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Zurich/2024/FY/Financial supplement

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Document info
OrganizationZurich
Year2024
PeriodFY
Period labelFY24
Document typeFinancial supplement
Document nameSupplementary information (unaudited)
LanguageEnglish
SourceOriginal URL
Archive file.md file

Zurich 2024 FY financial supplement.

BOP by Business

BOP build-up by business unit
USD million Property & Casualty Life Farmers Group Functions and Operations Non-Core Businesses Eliminations Total
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Insurance revenue 20,163 22,130 42,293 21,446 23,346 44,792 5,398 5,598 10,996 5,797 5,903 11,700 1,269 1,284 2,553 1,456 1,485 2,941 170 123 293 0 0 0 50 49 98 45 52 97 -79 -56 -135 -8 -14 -22 26,971 29,128 56,099 28,736 30,772 59,507
Insurance service expense -16,968 -19,486 -36,454 -17,830 -20,649 -38,479 -4,205 -4,253 -8,458 -4,541 -4,590 -9,130 -1,218 -972 -2,190 -1,305 -1,220 -2,525 -185 -110 -296 -0 0 0 -49 -82 -131 -70 -269 -338 63 45 107 5 11 16 -22,562 -24,859 -47,422 -23,740 -26,716 -50,456
Net expenses from reinsurance contracts held -1,341 -1,312 -2,653 -1,753 -1,059 -2,812 -133 -123 -256 -85 -76 -161 -1 -130 -131 -64 -145 -209 13 -13 -0 0 0 0 -2 35 32 31 114 144 16 11 28 3 3 7 -1,449 -1,532 -2,981 -1,867 -1,163 -3,031
Insurance service result 1,854 1,332 3,186 1,863 1,637 3,500 1,060 1,221 2,281 1,172 1,237 2,409 50 183 233 88 120 208 (2) 0 (2) (0) 0 0 (2) 1 (1) 6 (103) (97) 0 0 0 0 0 0 2,959 2,737 5,696 3,128 2,892 6,020
Net investment income on Group investments 1,087 1,104 2,191 1,233 1,270 2,503 1,471 1,454 2,924 1,521 1,471 2,992 88 58 146 23 23 46 51 84 135 128 111 238 71 74 145 68 80 148 -71 -89 -160 -111 -86 -197 2,698 2,685 5,382 2,862 2,868 5,730
Net capital gains/(losses) on Group investments 73 152 225 152 117 269 -33 -124 -156 -48 -73 -121 5 2 7 -3 -0 -4 90 52 142 74 82 156 -6 23 16 -53 -6 -60 0 0 0 0 0 0 130 105 234 122 120 241
Net investment result on Group investments 1,160 1,256 2,416 1,386 1,387 2,772 1,438 1,330 2,768 1,473 1,398 2,871 93 60 153 20 23 43 141 136 277 202 193 394 65 97 162 15 74 88 -71 -89 -160 -111 -86 -197 2,827 2,789 5,616 2,984 2,988 5,972
Net investment income on unit-linked investments 0 0 0 0 0 0 679 481 1,160 641 619 1,260 12 34 47 19 46 64 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 691 515 1,207 660 665 1,325
Change in liabilities for investment contracts and other funds 0 0 0 0 0 0 -434 -299 -733 -444 -398 -842 -1 -1 -1 -1 -1 -2 0 0 0 0 0 0 -4 -4 -8 -4 -4 -7 0 0 0 0 0 0 -438 -304 -742 -448 -403 -851
Re-/Insurance finance income/(expenses) -396 -491 -887 -588 -645 -1,233 -1,414 -1,189 -2,603 -1,380 -1,305 -2,685 -13 -3 -16 -9 -38 -47 -1 -1 -2 0 0 0 -52 -70 -122 -10 -26 -36 0 -0 0 0 -0 0 -1,876 -1,755 -3,631 -1,988 -2,015 -4,002
Net investment result 765 764 1,529 797 742 1,539 270 323 592 290 314 604 92 91 182 29 29 58 140 134 275 202 193 394 9 23 32 1 44 45 (71) (89) (160) (111) (86) (197) 1,204 1,246 2,450 1,208 1,235 2,443
Fee income 224 253 476 243 240 483 430 450 880 460 491 951 2,251 2,278 4,529 2,266 2,311 4,577 0 0 0 0 -1 -1 0 0 0 0 0 0 0 0 0 0 -0 0 2,905 2,980 5,885 2,969 3,042 6,011
Fee business expenses -172 -189 -361 -186 -200 -385 -305 -319 -624 -326 -320 -646 -1,333 -1,254 -2,586 -1,250 -1,285 -2,535 -1 -1 -1 -0 -0 -0 0 -0 0 -0 -0 -0 -5 -5 -9 -4 -5 -9 -1,815 -1,768 -3,583 -1,766 -1,809 -3,575
Fee result 51 64 115 57 40 98 126 130 256 134 172 306 918 1,024 1,942 1,016 1,026 2,042 (1) (1) (1) (0) (1) (1) 0 0 0 0 0 0 (5) (5) (9) (4) (5) (9) 1,090 1,212 2,303 1,203 1,232 2,436
Other revenues 183 190 373 206 255 461 75 104 180 159 100 259 -3 36 33 29 38 67 110 106 216 128 123 251 10 11 21 12 12 24 -279 -333 -613 -335 -368 -703 96 114 210 198 160 358
Interest expense on debt -33 -38 -71 -42 -38 -80 -5 -31 -36 -31 -22 -53 -0 -1 -2 -7 -0 -7 -350 -371 -721 -371 -365 -736 -25 -33 -58 -32 -30 -63 184 248 432 258 241 499 -229 -227 -456 -225 -215 -440
Other expenses -731 -711 -1,442 -710 -762 -1,471 -348 -341 -689 -333 -368 -701 -106 -137 -242 -75 -77 -152 -390 -281 -671 -369 -480 -850 -19 -13 -32 -27 -74 -101 171 179 350 193 218 411 -1,424 -1,303 -2,727 -1,322 -1,542 -2,864
Restructuring costs and other items not relevant for BOP 224 109 334 126 186 311 51 24 75 26 18 44 42 108 150 35 35 70 61 14 75 53 18 71 0 0 0 0 87 87 0 0 0 0 0 0 378 255 634 240 344 584
Other result (357) (450) (807) (420) (359) (779) (226) (243) (469) (179) (272) (451) (67) 6 (61) (17) (4) (22) (569) (532) (1,101) (559) (704) (1,264) (34) (36) (70) (47) (5) (52) 75 93 169 115 91 206 (1,178) (1,161) (2,339) (1,108) (1,253) (2,362)
Income tax (expense)/benefit attributable to policyholders (BOP relevant) 0 -2 -2 -2 -3 -5 -74 -97 -170 -130 -32 -163 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -74 -99 -172 -132 -35 -168
Business operating profit before non-controlling interests 2,313 1,708 4,020 2,296 2,058 4,353 1,156 1,334 2,490 1,287 1,418 2,705 993 1,303 2,296 1,115 1,171 2,286 (432) (398) (830) (358) (512) (870) (27) (11) (38) (40) (64) (104) (0) 0 (0) 0 0 0 4,002 3,936 7,938 4,299 4,071 8,370
Non-controlling interest 65 62 127 71 78 149 217 213 430 239 231 470 0 0 0 0 0 0 -0 -0 -0 -0 -0 -0 0 0 0 0 0 0 0 0 0 0 0 0 282 274 557 311 308 619
Business operating profit 2,247 1,646 3,893 2,224 1,980 4,204 939 1,121 2,060 1,048 1,187 2,235 993 1,303 2,296 1,115 1,171 2,286 (432) (398) (830) (358) (512) (870) (27) (11) (38) (40) (64) (104) (0) 0 (0) 0 0 0 3,720 3,661 7,381 3,988 3,763 7,751

