It's good enough. More is always good. Operator We have a follow-up question from Andrew Sinclair from Bank of America. Andrew Sinclair Just first wanted to continue on Life a little bit more. Actually, I was just looking at some of the Q4 figures you had in a slide pack today. I think on Slide 11, it was a really big jump on the investment contracts, fee revenue in Q4. I was probably a little bit surprised by that. I didn't think markets were quite that good in Q4. And likewise, just if I look at the prote ...

Zurich Insurance Group AG (OTCQX:ZURVY) Q3 2023 Earnings Conference Call November 9, 2023 7:00 AM ET Company Participants Jonathan Hocking - Head, IR & Rating Agency Management Mario Greco - Group CEO George Quinn - Group CFO Conference Call Participants Andrew Sinclair - Bank of America Merrill Lynch Michael Huttner - Berenberg Peter Eliot - Kepler Cheuvreux Andrew Ritchie - Autonomous Will Hardcastle - UBS William Hawkins - KBW Dominic O'Mahony - BNP Paribas Ismael Dabo - Morgan Stanley Vinit Malhotra - M ...

Financial Data and Key Metrics Changes - The Group reported a BOP of $3.7 billion, flat compared to the record result from the previous year, but higher on a per-share basis [3][4] - The return on equity (ROE) for BOP was strong at 22.9% [4] - The U.S. dollar EPS increased by 8% [4] Business Line Data and Key Metrics Changes - Property & Casualty (P&C) reported a combined ratio of 92.9% with a headline BOP down 6%, but up 3% when adjusted for foreign exchange and absence of a real estate gain from last year [7][8] - Gross written premiums in P&C grew by 10% in constant currency for commercial and 9% for retail [5] - Life business saw a 17% like-for-like growth in new business premiums and an 18% growth in BOP [5][11] - Farmers management services had a BOP increase of 8%, driven by 5% underlying growth at the Farmers Exchanges [13] Market Data and Key Metrics Changes - Commercial rates increased by 7% overall, with 9% in North America and significant acceleration in property rates, which rose by 18% in Q2 [8] - Retail rates increased by 4%, with higher increases in motor portfolios [9] Company Strategy and Development Direction - The company aims to selectively grow the business in a disciplined manner, focusing on simplification, improving customer experience, and building distribution [6] - The shift to IFRS 17 is expected to provide additional transparency for investors, particularly regarding the fast-growing, protection-focused joint venture with Santander in Latin America [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the new financial cycle and sees significant opportunities for growth and attractive returns for shareholders [14] - The outlook for commercial rates is stable for the remainder of the year [8] Other Important Information - The company incurred costs in the first half related to rationalizing its real estate portfolio [6] - The company is working towards closing the Germany and Chile back book transactions later in the year, which will improve the risk profile of the portfolio [12] Q&A Session Summary Question: Rate changes in commercial lines and margin expansion in H2 - Management indicated that rates are stabilizing and expect to expand margins in H2, with positive developments in pricing across various lines [16][18] Question: Farmers Re and cat losses - Management confirmed that there is a natural cat loss cap in place, which will help predict outcomes for Farmers Re in the second half [23][25] Question: Progress on the German life back book deal - Management is targeting a year-end close for the deal, pending regulatory approval, and does not expect financial impact from any delays [30][32] Question: Capital addition to Farmers - Management stated that Zurich cannot directly add capital to the exchanges and prefers external market support for reinsurance needs [33][36] Question: Additional conservatism in commercial lines - Management acknowledged increased conservatism in loss cost trend assumptions, particularly in commercial auto, to avoid unnecessary volatility [39][42] Question: Life CSM contribution and guidance - Management indicated that the expected return on CSM is more about transparency and consistency, with modest growth anticipated due to current interest rate conditions [47][59] Question: Liability business and social inflation - Management noted that loss cost trend assumptions have been increased for lines exposed to social inflation, while overall trends have slightly improved [70][71]

Zurich Insurance Group AG (OTCQX:ZURVY) Q1 2023 Earnings Conference Call May 17, 2023 7:00 AM ET Company Participants Jon Hocking - Head, Investor Relations and Rating Agency Management George Quinn - Group CFO Mario Greco - Group CEO Conference Call Participants Andrew Sinclair - Bank of America Merrill Lynch Michael Huttner - Berenberg Peter Eliot - Kepler Cheuvreux Andrew Ritchie - Bernstein Autonomous William Hawkins - KBW Vinit Malhotra - Mediobanca Ashik Musaddi - Morgan Stanley Dominic O'Mahony - BNP ...

| --- | --- | --- | --- | |-----------------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | FY-22 IFRS 17 | | | | | Supplementary Information Supporting slides | | | | | | | | | | May 17, 2023 Investor presentation Zurich Insurance Group | | | | © Zurich © Zurich Key messages | --- | --- | |------------------------------------------------------|----------------------------------------------------------------------------------------------------------------- ...

