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📊 Zurich Insurance Group — Property & Casualty: Europe, Middle East & Africa (EMEA) (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	8,989.2	9,661.8	18,651.0	9,801.1	10,851.2	20,652.3
Ins. service exp.: losses, gross	(5,364.2)	(6,575.9)	(11,940.1)	(5,505.9)	(6,583.3)	(12,089.2)
Ins. service exp.: expenses, gross	(2,159.4)	(2,326.6)	(4,486.1)	(2,370.5)	(2,709.7)	(5,080.2)
Net exp. from reinsurance contracts held¹	(749.1)	(156.3)	(905.3)	(952.1)	(641.9)	(1,594.0)
Insurance service result	716.5	603.0	1,319.5	972.5	916.3	1,888.8
Net inv. income on Group inv.	443.8	464.1	907.8	498.4	523.1	1,021.5
Net capital gains/(losses) on Group inv.	53.3	26.1	79.4	(6.8)	48.6	41.8
Net inv. result on Group inv.	497.0	490.2	987.2	491.5	571.8	1,063.3
Re-/Ins. finance income/(expenses)	(184.2)	(195.4)	(379.5)	(209.7)	(225.7)	(435.4)
Net investment result	312.9	294.8	607.7	281.9	346.0	627.9
Fee income	109.3	112.9	222.2	115.2	120.9	236.1
Fee business expenses	(83.3)	(86.9)	(170.2)	(85.8)	(94.8)	(180.7)
Fee result	26.1	26.0	52.0	29.4	26.0	55.4
Other result	(263.1)	(202.6)	(465.7)	(230.3)	(271.2)	(501.5)
of which: tech. non-qualifying exp.	(259.0)	(216.2)	(475.2)	(222.3)	(261.6)	(483.9)
Income tax (exp.)/benefit attrib. to policyholders	0.0	0.0	0.0	0.0	0.0	0.0
BOP before NCI	792.3	721.2	1,513.5	1,053.4	1,017.2	2,070.7
NCI	11.6	14.5	26.0	14.6	13.7	28.3
Business operating profit	780.8	706.7	1,487.5	1,038.9	1,003.5	2,042.4
Ratios, as % 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 Group — Property & Casualty: North America (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	9,970.2	11,014.9	20,985.1	10,520.1	11,598.8	22,118.9
Ins. service exp.: losses, gross	(5,576.8)	(7,303.9)	(12,880.6)	(5,516.0)	(6,917.3)	(12,433.3)
Ins. service exp.: expenses, gross	(2,396.8)	(2,608.7)	(5,005.5)	(2,827.3)	(2,983.7)	(5,811.1)
Net exp. from reinsurance contracts held¹	(1,084.8)	(336.3)	(1,421.1)	(1,199.9)	(638.0)	(1,837.9)
Insurance service result	911.8	766.1	1,677.9	976.8	1,059.7	2,036.6
Net inv. income on Group inv.	563.9	576.9	1,140.8	577.8	611.2	1,189.0
Net capital gains/(losses) on Group inv.	88.2	105.5	193.7	38.9	133.6	172.4
Net inv. result on Group inv.	652.1	682.4	1,334.5	616.7	744.7	1,361.4
Re-/Ins. finance income/(expenses)	(321.0)	(369.3)	(690.3)	(370.7)	(376.3)	(747.0)
Net investment result	331.1	313.1	644.2	246.0	368.4	614.4
Fee income	104.0	101.9	206.0	133.2	116.4	249.6
Fee business expenses	(64.8)	(69.5)	(134.3)	(104.2)	(78.1)	(182.3)
Fee result	39.3	32.4	71.7	29.0	38.3	67.3
Other result	(45.9)	(34.5)	(80.5)	(47.5)	(17.1)	(64.6)
of which: tech. non-qualifying exp.	(87.3)	(77.6)	(164.8)	(100.7)	(77.5)	(178.2)
Income tax (exp.)/benefit attrib. to policyholders	0.0	0.0	0.0	0.0	0.0	0.0
BOP before NCI	1,236.3	1,077.1	2,313.3	1,204.3	1,449.4	2,653.7
NCI	0.0	0.0	0.0	0.0	0.0	0.0
Business operating profit	1,236.3	1,077.1	2,313.3	1,204.3	1,449.4	2,653.7
Ratios, as % 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 Group — Property & Casualty: Asia Pacific (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	1,746.3	2,046.8	3,793.0	2,004.4	2,102.8	4,107.2
Ins. service exp.: losses, gross	(815.3)	(959.7)	(1,775.1)	(984.3)	(1,159.0)	(2,143.3)