BOP to NIAS by Business

BOP to NIAS reconciliation by business unit
USD million Property & Casualty Life Farmers Group Functions and Operations Non-Core Businesses Eliminations Total
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Business operating profit 2,247 1,646 3,893 2,224 1,980 4,204 939 1,121 2,060 1,048 1,187 2,235 993 1,303 2,296 1,115 1,171 2,286 (432) (398) (830) (358) (512) (870) (27) (11) (38) (40) (64) (104) (0) 0 (0) 0 0 0 3,720 3,661 7,381 3,988 3,763 7,751
Revenues/(expenses) not relevant for BOP: — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Net capital gains/(losses) on Group investments 170 -300 -130 414 153 567 -280 79 -200 32 293 325 -36 -443 -479 -2 -0 -2 -117 -11 -128 -20 -5 -25 5 3 8 -23 0 -22 0 0 0 0 0 0 -258 -672 -930 402 441 843
Net capital gains/(losses) on unit-linked investments 0 0 0 0 0 0 6,153 6,274 12,426 8,752 5,827 14,579 126 55 182 116 42 158 0 0 0 0 0 0 185 191 377 190 133 322 0 0 0 0 0 0 6,464 6,520 12,984 9,058 6,001 15,059
Change in liabilities for investment contracts and other funds 0 0 0 0 0 0 -2,692 -2,944 -5,637 -4,508 -2,754 -7,261 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -2,692 -2,944 -5,637 -4,508 -2,754 -7,261
Re-/Insurance finance income/(expenses) (footnote: Includes change in fair value of underlying investment, the impact of change in discount rates and risk mitigation arising from derivatives.) 0 0 0 0 0 0 -3,260 -3,510 -6,769 -4,397 -3,378 -7,775 -126 -53 -180 -114 -43 -158 0 0 0 0 0 0 -192 -192 -383 -173 -136 -310 0 0 0 0 0 0 -3,578 -3,755 -7,332 -4,685 -3,557 -8,242
Net gains/(losses) on divestment of businesses 0 0 0 13 3 16 -28 -87 -116 14 84 98 0 0 0 0 0 0 -0 12 12 -1 -0 -1 0 0 0 0 0 0 0 0 0 0 0 0 -28 -76 -104 26 87 114
Restructuring costs -137 -74 -211 -118 -116 -234 -12 -22 -34 -10 -23 -33 -0 -74 -75 -1 -3 -4 -2 -6 -7 -4 -3 -6 0 0 0 -0 0 -0 0 0 0 0 0 0 -151 -176 -327 -133 -144 -277
Other adjustments -88 -35 -123 -7 -70 -77 -39 -2 -42 -16 5 -11 -42 -34 -75 -34 -32 -66 -59 -8 -68 -49 -16 -65 0 0 0 0 -87 -87 0 0 0 0 0 0 -228 -80 -307 -107 -199 -307
Add back: — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Business operating profit attributable to non-controlling interests 65 62 127 71 78 149 217 213 430 239 231 470 0 0 0 0 0 0 -0 -0 -0 -0 -0 -0 0 0 0 0 0 0 0 0 0 0 0 0 282 274 557 311 308 619
Net income before shareholders' taxes 2,258 1,299 3,557 2,596 2,028 4,625 997 1,122 2,119 1,154 1,473 2,628 915 754 1,669 1,080 1,134 2,214 (610) (411) (1,021) (432) (536) (968) (28) (9) (37) (47) (154) (201) 0 0 0 0 0 0 3,532 2,754 6,286 4,352 3,946 8,298
Income tax expense/(benefit) attributable to policyholders (BOP relevant) 0 2 2 2 3 5 74 97 170 130 32 163 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 74 99 172 132 35 168
Net income before income taxes 2,258 1,301 3,559 2,599 2,031 4,630 1,070 1,218 2,289 1,285 1,506 2,790 915 754 1,669 1,080 1,134 2,214 (610) (411) (1,021) (432) (536) (968) (28) (9) (37) (47) (154) (201) 0 0 0 0 0 0 3,605 2,853 6,458 4,484 3,981 8,465
Income tax (expense)/benefit — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -935 -806 -1,741 -1,264 -997 -2,261
attributable to policyholders — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -73 -99 -172 -131 -48 -179
attributable to shareholders — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — -861 -707 -1,568 -1,132 -949 -2,082
Net income after taxes — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,670 2,047 4,717 3,221 2,984 6,204
attributable to non-controlling interests — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 179 188 366 194 196 390
attributable to shareholders — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2,492 1,859 4,351 3,026 2,788 5,814

BS by Business

Assets by business unit
USD million Property & Casualty Life Farmers Group Functions and Operations Non-Core Businesses Eliminations Total
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
Assets — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Cash and cash equivalents 6,665 7,175 6,668 7,468 4,492 4,866 4,962 4,614 608 2,633 831 914 2,208 3,142 3,305 2,829 466 392 408 558 (8,002) (10,927) (9,590) (9,615) 6,437 7,280 6,585 6,768
Total Group Investments 67,660 68,102 68,085 68,038 65,187 67,878 81,715 80,027 4,817 1,172 1,155 1,163 6,881 8,204 7,470 7,074 4,241 4,174 3,899 3,707 -7,759 -8,564 -8,209 -7,447 141,027 140,966 154,116 152,562
Equity securities 8,240 8,445 8,944 8,796 4,514 4,661 5,761 5,243 384 29 43 57 299 21 21 24 68 61 57 61 0 0 0 0 13,505 13,217 14,826 14,182
Debt securities 49,249 49,527 48,953 49,404 44,895 47,399 61,014 60,194 3,737 1,023 1,059 1,068 3,333 4,149 4,139 4,255 3,865 3,826 3,562 3,494 0 0 0 0 105,079 105,924 118,727 118,415
Investment property 5,185 5,047 4,864 4,573 8,897 8,454 7,643 7,061 175 113 46 30 0 0 0 0 83 70 77 70 0 0 0 0 14,340 13,684 12,630 11,734
Mortgage loans 920 964 899 865 3,334 3,360 3,323 3,182 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4,254 4,324 4,222 4,047
Other financial assets 4,062 4,116 4,421 4,396 3,522 3,979 3,948 4,324 521 7 6 7 3,225 3,987 3,265 2,677 171 157 144 82 -7,759 -8,564 -8,209 -7,447 3,743 3,682 3,576 4,039
Investments in associates and joint ventures 3 3 5 5 25 26 27 24 0 0 0 0 23 46 45 117 55 60 60 0 0 0 0 0 106 135 136 146
Holding in affiliates 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Investments for unit-linked contracts 0 0 0 0 130,539 137,249 142,301 144,343 1,169 1,245 1,357 1,422 0 0 0 0 2,574 2,650 2,752 2,769 0 0 0 0 134,282 141,144 146,410 148,535
Total investments 67,660 68,102 68,085 68,038 195,725 205,127 224,016 224,370 5,986 2,417 2,512 2,586 6,881 8,204 7,470 7,074 6,816 6,825 6,651 6,477 (7,759) (8,564) (8,209) (7,447) 275,309 282,110 300,526 301,098
Insurance contract assets 357 357 313 342 284 223 340 426 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 641 580 653 768
Reinsurance contract assets 13,057 13,569 13,051 13,264 3,273 3,197 3,180 3,004 1,739 3,094 3,141 3,125 151 0 0 0 2,131 2,115 2,121 2,089 -204 -33 -32 -33 20,147 21,942 21,461 21,450
Goodwill 1,885 1,855 1,890 2,245 1,390 1,412 1,377 1,286 1,237 1,264 1,264 1,264 10 10 10 10 0 0 0 0 0 0 0 0 4,522 4,541 4,540 4,805
Other intangible assets 1,445 1,453 1,325 1,382 1,628 1,597 1,516 1,430 728 1,232 1,155 1,118 45 55 50 46 0 0 0 0 0 0 0 0 3,846 4,337 4,046 3,977
Other assets 7,042 7,207 6,383 6,854 28,236 27,843 8,020 5,287 3,303 3,591 3,528 3,550 1,663 2,931 2,700 4,219 2,430 2,227 2,216 2,176 -3,520 -3,208 -2,779 -2,946 39,153 40,591 20,068 19,140
Total assets 98,109 99,718 97,715 99,594 235,029 244,264 243,412 240,419 13,602 14,231 12,430 12,555 10,958 14,343 13,534 14,178 11,842 11,558 11,396 11,300 (19,485) (22,731) (20,609) (20,040) 350,055 361,382 357,878 358,005
Liabilities — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Liabilities for investment contracts 0 0 0 0 55,925 60,115 64,146 66,364 42 42 40 40 0 0 0 0 118 113 108 103 0 0 0 0 56,085 60,270 64,295 66,507
Insurance contract liabilities 61,495 63,252 62,066 63,083 136,625 140,897 156,298 154,192 5,384 5,355 5,541 5,579 295 3 3 3 7,514 7,488 7,855 7,652 -206 -33 -29 -30 211,107 216,962 231,734 230,479
Reinsurance contract liabilities 21 19 15 14 340 347 333 332 0 138 87 91 0 0 0 0 0 0 0 0 0 0 0 0 361 504 435 437
Other liabilities 10,588 11,848 11,094 11,715 30,429 30,729 10,872 7,823 1,745 1,433 1,348 1,398 8,818 10,757 8,948 9,998 3,405 3,101 2,619 2,492 -12,012 -14,251 -12,484 -12,673 42,973 43,617 22,397 20,753
Senior debt 1,028 1,163 1,155 987 426 402 437 0 0 0 0 0 8,557 8,504 8,690 7,537 292 292 292 324 -5,152 -5,171 -5,582 -4,828 5,150 5,190 4,992 4,020
Subordinated debt 915 917 910 901 610 611 607 601 0 760 0 0 10,012 9,548 9,459 9,880 0 0 0 0 -2,493 -3,277 -2,516 -2,511 9,044 8,559 8,460 8,871
Total liabilities 74,047 77,199 75,240 76,700 224,355 233,102 232,693 229,312 7,171 7,728 7,016 7,108 27,682 28,812 27,100 27,417 11,329 10,994 10,874 10,572 (19,864) (22,733) (20,611) (20,042) 324,720 335,102 332,312 331,067
Equity — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Shareholders’ equity — — — — — — — — — — — — — — — — — — — — — — — — 23,843 24,860 24,119 25,472
Non-controlling interests — — — — — — — — — — — — — — — — — — — — — — — — 1,492 1,419 1,446 1,466
Total equity — — — — — — — — — — — — — — — — — — — — — — — — 25,335 26,280 25,565 26,938
Total liabilities and equity — — — — — — — — — — — — — — — — — — — — — — — — 350,055 361,382 357,878 358,005
Supplementary information — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Risk adjustment for non-financial risk 1,082 1,095 1,081 1,098 1,666 1,715 1,692 1,429 428 14 15 17 4 0 0 0 86 76 71 70 0 -0 0 0 3,266 2,900 2,859 2,614
Liability for remaining coverage, net 6,275 5,836 6,389 5,753 130,018 134,012 149,811 148,283 3,958 3,158 3,327 3,199 8 0 0 -0 2,537 2,645 2,806 2,582 -9 -16 19 3 142,788 145,634 162,352 159,820
Liability for incurred claims, net 41,827 43,509 42,328 43,738 3,389 3,811 3,300 2,811 -313 -759 -840 -655 136 3 3 3 2,846 2,729 2,928 2,981 6 16 -16 -0 47,892 49,309 47,704 48,878

