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📊 Zurich Insurance — P&C Europe, Middle East & Africa, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	8,989	9,662	18,651	9,801	10,851	20,652
Ins. service expense: losses, gross	(5,364)	(6,576)	(11,940)	(5,506)	(6,583)	(12,089)
Ins. service expense: expenses, gross	(2,159)	(2,327)	(4,486)	(2,371)	(2,710)	(5,080)
Net expenses from reins. contracts held¹	(749)	(156)	(905)	(952)	(642)	(1,594)
Insurance service result	716	603	1,320	973	916	1,889
Net inv. income on Group inv.	444	464	908	498	523	1,021
Net capital gains/(losses) on Group inv.	53	26	79	(7)	49	42
Net inv. result on Group inv.	497	490	987	492	572	1,063
Re-/Ins. finance income/(expenses)	(184)	(195)	(380)	(210)	(226)	(435)
Net inv. result	313	295	608	282	346	628
Fee income	109	113	222	115	121	236
Fee business expenses	(83)	(87)	(170)	(86)	(95)	(181)
Fee result	26	26	52	29	26	55
Other result	(263)	(203)	(466)	(230)	(271)	(501)
of which: tech. non-qualifying expense	(259)	(216)	(475)	(222)	(262)	(484)
Income tax (expense)/benefit attr. to policyholders	0	0	0	0	0	0
BOP before NCI	792	721	1,514	1,053	1,017	2,071
NCI	12	14	26	15	14	28
BOP	781	707	1,487	1,039	1,004	2,042
Ratios (% of insurance revenue)
Loss ratio	68.0%	69.7%	68.9%	65.9%	66.6%	66.3%
of which: catastrophes	1.0%	1.7%	1.4%	1.0%	0.5%	0.7%
of which: discount impact (curr. AY)	-3.2%	-2.8%	-3.0%	-2.6%	-2.5%	-2.6%
of which: PYD	-2.4%	-2.1%	-2.3%	-2.6%	-2.4%	-2.5%
Expense ratio²	26.9%	26.3%	26.6%	26.5%	27.4%	26.9%
Combined ratio	94.9%	96.0%	95.5%	92.3%	94.0%	93.2%

📊 Zurich Insurance — P&C North America, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	9,970	11,015	20,985	10,520	11,599	22,119
Ins. service expense: losses, gross	(5,577)	(7,304)	(12,881)	(5,516)	(6,917)	(12,433)
Ins. service expense: expenses, gross	(2,397)	(2,609)	(5,005)	(2,827)	(2,984)	(5,811)
Net expenses from reins. contracts held¹	(1,085)	(336)	(1,421)	(1,200)	(638)	(1,838)
Insurance service result	912	766	1,678	977	1,060	2,037
Net inv. income on Group inv.	564	577	1,141	578	611	1,189
Net capital gains/(losses) on Group inv.	88	106	194	39	134	172
Net inv. result on Group inv.	652	682	1,335	617	745	1,361
Re-/Ins. finance income/(expenses)	(321)	(369)	(690)	(371)	(376)	(747)
Net inv. result	331	313	644	246	368	614
Fee income	104	102	206	133	116	250
Fee business expenses	(65)	(70)	(134)	(104)	(78)	(182)
Fee result	39	32	72	29	38	67
Other result	(46)	(35)	(80)	(48)	(17)	(65)
of which: tech. non-qualifying expense	(87)	(78)	(165)	(101)	(78)	(178)
Income tax (expense)/benefit attr. to policyholders	0	0	0	0	0	0
BOP before NCI	1,236	1,077	2,313	1,204	1,449	2,654
NCI	0	0	0	0	0	0
BOP	1,236	1,077	2,313	1,204	1,449	2,654
Ratios (% of insurance revenue)
Loss ratio	66.8%	69.4%	68.2%	63.8%	65.1%	64.5%
of which: catastrophes	3.5%	5.4%	4.5%	2.9%	0.6%	1.7%
of which: discount impact (curr. AY)	-4.9%	-3.9%	-4.4%	-4.5%	-3.8%	-4.2%
of which: PYD	-1.0%	-1.0%	-1.0%	-1.3%	-0.5%	-0.9%
Expense ratio²	24.9%	24.4%	24.6%	27.8%	26.4%	27.1%
Combined ratio	91.7%	93.7%	92.8%	91.7%	91.5%	91.6%