Ins. service exp.: expenses, gross	(534.9)	(617.1)	(1,152.0)	(604.9)	(620.5)	(1,225.5)
Net exp. from reinsurance contracts held¹	(231.1)	(259.7)	(490.8)	(225.8)	(153.2)	(379.0)
Insurance service result	164.9	210.2	375.1	189.3	170.1	359.4
Net inv. income on Group inv.	75.4	104.4	179.8	99.8	107.1	206.9
Net capital gains/(losses) on Group inv.	(2.0)	0.6	(1.3)	0.1	(3.3)	(3.2)
Net inv. result on Group inv.	73.4	105.0	178.5	99.8	103.8	203.6
Re-/Ins. finance income/(expenses)	(27.0)	(31.7)	(58.8)	(32.0)	(33.0)	(65.0)
Net investment result	46.4	73.3	119.7	67.8	70.8	138.6
Fee income	29.9	25.0	54.9	18.6	26.0	44.6
Fee business expenses	(37.2)	(42.0)	(79.3)	(36.4)	(47.1)	(83.5)
Fee result	(7.3)	(17.0)	(24.3)	(17.8)	(21.1)	(38.9)
Other result	(55.1)	(61.3)	(116.3)	(60.2)	(56.4)	(116.6)
of which: tech. non-qualifying exp.	(55.3)	(51.6)	(106.8)	(61.3)	(65.0)	(126.2)
Income tax (exp.)/benefit attrib. to policyholders	(2.0)	(2.8)	(4.8)	(0.4)	(1.7)	(2.2)
BOP before NCI	146.8	202.6	349.4	178.7	161.7	340.4
NCI	1.5	4.9	6.4	(1.3)	(4.6)	(5.9)
Business operating profit	145.3	197.6	343.0	180.0	166.3	346.3
Ratios, as % 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 Group — Property & Casualty: Latin America (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	1,573.3	1,588.7	3,161.9	1,566.5	1,679.0	3,245.5
Ins. service exp.: losses, gross	(630.3)	(475.1)	(1,105.4)	(540.2)	(580.2)	(1,120.4)
Ins. service exp.: expenses, gross	(617.6)	(622.1)	(1,239.7)	(604.8)	(674.2)	(1,278.9)
Net exp. from reinsurance contracts held¹	(196.7)	(337.8)	(534.5)	(232.9)	(261.0)	(493.9)
Insurance service result	128.6	153.7	282.3	188.7	163.6	352.2
Net inv. income on Group inv.	148.9	121.7	270.6	103.2	103.8	207.0
Net capital gains/(losses) on Group inv.	11.9	(17.1)	(5.2)	2.0	(2.3)	(0.3)
Net inv. result on Group inv.	160.8	104.7	265.5	105.2	101.5	206.7
Re-/Ins. finance income/(expenses)	(45.3)	(32.8)	(78.1)	(31.3)	(26.4)	(57.7)
Net investment result	115.5	71.9	187.3	73.9	75.1	149.0
Fee income	0.0	0.0	0.0	0.0	0.0	0.0
Fee business expenses	0.1	(0.2)	(0.1)	(1.0)	(0.6)	(1.6)
Fee result	0.1	(0.2)	(0.1)	(1.0)	(0.6)	(1.6)
Other result	(64.4)	(66.1)	(130.5)	(73.1)	(72.8)	(145.9)
of which: tech. non-qualifying exp.	(61.9)	(67.0)	(128.9)	(71.7)	(71.6)	(143.3)
Income tax (exp.)/benefit attrib. to policyholders	0.0	0.0	0.0	0.0	0.0	0.0
BOP before NCI	179.8	159.3	339.1	188.4	165.3	353.7
NCI	58.3	58.2	116.4	64.7	70.2	134.8
Business operating profit	121.5	101.1	222.7	123.8	95.1	218.9
Ratios, as % 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 Group — Property & Casualty: Group Reinsurance (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	398.3	400.2	798.5	413.6	416.9	830.5
Ins. service exp.: losses, gross	(208.0)	(415.1)	(623.1)	(197.7)	(213.3)	(411.1)
Ins. service exp.: expenses, gross	(11.3)	(17.7)	(28.9)	(19.8)	(16.0)	(35.8)
Net exp. from reinsurance contracts held¹	(237.8)	(63.1)	(300.9)	(296.7)	(179.3)	(476.0)
Insurance service result	(58.7)	(95.7)	(154.4)	(100.7)	8.3	(92.4)
Net inv. income on Group inv.	1.2	2.7	3.9	(3.2)	14.2	11.0
Net capital gains/(losses) on Group inv.	1.0	1.8	2.8	1.8	(1.8)	0.0
Net inv. result on Group inv.	2.2	4.5	6.7	(1.3)	12.3	11.0
Re-/Ins. finance income/(expenses)	(10.8)	(15.7)	(26.5)	(15.1)	(17.3)	(32.3)
Net investment result	(8.5)	(11.3)	(19.8)	(16.4)	(4.9)	(21.3)