P&C by Segment

Property & casualty underlying earnings build-up by segment
USD million Europe, Middle East & Africa North America Asia Pacific Latin America Group Reinsurance Eliminations Total
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Insurance revenue (footnote: Includes add-back and international programs business.) 8,267 8,903 17,170 8,989 9,662 18,651 9,559 11,049 20,607 9,970 11,015 20,985 1,702 1,732 3,434 1,746 2,047 3,793 1,461 1,351 2,812 1,573 1,589 3,162 380 401 781 398 400 799 -1,205 -1,306 -2,511 -1,232 -1,367 -2,598 20,163 22,130 42,293 21,446 23,346 44,792
Insurance service expense: losses, gross -5,183 -6,295 -11,478 -5,364 -6,576 -11,940 -5,346 -6,524 -11,870 -5,577 -7,304 -12,881 -859 -834 -1,693 -815 -960 -1,775 -573 -717 -1,290 -630 -475 -1,105 -222 -179 -401 -208 -415 -623 597 783 1,381 487 1,272 1,758 -11,585 -13,766 -25,351 -12,108 -14,458 -26,566
Insurance service expense: expenses, gross -1,977 -2,102 -4,080 -2,159 -2,327 -4,486 -2,301 -2,545 -4,846 -2,397 -2,609 -5,005 -517 -512 -1,030 -535 -617 -1,152 -568 -543 -1,110 -618 -622 -1,240 -18 -13 -31 -11 -18 -29 -3 -5 -7 -2 1 -1 -5,383 -5,720 -11,104 -5,722 -6,191 -11,913
Net expenses from reinsurance contracts held (footnote: Includes add-back and international programs business.) -404 -447 -852 -749 -156 -905 -1,012 -950 -1,962 -1,085 -336 -1,421 -162 -231 -393 -231 -260 -491 -177 -16 -194 -197 -338 -535 -196 -195 -391 -238 -63 -301 610 527 1,138 746 94 840 -1,341 -1,312 -2,653 -1,753 -1,059 -2,812
Insurance service result 702 58 760 716 603 1,320 900 1,029 1,929 912 766 1,678 164 155 319 165 210 375 143 75 218 129 154 282 (56) 15 (42) (59) (96) (154) 0 0 0 0 0 0 1,854 1,332 3,186 1,863 1,637 3,500
Net investment income on Group investments 345 392 736 444 464 908 537 557 1,094 564 577 1,141 63 71 134 75 104 180 137 87 224 149 122 271 5 -3 2 1 3 4 -0 0 0 0 0 0 1,087 1,104 2,191 1,233 1,270 2,503
Net capital gains/(losses) on Group investments 12 6 18 53 26 79 66 119 185 88 106 194 0 -3 -3 -2 1 -1 -9 26 17 12 -17 -5 4 3 8 1 2 3 0 0 0 0 0 0 73 152 225 152 117 269
Net investment result on Group investments 357 398 755 497 490 987 603 676 1,278 652 682 1,335 63 68 131 73 105 178 128 114 242 161 105 265 9 0 10 2 4 7 -0 0 0 0 0 0 1,160 1,256 2,416 1,386 1,387 2,772
Re-/Insurance finance income/(expenses) -86 -136 -222 -184 -195 -380 -236 -298 -534 -321 -369 -690 -23 -28 -52 -27 -32 -59 -39 -20 -59 -45 -33 -78 -11 -9 -20 -11 -16 -27 0 -0 0 0 0 0 -396 -491 -887 -588 -645 -1,233
Net investment result 271 262 533 313 295 608 366 378 744 331 313 644 40 39 80 46 73 120 89 94 183 115 72 187 (2) (9) (11) (9) (11) (20) 0 (0) 0 0 0 0 765 764 1,529 797 742 1,539
Fee income 98 115 213 109 113 222 100 110 210 104 102 206 25 28 53 30 25 55 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 224 253 476 243 240 483
Fee business expenses -74 -88 -162 -83 -87 -170 -65 -66 -131 -65 -70 -134 -32 -34 -65 -37 -42 -79 -0 1 0 0 -0 -0 1 -1 0 0 0 0 -2 -2 -4 -1 -1 -2 -172 -189 -361 -186 -200 -385
Fee result 24 27 51 26 26 52 35 44 79 39 32 72 (6) (6) (12) (7) (17) (24) (0) 1 0 0 (0) (0) 1 (1) 0 0 0 0 (2) (2) (4) (1) (1) (2) 51 64 115 57 40 98
Other result (208) (297) (506) (263) (203) (466) (61) (44) (105) (46) (35) (80) (47) (45) (92) (55) (61) (116) (50) (68) (118) (64) (66) (130) 8 2 10 8 5 12 2 2 4 1 1 2 (357) (450) (807) (420) (359) (779)
of which: technical non-qualifying expense -197 -216 -414 -259 -216 -475 -97 -83 -180 -87 -78 -165 -53 -46 -99 -55 -52 -107 -58 -56 -114 -62 -67 -129 -14 -31 -45 -21 -24 -45 2 2 4 1 1 2 -417 -431 -847 -484 -436 -919
Income tax (expense)/benefit attributable to policyholders (BOP relevant) 0 0 0 0 0 0 0 0 0 0 0 0 0 -2 -2 -2 -3 -5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -2 -2 -2 -3 -5
Business operating profit before non-controlling interests 789 50 839 792 721 1,514 1,240 1,407 2,647 1,236 1,077 2,313 151 141 293 147 203 349 182 102 284 180 159 339 (49) 7 (42) (60) (102) (162) 0 0 0 0 0 0 2,313 1,708 4,020 2,296 2,058 4,353
Non-controlling interest 12 11 23 12 14 26 0 0 0 0 0 0 1 1 2 2 5 6 52 50 102 58 58 116 0 0 0 0 0 0 0 0 0 0 0 0 65 62 127 71 78 149
Business operating profit 777 39 816 781 707 1,487 1,240 1,407 2,647 1,236 1,077 2,313 150 141 290 145 198 343 130 52 181 122 101 223 (49) 7 (42) (60) (102) (162) 0 0 0 0 0 0 2,247 1,646 3,893 2,224 1,980 4,204
Ratios, as % of insurance revenue — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — —
Loss ratio 67.6% 75.7% 71.8% 68.0% 69.7% 68.9% 66.5% 67.6% 67.1% 66.8% 69.4% 68.2% 60.0% 61.5% 60.7% 59.9% 59.6% 59.7% 51.4% 54.2% 52.7% 52.6% 51.2% 51.9% nm nm nm nm nm nm nm nm nm nm nm nm 64.1% 68.1% 66.2% 64.6% 66.5% 65.6%
of which catastrophes 0.9% 6.7% 3.9% 1.0% 1.7% 1.4% 2.8% 2.4% 2.6% 3.5% 5.4% 4.5% 0.6% 0.8% 0.7% 0.2% 0.0% 0.1% 0.0% 1.2% 0.6% 0.6% (0.0%) 0.3% nm nm nm nm nm nm nm nm nm nm nm nm 1.8% 4.2% 3.0% 2.4% 3.7% 3.1%
of which discount impact (current accident year) (3.1%) (3.3%) (3.2%) (3.2%) (2.8%) (3.0%) (4.2%) (3.8%) (4.0%) (4.9%) (3.9%) (4.4%) (1.6%) (1.7%) (1.6%) (1.5%) (1.5%) (1.5%) (2.2%) (1.6%) (1.9%) (1.9%) (1.4%) (1.7%) nm nm nm nm nm nm nm nm nm nm nm nm (3.6%) (3.5%) (3.6%) (4.0%) (3.2%) (3.6%)
of which prior year development (2.0%) (2.2%) (2.1%) (2.4%) (2.1%) (2.3%) (1.0%) (1.2%) (1.1%) (1.0%) (1.0%) (1.0%) (2.2%) (2.8%) (2.5%) (3.2%) (1.2%) (2.2%) (0.2%) (1.1%) (0.6%) 0.1% (0.1%) (0.0%) nm nm nm nm nm nm nm nm nm nm nm nm (1.5%) (1.6%) (1.5%) (1.6%) (1.5%) (1.6%)
Expense ratio (footnote: Includes insurance service expenses reported in the insurance service result, as well as technical non-qualifying expenses reported in the other result.) 26.3% 26.0% 26.2% 26.9% 26.3% 26.6% 25.1% 23.8% 24.4% 24.9% 24.4% 24.6% 33.5% 32.2% 32.9% 33.8% 32.7% 33.2% 42.8% 44.3% 43.5% 43.2% 43.4% 43.3% nm nm nm nm nm nm nm nm nm nm nm nm 28.8% 27.8% 28.3% 28.9% 28.4% 28.6%
Combined ratio 93.9% 101.8% 98.0% 94.9% 96.0% 95.5% 91.6% 91.4% 91.5% 91.7% 93.7% 92.8% 93.4% 93.7% 93.6% 93.7% 92.2% 92.9% 94.2% 98.6% 96.3% 95.8% 94.5% 95.1% nm nm nm nm nm nm nm nm nm nm nm nm 92.9% 95.9% 94.5% 93.6% 94.9% 94.2%

