79 percent for short-duration and 90 - 95 percent for long-duration (re-)insurance contracts.

In line with the internal capital model used by the Group, these ranges are defined net of external reinsurance. The risk adjustment for the reinsurance contracts held is determined consistently with the risk adjustment for insurance contracts issued.

The Group disaggregates the change in the risk adjustment for non-financial risk between the insurance service result and insurance finance income or expense, and the latter between profit or loss and OCI, so that the movement in risk adjustment resulting from changes in discount rates is presented in OCI.

Critical accounting estimates and judgments

The risk adjustment is the measure of the compensation required by the Group for the uncertainty arising from non-financial risks. As such, it is based on subjective considerations that take into account Zurich's internal view of the capital required to continue operating on a going-concern basis.

To support the selection of the confidence levels, a quantitative analysis is performed. This quantitative analysis is aimed at defining ranges of justifiable percentiles for life and non-life businesses separately, determined by calculating, with different sets of assumptions, the financial compensation the Group requires on the SST capital (defined accordingly with the internal capital targets) to cover the non-financial risks over the outstanding run-off period of the insurance liabilities.

As with any other risk capital model, the SST model is subject to simplification and application of expert judgments. These include, for example, assumptions on the shape of the distributions and on the geographical and risk dependencies, among others. The full list of assumptions, simplifications and expert judgments applied in the model are outlined in the documentation regularly provided to FINMA. These are validated regularly by the Group to ensure the overall adequacy of the risk model.

The Group percentiles selected for life and non-life businesses are expected to fall within the ranges described above. However, an additional uplift factor may be applied locally to the risk adjustment for specific contracts or groups of contracts, where there is a higher level of uncertainty around the compensation required for bearing non-financial risks. For example, an uplift factor may be applied to a specific contract or group of contracts where key long-term best estimate assumptions used to project the fulfillment cashflows have been set based on expert judgment in the absence of credible experience data.

The key assumptions in the determination of the risk adjustment percentiles are:

―	Assumed cost of capital rate: the long-term mean of the weighted average cost of capital is used;
―	Level of group diversification: the risk adjustment allows for diversification of non-financial risks among the Group's reporting entities as well as diversification of non-financial risks with financial risks;
―	Target capitalization under the Group's internal capital model: the Group's target capitalization under SST is used. Under SST,the Group has defined a minimum solvency ratio target requirement only (≥ 160 percent SST ratio); hence, assumptions are made on the level of capitalization that Zurich would be expected to maintain on a goingconcern basis over and above the minimum target;
―	Level of segmentation: separate percentiles are defined for life and non-life businesses; and
―	Higher levels of expert judgment in the absence of credible demographic assumptions used in cashflow projection: an uplift may be applied to the risk adjustment in respect of a portfolio or product where the Group has concerns over the credibility of assumptions used.

Discount rates

The Group applies bottom-up discount rates for most groups of insurance contracts issued and reinsurance contracts held. Bottom-up discount rates are constructed using risk-free rates, plus an illiquidity premium, where applicable. Risk-free rates are determined by reference to the market interest rates (either swap rates or yields of highly liquid sovereign securities) in the currency of the underlying cash flows for the groups of (re-)insurance contracts. Whenever the expected timing of the cash flows exceeds the liquid part of the yield curve in the respective currency (the last liquid point), the risk-free interest rate is extrapolated to converge toward a long-term rate (the ultimate forward rate) using widely accepted extrapolation techniques (Smith-Wilson algorithm). The illiquidity premium is determined by reference to observable market spreads for illiquid instruments (e.g., corporate debt, etc.) adequately corrected to remove credit risk.

Derecognition and contract modification

The Group derecognizes an insurance contract only when the obligation specified in the insurance contract expires or is discharged or canceled, or if the contract is modified in a way that requires derecognition of the original contract and recognition of the new contract with modified terms. The exercise of a right included in the terms of a contract is not a modification.

When an insurance contract is extinguished, the entity is no longer at risk and is therefore no longer required to transfer any economic resources to satisfy the insurance contract. Typically, when the Group buys reinsurance, the underlying insurance contract(s) continue to be recognized as the respective obligations are not extinguished.

If the terms of an insurance contract are modified, for example, by agreement between the parties to the contract or by a change in regulation, the Group derecognizes the original contract and recognizes the modified contract as a new contract, if any of the conditions below are satisfied:

a) If the modified terms had been included at contract inception:

―	The modified contract would not be an insurance contract; or
―	The Group would have separated different components from the host insurance contract resulting in a different insurance contract; or
―	The modified contract would have had a substantially different contract boundary; or
―	The modified contract would have been included in a different group of contracts.

b) The original contract met the definition of an insurance contract with direct participation features, but the modified contract no longer meets that definition, or vice versa; or

c) The entity applied the premium allocation approach to the original contract, but the modifications indicate that the contract no longer meets PAA eligibility criteria.

If a contract modification meets none of the above conditions, the changes in cash flows caused by the modification are treated as changes in estimates of fulfillment cash flows.

A reinsurance contract is derecognized when the contractual rights to the cash flows expire.

Treatment of accounting estimates

The Group prepares interim financial statements semi-annually and applies an accounting policy choice to change the treatment of accounting estimates made in the first semi-annual financial statements when preparing the annual financial statements (i.e., applying a year-to-date approach). This accounting policy choice applies to all (re-)insurance contracts issued and reinsurance contracts held.

Summary of IFRS 17 transition approach and effect

IFRS 17 was applied to (re-)insurance contracts issued and reinsurance contracts held retrospectively from January 1, 2022. The Group determined the transition approach for groups of insurance contracts, depending on the availability of reasonable and supportable historic information. The selected transition approach affected the measurement of the CSM on initial adoption of IFRS 17 as follows:

―	Fully retrospective approach - the CSM is based on initial assumptions when groups of contracts were incepted and rolled forward to the date of transition as if IFRS 17 had always been applied;
―	Modified retrospective approach - the CSM is calculated using modifications allowed by IFRS 17, taking into account the actual pre-transition fulfillment cash flows; and
―	Fair value approach - the CSM at transition is calculated as the difference between the fair value of a group of contracts, without the consideration of the demand deposit floor requirement, and the respective fulfillment cash flows measured at the transition date.

In applying the modified retrospective and fair value approaches for certain groups of non-life and life (re-)insurance contracts, the Group used the modifications allowed under IFRS 17, such as grouping contracts issued more than one year apart into a single group for measurement purposes or applying interest rates as of the transition date and setting the cumulative amount of (re-)insurance finance income or expense recognized in OCI to nil. In addition, the Group applied a modification for certain groups of non-life insurance contracts with long-tail outstanding claims at the transition date. The unwinding of the discount on the liability for incurred claims was based on the locked-in discount rates as of the transition date instead of the locked-in accident year discount rates. Furthermore, where the Group applied a modification for certain groups of life direct participating insurance contracts that were accounted for under VFA where the Group holds the underlying items, the cumulative difference in OCI was set equal to the cumulative amount recognized in OCI on the underlying items as of the transition date.

The relevant disclosures for (re-)insurance contracts issued and reinsurance contracts held are presented in note 7.

d) Liabilities for investment contracts (without DPF)

Investment contracts are those contracts that do not transfer significant insurance risk and do not include discretionary participation features (DPF). The Group predominantly issues investment contracts without fixed terms (refer to unit-linked investment contracts below) and to a lesser extent investment contracts with fixed and guaranteed terms (e.g., fixed interest rate), which are measured at amortized cost using the effective interest rate method.

Unit-linked investment contracts

Unit-linked investment contracts are contracts referencing unit-linked asset portfolios maintained to meet the specific investment objectives of policyholders who bear the credit, market and liquidity risks related to the investments.

The liabilities are carried at fair value, which is determined by reference to the underlying financial assets. Changes in fair value are recorded in profit or loss. The related assets for unit-linked investment contracts are designated at fair value through profit or loss (FVPL) to reduce measurement inconsistencies. The services provided by the Group under such contracts are investment management and policy administration services that are provided over time and are not contingent on meeting specified performance criteria. Fees from such services are recognized ratably over the service period as fee income. Refer to note 10 for further information.

e) Group investments, investments for unit-linked contracts and other financial assets excluding derivative financial instruments

Classification, measurement and presentation of financial assets

The classification and measurement of Group investments is driven by the business model under which these assets are held and by their contractual cash flow characteristics. The combined effect of the business model and contractual terms assessment (also referred to as 'solely payments on principal and interests test' (SPPI test)) determines whether the debt instruments are measured at amortized cost, fair value with changes recognized in other comprehensive income (FVOCI) or fair value through profit or loss (FVPL).

The Group primarily holds financial assets to fund insurance liabilities. Specifically, financial assets and insurance liabilities are economically linked and jointly managed with the aim of matching the duration of the assets with the expected obligation toward policyholders. To ensure that the contractual cash flows from the financial assets are sufficient to settle insurance liabilities as they become due, the Group may undertake significant buying and selling activities on a regular basis to rebalance its asset portfolio and to meet day-to-day cash flow needs as they arise. Consequently, the majority of the financial assets, including government and supra-national bonds, mortgage- and other asset-backed securities (MBS/ABS), as well as syndicated loans and other corporate debt, are 'held to collect contractual cash flows and for sale' (HtC&S). Furthermore, the Group has identified specific portfolios that are managed with the aim of holding assets only to collect contractual cash flows over the life of the instrument.

These financial assets are managed in the business model 'held to collect contractual cash flows' (HtC) and include certain private debt portfolios (for example, commercial real estate, infrastructure and other private debt), mortgage loans and other financial assets (bank deposits, lease and trade receivables), as well as high-quality government bonds held in the Zurich Italy Bank S.p.A.'s proprietary portfolio to cover structural excess liquidity.

Debt instruments with contractual terms that give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI) are measured at either amortized cost or FVOCI, unless they are managed on a fair value basis.

Debt instruments held under the HtC&S business model that pass the SPPI test are measured at FVOCI. Interest income is determined using the effective interest rate method and included in net investment income. The cumulative unrealized gains or losses recorded in OCI are net of the expected loss allowance and income taxes. When financial assets measured at fair value through OCI are derecognized, the cumulative gains or losses are reclassified from OCI to profit or loss as net capital gains/(losses) on investments. Loss allowances for expected credit losses and any subsequent changes are recorded in profit or loss within net capital gains/(losses) on investments.

Debt instruments held under the HtC business model that pass the SPPI test are carried at amortized cost using the effective interest rate method. Loss allowances for expected credit losses and individual credit impairments are recognized in profit or loss within net capital gains/(losses) on investments, with a corresponding reduction in the gross carrying amount of the financial asset.

Financial assets that fail the SPPI test are always measured at fair value through profit or loss (FVPL). Such assets include equities, fund investments, callable bonds with significant prepayment features, hybrid bonds with certain cash flows at the discretion of the issuer and some MBS/ABS that do not fulfill the SPPI criteria for contractually linked instruments. The significance of the prepayment feature is assessed at the date of the initial recognition of the financial asset as well as whenever additional purchases of the same instrument occur within the same portfolio.

In addition to financial assets that fail the SPPI test, the Group designates investments held for unit-linked insurance and investment contracts as well as some other investment portfolios backing specific portfolios of insurance contracts at FVPL in order to eliminate or significantly reduce a measurement inconsistency that would otherwise arise from measuring assets or recognizing the gains and losses on these assets on a different basis to the liabilities. Realized and unrealized gains and losses arising from changes in the fair value of such investments are recognized in profit or loss within net capital gains/(losses) on investments in the period in which they arise. Interest income determined using the effective interest rate method and dividend income from non-unit-linked financial assets at FVPL are included in net investment income. Interest income and dividend income from unit-linked financial assets at FVPL are included in the net investment result on unit-linked investments.

The Group did not make use of the option to present changes in fair value of certain equity instruments that are not held for trading in OCI with no subsequent reclassification of realized gains or losses to profit or loss.

The Group recognizes regular purchases and sales of financial assets on the trade date, which is the date on which the Group commits to purchase or sell the asset.

Group investments are grouped together based on their nature and considering their shared risk characteristics as follows:

―	Equity securities and unconsolidated investment funds include equity instruments held that do not result in control or significant influence by the Group, and fund investments where the Group does not have control over the investment vehicle;
―	Debt securities include government and supra-national bonds, corporate debt and MBS/ABS;
―	Mortgage loans include predominantly retail residential mortgages; and
―	Other loans mainly include private debt investments (such as infrastructure and commercial real estate loans and private placements) typically managed by third-party asset managers and subject to a ratings-based approach for credit risk monitoring, as well as lease receivables and non-unit-linked deposits held as part of Group investments.

Group investments further include investment property accounted for at FVPL. Rental income from investment property is recognized on a straight-line basis over the lease term and included in net investment income, net of operating rental expenses. Please see note 5 for further information on Group investments.

Cash on hand, deposits held at call with banks, cash collateral received and other highly liquid investments with maturities of three months or less from the date of acquisition that are readily convertible into cash and are subject to an insignificant risk of changes in fair value are included in cash and cash equivalents.

Trade receivables are presented as part of other assets.

Critical accounting estimates and judgments

In determining the fair values of investments in debt and equity instruments traded on exchanges and in over-the-counter (OTC) markets, the Group makes extensive use of independent, reliable and reputable third-party pricing providers, and only in rare cases places reliance on valuations that are derived from internal models.

In addition, the Group's policy is to ensure that independently sourced prices are developed by making maximum use of current observable market inputs derived from orderly transactions and by employing widely accepted valuation techniques and models. When third-party pricing providers are unable to obtain adequate observable information for a particular financial instrument, the fair value is determined either by requesting selective nonbinding broker quotes or by using internal valuation models.

Valuations can be subject to significant judgment, especially when the fair value is determined based on at least one significant unobservable input parameter; such items are classified within level 3 of the fair value hierarchy. See notes 5 and 22 for further information regarding the estimate of fair value.

Recognition of expected credit losses

Expected credit loss (ECL) is recognized for debt securities measured at amortized cost, debt securities measured at FVOCI, mortgage loans, lease and trade receivables, and reflects the difference between the contractual cash flows of the instrument and the cash flows the Group expects to receive. ECL is recognized on the following basis:

―

12-months ECL is recognized from the initial recognition of a debt instrument and reflects a portion of lifetime expected credit losses that would result from default events that are possible within 12 months after the reporting date (12-months ECL). The Group applies the low credit risk simplification to recognize 12-months ECL for all financial instruments that have an internal or external investment grade credit rating. Instruments for which 12-months ECL is recognized are referred to as stage 1; and

―

Lifetime ECL is recognized in the event of a significant increase in credit risk (SICR) since initial recognition and reflects lifetime expected credit losses over the expected life of the financial instrument (lifetime ECL). The Group applies a permitted simplification to recognize lifetime ECL for all trade receivables. Instruments with lifetime ECL are referred to as stage 2. Lifetime ECL is also recognized for credit-impaired financial instruments, referred to as stage 3. Stage 3 includes instruments that are non-performing or for which a default event has occurred. The Group presents the gross carrying amount of such assets net of lifetime ECL.

At each reporting date, an assessment is conducted to determine whether a SICR has occurred since the initial recognition of a financial asset not covered by the low credit risk practical expedient and/or whether the financial asset has become credit impaired.

Critical accounting estimates and judgments

In the assessment for SICR, the Group considers all relevant reasonable and supportable information, including information about past events and current and future economic conditions, available either on an individual or on a collective basis.

When an external or internal rating is available, the Group applies the low credit risk practical expedient by assuming that no increase in credit risk has occurred since initial recognition for financial assets that have an external or internal rating equivalent to 'investment grade' (i.e., AAA to BBB-) at the reporting date. This approach is applied to government and supra-national bonds, mortgage- and other asset-backed securities, as well as corporate debt, including commercial real estate, infrastructure and other private debt.

For all debt instruments rated below investment grade, the Group determines SICR thresholds that vary depending on the credit rating at initial recognition and the residual life of the instruments. The SICR threshold is calibrated such that the lower the probability of default at inception, the higher the relative credit deterioration is required to trigger a SICR. If the credit rating of the instrument at the reporting date is equal to or below the trigger level, the instrument is deemed to have experienced SICR.

Irrespective of the SICR assessment based on default probabilities, credit risk is generally deemed to have significantly increased if the contractual payments are more than 30 days past due. SICR is no longer observed if the rating at the reporting date is above the trigger level indicated in the notching table and the rating has improved by at least one notch since the previous reporting date, in which case the instrument transitions back to stage 1.

For all material exposures, including those with low credit risk at the reporting date, the SICR assessment outlined above is supplemented by a qualitative assessment of the issuer's credit quality through a forward-looking watch list that includes exposures with negative rating outlook and downward rating momentum and that are close to the thresholds for stage change. This is further complemented by fundamental research and expert opinion and presented to the Credit Valuation Committee (CVC) comprising representatives of Group Investment Management, Group Risk and Group Finance. The CVC takes the final decision on the stage allocation.

The mortgage loan portfolio predominantly consists of residential and small commercial real estate loans. The exposures are grouped into homogenous buckets in terms of geographic location (mainly Switzerland, Germany, Italy) and property type (residential versus commercial). The forward-looking loan-to-value (LTV) is within the range of 40 - 67 percent for the Swiss portfolio and 10 - 25 percent for the German portfolio. The SCIR is assessed using the number of past due days, the actual affordability on the customer level as well as forward-looking LTV, which is derived from the expected evolution in the property prices.

Forward-looking scenarios and measurement of expected credit losses

Expected credit losses reflect an unbiased, probability-weighted estimate based on possible default events either over the next 12 months or over the remaining life of a financial instrument. The ECL is calculated using a combination of the following main input parameters: probability of default (PD), loss given default (LGD) and exposure at default (EAD).

For originated residential and small commercial mortgage loan portfolios, the forward-looking parameters are derived from the evolution of the real estate prices by property type, as well as actual affordability of the loan for a customer. The Group records expected credit losses on mortgages; however, the ECL amount may be rather insignificant for mortgages with very low LTV.

For unrated exposures, for example, trade receivables, the ECL is measured using an expected loss rate provision matrix, based on historical observed default rates (adjusted and regularly updated for forward-looking estimates), depending on the past due status. For this purpose, the exposures are grouped into sub-portfolios that are homogeneous in terms of loss pattern, and specific loss rates are assigned depending on the number of days past due. From the provision matrix, the calculation of the ECL is determined by multiplying the gross carrying amount of the exposure by the given expected loss rate.

Critical accounting estimates and judgments

For rated debt securities, the Group determines the forward-looking inputs by evaluating a range of possible outcomes. A scenario-based approach is applied whereby three scenarios (downside scenario, base case and upside scenario) are modelled once a year, taking into consideration potential developments of relevant macroeconomic variables (GDP growth, 10-year interest rates and credit spreads) in the U.S. and eurozone over a one-year horizon. If no internal or external credit rating is available (e.g., due to timing constraints), the Group assigns a fallback rating which is used to derive the ECL parameters (i.e., exposures are assigned A- if the issuer is domiciled in a country with investment grade sovereign rating, while B- is assigned to other exposures).

Each of the forward-looking scenarios applied is based on management assumptions about future macroeconomic conditions. Additional judgment is required to assign a weight to each scenario which reflects the probabilities that the respective set of macroeconomic variables will materialize. The economic scenarios are developed by Group Investment Management - Market Strategy and Macroeconomics, which proposes the scenario weightings based on Group forward-looking expectations. The final decision on scenario weighting lies with the CVC where Group functions can challenge the selection and weights of different scenarios. Changes to the scenario weights and macroeconomic assumptions taken could have a significant effect on ECL. See note 23 for further details.

Exchange or modification of financial assets

The Group may enter into transactions involving the exchange of financial assets with one or multiple financial assets. Furthermore, the terms of financial assets may be modified subsequent to initial recognition. When the contractual terms of the financial asset(s) received in an exchange transaction or upon modification are significantly different from the original financial asset, the Group derecognizes the original asset. In certain cases, such exchange or modification results from the financial distress of the original debtor, in which case an exchange or modification of financial assets may involve recognition of purchased or originated credit-impaired (POCI) financial instruments. POCI financial instruments are initially recognized at fair value with interest income subsequently being accrued based on a credit-adjusted effective interest rate. Changes in lifetime ECL since initial recognition are recognized in profit or loss within net capital gains/(losses) on investments.

If an exchange or modification does not result in derecognition of the financial asset held, any modification gain or loss is recorded in profit or loss within net capital gains/(losses) on investments. Furthermore, the SICR assessment is performed by comparing the current risk of default with the risk of default at initial recognition based on the original and unmodified contractual terms.

Defaulted and credit-impaired financial assets

The Group considers the financial asset as defaulted when one or a combination of events with detrimental impact on the estimated cash flows of the financial asset have occurred (i.e., an incurred credit loss event). The Group places emphasis on counterparty specific factors, such as significant financial difficulty, default or delinquency on interest or principal payments. In addition, the Group usually considers that default does not occur later than when a financial asset is 90 days past due. Nevertheless, for certain exposures, such as Swiss residential mortgage loans, historical evidence indicates there is no correlation between default and payments being more than 90 days past due, but such correlation can be identified, for example, when payments are more than 180 days past due. Therefore, these latter exposures are considered defaulted when payment is overdue for more than 180 days. If one or more default events have occurred, the Group considers the financial assets as credit impaired and recognizes individual credit impairment directly as a reduction of the gross carrying amount. In the rare case of default on mortgage loans, the Group may enter forbearance measures, including temporary postponement of contractual payments, to enable the recovery of the mortgage loan.

Financial assets and the related credit impairment allowances are partially or fully written off when the Group has no reasonable expectations of recovering the financial asset in its entirety or a portion thereof. The write-offs represent partial or full derecognition events.

f) Derivative financial instruments and hedge accounting

Derivative financial instruments are used by the Group to economically hedge risks. Derivative financial instruments are carried at fair value. The changes in fair value of derivative financial instruments are recognized in profit or loss, except where such derivative financial instruments are designated under a qualifying cash flow or net investment hedge relationship.

Derivative financial instruments that qualify for hedge accounting

In limited circumstances, derivative financial instruments are designated as hedging instruments for accounting purposes in:

―	Fair value hedges, which are hedges of the exposure to changes in the fair value of a recognized asset or liability;
―	Cash flow hedges, which are hedges of the exposure to variability in cash flows attributable to a particular risk either associated with a recognized asset or liability, or a highly probable forecast transaction that could affect profit or loss; or
―	Net investment hedges, which are hedges of a net investment in a foreign operation.

All hedge relationships are formally documented, including the risk management objectives and strategy for undertaking the hedge, the identification of the hedging instrument, the hedged item, the nature of the risk being hedged, and how the hedge effectiveness assessment is made, including the analysis or sources of hedge ineffectiveness and description of how the hedge ratio is determined. Differences in critical terms, the effect of credit risk or differences in the time value of money could be sources of ineffectiveness. To a limited extent, ineffectiveness may also arise from the currency basis spread of cross-currency swaps, or from the forward elements of forward contracts, if these are not excluded from the hedge designation.

At inception of a hedge, the hedge relationship is formally assessed to determine whether the hedging instruments are expected to be highly effective in offsetting changes in fair values or cash flows of hedged items attributable to the hedged risk. Subsequently, the hedge effectiveness is assessed on a quarterly basis (or upon a significant change in circumstances) on a forward-looking basis. Any ineffectiveness is recorded in profit or loss.

Hedge accounting is not discontinued on a voluntary basis as long as the risk management objective is still being pursued and other qualifying criteria are fulfilled. If the qualifying criteria for the application of hedge accounting are no longer met for the entire hedging instrument (or a part of it), the hedge relationship is discontinued prospectively, in which case the hedging instrument and the hedged item are then subsequently reported independently in accordance with the respective accounting policy.

The accounting treatment of qualifying hedge relationships is further described in note 6.

g) Goodwill and attorney-in-fact contracts (AIF)

Goodwill

Goodwill is recognized at the amount of the consideration transferred in a business combination in excess of the fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized but tested for impairment annually, or more frequently if there are indications that the amount of goodwill is not recoverable. For the purpose of impairment testing, goodwill is allocated to cash-generating units (CGUs) based on the level at which management monitors operations and makes decisions related to the continuation or disposal of assets and operations. The Group has defined the CGUs according to regions, separating P&C, Life businesses and other (see note 26). The CGUs which carry the majority of goodwill and AIF contracts are presented in table 3.1. If goodwill has been allocated to a CGU and an operation within that unit is disposed of, the carrying amount of the operation includes attributable goodwill when determining the gain or loss on disposal.

AIF contracts

The AIF contracts reflect the ability of the Group to generate future revenues through Farmers Group, Inc. (FGI) based on the FGI's relationship with the Farmers Exchanges. In determining that these contracts have an indefinite useful life, the Group took into consideration the organizational structure of inter-insurance exchanges, under which subscribers exchange contracts with each other and appoint an attorney-in-fact to provide non-claims services, and the historical AIF relationship between FGI and the Farmers Exchanges. The value of the AIF contracts is tested for impairment annually, or more frequently if there are indications that the carrying amount of AIF contracts is not recoverable.

The services provided by FGI under such contracts are non-claims services including risk selection, preparation and mailing of policy documents and invoices, premium collection, management of the investment portfolios and certain other administrative functions. The multiple performance obligations covered by the consideration received are considered to be a series with the same pattern of transfer; therefore, the performance obligations are not separated. The fee income for the services provided includes Farmers management fees, membership fees and revenues for ancillary services. Farmers management fees are determined as a percentage of gross premiums earned by the Farmers Exchanges and recognized ratably over the period the services are provided. Membership fees are one-time fees charged at the time of the policy issuance that do not cover a distinct performance obligation. Such fees are recognized as revenue over the expected life of the customer relationship. The revenue for ancillary services includes remuneration for services provided that are not covered by Farmers management fees where FGI acts as a principal. Typically, these services are provided over time, so that the revenue is also recognized over time. The incremental costs incurred in connection with the customer setup activity are recognized as an asset and subsequently amortized using the same pattern as the related revenue. Please see notes 10 and 25 for further information.

Critical accounting estimates and judgments

For goodwill impairment testing, the Group estimates the recoverable amount based on the value-in-use of the CGU.

Value-in-use is determined using the present value of estimated future cash flows expected to be generated from the CGU. Cash flow projections are based on business plan projections, which are approved by management, typically covering a three-year period or, if appropriate and adequately justified, a longer period, which may be necessary to more accurately represent the nature of the cash flows used to test goodwill recoverability. Cash flows beyond this period are extrapolated using, among other inputs, estimated perpetual growth rates, which typically do not exceed the expected inflation of the geographical areas in which the cash flows supporting the goodwill are generated. If cash flows are generated in different geographical areas with different expected inflation rates, weighted averages are used. The discount rates applied reflect the respective risk-free interest rate adjusted for the relevant risk factors to the extent they have not already been considered in the underlying cash flows.

The discount rates used in the recoverable amount calculations for developed markets are based on the weighted average cost of capital (WACC). For the cost of capital, the Group considers government bond rates, which are further adjusted for market risk premium, appropriate beta and leverage ratio. In emerging markets, instead of government bond rates, the Group uses a U.S. dollar discount rate, taking into account inflation differential expectations and country risks. All input factors to the discount rates are based on observable market data.

Table 3.1 sets out for the major CGUs the applied discount rates and the perpetual nominal growth rates beyond the projection period that depend on expectations about country-specific growth rates and inflation as of the date of valuation, as well as the value of goodwill and AIF contracts as of December 31, 2024 and 2023:

Table 3.1

Discount and perpetual growth rates for goodwill and AIF contracts for major CGUs

	Business	in USD millions	Discount rates in % 2024	Discount rates in % 2023	Perpetual nominal growth rate in % 2024	Perpetual nominal growth rate in % 2023
Farmers	Farmers	3,914	10.4	9.7	2.1	2.1
North America	P&C	350	10.0	9.4	2.1	2.1
Europe, Middle East & Africa	P&C	454	9.4	9.4	2.0	2.0
Europe, Middle East & Africa	Life	204	8.6	8.4	1.7	1.6
Asia Pacific	P&C	1,131	9.7	9.2	2.3	2.2
Asia Pacific	Life	1,022	9.2	9.0	2.1	1.9
Latin America	P&C	309	22.6	29.3	4.1	11.3
Latin America	Life	61	18.8	21.1	3.4	6.2

The recoverable amount of goodwill remains contingent on future cash flows and other assumptions, particularly discount rates and the perpetual growth rate. If the estimated future cash flows and other assumptions deviate significantly from the Group's current outlook, there is a risk that the goodwill is impaired.

Quantitative sensitivity tests have been performed for all CGUs by applying a reasonably possible change to each of the key assumptions to capture potential future variations in market conditions: a decrease in cash flows of up to 20 percent, an increase in the discount rate of 2.0 percentage points and a decrease in the perpetual growth rate of 2.0 percentage points. Under each individual scenario, reasonably possible changes in key assumptions did not impair goodwill and AIF contracts.

h) Other intangible assets

Other intangible assets typically have finite lives and are carried at cost, less accumulated amortization and impairments. Such assets are generally amortized using the straight-line method over their useful lives and reviewed for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

Distribution agreements

Distribution agreements may have useful lives extending up to 30 years, estimated based on the period of time over which they are expected to provide economic benefits, but for no longer than the contractual term, after taking into account all economic and legal factors such as stability of the industry, competitive position and the period of control over the assets.

Qualitative analyses have been performed on distribution agreements, typically comprising an analysis of the current financial performance and any change in the conditions in the agreement and environment that would indicate an impairment.

Software

Costs associated with research and maintenance of internally developed software are expensed as incurred. Costs incurred during the development phase are capitalized. Software under development is tested for impairment annually.

Acquired software licenses are capitalized on the basis of the costs incurred to acquire and bring the specific software into use.

The useful lives of software licenses and capitalized internal software development costs generally range from three to five years. In limited circumstances, capitalized software development costs may be amortized over a period of up to 10 years, taking into account the effects of obsolescence, technology, competition and other economic and legal factors. Changes in the expected useful life are recognized prospectively as changes in accounting estimates.

i) Employee benefits

Share-based compensation and cash incentive plans

The Group operates long-term incentive plans that are accounted for as equity-settled share-based compensation plans. The fair value of these incentive plans is determined at the grant date, taking into consideration non-vesting and market conditions, and is recognized as an expense in profit or loss over the vesting period, with a corresponding increase recorded in additional paid-in capital. Under the Group's long-term incentive plan (LTIP), the market condition is the position of the Group's relative 'Total Shareholder Return' (TSR) measured against an international peer group of insurance companies.

Subsequently, the Group may revise its estimates of the number of shares that are expected to be issued based on the expected fulfillment of the service and non-market conditions. Under the Group's LTIP, the non-market conditions, such as the average business operating profit after tax attributable to return on common shareholders' equity ('Core ROE', formerly 'BOPAT ROE'), and the cumulative net cash remittances, as well as an operational CO₂ e emissions reduction target, are aligned with the Group's financial and non-financial targets. The impact of the revision, if any, is recognized in profit or loss with a corresponding adjustment to additional paid-in capital. However, no subsequent adjustment is made after the vesting date.

Please see note 20 for further information regarding share-based compensation and cash incentive plans.

Post-employment benefits

The Group operates various post-employment benefit plans for its employees worldwide, which include defined benefit and defined contribution pension plans, and other post-employment benefits, such as medical care and life insurance.

Contributions to defined contribution plans are recorded as an expense in the period in which the economic benefit from the employees' service was received.

Defined benefit plan obligations and current service costs are determined by qualified actuaries using the projected unit credit method. The net defined benefit liability represents the present value of defined benefit obligation at the end of the reporting period less the fair value of plan assets with changes from remeasurements recorded in OCI. If the fair value of the plan assets is higher than the present value of the defined benefit obligation, the recognition of the resulting net asset is limited to the present value of any economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan (asset ceiling).

The Group's expense related to these plans is accrued over the employees' service periods based on the actuarially determined cost for the period. Net interest is determined by applying the discount rate to the net defined benefit liability or asset. Actuarial gains and losses and the effect of the asset ceiling are recognized in full in OCI in the period in which they occur. Past service costs, which result from plan amendments and curtailments, are recognized in profit or loss on the earlier of when the plan amendment or curtailment occurs (which is the date from which the plan change is irrevocable) and the date on which a constructive obligation arises. Settlement gains or losses are recognized in profit or loss when the settlement occurs.

Critical accounting estimates and judgments

In assessing the Group's liability for defined benefit plans and other post-employment plans, critical judgments include estimates of mortality rates, rates of employment turnover, disability, early retirement, discount rates, future salary and pension increases, and increases in long-term healthcare costs. Discount rates for significant plans are based on a yield curve approach. The Group sets the discount rate by creating a hypothetical portfolio of high-quality corporate bonds for which the timing and amount of cash flows approximate the estimated pay-outs of the defined benefit plan. These assumptions may differ from actual results due to changing economic conditions, higher or lower withdrawal rates, or longer or shorter life spans of participants. These differences may result in variability of pension income or expense recorded in future years. Please see note 19 for further information on employee benefits.

j) Leases

The Group is typically acting as a lessee in property, car or equipment leases. Furthermore, the Group is acting as a lessor in leases of investment property.

When acting as a lessee, the Group recognizes a right-of-use asset and a corresponding lease liability at the lease commencement date when the leased asset is available for use by the Group. The lease liability is measured at the present value of the lease payments due over the lease term, discounted using the Group's incremental borrowing rate. Any options to extend or terminate a lease that the Group is reasonably certain to exercise are included in the lease term. The right-of-use asset is initially recognized at an amount equal to the lease liability adjusted for lease prepayments made or lease incentives received, initial direct costs and any estimated costs to dismantle or restore the leased asset.

The right-of-use asset is depreciated over the shorter of the leased asset's useful life or the lease term on a straight-line basis. The right-of-use asset is included in property and equipment and disclosed separately in note 12. The carrying amount of the lease liability is increased to reflect the unwinding of the discount so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period and is reduced by the lease payments made during the period. Lease payments include fixed payments and variable payments that depend on a non-leveraged index or a rate. Lease liabilities are included within other liabilities.

The Group records short-term leases and leases of low-value assets as an expense on a straight-line basis over the lease term. Short-term leases are leases with a lease term of 12 months or less. Low-value assets include hardware and smaller office equipment. The lease expense is included in other expenses.

When acting as a lessor of investment property in an operating lease, the Group follows the accounting policy in paragraph e).

k) Current and deferred taxes

Current income taxes payables (receivables) are measured at the amount expected to be paid (recovered) in accordance with the rules established by the taxation authorities, using the tax rates and tax laws that are enacted or substantively enacted as of the reporting date.

Deferred tax assets are recognized if sufficient future taxable income, including income from the reversal of existing taxable temporary differences and available tax planning strategies, is available for realization. The utilization of deferred tax assets arising from temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and their tax bases depends on the generation of sufficient taxable profits in the period in which the underlying asset or liability is recovered or settled. If applicable tax law acknowledges different types of expenses to be tax deductible, deferred tax assets are only recognized if they give rise to deductions against the same type of taxable income. The utilization of deferred tax assets arising from unused tax losses or tax credits depends on the generation of sufficient taxable profits before the unused tax losses or tax credits expire.

Deferred tax liabilities are recognized for all taxable temporary differences unless they arise:

―	From the initial recognition of goodwill; or
―	An asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss and does not give rise to equal taxable and deductible temporary differences; or
―	Are associated with investments in subsidiaries, branches, associates and interest in joint ventures if the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Critical accounting estimates and judgments

As of each balance sheet date, management evaluates the recoverability of deferred tax assets and, if it is considered probable that all or a portion of the deferred tax asset will not be utilized, then a valuation allowance is recognized. Please see note 16 for further information on deferred taxes.

4. Acquisitions and divestments

Transactions in 2024

Acquisitions

AIG Travel

On December 2, 2024, the Group completed the acquisition of AIG's global personal travel insurance and assistance business (AIG Travel) for a cash consideration of USD 617 million, plus a contingent consideration with a fair value of USD 93 million as of the acquisition date. The AIG Travel business will be combined with the Group's existing travel insurance provider Cover-More Group and operate within the expanded corporate brand Zurich Cover-More. The acquisition includes access to the AIG Travel customers and distribution partners globally.

Kotak Mahindra General Insurance Company Limited

On November 2, 2023, the Group entered into a strategic alliance with Kotak Mahindra Bank Limited to acquire a majority stake in Kotak Mahindra General Insurance Company Limited. On June 18, 2024, after obtaining all the necessary approvals, the Group completed the acquisition of a 70 percent stake in Kotak Mahindra General Insurance Company Limited (subsequently renamed Zurich General Kotak Insurance Company (India) Limited) for a consideration of approximately USD 657 million, through a combination of capital injections and share purchases.

Table 4.1 shows the opening balance sheet as of the acquisition date, representing the fair value of tangible and intangible assets.

Kotak Mahindra General Insurance Company Limited balance sheet as of the acquisition date¹

Table 4.1

in USD millions, as of June 18, 2024	Total
Group investments	283
Reinsurance contract assets	28
Receivables and other assets	13
Deferred tax assets	12
Goodwill²	383
Intangible assets	173
Assets acquired	893
Liabilities for insurance contracts	231
Other liabilities	13
Deferred tax liabilities	52
Liabilities acquired	295
Net assets acquired including non-controlling interests	598
Non-controlling interest	(117)
Capital injection	176
Net assets acquired	657
Cash consideration	657

¹ Note the presentation of certain acquired assets and liabilities has been amended to align with Group accounting policies.

² Adjustments in the purchase price allocation subsequent to acquisition resulted in a reduction of goodwill of CHF 8 million, driven by additional deferred taxes and changes in the valuation of insurance liabilities.

Divestments

Held for sale

As of December 31, 2024, the total assets and liabilities classified as held for sale were USD 1.2 billion and USD 1.2 billion, respectively, as per transactions below.

Spain medical malpractice portfolio

On December 9, 2021, Zurich Insurance plc (now known as Zurich Insurance Europe AG) entered into an agreement to reinsure its legacy medical malpractice portfolio in Spain to RiverStone Insurance UK Limited ('Spain Medical Malpractice portfolio') and to transfer the Spain Medical Malpractice portfolio policies to RiverStone Insurance Ireland DAC. The transaction is subject to regulatory approval and is expected to be completed in 2025. As of December 31, 2024, assets and liabilities classified as held for sale were USD 59 million and USD 66 million, respectively.

UK Employers' liability portfolio

On December 14, 2018, Zurich Insurance plc (now known as Zurich Insurance Europe AG) entered into an agreement with Catalina Holdings (Bermuda) Ltd and certain of its subsidiaries to transfer a portfolio of pre-2007 United Kingdom legacy employers' liability policies to Catalina Worthing Insurance Limited ('UK Employers' Liability portfolio'), subject to regulatory and court approvals. With effect from January 1, 2023, the UK Employers' Liability portfolio was transferred to Zurich Insurance Company Ltd, UK Branch, under a Part VII transfer together with the rights and obligations of Zurich Insurance plc under the agreement. The transfer to Catalina Worthing Insurance Limited is expected to be completed in 2026. As of December 31, 2024, assets and liabilities classified as held for sale were USD 1.1 billion and USD 1.1 billion, respectively.

Divested

Zurich Chile Seguros de Vida S.A. annuity book

Other

Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft life book

On June 24, 2022, Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft agreed to sell its legacy traditional life insurance back book in Germany to Viridium Holding AG (Viridium), a leading specialist in the management of life insurance portfolios (run-off) in Germany. In preparation for the transfer, the portfolio was spun off in 2023 to Zurich Life Legacy Versicherung AG (Deutschland). In January 2024, the Group was informed that Viridium Group will not complete the purchase of Zurich Life Legacy Versicherung AG (Deutschland) in Germany as planned. The transaction would have included the transfer of approximately USD 20 billion of insurance contract liabilities and related investments, mainly related to annuity and endowment products underwritten more than five years ago, so that the respective assets and liabilities were classified as held for sale as of December 31, 2023. As of December 31, 2024, the criteria for held for sale were no longer met; therefore, assets and liabilities previously held for sale were reclassified to the individual balance sheet line items.

Transactions in 2023

Acquisitions

Agency brokerage network acquisition

On December 28, 2023, Farmers Group, Inc., a wholly owned subsidiary of the Group, acquired three brokerage entities (Kraft Lake Insurance Agency Inc., Western Star Insurance Services, Inc. and Farmers General Insurance Agency, Inc.) from the Farmers Exchanges, along with the flood servicing business of the Farmers Exchanges, for USD 760 million. The acquisition included access to the distribution networks of the Farmers Exchanges via an agency access agreement as well as the rights to renewal commissions on existing business.

Table 4.2 shows the opening balance sheet line items as of the acquisition date, representing the fair value of tangible and intangible assets.

Agency brokerage network balance sheet as of the acquisition date

Table 4.2

in USD millions, as of December 28, 2023	Total
Cash and cash equivalents	26
Receivables and other assets¹	159
Deferred tax assets	8
Goodwill	26
Other intangible assets	560
Assets acquired	780
Other liabilities	20
Liabilities acquired	20
Net assets acquired	760
Cash consideration	760

¹ Includes an asset for contingent consideration with a fair value of USD 149 million.

5. Group investments

Group investments are those for which the Group bears part or all of the investment risk. They include investments related to insurance and investment contracts other than unit-linked insurance and investment contracts where the investment risk is borne by the holders of such contracts. Net investment result on Group investments includes returns on investment-related cash, which is included in cash and cash equivalents in the audited consolidated balance sheets.

