Zurich/2024/FY/Financial supplement (Excel)

Document info
Document ID	y9a64z
Organization	Zurich
Year	2024
Period	FY
Period label	FY24
Document category	Financial supplement
Document name	Zurich Supplementary information FY 2024
Language	English
Pages	17
Source	original URL
Stored file	.pdf file
Transcript	wiki page
Data	data page

c. 1; p. 1

BOP by Business

1 | Business operating profit build-up by business unit.

In 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	–	–	–	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)	–	–	–	(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)	–	–	–	–	–	–	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)	–	–	–	–	–	–	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	–	–	–	–	–	–	679	481	1,160	641	619	1,260	12	34	47	19	46	64	–	–	–	–	–	–	0	0	0	0	0	0	–	–	–	–	–	–	691	515	1,207	660	665	1,325
Change in liabilities for investment contracts and other funds	–	–	–	–	–	–	(434)	(299)	(733)	(444)	(398)	(842)	(1)	(1)	(1)	(1)	(1)	(2)	–	–	–	–	–	–	(4)	(4)	(8)	(4)	(4)	(7)	–	–	–	–	–	–	(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)	–	–	–	(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)	–	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	87	87	–	–	–	–	–	–	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)	–	(2)	(2)	(2)	(3)	(5)	(74)	(97)	(170)	(130)	(32)	(163)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(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)	–	–	–	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)	–	–	–	–	–	–	–	–	–	–	–	–	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)	–	–	–	3,720	3,661	7,381	3,988	3,763	7,751

c. 2; p. 2

BOP to NIAS by Business

2 | Business operating profit to net income attributable to shareholders reconciliation by business unit.

In 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)	–	–	–	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	–	–	–	(258)	(672)	(930)	402	441	843
Net capital gains/(losses) on unit-linked investments	–	–	–	–	–	–	6,153	6,274	12,426	8,752	5,827	14,579	126	55	182	116	42	158	–	–	–	–	–	–	185	191	377	190	133	322	–	–	–	–	–	–	6,464	6,520	12,984	9,058	6,001	15,059
Change in liabilities for investment contracts and other funds	–	–	–	–	–	–	(2,692)	(2,944)	(5,637)	(4,508)	(2,754)	(7,261)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(2,692)	(2,944)	(5,637)	(4,508)	(2,754)	(7,261)
Re-/Insurance finance income/(expenses) 1(footnote: Includes change in fair value of underlying investment, the impact of change in discount rates and risk mitigation arising from derivatives)	–	–	–	–	–	–	(3,260)	(3,510)	(6,769)	(4,397)	(3,378)	(7,775)	(126)	(53)	(180)	(114)	(43)	(158)	–	–	–	–	–	–	(192)	(192)	(383)	(173)	(136)	(310)	–	–	–	–	–	–	(3,578)	(3,755)	(7,332)	(4,685)	(3,557)	(8,242)
Net gains/(losses) on divestment of businesses	–	–	–	13	3	16	(28)	(87)	(116)	14	84	98	–	–	–	–	–	–	(0)	12	12	(1)	(0)	(1)	–	–	–	–	–	–	–	–	–	–	–	–	(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)	–	–	–	–	–	–	(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)	–	–	–	–	(87)	(87)	–	–	–	–	–	–	(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)	–	–	–	–	–	–	–	–	–	–	–	–	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)	–	–	–	–	–	–	3,532	2,754	6,286	4,352	3,946	8,298
Income tax expense/(benefit) attributable to policyholders (BOP relevant)	–	2	2	2	3	5	74	97	170	130	32	163	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	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)	–	–	–	–	–	–	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

(1) Includes change in fair value of underlying investment, the impact of change in discount rates and risk mitigation arising from derivatives

c. 3; p. 3

BS by Business

3 | Assets by business unit.