P&C by Country & Customer Unit

Property & casualty key ratios by geography and customer unit
USD million Gross written premium Insurance revenue Business operating profit Combined ratio Loss ratio Expense ratio
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Germany 1,779 1,313 3,091 1,963 1,434 3,398 1,399 1,541 2,940 1,546 1,697 3,244 113 18 130 0 28 28 96.1% 103.0% 99.7% 104.7% 104.0% 104.3% 64.3% 73.0% 68.9% 73.6% 73.4% 73.5% 31.8% 30.0% 30.9% 31.1% 30.6% 30.8%
Ireland 245 219 464 250 224 474 230 234 464 230 239 469 18 -5 12 33 40 72 95.0% 106.4% 100.7% 88.5% 86.8% 87.7% 64.7% 77.2% 71.0% 59.8% 58.7% 59.2% 30.2% 29.3% 29.7% 28.7% 28.1% 28.4%
Italy 850 872 1,723 936 950 1,886 787 846 1,632 866 935 1,801 50 -203 -154 107 85 192 96.9% 126.1% 112.0% 90.3% 93.2% 91.8% 67.0% 96.0% 82.0% 61.2% 64.9% 63.1% 29.9% 30.1% 30.0% 29.1% 28.3% 28.7%
Spain 744 653 1,396 808 722 1,531 656 695 1,351 713 747 1,459 15 2 17 37 35 72 99.2% 101.2% 100.2% 96.1% 96.2% 96.2% 65.9% 66.5% 66.2% 62.7% 61.7% 62.2% 33.3% 34.7% 34.0% 33.4% 34.5% 34.0%
Switzerland 2,781 1,194 3,975 2,920 1,337 4,257 1,846 1,967 3,814 1,948 2,115 4,063 205 31 236 168 161 329 92.1% 100.9% 96.7% 95.4% 96.3% 95.9% 70.8% 81.2% 76.2% 73.9% 75.6% 74.8% 21.4% 19.7% 20.5% 21.5% 20.7% 21.1%
United Kingdom 2,331 2,299 4,630 2,546 2,412 4,958 2,091 2,247 4,339 2,294 2,483 4,777 214 112 326 294 231 525 92.6% 95.0% 93.8% 89.4% 93.8% 91.7% 66.4% 68.8% 67.6% 63.5% 67.3% 65.5% 26.2% 26.2% 26.2% 25.9% 26.5% 26.2%
Rest of Europe, Middle East & Africa 1,566 1,212 2,778 1,710 1,401 3,111 1,257 1,374 2,630 1,393 1,446 2,838 163 85 248 142 127 269 91.2% 97.3% 94.4% 95.8% 93.2% 94.5% 70.3% 74.3% 72.4% 69.3% 69.8% 69.6% 20.9% 23.1% 22.0% 26.5% 23.3% 24.9%
Europe, Middle East & Africa 10,296 7,762 18,058 11,134 8,481 19,615 8,267 8,903 17,170 8,989 9,662 18,651 777 39 816 781 707 1,487 93.9% 101.8% 98.0% 94.9% 96.0% 95.5% 67.6% 75.7% 71.8% 68.0% 69.7% 68.9% 26.3% 26.0% 26.2% 26.9% 26.3% 26.6%
United States 11,346 9,081 20,427 11,120 9,367 20,487 9,036 10,429 19,465 9,405 10,424 19,829 1,083 1,219 2,302 1,067 1,051 2,118 92.5% 92.4% 92.4% 92.7% 93.3% 93.0% 67.5% 68.6% 68.1% 68.0% 69.1% 68.6% 25.0% 23.8% 24.3% 24.6% 24.2% 24.4%
Rest of North America 527 674 1,201 484 613 1,096 523 620 1,143 566 591 1,156 157 188 345 169 26 195 76.3% 75.1% 75.6% 76.3% 101.6% 89.2% 48.9% 51.6% 50.3% 46.8% 74.8% 61.1% 27.4% 23.5% 25.3% 29.6% 26.8% 28.2%
North America 11,873 9,755 21,628 11,604 9,980 21,584 9,559 11,049 20,607 9,970 11,015 20,985 1,240 1,407 2,647 1,236 1,077 2,313 91.6% 91.4% 91.5% 91.7% 93.7% 92.8% 66.5% 67.6% 67.1% 66.8% 69.4% 68.2% 25.1% 23.8% 24.4% 24.9% 24.4% 24.6%
Australia 646 668 1,314 673 719 1,392 630 649 1,279 660 702 1,362 65 12 77 59 44 103 92.4% 100.7% 96.6% 93.8% 96.5% 95.2% 64.8% 64.3% 64.5% 58.1% 61.0% 59.6% 27.6% 36.4% 32.1% 35.8% 35.5% 35.6%
Japan 439 408 847 410 412 822 417 390 807 384 440 824 45 35 80 24 69 93 89.4% 92.6% 90.9% 93.9% 84.5% 88.9% 50.3% 56.8% 53.4% 57.0% 50.0% 53.3% 39.1% 35.8% 37.5% 36.8% 34.5% 35.6%
Rest of Asia Pacific 732 720 1,451 765 984 1,748 655 693 1,348 702 905 1,607 40 93 133 62 84 147 97.1% 87.9% 92.3% 93.5% 92.7% 93.1% 61.5% 61.6% 61.5% 63.2% 63.1% 63.2% 35.6% 26.3% 30.8% 30.3% 29.6% 29.9%
Asia Pacific 1,816 1,796 3,612 1,847 2,115 3,963 1,702 1,732 3,434 1,746 2,047 3,793 150 141 290 145 198 343 93.4% 93.7% 93.6% 93.7% 92.2% 92.9% 60.0% 61.5% 60.7% 59.9% 59.6% 59.7% 33.5% 32.2% 32.9% 33.8% 32.7% 33.2%
Argentina 257 89 345 278 304 582 219 56 275 224 264 489 40 -21 19 26 6 33 98.7% 176.3% 114.5% 118.3% 106.4% 111.8% 57.1% 128.7% 71.7% 76.1% 67.8% 71.6% 41.6% 47.6% 42.8% 42.1% 38.5% 40.2%
Brazil 444 494 938 483 520 1,003 440 448 887 450 446 896 38 45 83 35 34 70 96.4% 95.2% 95.8% 97.7% 98.4% 98.0% 43.9% 38.7% 41.3% 41.6% 43.7% 42.6% 52.4% 56.5% 54.5% 56.1% 54.7% 55.4%
Rest of Latin America 875 881 1,755 1,003 918 1,921 802 848 1,650 899 878 1,777 51 28 79 60 60 121 91.7% 95.2% 93.5% 89.2% 89.0% 89.1% 53.9% 57.5% 55.7% 52.2% 50.0% 51.1% 37.9% 37.7% 37.8% 37.0% 39.1% 38.0%
Latin America 1,575 1,463 3,039 1,764 1,742 3,506 1,461 1,351 2,812 1,573 1,589 3,162 130 52 181 122 101 223 94.2% 98.6% 96.3% 95.8% 94.5% 95.1% 51.4% 54.2% 52.7% 52.6% 51.2% 51.9% 42.8% 44.3% 43.5% 43.2% 43.4% 43.3%
Group Reinsurance 524 345 869 547 343 890 380 401 781 398 400 799 (49) 7 (42) (60) (102) (162) nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm
Eliminations (1,525) (1,280) (2,805) (1,554) (1,380) (2,934) (1,205) (1,306) (2,511) (1,232) (1,367) (2,598) (0) 0 (0) (0) 0 (0) nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm
Total 24,560 19,841 44,401 25,342 21,282 46,624 20,163 22,130 42,293 21,446 23,346 44,792 2,247 1,646 3,893 2,224 1,980 4,204 92.9% 95.9% 94.5% 93.6% 94.9% 94.2% 64.1% 68.1% 66.2% 64.6% 66.5% 65.6% 28.8% 27.8% 28.3% 28.9% 28.4% 28.6%
Property & casualty key ratios by segment
USD million Gross written premium Insurance revenue Business operating profit Combined ratio Loss ratio Expense ratio
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Commercial insurance 16,423 12,856 29,279 16,408 13,438 29,847 13,046 14,744 27,789 13,752 14,983 28,735 1,767 1,806 3,573 1,781 1,605 3,387 91.0% 91.6% 91.4% 91.4% 93.1% 92.3% 66.1% 67.6% 66.9% 66.3% 68.5% 67.4% 25.0% 24.1% 24.5% 25.0% 24.7% 24.8%
Retail and SME 8,064 7,012 15,076 8,865 7,873 16,738 7,078 7,335 14,413 7,661 8,324 15,984 529 -167 362 502 477 980 95.8% 103.7% 99.8% 96.4% 96.5% 96.5% 59.8% 69.5% 64.8% 60.9% 61.8% 61.3% 36.0% 34.2% 35.1% 35.6% 34.7% 35.1%
Group Reinsurance 524 345 869 547 343 890 380 401 781 398 400 799 -49 7 -42 -60 -102 -162 nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm
Eliminations -452 -373 -824 -478 -372 -850 -340 -350 -690 -365 -361 -726 -0 0 0 -0 0 0 nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm nm
Total 24,560 19,841 44,401 25,342 21,282 46,624 20,163 22,130 42,293 21,446 23,346 44,792 2,247 1,646 3,893 2,224 1,980 4,204 92.9% 95.9% 94.5% 93.6% 94.9% 94.2% 64.1% 68.1% 66.2% 64.6% 66.5% 65.6% 28.8% 27.8% 28.3% 28.9% 28.4% 28.6%