Net investment result on Group investments

Table 5.1

in USD millions, for the years ended December 31			Net capital gains/(losses)
	Net investment income		Change of ECL allowance		Other net capital gains/(losses)
	2024	2023	2024	2023	2024	2023
Investment-related cash	49	41	-	-	-	-
Equity securities at fair value through profit or loss	414	389	-	-	1,485	1,004
Debt securities:
Fair value through profit or loss¹	328	347	-	-	(62)	299
Fair value through comprehensive income	4,098	3,785	(3)	(31)	(378)	(1,202)
Amortized cost	173	182	(2)	(1)	-	(68)
Total debt securities	4,599	4,314	(5)	(32)	(440)	(970)
Investment property²	471	497	-	-	69	(674)
Mortgage loans at amortized cost	92	100	(2)	-	(1)	(2)
Other financial assets at amortized cost	280	250	-	(5)	61	(93)
Investments in associates and joint ventures	(3)	2	-	-	-	(10)
Derivative financial instruments	9	-	-	-	68	186
Investment result on Group investments, gross	5,911	5,593	(6)	(38)	1,242	(559)
Investment expenses on Group investments	(181)	(211)	-	-	-	-
Foreign currency gains/ (losses)	-	-	-	-	(153)	(99)
Investment result on Group investments, net	5,730	5,382	(6)	(38)	1,090	(658)

in USD millions, for the years ended December 31	Net investment result
	2024	2023
Investment-related cash	49	41
Equity securities at fair value through profit or loss	1,899	1,393
Debt securities:
Fair value through profit or loss¹	266	647
Fair value through comprehensive income	3,717	2,552
Amortized cost	172	114
Total debt securities	4,155	3,312
Investment property²	540	(177)
Mortgage loans at amortized cost	90	98
Other financial assets at amortized cost	341	151
Investments in associates and joint ventures	(3)	(9)
Derivative financial instruments	77	186
Investment result on Group investments, gross	7,148	4,996
Investment expenses on Group investments	(181)	(211)
Foreign currency gains/ (losses)	(153)	(99)
Investment result on Group investments, net	6,814	4,687

¹ Net capital gains/(losses) related to debt securities designated at fair value through profit and loss amounted to USD (55) million and USD 103 million for the years ended December 31, 2024 and 2023, respectively.

² Rental operating expenses for investment property amounted to USD (150) million and USD (143) million for the years ended December 31, 2024 and 2023, respectively.

Details of Group investments by classification category

Table 5.2

as of December 31	2024		2023
	USD millions	% of total	USD millions	% of total
Equity securities at fair value through profit or loss	14,182	9.3	13,217	9.4
Debt securities:
Fair value through profit or loss¹	8,146	5.3	8,390	6.0
Fair value through comprehensive income	105,878	69.4	92,965	65.9
Amortized cost	4,392	2.9	4,568	3.2
Total debt securities	118,415	77.6	105,924	75.1
Investment property	11,734	7.7	13,684	9.7
Mortgage loans at amortized cost	4,047	2.7	4,324	3.1
Other financial assets at amortized cost	4,039	2.6	3,682	2.6
Investments in associates and joint ventures	146	0.1	135	0.1
Total Group investments	152,562	100.0	140,966	100.0

¹ Includes debt securities designated at fair value through profit and loss of USD 3.8 billion and USD 3.9 billion as of December 31, 2024 and 2023, respectively.

Investments with a carrying value of USD 5.3 billion and USD 5.5 billion were held to meet local regulatory requirements as of December 31, 2024 and 2023, respectively.

Debt securities maturity analysis

Table 5.3

in USD millions, as of December 31	Fair value through profit or loss		Fair value through OCI		Amortized cost
	2024	2023	2024	2023	2024	2023
Bonds and corporate securities:
< 1 year	395	340	9,700	9,438	415	121
1 to 5 years	1,362	1,462	34,577	32,605	1,579	1,795
5 to 10 years	1,665	1,709	23,271	19,636	1,109	1,180
> 10 years	3,208	3,300	29,075	21,228	1,289	1,472
Subtotal	6,631	6,811	96,623	82,908	4,392	4,568
Mortgage and asset-backed securities:
< 1 year	4	1	19	9	-	-
1 to 5 years	216	225	813	1,087	-	-
5 to 10 years	161	183	1,848	2,672	-	-
> 10 years	1,134	1,171	6,575	6,289	-	-
Subtotal	1,515	1,579	9,255	10,057	-	-
Total	8,146	8,390	105,878	92,965	4,392	4,568

in USD millions, as of December 31	Total 2024	Total 2023
Bonds and corporate securities:
< 1 year	10,510	9,899
1 to 5 years	37,518	35,863
5 to 10 years	26,045	22,525
> 10 years	33,572	26,000
Subtotal	107,646	94,287
Mortgage and asset-backed securities:
< 1 year	24	10
1 to 5 years	1,028	1,312
5 to 10 years	2,009	2,855
> 10 years	7,708	7,459
Subtotal	10,770	11,636
Total	118,415	105,924

The analysis in table 5.3 is provided by contractual maturity. Actual maturities may differ from contractual maturities because certain borrowers have the right to call or prepay certain obligations with or without call or prepayment penalties.

Investment property

Table 5.4

in USD millions	Total
	2024	2023
Carrying value as of January 1	13,684	14,798
Additions and capital improvements	280	187
Acquisitions/(divestments)	-	(360)
Disposals	(1,019)	(832)
Market value revaluation¹	(131)	(874)
Transfer from/(to) assets held for own use	-	-
Transfer (to) assets held for sale	(320)	-
Foreign currency translation effects²	(759)	764
As of December 31	11,734	13,684

¹ In 2023, decrease was mainly driven by revaluation impacts on real estate in Germany and United States. The fair value decrease is driven by the commercial real estate market.

² In 2024, the decrease was mainly driven by foreign exchange-related impacts on real estate in Germany and Switzerland as the U.S. dollar strengthened against the Euro and Swiss franc. In 2023, the increase was mainly driven by foreign exchange-related impacts on real estate in Germany and Switzerland as the U.S. dollar weakened against the Euro and Swiss franc.

Investment property consists of investments in commercial, residential and mixed-use properties primarily located in Germany, U.S. and Switzerland.

Net changes on financial assets and (re-)insurance contracts included in other comprehensive income¹

Table 5.5

in USD millions, as of December 31	Total
	2024	2023
Debt securities:
Fair value through comprehensive income	(4,531)	(4,373)
ECL allowance on fair value through comprehensive income	83	81
Total debt securities	(4,448)	(4,292)
Other²	(4)	(16)
Total net unrealized gains/(losses) on financial assets	(4,452)	(4,307)
Less other amounts recognized in other comprehensive income attributable to:
Net change in discount rate for (re-)insurance contracts	4,372	4,291
Net change in fair value of underlying items through OCI	1,158	1,053
Total	1,078	1,037

¹ Changes in financial assets and (re-)insurance contracts included in other comprehensive income are presented net of tax and non-controlling interests.

² Net unrealized gains/(losses) on financial assets include net losses recorded in the cash flow hedge reserve of USD (4) million and USD (21) million as of December 31, 2024 and 2023, respectively.

Repurchase agreements and reverse repurchase agreements

Table 5.6

in USD millions, as of December 31	Total
	2024	2023
Repurchase agreements
Securities sold under repurchase agreements¹	1,129	802
Obligations to repurchase securities	1,123	796
Reverse repurchase agreements
Securities purchased under reverse repurchase agreements²	2,663	1,729
Receivables under reverse repurchase agreements	2,662	1,716

¹ Non-cash collateral pledged on repurchase agreements amounted to USD 1.1 billion and USD 802 million as of December 31, 2024 and 2023, respectively. The Group's counterparties had the right to sell or repledge, in the absence of default, assets pledged as collateral with a fair value of USD 32 million and USD 0 million as of December 31, 2024 and 2023. The majority of these assets were debt securities.

² Non-cash collateral held on reverse repurchase agreements amounted to USD 2.7 billion and USD 1.7 billion as of December 31, 2024 and 2023, respectively. The Group had the right to sell or repledge, in the absence of default by its counterparties, securities received as collateral with a fair value of USD 146 million and USD 147 million as of December 31, 2024 and 2023, respectively.

Under the terms of securities lending or repurchase agreements, the Group retains substantially all the risks and rewards of ownership of the transferred securities, and also retains contractual rights to the cash flows from these securities. These securities are therefore not derecognized from the Group's balance sheet. Cash received as collateral is recorded as an asset, and a corresponding liability is established. Interest expense is charged to profit or loss using the effective interest rate method over the life of the agreement. Securities lending was nil in 2024 and 2023.

Under a reverse repurchase agreement, the securities received are not recognized on the balance sheet, as long as the risk and rewards of ownership have not been transferred to the Group. The cash delivered by the Group is derecognized and a corresponding receivable is recorded within receivables and other assets. Interest income is recognized in profit or loss using the effective interest rate method over the life of the agreement.

6. Group derivative financial instruments and hedge accounting

The Group uses derivative financial instruments mainly for economic hedging purposes to mitigate risks. Such risks result from changes in interest rates, equity prices and exchange rates. Derivative financial instruments with a positive fair value are reported in receivables and other assets (please see note 14) and those with a negative fair value are reported in other liabilities (please see note 15).

Table 6.1 shows the fair value and notional amounts for all group derivatives as of December 31, 2024 and 2023, separated by risks. While these notional amounts express the extent of the Group's involvement in derivative transactions, they do not, however, represent the amounts at risk.

Maturity analysis of notional amounts and fair values of Group derivative financial instruments

Table 6.1

in USD millions, as of December 31				2024
	Maturity by notional amount
	< 1 year	1 to 5 years	> 5 years	Notional amounts	Positive fair values	Negative fair values
Interest rate contracts¹	2,851	5,056	2,317	10,225	553	(643)
Equity contracts	1,410	317	772	2,499	68	(8)
Foreign exchange contracts	18,972	480	213	19,665	264	(190)
Total Group derivative financial instruments	23,233	5,854	3,302	32,389	885	(840)
Thereof exchange-traded²	165	-	-	165	3	(1)
Thereof OTC (over the counter)	23,068	5,854	3,302	32,224	882	(839)

in USD millions, as of December 31	2023
	Notional amounts	Positive fair values	Negative fair values
Interest rate contracts¹	13,402	540	(756)
Equity contracts	2,185	55	(21)
Foreign exchange contracts	21,239	352	(475)
Total Group derivative financial instruments	36,825	947	(1,252)
Thereof exchange-traded²	265	1	(9)
Thereof OTC (over the counter)	36,561	945	(1,243)

¹ Include USD 1.8 billion and USD 1.7 billion notional related to derivatives which are centrally cleared as of December 31, 2024 and 2023, respectively. Please note that derivatives centrally cleared that are not designated under a qualifying hedge accounting relationship are presented net of corresponding variation margin payments under 'Amounts due from investment brokers' (see note 14) and 'Amounts due to investment brokers' (see note 15) as of December 31, 2024 and 2023, respectively.

² Please note prior year figures for Nominal Amounts and related Negative fair values have been updated.

Interest rate contracts

Interest rate contracts are used to hedge risks from changes in interest rates and to manage asset-liability mismatches. Whenever possible, the Group enters into exchange-traded and centrally cleared contracts, which are standardized and regulated. Furthermore, because of the structure of the exchanges and central clearing houses, exchange-traded and centrally cleared contracts do not carry material counterparty risk. Over-the-counter (OTC) contracts are otherwise entered into and consist of forward contracts, swaps and swaptions.

Equity contracts

Equity contracts are entered into, either on a portfolio or on a macro level, to protect the fair value of equity investments against a decline in equity market prices or to manage the risk return profile of equity exposures. Short positions are always covered and sometimes used to mitigate hedging costs.

Foreign exchange contracts

Swaps and forward contracts are used to hedge the Group's foreign currency exposures and to manage balance sheet mismatches.

Credit contracts

The Group may from time to time enter into credit contracts. Credit contracts are credit default swaps entered into, either on a portfolio or on a macro level, to limit market risks arising from the investment portfolios against a change in credit spreads or to manage the risk return profile of the credit exposures. As of December 31, 2024, the Group does not hold credit default swaps.

Derivative financial instruments applying hedge accounting

Under certain conditions, derivative financial instruments meet the requirements of an effective hedge for accounting purposes. Where this is the case, hedge accounting may be applied. Financial information for these instruments is set out in table 6.2.

Notional and fair values of Group hedge accounting derivative financial instruments

Table 6.2

in USD millions, as of December 31	2024			2023
	Notional principal amounts	Positive fair values	Negative fair values	Notional principal amounts	Positive fair values	Negative fair values
Fair value hedge:
Interest rate contracts¹	415	12	(11)	1,526	17	(18)
Total fair value hedges	415	12	(11)	1,526	17	(18)
Cash flow hedge:
Interest rate contracts	13	5	(5)	13	6	(5)
Foreign currency contracts	371	28	(64)	857	24	(77)
Total cash flow hedges	384	33	(68)	870	30	(82)
Net investment hedge:
Foreign currency contracts	1,891	-	(23)	1,814	61	-
Total net investment hedges	1,891	-	(23)	1,814	61	-

¹ Fair value hedge include USD 415 million and USD 763 million of notional related to derivatives which are centrally cleared as of December 31, 2024 and 2023, respectively.

Fair value hedges

The Group enters into fair value hedge relationships consisting of interest rate swaps to protect the Group from interest rate exposure arising from certain debt securities.

Changes in the fair value of the derivative financial instruments designated as fair value hedges and changes in the fair value of the hedged item in relation to the risk being hedged are both recognized in income. The critical terms of the designated derivatives closely match the terms of the hedge items, so that the hedges are highly effective.

Table 6.3 sets out gains and losses arising from fair value hedges:

Gains/(losses) arising from fair value hedges

Table 6.3

in USD millions, for the years ended December 31	2024	2023
Gains/(losses)
on hedging instruments¹	2	(31)
on hedged items attributable to the hedged risk	(2)	31

¹ Excluding current interest income, which is recognized as an offset on the same line as the interest expense of the hedged debt securities.

Cash flow hedges

The Group uses interest rate swaps and cross-currency swaps for cash flow hedging to protect against the exposure to variability of cash flows attributable to interest rate and currency risk arising predominantly from debt securities. The hedging instrument is measured at fair value, with the effective portion of changes in its fair value recognized in OCI. The effective portion is reclassified to profit or loss in the same period or periods in which the hedged cash flows affect profit or loss.

The net change of losses deferred in OCI on derivative financial instruments designated as cash flow hedges was USD (5) million and USD (5) million before tax for the years ended December 31, 2024, and 2023, respectively.

The Group recognized hedging gains/(losses) for interest rate risk of USD (12) million and USD 1 million in the consolidated income statements within net investment income on Group investments for the years ended December 31, 2024, and 2023, respectively. The Group also recognized net hedging gains/(losses) for currency risk of USD (1) million and USD 12 million within other net capital gains/(losses) on Group investments for the years ended December 31, 2024, and 2023, respectively, as an offset to the foreign currency revaluation on the underlying hedged items.

Ineffectiveness of cash flow hedges of USD 0.4 million and USD 0 million was recognized in net capital gains/(losses) for the years ended December 31, 2024 and 2023, respectively.

Net investment hedges

The Group applies net investment hedge accounting to protect against the effects of changes in exchange rates in its net investments in foreign operations.

The Group has designated certain foreign exchange forwards and swaps and debt issuances as hedging instruments in net investment hedges.

Measurement of hedge effectiveness is based on changes in spot foreign exchange rates. Gains and losses on the designated hedging derivative and non-derivative financial instruments related to the effective portion of the hedge are recognized in OCI as cumulative foreign currency translation together with the translation gains and losses on the hedged net investment. The accumulated gains and losses in OCI are reclassified to income on disposal or partial disposal of the foreign operation.

The Group has designated certain debt issuances as hedging instruments on a non-derivative net investment hedge relationship. The notional amount of these financial instruments was USD 10 billion and USD 10 billion for the years ended December 31, 2024 and 2023, respectively. Information on debt issuances designated as hedging instruments in a net investment hedge relationship is set out in note 17.

The net change of gains/(losses) deferred in OCI related to net investment hedges were USD (567) million and USD 915 million before tax for the years ended December 31, 2024 and 2023, respectively.

Ineffectiveness of net investment hedges of USD 1 million and USD 0 million was recognized in foreign currency translation within other net capital gains/(losses) on Group investments for the years ended December 31, 2024 and 2023, respectively.

Offsetting of derivative financial assets and liabilities

Table 6.4 shows the net asset and liability position of Group derivative financial instruments subject to enforceable master netting arrangements and collateral agreements. Master netting arrangements are used by the Group to provide protection against loss in the event of bankruptcy or other circumstances that result in a counterparty being unable to meet its obligations. These arrangements commonly create a right of offset that becomes enforceable and affects the realization or settlement of individual financial assets and financial liabilities only following a specified event of default or other circumstances which would not be expected to arise in the normal course of business.

Group derivative financial instruments subject to enforceable master netting arrangements and collateral agreements

Table 6.4

in USD millions, as of December 31	Derivative assets		Derivative liabilities
	2024	2023	2024	2023
Netting recognized on the balance sheet
Gross amounts of financial assets and liabilities¹	885	949	(870)	(1,257)
Cash collateral (received)/pledged that are set off²	-	-	29	3
Net amount recognized as presented in the balance sheet	885	949	(841)	(1,254)
Netting potential not recognized on the balance sheet³
Related amounts not offset	(132)	(151)	105	164
Cash collateral (received)/pledged²	(751)	(729)	236	496
Non-cash collateral (received)/pledged	(3)	(2)	499	543
Net amount⁴	-	67	-	(51)

¹ Includes USD 1.2 million and USD 3.4 million of derivative assets and USD 29.7 million and USD 4.7 million of derivative liabilities centrally cleared before netting against variation margin as of December 31, 2024 and 2023, respectively.

² Includes USD 29.3 million and USD 2.9 million of cash collateral for derivative liabilities centrally cleared through central counterparty (CCP) as of December 31, 2024 and 2023, respectively. There was no cash collateral for derivative assets centrally cleared in 2024 and 2023.

³ For the purpose of this disclosure, the amounts of financial instruments and cash and non-cash collateral are limited to the net amount of financial assets presented on the balance sheet; i.e., any over-collateralization is not reflected.

⁴ Includes USD 0.8 million and USD 1.6 million of total potential exposure to centrally cleared derivatives as of December 31, 2024 and 2023, respectively.

7. Insurance and reinsurance contracts

Insurance and reinsurance contracts presented within this note include (re-)insurance contracts issued, including investment contracts with discretionary participation features and reinsurance contracts held.

Portfolios of (re-)insurance contracts issued are presented separately from portfolios of reinsurance contracts held. Portfolios of (re-)insurance contracts issued are presented within insurance contract liabilities, unless such portfolios are in a net asset position, in which case they are reclassified and presented as insurance contract assets. Similarly, portfolios of reinsurance contracts held are presented within reinsurance contract assets, unless such portfolios are in a net liability position, in which case they are reclassified and presented as reinsurance contract liabilities.

Unless specifically indicated, the disclosures within this note exclude the impacts of hyperinflation and are presented separately for groups of (re-)insurance contracts issued and reinsurance contracts held depending on the measurement model (please see note 3 for further details):

―	Simplified or premium allocation approach (PAA) - for short-term (re-)insurance contracts issued and reinsurance contracts held that are eligible for PAA;
―	General model (BBA) - for non-participating and indirect participating (re-)insurance contracts issued and reinsurance contracts held; and
―	Variable fee approach (VFA) - for direct participating insurance contracts issued.

A summary of key financial figures for (re-)insurance contracts issued and reinsurance contracts held are shown in table 7.1a by asset and liability positions and by measurement model applied:

Overview of insurance contracts issued and reinsurance contracts held

Table 7.1a

in USD millions, as of December 31	2024				2023
	Measured under PAA	Measured under BBA	Measured under VFA	Total	Measured under PAA	Measured under BBA
Insurance contract assets	-	(759)	(10)	(768)	-	(571)
Insurance contract liabilities	65,850	26,410	138,220	230,479	65,694	27,672
Insurance contract (assets)/liabilities	65,850	25,651	138,210	229,711	65,694	27,101
Reinsurance contract assets	(13,798)	(7,652)	-	(21,450)	(13,903)	(8,039)
Reinsurance contract liabilities	-	437	-	437	-	504
Reinsurance contract (assets)/liabilities	(13,798)	(7,215)	-	(21,013)	(13,903)	(7,535)

in USD millions, as of December 31	2023
	Measured under VFA	Total
Insurance contract assets	(9)	(580)
Insurance contract liabilities	123,596	216,962
Insurance contract (assets)/liabilities	123,587	216,381
Reinsurance contract assets	-	(21,942)
Reinsurance contract liabilities	-	504
Reinsurance contract (assets)/liabilities	-	(21,438)

For (re-)insurance contracts accounted for under PAA, the increase of USD 262 million for the year ended December 31, 2024 is driven primarily by an increase in the LIC of USD 767 million due to growth in business and reduction in the discount impact, partially offset by net favorable reserve development emerged from reserves established in prior years amounting to USD 541 million, mainly related to the release of risk adjustment and underlying favorable run-off. The increase in the LIC is offset by the decrease in the LRC of USD 576 million due to a higher earning of the premium and currency movements.

For insurance contracts accounted for under BBA, the decrease of USD 1.5 billion for the year ended December 31, 2024 is driven primarily by the USD 1.2 billion released to the insurance service result for services provided during the period and USD 1.3 billion decrease due to FX movements partially offset by the USD 659 million increase from net cash inflows.

For insurance contracts accounted for under VFA, the increase of USD 14.6 billion for the year ended December 31, 2024 was mainly due to the reversal of the amounts previously held for sale regarding the legacy traditional life insurance book of Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft (see note 4) as well as the positive performance of underlying assets, partially offset by the decrease due to FX movements.

For reinsurance contracts accounted for under BBA, the decrease of USD 319 million for the year ended December 31, 2024 was primarily driven by the USD 324 million released to the reinsurance service result for services received during the period and USD 177 million decrease due to FX movements partially offset by the USD 232 million increase from finance expenses and USD 36 million of net cash outflows.

Overview of CSM

Table 7.1b

in USD millions, as of December 31	2024			2023
	Measured under BBA	Measured under VFA	Total	Measured under BBA	Measured under VFA	Total
CSM included in insurance contract assets	1,022	24	1,046	590	39	629
CSM included in insurance contract liabilities	6,117	9,738	15,855	6,825	9,283	16,108
CSM included in insurance contract (assets)/liabilities	7,138	9,762	16,901	7,415	9,322	16,737
CSM included in reinsurance contract assets	(2,646)	-	(2,646)	(2,802)	-	(2,802)
CSM included in reinsurance contract liabilities	(1,201)	-	(1,201)	(1,428)	-	(1,428)
CSM included in reinsurance contract (assets)/liabilities	(3,848)	-	(3,848)	(4,230)	-	(4,230)

Reconciliation of insurance contracts issued, measured under PAA - current period

Table 7.2a

in USD millions	Liability for remaining coverage		Liability for incurred claims
	Excluding loss component	Loss component	Estimate of the present value of future cash flows	Risk adjustment	Assets for insurance acquisition cash flows	Total
Insurance contract liabilities, as of January 1, 2024	9,595	259	55,176	1,310	(645)	65,694
Insurance contract assets, as of January 1, 2024	-	-	-	-	-	-
Net insurance contracts as of January 1, 2024	9,595	259	55,176	1,310	(645)	65,694
Insurance revenue	(49,128)	-	-	-	-	(49,128)
Insurance service expenses
Incurred claims and other incurred insurance service expenses	-	-	35,487	443	-	35,929
Amortization of insurance acquisition cash flows	7,481	-	-	-	-	7,481
Changes that relate to past service	-	-	(532)	(427)	-	(959)
Losses and reversal of losses on onerous contracts	-	25	-	-	-	25
Impairment and reversal of impairment of assets for insurance acquisition cash flows	-	-	-	-	5	5
Insurance service expenses	7,481	25	34,954	16	5	42,481
Total gross insurance service result	(41,647)	25	34,954	16	5	(6,647)
Cash in/(out)flows in the period
Premiums received	50,057	-	-	-	-	50,057
Insurance acquisition cash flows	(7,794)	-	-	-	(321)	(8,115)
Claims and other insurance service expenses paid, including investment components	-	-	(35,228)	-	-	(35,228)
Net cash inflows/(outflows)	42,263	-	(35,228)	-	(321)	6,714
Allocation from assets for insurance acquisition cash flows to insurance contracts	(314)	-	-	-	314	-
Investment components	(385)	-	385	-	-	-
Insurance finance (income)/expense recognized in P&L	129	-	1,506	36	-	1,671
Insurance finance (income)/expense recognized in OCI	-	-	157	5	-	162
Acquisitions/(divestments) and transfers¹	126	7	205	2	(1)	340
Foreign currency translation effects	(430)	(15)	(1,723)	(41)	75	(2,134)
Other changes²	(43)	-	89	4	1	51
Total changes not related to provision of insurance service	(916)	(7)	618	6	389	90
Insurance contract liabilities, as of December 31, 2024	9,294	276	55,520	1,332	(572)	65,850
Insurance contract assets, as of December 31, 2024	-	-	-	-	-	-
Net insurance contracts as of December 31, 2024	9,294	276	55,520	1,332	(572)	65,850

¹ In 2024, the increase relates to the acquisition of Kotak Mahindra General Insurance Company Limited (see note 4).

² Other changes are mainly driven by short-term life portfolio reclassification from BBA to PAA measurement model as well as hyperinflation adjustments.

Reconciliation of insurance contracts issued, measured under PAA - prior period

Table 7.2b

in USD millions	Liability for remaining coverage		Liability for incurred claims
	Excluding loss component	Loss component	Estimate of the present value of future cash flows	Risk adjustment	Assets for insurance acquisition cash flows	Total
Insurance contract liabilities, as of January 1, 2023	8,658	334	51,890	1,453	(542)	61,793
Insurance contract assets, as of January 1, 2023	-	-	-	-	-	-
Net insurance contracts as of January 1, 2023	8,658	334	51,890	1,453	(542)	61,793
Insurance revenue	(45,950)	-	-	-	-	(45,950)
Insurance service expenses
Incurred claims and other incurred insurance service expenses	-	-	33,357	398	-	33,755
Amortization of insurance acquisition cash flows	6,703	-	-	-	-	6,703
Changes that relate to past service	-	-	(36)	(635)	-	(671)
Losses and reversal of losses on onerous contracts	-	(89)	-	-	-	(89)
Impairment and reversal of impairment of assets for insurance acquisition cash flows	-	-	-	-	(19)	(19)
Insurance service expenses	6,703	(89)	33,321	(237)	(19)	39,679
Total gross insurance service result	(39,247)	(89)	33,321	(237)	(19)	(6,272)
Cash in/outflows in the period
Premiums received	47,593	-	-	-	-	47,593
Insurance acquisition cash flows	(7,086)	-	-	-	(326)	(7,412)
Claims and other insurance service expenses paid, including investment components	-	-	(33,636)	-	-	(33,636)
Net cash inflows/(outflows)	40,507	-	(33,636)	-	(326)	6,545
Allocation from assets for insurance acquisition cash flows to insurance contracts	(288)	-	-	-	288	-
Investment components	(324)	-	324	-	-	-
Insurance finance (income)/expense recognized in P&L	92	-	1,138	29	-	1,258
Insurance finance (income)/expense recognized in OCI	-	-	1,318	44	-	1,362
Acquisitions/(divestments) and transfers	1	-	27	-	-	28
Foreign currency translation effects	254	13	1,045	22	(45)	1,288
Other changes¹	(60)	1	(250)	(1)	-	(309)
Total changes not related to provision of insurance service	(324)	14	3,601	94	243	3,627
Insurance contract liabilities, as of December 31, 2023	9,595	259	55,176	1,310	(645)	65,694
Insurance contract assets, as of December 31, 2023	-	-	-	-	-	-
Net insurance contracts as of December 31, 2023	9,595	259	55,176	1,310	(645)	65,694

¹ Other changes mainly driven by non-recurring IFRS 9 balance sheet transition adjustments, hyperinflation adjustments and U.S. reclassification of deductible receivables to insurance contract liabilities.

Reconciliation of reinsurance contracts held, measured under PAA - current period

Table 7.3a

in USD millions	Assets for remaining coverage		Assets for incurred claims
	Excluding lossrecovery component	Loss recovery component	Estimate of the present value of the future cash flows	Risk adjustment	Total
Reinsurance contract assets, as of January 1, 2024	1,749	12	11,868	275	13,903
Reinsurance contract liabilities, as of January 1, 2024	-	-	-	-	-
Net reinsurance contracts as of January 1, 2024	1,749	12	11,868	275	13,903
Reinsurance premiums	(8,484)	-	-	-	(8,484)
Amounts recovered from reinsurance
Recoveries of incurred claims and other insurance service expenses	-	-	5,956	95	6,051
Changes to recoveries of incurred claims that relate to past service	-	-	(310)	(109)	(418)
Changes that relate to onerous underlying contracts	-	18	-	-	18
Changes that relate to future services¹	127	-	-	-	127
Amounts recovered from reinsurance	127	18	5,646	(14)	5,777
Total reinsurance service result	(8,357)	18	5,646	(14)	(2,707)
Cash (in)/outflows in the period
Reinsurance premiums paid	8,581	-	-	-	8,581
Amounts received under reinsurance contracts held, including investment components	-	-	(6,325)	-	(6,325)
Net cash (inflows)/outflows	8,581	-	(6,325)	-	2,256
Reinsurance investment components	(1)	-	1	-	-
Effect of changes in the risk of non-performance of reinsurers	-	-	11	-	11
Reinsurance finance income/(expense) recognized in P&L	50	-	354	9	413
Reinsurance finance income/(expense) recognized in OCI	1	-	17	1	18
Acquisitions/(divestments) and transfers²	36	3	98	1	137
Foreign currency translation effects	(18)	(1)	(179)	(4)	(202)
Other changes	(16)	-	(15)	-	(32)
Total changes not related to provision of reinsurance services	52	2	287	5	346
Reinsurance contract assets, as of December 31, 2024	2,025	31	11,475	267	13,798
Reinsurance contract liabilities, as of December 31, 2024	-	-	-	-	-
Net reinsurance contracts as of December 31, 2024	2,025	31	11,475	267	13,798

¹ Increase in retroactive reinsurance recoveries reflecting the adverse gross movements.

Reconciliation of reinsurance contracts held, measured under PAA - prior period

Table 7.3b

in USD millions	Assets for remaining coverage		Assets for incurred claims
	Excluding loss-recovery component	Loss recovery component	Estimate of the present value of the future cash flows	Risk adjustment	Total
Reinsurance contract assets, as of January 1, 2023	1,773	16	10,909	290	12,988
Reinsurance contract liabilities, as of January 1, 2023	-	-	-	-	-
Net reinsurance contracts as of January 1, 2023	1,773	16	10,909	290	12,988
Reinsurance premiums	(7,886)	-	-	-	(7,886)
Amounts recovered from reinsurance
Recoveries of incurred claims and other insurance service expenses	-	-	5,120	96	5,216
Changes to recoveries of incurred claims that relate to past service	-	-	110	(127)	(17)
Changes that relate to onerous underlying contracts	-	(5)	-	-	(5)
Changes that relate to future services	1	-	-	-	1
Amounts recovered from reinsurance	1	(5)	5,231	(31)	5,196
Total reinsurance service result	(7,885)	(5)	5,231	(31)	(2,690)
Cash (in)/outflows in the period
Reinsurance premiums paid	7,740	-	-	-	7,740
Amounts received under reinsurance contracts held, including investment components	-	-	(4,946)	-	(4,946)
Net cash (inflows)/outflows	7,740	-	(4,946)	-	2,794
Reinsurance finance income/(expense) recognized in P&L	51	-	282	7	340
Reinsurance finance income/(expense) recognized in OCI	5	-	247	9	260
Acquisitions/(divestments) and transfers	3	-	12	-	15
Foreign currency translation effects	43	-	134	2	178
Other changes	19	-	(1)	(1)	17
Total changes not related to provision of reinsurance services	121	-	674	16	811
Reinsurance contract assets, as of December 31, 2023	1,749	12	11,868	275	13,903
Reinsurance contract liabilities, as of December 31, 2023	-	-	-	-	-
Net reinsurance contracts as of December 31, 2023	1,749	12	11,868	275	13,903

Development of insurance losses, measured under the PAA, net

Table 7.4

in USD millions, as of December 31	2015	2016	2017	2018	2019	2020
Undiscounted liabilities for incurred claims, net of reinsurance	53,739	52,458	55,623	50,627	48,223	50,094
Effects of discounting
Effect of the risk adjustment for non-financial risk
Total liabilities for incurred claims, net of reinsurance	53,739	52,458	55,623	50,627	48,223	50,094
Cumulative claims paid, net of reinsurance:
One year later	(11,690)	(10,994)	(11,586)	(10,831)	(9,921)	(9,756)
Two years later	(18,562)	(17,808)	(18,277)	(16,727)	(15,594)	(15,858)
Three years later	(23,590)	(22,540)	(22,606)	(20,805)	(20,285)	(20,732)
Four years later	(27,106)	(25,764)	(25,662)	(24,348)	(24,188)	(24,600)
Five years later	(29,569)	(28,012)	(28,222)	(27,439)	(27,180)
Six years later	(31,167)	(29,902)	(30,599)	(29,847)
Seven years later	(32,588)	(31,729)	(32,453)
Eight years later	(34,054)	(33,262)
Nine years later	(35,299)
Undiscounted liabilities for incurred claims re-estimated, net of reinsurance:
One year later	53,260	52,131	54,949	50,044	47,815	49,494
Two years later	52,633	51,415	54,108	49,197	47,150	49,247
Three years later	52,073	50,462	53,251	48,610	47,021	49,204
Four years later	51,337	49,538	52,597	48,180	47,086	49,149
Five years later	50,482	48,971	52,040	48,158	47,030
Six years later	50,076	48,418	51,885	48,083
Seven years later	49,712	48,275	51,855
Eight years later	49,596	48,333
Nine years later	49,668

in USD millions, as of December 31	2021	2022	2023	2024
Undiscounted liabilities for incurred claims, net of reinsurance	50,031	50,091	53,259	52,959
Effects of discounting		(9,110)	(9,951)	(8,915)
Effect of the risk adjustment for non-financial risk		1,163	1,035	1,066
Total liabilities for incurred claims, net of reinsurance	50,031	42,143	44,343	45,110
Cumulative claims paid, net of reinsurance:
One year later	(10,592)	(11,665)	(12,843)
Two years later	(16,995)	(18,649)
Three years later	(21,980)
Four years later
Five years later
Six years later
Seven years later
Eight years later
Nine years later
Undiscounted liabilities for incurred claims re-estimated, net of reinsurance:
One year later	49,958	49,889	53,133
Two years later	49,792	49,762
Three years later	49,693
Four years later
Five years later
Six years later
Seven years later
Eight years later
Nine years later

Table 7.4 summarizes the cumulative paid claims compared with previous estimates of the undiscounted amount of the incurred claims, net of reinsurance. The Group presents the information by financial year, not by accident year (i.e., insurance losses and the development thereof are for all accident years in that financial year).

The top section of the table shows the estimated undiscounted amount of future payments for losses and loss adjustment expenses incurred in that year and in prior years and the corresponding effects of discounting and risk adjustment for non-financial risk, which correspond to the liability for incurred claims (LIC), net of reinsurance, as of December 31, 2024 and 2023.

The cumulative claims paid, net of reinsurance section of the table presents the cumulative amounts paid in each subsequent year in respect of the LIC established at each year end. The undiscounted liabilities for incurred claims re-estimated, net of reinsurance, show the re-estimation of the initially recorded liabilities as of each subsequent year end. The amounts are presented gross of non-distinct investment component. The figures disclosed in this table for information published from 2021 and prior are as published previously and have not been restated for changes resulting from the application of IFRS 17. The effects from the application of IFRS 17 did not have a material effect and were primarily attributable to scope changes (e.g., incurred claims and expenses from short-term life insurance contracts were previously not included).

Changes to incurred claims estimates are made as more information becomes known about the actual insurance losses for which the initial LIC were established. Conditions and trends that have affected the development of insurance losses in the past may or may not necessarily occur in the future, and accordingly, conclusions about future results cannot be derived from the information presented in this table.

Reconciliation of insurance contracts issued, measured under BBA - current period

Table 7.5a

in USD millions	Liability for remaining coverage			Assets for insurance acquisition cash flows
	Excluding loss component	Loss component	Liability for incurred claims		Total
Insurance contract liabilities, as of January 1, 2024	21,278	1,491	4,908	(5)	27,672
Insurance contract assets, as of January 1, 2024	(411)	3	634	(797)	(571)
Net insurance contracts, as of January 1, 2024	20,867	1,494	5,542	(802)	27,101
Insurance revenue
Insurance revenue	(6,477)	-	-	-	(6,477)
Insurance service expenses
Incurred claims and other incurred insurance service expenses	-	-	4,563	-	4,563
Amortization of insurance acquisition cash flows	653	-	-	-	653
Changes that relate to past services	-	-	21	-	21
Losses on onerous contracts and reversal of those losses	-	13	-	-	13
Impairment and reversal of impairment of assets for insurance acquisition cash flows	-	-	-	3	3
Insurance service expenses	653	13	4,584	3	5,254
Total gross insurance service result	(5,824)	13	4,584	3	(1,223)
Cash in/outflows in the period
Premiums received	8,538	-	-	-	8,538
Insurance acquisition cash flows	(937)	-	-	(130)	(1,068)
Claims and other insurance service expenses paid, including investment components	10	-	(6,821)	-	(6,811)
Net cash inflows/(outflows)	7,611	-	(6,821)	(130)	659
Allocation from assets for insurance acquisition cash flows	(89)	-	-	89	-
Investment components	(2,261)	-	2,261	-	-
Insurance finance (income)/expenses recognized in P&L	640	66	39	-	745
Insurance finance (income)/expenses recognized in OCI	(147)	-	(21)	-	(168)
Acquisitions/divestments) and transfers¹	(165)	4	-	-	(161)
Foreign currency translation effects	(1,060)	(84)	(190)	76	(1,258)
Other changes	(21)	3	(26)	-	(44)
Total changes not related to provision of insurance services	(3,104)	(10)	2,063	165	(886)
Insurance contract liabilities, as of December 31, 2024	20,310	1,421	5,082	(404)	26,410
Insurance contract assets, as of December 31, 2024	(759)	76	286	(361)	(759)
Net insurance contracts, as of December 31, 2024	19,551	1,497	5,368	(764)	25,651

¹ In 2024, the decrease related to an agreement entered into by Inversiones Suizo-Chilena S.A. to sell the annuity book of Zurich Chile Seguros de Vida S.A. (see note 4).

Reconciliation of insurance contracts issued, measured under BBA - prior period

Table 7.5b

in USD millions	Liability for remaining coverage			Assets for insurance acquisition cash flows
	Excluding loss component	Loss component	Liability for incurred claims		Total
Insurance contract liabilities, as of January 1, 2023	22,577	1,780	4,652	(2)	29,007
Insurance contract assets, as of January 1, 2023	(489)	2	586	(766)	(668)
Net insurance contracts, as of January 1, 2023	22,088	1,782	5,237	(768)	28,339
Insurance revenue
Insurance revenue	(6,360)	-	-	-	(6,360)
Insurance service expenses
Incurred claims and other incurred insurance service expenses	-	-	4,477	-	4,477
Amortization of insurance acquisition cash flows	629	-	-	-	629
Changes that relate to past services	-	-	166	-	166
Losses on onerous contracts and reversal of those losses	-	(205)	-	-	(205)
Impairment and reversal of impairment of assets for insurance acquisition cash flows	-	-	-	1	1
Insurance service expenses	629	(205)	4,643	1	5,067
Total gross insurance service result	(5,732)	(205)	4,643	1	(1,293)
Cash in/outflows in the period
Premiums received	9,193	-	-	-	9,193
Insurance acquisition cash flows	(882)	-	-	(137)	(1,018)
Claims and other insurance service expenses paid, including investment components	13	-	(7,433)	-	(7,420)
Net cash inflows/(outflows)	8,325	-	(7,433)	(137)	755
Allocation from assets for insurance acquisition cash flows	(106)	-	-	106	-
Investment components	(2,901)	-	2,901	-	-
Insurance finance (income)/expenses recognized in P&L	634	66	91	-	791
Insurance finance (income)/expenses recognized in OCI	523	-	5	-	529
Acquisitions/(divestments) and transfers¹	(2,463)	(164)	-	-	(2,626)
Foreign currency translation effects	462	7	99	(3)	566
Other changes	35	7	(2)	-	40
Total changes not related to provision of insurance services	(3,814)	(84)	3,094	103	(700)
Insurance contract liabilities, as of December 31, 2023	21,278	1,491	4,908	(5)	27,672
Insurance contract assets, as of December 31, 2023	(411)	3	634	(797)	(571)
Net insurance contracts, as of December 31, 2023	20,867	1,494	5,542	(802)	27,101

¹ In 2023, the decrease related to an agreement entered into by Inversiones Suizo-Chilena S.A. to sell the annuity book of Zurich Chile Seguros de Vida S.A. (see note 4).