In 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	–	–	–	–	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	–	–	–	–	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	–	–	–	–	83	70	77	70	–	–	–	–	14,340	13,684	12,630	11,734
Mortgage loans	920	964	899	865	3,334	3,360	3,323	3,182	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	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	–	–	–	–	23	46	45	117	55	60	60	0	–	–	–	–	106	135	136	146
Holding in affiliates	0	0	0	0	0	0	0	0	–	–	–	–	(0)	(0)	(0)	(0)	–	–	–	–	–	–	–	–	0	0	0	0
Investments for unit-linked contracts	–	–	–	–	130,539	137,249	142,301	144,343	1,169	1,245	1,357	1,422	–	–	–	–	2,574	2,650	2,752	2,769	–	–	–	–	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	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	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	–	–	–	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	–	–	–	–	–	–	–	–	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	–	–	–	–	–	–	–	–	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	–	–	–	–	55,925	60,115	64,146	66,364	42	42	40	40	–	–	–	–	118	113	108	103	–	–	–	–	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	–	138	87	91	–	–	–	–	–	–	–	–	–	–	–	–	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	–	–	–	–	–	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	–	760	–	–	10,012	9,548	9,459	9,880	–	–	–	–	(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)	–	–	86	76	71	70	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)	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

c. 4; p. 4

P&C by Segment

4 | Property & casualty business operating profit build-up by segment.

In 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(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 2(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)	–	–	–	–	–	–	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	–	–	–	–	–	–	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	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	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)	–	–	–	–	–	–	–	–	–	–	–	–	–	(2)	(2)	(2)	(3)	(5)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	(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)	–	–	–	–	–	–	2,313	1,708	4,020	2,296	2,058	4,353
Non-controlling interest	12	11	23	12	14	26	–	–	–	–	–	–	1	1	2	2	5	6	52	50	102	58	58	116	–	–	–	–	–	–	–	–	–	–	–	–	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)	–	–	–	–	–	–	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%	–	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 3(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%

(2) Includes add-back and international programs business

(3) Includes insurance service expenses reported in the insurance service result, as well as technical non-qualifying expenses reported in the other result

c. 5; p. 5

P&C by Country & Customer Unit

5 | Property & casualty key metrics by country and customer unit.

In 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%

6 | Property & casualty key metrics by customer unit.

In 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%

c. 6; p. 6

Life by Segment

7 | Life business operating profit build-up by segment.

In 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	–	–	–	–	–	–	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)	(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)	–	–	–	–	–	–	(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	–	–	–	–	–	–	30	24	54	30	35	65	19	(3)	16	23	13	35	–	–	–	–	–	–	–	–	–	–	–	–	679	481	1,160	641	619	1,260
Change in liabilities for investment contracts and other funds	(416)	(284)	(700)	(423)	(373)	(796)	–	–	–	–	–	–	(18)	(15)	(33)	(21)	(25)	(47)	–	–	–	(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)	–	–	–	–	–	–	(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	–	–	–	–	–	–	25	35	60	25	18	43	9	9	18	9	11	20	–	–	–	–	–	–	–	–	–	–	–	–	430	450	880	460	491	951
Fee business expenses	(295)	(299)	(594)	(315)	(310)	(624)	(0)	–	(0)	(0)	–	(0)	(3)	(14)	(17)	(4)	(4)	(8)	(7)	(7)	(13)	(7)	(6)	(13)	–	–	–	–	–	–	–	–	–	–	–	–	(305)	(319)	(624)	(326)	(320)	(646)
Fee result	102	107	208	112	152	264	(0)	–	(0)	(0)	–	(0)	21	22	43	20	15	35	2	2	5	2	5	7	–	–	–	–	–	–	–	–	–	–	–	–	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	–	–	–	–	–	–	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	(348)	(341)	(689)	(333)	(368)	(701)
Restructuring costs and other items not relevant for BOP	2	8	10	19	44	64	(0)	(0)	(0)	–	–	–	17	7	23	4	1	6	32	9	42	2	(28)	(26)	–	–	–	–	–	–	–	–	–	–	–	–	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)	–	–	–	–	–	–	(12)	(19)	(31)	(14)	(6)	(20)	(2)	(0)	(2)	(1)	(0)	(1)	–	–	–	–	–	–	–	–	–	–	–	–	(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	–	–	–	–	–	–	1,156	1,334	2,490	1,287	1,418	2,705
Non-controlling interest	71	77	148	86	86	171	–	–	–	–	–	–	(0)	(0)	(1)	(1)	(1)	(1)	146	137	283	154	146	300	–	–	–	–	–	–	–	–	–	–	–	–	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	–	–	–	–	–	–	939	1,121	2,060	1,048	1,187	2,235

8 | Life insurance service result build-up by segment.