Life by Segment

Life underlying earnings build-up by segment
USD million Europe, Middle East & Africa North America Asia Pacific Latin America Group Reinsurance Eliminations Total
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Insurance revenue 2,874 3,038 5,912 3,219 3,347 6,566 100 94 194 81 79 160 1,119 1,138 2,258 1,138 1,164 2,302 1,306 1,331 2,637 1,366 1,320 2,687 15 15 30 13 14 27 -15 -20 -35 -21 -22 -43 5,398 5,598 10,996 5,797 5,903 11,700
Insurance service expense -2,144 -2,266 -4,410 -2,495 -2,504 -4,999 -62 -21 -83 -47 -36 -83 -987 -932 -1,919 -947 -1,062 -2,009 -1,012 -1,035 -2,047 -1,062 -997 -2,060 -4 -7 -10 -4 -11 -15 4 7 11 15 20 36 -4,205 -4,253 -8,458 -4,541 -4,590 -9,130
Net expenses from reinsurance contracts held -83 -86 -169 -25 -87 -113 -16 -9 -25 -13 -18 -31 -25 -21 -46 -39 56 17 -16 -18 -34 -8 -25 -33 -5 -2 -7 -5 -4 -8 11 13 24 6 2 7 -133 -123 -256 -85 -76 -161
Insurance service result 647 686 1,333 698 756 1,455 22 64 86 21 25 46 108 185 293 152 158 310 278 279 557 296 298 594 6 7 13 4 (1) 4 0 0 0 0 0 0 1,060 1,221 2,281 1,172 1,237 2,409
Net investment income on Group investments 1,073 1,092 2,164 1,135 1,117 2,252 26 32 59 31 33 64 113 110 224 113 127 240 259 219 478 243 194 437 0 0 0 0 0 0 -0 -0 -1 -0 -0 -1 1,471 1,454 2,924 1,521 1,471 2,992
Net capital gains/(losses) on Group investments -72 -162 -234 -34 -62 -96 17 10 26 13 5 18 -9 9 0 -2 -5 -6 32 31 63 -23 -10 -33 -0 -12 -12 -2 -1 -3 0 0 0 0 0 0 -33 -124 -156 -48 -73 -121
Net investment result on Group investments 1,000 930 1,930 1,100 1,056 2,156 43 42 85 44 37 82 104 119 224 111 122 234 291 251 542 219 184 404 -0 -12 -12 -2 -1 -3 -0 -0 -1 -0 -0 -1 1,438 1,330 2,768 1,473 1,398 2,871
Net investment income on unit-linked investments 631 459 1,090 588 572 1,160 0 0 0 0 0 0 30 24 54 30 35 65 19 -3 16 23 13 35 0 0 0 0 0 0 0 0 0 0 0 0 679 481 1,160 641 619 1,260
Change in liabilities for investment contracts and other funds -416 -284 -700 -423 -373 -796 0 0 0 0 0 0 -18 -15 -33 -21 -25 -47 0 0 0 -0 -0 -0 0 0 0 0 0 0 0 0 0 0 0 0 -434 -299 -733 -444 -398 -842
Re-/Insurance finance income/(expenses) -1,099 -918 -2,017 -1,073 -1,064 -2,137 -43 -47 -90 -50 -43 -93 -70 -85 -156 -96 -89 -184 -201 -139 -340 -161 -110 -271 -0 -1 -1 -0 -0 -0 0 0 0 0 0 0 -1,414 -1,189 -2,603 -1,380 -1,305 -2,685
Net investment result 116 188 304 193 191 384 0 (5) (5) (6) (5) (11) 46 43 89 24 43 67 108 109 218 81 87 168 (0) (12) (13) (2) (1) (3) (0) (0) (1) (0) (0) (1) 270 323 592 290 314 604
Fee income 397 405 802 426 462 888 0 0 0 0 0 0 25 35 60 25 18 43 9 9 18 9 11 20 0 0 0 0 0 0 0 0 0 0 0 0 430 450 880 460 491 951
Fee business expenses -295 -299 -594 -315 -310 -624 -0 0 -0 -0 0 -0 -3 -14 -17 -4 -4 -8 -7 -7 -13 -7 -6 -13 0 0 0 0 0 0 0 0 0 0 0 0 -305 -319 -624 -326 -320 -646
Fee result 102 107 208 112 152 264 (0) 0 (0) (0) 0 (0) 21 22 43 20 15 35 2 2 5 2 5 7 0 0 0 0 0 0 0 0 0 0 0 0 126 130 256 134 172 306
Other revenues 42 73 115 118 66 184 12 12 24 16 14 30 8 7 15 10 6 17 13 7 20 13 12 25 1 5 5 2 1 3 0 0 0 0 0 0 75 104 180 159 100 259
Interest expense on debt -0 -16 -16 -10 -3 -13 -0 -0 -0 -0 -0 -0 -4 -14 -18 -20 -18 -38 -1 -1 -3 -2 -1 -3 -0 -0 -0 -0 -0 -0 0 0 1 0 0 1 -5 -31 -36 -31 -22 -53
Other expenses -189 -212 -402 -205 -245 -450 4 -2 3 -1 -7 -8 -84 -57 -141 -64 -71 -136 -79 -70 -149 -63 -45 -108 0 0 0 0 0 0 -0 -0 -0 0 0 0 -348 -341 -689 -333 -368 -701
Restructuring costs and other items not relevant for BOP 2 8 10 19 44 64 -0 -0 -0 0 0 0 17 7 23 4 1 6 32 9 42 2 -28 -26 0 0 0 0 0 0 0 0 0 0 0 0 51 24 75 26 18 44
Other result (145) (147) (292) (78) (137) (215) 16 11 27 15 7 23 (63) (56) (120) (69) (82) (151) (35) (55) (90) (49) (62) (111) 1 4 5 2 1 2 0 0 1 0 0 1 (226) (243) (469) (179) (272) (451)
Income tax (expense)/benefit attributable to policyholders (BOP relevant) -60 -77 -137 -116 -26 -141 0 0 0 0 0 0 -12 -19 -31 -14 -6 -20 -2 -0 -2 -1 -0 -1 0 0 0 0 0 0 0 0 0 0 0 0 -74 -97 -170 -130 -32 -163
Business operating profit before non-controlling interests 660 756 1,416 809 937 1,746 38 70 108 30 27 57 100 174 274 114 128 242 352 335 687 330 328 657 6 (1) 5 4 (1) 3 0 0 0 0 0 0 1,156 1,334 2,490 1,287 1,418 2,705
Non-controlling interest 71 77 148 86 86 171 0 0 0 0 0 0 -0 -0 -1 -1 -1 -1 146 137 283 154 146 300 0 0 0 0 0 0 0 0 0 0 0 0 217 213 430 239 231 470
Business operating profit 589 679 1,268 724 851 1,575 38 70 108 30 27 57 100 175 275 114 129 243 206 198 404 175 182 357 6 (1) 5 4 (1) 3 0 0 0 0 0 0 939 1,121 2,060 1,048 1,187 2,235
Life insurance margin build-up by segment
USD million Europe, Middle East & Africa North America Asia Pacific Latin America Group Reinsurance Eliminations Total
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
CSM amortization (footnote: Includes USD 5 million and USD 8 million adjustments related to Argentina hyperinflation for 2024 and 2023, respectively.) 551 532 1,082 530 578 1,109 12 14 25 12 16 28 122 134 257 131 129 260 50 50 100 56 54 110 -0 0 0 1 1 2 0 0 0 0 0 0 735 730 1,465 731 778 1,509
Release of risk adjustment 40 42 83 55 54 109 2 2 5 2 2 3 29 29 58 26 27 53 5 4 9 4 4 8 0 0 0 0 0 0 0 3 4 0 0 0 77 81 158 87 87 174
Insurance result - short-term life business (footnote: Excludes impact of onerous contracts.) -1 -15 -16 8 14 22 1 1 1 0 1 1 0 0 0 0 0 0 229 228 457 249 254 502 -1 1 -1 -2 -3 -5 0 0 0 0 0 0 227 215 442 255 266 521
Insurance margin 590 559 1,149 593 646 1,239 15 17 31 14 18 32 152 163 315 158 156 314 284 282 566 309 312 621 -1 1 0 -1 -2 -3 0 3 4 0 0 0 1,039 1,026 2,065 1,072 1,131 2,204
Onerous contracts -5 -8 -13 -11 -34 -45 13 60 72 -7 34 27 -11 65 53 -6 21 15 -7 3 -4 -2 3 1 0 2 3 0 -0 -0 0 4 4 0 0 0 -10 125 115 -25 24 -2
Experience adjustments 61 135 196 116 144 260 -5 -13 -18 14 -27 -13 -33 -43 -75 1 -19 -19 1 -6 -5 -11 -16 -27 7 3 10 6 1 7 -0 -7 -7 -0 -0 -1 31 70 100 125 82 207
Insurance service result 647 686 1,333 698 756 1,455 22 64 86 21 25 46 108 185 293 152 158 310 278 279 557 296 298 594 6 7 13 4 (1) 4 0 0 0 0 0 0 1,060 1,221 2,281 1,172 1,237 2,409

Life Details

New business production by product type
USD million Protection Unit-linked Savings and annuities Total (long-term insurance contracts)
2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
PVNBP 2,710 2,842 5,552 3,074 2,664 5,738 3,774 4,370 8,144 4,599 4,760 9,359 1,757 931 2,688 837 956 1,793 8,242 8,142 16,384 8,510 8,381 16,891
New business CSM 363 324 687 375 347 721 105 122 227 134 168 301 68 54 123 35 36 71 536 501 1,037 543 550 1,094
New business margin 13.40% 11.41% 12.38% 12.18% 13.02% 12.57% 2.77% 2.80% 2.79% 2.91% 3.51% 3.22% 3.89% 5.85% 4.57% 4.19% 3.77% 3.97% 6.51% 6.15% 6.33% 6.38% 6.57% 6.48%
CSM rollforward by product type
USD million Protection Unit-linked Savings and annuities Total (long-term insurance contracts)
2023 2024 2023 2024 2023 2024 2023 2024
— H1 FY-23 H1 FY-24 H1 FY-23 H1 FY-24 H1 FY-23 H1 FY-24 H1 FY-23 H1 FY-24
CSM BoP 3,665 3,665 3,989 3,989 4,723 4,723 5,188 5,188 2,108 2,108 2,349 2,349 10,496 10,496 11,526 11,526
Operating variances -49 101 -14 96 -103 -137 238 -56 10 27 50 220 -142 -9 273 260
Economic variances 152 175 19 118 228 393 182 569 405 241 -20 218 785 809 182 904
New business CSM 363 687 375 721 105 227 134 301 68 123 35 71 536 1,037 543 1,094
CSM amortization -388 -769 -399 -806 -189 -388 -198 -395 -155 -300 -132 -303 -732 -1,457 -729 -1,504
FX 33 120 -196 -272 190 394 -216 -332 53 120 -119 -171 276 634 -531 -774
Other -61 11 37 27 190 -24 2 -6 -138 31 113 130 -9 17 152 151
CSM EoP 3,715 3,989 3,811 3,872 5,144 5,188 5,329 5,270 2,351 2,349 2,276 2,515 11,211 11,526 11,415 11,657
Insurance revenue and service result
USD million Total
2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Insurance revenue 1,089 1,222 2,311 1,363 1,441 2,804
Insurance service result 227 214 442 255 265 520
Fee business result and KPIs
USD million Total
2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Fee revenues 316 332 648 345 372 717
Fee service expenses -207 -216 -423 -225 -222 -447
Fee service result 109 116 225 120 151 270
KPIs — — — — — —
Average AuM 97,878 105,867 101,609 111,176 114,367 112,789
Fee revenue / average AuM 0.65% 0.63% 0.64% 0.62% 0.65% 0.64%
Cost income ratio (%) 66% 65% 65% 65% 60% 62%
Fee service result / average AuM 0.22% 0.22% 0.22% 0.22% 0.26% 0.24%