Reconciliation of measurement components of insurance contracts issued, measured under BBA - current period

Table 7.6a

in USD millions	Present value of future cash flows	Risk adjustment	Contractual service margin	Total
Insurance contract liabilities, as of January 1, 2024	19,014	1,833	6,825	27,672
Insurance contract assets, as of January 1, 2024	(1,339)	178	590	(571)
Net insurance contracts, as of January 1, 2024	17,675	2,011	7,415	27,101
Changes that relate to future services
Changes in estimates that adjust the CSM	(47)	(69)	117	-
Changes in estimates that result in onerous contract losses or reversal of losses	137	(38)	-	98
Contracts initially recognized in the period	(1,130)	226	914	11
Changes that relate to current services
CSM recognized for the services provided	-	-	(1,158)	(1,158)
Risk adjustment recognized for the risk expired	-	(175)	-	(175)
Experience adjustments	(21)	-	-	(21)
Changes that relate to past services
Changes in fulfilment cash flows relating to incurred claims	53	(32)	-	21
Changes related to provision of insurance services	(1,008)	(89)	(127)	(1,223)
Cash in/(out)flows in the period
Premiums received	8,538	-	-	8,538
Insurance acquisition cash flows	(1,068)	-	-	(1,068)
Claims and other insurance service expenses paid, including investment components	(6,811)	-	-	(6,811)
Net cash inflows/(outflows)	659	-	-	659
Insurance finance (income)/expenses	421	(11)	167	577
Foreign currency translation effects	(842)	(111)	(305)	(1,258)
Other changes¹	(198)	5	(12)	(205)
Total changes not related to provision of insurance services	(619)	(117)	(150)	(886)
Insurance contract liabilities, as of December 31, 2024	18,697	1,596	6,117	26,410
Insurance contract assets, as of December 31, 2024	(1,990)	210	1,022	(759)
Net insurance contracts, as of December 31, 2024	16,707	1,806	7,138	25,651

¹ In 2024, the decrease mainly related to an agreement entered into by Inversiones Suizo-Chilena S.A. to sell the annuity book of Zurich Chile Seguros de Vida S.A. (see note 4).

Reconciliation of measurement components of insurance contracts issued, measured under BBA - prior period

Table 7.6b

in USD millions	Present value of future cash flows	Risk adjustment	Contractual service margin	Total
Insurance contract liabilities, as of January 1, 2023	21,268	1,964	5,775	29,007
Insurance contract assets, as of January 1, 2023	(1,401)	163	571	(668)
Net insurance contracts, as of January 1, 2023	19,867	2,127	6,346	28,339
Changes that relate to future services
Changes in estimates that adjust the CSM	(593)	(31)	625	-
Changes in estimates that result in onerous contract losses or reversal of losses	105	(236)	-	(131)
Contracts initially recognized in the period	(1,601)	294	1,319	12
Changes that relate to current services
CSM recognized for the services provided	-	-	(1,071)	(1,071)
Risk adjustment recognized for the risk expired	-	(179)	-	(179)
Experience adjustments	(89)	-	-	(89)
Changes that relate to past services
Changes in fulfilment cash flows relating to incurred claims	198	(32)	-	166
Changes related to provision of insurance services	(1,982)	(184)	873	(1,293)
Cash in/outflows in the period
Premiums received	9,193	-	-	9,193
Insurance acquisition cash flows	(1,018)	-	-	(1,018)
Claims and other insurance service expenses paid, including investment components	(7,420)	-	-	(7,420)
Net cash inflows/(outflows)	755	-	-	755
Insurance finance (income)/expenses	1,079	126	115	1,319
Foreign currency translation effects	496	(25)	96	566
Other changes¹	(2,540)	(32)	(14)	(2,586)
Total changes not related to provision of insurance services	(966)	68	197	(700)
Insurance contract liabilities, as of December 31, 2023	19,014	1,833	6,825	27,672
Insurance contract assets, as of December 31, 2023	(1,339)	178	590	(571)
Net insurance contracts, as of December 31, 2023	17,675	2,011	7,415	27,101

¹ In 2023, the decrease mainly related to an agreement entered into by Inversiones Suizo-Chilena S.A. to sell the annuity book of Zurich Chile Seguros de Vida S.A. (see note 4).

Reconciliation of insurance contracts issued, measured under VFA - current period

Table 7.7a

in USD millions	Liability for remaining coverage
	Excluding loss component	Loss component	Liability for incurred claims	Total
Insurance contract liabilities, as of January 1, 2024	122,167	106	1,324	123,596
Insurance contract assets, as of January 1, 2024	(9)	-	-	(9)
Net insurance contracts, as of January 1, 2024	122,157	106	1,324	123,587
Insurance revenue
Insurance revenue	(3,890)	-	-	(3,890)
Insurance service expenses
Incurred claims and other incurred insurance service expenses	-	-	2,204	2,204
Amortization of insurance acquisition cash flows	534	-	-	534
Changes that relate to past services	-	-	(1)	(1)
Losses on onerous contracts and reversal of those losses	-	(21)	-	(21)
Insurance service expenses	534	(21)	2,203	2,717
Total gross insurance service result	(3,356)	(21)	2,203	(1,173)
Cash in/outflows in the period
Premiums received	12,314	-	-	12,314
Insurance acquisition cash flows	(522)	-	-	(522)
Claims and other insurance service expenses paid, including investment components	(15)	-	(15,615)	(15,631)
Net cash inflows/(outflows)	11,777	-	(15,615)	(3,838)
Investment components	(12,992)	-	12,992	-
Insurance finance (income)/expenses recognized in P&L	10,207	12	(13)	10,206
Insurance finance (income)/expenses recognized in OCI	156	-	-	156
Acquisitions/divestments) and transfers¹	19,898	-	(101)	19,798
Foreign currency translation effects	(10,481)	1	(30)	(10,511)
Other changes	71	(3)	(81)	(14)
Total changes not related to provision of insurance services	6,859	9	12,767	19,635
Insurance contract liabilities, as of December 31, 2024	137,447	94	679	138,220
Insurance contract assets, as of December 31, 2024	(10)	-	-	(10)
Net insurance contracts, as of December 31, 2024	137,437	94	679	138,210

¹ In 2024, the increase mainly related to the reversal of the amounts previously held for sale regarding the legacy traditional life insurance book of Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft (see note 4).

Reconciliation of insurance contracts issued, measured under VFA - prior period

Table 7.7b

in USD millions	Liability for remaining coverage
	Excluding loss component	Loss component	Liability for incurred claims	Total
Insurance contract liabilities, as of January 1, 2023	111,688	107	1,215	113,011
Insurance contract assets, as of January 1, 2023	(8)	-	-	(8)
Net insurance contracts, as of January 1, 2023	111,680	107	1,215	113,002
Insurance revenue
Insurance revenue	(3,766)	-	-	(3,766)
Insurance service expenses
Incurred claims and other incurred insurance service expenses	-	-	2,152	2,152
Amortization of insurance acquisition cash flows	556	-	-	556
Changes that relate to past services	-	-	(30)	(30)
Losses on onerous contracts and reversal of those losses	-	(12)	-	(12)
Insurance service expenses	556	(12)	2,123	2,667
Total gross insurance service result	(3,210)	(12)	2,123	(1,099)
Cash in/(out)flows in the period
Premiums received	11,191	-	-	11,191
Insurance acquisition cash flows	(505)	-	-	(505)
Claims and other insurance service expenses paid, including investment components	(33)	-	(15,958)	(15,991)
Net cash inflows/(outflows)	10,654	-	(15,958)	(5,305)
Investment components	(13,910)	-	13,910	-
Insurance finance (income)/expenses recognized in P&L	9,320	11	7	9,337
Insurance finance (income)/expenses recognized in OCI	2,362	-	-	2,362
Acquisitions/(divestments) and transfers	374	-	(14)	360
Foreign currency translation effects	5,102	-	28	5,130
Other changes	(214)	-	13	(201)
Total changes not related to provision of insurance services	3,034	11	13,944	16,989
Insurance contract liabilities, as of December 31, 2023	122,167	106	1,324	123,596
Insurance contract assets, as of December 31, 2023	(9)	-	-	(9)
Net insurance contracts, as of December 31, 2023	122,157	106	1,324	123,587

Reconciliation of measurement components of insurance contracts issued, measured under VFA - current period

Table 7.8a

in USD millions	Present value of future cash flows	Risk adjustment	Contractual service margin	Total
Insurance contract liabilities, as of January 1, 2024	113,624	689	9,283	123,596
Insurance contract assets, as of January 1, 2024	(49)	1	39	(9)
Net insurance contracts, as of January 1, 2024	113,575	690	9,322	123,587
Changes that relate to future services
Changes in estimates that adjust the CSM	(1,322)	(18)	1,340	-
Changes in estimates that result in onerous contract losses or reversal of losses	(12)	(2)	-	(14)
Contracts initially recognized in the period	(425)	32	397	4
Changes that relate to current services
CSM recognized for the services provided	-	-	(860)	(860)
Risk adjustment recognized for the risk expired	-	(54)	-	(54)
Experience adjustments	(249)	-	-	(249)
Changes that relate to past services
Changes in fulfilment cash flows relating to incurred claims	(1)	-	-	(1)
Changes related to provision of insurance services	(2,009)	(41)	877	(1,173)
Cash in/outflows in the period
Premiums received	12,314	-	-	12,314
Insurance acquisition cash flows	(522)	-	-	(522)
Claims and other insurance service expenses paid, including investment components	(15,631)	-	-	(15,631)
Net cash inflows/outflows)	(3,838)	-	-	(3,838)
Insurance finance (income)/expenses	10,339	23	-	10,362
Foreign currency translation effects	(9,861)	(40)	(609)	(10,511)
Other changes¹	19,523	88	173	19,783
Total changes not related to provision of insurance services	20,001	70	(437)	19,635
Insurance contract liabilities, as of December 31, 2024	127,764	718	9,738	138,220
Insurance contract assets, as of December 31, 2024	(35)	1	24	(10)
Net insurance contracts, as of December 31, 2024	127,729	719	9,762	138,210

Reconciliation of measurement components of insurance contracts issued, measured under VFA - prior period

Table 7.8b

in USD millions	Present value of future cash flows	Risk adjustment	Contractual service margin	Total
Insurance contract liabilities, as of January 1, 2023	103,755	517	8,739	113,011
Insurance contract assets, as of January 1, 2023	(42)	1	32	(8)
Net insurance contracts, as of January 1, 2023	103,713	518	8,771	113,002
Changes that relate to future services
Changes in estimates that adjust the CSM	(553)	119	434	-
Changes in estimates that result in onerous contract losses or reversal of losses	(7)	2	-	(5)
Contracts initially recognized in the period	(342)	23	324	5
Changes that relate to current services
CSM recognized for the services provided	-	-	(824)	(824)
Risk adjustment recognized for the risk expired	-	(43)	-	(43)
Experience adjustments	(203)	-	-	(203)
Changes that relate to past services
Changes in fulfilment cash flows relating to incurred claims	(29)	-	-	(30)
Changes related to provision of insurance services	(1,134)	101	(66)	(1,099)
Cash in/outflows in the period
Premiums received	11,191	-	-	11,191
Insurance acquisition cash flows	(505)	-	-	(505)
Claims and other insurance service expenses paid, including investment components	(15,991)	-	-	(15,991)
Net cash inflows/(outflows)	(5,305)	-	-	(5,305)
Insurance finance (income)/expenses	11,682	17	-	11,699
Foreign currency translation effects	4,517	40	574	5,130
Other changes	102	14	43	159
Total changes not related to provision of insurance services	16,301	71	617	16,989
Insurance contract liabilities, as of December 31, 2023	113,624	689	9,283	123,596
Insurance contract assets, as of December 31, 2023	(49)	1	39	(9)
Net insurance contracts, as of December 31, 2023	113,575	690	9,322	123,587

FV of the underlying items for participating contracts

Table 7.9

in USD millions, for the years ended December 31	2024	2023
Cash and cash equivalents	(1,239)	(1,633)
Equity securities	(3,815)	(3,177)
Debt securities	(38,031)	(23,474)
Mortgage loans	(2,886)	(3,020)
Other investments	(2,234)	(1,858)
Unit-linked investments	(82,831)	(81,649)
Real estate	(6,603)	(7,288)
Other assets and liabilities	(1,736)	(1,850)
Total	(139,374)	(123,948)

Reconciliation of reinsurance contracts held, measured under BBA - current period

Table 7.10a

in USD millions	Assets for remaining coverage
	Excluding loss-recovery component	Loss-recovery component	Assets for incurred claims	Total
Reinsurance contract assets, as of January 1, 2024	6,112	174	1,753	8,039
Reinsurance contract liabilities, as of January 1, 2024	(650)	-	146	(504)
Net reinsurance contracts, as of January 1, 2024	5,462	174	1,899	7,535
Reinsurance premiums	(1,744)	-	-	(1,744)
Amounts recovered from reinsurance
Recoveries of incurred claims and other insurance service expense	16	-	1,316	1,332
Changes to recoveries of incurred claims that relate to past services	-	-	3	3
Changes that relate to onerous underlying contracts	-	85	-	85
Amounts recovered from reinsurance	16	85	1,319	1,420
Total reinsurance service result	(1,728)	85	1,319	(324)
Cash (in)/outflows in the period
Reinsurance premiums paid	1,931	-	-	1,931
Amounts received under reinsurance contracts held, including investment components	(571)	-	(1,396)	(1,967)
Net cash (inflows)/outflows	1,360	-	(1,396)	(36)
Reinsurance investment components	(568)	-	568	-
Effect of changes in the risk of non-performance of reinsurers	(2)	-	1	(1)
Reinsurance finance income/(expenses) recognized in P&L	186	8	3	197
Reinsurance finance income/(expenses) recognized in OCI	35	-	-	35
Acquisitions/(divestments) and transfers	(2)	-	-	(2)
Foreign currency translation effects	(91)	(14)	(72)	(177)
Other changes	31	-	(44)	(13)
Total changes not related to reinsurance services received	(410)	(6)	456	40
Reinsurance contract assets, as of December 31, 2024	5,252	253	2,148	7,652
Reinsurance contract liabilities, as of December 31, 2024	(567)	-	130	(437)
Net reinsurance contracts, as of December 31, 2024	4,684	253	2,278	7,215

Reconciliation of reinsurance contracts held, measured under BBA - prior period

Table 7.10b

in USD millions	Assets for remaining coverage
	Excluding loss-recovery component	Loss-recovery component	Assets for incurred claims	Total
Reinsurance contract assets, as of January 1, 2023	5,158	171	1,561	6,890
Reinsurance contract liabilities, as of January 1, 2023	(436)	-	70	(367)
Net reinsurance contracts, as of January 1, 2023	4,722	171	1,631	6,524
Reinsurance premiums	(1,349)	-	-	(1,349)
Amounts recovered from reinsurance
Recoveries of incurred claims and other insurance service expense	3	-	1,039	1,042
Changes to recoveries of incurred claims that relate to past services	-	-	21	21
Changes that relate to onerous underlying contracts	-	(4)	-	(4)
Amounts recovered from reinsurance	3	(4)	1,060	1,059
Total reinsurance service result	(1,347)	(4)	1,060	(291)
Cash (in/outflows in the period
Reinsurance premiums paid	2,412	-	-	2,412
Amounts received under reinsurance contracts held, including investment components	5	-	(1,382)	(1,378)
Net cash (inflows)/outflows	2,417	-	(1,382)	1,035
Reinsurance investment components	(458)	-	458	-
Effect of changes in the risk of non-performance of reinsurers	5	-	(4)	1
Reinsurance finance income/(expenses) recognized in P&L	125	5	8	138
Reinsurance finance income/(expenses) recognized in OCI	(19)	-	-	(19)
Acquisitions/(divestments) and transfers	(6)	-	-	(6)
Foreign currency translation effects	27	2	11	40
Other changes	(5)	-	118	114
Total changes not related to reinsurance services received	(331)	7	591	267
Reinsurance contract assets, as of December 31, 2023	6,112	174	1,753	8,039
Reinsurance contract liabilities, as of December 31, 2023	(650)	-	146	(504)
Net reinsurance contracts, as of December 31, 2023	5,462	174	1,899	7,535

Reconciliation of measurement components of reinsurance contracts held, measured under BBA - current period

Table 7.11a

in USD millions	Estimate of the present value of the future cash flows	Risk adjustment	Contractual service margin	Total
Reinsurance contract assets, as of January 1, 2024	4,803	434	2,802	8,039
Reinsurance contract liabilities, as of January 1, 2024	(2,334)	402	1,428	(504)
Net reinsurance contracts, as of January 1, 2024	2,469	836	4,230	7,535
Changes that relate to future services
Changes in estimates that adjust the CSM	359	(7)	(352)	-
Changes in estimates that relates to loss-recovery and reversal of loss-recovery on onerous underlying contracts	106	(8)	-	98
Contracts initially recognized in the period	(528)	263	266	2
Changes that relate to current services
CSM recognized in P&L for services received	-	-	(355)	(355)
Changes in the risk adjustment for non-financial risk	-	(69)	-	(69)
Experience adjustments	(3)	-	-	(3)
Changes that relate to past services
Changes that relate to assets for incurred claims	12	(8)	-	3
Changes related to reinsurance services received	(53)	170	(441)	(324)
Cash (in)/outflows in the period
Reinsurance premiums paid	1,931	-	-	1,931
Amounts received under reinsurance contracts held, including investment components	(1,967)	-	-	(1,967)
Net cash (inflows)/outflows	(36)	-	-	(36)
Effect of changes in the risk of non-performance of reinsurers	(1)	-	-	(1)
Reinsurance finance income/expenses)	102	(3)	133	232
Foreign currency translation effects	(65)	(27)	(84)	(177)
Other changes	(25)	-	10	(15)
Total changes not related to reinsurance services received	11	(30)	59	40
Reinsurance contract assets, as of December 31, 2024	4,425	581	2,646	7,652
Reinsurance contract liabilities, as of December 31, 2024	(2,033)	395	1,201	(437)
Net reinsurance contracts, as of December 31, 2024	2,391	976	3,848	7,215

Reconciliation of measurement components of reinsurance contracts held, measured under BBA - prior period

Table 7.11b

in USD millions	Estimate of the present value of the future cash flows	Risk adjustment	Contractual service margin	Total
Reinsurance contract assets, as of January 1, 2023	4,451	376	2,064	6,890
Reinsurance contract liabilities, as of January 1, 2023	(625)	24	235	(367)
Net reinsurance contracts, as of January 1, 2023	3,825	400	2,299	6,524
Changes that relate to future services
Changes in estimates that adjust the CSM	277	(10)	(267)	-
Changes in estimates that relates to loss-recovery and reversal of loss-recovery on onerous underlying contracts	21	(9)	-	11
Contracts initially recognized in the period¹	(2,755)	450	2,305	-
Changes that relate to current services
CSM recognized in P&L for services received	-	-	(262)	(262)
Changes in the risk adjustment for non-financial risk	-	(40)	-	(40)
Experience adjustments	(22)	-	-	(22)
Changes that relate to past services
Changes that relate to assets for incurred claims	31	(11)	-	21
Changes related to reinsurance services received	(2,448)	380	1,777	(291)
Cash (in)/outflows in the period
Reinsurance premiums paid	2,412	-	-	2,412
Amounts received under reinsurance contracts held, including investment components	(1,378)	-	-	(1,378)
Net cash (inflows)/outflows	1,035	-	-	1,035
Effect of changes in the risk of non-performance of reinsurers	1	-	-	1
Reinsurance finance income/(expenses)	(16)	47	88	118
Foreign currency translation effects	(32)	8	63	40
Other changes	104	-	3	108
Total changes not related to reinsurance services received	57	56	154	267
Reinsurance contract assets, as of December 31, 2023	4,803	434	2,802	8,039
Reinsurance contract liabilities, as of December 31, 2023	(2,334)	402	1,428	(504)
Net reinsurance contracts, as of December 31, 2023	2,469	836	4,230	7,535

¹ In 2023, it mainly relates to the reinsurance of the in-force individual life insurance book of Farmers New World Life Insurance Company, a subsidiary of Farmers Group, Inc.

Amounts in tables 7.12a and 7.12b are included within the reconciliations of insurance and reinsurance contracts within this note.

Effect of insurance and reinsurance contracts initially recognized, measured under the BBA and VFA - current period

Table 7.12a

In USD millions, as of December 31, 2024	Insurance contracts issued - profitable contracts	Insurance contracts issued - onerous contracts	Reinsurance contracts held¹
Estimates of present value of future cash outflows, excluding insurance acquisition cash flows	14,460	440	3,215
Estimates of insurance acquisition cash flows	1,481	24	-
Estimates of present value of future cash inflows	(17,507)	(453)	(2,687)
Risk adjustment for non-financial risk	255	4	(263)
CSM	1,311	-	(266)
Losses/(loss recoveries) recognized at initial recognition	-	15	(2)

¹ In 2024, relates to the reinsurance of the in-force life insurance book of Zurich Life Insurance Japan Company Ltd.

Effect of insurance and reinsurance contracts initially recognized, measured under the BBA and VFA - prior period

Table 7.12b

In USD millions, as of December 31, 2023	Insurance contracts issued - profitable contracts¹	Insurance contracts issued - onerous contracts	Reinsurance contracts held²
Estimates of present value of future cash outflows, excluding insurance acquisition cash flows	14,346	369	13,993
Estimates of insurance acquisition cash flows	1,528	14	-
Estimates of present value of future cash inflows	(17,830)	(370)	(11,239)
Risk adjustment for non-financial risk	313	4	(450)
CSM	1,643	-	(2,305)
Losses/(loss recoveries) recognized at initial recognition	-	17	-

¹ Includes changes in contract boundaries in Bansabadell Vida S.A. de Seguros y Reaseguros.

² Includes the reinsurance of the in-force individual life insurance book of Farmers New World Life Insurance Company, a subsidiary of Farmers Group, Inc.

Table 7.13 shows the expected pattern of recognition of the CSM from existing contracts in profit or loss.

Expected recognition of the CSM in the P&L

Table 7.13

In USD millions, as of December 31	2024			2023
	Insurance contracts measured under BBA	Insurance contracts measured under VFA	Reinsurance contracts measured under BBA	Insurance contracts measured under BBA	Insurance contracts measured under VFA	Reinsurance contracts measured under BBA
< 1 year	769	526	(224)	810	487	(241)
1 to 2 years	566	523	(219)	598	527	(250)
2 to 3 years	503	498	(210)	533	504	(244)
3 to 4 years	453	466	(200)	483	481	(256)
4 to 5 years	410	448	(188)	436	455	(222)
5 to 10 years	1,601	1,931	(810)	1,694	1,936	(942)
> 10 years	2,837	5,370	(1,997)	2,860	4,931	(2,074)
Total amount of unamortized CSM	7,138	9,762	(3,848)	7,415	9,322	(4,230)

For insurance contracts measured under the BBA, a large proportion of the CSM is expected to be released within the next 10 years, consistent with the coverage period of the respective insurance contracts in force. The expected pattern for the CSM recognition for reinsurance contracts held is consistent with insurance contracts under the BBA. Due to significantly longer coverage period of insurance contracts measured under the VFA, the expected CSM release pattern is much slower, with a significant proportion of CSM to be recognized in profit or loss after 10 years.

On transition to IFRS 17, the Group applied transition modifications as described in note 3, including those affecting the amount of OCI recognized for groups of (re-)insurance contracts under the modified retrospective or fair value approaches. Table 7.14 below provides a reconciliation of the cumulative amounts included in OCI for financial assets measured at fair value through OCI (FVOCI) related to these groups of (re-)insurance contracts as of December 31, 2024 and 2023, respectively.

Reconciliation of the cumulative amounts in OCI for financial assets measured at FVOCI

Table 7.14

in USD millions	2024	2023
Cumulative amount included in OCI for financial assets measured at FVOCI as of January 1	(2,231)	(4,759)
Gains/losses) recognized in OCI in the period	(439)	2,409
Gains/losses) previously recognized in OCI in previous periods reclassified in the period to P&L	150	568
Foreign currency translation effects	96	(123)
Other changes¹	(407)	(326)
Cumulative amount included in OCI for financial assets measured at FVOCI as of December 31	(2,830)	(2,231)

¹ Other changes are mainly related to assets and liabilities held for sale based on agreements signed to sell portfolios of Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch, as well as the reversal of the amounts previously held for sale regarding the legacy traditional life insurance book of Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft (see note 4).

The following tables provide a summary of the movement in the CSM by transition approach for the years ended December 31, 2024 and 2023, respectively:

CSM by transition approach for groups of insurance contracts issued - current period

Table 7.15a

in USD millions	Modified retrospective	Fair value	All other insurance contracts	Total
Contractual service margin as of January 1, 2024	7,561	2,363	6,813	16,737
Changes that relate to future services
Changes in estimates that adjust the CSM	925	(84)	615	1,456
Contracts initially recognized in the period	-	-	1,311	1,311
Changes that relate to current services
CSM recognized for services provided in P&L	(681)	(221)	(1,116)	(2,017)
Changes related to provision of insurance services	244	(304)	810	750
Foreign currency translation effects	(466)	(64)	(384)	(914)
Insurance finance (income)/expense	11	27	129	167
Other changes	169	(336)	329	161
Total other changes	(287)	(373)	73	(587)
Contractual service margin as of December 31, 2024	7,519	1,685	7,696	16,901

CSM by transition approach for groups of insurance contracts issued - prior period

Table 7.15b

in USD millions	Modified retrospective	Fair value	All other insurance contracts	Total
Contractual service margin as of January 1, 2023	7,734	1,969	5,413	15,117
Changes that relate to future services
Changes in estimates that adjust the CSM	135	602	323	1,059
Contracts initially recognized in the period	-	-	1,643	1,643
Changes that relate to current services
CSM recognized for services provided in P&L	(697)	(254)	(945)	(1,895)
Changes related to provision of insurance services	(562)	348	1,021	807
Foreign currency translation effects	474	35	160	669
Insurance finance (income)/expense	9	22	84	115
Other changes	(94)	(11)	134	29
Total other changes	389	46	378	813
Contractual service margin as of December 31, 2023	7,561	2,363	6,813	16,737

CSM by transition approach for groups of reinsurance contracts held -current period

Table 7.16a

in USD millions	Modified retrospective	Fair value	All other insurance contracts	Total
Contractual service margin as of January 1, 2024	56	199	3,975	4,230
Changes that relate to future services
Changes in estimates that adjust the CSM	(114)	(125)	(113)	(352)
Contracts initially recognized in the period	-	-	266	266
Changes that relate to current services
CSM recognized in P&L to reflect the transfer of services	(17)	(110)	(227)	(355)
Changes related to provision of reinsurance services received	(131)	(235)	(75)	(441)
Foreign currency translation effects	(1)	(14)	(69)	(84)
Reinsurance finance income/(expense)	5	32	96	133
Other changes	6	(46)	51	10
Total other changes	9	(28)	78	59
Contractual service margin as of December 31, 2024	(65)	(65)	3,978	3,848

CSM by transition approach for groups of reinsurance contracts held - prior period

Table 7.16b

in USD millions	Modified retrospective	Fair value	All other insurance contracts	Total
Contractual service margin as of January 1, 2023	171	429	1,700	2,299
Changes that relate to future services
Changes in estimates that adjust the CSM	(122)	(109)	(36)	(267)
Contracts initially recognized in the period	-	-	2,305	2,305
Changes that relate to current services
CSM recognized in P&L to reflect the transfer of services	(20)	(69)	(173)	(262)
Changes related to provision of reinsurance services received	(142)	(178)	2,096	1,777
Foreign currency translation effects	1	(1)	63	63
Reinsurance finance income/(expense)	9	23	55	88
Other changes	17	(74)	61	3
Total other changes	27	(52)	179	154
Contractual service margin as of December 31, 2023	56	199	3,975	4,230

Maturity analysis of insurance and reinsurance contract liabilities

Table 7.17

in USD millions, as of December 31	2024				2023
	Insurance contract liabilities			Reinsurance contract liabilities	Insurance contract liabilities
	Measured under PAA	Measured under BBA	Measured under VFA	Measured under BBA	Measured under PAA	Measured under BBA
On demand	-	-	-	-	6	-
< 1 year	16,126	3,645	6,146	62	15,929	2,681
1 to 2 years	8,501	683	4,281	179	8,685	778
2 to 3 years	5,791	566	4,041	170	5,833	639
3 to 4 years	4,483	452	3,872	162	4,121	566
4 to 5 years	2,974	457	3,830	153	2,915	488
> 5 years	17,644	13,298	105,593	1,307	17,687	13,867
Total maturity	55,520	19,101	127,764	2,033	55,176	19,019

in USD millions, as of December 31	2023
	Insurance contract liabilities	Reinsurance contract liabilities
	Measured under VFA	Measured under BBA
On demand	-	-
< 1 year	4,997	38
1 to 2 years	4,602	173
2 to 3 years	3,931	168
3 to 4 years	3,908	160
4 to 5 years	3,536	150
> 5 years	92,651	1,645
Total maturity	113,624	2,334

Expected derecognition of assets for insurance acquisition cash flows

Table 7.18

In USD millions, as of December 31	2024		2023
	Contracts measured under PAA	Contracts measured under BBA and VFA	Contracts measured under PAA¹	Contracts measured under BBA and VFA
< 1 year	96	40	145	37
1 year	118	43	89	40
2 years	80	42	76	41
3 years	65	40	60	41
4 years	38	38	52	39
5 to 10 years	66	167	77	180
> 10 years	108	394	146	424
Total	572	764	645	802

¹ Please note the allocation of contracts measured under PAA for the prior year has been updated.

Nature and extent of risks that arise from (re-)insurance contracts (Re-)insurance contracts issued and reinsurance contracts held give rise to insurance and financial risks that the Group manages using the internal model approved by the Swiss Financial Market Supervisory Authority FINMA for use under the Swiss Solvency Test (SST). Insurance risks arising from short-term contracts are covered by premium and reserve risk, as well as natural catastrophe risk, while business risk and life insurance risk cover insurance risks arising from long-term contracts, including contracts with policyholder participation accounted for as direct participating contracts. Market risks arise from assets backing insurance contracts, asset/liability mismatches and credit risk of investments. From a risk perspective, long-term life contracts include investment contracts that do not transfer significant insurance risk and are accounted for as investment contracts.

The approaches implemented by the Group to manage these risks and risk concentrations are further described in the 2024 Risk Review which forms an integral part of the consolidated financial statements. Furthermore, the 2024 Risk Review provides a comprehensive overview of the exposures per risk type and the Group's strategy to mitigate insurance risk concentrations through reinsurance contracts.

The tables below provide sensitivities to changes in essential risk variables arising from (re-)insurance contracts issued on a net basis, which is how exposures are presented to key management personnel.

Insurance risk sensitivity

Tables 7.19a and 7.19b show the sensitivity of net income before tax and net assets as a result of adverse development in the net loss ratio by one percentage point. The income tax impact is estimated using the Group effective income tax rate. The sensitivities do not indicate the probability of such an event and do not consider any non-linear effects of reinsurance. Based on the assumptions applied in the sensitivity analysis in tables 7.19a and 7.19b, each additional percentage point increase in the loss ratio would have a linear impact on net income before tax and net assets.

The Group also monitors insurance risk by evaluating extreme scenarios, taking into account the non-linear effects of reinsurance contracts.

Insurance risk sensitivity for the Property & Casualty business -current period

Table 7.19a

in USD millions, for the year ended December 31, 2024	Europe, Middle East & Africa	North America	Asia Pacific	Latin America	Reinsurance	Total²
+1% in loss ratio¹
Net income before tax	(187)	(210)	(38)	(32)	(8)	(448)
Net assets	(140)	(157)	(28)	(24)	(6)	(335)

¹ A 1 percent change in net loss ratio is defined as a 1 percent change in insurance revenue.

² Includes the impact of eliminations upon consolidation.

Insurance risk sensitivity for the Property & Casualty business -prior period

Table 7.19b

in USD millions, for the year ended December 31, 2023	Europe, Middle East & Africa	North America	Asia Pacific	Latin America	Reinsurance	Total²
+1% in loss ratio¹
Net income before tax	(172)	(206)	(34)	(28)	(8)	(423)
Net assets	(129)	(155)	(26)	(21)	(6)	(317)

¹ A 1 percent change in net loss ratio is defined as a 1 percent change in insurance revenue.

² Includes the impact of eliminations upon consolidation.

The Group is exposed to risk arising from natural catastrophes, with U.S. hurricane, California earthquake and Europe wind being the most material in terms of risk concentration. The impacts of insurance-specific scenarios for these events are a decrease of net income before tax and net assets of USD 1.6 billion, USD 1.0 billion and USD 0.7 billion, respectively. Note that the scenario impacts are comparable to the modelled 250-year net occurrence loss as of September 30, 2024 for the respective peril (equivalent to a 99.6 percent probability of non-exceedance).

Market risk sensitivity

The Group manages the market risk of assets relative to liabilities on an economic total balance sheet basis. This is done to achieve the maximum risk-adjusted excess return on assets relative to the liability benchmark, while also taking into account the Group's risk tolerance and local regulatory constraints. Therefore, economic risk sensitivities are evaluated by the Group based on their effects on available financial resources (AFR) or available capital in SST, taking into account interdependencies between the effects of the shocks on financial assets held by the Group and (re-) insurance contracts issued net of reinsurance contracts held. The sensitivities as a result of predefined interest rate yield curve, stock market, and credit spread shocks are presented in tables 7.20 to 7.22.

Economic interest rate sensitivities on SST AFR

Table 7.20

in USD millions, as of September 30	2024	2023
50 bps increase in the interest rate yield curves
Property & Casualty	(91)	(88)
Life	250	260
Rest of the business	80	61
50 bps decrease in the interest rate yield curves
Property & Casualty	87	109
Life	(356)	(410)
Rest of the business	(87)	(62)

Economic equity price sensitivities on SST AFR

Table 7.21

in USD millions, as of September 30	2024	2023
20% decline in stock markets
Property & Casualty	(1,356)	(1,183)
Life	(1,464)	(1,168)
Rest of the business	(71)	(81)

Economic credit spread sensitivities on SST AFR

Table 7.22

in USD millions, as of September 30	2024	2023
100 bps increase in credit spreads
Property & Casualty	(1,656)	(1,404)
Life	(1,676)	(1,449)
Rest of the business	(185)	(169)

8. Liabilities for investment contracts

Liabilities for investment contracts

Table 8.1

in USD millions, as of December 31	2024	2023
Unit-linked investment contracts	65,900	59,807
Other investment contracts	607	463
Total	66,507	60,270

Unit-linked investment contracts issued by the Group are recorded at a value reflecting the returns on investment funds which include selected equities, debt securities and derivative financial instruments. Policyholders bear the full risk of the returns on these investments. Other investment contracts are recorded primarily at amortized cost and valued based on a discounted cash flow valuation technique.

Development of liabilities for investment contracts

Table 8.2

in USD millions	2024	2023
As of January 1	60,270	50,557
Premiums	7,923	6,940
Claims	(6,131)	(5,232)
Fee income and other expenses	(483)	(422)
Interest and bonuses credited to policyholders	8,105	6,109
Acquisitions/(divestments) and transfers	-	-
Foreign currency translation effects	(3,177)	2,318
As of December 31	66,507	60,270

Tables 8.3a and 8.3b provide an analysis of investment contract liabilities according to maturity, based on contractual cash flows as of December 31, 2024 and 2023. The undiscounted contractual cash flows for investment contract liabilities are USD 67 billion as of December 31, 2024 and 60 billion as of December 31, 2023. Liabilities for unit-linked investment contracts amounted to USD 66 billion and USD 60 billion as of December 31, 2024 and 2023, respectively. Policyholders of unit-linked investment contracts can generally surrender their contracts at any time, leading the underlying assets to be liquidated. Risks arising from liquidation of unit-linked assets are borne by the policyholders. The Group actively manages the Life in-force business to improve persistency and retention.

Expected maturity analysis for liabilities for investment contracts -current period

Table 8.3a

in USD millions, as of December 31, 2024	Liabilities related to unit-linked investment contracts	Liabilities related to investment contracts (amortized cost)	Total
< 1 year	3,568	232	3,801
1 to 5 years	7,696	68	7,763
5 to 10 years	9,927	278	10,205
10 to 20 years	15,928	14	15,943
> 20 years	28,781	15	28,796
Total	65,900	607	66,507

Expected maturity analysis for liabilities for investment contracts -prior period

Table 8.3b

in USD millions, as of December 31, 2023	Liabilities related to unit-linked investment contracts	Liabilities related to investment contracts (amortized cost)	Total
< 1 year	3,789	280	4,069
1 to 5 years	7,350	72	7,422
5 to 10 years	8,334	42	8,377
10 to 20 years	12,456	43	12,499
> 20 years	27,879	25	27,905
Total	59,807	463	60,270

9. Insurance revenue

Analysis of insurance revenue recognized

Table 9.1

in USD millions, for the years ended December 31	2024	2023
Insurance revenue recognized in the period - PAA	49,128	45,950
Change in the liability for remaining coverage, consisting of:
Amortization of CSM	2,019	1,909
Release of risk adjustment for non-financial risk	261	247
Release of expected insurance service expenses	6,846	6,698
Allocation of insurance acquisition cash flows	1,191	1,191
Premium experience adjustments	60	117
Other	1	(12)
Insurance revenue recognized in the period - BBA and VFA	10,379	10,148
Total insurance revenue	59,507	56,099

Insurance revenue by transition approach measured under BBA and VFA

Table 9.2

In USD millions for the years ended December 31	2024		2023
	Contracts measured under BBA	Contracts measured under VFA	Contracts measured under BBA	Contracts measured under VFA
Contracts measured under the modified retrospective approach	372	2,701	482	2,620
Contracts measured under the fair value approach	1,288	416	1,406	440
All other contracts	4,817	785	4,472	729
Insurance revenue measured under BBA and VFA	6,477	3,902	6,360	3,788

10. Fee result

Fee result

Table 10

in USD millions, for the years ended December 31	2024	2023
Fee income
Farmers management fees and other related revenues¹	4,399	4,529
Investment contracts related fee income	717	648
Risk engineering and other fee income	895	708
Total fee income	6,011	5,885
Fee business expenses
Fee related expenses	(3,575)	(3,583)
Fee result	2,436	2,303

¹ See table 25.2 for further details.

11. Expenses

Table 11 shows administrative and operating expenses (excluding impacts from financing) by functional area and by type of expense.

Expenses

Table 11

in USD millions, for the years ended December 31	2024	2023
Insurance related expenses
Administrative and other operating expenses	3,377	3,273
Underwriting and policy acquisition costs	12,246	11,583
Claims handling expenses	3,500	3,740
Investment expenses	146	144
Reinsurance-related expenses	(453)	(526)
Investment expenses	181	211
Fee business expenses	3,575	3,583
Other expenses	2,779	2,659
Total	25,349	24,667
of which:
Personnel and other related costs	7,583	7,411
Building, infrastructure and related costs	456	520
Brand and marketing expense	470	510
Commissions (net of IACF)	10,049	9,372
Premium taxes (net of IACF)	689	709
Asset and other non-income taxes	79	82
IT expenses	2,180	1,987
Outsourcing and professional services	2,444	2,752
Other	1,400	1,326
Total	25,349	24,667

12. Property and equipment

Buildings held for own use and equipment are carried at cost less accumulated depreciation and any accumulated impairment loss. Generally, these assets are depreciated on a straight-line basis to profit or loss over the following estimated useful lives:

―	buildings 25 to 50 years;
―	furniture and fixtures 5 to 10 years;
―	equipment 3 to 6 years;
―	other equipment 6 to 10 years (or determined by the term of lease).

Land held for own use is carried at cost less any accumulated impairment loss.

The right-of-use asset is measured at cost less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of the lease liability. The right-of-use asset is depreciated over the shorter of the leased asset's useful life or the lease term on a straight-line basis.