Zurich Insurance Group AG (OTCQX:ZURVY) Q4 2022 Earnings Conference Call February 9, 2023 7:00 AM ET Company Participants Jon Hocking - Head, Investor Relations and Rating Agency Management George Quinn - Group CFO Mario Greco - Group CEO Conference Call Participants Andrew Sinclair - Bank of America Merrill Lynch Michael Huttner - Berenberg Andrew Ritchie - Bernstein Autonomous Peter Eliot - Kepler Cheuvreux William Hardcastle - UBS James Shuck - Citi Kamran Hossain - JPMorgan William Hawkins - KBW Dominic ...

Zurich Insurance Group AG (OTCQX:ZURVY) Q3 2022 Earnings Conference Call November 10, 2022 7:00 AM ET Company Participants Jon Hocking - Head, Investor Relations and Rating Agency Management George Quinn - Group CFO Mario Greco - Group CEO Conference Call Participants Andrew Sinclair - Bank of America Merrill Lynch Kamran Hossain - JPMorgan Chase & Co. William Hawkins - KBW William Hardcastle - UBS Michael Huttner - Berenberg Andrew Ritchie - Bernstein Autonomous Dominic O'Mahony - BNP Paribas Exane Ashik M ...

Financial Data and Key Metrics Changes - The company reported its highest first half business operating profit since 2008, achieving a significant milestone despite challenging market conditions [3][4] - Business operating profit for Property and Casualty (P&C) rose 32% to $2.1 billion, with a record low combined ratio of 91.9% [5] - Life business operating profit grew by 13%, driven by underlying growth and a reduced level of COVID claims compared to the previous year [8] Business Line Data and Key Metrics Changes - P&C gross written premiums increased by 13% on a like-for-like basis, with commercial insurance rate increases of 9% remaining stable [5] - Farmers Exchanges' gross written premiums increased by 15%, supported by the inclusion of the MetLife business and organic growth [8] - The Life business maintained a focus on protection and unit-linked products, contributing to its strong performance [6][8] Market Data and Key Metrics Changes - The company added over 850,000 customers in the first half of the year, indicating strong customer growth [4] - The company received an upgrade to AAA in its ESG rating from MSCI, reflecting its commitment to sustainability [9] Company Strategy and Development Direction - The company announced a CHF1.8 billion share buyback to offset the earnings per share impact from the sale of its German life back book, aiming to reduce capital volatility [4] - The management emphasized a focus on transforming Zurich into a leaner, more agile insurer, primed for future challenges [4] - The company plans to discuss its ambitions for the next strategic cycle in November, indicating a forward-looking approach to industry transformation [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged unprecedented market conditions driven by the war in Europe, higher inflation, and the lingering effects of the pandemic [3] - The company expects continued margin improvement in commercial insurance, with pricing trends remaining ahead of loss cost trends into 2023 [15] - Management expressed confidence in the company's positioning to lead industry transformation with sustainable products and services [9] Other Important Information - The company is implementing the new IFRS 17 framework, with a detailed explanation planned for a webcast [9] - The management highlighted the importance of customer satisfaction, with significant improvements noted in various markets [96] Q&A Session All Questions and Answers Question: Capital and Buyback Impact - A participant inquired about the capital sensitivity and the binding constraints on capital, particularly in relation to the share buyback [12] - The CFO responded that the company has plenty of flexibility regarding capital and does not expect significant constraints [13][14] Question: Proceeds from Back Book Deal - A question was raised about the earmarking of proceeds from the back book deal and potential M&A opportunities [18] - The CFO indicated that while there is flexibility, the focus remains on organic growth and execution of existing plans [20] Question: Inflation and Reserve Adjustments - A participant asked about the areas of reserve adjustments in light of inflation [25] - The CFO explained that while some adjustments were made, the overall impact was not significant, with a focus on maintaining a consistent approach [29] Question: Farmers' Margin Recovery Timeline - A question was posed regarding the timeline for Farmers' margin recovery [38] - The CFO indicated expectations for recovery by the end of the next year, with a focus on maintaining expense control [40] Question: Inorganic Capital Allocation Priorities - A participant inquired about the company's inorganic capital allocation priorities [62] - The CFO noted that while there are opportunities, the company has been cautious and focused on existing markets [66] Question: Tactical Reinsurance and Crop Rates - A question was asked about the tactical reinsurance strategy in the US property market and crop rate adequacy [69] - The CFO responded that while there is a desire to accept more risk, the company is also focused on limiting exposure to natural catastrophe risks [70]