In 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 4(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	–	–	–	–	–	–	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 5(footnote: Excludes impact of onerous contracts.)	(1)	(15)	(16)	8	14	22	1	1	1	0	1	1	–	–	–	–	0	0	229	228	457	249	254	502	(1)	1	(1)	(2)	(3)	(5)	–	–	–	–	–	–	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	–	–	–	–	–	–	1,060	1,221	2,281	1,172	1,237	2,409

(4) Includes USD 5 million and USD 8 million adjustments related to Argentina hyperinflation for 2024 and 2023, respectively.

(5) Excludes impact of onerous contracts.

c. 7; p. 7

Life Details

9 | New business production by product type.

In 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%

10 | Contractual service margin rollforward by product type.

In 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

11 | Insurance service result.

In 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

12 | Fee business result and key performance indicators.

In 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%

c. 8; p. 8

Life by Country

13 | Gross premiums and deposits, insurance revenue, and business operating profit by geography.

In USD million	Gross premiums and deposits1 6(footnote: Gross written premiums for Protection, gross policyholder inflows for Savings & Annuities and Unit-linked (including investment and asset management contracts).)	Gross premiums and deposits1					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)	–	–	–	–	–	–
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

(6) Gross written premiums for Protection, gross policyholder inflows for Savings & Annuities and Unit-linked (including investment and asset management contracts).

c. 9; p. 9

Life Reserves Liabilities AUM

14 | Reserves and liabilities by geography and contract type.

In 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	–	–	–	–	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	–	–	–	–	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	–	–	–	–	13,006	12,212	12,726	13,487	–	–	–	–	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	–	–	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	–	–	–	–	–	–	–	–	–	–	–	–	32	32	11	13
Eliminations	(0)	0	1	1	–	–	–	–	–	–	–	–	–	–	–	–	(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

15 | Assets under management rollforward by investment type.

In 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	–	–	–	–	–	–
of which group investments	69,679	72,744	72,744	86,678	84,641	84,641	–	–	–	–	–	–
of which 3rd party investments	46,210	49,483	49,483	48,607	49,616	49,616	–	–	–	–	–	–

c. 10; p. 10

Farmers

16 | Business operating profit build-up by Farmers segment.

In USD million	Farmers Life1 7(footnote: Includes eliminations.)	Farmers Life1					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	–	–	–	–	–	–	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)	–	–	–	–	–	–	(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)	–	–	–	–	–	–	–	–	–	–	–	–	(1)	(130)	(131)	(64)	(145)	(209)
Insurance service result	100	58	158	33	36	69	–	–	–	–	–	–	(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	–	–	–	–	–	–	–	–	–	–	–	–	12	34	47	19	46	64
Change in liabilities for investment contracts and other funds	(1)	(1)	(1)	(1)	(1)	(2)	–	–	–	–	–	–	–	–	–	–	–	–	(1)	(1)	(1)	(1)	(1)	(2)
Re-/Insurance finance income/(expenses)	(24)	(16)	(40)	(24)	(53)	(77)	–	–	–	–	–	–	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	–	–	–	–	–	–	2,251	2,278	4,529	2,266	2,311	4,577	–	–	–	–	–	–	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)	–	–	–	–	–	–	(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	–	–	–	–	–	–	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)	–	(1)	(1)	(7)	–	(7)	–	–	–	–	(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	–	–	–	–	–	–	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	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
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%	—	—	—	—	—	—

17 | Farmers life insurance service result build-up.

In 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

(7) Includes eliminations.

c. 11; p. 11

Group Functions and Ops

18 | Business operating profit build-up by group function.