Property and equipment overview

Table 12.1

in USD millions, as of December 31	Real Estate		Equipment		Total
	2024	2023	2024	2023	2024	2023
Right-of-use	1,023	1,184	71	56	1,093	1,241
Owned and subject to operating lease	385	423	388	428	773	851
Total	1,408	1,608	459	484	1,867	2,092

Property and equipment -current period

Table 12.2a

in USD millions	Real Estate			Equipment
	Owned	Right-of-use	Total	Owned incl. operating lease	Right-of-use	Total
Gross carrying value as of January 1, 2024	532	2,476	3,008	1,368	89	1,457
Less: accumulated depreciation/impairments	(109)	(1,291)	(1,400)	(940)	(33)	(972)
Net carrying value as of January 1, 2024	423	1,184	1,608	428	56	484
Additions and improvements	1	38	39	80	31	112
Lease modifications	-	81	81	-	4	4
Depreciation and impairments	(10)	(178)	(189)	(103)	(18)	(121)
Acquisitions/(divestments) and transfers	-	(54)	(54)	-	(2)	(3)
Foreign currency translation effects	(29)	(48)	(77)	(17)	(1)	(18)
Net carrying value as of December 31, 2024	385	1,023	1,408	388	71	459
Plus: accumulated depreciation/impairments	112	1,322	1,434	904	31	935
Gross carrying value as of December 31, 2024	497	2,345	2,842	1,292	102	1,394

in USD millions	Total
	Owned incl. operating lease	Right-of- use	Total
Gross carrying value as of January 1, 2024	1,900	2,564	4,465
Less: accumulated depreciation/impairments	(1,049)	(1,324)	(2,373)
Net carrying value as of January 1, 2024	851	1,241	2,092
Additions and improvements	82	69	151
Lease modifications	-	86	86
Depreciation and impairments	(113)	(196)	(310)
Acquisitions/(divestments) and transfers	-	(56)	(57)
Foreign currency translation effects	(46)	(49)	(95)
Net carrying value as of December 31, 2024	773	1,093	1,867
Plus: accumulated depreciation/impairments	1,016	1,353	2,370
Gross carrying value as of December 31, 2024	1,790	2,447	4,236

Property and equipment -prior period

Table 12.2b

in USD millions	Real Estate			Equipment
	Owned	Right-of-use	Total	Owned incl. operating lease	Right- of-use	Total
Gross carrying value as of January 1, 2023	529	2,496	3,025	1,323	98	1,421
Less: accumulated depreciation/impairments	(93)	(1,193)	(1,286)	(883)	(51)	(935)
Net carrying value as of January 1, 2023	436	1,303	1,740	440	47	487
Additions and improvements	6	41	47	97	33	130
Lease modifications	-	75	75	-	(1)	(1)
Depreciation and impairments	(48)	(231)	(279)	(118)	(17)	(135)
Acquisitions/(divestments) and transfers	(7)	(31)	(38)	(2)	(8)	(10)
Foreign currency translation effects	36	27	63	12	2	13
Net carrying value as of December 31, 2023	423	1,184	1,608	428	56	484
Plus: accumulated depreciation/impairments	109	1,291	1,400	940	33	972
Gross carrying value as of December 31, 2023	532	2,476	3,008	1,368	89	1,457

in USD millions	Total
	Owned incl. operating lease	Right-of- use	Total
Gross carrying value as of January 1, 2023	1,853	2,594	4,447
Less: accumulated depreciation/impairments	(977)	(1,244)	(2,221)
Net carrying value as of January 1, 2023	876	1,350	2,226
Additions and improvements	103	74	177
Lease modifications	-	74	74
Depreciation and impairments	(167)	(248)	(415)
Acquisitions/(divestments) and transfers	(9)	(38)	(47)
Foreign currency translation effects	48	29	77
Net carrying value as of December 31, 2023	851	1,241	2,092
Plus: accumulated depreciation/impairments	1,049	1,324	2,373
Gross carrying value as of December 31, 2023	1,900	2,564	4,465

Lessee - lease expenses and income

Table 12.3

in USD millions, for the years ended December 31	2024	2023
Lease expenses¹
Interest expense on lease liabilities²	42	42
Short-term lease expenses	10	6
Low-value asset lease expenses	25	25
Lease income
Income from subleasing right-of-use assets	8	8
Gains arising from sale and leaseback transactions	-	31

¹ Total cash outflow for leases amounts to USD 283 million as of December 31, 2024, excluding USD 1.8 billion of future cash outflows due to extension & termination options.

² Included within 'Interest credited to policyholders and other interest.'

Lessor - finance lease and operating lease income

Table 12.4

in USD millions, for the years ended December 31	2024	2023
Finance lease
Interest income on finance lease receivables	70	49
Operating lease
Operating lease income - property and equipment	1	-
Operating lease income - investment property	625	643
Operating variable lease income - property and equipment	1	1

Maturity analysis -finance lease receivable

Table 12.5

in USD millions, as of December 31	2024			2023
	Carrying value	Unearned interest	Undiscounted cash flows	Carrying value	Unearned interest	Undiscounted cash flows
< 1 year	8	7	15	94	3	98
1 to 2 years	22	7	29	31	2	33
2 to 3 years	17	7	24	35	5	39
3 to 4 years	25	10	35	26	5	31
4 to 5 years	18	7	25	24	6	30
> 5 years	146	49	195	263	189	452
Total	235	87	322	473	209	682

Maturity analysis -operating lease payments to be received

Table 12.6

in USD millions, as of December 31	Undiscounted cash flows
	2024	2023
< 1 year	491	473
1 to 2 years	347	351
2 to 3 years	290	302
3 to 4 years	235	236
4 to 5 years	194	193
> 5 years	717	758
Total	2,273	2,313

13. Attorney-in-fact contracts, goodwill and other intangible assets

Intangible assets by business -current period

Table 13.1

in USD millions, as of December 31, 2024	Attorney-in-fact contracts	Goodwill	Distribution agreements	Software	Other	Total
Property & Casualty	-	2,245	486	725	171	3,627
Life	-	1,286	1,236	57	138	2,716
Farmers	2,650	1,264	-	332	786	5,032
Group Functions and Operations	-	10	-	46	-	56
Net carrying value	2,650	4,805	1,722	1,160	1,095	11,432

Intangible assets by business -prior period

Table 13.2

in USD millions, as of December 31, 2023	Attorney-in-fact contracts	Goodwill	Distribution agreements	Software	Other	Total
Property & Casualty	-	1,855	435	866	151	3,308
Life	-	1,412	1,384	53	160	3,009
Farmers	2,650	1,264	-	400	832	5,146
Group Functions and Operations	-	10	-	55	-	65
Net carrying value	2,650	4,541	1,820	1,374	1,143	11,529

Intangible assets -current period

Table 13.3

in USD millions	Attorney-in-fact contracts	Goodwill	Distribution agreements	Software¹	Other	Total
Gross carrying value as of January 1, 2024	2,650	4,807	3,836	5,764	1,417	18,474
Less: accumulated amortization/impairments	-	(265)	(2,016)	(4,390)	(274)	(6,945)
Net carrying value as of January 1, 2024	2,650	4,541	1,820	1,374	1,143	11,529
Additions and acquisitions	-	383	132	300	39	854
Divestments and transfers	-	(13)	(15)	(6)	(2)	(36)
Amortization²	-	-	(60)	(357)	(69)	(486)
Impairments	-	-	(4)	(107)	(4)	(116)
Foreign currency translation effects	-	(106)	(150)	(44)	(13)	(314)
Net carrying value as of December 31, 2024	2,650	4,805	1,722	1,160	1,095	11,432
Plus: accumulated amortization/impairments	-	250	1,819	4,557	381	7,008
Gross carrying value as of December 31, 2024	2,650	5,055	3,542	5,717	1,476	18,440

¹ For the year ended December 31, 2024 Farmers Group, Inc. had USD 1.4 billion of fully amortized software, which is still in use.

² Amortization of distribution agreements is included within underwriting and policy acquisition costs.

As of December 31, 2024, distribution agreements related to non-controlling interests were USD 794 million.

In 2024, as a result of the acquisition of Kotak Mahindra General Insurance Company Limited, intangible assets increased by USD 556 million, of which USD 383 million is goodwill, USD 132 million is distribution agreement, USD 41 million is other intangible assets and USD 1 million is software (please see note 4). The table above excludes an estimated amount of USD 662 million, of which USD 520 million relates to goodwill and USD 142 relates to other intangible assets, related to the acquisition of AIG Travel (please see note 4).

Intangible assets -prior period

Table 13.4

in USD millions	Attorney-in-fact contracts	Goodwill	Distribution agreements	Software¹	Other	Total
Gross carrying value as of January 1, 2023	2,650	4,794	3,673	5,430	894	17,441
Less: accumulated amortization/impairments	-	(256)	(1,858)	(4,046)	(257)	(6,417)
Net carrying value as of January 1, 2023	2,650	4,538	1,815	1,384	638	11,025
Additions and acquisitions	-	18	6	317	569	911
Divestments and transfers	-	-	-	-	(3)	(3)
Amortization²	-	-	(59)	(347)	(57)	(464)
Impairments	-	-	-	(9)	(2)	(11)
Foreign currency translation effects	-	(15)	58	29	(2)	70
Net carrying value as of December 31, 2023	2,650	4,541	1,820	1,374	1,143	11,529
Plus: accumulated amortization/impairments	-	265	2,016	4,390	274	6,945
Gross carrying value as of December 31, 2023	2,650	4,807	3,836	5,764	1,417	18,474

¹ For the year ended December 31, 2023 Farmers Group, Inc. had USD 1.3 billion of fully amortized software, which is still in use.

² Amortization of distribution agreements is included within underwriting and policy acquisition costs.

As of December 31, 2023, distribution agreements related to non-controlling interests were USD 850 million.

In 2023, as a result of the acquisition by Farmers Group, Inc. of Kraft Lake Insurance Agency Inc., Western Star Insurance Services, Inc. and Farmers General Insurance Agency, Inc., intangible assets increased by USD 586 million, of which USD 26 million is goodwill and USD 560 million is other intangible assets (please see note 4).

The Group performs quantitative tests of recoverability of goodwill and intangible assets with indefinite useful lives annually during the third quarter unless there is an indication that goodwill or an intangible asset with an indefinite useful life is impaired. As of December 31, 2024, the Group had not identified any triggers impacting the carrying value of the goodwill and intangible assets with indefinite useful lives.

14. Receivables and other assets

Receivables and other assets

Table 14

in USD millions, as of December 31	2024	2023
Financial assets
Group derivative assets	885	947
Reverse repurchase agreements	2,662	1,716
Amounts due from investment brokers¹	469	840
Other receivables	2,035	1,998
Accrued investment income	1,267	1,031
Assets for defined benefit plans²	382	384
Other financial assets	431	372
Non-financial assets
Current income tax receivables	937	1,050
Prepaid expenses	831	886
Other non-financial assets³	1,819	1,169
Total receivables and other assets	11,717	10,391

¹ Includes cash variation margin payments related to derivatives which are centrally cleared, USD 0 million and USD 2 million as of December 31, 2024 and 2023, respectively (see note 6).

² Please see note 19.

³ In 2024, the increase in other non-financial assets is mainly related to the acquisition of the AIG Travel business (see note 4).

15. Other liabilities

Other liabilities

Table 15.1

in USD millions, as of December 31	2024	2023
Other financial liabilities
Group derivative liabilities	840	1,252
Amounts due to investment brokers¹	999	950
Bank deposits	1,533	1,367
Liabilities for defined benefit plans²	1,043	1,499
Other liabilities for employee benefit plans	150	143
Lease liabilities	1,537	1,668
Other accrued liabilities	1,258	1,264
Other financial liabilities	5,665	5,692
Other non-financial liabilities
Current income tax payables	1,232	1,027
Provisions³	692	711
Other non-financial liabilities	1,074	1,088
Total other liabilities	16,022	16,661

¹ Includes cash variation margin payments related to derivatives which are centrally cleared, USD 0 million and USD 1 million as of December 31, 2024 and 2023, respectively (see note 6).

² Please see note 19.

³ Include restructuring provisions, litigation and regulatory provisions and other provisions (see table 15.4 for further details).

Table 15.2 shows the maturity schedule of other financial liabilities, excluding liabilities for defined benefit plans and lease liabilities, as of December 31, 2024 and 2023. The allocation to the time bands is based on the expected maturity date for the carrying value and the earliest contractual maturity for the undiscounted cash flows.

Maturity analysis -other financial liabilities

Table 15.2

in USD millions, as of December 31	2024		2023
	Carrying value	Undiscounted cash flows	Carrying value	Undiscounted cash flows
< 1 year	10,221	10,232	10,303	10,324
1 to 2 years	13	13	129	148
2 to 3 years	27	27	38	38
3 to 4 years	3	3	3	3
4 to 5 years	23	26	4	4
> 5 years	157	284	190	341
Total	10,444	10,585	10,669	10,858

Maturity analysis - lease liabilities

Table 15.3

in USD millions, as of December 31	2024		2023
	Carrying value	Undiscounted cash flows	Carrying value	Undiscounted cash flows
< 1 year	194	231	203	234
1 to 2 years	178	208	190	223
2 to 3 years	156	185	165	194
3 to 4 years	134	159	143	168
4 to 5 years	117	140	119	140
> 5 years	758	897	847	1,000
Total	1,537	1,820	1,668	1,960

Provisions

Table 15.4

in USD millions	Restructuring provisions		Litigation and regulatory provisions¹		Other provisions
	2024	2023	2024	2023	2024	2023
As of January 1	194	115	102	198	415	443
Provisions made during the period	45	128	79	72	159	316
Increase of provisions set up in prior years	87	96	19	3	23	19
Provisions used during the period	(143)	(131)	(30)	(163)	(145)	(249)
Provisions reversed during the period	(21)	(18)	(5)	(10)	(79)	(66)
Foreign currency translation effects	(5)	4	(12)	1	(38)	16
Net changes due to acquisitions/divestments	-	-	2	1	60	(60)
Other changes	-	-	-	-	(16)	(4)
As of December 31	157	194	157	102	378	415

in USD millions	Total
	2024	2023
As of January 1	711	755
Provisions made during the period	283	516
Increase of provisions set up in prior years	129	118
Provisions used during the period	(318)	(543)
Provisions reversed during the period	(105)	(94)
Foreign currency translation effects	(55)	22
Net changes due to acquisitions/divestments	62	(59)
Other changes	(16)	(4)
As of December 31	692	711

¹ Please see note 21 for further information on legal, compliance and regulatory developments.

16. Income taxes

Income tax expense -current/deferred split

Table 16.1

in USD millions, for the years ended December 31	2024	2023
Current	1,983	1,949
Deferred	278	(209)
Total income tax expense/(benefit)	2,261	1,741

Expected and actual income tax expense

Table 16.2

in USD millions, for the years ended December 31	Rate	2024	Rate	2023
Net income before income taxes		8,465		6,458
less: income tax (expense)/benefit attributable to policyholders		(179)		(172)
Net income before income taxes attributable to shareholders		8,286		6,286
Expected income tax expense attributable to shareholders
computed at the Swiss statutory tax rate	20.0%	1,657	20.0%	1,257
Increase/(reduction) in taxes resulting from:
Tax rate differential in foreign jurisdictions		268		207
Tax exempt and lower taxed income		(173)		(259)
Non-recoverable withholding taxes		219		247
Non-deductible expenses		187		171
Tax losses not recognized		(98)		(243)
Prior year adjustments and other		21		188
Actual income tax expense attributable to shareholders	25.1%	2,082	25.0%	1,568
plus: income tax expense/(benefit) attributable to policyholders		179		172
Actual income tax expense	26.7%	2,261	27.0%	1,741

Table 16.2 sets out the factors that cause the actual income tax expense to differ from the expected expense computed by applying the Swiss statutory tax rate of 20.0 percent, which is the rate applicable in the jurisdiction where the ultimate parent company is resident.

The Group is required to record taxes on policyholder earnings for life insurance policyholders in certain jurisdictions. Accordingly, the income tax expense or benefit attributable to these life insurance policyholder earnings is included in income tax expense. The income tax specifically chargeable to the policyholders under the terms of the insurance contracts is included in insurance contract liabilities and recognized as insurance revenue.

Taxes paid by certain of the Group's life insurance businesses are based on the investment result, and it is normal practice for certain of the Group's businesses to recover from policyholders the taxes attributable to their share of the investment result. While the relevant insurance businesses have the contractual right to charge policyholders for the taxes attributable to their share of the investment result, the obligation to pay the tax authority rests with the company and therefore the full amount of tax, including the portion attributable to policyholders, is accounted for as income tax. Income tax expense, therefore, includes an element attributable to policyholders.

The Group has adopted the amendments to IAS 12 'Income Taxes' for the financial year beginning January 1, 2023, and has applied the exception to recognize and disclose information about deferred tax assets and liabilities related to Pillar II minimum income taxes proposed by the Organization for Economic Co-operation and Development (OECD) Framework on Base Erosion and Profit Shifting (BEPS).

The model rules and other documents issued by the OECD on the Pillar II of BEPS (BEPS-Pillar II) aim to ensure that large multinational groups pay a minimum amount of tax on income in each jurisdiction they operate. The minimum effective tax of 15 percent is based on a pre-defined tax basis (GloBE income) and the so-called covered tax, using IFRS Accounting Standards as a starting point with defined adjustments to achieve a uniform basis to derive the effective tax rate.

BEPS-Pillar II legislations have been enacted or are in the process of being enacted by the various jurisdictions in which the Group operates. Switzerland, the jurisdiction in which Zurich Insurance Group Ltd as the ultimate parent entity of the Group is incorporated, has implemented the Qualified Domestic Minimum Top-up Tax (QDMTT), but not yet the Income Inclusion Rule (IIR). As a result, the Group's current income tax expense considers the impact of BEPS-Pillar II top-up taxes for the QDMTTs in the various implementing countries as well as the impacts related to IIRs implemented at the level of intermediate holding companies with ownerships in jurisdictions where a QDMTT has not been enacted in 2024.

As of December 31, 2024, the amount of top-up tax included in the current income tax expense in the Group's consolidated financial statement arising in jurisdictions in which local legislations have enacted the QDMTT or are subject to IIR was not material to the Group. The Group expects, based on its analysis to date, that the Group's exposure to Pillar II income taxes will not have a material adverse impact on the Group's financial position or performance. The Group will continue to monitor the BEPS-Pillar II legislative developments for the jurisdictions in which the Group operates.

Deferred tax assets/(liabilities) analysis by source

Table 16.3

in USD millions, as of December 31	2024		2023
	Deferred tax assets	Deferred tax liabilities	Deferred tax assets	Deferred tax liabilities
Depreciable and amortizable assets	507	(1,591)	525	(1,746)
Deferred acquisition and origination costs	387	(73)	149	(995)
Unrealized (gains)/losses on financial assets held at fair value through comprehensive income and cash flow hedges	1,870	(765)	1,566	(747)
Insurance and reinsurance contract assets and liabilities	11,738	(11,625)	12,175	(11,083)
of which: relating to PAA	2,734	(1,816)	2,723	(1,971)
of which: relating to other than PAA	9,004	(9,809)	9,452	(9,112)
Pension liabilities	1,257	(990)	1,354	(971)
Tax loss carryforward	926	-	1,380	-
Other assets and liabilities¹	7,453	(9,485)	6,383	(8,114)
Total deferred taxes	24,138	(24,529)	23,533	(23,657)
Valuation allowance	(352)	-	(476)	-
Effect of netting	(22,083)	22,083	(21,357)	21,357
Net deferred taxes	1,703	(2,446)	1,700	(2,300)

¹ Other assets and liabilities include temporary differences related to for fair value adjustments on investments recognized through profit or loss, leases, accruals and prepayments.

The Group's deferred tax assets and liabilities are recorded by its tax-paying entities throughout the world, which may include several legal entities within each tax jurisdiction. Legal entities are grouped as a single taxpayer only when permitted by local legislation and when deemed appropriate.

As of December 31, 2024 and 2023, the aggregate amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures, for which deferred tax liabilities have not been recognized amount to approximately USD 13 billion and USD 12 billion, respectively. In the remote likelihood that these temporary differences were to reverse simultaneously, the resulting tax liabilities would be very limited due to participation exemption rules.

Development of net deferred tax liabilities

Table 16.4

in USD millions	2024	2023
As of January 1	(593)	(432)
Net change recognized in the income statement	(278)	209
Net change recognized in equity	139	(348)
Net changes due to acquisitions/(divestments)	(32)	3
Foreign currency translation effects	22	(32)
As of December 31	(743)	(600)
attributable to policyholders	(79)	41
attributable to shareholders	(664)	(641)

The net deferred tax liabilities related to non-controlling interests amounted to USD 74 million and USD 67 million as of December 31, 2024 and 2023, respectively. Please note the prior year figure has been updated from previously stated amounts of USD 7 million.

Development of deferred income taxes included in equity

Table 16.5

in USD millions	2024	2023
As of January 1	(400)	(793)
Net unrealized gains/losses) on financial assets	(329)	1,138
Cash flow hedges	4	(3)
Equity accounted investments	-	(1)
Revaluation reserve	1	24
Net actuarial gains/losses) on pension plans	95	(120)
Change in discount rate for insurance/reinsurance contracts	17	(308)
Change in fair value of underlying items through OCI	104	(335)
Foreign currency translation effects	(19)	(1)
As of December 31	(527)	(400)

Tax loss carryforwards and tax credits

Table 16.6

in USD millions, as of December 31	2024	2023
For which deferred tax assets have been recognized, expiring
< 5 years	143	116
5 to 20 years	30	103
> 20 years or with no time limitation	2,371	3,637
Subtotal	2,544	3,856
For which deferred tax assets have not been recognized, expiring
< 5 years	229	155
5 to 20 years	163	264
> 20 years or with no time limitation	1,066	1,514
Subtotal	1,458	1,933
Total	4,002	5,789

The tax rates applicable to tax losses for which a deferred tax asset has not been recognized are 21.1 percent and 22.2 percent as of December 31, 2024 and 2023, respectively.

The recoverability of the deferred tax asset for each taxpayer is based on the taxpayer's ability to utilize the deferred tax asset. This analysis considers the projected taxable income to be generated by the taxpayer, as well as its ability to offset the deferred tax asset against deferred tax liabilities.

Management assesses the recoverability of the deferred tax asset carrying values based on future years' taxable income projections and believes the carrying values of the deferred tax assets as of December 31, 2024 to be recoverable.

17. Senior and subordinated debt

Senior and subordinated debt

Table 17.1

in USD millions, as of December 31		2024	2023
Senior debt
Zurich Insurance Company Ltd	1.750% EUR 500 million notes, due September 2024^1,2	-	555
	0.500% CHF 350 million notes, due December 2024¹	-	416
	1.500% CHF 150 million notes, due July 2026¹	171	187
	0.750% CHF 200 million notes, due October 2027¹	221	237
	1.000% CHF 200 million notes, due October 2028¹	221	238
	1.500% EUR 500 million notes, due December 2028^1,2	516	550
	1.125% CHF400 million notes, due July 2029¹	442	476
	0.000% CHF 200 million notes, due August 2031¹	220	237
	0.100% CHF 250 million notes, due August 2032¹	276	297
Zurich Holding Comp. of America Inc	2.300% USD 400 million notes, due February 2030¹	400	400
Zurich Finance (Australia) Limited	4.770% AUD 200 million loan, due July 2027	128	143
	5.324% AUD 200 million notes, due September 2029¹	124	136
	4.500% AUD 375 million notes, due July 2038¹	244	270
Zurich Finance (Ireland) DAC	2.250% USD 400 million notes, due December 2031^1,2	371	200
	1.625% EUR 500 million notes, due June 2039¹ ∙²	516	551
	Euro Commercial Paper Notes, due in less than 12 months	170	297
Senior debt		4,020	5,190
Subordinated debt
Zurich Insurance Company Ltd	4.250% USD 300 million notes, due October 2045, first callable October 2025^1,2	300	300
	5.625% USD 1 billion notes, due June 2046, first callable June 2026^{1, 2}	999	999
	3.500% EUR 750 million notes, due October 2046, first callable October 2026^1,2	762	805
	5.125% USD 500 million notes, due June 2048, first callable June 2028^{1, 2}	499	499
	4.875% USD 500 million notes, due October 2048, first callable October 2028^1,2	499	499
	2.750% EUR 500 million notes, due February 2049, first callable February 2029^1,2	515	549
	1.500% CHF 300 million notes, due May 2052, first callable May 2032¹	330	355
Zurich Finance (Ireland) DAC	1.875% EUR 750 million notes, due September 2050, first callable June 2030^{1, 2}	774	826
	3.000% USD 1.75 billion notes, due April 2051, first callable January 2031^1,2	1,747	1,747
	3.500% USD 500 million notes, due May 2052, first callable February 2032^1,2	499	499
	5.125% GBP 1 billion notes, due November 2052, first callable August 2032^1,2	1,240	1,261
	1.600% EUR 200 million notes, due December 2052, first callable September 2032^{1, 2}	207	221
Zurich Finance (Ireland) II DAC	5.500% USD 500 million notes, due April 2055, first callable October 2034^1,2	499	-
Subordinated debt		8,871	8,559
Total senior and subordinated debt		12,891	13,749

¹ Issued under the Group's Euro Medium Term Note Programme (EMTN Programme).

² These bonds are part of a qualifying net investment hedge to hedge the foreign currency exposure.

None of the debt instruments listed in table 17.1 were in default as of December 31, 2024 or December 31, 2023.

To facilitate the issuance of debt, the Group has a Euro Medium Term Note Programme (EMTN Programme) in place allowing for the issuance of senior and subordinated notes up to a maximum of USD 18 billion. All issuances under this program are either issued or guaranteed by Zurich Insurance Company Ltd. The Group has also issued debt instruments outside this program.

Debt issued is recognized initially at fair value of the consideration received, net of transaction costs incurred, and is subsequently carried at amortized cost using the effective interest rate method.

Maturity analysis of outstanding debt

Table 17.2

in USD millions, as of December 31	2024		2023
	Carrying value	Undiscounted cash flows	Carrying value	Undiscounted cash flows
< 1 year	470	872	1,268	1,672
1 to 2 years	1,932	2,315	300	692
2 to 3 years	349	664	1,991	2,358
3 to 4 years	1,735	2,046	380	672
4 to 5 years	1,081	1,330	1,786	2,073
5 to 10 years	6,065	6,718	7,203	7,902
> 10 years	1,259	1,359	821	917
Total	12,891	15,304	13,749	16,287

Debt maturities reflect original contractual dates, taking early redemption options into account. For call/redemption dates, see table 17.1. The total notional amount of debt due in each period is not materially different from the total carrying value disclosed in table 17.2. Undiscounted cash flows include interest and principal cash flows on debt outstanding as of December 31, 2024 and 2023. Floating interest rates are assumed to remain constant as of December 31, 2024 and 2023. The aggregated cash flows are translated into U.S. dollars at end-of-period rates.

Development of debt arising from financing activities

Table 17.3

in USD millions	Total
	2024	2023
As of January 1	13,749	13,979
Issuance of debt recognized in cash flows	728	544
Repayment of debt recognized in cash flows	(1,117)	(1,196)
Other changes	7	8
Foreign currency translation effects	(476)	414
As of December 31	12,891	13,749

18. Shareholders' equity, dividends and earnings per share

Share capital

Table 18.1

	Share capital in CHF	Number of shares	Par value in CHF
Issued share capital
As of December 31, 2022	15,046,017	150,460,167	0.10
New shares issued from contingent capital in 2023	-	-
Share capital reduction as of August 7, 2023 (see section f)	(410,441)	(4,104,413)	0.10
As of December 31, 2023	14,635,575	146,355,754	0.10
New shares issued from contingent capital in 2024	-	-
As of December 31, 2024	14,635,575	146,355,754	0.10
Capital band, contingent and issued share capital
As of December 31, 2023	21,908,979	219,089,794	0.10
As of December 31, 2024	21,908,979	219,089,794	0.10

The following information related to the capital band and the contingent share capital is specified in articles 5^bis and 5^ter of the Articles of Association of Zurich Insurance Group Ltd (ZIG).

a) Capital band

On April 6, 2023, the Annual General Meeting (AGM) of ZIG approved a capital band as replacement of the authorized share capital (Art. 5^bis of the Articles of Association).

Until and including April 6, 2028, the Board of Directors (Board) of ZIG is authorized to conduct one or more increases and/or reductions of the share capital within the upper limit of CHF 18,917,751.50, corresponding to 189,177,515 registered shares with a nominal value of CHF 0.10 each, and the lower limit of CHF 13,541,415.00, corresponding to 135,414,150 registered shares with a nominal value of CHF 0.10 each. In the case of a capital increase, the Board would determine the number of shares, the date of issue of any such new shares, the issue price, type of contributions (including cash contributions, contributions in kind, set-off and conversion of freely usable reserves, including retained earnings, into share capital), the conditions of exercising subscription rights and the beginning of the dividend entitlement.

The Board may issue such new shares by means of a firm underwriting by a financial institution, a syndicate of financial institutions or another third-party and with a subsequent offer of those shares to the current shareholders. The Board is authorized to restrict or to prohibit trading in the subscription rights to the new shares and may allow the expiration of subscription rights which have not been exercised, or it may place these rights as well as shares, the subscription rights of which have not been exercised, at market conditions, or use them otherwise in the interest of ZIG.

The Board is further authorized to restrict or exclude the subscription rights and to allocate them to individual shareholders, third parties, ZIG or one of its group companies for one or more increases, up to a maximum of 14,600,000 shares, if the shares are to be used:

―	for the takeover of an enterprise, or parts of an enterprise or of participations or for investments by ZIG or one of its group companies, or for the financing including refinancing of such transactions;
―	for the purpose of expanding the scope of shareholders in connection with the listing of shares on foreign stock exchanges or issuance of shares on the national or international capital markets (including private placements to one or more selected investors);
―	for the conversion of loans, bonds, similar debt instruments, equity-linked instruments or other financial market instruments (collectively, the 'Financial Instruments') issued by ZIG or one of its group companies; or
―	for the improvement of the regulatory and/or rating capital position of ZIG or one of its group companies in a fast and expeditious manner.

In case of a capital reduction, the Board shall, to the extent necessary, determine the number of shares to be canceled and the use of the reduction amount. The acquisition and holding of shares repurchased for purposes of cancellation under the capital band are not subject to the 10 percent threshold for treasury shares within the meaning of art. 659 para. 2 of the Swiss Code of Obligations.

The Board is further authorized to carry out a capital increase by increase of the nominal value or a capital reduction by reduction of the nominal value within the capital band or to carry out a simultaneous reduction and re-increase. In the case of an increase or reduction of the nominal value, the Board shall determine the new nominal value of the shares and shall adapt all provisions of the Articles of Association relating to the nominal value of a share as well as the number of shares with a new nominal value corresponding to the fixed upper and lower limit of the capital band pursuant to art. 5^bis para. 1 of the Articles of Association, accordingly.

Up to April 6, 2028, the total of new shares issued from (i) the capital band where the subscription rights were restricted or excluded, and (ii) the contingent share capital in connection with Financial Instruments where the advance subscription rights were restricted or excluded, may not exceed 14,600,000 new shares.

b) Contingent share capital

Financial Instruments

Since the replacement of the authorized share capital with the capital band (see a) above) on April 6, 2023, the validity of the combined dilution limitations for the capital band and the contingent share capital pursuant to art. 5^ter para. 1 of the Articles of Association is April 6, 2028, and the total of new shares issued from the capital band where the subscription rights were restricted or excluded, and the contingent share capital pursuant to art. 5^ter para. 1 of the Articles of Association where the advance subscription rights were restricted or excluded, may not exceed 14,600,000 new shares.

The share capital of ZIG may be increased by an amount not exceeding CHF 2,992,160 by issuing up to 29,921,600 fully paid-in registered shares with a nominal value of CHF 0.10 each by the voluntary or mandatory exercise of conversion and/or option rights which are granted in connection with the issuance of Financial Instruments by ZIG or one of its group companies or by mandatory conversion of Financial Instruments issued by ZIG or one of its group companies, that allow for contingent mandatory conversion into shares of ZIG, or by exercising option rights which are granted to the shareholders. The subscription rights are excluded. The then-current owners of the Financial Instruments shall be entitled to subscribe for the new shares. The conversion and/or option conditions are to be determined by the Board.

The Board is authorized, when issuing Financial Instruments, to restrict or exclude the advance subscription rights in cases where they are issued:

―	for the financing including refinancing of a take-over of an enterprise, of parts of an enterprise, or of participations or of investments by ZIG or one of its group companies;
―	on national or international capital markets (including private placements to one or more selected investors); or
―	for the improvement of the regulatory and/or rating capital position of ZIG or one of its group companies in a fast and expeditious manner.

If the advance subscription rights are restricted or excluded by a resolution of the Board, the following applies: the Financial Instruments are to be issued at prevailing market conditions (including standard dilution protection clauses in accordance with market practice) and the setting of the conversion or issue price of the new shares must take due account of the stock market price of the shares and/or comparable instruments priced by the market at the time of issue or time of conversion.

The conversion rights may be exercisable during a maximum of ten years and option rights during a maximum of seven years from the time of the respective issue; contingent conversion features may remain in place indefinitely.

Employee participation

During 2024 and 2023, no shares were issued to Group employees out of the contingent share capital. As of December 31, 2024, and as of December 31, 2023, the remaining contingent share capital available for issuance to Group employees amounted to CHF 409,509.20 and 4,095,092 fully paid-in registered shares with a nominal value of CHF 0.10 each, respectively. Subscription rights, as well as advance subscription rights of the shareholders, are excluded. The issuance of new shares or respective option rights to employees is subject to one or more regulations to be issued by the Board and takes into account performance, functions, levels of responsibility and criteria of profitability. New shares or option rights may be issued to employees at a price lower than that quoted on the stock exchange.

c) Additional paid-in capital

This reserve is not ordinarily available for distribution. However, as of January 1, 2011, a Swiss tax regulation based on the Swiss Corporate Tax Reform II became effective, allowing for payments free of Swiss withholding tax to shareholders out of the capital contribution reserve, created out of additional paid-in capital. Therefore, amounts qualifying under this regulation can be paid out of additional paid-in capital. As of December 31, 2024, there were no amounts qualifying under the general capital contribution reserve.

d) Treasury shares

Treasury shares

Table 18.2

number of shares, as of December 31	2024	2023	2022
Treasury shares	1,848,834	2,365,577	2,097,833
Treasury shares (repurchased under public share buyback programs, see f)	2,221,529	-	829,830
Total treasury shares	4,070,363	2,365,577	2,927,663

Treasury shares comprise shares acquired in the market as well as shares repurchased via the public share buyback programs for cancellation purposes (see f) below).

e) Dividends

The dividend of CHF 26 per share was paid out of the available earnings on April 16, 2024, as approved at the AGM on April 10, 2024. The difference between the respective amounts of the dividend at transaction day exchange rates amounting to USD 4.2 billion and at historical exchange rates are reflected in the cumulative foreign currency translation adjustment.

The dividend of CHF 24 per share was paid out of the available earnings on April 14, 2023, as approved at the AGM on April 6, 2023. The difference between the respective amounts of the dividend at transaction day exchange rates amounting to USD 3.9 billion and at historical exchange rates are reflected in the cumulative foreign currency translation adjustment.

f) Share buyback program

On October 30, 2024, ZIG completed the public share buyback program of up to CHF 1.1 billion, which was launched on June 17, 2024. Until completion of the program, ZIG repurchased on a second trading line on the SIX Swiss Exchange a total of 2,221,529 ZIG shares, having a total purchase value of CHF 1.1 billion. The repurchased shares shall be canceled using the capital band (Art. 5^bis of the Articles of Association).

On June 7, 2023, ZIG completed the public share buyback program of up to CHF 1.8 billion, which was launched on November 21, 2022. Until completion of the program, ZIG repurchased on a second trading line on the SIX Swiss Exchange a total of 4,104,413 ZIG shares, having a total purchase value of CHF 1.8 billion. The repurchased shares were canceled using the capital band (Art. 5^bis of the Articles of Association). The new share capital of CHF 14,635,575.40 and the new number of shares of 146,355,754 shares were registered in the commercial register of the Canton of Zurich on August 7, 2023.

g) Earnings per share

Earnings per share

Table 18.3

for the years ended December 31	Net income attributable to common shareholders (in USD millions)	Weighted average number of shares	Per share (USD)	Per share (CHF)¹
2024
Basic earnings per share	5,814	143,622,281	40.48	35.62
Effect of potentially dilutive shares related to share-based compensation plans		1,178,846	(0.33)	(0.29)
Diluted earnings per share	5,814	144,801,127	40.15	35.33
2023
Basic earnings per share	4,351	145,253,573	29.96	26.91
Effect of potentially dilutive shares related to share-based compensation plans		1,100,905	(0.23)	(0.20)
Diluted earnings per share	4,351	146,354,478	29.73	26.71

¹ The translation from U.S dollars to Swiss francs is shown for information purposes only and has been calculated at the Group's average exchange rates for the years ended December 31, 2024 and 2023.

Basic earnings per share is computed by dividing net income attributable to shareholders by the weighted average number of shares outstanding for the year, excluding the weighted average number of shares held as treasury shares. Diluted earnings per share reflects the effect of potentially dilutive shares.

19. Employee benefits

The Group operates a number of retirement benefit arrangements for employees. Historically, the majority of employees belonged to defined benefit pension plans and some will still have past service benefits accrued in those plans.

However, the majority of employees now accrue benefits under defined contribution plans, which provide benefits equal to the amounts contributed by both the employer and the employee plus investment returns.

Certain of the Group's operating companies also provide post-employment benefit plans covering medical care and life insurance, mainly in the U.S. Eligibility for these plans is generally based on completion of a specified period of eligible service and reaching a specified age. The plans typically pay a stated percentage of medical expenses subject to deductibles and other factors. The cost of post-employment benefits is accrued during the employees' service periods.

The Group Pensions Committee is responsible for developing, reviewing and advising on the Group governance framework in matters related to pension and post-employment benefit arrangements. It provides oversight and guidance in the areas of market, demographic and reputational risk. It reports to and makes recommendations to the Group Balance Sheet Committee on material pension-related matters and reports regularly to the Remuneration Committee. The Group Pensions Committee provides a point of focus and coordination on the topic of pensions and post-retirement benefits at Group level for the supervision and exercise of company powers and obligations in relation to pension and post-retirement benefit plans.

Funding and asset allocation is subject to local legal and regulatory requirements.

a) Defined contribution pension plans

Certain companies of the Group sponsor defined contribution pension plans. Eligibility for participation in such plans is either immediate on commencement of employment or based on completion of a specified period of continuous service. The plans provide for voluntary contributions by employees and contributions by the employer which typically range from 2 percent to 13 percent of annual pensionable salary, depending on a number of factors. The Group's contributions under these plans amounted to USD 300 million and USD 297 million for the years ended December 31, 2024 and 2023, respectively.

b) Defined benefit pension plans

The largest defined benefit obligations are in the pension plans in Switzerland, the UK, the U.S. and Germany, which together comprise over 90 percent of the Group's total defined benefit obligation. The remaining plans in other countries are not individually significant; therefore, no separate disclosure is provided.

Certain Group companies sponsor defined benefit pension plans, some of which provide benefits on retirement, death or disability depending on the employees' service periods and pensionable earnings. Others provide cash balance plans where the participants receive the benefit of the accumulated employer and employee contributions (where paid) together with additional cash credits in line with the rules of the plan.

Most of the Group's defined benefit pension plans are funded through contributions by the Group and, in some cases also by employees, to investment vehicles managed by trusts or foundations independent of the Group's finances, or by management committees with fiduciary responsibilities. Where a trust or foundation exists, it is required by law or by articles of association to act in the interests of the fund and of all relevant beneficiaries to the plan, which can also include the sponsoring company, and is responsible for the investment policy with regard to the assets of the fund. The trust/foundation board or committee is usually composed of representatives from both employers and plan members. Independent actuarial valuations for the plans are performed as required. It is the Group's general principle that plans are appropriately funded in accordance with local pension regulations in each country.

The pension plans typically expose the company to risks such as interest rate, price inflation, longevity risk, and risk of future salary increases. To the extent that pension plans are funded, the assets held mitigate some of the liability risk but introduce some investment risk.

The overall investment policy and strategy for the Group's defined benefit pension plans is to achieve an investment return which, together with contributions, targets having sufficient assets to pay pension benefits as they fall due while also mitigating the various risks in the plans. The actual asset allocation is determined by reference to current and expected economic and market conditions and in consideration of specific asset class risk in the risk profile. The Group has a governance framework to ensure the trust/foundation board or committee considers how the asset investment strategy correlates with the maturity profile of the plan liabilities and the potential impact on the funding status of the plans, including short-term liquidity requirements. The investment strategies for each pension plan are independently determined by the governance body in each country, with oversight by the Group Pensions Committee. The pension assets are invested in diversified portfolios across geographical regions and asset classes to ensure diversified returns, also taking into account local pension laws. The investment strategies aim to mitigate asset-liability mismatches in the long run. In recent years, the integration of environmental, social and governance (ESG) factors has become a significant element of Zurich's pension plans' investment decision making. Pension plans will continue progressing on their responsible investment journey, leveraging Zurich's expertise and leadership while being cognizant of their fiduciary responsibility.

For post-employment defined benefit plans, total contributions to funded plans and benefits paid directly by the Group were USD 281 million for 2024 compared with USD 302 million for 2023. The estimated total for 2025 is USD 330 million (actual amount may differ).

Swiss pension plan

The main plan provides benefits that exceed the minimum benefit requirements under Swiss pension law. It provides a lifetime pension to members based on their accrued retirement savings in the basic account and the additional basic account multiplied by the applicable conversion rate at the normal retirement age of 65 (age 62 for Executive Staff). Participants can draw retirement benefits early from age 60 (age 58 for Executive Staff). Alternatively, the benefit can be taken as a lump sum payment at retirement or as a mixture of lifetime pension and lump sum payment. In addition, at retirement, the plan pays a one-off cash sum settlement equal to the accrued retirement savings in the capital account and the additional capital account. Contributions to the plan are paid by the employees and the employer, both for retirement savings and to finance risk benefits paid out in the event of death and disability. The accumulated balance on the pension account is based on the employee and employer savings contributions, interest accrued, vested benefits transferred to the pension plan and voluntary contributions paid by the employee. The interest rate credited is defined annually by the plan's Board of Trustees, which is responsible for the governance of the plan. The trustees regularly review the Pension Plan's funding status as well as the technical interest rate and the conversion rates.

As announced in 2023, the conversion rate of the basic account and the additional basic account will be gradually reduced over a period of two years, starting from January 1, 2025 from 5.00 percent to 4.70 percent at age 65. To partially compensate for this reduction, top-up payments from the company will be paid to the retirement accounts of members affected by the changes. As of January 1, 2025, the capital account will be replaced by the new bonus account. The conversion rate of the bonus account at age 65 will be 3.501 percent. If retirement is before or after age 65, the conversion rates are adjusted accordingly. In addition, from January 1, 2025, some plan design features will be changed to align the plan with market practice. The top-up payments will be made in five annual installments starting from January 1, 2025. The impact of these changes resulted in a one-off prior service credit of USD 29 million as a reduction in expenses in 2023, and an increase in ongoing expenses through the service cost (USD 15 million in 2023).

Although the Swiss plan operates like a defined contribution plan under local regulations, it is accounted for as a defined benefit pension plan under IAS 19 'Employee Benefits' because of the need to accrue a minimum level of interest on the mandatory part of the pension accounts and the payment of a lifetime pension at a fixed conversion rate under the plan rules.