Life by Country

Gross premiums and deposits, insurance revenue, and business operating profit by geography
USD million Gross premiums and deposits1 (footnote: Gross written premiums for Protection, gross policyholder inflows for Savings & Annuities and Unit-linked (including investment and asset management contracts).) Insurance revenue Business operating profit
2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Germany 1,427 1,436 2,863 1,470 1,393 2,863 564 543 1,107 542 652 1,194 58 60 118 128 208 337
Ireland 2,808 2,938 5,746 3,034 3,624 6,658 173 174 347 181 192 373 37 38 75 49 65 115
Italy 661 593 1,254 758 767 1,524 129 144 273 145 166 310 15 15 29 34 25 59
Spain 2,012 1,281 3,292 1,353 1,197 2,550 301 309 610 316 304 620 110 110 220 117 122 240
Switzerland 1,560 1,732 3,292 1,566 1,730 3,296 687 633 1,320 689 648 1,337 177 181 358 178 198 376
United Kingdom 789 635 1,423 848 679 1,527 709 754 1,463 838 753 1,591 92 93 185 114 90 203
Zurich International 1,125 893 2,018 984 1,100 2,083 270 356 626 283 289 572 20 91 112 33 45 79
Rest of Europe, Middle East & Africa 458 517 975 594 589 1,183 41 125 166 226 343 569 80 91 172 70 97 167
Europe, Middle East & Africa 10,839 10,024 20,863 10,607 11,079 21,686 2,874 3,038 5,912 3,219 3,347 6,566 589 679 1,268 724 851 1,575
North America 514 386 900 494 555 1,049 100 94 194 81 79 160 38 70 108 30 27 57
Australia 915 987 1,902 929 962 1,890 858 861 1,719 870 876 1,747 54 108 161 65 52 117
Japan 215 214 429 225 243 468 133 131 264 138 142 281 18 32 50 34 35 70
Rest of Asia Pacific 213 203 416 202 253 455 128 146 274 129 146 275 28 35 63 15 41 56
Asia Pacific 1,343 1,403 2,747 1,356 1,457 2,813 1,119 1,138 2,258 1,138 1,164 2,302 100 175 275 114 129 243
Argentina 101 19 120 122 129 250 70 32 102 70 82 152 41 39 80 6 14 21
Brazil 2,231 2,638 4,869 2,641 2,720 5,361 690 721 1,411 715 673 1,388 93 87 180 97 89 186
Rest of Latin America 1,401 1,562 2,963 1,329 1,082 2,412 546 579 1,124 581 565 1,147 72 72 144 72 79 151
Latin America 3,733 4,219 7,953 4,093 3,931 8,024 1,306 1,331 2,637 1,366 1,320 2,687 206 198 404 175 182 357
Group Reinsurance nm nm nm nm nm nm 15 15 30 13 14 27 6 (1) 5 4 (1) 3
Eliminations (107) (142) (248) (262) (249) (511) (15) (20) (35) (21) (22) (43) 0 0 0 0 0 0
Total 16,323 15,891 32,214 16,287 16,773 33,061 5,398 5,598 10,996 5,797 5,903 11,700 939 1,121 2,060 1,048 1,187 2,235

Life Reserves Liabilities AUM

Total reserves and liabilities by geography and contract type
USD million Total reserves and liabilities of which: investment contracts of which: VFA unit-linked insurance contracts of which: VFA non unit-linked insurance contracts of which: Life BBA and PAA
2023 2024 2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2
Europe, Middle East & Africa 148,187 156,461 176,494 176,570 54,570 58,790 62,868 65,211 49,800 51,272 51,978 51,889 30,059 31,910 48,283 46,429 13,759 14,489 13,365 13,042
of which: — — — — — — — — — — — — — — — — — — — —
Germany 27,283 28,715 47,412 46,278 28 28 27 26 24,168 25,463 26,397 25,891 3,167 3,245 21,207 20,499 -80 -21 -219 -138
Ireland 33,534 37,161 40,424 43,047 30,694 34,296 37,722 40,437 351 346 325 309 1,476 1,448 1,327 1,235 1,013 1,071 1,050 1,066
Italy 10,870 10,918 10,544 10,588 962 986 1,067 1,181 6,380 6,527 6,448 6,547 3,468 3,392 2,983 2,836 60 14 46 25
Spain 10,482 10,954 10,606 10,404 0 0 0 0 553 766 866 827 102 111 101 105 9,828 10,077 9,639 9,472
Switzerland 20,519 22,158 20,671 20,706 0 0 0 0 1,374 1,103 751 1,669 18,753 20,611 19,807 18,980 393 445 114 57
United Kingdom 28,368 28,487 28,075 26,481 13,005 12,963 12,908 12,104 12,205 12,145 12,047 11,461 981 1,004 914 871 2,177 2,375 2,206 2,045
Zurich International 13,863 14,603 15,424 15,771 9,319 9,906 10,555 10,895 4,377 4,499 4,701 4,735 8 11 8 -9 160 187 160 150
Rest of Europe, Middle East & Africa 3,267 3,465 3,338 3,295 562 612 589 569 392 423 443 451 2,105 2,089 1,937 1,911 208 342 369 365
North America 13,823 13,020 13,545 14,314 0 0 0 0 13,006 12,212 12,726 13,487 0 0 0 0 818 807 819 827
Asia Pacific 5,904 5,889 5,707 5,622 1,355 1,325 1,275 1,149 685 688 787 746 970 990 937 1,075 2,893 2,886 2,708 2,651
Latin America 21,386 22,536 21,499 20,938 0 0 3 3 19,221 20,481 19,590 19,174 12 -0 -0 -0 2,154 2,056 1,906 1,762
Group Reinsurance 32 32 11 13 0 0 0 0 0 0 0 0 0 0 0 0 32 32 11 13
Eliminations -0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 -0 0 1 1
Total 189,333 197,939 217,257 217,458 55,925 60,115 64,146 66,364 82,712 84,653 85,081 85,296 31,041 32,900 49,220 47,503 19,655 20,271 18,809 18,296
Assets under management rollforward by type
USD million Total of which: Investment and asset management contracts
2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
AuM beginning of the period 232,517 246,428 232,517 259,476 277,586 259,476 93,620 102,136 93,620 109,599 112,753 109,599
Net inflows 1,913 1,053 2,966 2,240 2,624 4,864 799 1,452 2,251 255 1,474 1,729
Other 4,804 9,917 14,721 27,627 7,016 34,643 4,526 2,950 7,475 7,365 4,506 11,871
FX 7,194 2,077 9,271 -11,757 -8,625 -20,382 3,191 3,061 6,252 -4,465 -2,753 -7,218
AuM ending of the period 246,428 259,476 259,476 277,586 278,600 278,600 102,136 109,599 109,599 112,753 115,980 115,980
of which unit-linked 130,539 137,249 137,249 142,301 144,343 144,343 0 0 0 0 0 0
of which group investments 69,679 72,744 72,744 86,678 84,641 84,641 0 0 0 0 0 0
of which 3rd party investments 46,210 49,483 49,483 48,607 49,616 49,616 0 0 0 0 0 0