In 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 8(footnote: Includes only central initiatives.)	(14)	(15)	(29)	(4)	(16)	(20)
Total business operating profit	(432)	(398)	(830)	(358)	(512)	(870)

(8) Includes only central initiatives.

c. 12; p. 12

Investment Result and Yield

19 | Group investments net investment result build-up by asset class.

In USD million	Net investment income						Net capital gains/(losses)1 12(footnote: Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis.)	Net capital gains/(losses)1					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	–	–	–	–	–	–	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	(9)	(9)	1	(5)	(3)
Derivative financial instruments	–	–	–	(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)	–	–	–	–	–	–	(98)	(113)	(211)	(89)	(92)	(181)
Foreign Currency gains and losses	–	–	–	–	–	–	(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

20 | Investment yields by business unit.

In 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) 9(footnote: Includes change of ECL allowance.)	3.1%	3.3%	3.2%	3.5%	3.7%	3.6%	2.8%	2.9%	2.8%	2.9%	3.0%	3.0%	2.9%	3.1%	3.0%	3.2%	3.3%	3.3%
Reinvestment yield of debt securities (approximated) 10(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 11(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%	1.9%	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%

(12) Book yield calculated as weighted-average portfolio yield of debt securities during the period on an annual basis.

(9) Includes change of ECL allowance.

(10) Reinvestment yield calculated as a weighted-average trade yield of purchased debt securities with maturity > 90 days during the period, on an annual basis.

(11) 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.

c. 13; p. 13

Investments

21 | 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	2.3%	2.3%	2.5%	2.6%
Cash	5.1%	5.6%	5.3%	6.0%

22 | Rating of fixed income securities breakdown by rating.

%	2023		2024
	H1	H2	H1	H2
Rating of Fixed Income Securities2 (USD billions) 13(footnote: Includes government and government guaranteed, credit and private debt exposure.)	130	131	125	123
- AAA	21.6%	21.7%	21.4%	21.2%
- AA	29.1%	30.1%	29.9%	31.5%
- A	17.7%	17.8%	19.1%	18.2%
- 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%

23 | 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%	49.6%	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%

24 | 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%	31.5%	30.4%
- Non-investment grade	7.6%	7.2%	7.0%	7.6%
- Unrated	0.0%	0.0%	0.0%	0.0%

25 | 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%	9.3%	8.6%
- Spain	8.1%	8.3%	8.5%	8.4%
- France	9.7%	9.9%	8.7%	9.0%
- Switzerland	6.8%	7.6%	6.8%	7.2%
- UK	6.0%	6.0%	5.9%	5.4%
- Other	28.3%	28.3%	30.2%	30.7%

26 | Credit and private debt 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	24.2%	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%

27 | Non-financial credit breakdown by industry ²⁰(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%	17.5%
- Telecom	14.4%	14.4%	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%

(13) Includes government and government guaranteed, credit and private debt exposure.

(20) Market value of the investment portfolio (economic view).

c. 14; p. 14

RoE, EPS and BVPS

28 | Core ROE calculation build-up.

In 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 14(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 %) 15(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 %) 16(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%

29 | Shares in issue build-up.

In 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

30 | EPS, diluted EPS, BVPS by currency.

In 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 17(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 17(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

(14) Average shareholders’ equity based on semi-annual data points (based on quarterly data points in previous disclosures).

(15) 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).

(16) 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).

(17) Business Operating Profit after tax divided by weighted average number of shares (diluted).

c. 15; p. 15

Equity

31 | Total equity rollforward.

In 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	–	376	–	–	–
Effect of adoption IAS 29 and restatement under IFRIC 7	139	–	139	–	–	–
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)	–	–	–
Dividends to shareholders	(3,877)	–	(3,877)	(4,156)	–	(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

32 | Total equity build-up.

In 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

33 | Shareholders' equity rollforward.

In 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 18(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

(18) 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.

c. 16; p. 16

Currency Impact

34 | Business operating profit and net income currency impact.

In USD million	FY-24
	Reported (in GC)		in LC
	in USD millions	Variance in %1 19(footnote: Variance to the prior year period.)	Variance in %1
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%)

(19) Variance to the prior year period.

c. 17; p. 17

Exchange Rates

35 | 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