Actuarial valuations are completed annually and if the plan becomes underfunded under local regulations, options for managing this include additional contributions from the Group and employees into the plan and/or reducing future benefits. At present, the plan is sufficiently funded, meaning that no additional contributions into the plans are expected to be required in the next year. The investment strategy of the Swiss plan is constrained by Swiss pension law, including regulations related to diversification of plan assets. Under IFRS Accounting Standards, volatility arises in the Swiss pension plan net assets as the fair value of the plan assets is not directly correlated to movements in the value of the plan's defined benefit obligation in the short-term.

If the fair value of plan assets exceeds the plan's defined benefit obligation, a surplus is only recognized on the balance sheet to the extent that it does not exceed the estimated future economic benefit. The value of the future economic benefit is estimated as the sum of two items: the difference between the present value of the estimated future net service cost and the present value of estimated employer minimum funding requirements, and employer contribution reserves in accordance with local Swiss regulations.

UK pension plan

The major UK pension plan is a hybrid arrangement and defined benefits entitlements accrued to December 31, 2015 increase in line with salary increases. Normal retirement age for the defined benefit sections is 60. The plan is split into distinct sections and the two defined benefit sections are closed to new entrants and, with effect from January 1, 2016, to future benefit accrual. All employees now participate in a defined contribution section within the same trust.

The notes that follow consider only the defined benefit sections.

The UK Pension Trustee Board is responsible for the governance of the plan. The employer contributions are determined based on regular triennial actuarial valuations which are conducted using assumptions agreed by the Trustee Board and the sponsoring company. A local statutory valuation was carried out at an effective date of June 30, 2022 and was finalized in September 2023. This valuation disclosed a funding surplus of USD 172 million (GBP 135 million) after taking into account the value of the asset-backed funding arrangement established in 2014. The asset-backed funding arrangement does not qualify as a plan asset under IFRS Accounting Standards and is therefore not included in the tables set out in the rest of this note.

The ongoing funding of the plan is closely monitored by the Trustee Board and a dedicated funding committee is made up of representatives from the Trustee Board and the Group. The plan rules and UK pension legislation set out maximum levels of inflationary increases applied to plan benefits. The plan assets are invested in diversified classes of assets.

U.S. pension plans

There are two major pension plans in the U.S., the Zurich North America (ZNA) pension plan and the Farmers Group, Inc. (FGI) pension plan. Both plans are funded entirely by the participating employers. The ZNA plan is a cash balance plan and the FGI pension plan utilizes a cash balance pension formula for benefits accruing after January 1, 2009, except with respect to certain grandfathered participants who retained a final average pay formula. Under a cash balance pension formula, an amount is credited to the cash balance account each quarter, determined by an employee's age, service and their level of earnings up to and above the social security taxable wage base. The minimum annual interest credited on the account balance is 5 percent. The cash balance account is available from age 65, or age 55 with five years of service. The benefit can be taken as a monthly annuity or as a lump sum. Under the FGI plan, benefits can also be taken immediately if elected within 180 days of termination. Both the ZNA and FGI plans have fiduciaries as required under local pension laws. The fiduciaries are responsible for the governance of the plans. Actuarial valuations are completed regularly. The annual employer minimum required contributions are equal to expected expenses paid from the plan each year, plus a rolling amortization of any prior underfunding.

The ZNA and FGI plans have been frozen with effect from December 31, 2018. ZNA and FGI employees with a cash balance account will continue to earn interest credits on either their existing cash or account balance after the freeze date and will continue to earn eligibility service used to determine vesting and early retirement eligibility. FGI employees participating in the final average pay formula will continue to earn eligibility service used to determine vesting and the percentage of pension benefit payable for early retirement before normal retirement age of 65. ZNA and FGI employees earn only defined contribution retirement benefits with effect from January 1, 2019. In conjunction with the change in the pension plan, ZNA and FGI employees receive an additional company contribution within their defined contribution plan.

German pension plans

There are a number of legacy defined benefit plans in Germany, most of which were set up under works council agreements. Contributions to support the pension commitments are made to a contractual trust arrangement. A separate arrangement was also established in 2010 to provide for retirement obligations that were in payment at that time. Consideration is given from time to time based on the fiscal efficiency of adding recent retirees to this arrangement and to adding assets to the contractual trust. In 2024, the pension liabilities were funded at 88 percent; however, no additional funding was required.

The defined benefit plans provide benefits on either a final salary, career average salary or a cash balance basis. New entrants participate in a cash balance arrangement, which has the characteristics of a defined contribution arrangement, with a lump sum paid at retirement and a capital guarantee on members' balances, which mirrors the capital guarantee given in a conventional life insurance arrangement in Germany.

Tables 19.1a and 19.1b set out the reconciliation of the defined benefit obligation and plan assets for the Group's post-employment defined benefit plans.

Movement in defined benefit obligation and fair value of assets -current period

Table 19.1a

in USD millions	Defined benefit obligation	Fair value of assets	Asset ceiling	Net defined benefit asset/ (liability)
As of January 1, 2024	(18,229)	18,299	(1,185)	(1,115)
Net post-employment benefit (expense)/income:
Current service cost	(163)	-	-	(163)
Interest (expense)/income	(668)	634	-	(34)
Settlements gains/losses)	(1)	-	-	(2)
Past service (cost)/credit	(3)	-	-	(3)
Net post-employment benefit (expense)/income	(836)	634	-	(202)
Remeasurement effects included in other comprehensive income:
Return on plan assets excluding interest income	-	(661)	-	(661)
Experience gains/losses)	19	-	-	19
Actuarial gains/losses) arising from changes in demographic assumptions	164	-	-	164
Actuarial gains/losses) arising from changes in financial assumptions	817	-	-	817
Change in asset ceiling	-	-	118	118
Remeasurement effects included in other comprehensive income	999	(661)	118	455
Employer contributions	-	237	-	237
Employer contributions paid to meet benefits directly	43	-	-	43
Plan participants' contributions	(89)	89	-	-
Payments from the plan (including settlements)	916	(916)	-	-
(Acquisitions)/divestments and transfers	(2)	-	-	(2)
Foreign currency translation effects	626	(703)	-	(77)
As of December 31, 2024	(16,572)	16,979	(1,067)	(661)
of which: Assets for defined pension plans¹				382
of which: Liabilities for defined pension plans²				(1,043)

¹ Included within 'Receivables and other assets' (please see note 14).

² Included within 'Other liabilities' (please see note 15).

Movement in defined benefit obligation and fair value of assets - prior period

Table 19.1b

in USD millions	Defined benefit obligation	Fair value of assets	Asset ceiling	Net defined benefit asset/ (liability)
As of January 1, 2023	(16,125)	16,578	(1,240)	(788)
Net post-employment benefit (expense)/income:
Current service cost	(144)	-	-	(144)
Interest (expense)/income	(659)	653	-	(6)
Settlements gains/(losses)	(2)	-	-	(2)
Past service (cost)/credit	48	-	-	48
Net post-employment benefit (expense)/income	(756)	653	-	(103)
Remeasurement effects included in other comprehensive income:
Return on plan assets excluding interest income	-	519	-	519
Experience gains/(losses)	(109)	-	-	(109)
Actuarial gains/(losses) arising from changes in demographic assumptions	(187)	-	-	(187)
Actuarial gains/(losses) arising from changes in financial assumptions	(881)	-	-	(881)
Change in asset ceiling	-	-	56	56
Remeasurement effects included in other comprehensive income	(1,177)	519	56	(602)
Employer contributions	-	265	-	265
Employer contributions paid to meet benefits directly	38	-	-	38
Plan participants' contributions	(85)	85	-	-
Payments from the plan (including settlements)	813	(813)	-	-
(Acquisitions)/divestments and transfers	-	-	-	-
Foreign currency translation effects	(937)	1,013	-	76
As of December 31, 2023	(18,229)	18,299	(1,185)	(1,115)
of which: Assets for defined pension plans¹				384
of which: Liabilities for defined pension plans²				(1,499)

¹ Included within 'Receivables and other assets' (please see note 14).

² Included within 'Other liabilities' (please see note 15).

Net post-employment benefit (expense)/income is recognized in other employee benefits, which is included within administrative and other operating expense.

Post-employment benefits are long-term by nature. However, short-term variations between long-term actuarial assumptions and actual experience may be positive or negative, resulting in actuarial gains or losses, which are recognized in full in the period in which they occur and are included within other comprehensive income.

Table 19.2 provides a breakdown of plan assets by asset class.

Fair value of assets held in funded defined benefit pension plans

Table 19.2

in USD millions, as of December 31	2024				2023
	Quoted in active markets	Other	Total	% of Total	Quoted in active markets	Other
Cash and cash equivalents	269	-	269	2%	380	-
Equity securities	3,556	350	3,906	23%	3,581	319
Debt securities	-	12,505	12,505	74%	-	13,608
Investment property	-	1,818	1,818	11%	-	1,887
Mortgage loans	-	355	355	2%	-	382
Other net assets	-	(1,873)	(1,873)	(11%)	-	(1,857)
Total	3,825	13,154	16,979	100%	3,960	14,339

in USD millions, as of December 31	2023
	Total	%of Total
Cash and cash equivalents	380	2%
Equity securities	3,900	21%
Debt securities	13,608	74%
Investment property	1,887	10%
Mortgage loans	382	2%
Other net assets	(1,857)	(10%)
Total	18,299	100%

For the classification of pension assets, the Group follows the same principles as outlined in note 22 (Fair value measurement). Assets meeting the criteria of Level 1 are generally considered quoted in active markets, while assets meeting the criteria of Level 2 or Level 3 are generally considered in other assets.

Tables 19.3a and 19.3b provide a breakdown of the key information included in tables 19.1a and 19.1b for the main countries for the years ended December 31, 2024 and 2023, respectively.

Key information by main country -current period

Table 19.3a

in USD millions, as of December 31, 2024	Switzerland	United Kingdom	United States	Germany	Other	Total
Defined benefit obligation	(5,177)	(6,802)	(2,619)	(1,083)	(891)	(16,572)
Fair value of plan assets	6,202	6,490	2,368	980	939	16,979
Impact of asset ceiling	(971)	(96)	-	-	-	(1,067)
Net defined benefit asset/(liability)	54	(408)	(251)	(103)	48	(661)
of which: Assets for defined pension plans	64	-	127	50	140	382
of which: Liabilities for defined pension plans	(10)	(408)	(379)	(153)	(93)	(1,043)
Net post-employment benefit (expense)/income	(90)	(46)	(20)	(20)	(26)	(202)

Key information by main country -prior period

Table 19.3b

in USD millions, as of December 31, 2023	Switzerland	United Kingdom	United States	Germany	Other	Total
Defined benefit obligation	(5,195)	(8,016)	(2,825)	(1,194)	(999)	(18,229)
Fair value of plan assets	6,421	7,293	2,554	1,039	992	18,299
Impact of asset ceiling	(1,109)	(76)	-	-	(0)	(1,185)
Net defined benefit asset/(liability)	116	(798)	(271)	(155)	(7)	(1,115)
of which: Assets for defined pension plans	124	-	125	36	98	384
of which: Liabilities for defined pension plans	(8)	(798)	(396)	(191)	(105)	(1,499)
Net post-employment benefit (expense)/income	(34)	(30)	1	(18)	(22)	(103)

The Groups' post-employment defined benefit obligations and the Group's post-employment benefit expenses in the Group's major plans shown in table 19.3 are calculated by discounting using the full yield curve for each country. For the UK, where price inflation is required for projecting benefits in those calculations, this is done using the full break-even price inflation curve. The figures for discount rates and for UK price inflation in table 19.4 are single-equivalent rates for the defined benefit obligations (i.e., the single assumption that would produce the same defined benefit obligation as using the full curve); single-equivalent rates for other elements of the accounting results will differ slightly from the figures set out below.

Key financial assumptions used for major plans

Table 19.4

as of December 31	2024				2023
	Switzerland	United Kingdom	United States	Germany	Switzerland	United Kingdom
Discount rate	0.9%	5.5%	5.6%	3.4%	1.3%	4.5%
Inflation rate (CPI)¹	1.1%	2.8%	2.4%	2.1%	1.2%	2.5%
Salary increase rate	1.1%	2.8%	4.9%	3.4%	1.2%	2.4%
Expected future pension increases	0.1%	2.8%	n / a	2.1%	0.1%	2.6%
Interest crediting rate²	1.8%	n / a	5.1%	n / a	1.3%	n / a

as of December 31	2023
	United States	Germany
Discount rate	5.0%	3.2%
Inflation rate (CPI)¹	2.4%	2.3%
Salary increase rate	4.9%	3.6%
Expected future pension increases	n / a	2.3%
Interest crediting rate²	5.4%	n / a

¹ In the UK, part of the liability is linked to the inflation measure of the Retail Price Index (RPI). As RPI is expected to converge with CPI no earlier than in 2030, the RPI assumption for the UK was assumed to be 1.0 percent higher than CPI for durations up to and including 2029 and the same as CPI for 2030 onwards.

² As of December 31, 2024 and 2023, the disclosed assumption for the U.S. is calculated as a weighted average of ZNA pension plans and the FGI pension plans.

Tables 19.5a and 19.5b set out the life expectancies used in the valuation of the Group's major plans. The mortality assumptions in each country have been based on mortality tables in accordance with typical practice in that country.

Mortality tables and life expectancies for major plans - current period

Table 19.5a

in years, as of December 31, 2024		Life expectancy at age 65 for a male currently		Life expectancy at age 65 for a female currently
		aged 65	aged 45	aged 65	aged 45
Country	Mortality table for major plans
Switzerland	BVG 2020 with generational projections according to CMI model adapted to Swiss mortality with a long-term trend rate of 1.25%	21.96	23.66	23.73	25.33
United Kingdom	Club Vita 2022 mortality curves with CMI_2023 projection with plan specific adjustments	21.96	22.41	24.11	25.63
	Pri-2012 with MP-2020 Generational projection and white collar adjustment	21.97	23.36	23.36	24.73
United States	Pri-2012 with MP-2021 Generational projection and white collar adjustment	22.10	23.48	23.52	24.89
Germany	Heubeck 2018G	20.90	23.62	24.27	26.47

Mortality tables and life expectancies for major plans -prior period

Table 19.5b

in years, as of December 31, 2023		Life expectancy at age 65 for a male currently		Life expectancy at age 65 for a female currently
		aged 65	aged 45	aged 65	aged 45
Country	Mortality table for major plans
Switzerland	BVG 2020 with generational projections according to CMI model adapted to Swiss mortality with a long-term trend rate of 1.25%	21.90	23.58	23.65	25.25
United Kingdom	Club Vita 2022 mortality curves with CMI_2021 projection with plan specific adjustments	22.44	22.96	24.50	26.05
	Pri-2012 with MP-2020 Generational projection and white collar adjustment	21.91	23.29	23.30	24.66
United States	Pri-2012 with MP-2021 Generational projection and white collar adjustment	22.03	23.41	23.46	24.82
Germany	Heubeck 2018G	20.76	23.49	24.15	26.36

Table 19.6 shows the expected benefits to be paid under the Group's major plans in the future. It should be noted that actual amounts may vary from expected amounts. Therefore, future benefit payments may differ from the amounts shown.

Maturity analysis of future benefit payments for major plans

Table 19.6

as of December 31	2024				2023
	Switzerland	United Kingdom	United States	Germany	Switzerland	United Kingdom
Duration of the defined benefit obligation (in years)	12.0	14.0	9.6	11.4	11.5	15.4
Maturity analysis of benefits expected to be paid (in USD millions):
< 1 year	402	328	218	58	429	282
1 to 5 years	1,326	1,407	853	243	1,394	1,357
5 to 10 years	1,488	2,116	979	326	1,504	2,111

as of December 31	2023
	United States	Germany
Duration of the defined benefit obligation (in years)	9.8	11.4
Maturity analysis of benefits expected to be paid (in USD millions):
< 1 year	244	61
1 to 5 years	854	255
5 to 10 years	991	348

Table 19.7 sets out the sensitivity of the defined benefit obligation to changes in key actuarial assumptions.

Sensitivity analysis of significant actuarial assumptions

Table 19.7

in USD millions, as of December 31	(Increase)/decrease in defined benefit obligation
	2024	2023
Discount rate +50 bps	958	1,105
Discount rate -50 bps	(1,048)	(1,240)
Salary increase rate +50 bps	(43)	(51)
Salary decrease rate -50 bps	41	49
Price inflation increase rate +50 bps	(608)	(705)
Price inflation decrease rate -50 bps	554	637
Cash balance interest credit rate +50 bps	(116)	(114)
Cash balance interest credit rate -50 bps	88	87
Mortality 10% increase in life expectancy	(977)	(1,355)
Mortality 10% decrease in life expectancy	1,033	1,202

The effect on the defined benefit obligation shown allows for an alternative value for each assumption while the other actuarial assumptions remain unchanged. While this table illustrates the overall impact on the defined benefit obligation of the changes shown, the significance of the impact and the range of reasonably possible alternative assumptions may differ between the different plans that comprise the overall defined benefit obligation. In particular, the plans differ in benefit design, currency and average term, meaning that different assumptions have different levels of significance for different plans. The sensitivity analysis is intended to illustrate the inherent uncertainty in the evaluation of the defined benefit obligation under market conditions at the measurement date. Its results cannot be extrapolated due to non-linear effects that changes in the key actuarial assumptions may have on the overall defined benefit obligation. Furthermore, the analysis does not indicate a probability of such changes occurring and it does not necessarily represent the Group's view of expected future changes in the defined benefit obligation. Any management actions that may be taken to mitigate the inherent risks in the post-employment defined benefit plans are not reflected in this analysis.

20. Share-based compensation and cash incentive plans

The Group has adopted various share-based compensation and cash incentive plans to attract, retain and motivate employees. The plans are designed to reward employees for their contribution to the performance of the Group and to encourage employee share ownership. Share-based compensation plans include performance-based share plans and employee share purchase plans. Share-based compensation plans involve the delivery of Zurich Insurance Group Ltd shares.

a) Cash incentive plans

The Group's short-term incentive plan (STIP) is utilized across the Group and in many countries covers all employees in that country who are selected to participate in a short-term incentive plan. In addition, there may be other local short-term incentive plans in place. Awards are made in cash, based on the accomplishment of both organizational and individual performance objectives. The expense recognized for these cash incentive plans amounted to USD 758 million and USD 720 million for the years ended December 31, 2024 and 2023, respectively.

b) Share-based compensation plans for employees

The Group encourages employees to own shares of Zurich Insurance Group Ltd and has set up a framework based on the implementation of performance share programs. Actual plans are tailored to meet local market requirements.

The cost of share-based payments depends on various factors, including achievement of targets, and are subject to the discretion of the Remuneration Committee and the Board. Costs may therefore vary significantly from year to year. The net amounts of USD 288 million and USD 317 million for the years ended December 31, 2024 and 2023, respectively, reflect all aspects of share-based compensation, including adjustments made during the year.

The explanations below provide a more detailed overview of the main plans of the Group.

Employee share plans

Share incentive plans

The Group established various Employee Share Plans in selected locations with the goal of increasing employee investment in the Group. The plans allow participating employees to invest in Zurich shares under certain conditions (either via the market or through salary deductions or dividend reinvestment) during specific times during the year. Most of the plans include a maximum investment amount which caps the total investment per year by participant.

The Group Long-Term Incentive Plan (LTIP)

Participants in this plan are allocated a target number of performance share units (PSUs) as notional shares of Zurich Insurance Group Ltd each year. During the vesting period, PSUs are credited with dividend equivalent units (DEUs).

PSUs allocated in 2024 will vest in 2027. The actual level of vesting ranges between 0 percent and 200 percent of the overall target shares (PSUs allocated and DEUs that accrued during the vesting period), depending on the achievement of pre-defined performance criteria. The performance criteria are the Group's business operating profit after tax return on common shareholders' equity (average Core ROE), the position of its relative total shareholder return (TSR) measured against an international peer group of insurance companies, and the achievement of cash remittance targets, each with a 30 percent weight, as well as operational CO₂ equivalent (CO₂ e) emissions with a 10 percent weight. The four pre-defined performance criteria are assessed independently over a period of three consecutive financial years starting in the year of allocation. For members of the Executive Committee, half of the shares that vest are subject to a further three-year sales restriction. As of December 31, 2024 and 2023 there were 1,288 and 1,281 participants in this plan, respectively.

Target shares allocated during the period

Table 20

for the years ended December 31	Number		Fair value at the allocation date (in CHF)¹
	2024	2023	2024	2023
Target shares allocated during the period	397,576	424,071	479.00	443.50

¹ Fair value measured using the market price of the shares at the allocation date and volatility indicators.

21. Commitments and contingencies, legal proceedings and regulatory investigations

The Group has provided contractual commitments and financial guarantees to external parties, associates and joint ventures as well as partnerships. These arrangements include commitments under certain conditions to make liquidity advances to cover default principal and interest payments, make capital contributions or provide equity financing.

Quantifiable commitments and contingencies

Table 21

in USD millions as of December 31	2024	2023
Remaining commitments under investment agreements	951	832
Guarantees and letters of credit¹	853	864
Undrawn loan commitments	6	1
Other commitments and contingent liabilities²	553	447

¹ Guarantee features embedded in life insurance products are not included.

² Includes USD 89 million and USD 94 million future cash outflows in 2024 and 2023, respectively, that the Group as a lessee is potentially exposed to which are not reflected in the measurement of lease liabilities in the balance sheet.

Commitments under investment agreements

The Group has committed to contribute capital to third parties that engage in making investments in direct private equity, private equity funds and real estate. Commitments may be called by the counterparty over the term of the investment (generally three to five years) and must be funded by the Group on a timely basis.

Guarantees and letters of credit

In 2024 and 2023, USD 595 million and USD 605 million related to guarantees in the aggregate amount of GBP 475 million which were provided to the directors of a wholly owned subsidiary in connection with the repatriation of capital. These guarantees have no expiry date.

The Group is not aware of any event of default that would require it to satisfy financial guarantees. Irrevocable letters of credit have been issued to secure certain reinsurance contracts.

The Group is active in numerous countries where insurance guarantee funds exist. The design of such funds varies from jurisdiction to jurisdiction. In some, funding is based on premiums written; in others, the Group may be called upon to contribute to such funds in case of a failure of another market participant. In addition, in some jurisdictions the amount of contribution may be limited to, for example, a percentage of the net underwriting reserve net of payments already made.

The Group carries certain contingencies in the ordinary course of business in connection with the sale of its companies and businesses. These are primarily in the form of indemnification obligations provided to the acquirer in a transaction in which a Group company is the seller. They vary in scope and duration by counterparty and generally are intended to shift the potential risk of certain unquantifiable and unknown loss contingencies from the acquirer to the seller.

Zurich Insurance Group Ltd has provided unlimited guarantees in support of entities belonging to the Zurich Capital Markets group of companies.

Other contingent liabilities

The Group has received notices from various tax authorities asserting deficiencies in taxes for various years. The Group is of the view that the ultimate outcome of these reviews will not materially affect the Group's consolidated financial position.

The Group has commitments to provide collateral on certain contracts in the event of a financial strength downgrading for Zurich Insurance Company Ltd from the current AA by Standard & Poor's. Should the rating by Standard & Poor's fall to A+, then the additional collateral based on information available amounts to nil as of December 31, 2024.

In common with other insurance companies, the Group is mindful of the trend toward enhanced consumer protection. There is significant uncertainty about the ultimate cost this trend might have on our business. The main areas of uncertainty concern court decisions as well as the volume of potential customer complaints related to sales activities and withdrawal rights, and their respective individual assessments.

Pledged assets

The majority of assets pledged to secure the Group's liabilities relate to debt securities pledged under short-term sale and repurchase agreements. The total amount of pledged financial assets including the securities under short-term sale and repurchase agreements amounted to USD 2 billion and USD 1.8 billion as of December 31, 2024 and 2023, respectively.

Terms and conditions associated with the financial assets pledged to secure the Group's liabilities are usual and standard in the markets in which the underlying agreements were executed.

Legal, compliance and regulatory developments

The Group's business is subject to extensive supervision, and the Group is in regular contact with various regulatory authorities. The Group is also involved in legal and arbitration proceedings and regulatory investigations arising, for the most part, in the ordinary course of its business operations in various jurisdictions where it operates. In addition, the Group and/or its subsidiaries are involved in legal matters arising out of transactions involving the transfer of portfolios or businesses. These legal matters can include claims brought by purchasers or other parties asserting claims for damages on various theories, including failure to disclose material information, failure to perform contractual duties or otherwise seeking to impose liability on the Group and/or its subsidiaries. With respect to significant legal or regulatory matters, the Group considers the likelihood of a negative outcome, and when the likelihood of a negative outcome is probable and the amount of the loss can be reliably estimated, a reserve or provision is established to record the estimated loss for the expected outcome. While the Group believes that it is not a party to, nor are any of its subsidiaries the subject of, any unresolved current legal proceedings, claims, litigation and investigations that will have a material adverse effect on the Group's consolidated financial condition, proceedings are inherently unpredictable, and it is possible that the outcome of any proceeding could have a material impact on results of operations in the particular reporting period in which it is resolved. Specifically:

―	Several of the Group's subsidiaries as well as other insurance companies are involved in litigation relating to the extent to which COVID-19 was intended to be covered under Property Damage Business Interruption policies. A limited number of class actions have also been initiated. Most of the litigation has been filed in United States courts and in addition to test cases filed in Australia and some in the UK. The final determination of outcomes may take many years as appeals are pursued by the plaintiffs and insurers, including the Group or its subsidiaries.
―	In 2016, the Group, on its own initiative, undertook an internal review of the life insurance, savings and pension business sold by its non-U.S. operating companies with relevant cross-border business to customers with a nexus to the U.S. The review confirmed that the Group's cross-border business with U.S. persons was very limited and of a legacy nature, with the large majority of sales having occurred more than a decade ago. The review also confirmed that the Group's U.S. operating companies were not involved in or connected to those activities. The Group voluntarily disclosed the results of the review and the regulatory issues presented by sales to U.S. residents to the Swiss Financial Market Supervisory Authority (FINMA), the U.S. Department of Justice (DOJ) and other authorities. The Group continues to cooperate with these authorities. In April 2019, the DOJ announced that Zurich Life Insurance Company Ltd (ZLIC) and Zurich International Life Limited (ZILL) entered into a non-prosecution agreement (NPA) with the DOJ, which memorializes the DOJ's decision not to prosecute these entities for any U.S. tax-related offenses in connection with legacy cross-border sales to U.S. persons. Under the terms of the NPA, ZLIC and ZILL have agreed to comply with certain specified conditions during the four-year term of the NPA. This resolution has not had, and will not have, an adverse effect on the Group's business or consolidated financial position.
―	In April 2023, a putative nationwide class action complaint was filed in the Superior Court for the County of Los Angeles, California (the 'Superior Court'), against Farmers Group Inc., and its subsidiaries, Fire Underwriters Association and Truck Underwriters Association (collectively, 'FGI'). The case, captioned Paul Lim, et al v. Farmers Group, Inc., et al., alleges that FGI breached its fiduciary duty by accepting excessive compensation for their services and failing to disclose certain information about their fees, calculation methods and relationship to Zurich. In May 2023, FGI removed the action to the U.S. District Court for the Central District of California under the Class Action Fairness Act, and subsequently filed a motion to dismiss. On May 26, 2023, plaintiffs filed a motion to remand the action to the Superior Court, which was granted on November 13, 2023. In light of the remand, the U.S. District Court did not rule on the substance of FGI's motion to dismiss. On January 2, 2024, with the Superior Court's permission, plaintiffs filed a first amended complaint. On March 22, 2024, FGI filed a motion for judgment on the pleadings. On May 28, 2024, the Superior Court granted FGI's motion for judgment as to the first amended complaint, granting plaintiffs leave to file a second amended complaint, which was done on July 31, 2024. On September 30, 2024, FGI filed a Demurrer and motion to strike, which is scheduled to be heard by the Superior Court on February 25, 2025. Discovery remains stayed during this time. FGI continues to believe it has numerous and substantial defenses to the claims raised and will vigorously contest the action.
―	In July and August 2023, the administrators of Greensill Bank AG (GBAG) served two Particulars of Claim on Zurich Insurance plc (ZIP) (now known as Zurich Insurance Europe AG) issued in the London Commercial Court, alleging non-payment of claims presented under a trade credit policy written by ZIP. Subsequently, Zurich Insurance Company Ltd (ZIC) was substituted in the actions for ZIP. ZIC's defense to both actions was filed on January 26, 2024. In the defense, ZIC also filed counterclaims against GBAG and other third parties. ZIC believes that it has meritorious defenses to the policy and the claims raised and will vigorously contest the actions.

22. Fair value measurement

To measure fair value, the Group gives the highest priority to quoted and unadjusted prices in active markets. In the absence of quoted prices, fair values are calculated through valuation techniques, making the maximum use of relevant observable market data inputs. Whenever observable parameters are not available, the inputs used to derive the fair value are based on common market assumptions that market participants would use when pricing assets and liabilities. Depending on the observability of prices and inputs to valuation techniques, the Group classifies instruments measured at fair value within the following three levels (the fair value hierarchy):

Level 1 - includes assets and liabilities for which fair values are determined directly from unadjusted current quoted prices resulting from orderly transactions in active markets for identical assets/liabilities.

Level 2 - includes assets and liabilities for which fair values are determined using significant inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and other observable market inputs.

Level 3 - includes assets and liabilities for which fair values are determined using valuation techniques with at least one significant input not being based on observable market data. This approach is used only in circumstances when there is little, if any, market activity for a certain instrument, and the Group is required to rely on third-party providers or develop internal valuation inputs based on the best information available about the assumptions that market participants would use when pricing the asset or liability.

The governance framework and oversight of the Group's standards and procedures regarding the valuation of financial instruments measured at fair value lies within the responsibility of Group Risk Management, Group Investment Management and Group Finance. Specialists from these departments ensure the adequacy of valuation models, approve methodologies and sources to derive model input parameters, provide oversight over the selection of third-party pricing providers, and on a semi-annual basis review the classification within the fair value hierarchy of the financial instruments in scope.

The Group makes extensive use of third-party pricing providers to determine the fair values of its financial instruments measured at fair value through comprehensive income and at fair value through profit or loss, and only in rare cases places reliance on prices that are derived from internal models. Investment accounting, operations and process functions are independent from those responsible for buying and selling the assets, and are responsible for receiving, challenging and verifying values provided by third-party pricing providers to ensure that fair values are reliable, as well as ensuring compliance with applicable accounting and valuation policies. The quality control procedures used depend on the nature and complexity of the invested assets. They include variance and stale price analysis, and comparisons with fair values of similar instruments and with alternative values obtained from asset managers and brokers. Model review activities are also conducted for evaluated prices supplied by third parties to verify that their valuation processes, methodologies, models, and governance and control frameworks comply with applicable internal guidance, and that the allocation of those instruments within the fair value hierarchy is adequate. They include the collection and review of relevant documentation as well as meetings with third-party representatives to supplement the analysis.

Table 22.1 compares the fair value with the carrying value of financial assets and financial liabilities. Certain financial instruments are not included in this table as their carrying value is a reasonable approximation of their fair value.

Such instruments include cash and cash equivalents, obligations to repurchase securities, and other financial assets and liabilities. This table excludes financial assets and financial liabilities related to unit-linked contracts.

Fair value and carrying value of financial assets and financial liabilities

Table 22.1

in USD millions, as of December 31	Total fair value		Total carrying value
	2024	2023	2024	2023
Securities at FV through comprehensive income
Debt securities	105,878	92,965	105,878	92,965
Total securities at FV through comprehensive income	105,878	92,965	105,878	92,965
Securities at FV through profit or loss
Equity securities	14,182	13,217	14,182	13,217
Debt securities	8,146	8,390	8,146	8,390
Total securities at FV through profit or loss	22,327	21,607	22,327	21,607
Derivative assets	885	947	885	947
Debt securities at amortized cost	4,112	4,252	4,392	4,568
Mortgage loans at amortized cost	3,896	4,080	4,047	4,324
Other financial assets at amortized cost	4,009	3,392	4,039	3,682
Total financial assets	141,108	127,242	141,568	128,094
Derivative liabilities	(840)	(1,252)	(840)	(1,252)
Financial liabilities held at amortized cost
Liabilities related to investment contracts	(607)	(463)	(607)	(463)
Senior debt	(3,766)	(4,775)	(4,020)	(5,190)
Subordinated debt	(8,409)	(7,859)	(8,871)	(8,559)
Total financial liabilities held at amortized cost	(12,783)	(13,096)	(13,498)	(14,212)
Total financial liabilities	(13,623)	(14,349)	(14,338)	(15,465)

All of the Group's financial assets and financial liabilities are initially recorded at fair value. Subsequently, financial assets measured at fair value through comprehensive income, financial assets measured at fair value through profit or loss and derivative financial instruments are carried at fair value as of the balance sheet date. All other financial instruments are carried at amortized cost and the valuation techniques used to determine their fair value measurement are described below.

Fair values for debt securities held at amortized cost and senior and subordinated debt are obtained from third-party pricing providers. The fair value received from these pricing providers may be based on quoted prices in active markets for identical assets, alternative pricing methods such as matrix pricing, or an income approach employing discounted cash flow models. Such instruments are categorized within level 2.

Discounted cash flow models are used for mortgage and other loans. The discount yields in these models use interest rates that reflect the return a market participant would expect to receive on instruments with similar remaining maturities, cash flow patterns, currencies, credit risk and collateral. Such instruments are categorized within level 3.

Different valuation techniques are used to value private debt instruments, including the income approach (such as discounted cash flow models) or the market approach (such as relative value models). Where prices are obtained from an evaluated pricing service from a data vendor in which price transparency data indicates no use of significant unobservable inputs, they are categorized within Level 2. All other prices are classified to Level 3 unless factual evidence indicates that unobservable inputs are not significant to the valuation.

Fair values of liabilities related to investment contracts are determined using discounted cash flow models.

Such instruments are categorized within level 3 due to the unobservability of certain inputs used in the valuation.

Recurring fair value measurements of assets and liabilities

Fair value hierarchy -non-unit-linked -current period

Table 22.2a

in USD millions, as of December 31, 2024	Level 1	Level 2	Level 3	Total
Securities at fair value through comprehensive income
Debt securities	-	105,249	628	105,878
Total securities at FV through comprehensive income	-	105,249	628	105,878
Securities at FV through profit or loss
Equity securities	7,691	2,196	4,295	14,182
Debt securities	-	7,874	272	8,146
Total securities at FV through profit or loss	7,691	10,070	4,567	22,327
Derivative assets	4	842	40	885
Investment property	-	-	11,734	11,734
Total assets	7,694	116,161	16,969	140,824
Derivative liabilities	(2)	(380)	(459)	(840)
Total liabilities	(2)	(380)	(459)	(840)

Fair value hierarchy -non-unit-linked -prior period

Table 22.2b

in USD millions, as of December 31, 2023	Level 1	Level 2	Level 3	Total
Securities at fair value through comprehensive income
Debt securities	-	92,518	448	92,965
Total securities at FV through comprehensive income	-	92,518	448	92,965
Securities at FV through profit or loss
Equity securities	7,355	1,958	3,904	13,217
Debt securities	-	8,163	227	8,390
Total securities at FV through profit or loss	7,355	10,122	4,131	21,607
Derivative assets	1	921	25	947
Investment property	-	-	13,684	13,684
Total assets	7,356	103,560	18,287	129,203
Derivative liabilities	(9)	(739)	(504)	(1,252)
Total liabilities	(9)	(739)	(504)	(1,252)

Fair value hierarchy -unit-linked -current period

Table 22.3a

in USD millions, as of December 31, 2024	Level 1	Level 2	Level 3	Total
Fair value through profit or loss securities
Equity securities	112,549	13,226	3,030	128,805
Debt securities	-	13,536	1	13,537
Other loans	575	2,896	-	3,471
Total fair value through profit or loss securities	113,124	29,659	3,030	145,812
Derivative assets	-	1	-	2
Investment property	-	-	1,938	1,938
Total assets for unit-linked contracts¹	113,124	29,660	4,968	147,752
Financial liabilities at FV through profit or loss
Liabilities related to unit-linked investment contracts	-	(65,900)	-	(65,900)
Derivative liabilities	(2)	(38)	-	(39)
Total liabilities for unit-linked contracts	(2)	(65,938)	-	(65,939)

¹ Excluding cash and cash equivalents.

Fair value hierarchy -unit-linked -prior period

Table 22.3b

in USD millions, as of December 31, 2023	Level 1	Level 2	Level 3	Total
Fair value through profit or loss securities
Equity securities	107,079	13,127	2,235	122,442
Debt securities	-	12,860	11	12,871
Other loans	528	2,467	-	2,995
Total fair value through profit or loss securities	107,607	28,454	2,246	138,307
Derivative assets	-	26	-	26
Investment property	-	-	2,022	2,022
Total assets for unit-linked contracts¹	107,607	28,479	4,268	140,355
Financial liabilities at FV through profit or loss
Liabilities related to unit-linked investment contracts	-	(59,807)	-	(59,807)
Derivative liabilities	-	(1)	-	(1)
Total liabilities for unit-linked contracts	-	(59,808)	-	(59,808)

¹ Excluding cash and cash equivalents.

Within level 1, the Group has classified common stocks, exchange-traded derivative financial instruments, investments in unit trusts that are exchange listed or published daily and other highly liquid financial instruments.

Within level 2, the Group has classified government and corporate bonds, thinly traded common stocks, investments in unit trusts without daily prices or with sales restrictions, agency mortgage-backed securities (MBS), 'AAA' rated non-agency MBS and other asset-backed securities (ABS), and certain private debt instruments where valuations are obtained from independent pricing providers. The fair value received from these pricing providers may be based on quoted prices in an active market for similar assets, alternative pricing methods such as matrix pricing, or an income approach employing discounted cash flow models.

Over-the-counter derivative financial instruments are valued using internal models and third-party valuation services. The fair values are determined using dealer price quotations, discounted cash flow models and option pricing models, which use various inputs including current market and contractual prices for underlying instruments, time to expiry, yield curves and volatility of underlying instruments. Such instruments are classified within level 2 as the inputs used in pricing models are generally market observable or derived from market observable data.

Fair values of liabilities related to unit-linked investment contracts are usually determined by reference to the fair value of the underlying assets backing these liabilities. Such instruments are classified within level 2.

Within level 3, the Group has classified:

―	Unlisted stocks, private equity funds and hedge funds that are not actively traded. The valuations of such instruments are obtained from quarterly net asset value information from the fund manager and annual audited financial statements provided by the issuing company. The prices are generally derived for each underlying company in line with the International Private Equity and Venture Capital Valuation (IPEV) guidelines, using discounted cash flows (income approach) or multiples methods (market approach). The Group has only limited insight into the specific inputs used by the fund managers; hence, a narrative sensitivity analysis is not applicable.
―	Non-agency MBS, ABS and collateralized loan obligations (CLO) rated below 'AAA' and private debt holdings including certain private placements that are valued by independent pricing providers or external asset managers using primarily the discounted cash flow method with significant unobservable input parameters such as asset prepayment rates, default rates and credit spreads. A significant market yield increase of the benchmark securities in isolation could result in a decreased fair value, while a significant market yield decrease could result in an increased fair value. However, a reasonable variation in the option-adjusted spread taken from a set of benchmark securities with similar characteristics has only an immaterial impact on fair value.
―	All investment properties for which there are no active and transparent real estate markets or observable data available. The valuation for the majority of these investment properties - other than certain investment properties located in Switzerland - are typically performed annually by independent qualified appraisers. The parameters used for the valuations are specific to each country or region and vary significantly across different markets. External appraisals are reviewed by internal real estate valuation specialists; however, since the unobservable inputs were not developed by the Group they are not readily available. In some cases, where external valuations are obtained at least every three years, interim valuations by internal valuation specialists are performed. For investment properties located in Switzerland, the valuation model is based on a discounted cash flow method and is applied to each individual property based on its expected cash flows. The unobservable input parameters include the future transition cost for carbon emissions and capital expenditures to achieve the desired environmental footprint depending on the current condition of each individual property. These input parameters are combined into a synthetic spread applied to the otherwise observable discount rate. Overall, as of December 31, 2024, around 40 percent of level 3 investment properties were covered by internal valuations. Significant increases/(decreases) in the synthetic spread, in isolation, would result in a lower/(higher) fair value measurement. For example, an increase in spread of 10 bps, considered in isolation, would result in a decrease in fair value of 3 percent or approximately USD 170 million as of December 31, 2024.
―	Options and long-dated derivative financial instruments with fair values determined using counterparty valuations or calculated using significant unobservable inputs such as historical volatilities, historical correlation, implied volatilities from the counterparty or derived using extrapolation techniques. Quantitative information on unobservable inputs is not available when counterparty pricing was used. For internally calculated fair values, significant increases/(decreases) in volatilities or correlation would result in a significantly higher/(lower) fair value measurement; however, the overall effect on the Group's financial statements would not be material.

For details on Group investments sensitivities, refer to section 'Analysis by risk type' in the 2024 Risk Review as well as select disclosures included in note 7.

The fair value hierarchy is reviewed at the end of each reporting period to determine whether significant transfers between levels have occurred. Transfers between levels mainly arise as a result of changes in market activity and observability of the inputs to the valuation techniques used to determine the fair value of certain instruments.

