Zurich Insurance : Analysts’ consensus as per April 22, 2024

ZURICH INSURANCE GROUP CONSENSUS		DATE OF ISSUE: April 22, 2024
NOTE: PLEASE SEE DISCLAIMER TAB FOR IMPORTANT INFORMATION.
									Q1-24						FY-24							FY-25						FY-26						FY-27
		UNIT			LOW	AVERAGE	MEDIAN	HIGH	INPUTS		LOW	AVERAGE	MEDIAN	HIGH	INPUTS			LOW	AVERAGE	MEDIAN	HIGH	INPUTS		LOW	AVERAGE	MEDIAN	HIGH	INPUTS		LOW	AVERAGE	MEDIAN	HIGH	INPUTS
GROUP	Business operating profit (BOP)	USDm											7'214	7'743	7'752	8'128	17			7'615	8'250	8'208	8'875	17		7'877	8'610	8'581	9'588	16		8'064	9'009	8'979	9'755	7
	Net income attributable to shareholders	USDm											5'158	5'707	5'730	6'095	17			5'280	6'119	6'130	6'656	17		5'343	6'383	6'400	7'191	16		6'310	6'756	6'664	7'267	7
	Shareholders' equity	USDm											24'722	25'503	25'419	27'096	16			24'575	26'717	26'290	28'789	16		26'294	28'153	27'826	31'412	15		20'140	28'327	29'120	31'410	7
	SST	%			227%		239%		240%	253%	14		221%	245%	238%	330%	13		220%	249%	244%	328%	13		219%	254%	252%	330%	13		233%	273%	272%	334%	6
	Cash remittances	USDbn											4.4	4.9	4.7	5.5	12		4.6	5.2	5.2	6.0	12		4.6	5.4	5.4	6.4	12		5.4	5.8	5.6	6.8	5
	Dividend (per share)	CHF											27.0	28.2	28.0	33.9	17		28.0	30.1	30.0	36.7	17		28.7	31.7	32.0	37.9	16		30.0	33.0	34.0	37.0	7
	Diluted EPS	USD											35.4	39.6	39.8	42.5	16		37.0	42.6	43.0	45.5	16		37.4	44.5	44.8	49.5	15		43.8	47.2	46.7	50.0	7
Property and Casualty	Insurance revenue	USDm											43'958	44'560	44'619	45'254	17			45'304	46'775	46'762	49'000	17		46'663	48'902	48'769	52'000	16		48'063	50'771	50'373	54'600	7
	Insurance service result	USDm											3'459	3'743	3'657	4'267	17			3'740	4'086	4'109	4'452	17		3'932	4'299	4'339	4'682	16		3'987	4'391	4'319	4'843	7
	Net investment result	USDm											1'017	1'386	1'347	1'751	17		840	1'414	1'454	1'821	17		740	1'430	1'527	1'861	16		998	1'548	1'654	1'850	7
	- of which: re-/insurance finance income / (expenses)	USDm											-1'231	-1'157	-1'200	-800	16			-1'455	-1'306	-1'337	-860	16		-1'688	-1'421	-1'460	-880	15		-1'894	-1'580	-1'496	-1'313	6
	Other (incl. fee result)	USDm											-937	-711	-702	-570	17		-877	-722	-713	-570	17		-1'013	-756	-741	-570	16		-824	-753	-740	-667	7
	- of which: technical non-qualifying (expenses)	USDm											-900	-860	-856	-755	16		-940	-875	-861	-777	16		-1'002	-903	-899	-801	15		-1'009	-913	-904	-833	6
	BOP	USDm											3'853	4'289	4'307	4'646	17			4'147	4'637	4'640	5'107	17		4'207	4'834	4'864	5'405	16		4'502	5'026	5'098	5'344	7
	Combined ratio	%											92.3%	93.5%	93.7%	94.1%	17		92.2%	93.2%	93.2%	94.0%	17		92.2%	93.1%	93.2%	93.9%	16		92.3%	93.2%	93.4%	94.0%	7
	- Loss ratio	%											64.0%	65.4%	65.6%	66.1%	16		63.9%	65.1%	65.1%	65.9%	16		63.6%	65.1%	65.3%	65.9%	15		64.6%	65.3%	65.5%	66.0%	6
	of which catastrophes	%											2.6%	2.9%	2.8%	3.3%	16		2.5%	2.8%	2.8%	3.3%	16		2.4%	2.8%	2.8%	3.3%	15		2.6%	2.8%	2.8%	3.0%	6
	of which discount impact (current accident year)	%											-3.7%	-3.3%	-3.4%	-3.0%	16		-3.8%	-3.3%	-3.3%	-2.7%	16		-3.8%	-3.2%	-3.2%	-2.6%	15		-3.8%	-3.4%	-3.4%	-3.1%	6
	of which prior year development	%											-3.0%	-1.6%	-1.5%	-1.5%	16		-3.0%	-1.6%	-1.5%	-1.5%	16		-2.9%	-1.6%	-1.5%	-1.5%	15		-1.6%	-1.5%	-1.5%	-1.5%	6
	- Expense ratio	%											27.8%	28.1%	28.1%	28.3%	16		27.5%	28.1%	28.0%	28.5%	16		27.5%	28.0%	28.0%	28.7%	15		27.6%	27.9%	27.9%	28.3%	6
Life	Insurance service result	USDm											2'045	2'771	2'200	11'491	17			2'040	2'846	2'230	12'013	17		2'034	3'010	2'307	12'566	16		2'055	2'564	2'371	3'860	7
	of which CSM amortization	USDm											1'437	1'514	1'500	1'610	16			1'449	1'533	1'514	1'660	16		1'422	1'559	1'536	1'750	15		1'405	1'573	1'546	1'840	6
	of which short-term life business	USDm											300	454	464	496	16		300	475	484	551	16		440	512	512	607	15		497	551	539	663	6
	Net investment result	USDm											500	658	622	900	17		480	693	653	967	17		450	708	683	1'040	16		644	731	697	860	7
	Fee result	USDm											150	259	269	330	17		150	271	280	380	17		212	289	289	400	16		256	329	318	420	7
	BOP	USDm											2'016	2'092	2'085	2'174	17			2'011	2'160	2'160	2'280	17		2'055	2'241	2'239	2'405	16		2'100	2'348	2'311	2'587	7
Farmers	FMS BOP	USDm											1'959	2'042	2'052	2'100	15			2'027	2'134	2'145	2'310	15		2'086	2'225	2'233	2'518	14		2'133	2'328	2'306	2'700	6
	FMS Margin	%											7.0%	7.0%	7.0%	7.3%	15		7.0%	7.0%	7.0%	7.3%	15		6.9%	7.0%	7.0%	7.4%	14		7.0%	7.0%	7.0%	7.0%	6
	Farmers Re BOP	USDm											41	115	121	193	15		40	115	105	241	15		29	110	103	247	14		31	102	83	251	6
	FNWL BOP	USDm											0	26	5	246	15		0	29	8	260	15		0	25	11	170	14		3	44	11	200	6
	BOP	USDm											2'080	2'207	2'196	2'412	17			2'153	2'300	2'298	2'509	17		2'216	2'382	2'354	2'788	16		2'319	2'508	2'388	2'950	7
Group Functions and Operations	BOP	USDm											-860	-830	-831	-780	17		-870	-834	-838	-780	17		-880	-836	-838	-780	16		-900	-860	-855	-840	7
Non-Core Businesses	BOP	USDm											-53	-16	-14	72	17		-50	-12	-17	103	17		-50	-11	-10	88	16		-45	-13	-5	0	7
BROKERS INCLUDED
Barclays, Berenberg, BNP Paribas Ex	ane, BofA, Citi, Deutsche Bank, Intesa Sanpaolo, Jefferies, JP Morgan, KBW, Kepler	Cheuvreux, Mediobanca, Morgan Stanley, Octavian,	Oddo, Vontobel, ZKB
ZURICH IR CONTACTS
Jon Hocking	[phone]	[e-mail]
Francesco Bonsante	[phone]	[e-mail]
Johannes Herholdt	[phone]	[e-mail]
Samuel Han	[phone]	[e-mail]