Farmers

Business operating profit build-up by Farmers segment
USD million Farmers Life1 (footnote: Includes eliminations.) Farmers Management Services Farmers Re Total
2023 2024 2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Insurance revenue 518 499 1,018 503 509 1,012 0 0 0 0 0 0 751 785 1,536 953 976 1,929 1,269 1,284 2,553 1,456 1,485 2,941
Insurance service expense -417 -312 -729 -406 -328 -734 0 0 0 0 0 0 -801 -660 -1,461 -898 -892 -1,790 -1,218 -972 -2,190 -1,305 -1,220 -2,525
Net expenses from reinsurance contracts held -1 -130 -131 -64 -145 -209 0 0 0 0 0 0 0 0 0 0 0 0 -1 -130 -131 -64 -145 -209
Insurance service result 100 58 158 33 36 69 0 0 0 0 0 0 (50) 125 75 55 84 139 50 183 233 88 120 208
Net investment income on Group investments 80 49 129 13 12 26 -0 0 0 -0 -0 -0 8 9 17 10 11 21 88 58 146 23 23 46
Net capital gains/(losses) on Group investments 5 -0 4 0 -0 0 1 2 3 -3 -0 -4 -0 0 -0 0 -0 -0 5 2 7 -3 -0 -4
Net investment result on Group investments 85 49 134 13 12 26 1 2 3 -3 -0 -4 8 9 17 10 11 21 93 60 153 20 23 43
Net investment income on unit-linked investments 12 34 47 19 46 64 0 0 0 0 0 0 0 0 0 0 0 0 12 34 47 19 46 64
Change in liabilities for investment contracts and other funds -1 -1 -1 -1 -1 -2 0 0 0 0 0 0 0 0 0 0 0 0 -1 -1 -1 -1 -1 -2
Re-/Insurance finance income/(expenses) -24 -16 -40 -24 -53 -77 0 0 0 0 0 0 11 13 24 15 15 30 -13 -3 -16 -9 -38 -47
Net investment result 72 66 139 7 4 11 1 2 3 (3) (0) (4) 19 22 41 25 26 51 92 91 182 29 29 58
Fee income 0 0 0 0 0 0 2,251 2,278 4,529 2,266 2,311 4,577 0 0 0 0 0 0 2,251 2,278 4,529 2,266 2,311 4,577
Fee business expenses 0 0 0 0 -0 0 -1,333 -1,254 -2,587 -1,250 -1,285 -2,535 0 0 0 0 0 0 -1,333 -1,254 -2,586 -1,250 -1,285 -2,535
Fee result 0 0 0 0 (0) 0 918 1,024 1,942 1,015 1,026 2,041 0 0 0 0 0 0 918 1,024 1,942 1,016 1,026 2,042
Other revenues -26 11 -15 3 1 4 23 24 46 25 35 60 1 1 2 1 1 2 -3 36 33 29 38 67
Interest expense on debt -0 -0 -1 -0 -0 -0 0 -1 -1 -7 0 -7 0 0 0 0 -0 -0 -0 -1 -2 -7 -0 -7
Other expenses -58 -16 -74 -35 -29 -65 -48 -120 -167 -39 -47 -86 -0 -1 -1 -0 -0 -1 -106 -137 -242 -75 -77 -152
Restructuring costs and other items not relevant for BOP 2 0 3 0 0 0 40 108 148 35 34 70 0 0 0 0 0 0 42 108 150 35 35 70
Other result (82) (5) (87) (32) (28) (60) 15 10 25 14 23 37 1 0 1 1 1 2 (67) 6 (61) (17) (4) (22)
of which: Technical non-qualifying expense -55 -16 -71 -35 -29 -64 -3 1 -2 -1 -1 -2 -0 -1 -1 -0 -0 -1 -58 -16 -74 -37 -30 -67
of which: Other management related income/(expenses) — — — — — — -38 -30 -67 -33 -30 -63 — — — — — — — — — — — —
Business operating profit before non-controlling interests 90 120 209 8 11 20 934 1,036 1,970 1,026 1,048 2,074 (30) 148 117 81 111 192 993 1,303 2,296 1,115 1,171 2,286
Non-controlling interest 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Business operating profit 90 120 209 8 11 20 934 1,036 1,970 1,026 1,048 2,074 (30) 148 117 81 111 192 993 1,303 2,296 1,115 1,171 2,286
Additional information: — — — — — — — — — — — — — — — — — — — — — — — —
Gross management result — — — — — — 881 994 1,875 968 992 1,960 — — — — — — — — — — — —
Ratios, as % of insurance revenue — — — — — — — — — — — — — — — — — — — — — — — —
Loss ratio — — — — — — — — — — — — 106.6% 84.0% 95.1% 94.2% 91.3% 92.8% — — — — — —
Expense ratio — — — — — — — — — — — — 0.1% 0.1% 0.1% 0.1% 0.1% 0.1% — — — — — —
Combined ratio — — — — — — — — — — — — 106.7% 84.2% 95.2% 94.3% 91.4% 92.8% — — — — — —
Farmers Life insurance service result build-up
USD million Farmers Life
2023 2024
— H1 H2 FY-23 H1 H2 FY-24
CSM amortization 91 -3 89 31 34 65
Release of risk adjustment 21 5 26 -0 -0 -0
Insurance margin 112 2 114 30 34 65
Onerous contracts -15 30 15 1 1 1
Experience adjustments 3 26 29 2 1 2
Insurance service result 100 58 158 33 36 69

Group Functions and Ops

Business operating profit by group function
USD million 2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Business operating profit: — — — — — —
Holding and Financing -271 -216 -486 -210 -285 -496
Headquarters -147 -167 -314 -144 -211 -354
Zurich Global Ventures (footnote: Includes only central initiatives.) -14 -15 -29 -4 -16 -20
Total business operating profit (432) (398) (830) (358) (512) (870)

Investment Result and Yield

Group investments net investment result build-up by asset class
USD million Net investment income Net capital gains/(losses)1 (footnote: Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis.) Net investment result
2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Group investments — — — — — — — — — — — — — — — — — —
Investment-related cash 18 23 41 25 24 49 0 0 0 0 0 0 18 23 41 25 24 49
Equity securities 195 195 390 211 203 414 745 259 1,004 1,102 383 1,485 940 453 1,393 1,313 586 1,899
Debt securities 2,153 2,161 4,314 2,303 2,296 4,599 -617 -385 -1,002 -324 -121 -444 1,536 1,776 3,312 1,979 2,175 4,155
Investment property 256 240 497 246 225 471 -224 -450 -674 -91 160 69 32 -210 -177 155 385 540
Mortgage loans 52 48 100 47 45 92 -2 0 -2 -0 -2 -2 50 48 98 46 43 90
Other financial assets 120 129 250 119 161 280 2 -101 -98 -1 62 61 123 28 151 119 223 341
Investments in associates and joint ventures 0 1 2 1 -5 -3 -0 -10 -10 0 0 0 0 -9 -9 1 -5 -3
Derivative financial instruments 0 0 0 -1 10 9 9 178 186 -51 119 68 9 178 186 -52 130 77
Investment result, gross, for Group investments 2,795 2,798 5,593 2,951 2,960 5,911 (87) (510) (597) 635 601 1,237 2,708 2,289 4,996 3,586 3,562 7,148
Investment expenses for Group investments -98 -113 -211 -89 -92 -181 0 0 0 0 0 0 -98 -113 -211 -89 -92 -181
Foreign Currency gains and losses 0 0 0 0 0 0 -41 -58 -99 -112 -40 -153 -41 -58 -99 -112 -40 -153
Investment result, net, for Group investments 2,698 2,685 5,382 2,862 2,868 5,730 (128) (567) (696) 523 561 1,084 2,569 2,117 4,687 3,385 3,429 6,814
Investment result, net, for unit-linked contracts 691 515 1,207 660 665 1,325 6,464 6,520 12,984 9,058 6,001 15,059 7,156 7,035 14,191 9,718 6,666 16,384
Investment result, net, for total investments 3,389 3,200 6,589 3,522 3,533 7,055 6,336 5,953 12,288 9,581 6,562 16,143 9,725 9,153 18,877 13,103 10,095 23,198
Investment yield by business unit
USD million Property & Casualty Life Group
2023 2024 2023 2024 2023 2024
— H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24 H1 H2 FY-23 H1 H2 FY-24
Book yield of debt securities (approximated) (footnote: Includes change of ECL allowance.) 3.1% 3.3% 3.2% 3.5% 3.6% 3.6% 2.8% 2.9% 2.8% 2.9% 3.0% 3.0% 2.9% 3.1% 3.0% 3.2% 3.3% 3.2%
Reinvestment yield of debt securities (approximated) (footnote: Reinvestment yield calculated as a weighted-average trade yield of purchased debt securities with maturity > 90 days during the period, on an annual basis.) 4.9% 5.0% 5.0% 5.0% 5.0% 5.0% 4.2% 4.2% 4.2% 4.1% 3.8% 4.0% 4.6% 4.8% 4.7% 4.6% 4.5% 4.6%
Investment income yield of total Group investments, net of investment expenses (footnote: Investment income yield calculated based on average Group Investments (accounting view). In 2024, the decrease 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.) 1.7% 1.8% 3.5% 1.8% 1.9% 3.8% 2.2% 2.3% 4.6% 1.8% 1.7% 3.6% 1.9% 1.9% 3.9% 1.8% 1.8% 3.7%