Development of assets and liabilities classified within level 3 -non-unit-linked -current period

Table 22.4a

in USD millions		Fair value through profit or loss securities
	Debt securities	Equity securities	Debt securities	Derivative assets	Derivative liabilities	Investment property
As of January 1, 2024	448	3,904	227	25	(504)	13,684
Realized gains/(losses) recognized in income¹	4	145	1	(3)	(25)	194
Unrealized gains/(losses) recognized in income^1,2	1	365	2	10	16	(125)
Unrealized gains/(losses) recognized in other comprehensive income	14	-	-	(5)	-	-
Purchases	381	569	97	7	-	279
Settlements/sales/redemptions	(252)	(579)	(56)	(5)	25	(1,213)
Transfer to assets held for sale³	-	-	-	-	-	(320)
Transfers into level 3	80	-	-	-	-	-
Transfers out of level 3	(38)	-	(10)	-	-	-
Acquisitions and divestments⁴	-	22	-	13	-	(2)
Foreign currency translation effects	(9)	(131)	11	(2)	30	(763)
As of December 31, 2024	628	4,295	272	40	(459)	11,734

¹ Presented as net capital gains/(losses) on Group investments in the consolidated income statements (see note 5).

² Unrealized gains/(losses) recognized in income for debt securities measured at fair value through comprehensive income relate to change in ECL.

³ Movement relates to transfer of investment property to assets held for sale primarily in Switzerland and Austria.

For the year ended December 31, 2024, the Group transferred USD 80 million of debt securities held at fair value through comprehensive income from level 2 into level 3 corresponding to private debt instruments that exhibit higher reliance on unobservable valuation inputs, and non-agency ABS and MBS with a credit rating downgrade from AAA. This transfer is partially offset by the reverse situation, by which the Group transferred USD 38 million of debt securities held at fair value through comprehensive income as well USD 10 million of debt securities recorded at fair value through profit or loss from level 3 into level 2 attributable to private debt instruments with no significant reliance on unobservable valuation inputs, and non-agency ABS and MBS that have been upgraded to AAA.

Development of assets and liabilities classified within level 3 -non-unit-linked -prior period

Table 22.4b

in USD millions		Fair value through profit or loss securities
	Debt securities	Equity securities	Debt securities	Derivative assets	Derivative liabilities	Investment property
As of January 1, 2023	575	3,590	287	46	(717)	11,900
Realized gain/(losses) recognized in income¹	(3)	108	-	(4)	(107)	194
Unrealized gain/(losses) recognized in income^{1, 2}	(6)	53	6	(6)	233	(889)
Unrealized gain/(losses) recognized in other comprehensive income	18	-	-	3	-	-
Purchases	117	827	92	7	-	197
Settlements/sales/redemptions	(188)	(737)	(170)	(1)	107	(1,026)
Transfers into level 3	87	-	-	-	-	2,930
Transfers out of level 3	(158)	(1)	-	-	-	-
Acquisitions and divestments³	(15)	(71)	-	(9)	-	(376)
Foreign currency translation effects	20	135	12	(12)	(19)	753
As of December 31, 2023	448	3,904	227	25	(504)	13,684

¹ Presented as net capital gains/(losses) on Group investments in the consolidated income statements (see note 4).

² Unrealized gains/(losses) recognized in income for debt securities measured at fair value through comprehensive income related to impairments.

For the year ended December 31, 2023, the Group transferred USD 87 million of debt securities held at fair value through comprehensive income from level 2 into level 3 corresponding to private debt instruments that exhibit higher reliance on unobservable valuation inputs, and non-agency ABS and MBS with a credit rating downgrade from AAA. The Group transferred USD 158 million of debt securities held at fair value through comprehensive income out of level 3 into level 2 attributable to private debt instruments with a higher reliance on observable valuation inputs and non-agency ABS and MBS whose credit ratings have been upgraded to AAA.

For the year ended December 31, 2023, the Group transferred USD 3 billion of investment property from level 2 to level 3. During 2023, the Group reviewed the fair value hierarchy classification of investment properties primarily located in Germany. The sharp increase in interest rates, coupled with rising inflation and uncertainty around future interest rate development, resulted in significantly fewer transactions in the real estate market. Therefore, reliable market information was not available in sufficient quantity to substantiate some of the input parameters used by independent external appraisers in their valuations.

Development assets and liabilities classified within level 3 -unit-linked -current period

Table 22.5a

in USD millions	Fair value through profit or loss securities
	Equity securities	Debt securities	Investment property
As of January 1, 2024	2,235	11	2,022
Realized gains/(losses) recognized in income¹	33	-	(7)
Unrealized gains/(losses) recognized in income¹	277	-	87
Purchases	644	-	64
Sales/redemptions	(156)	(1)	(204)
Transfers into level 3	-	-	-
Transfers out of level 3	-	(10)	-
Acquisitions/(divestments) and transfers	-	-	-
Foreign currency translation effects	(3)	-	(24)
As of December 31, 2024	3,030	1	1,938

¹ Presented as net investment result on unit-linked investments in the consolidated income statements.

For the year ended December 31, 2024, there was no significant movement in unit-linked fair value through profit or loss equity or debt securities or investment property.

Development assets and liabilities classified within level 3 -unit-linked -prior period

Table 22.5b

in USD millions	Fair value through profit or loss securities
	Equity securities	Debt securities	Investment property
As of January 1, 2023	1,777	27	2,233
Realized gains/(losses) recognized in income¹	11	1	(103)
Unrealized gains/(losses) recognized in income¹	147	1	50
Purchases	377	-	29
Sales/redemptions	(77)	(19)	(279)
Transfers into level 3	-	-	-
Transfers out of level 3	-	-	-
Acquisitions/(divestments) and transfers	-	-	-
Foreign currency translation effects	1	-	91
As of December 31, 2023	2,235	11	2,022

¹ Presented as net investment result on unit-linked investments in the consolidated income statements.

For the year ended December 31, 2023, there has been no significant movement in unit-linked fair value through profit or loss equity or debt securities or investment property.

23. Expected credit loss measurement

ECL scenarios and key input parameters

For rated debt securities, the Group determines the forward-looking inputs by evaluating a range of possible outcomes through a scenario-based approach. The following macroeconomic and financial variables have been selected due to historical correlation with credit loss emergence and relevance to the Group investment portfolio: GDP growth, 10-year interest rates and investment credit spread in the U.S. and eurozone. Table 23.1 shows the variables for each of the three scenarios (downside scenario/base case/upside scenario) modelled by Group Investment Management -Market Strategy and Macroeconomics, as well as the weights assigned to each scenario. For residential and small commercial mortgage loan portfolios, the forward-looking parameters are derived from the forecast of the real estate prices by property type, as well as actual affordability of the loan for a customer.

For 2025, the economic scenarios are centered around expectations for the development of the U.S. economy following the U.S. election:

―	The base case scenario anticipates the U.S. economy to grow at an above-trend pace over the coming year, driven by the advancement of numerous proposed policies by the new administration. Policies around trade and immigration take longer to implement and are toned down, limiting price pressures and global disruption in the near term. The global macroeconomic environment is expected to remain highly uncertain, with weaker growth projected in the eurozone and China. The Federal Reserve is expected to adopt a more cautious approach to interest rate cuts, driven by concerns over potential inflationary pressures as tariffs increase. Treasury yields are projected to trade within a higher range given the reduced scope for Federal policy loosening and higher risk premiums. In contract, the outlook for eurozone bond yields remains largely unchanged from pre-election expectations, as weaker growth conditions offset any upward pressure from a stronger dollar. Credit spreads are expected to widen slightly from the historically low levels observed in many markets during 2024, due to weakened investor demand and increased supply, but they are anticipated to remain at non-recessionary levels.
―	In the downside scenario, there is a hard landing for the U.S. economy, with an accelerated recessionary impact projected for 2025. Contrary to the base case scenario, the new administration adopts a more aggressive stance on tariffs, fueling inflation and disrupting the broader economy. The Federal Reserve signals that further policy easing is inappropriate and that rate hikes may be necessary, triggering a disruptive repricing of Federal Reserve expectations and a widening of inflation risk premiums. The global growth outlook is further weakened by persistent economic challenges in China and by an accelerated decline in Europe's industrial sector. The U.S. dollar strengthens sharply, exacerbating global tensions and compelling other central banks to maintain restrictive policies despite economic weakness. Over time, it becomes evident that the U.S. economy cannot sustain higher borrowing costs, leading to a significant stress in weaker economic sectors as businesses struggle with substantial refinancing needs, resulting in a rapid rise in unemployment. In credit markets, an increasing number of companies become vulnerable to cash burn and financial distress, leading to a notable increase in defaults and credit spreads peaking in the 200 to 250 basis point range with high volatility. Despite the recession and falling asset prices, bond yields remain elevated for an extended period due to persistent inflation pressures and investor demand for higher risk premiums.
―	The upside scenario sees U.S. economic growth remaining above trend in 2025, while inflation gradually declines. Initially, there is elevated uncertainty regarding the future trade environment. However, it becomes evident that tariffs will primarily serve as a negotiation tool, with Europe and China taking steps to increase imports from the U.S. Although growth prospects in Europe are more limited, inflation pressures moderate, with rapid wage growth subsiding in early 2025. The Federal Reserve adopts a cautious approach, guiding interest rates higher, but bond market sentiment remains stable as inflationary prices are diluted. Credit markets acknowledge the improvement in the policy and growth environment, though upside potential is limited due to already tight credit spreads and lower Treasury yields compared to the base case, resulting in credit spreads remaining modestly wider compared to 2024.

Scenario weights and macroeconomic assumptions for ECL measurement of debt securities

Table 23.1

As of December 31	USA	Eurozone	USA	Eurozone	Assigned weights in %
		2024		2023	2024	2023
Upside scenario
GDP year-on-year change in %	2.5	0.8	1.8	0.8
10-year interest rate in %	3.5	1.6	3.7	2.5
Credit spread in basis points	90	100	100	90	15%	25%
Base case scenario
GDP year-on-year change in %	2.5	0.8	0.2	0.4
10-year interest rate in %	4.3	2.1	3.5	2.3
Credit spread in basis points	100	110	125	120	55%	50%
Downside scenario
GDP year-on-year change in %	0.0	(0.4)	(0.6)	(0.4)
10-year interest rate in %	3.8	1.8	3.0	2.0
Credit spread in basis points	200	250	250	250	30%	25%

The scenario weights reflect management's assessment of economic and political risks that might affect the expected credit losses from financial assets held. Table 23.2 provides a sensitivity analysis of the effect of the calibration of the macroeconomic scenario on the recognition of expected credit losses of debt securities.

ECL sensitivity to future economic conditions

Table 23.2

Scenarios as of December 31	2024			2023
	Pro forma ECL (assuming application of 100% weighting)	in % of Base case	Actual ECL	Pro forma ECL (assuming application of 100% weighting)	in % of Base case	Actual ECL
Upside	(55)	75%		(58)	65%
Base case	(73)	100%		(90)	100%
Downside	(216)	295%	(112)	(200)	222%	(109)

The Group applies the low credit risk simplification for the rated debt securities and recognizes a 12-months ECL for debt securities that have an external or internal rating equivalent to 'investment grade' (i.e., AAA to BBB-). Other exposures are assessed for significant increase in credit risk. Tables 23.3a and 23.3b below show the carrying amount of debt securities by credit risk rating grades and the related expected credit losses recognized.

Debt securities by rating of issuer-Carrying amount and ECL allowance -current period

Table 23.3a

in USD millions, as of December 31, 2024	Carrying amount	% of total	12 months ECL	Lifetime ECL
Rating:
AAA	25,309	23	(3)	-
AA- up to and including AA+	35,103	32	(6)	-
A- up to and including A+	18,558	17	(7)	-
BBB up to and including BBB+	19,966	18	(13)	-
BBB-	5,593	5	(7)	-
BB+ and below	5,740	5	(55)	(21)
Total	110,270	100	(91)	(21)

Debt securities by rating of issuer-Carrying amount and ECL allowance -prior period

Table 23.3b

in USD millions, as of December 31, 2023	Carrying amount	% of total	12 months ECL	Lifetime ECL
Rating:
AAA	22,836	23	(5)	-
AA- up to and including AA+	28,147	29	(5)	-
A- up to and including A+	16,021	16	(7)	-
BBB up to and including BBB+	19,387	20	(16)	-
BBB-	5,684	6	(9)	-
BB+ and below	5,459	6	(46)	(20)
Total	97,534	100	(88)	(21)

Maximum exposure to credit risk and ECL recognized

Tables 23.4a and 23.4b provide a reconciliation for financial assets measured at fair value through OCI or at amortized cost between the gross carrying amount and the net carrying amount, including the recognition of 12-months ECL and lifetime ECL by asset type.

The gross carrying amount represents fair value for debt instruments measured at FVOCI and amortized cost (prior to recognition of any ECL) for debt instruments measured at amortized cost. The net carrying amount represents the balance sheet carrying amount (i.e., fair value for debt instruments measured at FVOCI and amortized cost less ECL allowance for debt instruments measured at amortized cost).

Maximum exposure to credit risk and ECL by type of financial asset - current period

Table 23.4a

In USD millions, as of December 31, 2024	Gross carrying amount	12 months ECL	Lifetime ECL	Net carrying amount
Debt securities:
of which governments and supra-national bonds	59,465	(40)	(3)	59,422
of which corporate securities	41,555	(50)	(17)	41,488
of which mortgages and asset-backed securities	9,255	(1)	-	9,253
Total debt securities	110,275	(91)	(21)	110,163
Mortgage loans at amortized cost	4,048	-	(1)	4,047
Other financial assets at amortized cost	4,048	(6)	(3)	4,039
Receivables and other financial assets	11,731	-	(14)	11,717
Total	130,101	(97)	(39)	129,966

Maximum exposure to credit risk and ECL by type of financial asset - prior period

Table 23.4b

In USD millions, as of December 31, 2023	Gross carrying amount	12 months ECL	Lifetime ECL	Net carrying amount
Debt securities:
of which governments and supra-national bonds	49,839	(28)	(3)	49,808
of which corporate securities	37,641	(58)	(18)	37,566
of which mortgages and asset-backed securities	10,057	(1)	-	10,056
Total debt securities	97,537	(88)	(21)	97,429
Mortgage loans at amortized cost	4,325	-	(1)	4,324
Other financial assets at amortized cost	3,694	(5)	(6)	3,682
Receivables and other financial assets	10,410	-	(18)	10,391
Total	115,966	(94)	(46)	115,827

The carrying amount includes USD 19 million and USD 42 million of debt securities subject to individual impairment with carrying amount reduced by cumulative impairment losses of USD (14) million and USD (22) million as of December 31, 2024 and 2023, respectively. Furthermore, the carrying amount includes USD 108 million and USD 47 million of debt securities that were purchased or originated credit-impaired financial assets (POCI) as of December 31, 2024 and 2023, respectively. The carrying amount includes USD 28 million and USD 0 million of credit-impaired other financial assets at amortized cost with carrying amount reduced by cumulative impairment losses of USD (1) million and USD 0 million as of December 31, 2024 and 2023, respectively. There was no undiscounted lifetime expected credit losses associated with POCI financial assets initially recognized during 2024 or 2023. There were no material credit-impaired mortgage loans at amortized cost as of December 31, 2024 or 2023.

Development of ECL allowances

Tables 23.5a and 23.5b show how the allowances for expected credit losses from financial assets in tables 23.4a and 23.4b developed during the period ended December 31, 2024 and 2023.

Development of ECL allowance by type of financial asset -current period

Table 23.5a

in USD millions	Debt securities¹		Mortgage loans at amortized cost		Other financial assets at amortized cost
	12-months ECL	Lifetime ECL	12-months ECL	Lifetime ECL	12-months ECL	Lifetime ECL
As of January 1, 2024	(88)	(21)	-	(1)	(5)	(6)
Transfer to lifetime expected credit losses	4	(4)	-	-	-	-
Transfer to 12-months expected credit losses	(3)	3	-	-	-	-
Debt securities that have been derecognized during the period	62	8	-	-	2	1
Additions	(65)	(1)	-	-	(3)	-
Write-offs	1	-	-	-	-	-
Other changes²	(8)	(7)	-	-	-	2
Foreign currency translation effects	5	1	-	-	-	-
As of December 31, 2024	(91)	(21)	-	(1)	(6)	(3)

¹ Presented as loss allowance on FVOCI debt securities through comprehensive income within shareholders' equity.

² Remeasurement without stage transfer/change in methodology.

Development of ECL allowance by type of financial asset -prior period

Table 23.5b

in USD millions	Debt securities¹		Mortgage loans at amortized cost		Other financial assets at amortized cost
	12-months ECL	Lifetime ECL	12-months ECL	Lifetime ECL	12-months ECL	Lifetime ECL
As of January 1, 2023	(68)	(21)	-	(2)	(5)	(2)
Transfer to lifetime expected credit losses	3	(3)	-	-	-	-
Transfer to 12-months expected credit losses	(1)	1	-	-	-	-
Debt securities that have been derecognized during the period	37	7	-	-	1	5
Additions	(37)	(1)	-	-	(1)	-
Write-offs	1	4	-	-	-	-
Other changes²	(22)	(13)	-	1	(1)	(9)
Foreign currency translation effects	-	4	-	-	-	-
As of December 31, 2023	(88)	(21)	-	(1)	(5)	(6)

¹ Presented as loss allowance on FVOCI debt securities through comprehensive income within shareholders' equity.

² Remeasurement without stage transfer/change in methodology.

In addition to the above, impairment gains/(losses) of USD (9) million and USD (29) million were recognized in profit or loss for individually impaired debt securities measured at FVOCI and amortized cost in 2024 and 2023, respectively. There were impairment gains/(losses) of USD 4 million and USD 2 million recognized for POCI debt securities in 2024 and 2023, respectively. Impairment losses for credit-impaired mortgage loans and other financial assets at amortized cost were not material in 2024 or 2023.

24. Related-party transactions

In the normal course of business, the Group enters into various transactions with related parties. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operational decisions, or one other party controls both. Related parties of the Group include, among others, subsidiaries, associates, joint ventures, key management personnel, and the post-employment benefit plans (please see note 19). Transactions between the Group and its subsidiaries are eliminated on consolidation, and they are not disclosed in the consolidated financial statements. A list of the Group's significant subsidiaries is shown in note 27. The transactions of the Group concluded with its associates and joint ventures are not considered material to the Group, either individually or in aggregate.

Table 24 summarizes related-party transactions with key management personnel reflected in the consolidated financial statements. Key management personnel includes members of the Board of Directors of Zurich Insurance Group Ltd and Zurich Insurance Company Ltd and members of the Executive Committee.

Related party transactions -key personnel

Table 24

in USD millions, for the years ended December 31	2024	2023
Remuneration of key personnel of the Group
Cash compensation, current benefits and fees	42	43
Post-employment benefits	2	-
Share-based compensation	37	46
Other remuneration	4	3
Total remuneration of key personnel	85	92

As of December 31, 2024 and 2023, there were no loans, advances or credits outstanding from members of the Executive Committee. No loans and guarantees were granted to members of the Board of Directors as of December 31, 2024 and 2023. The terms 'members of the Board of Directors' and 'members of the Executive Committee' in this context include the individual as well as members of their respective households. The figures in table 24 include the fees paid to members of the Board of Directors of Zurich Insurance Group Ltd and Zurich Insurance Company Ltd, which were USD 7 million for both years ended December 31, 2024 and 2023.

The cash compensation, current benefits and fees are short term in nature.

25. Relationship with the Farmers Exchanges

Farmers Group, Inc. (FGI) and certain of its subsidiaries provide certain non-claims services to the Farmers Exchanges as their attorneys-in-fact, and also provide certain ancillary services to the Farmers Exchanges. Farmers Group, Inc. is a wholly owned subsidiary of the Group. Attorney-in-fact services primarily include risk selection, preparation and mailing of policy documents and invoices, premium collection, management of the investment portfolios and certain other administrative and managerial functions. Fees for these services are primarily determined as a percentage of gross premiums earned by the Farmers Exchanges. Ancillary services primarily include information technology, brand advertising and certain distribution related services that are not covered under the attorney-in-fact contracts for which FGI acts as a principal in arranging for those services to the Exchanges. The finances and operations of the Farmers Exchanges are governed by independent Boards of Governors. In addition, following the acquisition of the three brokerage entities and the flood servicing business from Farmers Exchanges (see note 4), FGI, through the acquired brokerages, receives access to the Farmers Exchanges' distribution network in exchange for an agency access fee to the Farmers Exchanges, and provides flood program administration services to the Farmers Exchanges in exchange for a fee from the Farmers Exchanges.

The relationships with the Farmers Exchanges are further described below.

a) Quota share reinsurance treaties with the Farmers Exchanges

Farmers Reinsurance Company (Farmers Re), a wholly owned subsidiary of FGI, assumes risk through a quota share reinsurance treaty, the All Lines Quota Share reinsurance agreement (All Lines agreement) with the Farmers Exchanges.

The All Lines agreement provides for an assumption of a quota share of the all lines insurance results of the Farmers Exchanges. Subject to regulatory approval, effective December 31, 2024, Farmers Re assumed an 8.00 percent quota share of which 4.50 percent was retroceded to Zurich Insurance Company Ltd and Zurich Reinsurance Company Ltd. Another 22.00 percent was assumed by other third parties.

Quota share reinsurance treaties

Table 25.1

in USD millions, for the years ended December 31	All Lines agreement
	2024¹	2023²
Insurance revenue	1,929	1,536
Insurance service expense³	(1,790)	(1,461)
Insurance service result	139	75

¹ Effective December 31, 2023, Farmers Re assumed a 10.00 percent quota share of which 8.25 percent was retroceded to Zurich Global, Ltd. Another 23.00 percent was assumed by other third parties.

² Effective December 31, 2022, Farmers Re assumed an 8.50 percent quota share of which 6.75 percent was retroceded to Zurich Global, Ltd. Another 22.50 percent was assumed by other third parties.

³ Under the All Lines agreement, Farmers Re catastrophe losses are subject to a maximum amount each year. Under the agreement effective December 31, 2023, catastrophe losses occurring in 2024 were limited to USD 255 million. Under the agreement effective December 31, 2022, catastrophe losses occurring in 2023 were limited to USD 174 million.

b) Farmers management fees and other related revenues

Farmers Group, Inc. and certain of its subsidiaries (FGI), wholly owned subsidiaries of the Group, are the appointed attorneys-in-fact of the Farmers Exchanges, which are not owned by FGI. As the attorney-in-fact, FGI is permitted by policyholders of the Farmers Exchanges to receive a management fee of up to 20 percent (up to 25 percent in the case of Fire Insurance Exchange) of the gross premiums earned by the Farmers Exchanges. This management fee, the primary source of revenue for FGI, has an agreed upon margin cap of 7 percent which is derived from FGI gross management result divided by the gross premium earned by the Farmers Exchanges. The expected revenues and expenses are assessed monthly to determine if expected revenues will be in excess of the cap, in which case the revenue is reduced on a pro-rata basis to ensure that no revenue is recognized for the amounts exceeding the cap.

In addition, FGI revenue includes reimbursement of certain ancillary service costs incurred by FGI on behalf of primarily the Farmers Exchanges that are not covered under the attorney-in-fact contracts. The amounts incurred for these services are reimbursed to FGI at cost in accordance with allocations that are subject to approval by the Farmers Exchanges Boards of Governors.

FGI has historically charged a lower management fee than the amount allowed by policyholders. The range of fees has varied by line of business over time and from year to year. The gross earned premiums of the Farmers Exchanges were USD 28.0 billion and USD 26.7 billion for the years ended December 31, 2024, and 2023, respectively.

Farmers Management Services¹

Table 25.2

in USD millions, for the years ended December 31	2024	2023	Change
Fee income	4,392	4,529	(3%)
Management fees	3,595	3,577	1%
Revenues for ancillary services	707	865	(18%)
Membership fees	52	51	2%
Other revenues	39	37	5%
Fee business expenses	(2,378)	(2,587)	8%
Expenses for ancillary services	(707)	(865)	18%
Management and other expenses	(1,671)	(1,722)	3%
Fee result	2,014	1,942	4%
Other management related income/expenses	(54)	(67)	20%
Gross management result²	1,960	1,875	5%
Managed gross earned premium margin	7.0%	7.0%	0.0 pts

¹ Excludes the agency brokerage entities acquired in 2023 (see note 4).

² Includes the impact of amortization/impairment of intangible assets acquired as part of a business combination.

26. Segment information

The Group pursues a customer-centric strategy, where the Property & Casualty (P&C) and Life businesses are managed on a regional basis. The Group's reportable segments have been identified on the basis of the businesses operated by the Group and how these are strategically managed to offer different products and services to specific customer groups. The Group has identified 13 reportable segments and segment information is presented accordingly as follows:

―	P&C regions
―	Life regions
―	Farmers
―	Group Functions and Operations
―	Non-Core Businesses

The Group's reportable segments comprise the following:

P&C and Life regions

―	Europe, Middle East & Africa
―	North America
―	Asia Pacific
―	Latin America
―	Group Reinsurance

P&C regions provide a variety of motor, home and commercial products and services for individuals, as well as small and large businesses on both a local and global basis. Products are sold through multiple distribution channels including agents, brokers and bank distribution.

Life regions provide a comprehensive range of life and health insurance products on both an individual and a group basis, including annuities, endowment and term insurance, unit-linked and investment-oriented products, as well as full private health, supplemental health and long-term care insurance. In addition to the agent distribution channel, certain of these products are offered via bank distribution channels.

The Farmers segment includes Farmers Group, Inc. (FGI), a wholly owned subsidiary of the Group, which, along with certain of its subsidiaries, provides certain non-claims and ancillary services to the Farmers Exchanges as their attorney-in-fact and receive fees for their services. The Farmers Exchanges are prominent writers of personal and small commercial lines of business in the U.S. and are owned by their policyholders. Zurich Insurance Group has no ownership in the Farmers Exchanges. This segment also includes all reinsurance assumed from the Farmers Exchanges by the Group and the activities of Farmers New World Life, a subsidiary of FGI and writer of individual life insurance business in the U.S.

Group Functions and Operations comprise the Group's Holding and Financing and Headquarters activities, including central initiatives in Zurich Global Ventures. Certain alternative investment positions not allocated to business operating segments are included within Holding and Financing. In addition, this segment includes operational technical governance activities relating to technology, underwriting, claims, actuarial and pricing.

Non-Core Businesses include insurance and reinsurance businesses that the Group does not consider core to its operations and that are therefore mostly managed to achieve a beneficial run-off. Non-core businesses are mainly situated in the U.S., Bermuda and in Europe.

Aggregations and additional information

Regional P&C and Life results are further aggregated to show a total P&C and total Life business view.

―	P&C - Total
―	Life - Total

For additional informational purposes, the Group also discloses income statement information for P&C Commercial Insurance and P&C Retail and Other Insurance results. Other Insurance includes SME, direct market and other program business.

―	P&C Commercial Insurance
―	P&C Retail and Other Insurance

Business operating profit

The segment information includes business operating profit, which is the Group's key performance measure. Business operating profit (BOP) indicates the underlying performance of the Group's businesses, after non-controlling interests, by eliminating the impact of financial market volatility and other non-operating variables. This measure is the basis on which the Group manages its operating performance. BOP is a pre-tax measure of operating performance adjusted for:

―	Net capital gains/(losses) and expected credit losses on investments (except investments in hedge funds as at fair value through profit or loss and certain securities held for specific economic hedging purposes) after considering the effect of changes in fair value of underlying items held for direct participating contracts and effects of hyperinflation,
―	Restructuring charges,
―	Charitable contributions,
―	Large one-off regulatory implementation efforts,
―	Specific items related to business combinations, including amortization of related intangible assets, and
―	Gains and losses on divestment of businesses and impairments of goodwill.

Property & Casualty - Overview by segment

Table 26.1

in USD millions, for the year ended December 31	Europe, Middle East & Africa		North America		Asia Pacific
	2024	2023	2024	2023	2024	2023
Insurance revenue	18,651	17,170	20,985	20,607	3,793	3,434
Insurance service expense	(16,426)	(15,558)	(17,886)	(16,716)	(2,927)	(2,723)
Net expenses from reinsurance contracts held	(905)	(852)	(1,421)	(1,962)	(491)	(393)
Insurance service result	1,320	760	1,678	1,929	375	319
Net investment income on Group investments	908	736	1,141	1,094	180	134
Net capital gains/losses) on Group investments	79	18	194	185	(1)	(3)
Net investment result on Group investments	987	755	1,335	1,278	178	131
Reinsurance finance income/expenses)	(380)	(222)	(690)	(534)	(59)	(52)
Net investment result	608	533	644	744	120	80
Fee income	222	213	206	210	55	53
Fee business expenses	(170)	(162)	(134)	(131)	(79)	(65)
Fee result	52	51	72	79	(24)	(12)
Other revenues	185	143	175	130	18	27
Interest expense on debt	(54)	(52)	(16)	(14)	(2)	(2)
Other expenses	(753)	(687)	(340)	(417)	(156)	(122)
Restructuring costs and other items not included in BOP	156	90	101	196	23	6
Other result	(466)	(506)	(80)	(105)	(116)	(92)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	-	-	-	-	(5)	(2)
Business operating profit before non-controlling interests	1,514	839	2,313	2,647	349	293
Non-controlling interests	26	23	-	-	6	2
Business operating profit	1,487	816	2,313	2,647	343	290

in USD millions, for the year ended December 31	Latin America		Group Reinsurance		Eliminations
	2024	2023	2024	2023	2024	2023
Insurance revenue	3,162	2,812	799	781	(2,598)	(2,511)
Insurance service expense	(2,345)	(2,400)	(652)	(431)	1,758	1,373
Net expenses from reinsurance contracts held	(535)	(194)	(301)	(391)	840	1,138
Insurance service result	282	218	(154)	(42)	-	-
Net investment income on Group investments	271	224	4	2	-	-
Net capital gains/losses) on Group investments	(5)	17	3	8	-	-
Net investment result on Group investments	265	242	7	10	-	-
Reinsurance finance income/expenses)	(78)	(59)	(27)	(20)	-	-
Net investment result	187	183	(20)	(11)	-	-
Fee income	-	-	-	-	-	-
Fee business expenses	-	-	-	-	(2)	(4)
Fee result	-	-	-	-	(2)	(4)
Other revenues	27	19	63	65	(7)	(11)
Interest expense on debt	(2)	(4)	(5)	(10)	-	11
Other expenses	(170)	(174)	(61)	(45)	8	4
Restructuring costs and other items not included in BOP	15	41	16	-	-	-
Other result	(130)	(118)	12	10	2	4
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	-	-	-	-	-	-
Business operating profit before non-controlling interests	339	284	(162)	(42)	-	-
Non-controlling interests	116	102	-	-	-	-
Business operating profit	223	181	(162)	(42)	-	-

in USD millions, for the year ended December 31	Total
	2024	2023
Insurance revenue	44,792	42,293
Insurance service expense	(38,479)	(36,454)
Net expenses from reinsurance contracts held	(2,812)	(2,653)
Insurance service result	3,500	3,186
Net investment income on Group investments	2,503	2,191
Net capital gains/losses) on Group investments	269	225
Net investment result on Group investments	2,772	2,416
Reinsurance finance income/expenses)	(1,233)	(887)
Net investment result	1,539	1,529
Fee income	483	476
Fee business expenses	(385)	(361)
Fee result	98	115
Other revenues	461	373
Interest expense on debt	(80)	(71)
Other expenses	(1,471)	(1,442)
Restructuring costs and other items not included in BOP	311	334
Other result	(779)	(807)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	(5)	(2)
Business operating profit before non-controlling interests	4,353	4,020
Non-controlling interests	149	127
Business operating profit	4,204	3,893

Life - Overview by segment

Table 26.2

in USD millions, for the years ended December 31	Europe, Middle East & Africa		North America		Asia Pacific
	2024	2023	2024	2023	2024	2023
Insurance revenue	6,566	5,912	160	194	2,302	2,258
Insurance service expense	(4,999)	(4,410)	(83)	(83)	(2,009)	(1,919)
Net expenses from reinsurance contracts held	(113)	(169)	(31)	(25)	17	(46)
Insurance service result	1,455	1,333	46	86	310	293
Net investment income on Group investments	2,252	2,164	64	59	240	224
Net capital gains/losses) on Group investments	(96)	(234)	18	26	(6)	-
Net investment result on Group investments	2,156	1,930	82	85	234	224
Net investment income on unit-linked investments	1,160	1,090	-	-	65	54
Change in liabilities for investment contracts and other funds	(796)	(700)	-	-	(47)	(33)
Reinsurance finance income/expenses)	(2,137)	(2,017)	(93)	(90)	(184)	(156)
Net investment result	384	304	(11)	(5)	67	89
Fee income	888	802	-	-	43	60
Fee business expenses	(624)	(594)	-	-	(8)	(17)
Fee result	264	208	-	-	35	43
Other revenues	184	115	30	24	17	15
Interest expense on debt	(13)	(16)	-	-	(38)	(18)
Other expenses	(450)	(402)	(8)	3	(136)	(141)
Restructuring costs and other items not included in BOP	64	10	-	-	6	23
Other result	(215)	(292)	23	27	(151)	(120)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	(141)	(137)	-	-	(20)	(31)
Business operating profit before non-controlling interests	1,746	1,416	57	108	242	274
Non-controlling interests	171	148	-	-	(1)	(1)
Business operating profit	1,575	1,268	57	108	243	275

in USD millions, for the years ended December 31	Latin America		Group Reinsurance		Eliminations
	2024	2023	2024	2023	2024	2023
Insurance revenue	2,687	2,637	27	30	(43)	(35)
Insurance service expense	(2,060)	(2,047)	(15)	(10)	36	11
Net expenses from reinsurance contracts held	(33)	(34)	(8)	(7)	7	24
Insurance service result	594	557	4	13	-	-
Net investment income on Group investments	437	478	-	-	(1)	(1)
Net capital gains/losses) on Group investments	(33)	63	(3)	(12)	-	-
Net investment result on Group investments	404	542	(3)	(12)	(1)	(1)
Net investment income on unit-linked investments	35	16	-	-	-	-
Change in liabilities for investment contracts and other funds	-	-	-	-	-	-
Reinsurance finance income/expenses)	(271)	(340)	-	(1)	-	-
Net investment result	168	218	(3)	(13)	(1)	(1)
Fee income	20	18	-	-	-	-
Fee business expenses	(13)	(13)	-	-	-	-
Fee result	7	5	-	-	-	-
Other revenues	25	20	3	5	-	-
Interest expense on debt	(3)	(3)	-	-	1	1
Other expenses	(108)	(149)	-	-	-	-
Restructuring costs and other items not included in BOP	(26)	42	-	-	-	-
Other result	(111)	(90)	2	5	1	1
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	(1)	(2)	-	-	-	-
Business operating profit before non-controlling interests	657	687	3	5	-	-
Non-controlling interests	300	283	-	-	-	-
Business operating profit	357	404	3	5	-	-

in USD millions, for the years ended December 31	Total
	2024	2023
Insurance revenue	11,700	10,996
Insurance service expense	(9,130)	(8,458)
Net expenses from reinsurance contracts held	(161)	(256)
Insurance service result	2,409	2,281
Net investment income on Group investments	2,992	2,924
Net capital gains/losses) on Group investments	(121)	(156)
Net investment result on Group investments	2,871	2,768
Net investment income on unit-linked investments	1,260	1,160
Change in liabilities for investment contracts and other funds	(842)	(733)
Reinsurance finance income/expenses)	(2,685)	(2,603)
Net investment result	604	592
Fee income	951	880
Fee business expenses	(646)	(624)
Fee result	306	256
Other revenues	259	180
Interest expense on debt	(53)	(36)
Other expenses	(701)	(689)
Restructuring costs and other items not included in BOP	44	75
Other result	(451)	(469)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	(163)	(170)
Business operating profit before non-controlling interests	2,705	2,490
Non-controlling interests	470	430
Business operating profit	2,235	2,060

Business operating profit by business

Table 26.3

in USD millions, for the years ended December 31	Property & Casualty		Life		Farmers
	2024	2023	2024	2023	2024	2023
Insurance revenue	44,792	42,293	11,700	10,996	2,941	2,553
Insurance service expense	(38,479)	(36,454)	(9,130)	(8,458)	(2,525)	(2,190)
Net expenses from reinsurance contracts held	(2,812)	(2,653)	(161)	(256)	(209)	(131)
Insurance service result	3,500	3,186	2,409	2,281	208	233
Net investment income on Group investments	2,503	2,191	2,992	2,924	46	146
Net capital gains/losses) on Group investments	269	225	(121)	(156)	(4)	7
Net investment result on Group investments	2,772	2,416	2,871	2,768	43	153
Net investment income on unit-linked investments	-	-	1,260	1,160	64	47
Change in liabilities for investment contracts and other funds	-	-	(842)	(733)	(2)	(1)
Reinsurance finance income/expenses)	(1,233)	(887)	(2,685)	(2,603)	(47)	(16)
Net investment result	1,539	1,529	604	592	58	182
Fee income	483	476	951	880	4,577	4,529
Fee business expenses	(385)	(361)	(646)	(624)	(2,535)	(2,586)
Fee result	98	115	306	256	2,042	1,942
Other revenues	461	373	259	180	67	33
Interest expense on debt	(80)	(71)	(53)	(36)	(7)	(2)
Other expenses	(1,471)	(1,442)	(701)	(689)	(152)	(242)
Restructuring costs and other items not included in BOP	311	334	44	75	70	150
Other result	(779)	(807)	(451)	(469)	(22)	(61)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	(5)	(2)	(163)	(170)	-	-
Business operating profit before non-controlling interests	4,353	4,020	2,705	2,490	2,286	2,296
Non-controlling interests	149	127	470	430	-	-
Business operating profit	4,204	3,893	2,235	2,060	2,286	2,296

in USD millions, for the years ended December 31	Group Functions and Operations		Non-Core Businesses		Eliminations
	2024	2023	2024	2023	2024	2023
Insurance revenue	-	293	97	98	(22)	(135)
Insurance service expense	-	(296)	(338)	(131)	16	107
Net expenses from reinsurance contracts held	-	-	144	32	7	28
Insurance service result	-	(2)	(97)	(1)	-	-
Net investment income on Group investments	238	135	148	145	(197)	(160)
Net capital gains/losses) on Group investments	156	142	(60)	16	-	-
Net investment result on Group investments	394	277	88	162	(197)	(160)
Net investment income on unit-linked investments	-	-	-	-	-	-
Change in liabilities for investment contracts and other funds	-	-	(7)	(8)	-	-
Reinsurance finance income/expenses)	-	(2)	(36)	(122)	-	-
Net investment result	394	275	45	32	(197)	(160)
Fee income	(1)	-	-	-	-	-
Fee business expenses	-	(1)	-	-	(9)	(9)
Fee result	(1)	(1)	-	-	(9)	(9)
Other revenues	251	216	24	21	(703)	(613)
Interest expense on debt	(736)	(721)	(63)	(58)	499	432
Other expenses	(850)	(671)	(101)	(32)	411	350
Restructuring costs and other items not included in BOP	71	75	87	-	-	-
Other result	(1,264)	(1,101)	(52)	(70)	206	169
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	-	-	-	-	-	-
Business operating profit before non-controlling interests	(870)	(830)	(104)	(38)	-	-
Non-controlling interests	-	-	-	-	-	-
Business operating profit	(870)	(830)	(104)	(38)	-	-

in USD millions, for the years ended December 31	Total
	2024	2023
Insurance revenue	59,507	56,099
Insurance service expense	(50,456)	(47,422)
Net expenses from reinsurance contracts held	(3,031)	(2,981)
Insurance service result	6,020	5,696
Net investment income on Group investments	5,730	5,382
Net capital gains/losses) on Group investments	241	234
Net investment result on Group investments	5,972	5,616
Net investment income on unit-linked investments	1,325	1,207
Change in liabilities for investment contracts and other funds	(851)	(742)
Reinsurance finance income/expenses)	(4,002)	(3,631)
Net investment result	2,443	2,450
Fee income	6,011	5,885
Fee business expenses	(3,575)	(3,583)
Fee result	2,436	2,303
Other revenues	358	210
Interest expense on debt	(440)	(456)
Other expenses	(2,864)	(2,727)
Restructuring costs and other items not included in BOP	584	634
Other result	(2,362)	(2,339)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	(168)	(172)
Business operating profit before non-controlling interests	8,370	7,938
Non-controlling interests	619	557
Business operating profit	7,751	7,381

Reconciliation of BOP to net income after income taxes

Table 26.4

in USD millions, for the years ended December 31	Property & Casualty		Life		Farmers
	2024	2023	2024	2023	2024	2023
Business operating profit net	4,204	3,893	2,235	2,060	2,286	2,296
Revenues/(expenses) not included in BOP:
Net capital gains/losses) on Group investments	567	(130)	325	(200)	(2)	(479)
Net capital gains/losses) on unit-linked investments	-	-	14,579	12,426	158	182
Change in liabilities for investment contracts and other funds	-	-	(7,261)	(5,637)	-	-
Reinsurance finance income/expenses)	-	-	(7,775)	(6,769)	(158)	(180)
Net gains/losses) on divestment of businesses¹	16	-	98	(116)	-	-
Restructuring costs	(234)	(211)	(33)	(34)	(4)	(75)
Other adjustments²	(77)	(123)	(11)	(42)	(66)	(75)
Add back:
Business operating profit attributable to non-controlling interests	149	127	470	430	-	-
Net income before shareholders' taxes	4,625	3,557	2,628	2,119	2,214	1,669
Income tax expense/benefit) attributable to policyholders (BOP relevant)	5	2	163	170	-	-
Net income before income taxes	4,630	3,559	2,790	2,289	2,214	1,669
Income tax (expense)/benefit
attributable to policyholders
attributable to shareholders
Net income after taxes
attributable to non-controlling interests
attributable to shareholders

in USD millions, for the years ended December 31	Group Functions and Operations		Non-Core Businesses		Total
	2024	2023	2024	2023	2024	2023
Business operating profit net	(870)	(830)	(104)	(38)	7,751	7,381
Revenues/(expenses) not included in BOP:
Net capital gains/losses) on Group investments	(25)	(128)	(22)	8	843	(930)
Net capital gains/losses) on unit-linked investments	-	-	322	377	15,059	12,984
Change in liabilities for investment contracts and other funds	-	-	-	-	(7,261)	(5,637)
Reinsurance finance income/expenses)	-	-	(310)	(383)	(8,242)	(7,332)
Net gains/losses) on divestment of businesses¹	(1)	12	-	-	114	(104)
Restructuring costs	(6)	(7)	-	-	(277)	(327)
Other adjustments²	(65)	(68)	(87)	-	(307)	(307)
Add back:
Business operating profit attributable to non-controlling interests	-	-	-	-	619	557
Net income before shareholders' taxes	(968)	(1,021)	(201)	(37)	8,298	6,286
Income tax expense/benefit) attributable to policyholders (BOP relevant)	-	-	-	-	168	172
Net income before income taxes	(968)	(1,021)	(201)	(37)	8,465	6,458
Income tax (expense)/benefit					(2,261)	(1,741)
attributable to policyholders					(179)	(172)
attributable to shareholders					(2,082)	(1,568)
Net income after taxes					6,204	4,717
attributable to non-controlling interests					390	366
attributable to shareholders					5,814	4,351

¹ In 2024, gains and losses on divestment included gains of USD 27 million related to the reversal of the amounts previously held for sale regarding the legacy traditional life insurance book of Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft, losses of USD 13 million as Zurich Investments Life S.p.A. agreed to sell part of its life and pension back book and gains of USD 84 million as Inversiones Suizo-Chilena S.A. agreed to sell the annuity book of Zurich Chile Seguros de Vida S.A. (see note 4). In 2023, Life included losses of USD 15 million as Zurich Investments Life S.p.A. agreed to sell part of its life and pension back book, losses of USD 2 million as Inversiones Suizo-Chilena S.A. agreed to sell the annuity book of Zurich Chile Seguros de Vida S.A. and losses of USD 99 million as Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft agreed to sell its legacy traditional life insurance back book (see note 4).