Fee income	0.0	0.0	0.0	0.0	0.0	0.0
Fee business expenses	0.0	0.0	0.0	0.0	0.0	0.0
Fee result	0.0	0.0	0.0	0.0	0.0	0.0
Other result	7.6	4.6	12.3	(0.8)	(18.1)	(18.9)
of which: tech. non-qualifying exp.	(20.6)	(24.2)	(44.9)	(22.8)	(42.1)	(64.8)
Income tax (exp.)/benefit attrib. to policyholders	0.0	0.0	0.0	0.0	0.0	0.0
BOP before NCI	(59.6)	(102.4)	(162.0)	(117.9)	(14.7)	(132.7)
NCI	0.0	0.0	0.0	0.0	0.0	0.0
Business operating profit	(59.6)	(102.4)	(162.0)	(117.9)	(14.7)	(132.7)
Ratios, as % 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 Group — Property & Casualty: Eliminations (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	(1,231.6)	(1,366.5)	(2,598.1)	(1,291.6)	(1,429.1)	(2,720.7)
Ins. service exp.: losses, gross	486.9	1,271.5	1,758.4	360.3	635.3	995.6
Ins. service exp.: expenses, gross	(1.8)	1.1	(0.7)	(4.6)	(4.6)	(9.2)
Net exp. from reinsurance contracts held¹	746.5	93.9	840.4	935.9	798.4	1,734.3
Insurance service result	0.0	0.0	0.0	0.0	0.0	0.0
Net inv. income on Group inv.	0.0	0.0	0.0	0.0	0.0	0.0
Net capital gains/(losses) on Group inv.	0.0	0.0	0.0	0.0	0.0	0.0
Net inv. result on Group inv.	0.0	0.0	0.0	0.0	0.0	0.0
Re-/Ins. finance income/(expenses)	0.1	0.0	0.1	0.0	(0.4)	(0.4)
Net investment result	0.1	0.0	0.1	0.0	(0.4)	(0.3)
Fee income	0.0	0.0	0.0	0.0	0.0	0.0
Fee business expenses	(0.6)	(1.0)	(1.6)	0.5	0.0	0.5
Fee result	(0.6)	(1.0)	(1.6)	0.5	0.0	0.5
Other result	0.5	1.0	1.5	(0.6)	0.4	(0.2)
of which: tech. non-qualifying exp.	0.5	1.0	1.5	(0.5)	0.0	(0.6)
Income tax (exp.)/benefit attrib. to policyholders	0.0	0.0	0.0	0.0	0.0	0.0
BOP before NCI	0.0	0.0	0.0	0.0	0.0	0.0
NCI	0.0	0.0	0.0	0.0	0.0	0.0
Business operating profit	0.0	0.0	0.0	0.0	0.0	0.0
Ratios, as % 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 Group — Property & Casualty: Total (USD mm), FY24–FY25

	1H24	2H24	FY24	1H25	2H25	FY25
Insurance revenue¹	21,445.7	23,345.8	44,791.5	23,014.1	25,219.5	48,233.6
Ins. service exp.: losses, gross	(12,107.8)	(14,458.2)	(26,566.0)	(12,383.9)	(14,817.7)	(27,201.6)
Ins. service exp.: expenses, gross	(5,721.8)	(6,191.1)	(11,912.9)	(6,431.9)	(7,008.7)	(13,440.7)
Net exp. from reinsurance contracts held¹	(1,753.0)	(1,059.2)	(2,812.2)	(1,971.6)	(1,075.0)	(3,046.6)
Insurance service result	1,863.1	1,637.4	3,500.5	2,226.6	2,318.0	4,544.7
Net inv. income on Group inv.	1,233.2	1,269.8	2,503.0	1,276.0	1,359.4	2,635.4
Net capital gains/(losses) on Group inv.	152.5	116.9	269.4	35.9	174.7	210.7
Net inv. result on Group inv.	1,385.6	1,386.8	2,772.4	1,311.9	1,534.1	2,846.1
Re-/Ins. finance income/(expenses)	(588.2)	(644.9)	(1,233.2)	(658.8)	(679.0)	(1,337.8)
Net investment result	797.4	741.9	1,539.3	653.2	855.1	1,508.2
Fee income	243.3	239.9	483.2	267.0	263.3	530.3
Fee business expenses	(185.8)	(199.6)	(385.4)	(226.8)	(220.7)	(447.5)
Fee result	57.4	40.3	97.7	40.2	42.6	82.8
Other result	(420.3)	(358.9)	(779.2)	(412.6)	(435.2)	(847.7)
of which: tech. non-qualifying exp.	(483.6)	(435.6)	(919.2)	(479.2)	(517.8)	(997.0)
Income tax (exp.)/benefit attrib. to policyholders	(2.0)	(2.8)	(4.8)	(0.4)	(1.7)	(2.2)
BOP before NCI	2,295.6	2,057.8	4,353.3	2,507.0	2,778.8	5,285.8
NCI	71.4	77.5	148.9	77.9	79.2	157.2
Business operating profit	2,224.2	1,980.2	4,204.5	2,429.0	2,699.6	5,128.6
Ratios, as % 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.