Investments

Total investments breakdown by asset class
% 2023 2024
— H1 H2 H1 H2
Total investments (USD billions) 170 171 165 161
Government and Government Guaranteed 32.6% 33.5% 32.8% 34.0%
Credit, Private Debt 44.0% 43.1% 43.3% 42.6%
Mortgages 2.7% 2.7% 2.6% 2.5%
Real estate 9.4% 9.0% 8.8% 8.0%
Equities 4.0% 3.9% 4.5% 4.3%
Hedge Funds, Private Equity 2.2% 2.2% 2.5% 2.6%
Cash 5.1% 5.6% 5.3% 6.0%
Rating of fixed income securities breakdown by rating
% 2023 2024
— H1 H2 H1 H2
Rating of Fixed Income Securities2 (USD billions) (footnote: Includes government and government guaranteed, credit and private debt exposure.) 130 131 125 123
- AAA 21.6% 21.6% 21.4% 21.2%
- AA 29.0% 30.1% 29.9% 31.5%
- A 17.7% 17.8% 19.1% 18.1%
- BBB 25.7% 24.9% 24.1% 23.5%
- Non-investment grade 5.9% 5.5% 5.5% 5.6%
- Unrated 0.0% 0.0% 0.0% 0.0%
Rating of government and government guaranteed securities breakdown by rating
% 2023 2024
— H1 H2 H1 H2
Rating of Government & Government Guaranteed Securities (USD billions) 55 57 54 55
- AAA 26.7% 27.5% 27.3% 26.6%
- AA 49.7% 49.9% 49.5% 51.1%
- A 4.4% 4.1% 5.2% 4.4%
- BBB 15.6% 15.2% 14.5% 14.9%
- Non-investment grade 3.6% 3.3% 3.5% 3.0%
- Unrated 0.0% 0.0% 0.0% 0.0%
Rating of credit and private debt securities breakdown by rating
% 2023 2024
— H1 H2 H1 H2
Rating of Credit, Private Debt Securities (USD billions) 75 74 71 68
- AAA 17.9% 17.1% 16.9% 16.9%
- AA 13.8% 14.8% 15.0% 15.9%
- A 27.6% 28.4% 29.6% 29.2%
- BBB 33.1% 32.5% 31.4% 30.4%
- Non-investment grade 7.6% 7.2% 7.0% 7.6%
- Unrated 0.0% 0.0% 0.0% 0.0%
Government and government guaranteed investments breakdown by country
% 2023 2024
— H1 H2 H1 H2
Government and Government Guaranteed (USD billions) 55 57 54 55
- USA 24.1% 24.3% 24.4% 24.6%
- Italy 6.9% 6.0% 6.2% 6.0%
- Germany 10.2% 9.7% 9.2% 8.6%
- Spain 8.1% 8.3% 8.5% 8.4%
- France 9.7% 9.8% 8.7% 9.0%
- Switzerland 6.8% 7.6% 6.8% 7.2%
- UK 6.0% 5.9% 5.9% 5.4%
- Other 28.2% 28.3% 30.2% 30.7%
Credit and private debt investments breakdown by type
% 2023 2024
— H1 H2 H1 H2
Credit and Private Debt (USD billions) 75 74 71 68
- Non-Financial Credit 32.4% 32.9% 32.5% 31.7%
- Financial Credit 24.1% 25.3% 26.0% 26.4%
- Municipals, Agencies, State Credit 16.4% 16.8% 16.8% 17.1%
- Asset Backed Securities 8.8% 8.0% 8.4% 8.2%
- Covered Bonds 4.8% 5.4% 4.8% 5.0%
- Other 13.4% 11.6% 11.6% 11.7%
Non-financial credit investments breakdown by industry (footnote: Market value of the investment portfolio (economic view).)
% 2023 2024
— H1 H2 H1 H2
Non-Financial Credit (USD billions) 24 24 23 22
- Transport & Utilities 30.4% 29.7% 28.2% 27.3%
- Manufacturing 16.4% 16.9% 16.6% 17.4%
- Telecom 14.4% 14.3% 14.7% 15.0%
- Retail and Consumer Business 15.1% 15.1% 16.0% 16.1%
- Chemicals & Pharmaceuticals 10.0% 10.3% 10.8% 10.7%
- Other 13.7% 13.7% 13.6% 13.4%

RoE, EPS and BVPS

Core ROE calculation build-up
USD million 2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Core ROE calculation — — — — — —
BOP 3,720 3,661 7,381 3,988 3,763 7,751
Shareholders' effective tax rate (in %) 24.4% 25.7% 25.0% 26.0% 24.1% 25.1%
BOP after tax 2,813 2,721 5,540 2,951 2,855 5,804
NIAS 2,492 1,859 4,351 3,026 2,788 5,814
Average adjusted shareholders' equity (footnote: Average shareholders’ equity based on semi-annual data points (based on quarterly data points in previous disclosures).) 24,556 23,515 24,035 23,402 23,688 23,545
Core ROE (in %) (footnote: 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).) 22.9% 23.1% 23.0% 25.2% 24.1% 24.6%
NIAS ROE (in %) (footnote: Calculated as NIAS 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).) 20.3% 15.8% 18.1% 25.9% 23.5% 24.7%
Shares in issue build-up
USD million 2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Shares in issue — — — — — —
Common shares issued 150 146 146 146 146 146
Treasury shares 5 2 2 2 4 4
Common shares outstanding 145 144 144 144 142 142
Weighted average for basic EPS 146 144 145 144 143 144
Dilution impact 1 1 1 1 1 1
Weighted average for diluted EPS 147 145 146 145 144 145
EPS, diluted EPS, BVPS by currency
USD million 2023 2024
— H1 H2 FY-23 H1 H2 FY-24
EPS, Diluted EPS, BVPS — — — — — —
in USD — — — — — —
NIAS (in millions) 2,492 1,859 4,351 3,026 2,788 5,814
Basic EPS 17.06 12.87 29.96 20.98 19.49 40.48
Diluted EPS 16.96 12.78 29.73 20.82 19.35 40.15
Core EPS (footnote: Business Operating Profit after tax divided by weighted average number of shares (diluted).) 19.15 18.71 37.85 20.30 19.81 40.08
in CHF — — — — — —
Average USD/CHF rate 1.10 1.13 1.11 1.13 1.15 1.14
Basic EPS 15.56 11.39 26.91 18.64 17.00 35.62
Diluted EPS 15.47 11.31 26.71 18.50 16.87 35.33
Core EPS (footnote: Business Operating Profit after tax divided by weighted average number of shares (diluted).) 17.46 16.56 34.00 18.04 17.28 35.27
BVPS 147.17 145.40 145.40 150.11 162.23 162.23

Equity

Total equity rollforward
USD million 2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Total equity, as previously reported 26,930 25,335 26,930 26,280 25,565 26,280
Effect of adoption IFRS 9 376 0 376 0 0 0
Effect of adoption IAS 29 and restatement under IFRIC 7 139 0 139 0 0 0
Total equity, after the adoption of IFRS 9, IAS 29 and restatement under IFRIC 7 27,446 25,335 27,446 26,280 25,565 26,280
Non-controlling interests 1,247 1,492 1,247 1,419 1,446 1,419
Shareholders' equity 26,199 23,843 26,199 24,860 24,119 24,860
Issuance of share capital 0 -0 -0 0 0 0
Dividends to shareholders -3,877 0 -3,877 -4,156 0 -4,156
Treasury share transactions -1,380 -382 -1,762 121 -1,211 -1,090
NIAS 2,492 1,859 4,351 3,026 2,788 5,814
Change in discount rate for insurance/reinsurance contracts 114 -1,093 -979 571 -490 81
Change in fair value of underlying investment -588 -663 -1,250 932 -828 104
Net unreal. gains/(losses) on financial assets 819 2,155 2,974 -1,402 1,257 -144
CTA 56 -496 -440 -3 -439 -442
Net actuarial gains/(losses) on pension plans 35 -484 -448 232 136 368
Share-based payment transactions -26 131 106 -62 138 76
Other -2 -10 -12 -0 0 -0
Shareholders' equity 23,843 24,860 24,860 24,119 25,472 25,472
Non-controlling interests 1,492 1,419 1,419 1,446 1,466 1,466
Total equity, end of period 25,335 26,280 26,280 25,565 26,938 26,938
Total equity build-up
USD million 2023 2024
— H1 H2 H1 H2
Share capital 11 11 11 11
Treasury shares -1 -0 -0 -0
Additional paid-in capital 1,222 1,333 1,272 1,410
Net unreal. gains/(losses) on financial assets -6,461 -4,304 -5,708 -4,448
Change in discount rate for insurance/reinsurance contracts 5,384 4,291 4,862 4,372
Change in fair value of underlying investment 1,716 1,053 1,985 1,158
Cumulative foreign currency translation adjustment -10,156 -10,616 -10,659 -11,103
Share of other comp. inc. of equity acctd investments -2 -3 -2 -3
Revaluation reserve 270 254 254 254
Retained earnings 31,860 32,842 32,104 33,823
Common shareholders' equity 23,843 24,860 24,119 25,472
Preferred securities 0 0 0 0
Shareholders' equity 23,843 24,860 24,119 25,472
Non-controlling interests 1,492 1,419 1,446 1,466
Total equity 25,335 26,280 25,565 26,938
Shareholders' equity time series
USD million 2023 2024
— H1 H2 FY-23 H1 H2 FY-24
Shareholders' equity at end of period 23,843 24,860 — 24,119 25,472 —
Net URG's/URL's (footnote: Includes net unrealized gains/(losses) on financial assets, net change in discount rate for (re-)insurance contracts and net change in fair value of underlying items through OCI.) -637 -1,037 — -1,138 -1,078 —
Adjusted shareholders' equity at end of period 23,205 23,824 — 22,981 24,394 —
Average adjusted shareholders' equity of period 24,556 23,515 24,035 23,402 23,688 23,545

Currency Impact

Business operating profit and net income variance by currency impact
USD million FY-24
Reported (in GC) in LC
— in USD millions Variance in %1 (footnote: Variance to the prior year period.)
Business operating profit 7,751 5.0% 5.8%
Net income attributable to shareholders 5,814 33.6% 37.5%
Gross written premiums 46,624 5.0% 5.5%
Insurance revenue 44,792 5.9% 6.3%
Insurance service result 3,500 9.9% 10.0%
Net investment income 2,503 14.3% 16.3%
Business operating profit 4,204 8.0% 8.5%
Insurance revenue 11,700 6.4% 7.7%
PVNBP 16,891 3.1% 5.7%
Business operating profit 2,235 8.5% 9.4%
Business operating profit -870 (4.9%) (2.1%)
Business operating profit -104 (171.2%) (171.1%)

Exchange Rates

USD per foreign currency unit exchange rates
USD Consolidated balance sheets at end-of-period exchange rates Consolidated income statements and cash flows at average exchange rates
— 12/31/23 12/31/24 12/31/23 12/31/24
Euro 1.1053 1.0353 1.0813 1.0821
Swiss franc 1.1874 1.1035 1.1132 1.1365
British pound 1.2737 1.2520 1.2434 1.2781
Brazilian real 0.2059 0.1619 0.2003 0.1865
Australian dollar 0.6817 0.6189 0.6644 0.6599
Japanese yen 0.0071 0.0064 0.0071 0.0066
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