² Other adjustments in 2024 include amortization of intangibles from business combinations, charitable contributions and litigation costs. Other adjustments in 2023 include charges related to the implementation of IFRS 17, charitable contributions and litigation costs.

Assets and liabilities by business

Table 26.5

in USD millions, as of December 31	Property & Casualty		Life		Farmers
	2024	2023	2024	2023	2024	2023
Assets
Cash and cash equivalents	7,468	7,175	4,614	4,866	914	2,633
Total Group investments	68,038	68,102	80,027	67,878	1,163	1,172
Equity securities	8,796	8,445	5,243	4,661	57	29
Debt securities	49,404	49,527	60,194	47,399	1,068	1,023
Investment property	4,573	5,047	7,061	8,454	30	113
Mortgage loans	865	964	3,182	3,360	-	-
Other financial assets	4,396	4,116	4,324	3,979	7	7
Investments in associates and joint ventures	5	3	24	26	-	-
Investments for unit-linked contracts	-	-	144,343	137,249	1,422	1,245
Total investments	68,038	68,102	224,370	205,127	2,586	2,417
Insurance contract assets	342	357	426	223	-	-
Reinsurance contract assets	13,264	13,569	3,004	3,197	3,125	3,094
Goodwill	2,245	1,855	1,286	1,412	1,264	1,264
Other intangible assets	1,382	1,453	1,430	1,597	1,118	1,232
Other assets¹	6,854	7,207	5,287	27,843	3,550	3,591
Total assets (after cons. of investments in subsidiaries)	99,594	99,718	240,419	244,264	12,555	14,231
Liabilities
Liabilities for investment contracts	-	-	66,364	60,115	40	42
Insurance contract liabilities	63,083	63,252	154,192	140,897	5,579	5,355
Reinsurance contract liabilities	14	19	332	347	91	138
Other liabilities²	11,715	11,848	7,823	30,729	1,398	1,433
Senior debt	987	1,163	-	402	-	-
Subordinated debt	901	917	601	611	-	760
Total liabilities	76,700	77,199	229,312	233,102	7,108	7,728
Equity
Shareholders' equity
Non-controlling interests
Total equity
Total liabilities and equity
Supplementary information
Additions and capital improvements to property, equipment and intangible assets	887	312	61	58	45	664

in USD millions, as of December 31	Group Functions and Operations		Non-Core Businesses		Eliminations
	2024	2023	2024	2023	2024	2023
Assets
Cash and cash equivalents	2,829	3,142	558	392	(9,615)	(10,927)
Total Group investments	7,074	8,204	3,707	4,174	(7,447)	(8,564)
Equity securities	24	21	61	61	-	-
Debt securities	4,255	4,149	3,494	3,826	-	-
Investment property	-	-	70	70	-	-
Mortgage loans	-	-	-	-	-	-
Other financial assets	2,677	3,987	82	157	(7,447)	(8,564)
Investments in associates and joint ventures	117	46	-	60	-	-
Investments for unit-linked contracts	-	-	2,769	2,650	-	-
Total investments	7,074	8,204	6,477	6,825	(7,447)	(8,564)
Insurance contract assets	-	-	-	-	-	-
Reinsurance contract assets	-	-	2,089	2,115	(33)	(33)
Goodwill	10	10	-	-	-	-
Other intangible assets	46	55	-	-	-	-
Other assets¹	4,219	2,931	2,176	2,227	(2,946)	(3,208)
Total assets (after cons. of investments in subsidiaries)	14,178	14,343	11,300	11,558	(20,040)	(22,731)
Liabilities
Liabilities for investment contracts	-	-	103	113	-	-
Insurance contract liabilities	3	3	7,652	7,488	(30)	(33)
Reinsurance contract liabilities	-	-	-	-	-	-
Other liabilities²	9,998	10,757	2,492	3,101	(12,673)	(14,251)
Senior debt	7,537	8,504	324	292	(4,828)	(5,171)
Subordinated debt	9,880	9,548	-	-	(2,511)	(3,277)
Total liabilities	27,417	28,812	10,572	10,994	(20,042)	(22,733)
Equity
Shareholders' equity
Non-controlling interests
Total equity
Total liabilities and equity
Supplementary information
Additions and capital improvements to property, equipment and intangible assets	13	79	-	-	-	(61)

in USD millions, as of December 31	Total
	2024	2023
Assets
Cash and cash equivalents	6,768	7,280
Total Group investments	152,562	140,966
Equity securities	14,182	13,217
Debt securities	118,415	105,924
Investment property	11,734	13,684
Mortgage loans	4,047	4,324
Other financial assets	4,039	3,682
Investments in associates and joint ventures	146	135
Investments for unit-linked contracts	148,535	141,144
Total investments	301,098	282,110
Insurance contract assets	768	580
Reinsurance contract assets	21,450	21,942
Goodwill	4,805	4,541
Other intangible assets	3,977	4,337
Other assets¹	19,140	40,591
Total assets (after cons. of investments in subsidiaries)	358,005	361,382
Liabilities
Liabilities for investment contracts	66,507	60,270
Insurance contract liabilities	230,479	216,962
Reinsurance contract liabilities	437	504
Other liabilities²	20,753	43,617
Senior debt	4,020	5,190
Subordinated debt	8,871	8,559
Total liabilities	331,067	335,102
Equity
Shareholders' equity	25,472	24,860
Non-controlling interests	1,466	1,419
Total equity	26,938	26,280
Total liabilities and equity	358,005	361,382
Supplementary information
Additions and capital improvements to property, equipment and intangible assets	1,005	1,051

¹ As of December 31, 2024, the Group had USD 1.2 billion of assets held for sale based on agreements signed to sell portfolios of Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4). In addition, assets held for sale included land and buildings formerly classified as investment property of USD 48 million. In 2023, the Group had USD 23.8 billion of assets held for sale based on agreements signed to sell portfolios of Zurich Deutscher Herold LebensversicherungAktiengesellschaft, Zurich Chile Seguros de Vida S.A., Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4). In addition, assets held for sale included land and buildings formerly classified as investment property of USD 2 million.

² As of December 31, 2024, the Group had USD 1.2 billion of liabilities held for sale based on agreements signed to sell portfolios of Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4). In 2023, the Group had USD 23.9 billion of liabilities held for sale based on agreements signed to sell portfolios of Zurich Deutscher Herold LebensversicherungAktiengesellschaft, Zurich Chile Seguros de Vida S.A., Zurich Insurance plc (now known as Zurich Insurance Europe AG) and Zurich Insurance Company Ltd, UK Branch (see note 4).

Property & Casualty -Commercial and Retail Insurance overview¹

Table 26.6

in USD millions, for the years ended December 31	Commercial Insurance		Retail and Other Insurance
	2024	2023	2024	2023
Insurance revenue	30,453	29,475	16,135	14,550
Insurance service expense	(24,936)	(23,664)	(14,635)	(13,716)
Net expenses from reinsurance contracts held	(2,948)	(3,087)	(413)	(330)
Insurance service result	2,569	2,724	1,086	503
Net investment income on Group investments	1,656	1,501	844	690
Net capital gains/losses) on Group investments	284	258	(18)	(41)
Net investment result on Group investments	1,940	1,759	826	649
Reinsurance finance income/expenses)	(945)	(718)	(262)	(149)
Net investment result	995	1,041	565	500
Fee result	90	94	9	22
Other result	(267)	(286)	(526)	(534)
Income tax (expense)/benefit attributable to policyholders (BOP relevant)	-	-	(5)	(2)
Business operating profit before non-controlling interests	3,386	3,574	1,129	489
Non-controlling interests	-	-	149	127
Business operating profit	3,387	3,573	980	362

¹ Commercial and Retail Insurance overview exclude Group Reinsurance and Eliminations.

Property & Casualty - Revenues and non-current assets by region

Table 26.7

in USD millions	Insurance revenue from external customers
	Total		of which Commercial Insurance		of which Retail and Other Insurance
	for the years ended December 31		for the years ended December 31		for the years ended December 31
	2024	2023	2024	2023	2024	2023
Europe
Austria	679	643
France	432	402
Germany	3,244	2,943
Italy	1,837	1,671
Ireland	654	655
Portugal	414	385
Spain	1,702	1,563
Switzerland	2,823	2,645
United Kingdom	4,393	4,012
Rest of Europe	1,166	994
Middle East & Africa
Middle East	142	150
Europe, Middle East & Africa	17,486	16,064	6,160	5,752	11,326	10,313
North America
Canada	997	1,022
United States	19,439	19,065
North America	20,437	20,088	20,437	20,088	-	-
Asia-Pacific
Australia	1,270	1,192
Hong Kong	385	363
Japan	824	807
Malaysia	468	410
Rest of Asia-Pacific	745	574
Asia-Pacific	3,692	3,346	991	965	2,702	2,381
Latin America
Argentina	622	326
Brazil	1,098	1,062
Chile	380	424
Mexico	850	767
Rest of Latin America	237	232
Latin America	3,187	2,812	1,071	948	2,116	1,864
Group Reinsurance	7	8	-	-	7	8
Total	44,809	42,318	28,659	27,752	16,150	14,567

in USD millions	Property, equipment and intangible assets
	as of December 31
	2024	2023
Europe
Austria	35	116
France	10	13
Germany	477	570
Italy	27	15
Ireland	49	62
Portugal	18	16
Spain	240	268
Switzerland	693	762
United Kingdom	99	119
Rest of Europe	193	166
Middle East & Africa
Middle East	1	1
Europe, Middle East & Africa	1,842	2,107
North America
Canada	53	36
United States	997	1,065
North America	1,050	1,101
Asia-Pacific
Australia	664	741
Hong Kong	44	45
Japan	10	10
Malaysia	49	49
Rest of Asia-Pacific	781	251
Asia-Pacific	1,546	1,096
Latin America
Argentina	248	163
Brazil	86	110
Chile	18	14
Mexico	114	148
Rest of Latin America	49	51
Latin America	515	487
Group Reinsurance	1	1
Total	4,955	4,793

Life - Revenues and non-current assets by region

Table 26.8

in USD millions	Insurance Revenue from external customer		Property/equipment and intangible assets
	for the years ended December 31		as of December 31
	2024	2023	2024	2023
Europe, Middle East & Africa
Austria	53	47	19	6
Germany	1,194	1,107	6	7
Italy	310	273	349	366
Ireland¹	373	347	75	85
Spain	620	610	890	953
Switzerland	1,337	1,320	3	3
United Kingdom	1,588	1,460	92	94
Zurich International Life²	571	627	24	28
Rest of Europe, Middle East & Africa	475	117	2	3
Europe, Middle East & Africa	6,522	5,907	1,460	1,545
North America
United States	160	192	-	-
North America	160	192	-	-
Asia Pacific
Australia	1,747	1,719	1,037	1,144
Hong Kong	54	54	1	2
Indonesia	27	27	-	1
Japan	281	264	9	7
Malaysia	197	195	34	33
Asia Pacific	2,306	2,259	1,081	1,186
Latin America
Argentina	152	102	43	27
Brazil	1,388	1,411	143	198
Chile	462	502	171	218
Mexico	573	520	67	91
Uruguay	76	65	2	3
Colombia	35	37	-	-
Latin America	2,687	2,637	426	537
Total	11,675	10,996	2,967	3,268

¹ Includes business written under freedom of services and freedom of establishment in Europe, and the related assets.

² Includes business written through licenses, mainly into Asia Pacific and Middle East, and the related assets.

27. Interest in subsidiaries

Significant subsidiaries are defined as those subsidiaries which either individually or in aggregate, contribute significantly to insurance revenue, shareholders' equity, total assets or net income attributable to shareholders.

Significant subsidiaries -non-listed

Table 27.1

as of December 31, 2024	Registered office	Voting rights %	Ownership interest %	Nominal value of share capital (in local currency millions)
Australia
Cover-More Group Limited	Sydney	100	100	AUD	1,014.17
Zurich Australia Limited	Sydney	100	100	AUD	543.52
Zurich Australian Insurance Limited	Sydney	100	100	AUD	6.62
Zurich Financial Services Australia Limited	Sydney	100	100	AUD	2,983.02
Austria
Zurich Versicherungs-Aktiengesellschaft	Vienna	99.98	99.98	EUR	9.75
Brazil
Zurich Santander Brasil Seguros e Previdencia S.A¹	Sao Paulo	51	51	BRL	2,509.18
Zurich Minas Brasil Insurance Company	Belo Horizonte	100	100	BRL	2,316.01
Zurich Reinsurance Brasil S.A.	Sao Paulo	100	100	BRL	124.00
Zurich Santander Brasil Seguros S.A	Sao Paulo	100	100	BRL	138.96
Chile
Zurich Chile Seguros de Vida S.A.	Santiago	99.23	99.23	CLP	137,899.88
Zurich Santander Seguros de Vida Chile S.A.¹	Santiago	51	51	CLP	24,252.93
Germany
Deutscher Herold Aktiengesellschaft	Cologne	100	100	EUR	18.43
Zurich Beteiligungs-Aktiengesellschaft (Deutschland)	Frankfurt	100	100	EUR	152.88
Zurich Deutscher Herold Lebensversicherung Aktiengesellschaft	Cologne	100	100	EUR	68.45
Zurich Immobilien (Deutschland) AG & Co. KG	Cologne	100	100	EUR	0.002
Zurich Life Legacy Versicherung AG (Deutschland)	Cologne	100	100	EUR	54.00
Zurich Insurance Europe AG	Frankfurt	100	100	EUR	8.16
India
Zurich Kotak General Insurance Company (India) Limited	Mumbai	70	70	INR	10,727.28
Indonesia
PT Zurich Asuransi Indonesia Tbk	Jakarta Selatan	80	80	IDR	3,101,846.00
Ireland
Zurich Life Assurance plc	Dublin	100	100	EUR	17.53
Zurich Holding Ireland Limited	Dublin	100	100	EUR	0.10
Italy
Zurich Investments Life S.p.A.	Milan	100	100	EUR	207.93
Zurich Italy Bank S.p.A.	Milan	100	100	EUR	49.00
Japan
Zurich Life Insurance Japan Company Ltd	Nakano-ku	100	100	JPN	7,316.31
Luxembourg
Zurich (Lux) Real Estate I S.C.S. SICAV-SIF	Luxembourg	100	100	EUR	2,229.78
Malaysia
Zurich Life Insurance Malaysia Berhad	Kuala Lumpur	100	100	MYR	579.00
Zurich Holdings Malaysia Berhad	Kuala Lumpur	100	100	MYR	878.44
Mexico
Zurich Santander Seguros Mexico, S.A.¹	Mexico City	51	51	MXN	190.00

Table 27.1

as of December 31, 2024	Registered office	Voting rights %	Ownership interest %	Nominal value of share capital (in local currency millions)
Spain
Bansabadell Pensiones, E.G.F.P, S.A.	Madrid	50	50	EUR	7.81
Bansabadell Seguros Generales, S.A. de	Madrid	50	50	EUR	10.00
Seguros y Reaseguros
Bansabadell Vida S.A. de Seguros y Reaseguros	Madrid	50	50	EUR	43.86
Zurich Latin America Holding S.L. - Sociedad Unipersonal	Barcelona	100	100	EUR	43.00
Zurich Santander Holding (Spain), S.L.¹	Boadilla del Monte	51	51	EUR	942.77
Zurich Santander Holding Dos (Spain), S.L.¹	Boadilla del Monte	51	51	EUR	94.28
Zurich Santander Insurance America, S.L.	Boadilla del Monte	51	51	EUR	40.00
Zurich Vida, Compania de Seguros y	Madrid	100	100	EUR	56.45
Reaseguros, S.A. -Sociedad Unipersonal
Switzerland
Zurich Finance Company Ltd	Zurich	100	100	CHF	0.20
Zurich Insurance Company Ltd	Zurich	100	100	CHF	825.00
Zurich Life Insurance Company Ltd	Zurich	100	100	CHF	60.00
Zurich Reinsurance Company Ltd	Zurich	100	100	CHF	11.68
United Kingdom
Allied Zurich Holdings Limited	St. Helier, Jersey	100	100	GBP	597.69
Zurich Assurance Ltd	Swindon, England	100	100	GBP	356.24
Zurich Employment Services Limited	Swindon, England	100	100	GBP	417.28
Zurich Financial Services (UKISA) Limited	Swindon, England	100	100	GBP	1,460.94
Zurich Holdings (UK) Limited	Fareham, England	100	100	GBP	318.30
Zurich International Life Limited	Douglas, Isle of Man	100	100	GBP	123.40
Zurich UK General Services Limited	Fareham, England	100	100	GBP	470.88
United States of America
Farmers Group, Inc.²	Carson City, NV	100	100	USD	0.000001
Farmers Reinsurance Company²	Woodland Hills, CA	100	100	USD	0.0001
Farmers New World Life Insurance Company²	Bellevue, WA	100	100	USD	0.000001
Zurich American Insurance Company	New York, NY	100	100	USD	5.00
Zurich American Life Insurance Company	Schaumburg, IL	100	100	USD	2.50
Zurich Holding Company of America, Inc.³	Wilmington, DE	100	100	USD	-
Centre Group Holdings (U.S.) Limited	Wilmington, DE	100	100	USD	0.000001
ZCM (U.S.) Limited	Wilmington, DE	100	100	USD	0.000001
Zurich Structured Finance, Inc.	Wilmington, DE	100	100	USD	0.012
Kraft Lake Insurance Agency, Inc.	Grand Rapids, MI	100	100	USD	0.0001
Zurich Global LTD	Pembroke, Bermuda	100	100	USD	0.50

¹ Zurich Insurance Group Ltd (ZIG) indirectly owns 51 percent.

² The ownership percentages in Farmers Group, Inc. and its fully owned subsidiaries have been calculated based on the participation rights of Zurich Insurance Group in a situation of liquidation, dissolution or winding up of Farmers Group, Inc.

³ Shares have no nominal value in accordance with the company's articles of association and local legislation.

Due to the nature of the insurance industry, the Group's business is subject to extensive regulatory supervision, and companies in the Group are subject to numerous legal restrictions and regulations. These restrictions may refer to minimum capital requirements or the ability of the Group's subsidiaries to pay dividends imposed by regulators in the countries in which the subsidiaries operate. These are considered industry norms, generally applicable to insurers who operate in the same markets.

For Zurich Santander Insurance America, S.L. and its subsidiaries, and the Bansabadell insurance entities, certain protective rights exist, which, among others, include liquidation, material sale of assets, transactions affecting the legal ownership structure, dividend distribution and capital increase, distribution channel partnerships and governance, which are not quantifiable.

For details on the Group's capital restrictions, see the capital management section in the 2024 Risk Review, which forms an integral part of the consolidated financial statements.

Table 27.2 shows the summarized financial information for each subsidiary that has non-controlling interests that are material to the Group.

Non-controlling interests

Table 27.2

in USD millions, as of December 31	Zurich Santander Insurance America, S.L. and its subsidiaries		Bansabadell insurance entities
	2024	2023	2024	2023
Non-controlling interests percentage	49%	49%	50%	50%
Total Investments	19,015	20,680	9,644	9,881
Other assets	1,015	1,325	1,605	1,733
Insurance and investment contract liabilities	18,362	20,048	9,056	9,431
Other liabilities	668	780	718	701
Net assets	1,000	1,177	1,475	1,481
Non-controlling interests in net assets	490	577	737	741
Insurance revenue	2,573	2,465	643	620
Net income after taxes	504	483	281	255
Other comprehensive income	(232)	86	(85)	25
Total comprehensive income	272	569	196	280
Non-controlling interests in total comprehensive income	133	279	98	140
Dividends paid to non-controlling interests	209	224	101	12

28. Events after the balance sheet date

No events after the balance sheet date.

Report of the statutory auditor

To the General Meeting of Zurich Insurance Group Ltd, Zurich

Zurich, February 19, 2025

Report on the audit of the consolidated financial statements

Opinion

We have audited the consolidated financial statements of Zurich Insurance Group Ltd and its subsidiaries (the Group), which comprise the consolidated balance sheet as of December 31,2024, the consolidated income statement, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the year then ended, and Notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the consolidated financial statements (pages 271 to 402) and the audited sections of the risk review (pages 227 to 253) give a true and fair view of the consolidated financial position of the Group as of December 31, 2024, as well as of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with IFRS Accounting Standards and comply with Swiss law.

Basis for opinion

We conducted our audit in accordance with Swiss law, International Standards on Auditing (ISA) and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements" section of our report.

We are independent of the Group in accordance with the provisions of Swiss law, together with the requirements of the Swiss audit profession, as well as those of the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards (IESBA Code)), and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the "Auditor's responsibilities for the audit of the consolidated financial statements" section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the consolidated financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the consolidated financial statements.

Insurance contract liabilities - Estimation of future cash outflows for Incurred but not Reported (IBNR) losses measured under the Premium Allocation Approach (PAA)

Area of focus

The Liability of Incurred Claims (LIC) reflects a current, explicit, unbiased and probability-weighted estimate of the present value of the expected future cash outflows for incurred loss and loss adjustment expense, as well as an explicit risk adjustment for non-financial risk. It is a component of the insurance contract liabilities within the consolidated balance sheet.

Expected future cash outflows for incurred loss and loss adjustment expense are made of case reserves for incurred and reported losses, and IBNR reserves for incurred but not reported losses, both of which are discounted to determine their present value.

The estimation of the IBNR reserves is a complex process, applying actuarial and statistical methods over historical data and patterns requiring the use of estimates and judgments. It requires the use of complex formulas and computational tools that may be incorrectly configured, and for which inaccurate or incomplete input data may be used.

This is specifically the case for lines of insurance business that are considered longer-tail, such as worker's compensation, general, and professional liability, and other business and specialty lines, including automotive, where certain longer-term assumptions are required as part of the projection techniques. These projection techniques also consider emerging risks, which can have a significant impact on the determination of the ultimate settlement costs, but where available data is limited, including uncertainty around claims litigation, timeliness of claims reporting, and inflation.

Additionally, the expected future cash outflows relating to the IBNR losses for catastrophes which are usually of less frequency but higher severity, are more difficult to estimate and their calculation require the use of expert judgment, especially for events taking place close to period end.

Accordingly, we have identified the expected future cash outflows for IBNR losses as a key audit matter.

The material accounting policies and critical accounting estimates and judgments regarding the IBNR reserves are described in Note 3, with additional information presented in Note 7 to the consolidated financial statements.

Our audit response

We obtained an understanding, evaluated the design, and tested the operating effectiveness of a sample of controls over methods selection, completeness and accuracy of the underlying data, relevant information technology and assumption setting used by management related to the estimation of the IBNR reserves.

To test the IBNR reserves, our audit procedures were executed with the assistance of our actuarial specialists and included:

―	Testing the completeness and accuracy of data utilized by the Group in estimating the IBNR losses by reconciling such amounts to the underlying accounting records and performing data-enabled audit procedures and claims data plausibility checks on selected samples.
―	Evaluating the actuarial methods and assessing key assumptions used within projection techniques by the Group via quantitative and qualitative analysis.
―	Comparing the IBNR reserves recorded in the consolidated financial statements to our independently developed range of IBNR reserves, for certain lines of business selected based on risk.
―	Evaluating the appropriateness of any significant adjustments made by management relating to the valuation of the IBNR reserves.

Finally, we assessed the adequacy of the disclosures in the Notes to the consolidated financial statements.

Insurance contract liabilities - Estimation of the present value of future cash flows (PVFCF) measured under the building block approach (BBA) and variable fee approach (VFA)

Area of focus

The liability for remaining coverage (LRC) is a component of the insurance contract liabilities within the consolidated balance sheet and for groups of insurance contracts measured under the BBA and VFA approaches, is the total of:

―	Fulfilment cash flows, which comprise of: (i) estimates of the PVFCF which represents the future cash flows, adjusted to reflect the time value of money and financial risks. (ii) risk adjustment for non-financial risk.

―	Contractual service margin (CSM), which represents the unearned profit the Group will recognize as it provides service under the related insurance contracts.

The PVFCF are associated with significant uncertainties requiring the use of expert judgment within complex actuarial models relying on subjective assumptions in relation to future events. Key assumptions include mortality, morbidity, lapse and expense assumptions as well as modelled future decisions of management and of policyholders. Moreover, because of the long duration of many life insurance products, relatively small changes in key assumptions may have a significant impact on PVFCF.

The determination of the PVFCF requires the use of complex formulas as well as the construction of models and other computational tools that may be incorrectly designed or configured, and for which inadequate assumptions and/or incomplete or inaccurate input data may be used.

Accordingly, we have identified PVFCF within the recorded LRC as a key audit matter.

The material accounting policies and critical accounting judgments and estimates regarding the PVFCF are described in Notes 3, with additional information presented in Note 7 to the consolidated financial statements.

Our audit response

We obtained an understanding, evaluated the design, and tested the operating effectiveness of a sample of controls over methods selection, completeness and accuracy of the underlying data, relevant information technology, assumption setting, and the models used by management related to the estimation of the PVFCF.

To test the PVFCF, our audit procedures were executed with the assistance of our actuarial specialists and included, for certain lines of insurance business selected based on risk:

―	Testing of the completeness and accuracy of data, including in-force policyholder data as utilized by the Group to value estimated future cash flows by reconciling such amounts to the underlying accounting records.
―	Assessing key best estimate assumptions used in selected actuarial models via quantitative and qualitative analysis, including considerations of their reasonableness based on studies of the historical experience of key data points such as claims and lapses, our knowledge of the Group and local markets, products offered, publicly available market and macroeconomic data.
―	Reviewing a sample of experience studies supporting specific assumptions.
―	Challenging the nature, timing and completeness of changes in key assumptions, models and methods and assessing whether individual changes were corrections of prior period errors or refinements of estimates.
―	Testing the models used through review of the calculation logic on a sample basis as well as through performing independent calculations of the PVFCF and comparing the results to those of the Group.
―	Performing analytical review procedures, including period-to-period analysis of changes in the PVFCF and assessing whether such changes appropriately reflect current period facts and circumstances.

Finally, we assessed the adequacy of the disclosures in the Notes to the consolidated financial statements.

Recoverability of goodwill and attorney-in-fact contracts (AIF)

Area of focus

Goodwill and AIF are allocated to the cash-generating units (CGUs) that are identified at the segment level. Management tests goodwill and AIF for impairment annually, or more frequently if there are indications that the amount of goodwill and AIF is not recoverable.

Estimation of the recoverable amount requires management to use complex models, expert judgment, and is based on subjective assumptions, particularly in respect of projections of future income based on prospective business plans, perpetual growth rates, and discount rates.

Accordingly, we deem the measurement of the recoverable amount of goodwill and the AIF contract intangibles to be a key audit matter.

The material accounting policies and critical accounting judgments and estimates related to goodwill and AIF are disclosed in Note 3, with additional information presented in Note 13 to the consolidated financial statements.

Our audit response

We obtained an understanding and evaluated the design of controls over the model used and key assumptions.

To test the recoverability of goodwill and AIF, our audit procedures included:

―

Assessing, with assistance of our valuation specialists, the valuation methods used and the reasonableness of the key assumptions within these models, i.e., discount rates, perpetual growth rates and tax rate.

―

Evaluating whether the goodwill and AIF allocation to CGUs as identified by management is supportable.

―

Performing risk-based substantive procedures for selected CGUs regarding key assumptions, including evaluating:

―	consistency of projected future cash flows with management's most recent estimates, including those used in the Group's planning process;
―	assumptions made with respect to projected future cash flows and whether they are reasonable in terms of the applicable CGU's economic and financial outlook, including the impacts of the current macro-economic environment;
―	comparison of actual results versus historically projected financial information;
―	completeness and accuracy of data used by management to project future cash flows; and
―	sensitivity analysis performed by management.

―

Analyzing the recoverable amounts against market capitalization to corroborate fair value estimates.

Finally, we assessed the adequacy of the disclosures in the Notes to the consolidated financial statements.

Other information

The Board of Directors is responsible for the other information. The other information comprises the information included in the annual report, but does not include the consolidated financial statements, the stand-alone financial statements, the remuneration report and our auditor's reports thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors' responsibilities for the consolidated financial statements

The Board of Directors is responsible for the preparation of the consolidated financial statements, which give a true and fair view in accordance with IFRS Accounting Standards and the provisions of Swiss law, and for such internal control as the Board of Directors determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Board of Directors is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law, ISA and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

A further description of our responsibilities for the audit of the consolidated financial statements is located on EXPERTsuisse's website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.

Report on other legal and regulatory requirements

In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the consolidated financial statements according to the instructions of the Board of Directors.

We recommend that the consolidated financial statements submitted to you be approved.

Ernst & Young Ltd

Isabelle Santenac, Licensed audit expert, Auditor in charge

David Jewell, Fellow of the Institute of Chartered Accountants, Aust & NZ

Holding company

Review of the year

Net income after taxes for Zurich Insurance Group Ltd amounted to CHF 4,909 million in 2024 compared with CHF 5,245 million in 2023. The decrease was mainly driven by a lower dividend income from its subsidiary Zurich Insurance Company Ltd of CHF 4,800 million in 2024 compared to CHF 5,170 million in 2023.

Shareholders' equity increased by CHF 53 million to CHF 13,540 million as of December 31, 2024, from CHF 13,488 million as of December 31, 2023. The increase was mainly driven by the net income after taxes for the year 2024 of CHF 4,909 million. This was partially offset by the dividend of CHF 3,756 million paid in 2024 out of available earnings as well as by the public share buyback program of 2,221,529 shares for a total purchase value of CHF 1,100 million in 2024, which started on June 17, 2024, and was completed on October 30, 2024.

The Board of Directors proposes to the Annual General Meeting, which is to be held on April 9, 2025, to distribute a dividend of CHF 28.00 gross per share from the available earnings for 2024.

Income statements

in CHF thousands, for the years ended December 31	Notes	2024	2023
Other operating income		6	12
Other operating expenses	4	(14,043)	(40,552)
Depreciation and valuation adjustments to non-current assets	9	(2,200)	(2,500)
Financial income	5	4,943,287	5,308,801
Dividend income		4,802,304	5,170,000
Interest income		140,798	138,801
Other financial income		185	-
Financial expenses		-	(5,508)
Direct taxes	6	(18,100)	(15,229)
Net income after taxes		4,908,950	5,245,024

Balance sheets

Assets

in CHF thousands, as of December 31	Notes	2024	2023
Current assets
Cash and cash equivalents	18	336	334
Receivables from subsidiaries	7	65,799	7,667
Receivables from third parties		4,403	4,784
Accrued income and prepaid expenses from subsidiaries		91,439	91,443
Total current assets		161,977	104,229
Non-current assets
Subordinated loans to subsidiaries	8	2,132,405	2,132,405
Investments in subsidiaries	9	11,259,068	11,261,268
Total non-current assets		13,391,474	13,393,674
Total assets		13,553,450	13,497,902
Liabilities and shareholders' equity
in CHF thousands, as of December 31	Notes	2024	2023
Short-term liabilities
Other liabilities to subsidiaries		-	2
Other liabilities to third parties	10	10,868	8,270
Other liabilities to shareholders		2,142	1,990
Accrued expenses and deferred income to subsidiaries		-	-
Accrued expenses and deferred income to third parties		-	21
Total short-term liabilities		13,009	10,282
Total liabilities		13,009	10,282
Shareholders' equity (before appropriation of available earnings)
Share capital	12	14,636	14,636
Legal reserves:		939,125	1,159,495
Capital contribution reserve	13	264,208	264,208
General capital contribution reserve		6,240	6,225
Reserve for treasury shares (indirectly held via subsidiaries)	14	257,968	257,983
General legal reserve		674,916	895,287
General legal reserve		341,140	341,140
Reserve for treasury shares (indirectly held via subsidiaries)	14	333,776	554,147
Treasury shares (directly held by the Company)	12	(1,100,299)	-
Free reserve	15	346,869	346,869
Retained earnings:
As of January 1		11,966,620	12,145,587
Dividends paid		(3,755,831)	(3,507,283)
Cancellation of treasury shares (directly held by the Company)	12	-	(1,799,827)
Net income after taxes		4,908,950	5,245,024
Allocation from/to reserve for treasury shares (indirectly held via subsidiaries)		220,371	(116,880)
Retained earnings, as of December 31		13,340,110	11,966,620
Total shareholders' equity (before appropriation of available earnings)		13,540,441	13,487,620
Total liabilities and shareholders' equity		13,553,450	13,497,902

Notes to the financial statements

1. General information

Zurich Insurance Group Ltd (the Company or ZIG) is a corporation domiciled in Zurich, Switzerland, and its shares are listed on the SIX Swiss Exchange. It was incorporated on April 26, 2000, and is the holding company of the Zurich Insurance Group (Group) with the principal activity of holding subsidiary companies. The Company does not employ staff, as employees work in a joint capacity for Zurich Insurance Company Ltd (ZIC).

2. Basis of presentation

The Company presents its financial statements in accordance with Swiss law.

All amounts in these financial statements, including the notes, are shown in Swiss franc thousands, rounded to the nearest thousand, unless otherwise specified. All variances are calculated using the actual figures rather than the rounded amounts.

3. Summary of significant accounting policies

a) Exchange rates

Unless otherwise stated, assets and liabilities expressed in currencies other than Swiss francs are translated at end-of-period exchange rates. Revenues and expenses are translated using the exchange rate at the date of the transaction. Net unrealized exchange losses are recorded in the income statements and net unrealized exchange gains are deferred until realized.

b) Investments in subsidiaries

Investments in subsidiaries are equity interests, held on a long-term basis for the purpose of the Company's business activities. Each investment in subsidiaries is valued individually and carried at its cost less adjustments for impairments.

c) Accrued income

Income is accrued for interest which is earned but not yet due for payment at the end of the reporting period.

d) Reserves for treasury shares (indirectly held via subsidiaries)

Reserves for treasury shares are accounted for at the acquisition costs of these shares held by the respective subsidiary.

e) Treasury shares (directly held by the Company)

On October 30, 2024, the Company completed the public share buyback program of up to CHF 1.1 billion, which was launched on June 17, 2024. Until completion of the program, the Company repurchased on a second trading line on the SIX Swiss Exchange a total of 2,221,529 of its shares, having a total purchase value of CHF 1.1 billion. The repurchased shares shall be cancelled using the capital band (Art. 5^bis of the Articles of Association).

As of December 31, 2024, treasury shares directly held by the Company are carried at acquisition cost and presented as a deduction in the shareholders' equity.

4. Other operating expenses

Other operating expenses for the year were CHF 14.0 million compared with CHF 40.6 million in 2023. The decrease of CHF 26.5 million was mainly due to the Company making no charitable contribution to the Z Zurich Foundation, while there was a contribution of CHF 29.5 million in 2023. In addition, Board member fees amounting to CHF 5.8 million are included in this line item for the years ended December 31, 2024, and December 31, 2023, respectively.

Overhead expenses increased by CHF 4.1 million to CHF 5.5 million in 2024. Furthermore, fees paid to the Swiss Financial Market Supervisory Authority FINMA of CHF 1.9 million and CHF 2.9 million are included for the years ended December 31, 2024, and December 31, 2023, respectively.

5. Financial income

Financial income for the year 2024 mainly consists of dividend income of CHF 4,802 million primarily received from the Company's subsidiary ZIC and interest income of CHF 134.3 million on the subordinated loan with ZIC. This interest income is recognized when ZIC declares its intention to pay a dividend to the Company.

6. Direct taxes

Direct taxes include Swiss income and capital tax expense.

7. Receivables from subsidiaries

Receivables from subsidiaries include intragroup balances related to the Group's internal cash pooling facility in the amount of CHF 65.8 million and CHF 7.7 million for the years ended December 31, 2024, and December 31, 2023, respectively.

The increase in 2024 is driven by the receipt of the dividend and interest income from ZIC of CHF 4,934 million, partially offset by the dividend paid out of available earnings totaling to CHF 3,756 million and the cash payment as consideration for the public share buyback program in 2024 of CHF 1,100 million.

8. Subordinated loans to subsidiaries

Subordinated loans include a loan to ZIC of CHF 2,132 million as of December 31, 2024, and December 31, 2023, respectively.

9. Investments in subsidiaries

Investments in subsidiaries

as of December 31	2024			2023
	Carrying value¹	Voting rights in %	Capital rights in %	Carrying value¹	Voting rights in %	Capital rights in %
Zurich Insurance Company Ltd	11,088,466	100.0	100.0	11,088,466	100.0	100.0
Zurich Financial Services EUB Holdings Limited	12,436	99.9	99.9	14,636	99.9	99.9
Farmers Group, Inc.	157,992	12.1	4.6	157,992	12.1	4.6
Allied Zurich Limited	175	100.0	100.0	175	100.0	100.0
Total	11,259,068			11,261,268

¹ in CHF thousands.

The investment in Zurich Financial Services EUB Holdings Limited was impaired by CHF 2.2 million in 2024 compared with CHF 2.5 million in 2023.

In addition to the above mentioned directly held subsidiaries, the Company indirectly owns additional subsidiaries primarily through ZIC. Information regarding indirectly owned subsidiaries is included on pages 399 to 400 of this Annual Report.

10. Other liabilities to third parties

Other liabilities to third parties mainly consist of tax payables of CHF 10.5 million and CHF 7.8 million for the years ended December 31, 2024, and December 31, 2023, respectively.

11. Commitments and contingencies

The Company has entered into support agreements and guarantees for the benefit of certain of its subsidiaries. They amounted to CHF 809 million as of December 31, 2024, and CHF 765 million as of December 31, 2023. The increase is solely due to the foreign exchange effect. Furthermore, the Company has issued an unlimited guarantee in favor of the Institute of London Underwriters in relation to a run-off business transferred to Zurich Insurance Europe AG (formerly known as Zurich Insurance plc) and to ZIC from a Group company which no longer has insurance licenses.

The Company is not aware of any event of default that would require it to satisfy any of these guarantees or to take action under a support agreement.

12. Share capital

a) Changes to the share capital

On April 6, 2023, the Annual General Meeting (AGM) of the Company approved a capital band as replacement of the authorized share capital (Art. 5^bis of the Articles of Association). From April 2021 until April 6, 2023, the authorized share capital (former Art. 5^bis of the Articles of Association) was comprised of 44,882,400 shares. The capital band parameters, which are in force since April 6, 2023, until and including April 6, 2028, are described in section b) below. Since April 2021, the contingent share capital for Financial Instruments (Art. 5^ter 1a of the Articles of Association; term as defined in section b) below) is comprised of 29,921,600 shares. As of December 31, 2024, and as of December 31, 2023, the contingent share capital for Group employees (Art. 5^ter 2a of the Articles of Association) was comprised of 4,095,092 shares. During the years 2024 and 2023, no shares were issued to Group employees out of the contingent share capital.

b) Capital band (as specified in Art. 5bis of the Articles of Association)

On April 6, 2023, the AGM approved a capital band as replacement of the authorized share capital. Until and including April 6, 2028, the Board of Directors of the Company is authorized to conduct one or more increases and/or reductions of the share capital within the upper limit of CHF 18,917,751.50, corresponding to 189,177,515 registered shares with a nominal value of CHF 0.10 each, and the lower limit of CHF 13,541,415.00, corresponding to 135,414,150 registered shares with a nominal value of CHF 0.10 each. In case of a capital increase, the Board of Directors would determine the number of shares, the date of issue of any such new shares, the issue price, type of contributions (including cash contributions, contributions in kind, set-off and conversion of freely usable reserves, including retained earnings, into share capital), the conditions of exercising subscription rights, and the beginning of the dividend entitlement.