📊 Zurich Insurance — P&C Asia Pacific, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	1,746	2,047	3,793	2,004	2,103	4,107
Ins. service expense: losses, gross	(815)	(960)	(1,775)	(984)	(1,159)	(2,143)
Ins. service expense: expenses, gross	(535)	(617)	(1,152)	(605)	(621)	(1,225)
Net expenses from reins. contracts held¹	(231)	(260)	(491)	(226)	(153)	(379)
Insurance service result	165	210	375	189	170	359
Net inv. income on Group inv.	75	104	180	100	107	207
Net capital gains/(losses) on Group inv.	(2)	1	(1)	0	(3)	(3)
Net inv. result on Group inv.	73	105	178	100	104	204
Re-/Ins. finance income/(expenses)	(27)	(32)	(59)	(32)	(33)	(65)
Net inv. result	46	73	120	68	71	139
Fee income	30	25	55	19	26	45
Fee business expenses	(37)	(42)	(79)	(36)	(47)	(83)
Fee result	(7)	(17)	(24)	(18)	(21)	(39)
Other result	(55)	(61)	(116)	(60)	(56)	(117)
of which: tech. non-qualifying expense	(55)	(52)	(107)	(61)	(65)	(126)
Income tax (expense)/benefit attr. to policyholders	(2)	(3)	(5)	0	(2)	(2)
BOP before NCI	147	203	349	179	162	340
NCI	2	5	6	(1)	(5)	(6)
BOP	145	198	343	180	166	346
Ratios (% of insurance revenue)
Loss ratio	59.9%	59.6%	59.7%	60.4%	62.4%	61.4%
of which: catastrophes	0.2%	0.0%	0.1%	0.5%	0.3%	0.4%
of which: discount impact (curr. AY)	-1.5%	-1.5%	-1.5%	-1.5%	-1.6%	-1.6%
of which: PYD	-3.2%	-1.2%	-2.2%	-4.2%	-2.1%	-3.2%
Expense ratio²	33.8%	32.7%	33.2%	33.2%	32.6%	32.9%
Combined ratio	93.7%	92.2%	92.9%	93.6%	95.0%	94.3%

📊 Zurich Insurance — P&C Latin America, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	1,573	1,589	3,162	1,566	1,679	3,245
Ins. service expense: losses, gross	(630)	(475)	(1,105)	(540)	(580)	(1,120)
Ins. service expense: expenses, gross	(618)	(622)	(1,240)	(605)	(674)	(1,279)
Net expenses from reins. contracts held¹	(197)	(338)	(535)	(233)	(261)	(494)
Insurance service result	129	154	282	189	164	352
Net inv. income on Group inv.	149	122	271	103	104	207
Net capital gains/(losses) on Group inv.	12	(17)	(5)	2	(2)	0
Net inv. result on Group inv.	161	105	265	105	101	207
Re-/Ins. finance income/(expenses)	(45)	(33)	(78)	(31)	(26)	(58)
Net inv. result	115	72	187	74	75	149
Fee income	0	0	0	0	0	0
Fee business expenses	0	0	0	(1)	(1)	(2)
Fee result	0	0	0	(1)	(1)	(2)
Other result	(64)	(66)	(130)	(73)	(73)	(146)
of which: tech. non-qualifying expense	(62)	(67)	(129)	(72)	(72)	(143)
Income tax (expense)/benefit attr. to policyholders	0	0	0	0	0	0
BOP before NCI	180	159	339	188	165	354
NCI	58	58	116	65	70	135
BOP	122	101	223	124	95	219
Ratios (% of insurance revenue)
Loss ratio	52.6%	51.2%	51.9%	49.4%	50.1%	49.7%
of which: catastrophes	0.6%	-0.0%	0.3%	0.0%	0.0%	0.0%
of which: discount impact (curr. AY)	-1.9%	-1.4%	-1.7%	-1.6%	-1.1%	-1.3%
of which: PYD	0.1%	-0.1%	-0.0%	-2.0%	-0.0%	-1.0%
Expense ratio²	43.2%	43.4%	43.3%	43.2%	44.4%	43.8%
Combined ratio	95.8%	94.5%	95.1%	92.5%	94.5%	93.6%

📊 Zurich Insurance — P&C Group Reinsurance, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	398	400	799	414	417	831
Ins. service expense: losses, gross	(208)	(415)	(623)	(198)	(213)	(411)
Ins. service expense: expenses, gross	(11)	(18)	(29)	(20)	(16)	(36)
Net expenses from reins. contracts held¹	(238)	(63)	(301)	(297)	(179)	(476)
Insurance service result	(59)	(96)	(154)	(101)	8	(92)
Net inv. income on Group inv.	1	3	4	(3)	14	11
Net capital gains/(losses) on Group inv.	1	2	3	2	(2)	0
Net inv. result on Group inv.	2	4	7	(1)	12	11
Re-/Ins. finance income/(expenses)	(11)	(16)	(27)	(15)	(17)	(32)
Net inv. result	(9)	(11)	(20)	(16)	(5)	(21)
Fee income	0	0	0	0	0	0
Fee business expenses	0	0	0	0	0	0
Fee result	0	0	0	0	0	0
Other result	8	5	12	(1)	(18)	(19)
of which: tech. non-qualifying expense	(21)	(24)	(45)	(23)	(42)	(65)
Income tax (expense)/benefit attr. to policyholders	0	0	0	0	0	0
BOP before NCI	(60)	(102)	(162)	(118)	(15)	(133)
NCI	0	0	0	0	0	0
BOP	(60)	(102)	(162)	(118)	(15)	(133)
Ratios (% of insurance revenue)
Loss ratio	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
of which: catastrophes	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
of which: discount impact (curr. AY)	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
of which: PYD	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Expense ratio²	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Combined ratio	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.