ZURICH INSURANCE GROUP CONSENSUS	DATE OF ISSUE: April 22, 2024

DISCLAIMER:

This consensus document represents solely the views and opinions of the analysts which provided estimates for the according category and does not constitute or may not be understood to represent opinions, forecasts, predictions, advice or guidance by Zurich Insurance Group Ltd ("Zurich") or its management with regard to the profits, return on equity targets, financial strength, expenses, pricing conditions, dividend policy, underwriting and claims results or other financial or operating data of Zurich or any of its subsidiaries. Furthermore, the average, median or any other data provided herein shall not be deemed to imply the endorsement or concurrence by Zurich or its management with the opinions or conclusions represented by this information. Zurich assumes no responsibility whatsoever for the accuracy or completeness of the information contained herein and accepts no liability with respect thereto. Zurich undertakes no obligation to update the information contained herein. This document and the information contained herein are provided solely for information purposes, and is not intended to constitute investment advice or solicitation to buy, hold or sell any securities or other financial instruments any jurisdiction. No investment decision relating to securities of or relating to Zurich or its affiliates should be made on the basis of this document.

			ZURICH IR CONTACTS
Jon Hocking	+41	76 478 73 96	[e-mail]
Francesco Bonsante	+41	44 628 00 68	[e-mail]
Johannes Herholdt	+41	79 794 4895	[e-mail]
Samuel Han	+41	44 625 32 57	[e-mail]