The Board of Directors may issue such new shares by means of a firm underwriting by a financial institution, a syndicate of financial institutions or another third party and with a subsequent offer of those shares to the current shareholders. The Board of Directors is authorized to restrict or to prohibit trading in the subscription rights to the new shares and may allow the expiry of subscription rights which have not been exercised, or it may place these rights as well as shares, the subscription rights which have not been exercised, at market conditions, or use them otherwise in the interest of the Company.

The Board of Directors is further authorized to restrict or exclude the subscription rights and to allocate them to individual shareholders, third parties, the Company or one of its group companies for one or more increases up to a maximum of 14,600,000 shares, if the shares are to be used:

―	for the take-over of an enterprise, of parts of an enterprise or of participations or for investments by the Company or one of its group companies, or the financing including refinancing of such transactions;
―	for the purpose of expanding the scope of shareholders in connection with the listing of shares on foreign stock exchanges or issuance of shares on the national or international capital markets (including private placements to one or more selected investors);
―	for the conversion of loans, bonds, similar debt instruments, equity-linked instruments or other financial market instruments (collectively, the 'Financial Instruments') issued by the Company or one of its group companies; or
―	for the improvement of the regulatory and/or the rating capital position of the Company or one of its group companies in a fast and expeditious manner.

In case of a capital reduction, the Board of Directors shall, to the extent necessary, determine the number of shares to be cancelled and the use of the reduction amount. The acquisition and holding of shares repurchased for purposes of cancellation under the capital band are not subject to the 10% threshold for treasury shares within the meaning of art. 659 para. 2 of the Swiss Code of Obligations.

The Board of Directors is further authorized to carry out a capital increase by increase of the nominal value or a capital reduction by reduction of the nominal value within the capital band or to carry out a simultaneous reduction and re-increase. In the case of an increase or reduction of the nominal value, the Board of Directors shall determine the new nominal value of the shares and shall adapt all provisions of the Articles of Association relating to the nominal value of a share as well as the number of shares with a new nominal value corresponding to the fixed upper and lower limit of the capital band pursuant to art. 5^bis para. 1 accordingly.

Up to and including April 6, 2028, the total of new shares issued from (i) the capital band where the subscription rights were restricted or excluded, and (ii) the contingent share capital in connection with Financial Instruments where the advance subscription rights were restricted or excluded, may not exceed 14,600,000 new shares.

c) Contingent share capital (as specified in Art. 5ter of the Articles of Association)

Financial Instruments

The share capital of the Company may be increased by an amount not exceeding CHF 2,992,160 by issuing of up to 29,921,600 fully paid-in registered shares with a nominal value of CHF 0.10 each by the voluntary or mandatory exercise of conversion and/or option rights which are granted in connection with the issuance of Financial Instruments by the Company or one of its group companies or by mandatory conversion of Financial Instruments issued by the Company or one of its group companies, that allow for contingent mandatory conversion into shares of the Company, or by exercising option rights which are granted to the shareholders. The subscription rights are excluded. The then-current owners of the Financial Instruments shall be entitled to subscribe for the new shares. The conversion and/or option conditions are to be determined by the Board of Directors.

The Board of Directors is authorized, when issuing Financial Instruments, to restrict or exclude the advance subscription rights in cases where they are issued:

―	for the financing including refinancing of a take-over of an enterprise, of parts of an enterprise, of participations, or of investments by the Company or one of its group companies;
―	on national or international capital markets (including private placements to one or more selected investors); or
―	for the improvement of the regulatory and/or the rating capital position of the Company or one of its group companies in a fast and expeditious manner.

If the advance subscription rights are restricted or excluded by a resolution of the Board of Directors, the following applies: the Financial Instruments are to be issued at prevailing market conditions (including standard dilution protection clauses in accordance with market practice) and the setting of the conversion or issue price of the new shares must take due account of the stock market price of the shares and/or comparable instruments priced by the market at the time of issue or time of conversion.

The conversion rights may be exercisable during a maximum of 10 years and option rights during a maximum of seven years from the time of the respective issue; contingent conversion features may remain in place indefinitely.

Employee participation

On January 1, 2024, and on January 1, 2023, the contingent share capital, to be issued to Group employees, amounted to CHF 409,509.20 or 4,095,092 fully paid registered shares with a nominal value of CHF 0.10 each.

During 2024 and 2023, no shares were issued to Group employees out of the contingent share capital. As of December 31, 2024, and as of December 31, 2023, the remaining contingent share capital available for issuance to Group employees amounted to CHF 409,509.20 or 4,095,092 fully paid-in registered shares with a nominal value of CHF 0.10 each. Subscription rights as well as advance subscription rights of the shareholders are excluded. The issuance of new shares or respective option rights to employees is subject to one or more regulations to be issued by the Board of Directors and taking into account performance, functions, levels of responsibility and criteria of profitability. New shares or option rights may be issued to employees at a price lower than that quoted on the stock exchange.

For further information, see Art. 5^bis and 5^ter of the Articles of Association (www.zurich.com/investor-relations/our-shares/ articles-of-association).

13. Capital contribution reserve

Capital contribution reserve

in CHF thousands	2024¹	2023¹
As of January 1	264,208	264,208
As of December 31	264,208	264,208

¹ This capital contribution reserve does not qualify as capital contribution reserve within the meaning of Art. 5 para. 1^bis of the Swiss Withholding Tax Act.

14. Reserves for treasury shares (indirectly held via subsidiaries)

These reserves correspond to the purchase value of all Zurich Insurance Group Ltd shares held by subsidiaries of the Company as shown in the table below. The treasury shares directly held by the Company as of December 31, 2024, are presented as a deduction in the shareholders' equity and are not part of these reserves for treasury shares.

Reserves for treasury shares (indirectly held via subsidiaries)

	Number of shares 2024	Purchase value 2024¹	Number of shares 2023	Purchase value 2023¹
As of January 1	2,365,577	812,130	2,097,833	695,249
Purchases during the year	87,275	42,089	1,000,000	424,075
Sales during the year	(604,018)	(262,474)	(732,256)	(307,194)
As of December 31	1,848,834	591,745	2,365,577	812,130
Thereof held in capital contribution reserve
As of January 1	1,057,524	257,983	1,057,524	257,983
As of December 31	1,057,454	257,968	1,057,524	257,983
Thereof held in general legal reserve
As of January 1	1,308,053	554,147	1,040,309	437,266
As of December 31	791,380	333,776	1,308,053	554,147
Average purchase price, in CHF		482		424
Average selling price, in CHF		410		339

¹ in CHF thousands.

15. Free reserve

Free reserve

in CHF thousands	2024	2023
As of January 1	346,869	346,869
As of December 31	346,869	346,869

16. Shareholdings of the members of the Board of Directors, members of the Executive Committee and other employees

The information on share and share option holdings of members of the Board of Directors, members of the Executive Committee and other employees as of December 31, 2024, as required by article 959c paragraph 2 cif 11 of the Swiss Code of Obligations, is included and audited in the remuneration report on pages 74 to 113 and note 20 of the consolidated financial statements on page 367 of this Annual Report.

17. Equity instruments allocated to the members of the Board of Directors and Executive Committee

The following table provides a summary of equity instruments allocations to the members of the Board of Directors and Executive Committee for the years ended December 31, 2024, and December 31, 2023. For more information on the incentive plans of the Group, see note 20 of the consolidated financial statements on page 367 and the remuneration report on pages 74 to 113 of this Annual Report.

Equity instruments allocated during the period

	Number allocated 2024	Value 2024	Number allocated 2023	Value 2023¹
Members of Board of Directors²	5,138	2,768	5,661	2,489
Members of Executive Committee²	46,728	25,177	50,504	22,202

¹ In CHF thousands, for the years ended December 31. The values are calculated using the last available close share prices which are CHF 538.80 and CHF 439.60 for the years ended December 31, 2024, and December 31, 2023, respectively.

² Includes Board of Directors and Executive Committee members active as of December 31, 2024, and December 31, 2023, respectively.

18. Supplementary information

Cash and cash equivalents of CHF 0.3 million represent restricted cash as of December 31, 2024, and December 31, 2023, respectively.

Proposed appropriation of available earnings

The available earnings for 2024 originate as follows:

in CHF thousands	Available earnings
Available earnings
As of January 1, 2024	11,966,620
Dividends paid	(3,755,831)
Net income after taxes	4,908,950
Allocation from reserve for treasury shares (indirectly held via subsidiaries)	220,371
Available earnings, as of December 31, 2024	13,340,110

The Board of Directors proposes to the Annual General Meeting to be held on April 9, 2025, to appropriate the available earnings as follows:

in CHF thousands	Available earnings
Appropriation of available earnings
As of December 31, 2024	13,340,110
Dividend of CHF 28.00 gross per share¹	(4,097,961)
Balance carried forward¹	9,242,149

¹ These figures are based on the share capital issued on December 31, 2024, of CHF 14,635,575.40 divided into 146,355,754 registered shares with a nominal value of CHF 0.10 each, and may change depending on the number of shares issued on April 14, 2025. No dividend will be declared on treasury shares held by Zurich or its wholly-owned subsidiaries.

If this proposal is approved, the dividend, less 35 percent Swiss withholding tax, will be paid as from April 15, 2025.

Zurich, February 19, 2025

On behalf of the Board of Directors of Zurich Insurance Group Ltd

Michel M. Lies

Report of the statutory auditor

To the General Meeting of Zurich Insurance Group Ltd, Zurich

Zurich, February 19, 2025

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Zurich Insurance Group Ltd (hereinafter "the Company"), which comprise the balance sheet as of December 31, 2024, the income statement for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.

In our opinion, the financial statements (pages 413 to 419) comply with Swiss law and the Company's articles of association.

Basis for opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those provisions and standards are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context.

We have fulfilled the responsibilities described in the "Auditor's responsibilities for the audit of the financial statements" section of our report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the financial statements (pages 413 to 419).

Recoverability of investments in subsidiaries

Area of focus

We consider the investments in subsidiaries to be a key audit matter not only due to the judgment involved but also based on the magnitude of the balance, which makes up a significant part of the Company's total assets.

Investments in subsidiaries are carried at cost less necessary impairments. The need for impairment is assessed on an individual basis.

The Company compares the carrying value of the individual subsidiaries to its IFRS Net Asset Value as of December 31, 2024 to identify any impairment triggers.

Estimation of the recoverable amount requires management to use assumptions about the profitability of the underlying business and growth.

Accordingly, we have identified this as a key audit matter.

Refer to Note 3, para b) ("Summary of significant accounting policies") and Note 9 ("Investments in subsidiaries") to the 2024 financial statements.

Our audit response

We obtained an understanding of management's process and controls and assessed the design effectiveness of selected key controls over the recoverability of the carrying value of investments in subsidiaries.

In addition, we performed the following substantive testing procedures:

―	Assessing the appropriateness of the Company's impairment testing methodology.
―	Testing the mathematical accuracy of management's calculation.
―	Testing the reasonableness of the assumptions used in the impairment assessment.
―	Re-performing management's impairment test on the carrying value of all investments in subsidiaries and challenging the impairment decisions taken.

Finally, we assessed the appropriateness of the accounting policies used and adequacy of the disclosures in the statutory financial statements.

Other information

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Board of Directors' responsibilities for the financial statements

The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and the Company's articles of association, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on EXPERTsuisse's website at: https://www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.

Report on other legal and regulatory requirements

In accordance with Art. 728a para. 1 item 3 CO and SA-CH 890, we confirm that an internal control system exists, which has been designed for the preparation of the financial statements according to the instructions of the Board of Directors.

Based on our audit in accordance with Art. 728a para. 1 item 2 CO, we confirm that the proposal of the Board of Directors complies with Swiss law and the Company's articles of association. We recommend that the financial statements submitted to you be approved.

Ernst & Young Ltd

Isabelle Santenac, Licensed audit expert, Auditor in charge

David Jewell, Fellow of the Institute of Chartered Accountants, Aust & NZ

Shareholder information

Zurich Insurance Group Ltd registered share data

Zurich shares

Zurich had a market capitalization of CHF 79 billion on December 31, 2024. The shares are listed on the SIX Swiss Exchange and traded on the SIX Swiss Exchange blue chip segment; ticker symbol: ZURN; the Swiss security number (Valorennummer) is 1107539. Trading in Zurich Insurance Group Ltd shares on the blue chip segment is conducted in Swiss francs.

For further information about shareholders or the capital structure, please refer to the corporate governance report on page 32.

Share price performance and total shareholder return

In terms of share price performance, the closing price at the end of 2024 was CHF 538.80. The lowest closing price recorded during 2024 was CHF 429.90 on February 9, and the highest closing price was CHF 562.60 on December 2.

Total shareholder return in U.S. dollars
%

Source: Refinitiv Datastream

Zurich share performance (indexed) over the last 10 years
%

Source: Refinitiv Datastream

Dividend policy

The Group intends to maintain its current attractive dividend policy and proposes a target pay-out ratio of around 75 percent of net income attributable to shareholders, subject to a minimum of the prior-year dividend per share, with dividend increases based on sustainable earnings growth.

Share data (CHF)

as of December 31	2024	2023
Dividend per share	28.00¹	26.00
Share price at end of period	538.80	439.60
Price period high	562.60	457.90
Price period low	429.90	400.00
Market capitalization (CHF millions)	78,856	64,338

¹ Proposed dividend, subject to approval by shareholders at the Annual General Meeting, expected payment date as from April 15, 2025. Gross dividend, subject to 35 percent Swiss withholding tax.

Further details are available online:

―	www.zurich.com/investor-relations/calendar

Dividend

	Financial Year	Total dividend per registered share in CHF	Paid from available earnings in CHF¹	Paid from capital contribution reserve in CHF	Payment date as from
Dividend	2024	28.00²	28.00	-	April 15, 2025²
Dividend	2023	26.00	26.00	-	April 16, 2024
Dividend	2022	24.00	24.00	-	April 14, 2023
Dividend	2021	22.00	20.35	1.65	April 12, 2022
Dividend	2020	20.00	20.00	-	April 13, 2021
Dividend	2019	20.00	20.00	-	April 7, 2020
Dividend	2018	19.00	19.00	-	April 9, 2019
Dividend	2017	18.00	16.60	1.40	April 10, 2018
Dividend	2016	17.00	11.30	5.70	April 4, 2017
Dividend	2015	17.00	-	17.00	April 5, 2016

¹ Gross dividend, subject to 35 percent Swiss withholding tax.

² Proposed total dividend, subject to approval by shareholders at the Annual General Meeting 2025; expected payment date as from April 15, 2025.

Abkürzungsverzeichnis

ABC	anti-bribery and corruption
ABCO	anti-bribery and corruption officer
ABS	asset-backed securities
ADRs	American Depositary Receipts
ADSs	American Depositary Shares
AEL	annual expected loss
AFR	available financial resources
AGM	Annual General Meeting
AI	artificial intelligence
AIAF	artificial intelligence assessment framework
AIF	attorney-in-fact
ALM	asset liability management
APAC	Asia Pacific (en) Asien-Pazifik (de)
AuM	assets under management
BBA	building block approach
BCP	business continuity planning
BEPS	base erosion and profit shifting
BIA	business impact analysis
BOP	business operating profit (en) Betriebsgewinn (de)
BOPAT ROE	business operating profit after tax return on equity (en) Eigenkapitalrendite basierend auf Betriebsgewinn nach Steuern (de)
BX	broker experience
CAGR	compound annual growth rate (en) durchschnittliche jährliche Wachstumsrate (de)
CCP	central counterparty
CCUS	carbon capture, utilization and storage
CFC	customer-facing conduct
CGU	cash-generating unit
CH	Switzerland
CLOs	collateralized loan obligations
CLP	Corporate Life & Pensions
CMI	continuous mortality investigation (pensions)
CMT	crisis management team
CO₂ e	carbon dioxide equivalent (en) Kohlenstoffdioxid Äquivalente (de)
COP29	29th UN Climate Change Conference, or meeting of the 'Conference of the Parties'
CoSP10	10th Conference of the States Parties to the UN Convention against Corruption
CPI	consumer price index
CRG	catastrophe response group
CSF	cyber security framework
CSM	contractual service margin
CSRD	Corporate Sustainability Reporting Directive
CTA	cumulative translation adjustments
CV	curriculum vitae
CVC	credit valuation committee
CX	customer experience
DEIB	diversity, equity, inclusion and belonging
DEUs	dividend equivalent units (incentive plans) (en) dividendenäquivalente Einheiten (de)
DMA	double materiality assessment
DOJ	Department of Justice
DPF	discretionary participation features
EAD	exposure at default
ECL	expected credit loss
EFRAG	European Financial Reporting Advisory Group
EIOPA	European Insurance and Occupational Pensions Authority
EMEA	Europe, Middle East and Africa (en) Europa, Naher Osten und Afrika (de)
EMTN	Euro Medium-Term Note Programme
EMU	Economic and Monetary Union
EPS	earnings per share (en) Gewinn je Aktie (de)
ERGs	employee resource groups
ERM	Enterprise Risk Management
ESG	environmental, social and governance
ESRG	Emerging and Sustainability Risk Committee
ESRS	European Sustainability Reporting Standards
EV	electric vehicle
ExCo	Executive Committee (en) Konzernleitung (de)
FAR	Financial Accounting and Reporting
FCPA	Foreign Corrupt Practices Act
FGI	Farmers Group, Inc.
FINMA	Swiss Financial Market Supervisory Authority (en) Eidgenössische Finanzmarktaufsicht (de)
FPIC	free, prior and informed consent
FTE	full-time equivalent (en) Vollzeitäquivalente (de)
FVOCI	fair value through other comprehensive income
FVPL	fair value through profit or loss
GBSC	Group Balance Sheet Committee
GCM	general circulation models
GDP	gross domestic product
GEM	Global Earthquake Model
GenAI	generative artificial intelligence
GFA	gross floor area
GHG	greenhouse gas
GloBE	global anti-base erosion model
GNSC	Governance, Nominations and Sustainability Committee (en) Governance-, Nominierungs- und Nachhaltigkeitsausschuss (de)
GRC	Group Risk Committee
GRI	Global Reporting Intiative
GV	ordentliche Generalversammlung
HtC	held to collect contractual cash flows
HtC&S	held to collect contractual cash flows and for sale
IACF	insurance acquisition cash flows
IAE	insurance-associated emissions
IAS	International Accounting Standards
IBNR	incurred but not reported
ICIF	internal control integrated framework
ICR	issuer credit rating
IEA	International Energy Agency
IFRIC	IFRS Interpretations Committee
IFRS	International Financial Reporting Standards
IFSR	insurance financial strength rating
IIR	income inclusion rule
ILG	investment leaders group
IPEV	international private equity and venture capital valuation
ISA	International Standards on Auditing
ISDA	International Swaps and Derivatives Association
ISIN	International Securities Identification Number
KI	künstliche Intelligenz
KPIs	key performance indicators
KRT	key risk taker
LATAM	Latin America (en) Lateinamerika (de)
LGBTQ+	lesbian, gay, bisexual, transgender, intersex, queer/questioning, asexual and other terms
LGD	loss given default
LIC	liability for incurred claims
LoB	line of business
LRC	liability for remaining coverage
LTIP	long-term incentive plan (en) langfristiger Incentive-Plan (de)
LTV	loan to value
LULUCF	land use, land-use change and forestry
M&A	mergers and acquisitions
MBS	mortgage-backed securities
MPS	management procurement spend
mt	metric tons
MVM	market value margin
MW	megawatt
NB CSM	new business CSM
NBM	new business margin
NDCs	nationally determined contributions
NGOs	non-governmental organizations
NIAS	net income attributable to shareholders (en) den Aktionären zurechenbarer Reingewinn (de)
NiGEM	National Institute Global Econometric Model
NIST	National Institute of Standards and Technology
NPA	non-prosecution agreement
NZAOA	Net-Zero Asset Owner Alliance
OCI	other comprehensive income
OECD	Organization for Economic Co-operation and Development
OPIM	operating principles for impact management
ORSA	own risk and solvency assessment
OTC	over-the-counter (en) ausserbörslich (de)
P&C	Property & Casualty
P&R	premium & reserve
PA	Paris Agreement
PAA	premium allocation approach
PCAF	Partnership for Carbon Accounting Financials
PD	probability of default
PDC	performance and development cycle
PFAS	polyfluoroalkyl substances
PML	probable maximum loss
POCI	purchased or originated credit-impaired
PPP	purchasing power parity
PRI	Principles for Responsible Investment
PSI	Principles for Sustainable Insurance
PSUs	performance share units
PVNBP	present value of new business premiums
QDMTT	qualified domestic minimum top-up tax
RBC	risk-based capital
RCP	representative concentration pathways
REDS	Risk Exposure Data Store
REIDA	Real Estate Investment Data Association
RNPS	relationship net promoter score
ROE	return on equity (en) Eigenkapitalrendite (de)
RPI	retail price index
RSUs	restricted share units (en) veräusserungsbeschränkte Aktien (de)
rTSR	relative total shareholder return (en) relative Gesamtrendite für die Aktionäre (de)
SAF	sustainable aviation fuel
SASB	Sustainability Accounting Standards Board
SBTI	Science Based Targets Initiative
SBTs	science-based targets
SCOC	Supplier Code of Conduct
SICR	significant increase in credit risk
SMI	Swiss Market Index
SPPI test	solely payments on principal and interests test
SST	Swiss Solvency Test (en) Schweizer Solvenztest (de)
STEM	science, technology, engineering, and mathematics
STIP	short-term incentive plan (en) kurzfristiger Incentive-Plan (de)
SVPs	stable value products
TC	target capital
TCFD	Task Force on Climate-related Financial Disclosure
TNPS	transactional net promoter score
TRP	Total Risk ProfilingTM
TSR	total shareholder return
UNCAC	UN Convention Against Corruption
UWR	underwriting
VaR	value at risk
VFA	variable fee approach
WACC	weighted average cost of capital
WIN	Women's Innovation Network
Z-ECM	Zurich Economic Capital Model
ZEF	Zurich European Forum
ZEL	Zurich Ethics Line
ZES	Zurich Experience Survey
ZGV	Zurich Global Ventures
ZIBIL	Zurich Integrated Benefits and International Life
ZIC	Zurich Insurance Company Ltd
ZIE	Zurich Insurance Europe AG
ZIG	Zurich Insurance Group Ltd
ZILL	Zurich International Life Limited
ZIP	Zurich Insurance plc
ZLIC	Zurich Life Insurance Company Ltd
ZNA	Zurich North America
ZRP	Zurich Risk Policy
ZRS	Zurich Resilience Solutions

Glossar

Gruppe

Buchwert je Aktie

Diese Kennzahl wird berechnet, indem das den Aktionären zurechenbare Eigenkapital durch die Anzahl ausgegebener Aktien abzüglich eigener Aktien zum Ende des Berichtszeitraums geteilt wird.

Betriebsgewinn (BOP)

ist die interne Leistungskennzahl, womit die Gruppe alle Geschäftseinheiten führt. Es zeigt das Ergebnis nach Minderheitsbeteiligungen, welches um den Einfluss der Finanzmarktvolatilität und anderer nichtoperativer Variablen bereinigt wurde. Weitere Informationen finden Sie in den «Consolidated Financial Statements, Note 26. Segment Information, Table 26.4».

Mittelzuflüsse

sind Nettokapitalentnahmen aus allen Geschäftseinheiten (P&C, Life, Farmers und Non-Core Business) an Group Functions & Operations (GF&O) nach Abzug aller zentralen Kosten in GF&O. Mittelzuflüsse von den Tochtergesellschaften erfolgen üblicherweise via Dividenden, Kapitalherabsetzungen, Rückzahlungen von gruppeninternen Verbindlichkeiten und Rückversicherungsgewinnen.

Bereinigter Gewinn je Aktie (Core EPS)

ist eine Rentabilitätskennzahl, die den Gewinn je ausstehender Stammaktie angibt. Er wird berechnet, indem der Betriebsgewinn nach Steuern (BOPAT) der Gruppe in US-Dollar durch die Gesamtzahl der ausstehenden Aktien dividiert wird.

Den Aktionären zurechenbare bereinigte Eigenkapitalrendite, basierend auf dem Betriebsgewinn nach Steuern (bereinigte Eigenkapitalrendite (Core ROE), früher als Eigenkapitalrendite basierend auf dem Betriebsgewinn nach Steuern bezeichnet (BOPAT ROE))

Diese Kennzahl gibt die Höhe des BOP im Verhältnis zu den von den Aktionären bereitgestellten Mitteln an. Zur Berechnung wird der BOP linear annualisiert und um die Steuern bereinigt. Anschliessend erfolgt eine Teilung durch den Durchschnittswert des den Aktionären zurechenbaren Eigenkapitals - bereinigt um nicht realisierte Gewinne/(Verluste) aus Versicherungsverbindlichkeiten und aus Kapitalanlagen, die im sonstigen Gesamtergebnis zum Zeitwert erfasst werden, und Cashflow-Hedges und basiert auf halbjährlichen Datenpunkten. Früher wurde diese Kennzahl als Eigenkapitalrendite basierend auf dem Betriebsgewinn nach Steuern bezeichnet (BOPAT ROE). Weitere Informationen finden Sie in «Supplementary Information (unaudited)/ROE, EPS and BVPS».

Kapitalanlagen

Die in der konsolidierten Bilanz ausgewiesenen Kapitalanlagen umfassen die Kapitalanlagen der Gruppe sowie Kapitalanlagen für Rechnung und Risiko Dritter. Kapitalanlagen der Gruppe sind Anlagen, deren Anlagerisiko ganz oder teilweise von der Gruppe getragen wird. Die durchschnittlichen Kapitalanlagen der Gruppe umfassen flüssige Anlagemittel und Finanzderivate. Die Gruppe verwaltet ihr diversifiziertes Anlageportfolio, um für ihre Aktionäre und Versicherungsnehmer optimale Ergebnisse zu erzielen und gleichzeitig die Einhaltung der lokalen aufsichtsrechtlichen und geschäftlichen Anforderungen, unter Führung des Asset/Liability Management und Investment-Ausschusses der Gruppe, sicherzustellen. Die Kapitalanlagen für Rechnung und Risiko Dritter umfassen Kapitalanlagen, bei denen die Versicherungsnehmer das Anlagerisiko tragen. Sie werden als Verbindlichkeiten aus fondsgebundenen (unit-linked) Anlageverträgen gehalten. Gemanagt werden sie gemäss den Anlagezielen der einzelnen Unit-linked-Fonds.

Like-for-like

Like-for-like gibt die Veränderung einer zugrunde liegenden Kennzahl über einen bestimmten Zeitraum, bereinigt um die Auswirkungen von Wechselkursschwankungen sowie von Akquisitionen und Veräusserungen, an.

Den Aktionären zurechenbare Eigenkapitalrendite (ROE)

Diese Kennzahl gibt die Höhe des Gewinns/Verlusts im Verhältnis zu den von den Aktionären bereitgestellten Mitteln an. Zu ihrer Berechnung wird der den Aktionären zurechenbare Reingewinn/-verlust nach Steuern linear annualisiert und durch den Durchschnittswert des den Aktionären zurechenbaren Eigenkapitals geteilt - bereinigt um nicht realisierte Gewinne/(Verluste) aus Versicherungsverbindlichkeiten und Kapitalanlagen, die im sonstigen Gesamtergebnis zum Zeitwert erfasst werden, und Cashflow-Hedges und basiert auf halbjährlichen Datenpunkten. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/ROE, EPS and BVPS».

Schaden- und Unfallversicherung (P&C)

Bruttoprämien (GWP)

Diese sind definiert als die Prämien, die einem Versicherungsnehmer für einen Versicherungsvertrag berechnet werden. Dies ist der Betrag der direkten und der übernommenen Prämien, ohne «Single Parent» Eigenversicherungen sowie vor Abzügen für Rückversicherungen und Abtrittsprovisionen.

Die folgenden Kennzahlen für das Segment Schaden- und Unfallversicherung werden exklusive Rückversicherungen angegeben.

Ergebnis der Versicherungsleistung

Diese Kennzahl wird berechnet als Differenz aus dem versicherungstechnischen Umsatz und der Summe des versicherungstechnischen Aufwands sowie des Nettoaufwands aus gehaltenen Rückversicherungsverträgen. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/P&C by segment» und in «Supplementary Information (unaudited)/P&C by country & customer units».

Versicherungstechnischer Gesamtnettoaufwand

Dies umfasst die Summe des versicherungstechnischen Aufwands für Aufwendungen für Versicherungsverträge, die im Geltungsbereich von IFRS 17 liegen, einschliesslich der Auswirkungen von Diskontierung. Darin enthalten sind auch weitere Aufwendungen, die nicht zur Einbeziehung unter IFRS 17 qualifiziert sind (ausgewiesen unter «Other result»), die aber als technische Komponenten der Verwaltungsaufwendungen und anderer Betriebsaufwendungen gelten. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/P&C by segment».

Schaden-Kosten-Satz (Combined Ratio)

Diese Kennzahl gibt die Höhe der Schadensfälle und des versicherungstechnischen Nettoaufwands im Berichtszeitraum im Verhältnis zum versicherungstechnischen Umsatz an. Die Berechnung erfolgt aus der Summe von Schadensatz und Kostensatz. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/P&C by segment» und «Supplementary Information (unaudited)/P&C by country & customer unit».

Schadensatz

Diese Kennzahl gibt die Höhe der Schadensfälle im Berichtszeitraum im Verhältnis zum versicherungstech -nischen Umsatz an. Sie wird berechnet als Summe des versicherungstechnischen Aufwands für Verluste, einschliesslich der Auswirkungen von Diskontierung und Risikorückstellung, sowie dem Nettoaufwand für gehaltene Rückversicherungsverträge, geteilt durch den versicherungstechnischen Umsatz. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/P&C by segment» und «Supplementary Information (unaudited)/P&C by country & customer unit».

Kostensatz

Diese Kennzahl gibt die Höhe des gesamten versicherungstechnischen Nettoaufwands im Berichtszeitraum im Verhältnis zum Versicherungsumsatz an. Sie wird berechnet als Summe des gesamten versicherungstechnischen Nettoaufwands, geteilt durch den versicherungstechnischen Umsatz. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/P&C by segment» und «Supplementary Information (unaudited)/P&C by country & customer unit».

Lebensversicherung

Barwert der Prämien aus Neugeschäft (PVNBP)

Diese Kennzahl wird berechnet als der Wert der Prämien des Neugeschäfts einschliesslich Rückversicherungen, die mit dem risikofreien Zinssatz abgezinst werden, wobei die Einflüsse von Minderheitsanteilen unberücksichtigt bleiben.

Vertragliche Servicemarge aus dem Neugeschäft (NB CSM)

Diese Kennzahl repräsentiert die erwartete Marge des im aktuellen Berichtsjahr generierten Geschäftsvolumen. Sie wird abzüglich externer Rückversicherungen und vor den Einflüssen von Minderheitsanteilen berechnet.

Marge des Neugeschäfts (NBM)

Diese Kennzahl repräsentiert die erwartete Rentabilität des Neugeschäfts und ergibt sich aus der vertraglichen Servicemarge aus dem Neugeschäft (NB CSM), geteilt durch den Barwert der Prämien aus Neugeschäft (PVNBP).

Farmers

Bruttomanagementergebnis

Diese Kennzahl von Farmers Management Services wird berechnet als Gebühreneinnahmen abzüglich der verbundenen geschäftlichen Aufwendungen einschliesslich Abschreibungen und Wertminderungen auf immaterielle Vermögenswerte. Weitere Informationen finden Sie in «Supplementary Information (unaudited)/Farmers».

Marge aus den verdienten Bruttoprämien, die von der Gruppe verwaltet werden

Diese Kennzahl wird berechnet aus dem Bruttomanagementergebnis von Farmers Management Services geteilt durch die verdienten Bruttoprämien von Farmers Exchanges, die Eigentum von deren Versicherungsnehmern sind. Die Farmers Group, Inc. (FGI), eine hundertprozentige Tochtergesellschaft der Gruppe, und einige ihrer Tochtergesellschaften, erbringen als Bevollmächtigte bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges und erhalten hierfür eine Gebühr.

Kontakt

Sitz

Zurich Insurance Group AG

Mythenquai 2

8002 Zürich, Schweiz

Telefon: +41 (0)44 625 25 25

Für weitere Informationen besuchen Sie unsere Website unter: www.zurich.com/contact-us

Finanzkalender

Informationen auf unserer Website: www.zurich.com/investor-relations/calendar

Disclaimer und Cautionary Statement

Diese Publikation enthält gewisse zukunftsgerichtete Aussagen, die u.a. Vorhersagen von zukünftigen Ereignissen, Trends, Plänen oder Zielen der Zurich Insurance Group AG oder Zurich Insurance Group (die Gruppe) enthalten. Zukunftsgerichtete Aussagen enthalten Meinungen zur angestrebten Gewinnentwicklung, zur Eigenkapitalrendite, zu Kosten, zu Preisbedingungen, zur Dividendenpolitik, zu den Ergebnissen in den Bereichen Underwriting und Schadenbearbeitung, Geschäftsinitiativen (einschliesslich, aber nicht beschränkt auf Nachhaltigkeitsthemen), sowie Aussagen bezüglich des Verständnisses der Gruppe über die allgemeine Wirtschaftslage, die Finanz- und Versicherungsmärkte und die zu erwartenden Entwicklungen. Solche zukunftsgerichteten Aussagen sind mit der gebotenen Vorsicht zur Kenntnis zu nehmen, da sie naturgemäss bekannte und unbekannte Risiken beinhalten, Unsicherheiten bergen und von anderen Faktoren beeinträchtigt werden können. Dies könnte dazu führen, dass die Ergebnisse sowie die Pläne und Ziele, Richtlinien und Initiativen von Zurich Insurance Group AG oder der Gruppe deutlich (von früheren Ergebnissen oder) von denjenigen abweichen, die explizit oder implizit in diesen zukunftsgerichteten Aussagen beschrieben werden. Faktoren wie (i) die allgemeine Wirtschaftslage und Wettbewerbsfaktoren, insbesondere in Schlüsselmärkten; (ii) die Risiken des globalen Wirtschaftsabschwungs, insbesondere in der Finanzdienstleistungsbranche; (iii) die Performance der Finanzmärkte; (iv) Zinshöhe und Wechselkurse; (v) Häufigkeit, Schwere und Entwicklung von Versicherungsschäden; (vi) Sterblichkeit und Erkrankungshäufigkeit; (vii) Policen-Erneuerungen und Storno- Raten; (viii) erhöhte Anzahl von Rechtsstreitigkeiten und regulatorischen Massnahmen, und (ix) veränderte gesetzliche und regulatorische Bedingungen und veränderte Richtlinien der Aufsichtsbehörden, und die Möglichkeit von Konflikten zwischen unterschiedlichen behördlichen Standards und regulatorischen Bestimmungen, können das Ergebnis von Zurich Insurance Group AG und der Gruppe sowie die Erreichung der Ziele unmittelbar beeinflussen. Zurich Insurance Group AG ist nicht verpflichtet, diese zukunftsgerichteten Aussagen zu aktualisieren oder zu revidieren, um neuen Informationen, künftigen Ereignissen oder Umständen etc. Rechnung zu tragen.

Sämtliche Verweise auf «Farmers Exchanges» beziehen sich auf Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange sowie deren Tochtergesellschaften und verbundenen Unternehmen. Die drei Exchanges sind genossenschaftlich organisierte Versicherungen mit Sitz in Kalifornien. Sie sind Eigentum ihrer Versicherungsnehmer und stehen unter der Oberleitung ihrer Boards of Governors. Farmers Group, Inc. und einige ihrer Tochtergesellschaften sind Bevollmächtigte der drei Exchanges und erbringen in dieser Funktion bestimmte nicht auf die Schadenabwicklung bezogene Dienstleistungen und Nebendienstleistungen für die Farmers Exchanges. Weder Farmers Group, Inc. noch ihre Muttergesellschaften Zürich Versicherungs-Gesellschaft AG und Zurich Insurance Group AG sind an den Farmers Exchanges beteiligt. Finanzinformationen zu den Farmers Exchanges sind Eigentum der Farmers Exchanges, werden aber zur Verfügung gestellt, um ein besseres Verständnis für die Leistung von Farmers Group, Inc. und Farmers Reinsurance Company zu vermitteln.

Zurich weist darauf hin, dass die Wertentwicklung in der Vergangenheit nicht aussagekräftig bezüglich zukünftiger Ergebnisse ist. Weiterhin indizieren Zwischenergebnisse nicht die Ergebnisse des Gesamtjahres.

Personen, die hinsichtlich einer Anlage im Zweifel sind, sollten sich an einen unabhängigen Finanzberater wenden.

Die vorliegende Mitteilung ist weder ein Angebot noch eine Aufforderung zum Verkauf oder Kauf von Wertschriften.

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.

Imprint

Der Geschäftsbericht wird in Englisch publiziert; die Kapitel Konzernüberblick und Governance werden auf Englisch und Deutsch veröffentlicht. Sollte die deutsche Übersetzung gegenüber dem englischen Originaltext abweichen, ist die englische Version verbindlich.

Unsere Berichterstattung besteht aus dem Geschäftsbericht, der in den Konzernüberblick, die Governance, den Sustainability Report, den Risk Review und den Financial Review aufgeteilt ist und die Jahresrechnung (Holding Company) und die konsolidierte Konzernrechnung enthält. Der Lagebericht besteht aus den genannten Berichten ohne den Vergütungsbericht und den Sustainability Report.

Gestaltung: Radley Yeldar, www.ry.com

Fotografien: Seiten 4, 5, 7, George Brooks; Seiten 12, 30, 74, 224, 268, Jorma Müller; Seiten 6, 256, Daniel Bürgisser

Layout: NeidhartSchön AG, Zurich, www.neidhartschoen.ch

Publishing system: ns.publish by mms solutions AG, Zurich, www.mmssolutions.io

Zurich Insurance Group

Mythenquai 2

8002 Zürich, Schweiz

Telefon: +41 (0) 44 625 25 25

Zürich Beteiligungs-Aktiengesellschaft (Deutschland)

Frankfurt am Main

Befreiender Konzernabschluss zum Geschäftsjahr vom 01.01.2024 bis zum 31.12.2024

Zurich Insurance Group AG Zürich/Schweiz

Geschäftsbericht 2024

Konzernüberblick

Neue Massstäbe setzen

In diesem Bericht

Neue Massstäbe setzen

Neue Massstäbe setzen mit globaler Bereitschaft

Neue Massstäbe setzen mit globaler Klimaresilienz

Neue Massstäbe setzen mit Erkenntnissen aus neuen Technologien

Neue Massstäbe setzen durch die Förderung der Energiewende

Unsere Kennzahlen

Eine starke Position

Unser globales Geschäft

Globale Reichweite unseres Geschäfts

Lateinamerika

Nordamerika

Europa, Naher Osten und Afrika

Asien-Pazifik

Unser Geschäftsmix

Eine breit aufgestellte Kundenbasis

Schaden- und Unfallversicherung

Geschäftsmix

2024 Versicherungsumsatz per Geschäftsbereich

Lebensversicherung

Geschäftsmix

2024 Bruttoprämien und Einlagen per Geschäftsbereich1

Farmers2

2024 Betriebsgewinn per Geschäftsbereich

Farmers®

Innovationen für die Zukunft

Farmers® Geschäftstransformation liefert starke Ergebnisse

Brief des Verwaltungsratspräsidenten und Group CEO

Konstante Stärke

Dividende

Schaden- und Unfallversicherung

Lebensversicherung

Farmers

Akquisitionen

Kapitalposition

Unser Geschäftsmodell

Wir schaffen nachhaltigen Mehrwert

Ressourcen und Beziehungen, die wir für den langfristigen Erfolg nutzen

Unser Planet

Unsere Kunden

Unsere Mitarbeitenden

Unser Finanzkapital

Unsere Lieferanten und Dienstleister

Die Schlüsselelemente unseres Geschäftsmodells und unser Wertschöpfungsprozess

Ergebnisse und Fortschritte im Verlauf des Jahres

Unser Planet

Unsere Kunden

Unsere Mitarbeitenden

Unsere Investoren

Kunden betreuen

Risiken verstehen und übernehmen

Schadenmanagement

Rückstellungen verwalten

Kapital anlegen

Unsere Strategie

Die Messlatte höher legen

Finanzziele

Geschäftsziele

Die neuen Ziele bauen auf dem erfolgreichen Abschluss von drei Zyklen auf:

Prioritäten: Verstärkte Ambitionen für all unsere Geschäftseinheiten

Kunden

Vereinfachung

Innovation

Unsere Fortschritte im Jahr 2024

Unser Climate Transition Plan

Unser Übergang zu Netto-Null

Definition von Netto-Null-Emissionen

Grünerer Stahl

E in solider Plan

Den Übergang der gesamten Wirtschaft zu Netto-Null ermöglichen

Die Gesellschaft widerstandsfähiger machen

Eintreten für eine unterstützende Politik

Weiterentwickeln, wie wir tätig sind

Zurich Insurance Group AG
Zürich/Schweiz

2024 Bruttoprämien und Einlagen per Geschäftsbereich¹

Farmers²

Dividenden und Aktienrückkäufe
CHF Milliarden

Dividende je Aktie
CHF

Eingetragene Aktionäre nach Typ
in Prozent per 31. Dezember 2024

Unterstützung im Jahr 2024¹