📊 Zurich Insurance — P&C Eliminations, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	(1,232)	(1,367)	(2,598)	(1,292)	(1,429)	(2,721)
Ins. service expense: losses, gross	487	1,272	1,758	360	635	996
Ins. service expense: expenses, gross	(2)	1	(1)	(5)	(5)	(9)
Net expenses from reins. contracts held¹	746	94	840	936	798	1,734
Insurance service result	0	0	0	0	0	0
Net inv. income on Group inv.	0	0	0	0	0	0
Net capital gains/(losses) on Group inv.	0	0	0	0	0	0
Net inv. result on Group inv.	0	0	0	0	0	0
Re-/Ins. finance income/(expenses)	0	0	0	0	0	0
Net inv. result	0	0	0	0	0	0
Fee income	0	0	0	0	0	0
Fee business expenses	(1)	(1)	(2)	1	0	1
Fee result	(1)	(1)	(2)	1	0	1
Other result	1	1	2	(1)	0	0
of which: tech. non-qualifying expense	1	1	2	(1)	0	(1)
Income tax (expense)/benefit attr. to policyholders	0	0	0	0	0	0
BOP before NCI	0	0	0	0	0	0
NCI	0	0	0	0	0	0
BOP	0	0	0	0	0	0
Ratios (% of insurance revenue)
Loss ratio	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
of which: catastrophes	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
of which: discount impact (curr. AY)	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
of which: PYD	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Expense ratio²	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.
Combined ratio	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.

📊 Zurich Insurance — P&C Total, Overview (USD mm) and Ratios, FY24–FY25
	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	21,446	23,346	44,792	23,014	25,220	48,234
Ins. service expense: losses, gross	(12,108)	(14,458)	(26,566)	(12,384)	(14,818)	(27,202)
Ins. service expense: expenses, gross	(5,722)	(6,191)	(11,913)	(6,432)	(7,009)	(13,441)
Net expenses from reins. contracts held¹	(1,753)	(1,059)	(2,812)	(1,972)	(1,075)	(3,047)
Insurance service result	1,863	1,637	3,500	2,227	2,318	4,545
Net inv. income on Group inv.	1,233	1,270	2,503	1,276	1,359	2,635
Net capital gains/(losses) on Group inv.	152	117	269	36	175	211
Net inv. result on Group inv.	1,386	1,387	2,772	1,312	1,534	2,846
Re-/Ins. finance income/(expenses)	(588)	(645)	(1,233)	(659)	(679)	(1,338)
Net inv. result	797	742	1,539	653	855	1,508
Fee income	243	240	483	267	263	530
Fee business expenses	(186)	(200)	(385)	(227)	(221)	(448)
Fee result	57	40	98	40	43	83
Other result	(420)	(359)	(779)	(413)	(435)	(848)
of which: tech. non-qualifying expense	(484)	(436)	(919)	(479)	(518)	(997)
Income tax (expense)/benefit attr. to policyholders	(2)	(3)	(5)	0	(2)	(2)
BOP before NCI	2,296	2,058	4,353	2,507	2,779	5,286
NCI	71	78	149	78	79	157
BOP	2,224	1,980	4,204	2,429	2,700	5,129
Ratios (% of insurance revenue)
Loss ratio	64.6%	66.5%	65.6%	62.4%	63.0%	62.7%
of which: catastrophes	2.4%	3.7%	3.1%	1.8%	0.6%	1.2%
of which: discount impact (curr. AY)	-4.0%	-3.2%	-3.6%	-3.5%	-3.1%	-3.3%
of which: PYD	-1.6%	-1.5%	-1.6%	-1.8%	-1.7%	-1.8%
Expense ratio²	28.9%	28.4%	28.6%	30.0%	29.8%	29.9%
Combined ratio	93.6%	94.9%	94.2%	92.4%	92.9%	92.6%

¹ Includes add-back and international programs business ² Includes insurance service expenses reported in the insurance service result, as well as technical non-qualifying expenses reported in the other result