Financial Data and Key Metrics Changes - The company reported a strong start to the year with top-line growth of 8% on a reported basis and 12% on a like-for-like basis, driven by the strength of commercial insurance [4][5] - The solvency test ratio improved to 234% at the end of the quarter, up from 212% at the beginning of the year, benefiting from a rising yield environment [6][7] Business Line Data and Key Metrics Changes - The property casualty business experienced a top-line growth of 8% on a reported basis, with North America showing particularly strong growth with gross written premiums (GWP) up 17% [4][5] - The life business continued to perform well, with strong growth in new business volumes, although the new business margin was lower than the previous year due to mix effects [5] Market Data and Key Metrics Changes - Rate increases in the commercial insurance sector were reported at 9% for the quarter, with some stabilization expected to continue into April [4][5] - Farmers Exchanges, owned by policyholders, grew GWP by 29%, benefiting from the inclusion of the acquired MetLife P&C business [5] Company Strategy and Development Direction - The company aims to exceed all targets for 2022, which is the final year of the strategic cycle, focusing on maintaining strong growth across all business lines [4] - There is a preference for commercial lines over retail lines due to current market conditions, with a cautious approach to new risks [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining margins despite inflationary pressures, citing a favorable rate environment and strong underlying growth [5][10] - The retail market is viewed as more challenging, with expectations for it to become more attractive in the future as rates catch up with inflation [13][14] Other Important Information - The company is actively managing inflation risks, particularly in short-tail lines, and is focused on ensuring that underwriting processes reflect current exposure accurately [18][43] - There is ongoing attention to social inflation and its potential impact on claims, with management noting that there is currently no evidence of a significant change in outlook [52][53] Q&A Session Summary Question: Confidence in loss trends and inflation impact - Management confirmed confidence in written loss trends despite elevated inflation levels, citing internal numbers that have historically been more pessimistic than market outcomes [10][11] Question: Insights on inflation and solvency - Management discussed the relevance of inflation risks, particularly in short-tail lines, and noted that the solvency ratio remains strong with no immediate changes expected [18][20] Question: Retail market outlook - Management indicated that while the retail market is currently challenging, there is optimism for future growth as rates begin to respond to inflation [13][14] Question: Crop insurance risks - Management explained that crop insurance is heavily influenced by commodity prices and government involvement, with risks being actively managed [66][69] Question: Underwriting margin trends in Europe - Management acknowledged that the 2% rate increase in Europe is below inflation rates, but noted that it does not currently pressure margins due to favorable loss-cost experience [58][59] Question: Operational cost inflation in the U.S. - Management highlighted that operational cost inflation is a challenge, but the U.S. team has managed it effectively through targeted increases for high-demand skill groups [60]

Financial Performance Highlights - Zurich Insurance Group's FY21 Business Operating Profit (BOP) increased by 35% to $5.7 billion, the highest since 2007[5, 67] - The Group's net income attributable to shareholders (NIAS) increased by 36% in 2021[81, 265] - Cash remittances for 2021 amounted to $4.4 billion[11, 62, 221, 256] - The proposed dividend increased by 10% to CHF 22 per share[6, 61, 71, 257] Business Segment Performance - Property & Casualty (P&C) gross written premiums (GWP) increased by 11% like-for-like[5, 69, 87, 228] - Life BOP increased by 27%, with new business value up 22% on a reported basis[6, 70, 240] - Farmers Exchanges GWP increased by 7% like-for-like[6, 70, 218] - Farmers Management Services BOP increased by 5% like-for-like[6, 70] Key Ratios and Metrics - The Group's Swiss Solvency Test (SST) ratio was 212% as of Q4-21, a 31 percentage point improvement compared to Q4-20[6, 71, 218, 221, 328] - The P&C combined ratio improved to 94.3%, the lowest in 15 years[5, 69, 213] - Net promoter score improved, with approximately 2.2 million net new customers acquired[5, 68, 213, 233] Strategic Initiatives and Outlook - The Group is on track to meet or exceed its 2022 targets[5, 67, 221] - The sale of the Italian life and pension back book is expected to add approximately 11 percentage points to the SST ratio[59, 252, 329] - The Group expects mid-to-high single digit growth in net earned premiums for P&C in 2022[84, 269]