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Zurich confirms outstanding financial strength Montag, 29. April 2024 - 06:48

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Ad hoc announcement pursuant to Art. 53 of the Listing Rules
April 29, 2024

Zurich confirms outstanding financial strength

Zurich Insurance Group (Zurich) has published its Financial Condition Report 2023, reaffirming the strong financial position and robust balance sheet of the Group.

The Group Swiss Solvency Test (SST) ratio was 234% as per January 1, 20241, compared to 267% in the previous year. The reduction reflects the accrual of the 2023 dividend and the planned share buyback of up to CHF 1.1 billion, as well as the redemption of EUR 500 million of subordinated debt and the acquisition of three brokerage entities and the flood program servicing arm from Farmers Exchanges2.

The Financial Condition Report is a regulatory disclosure required by law and specified by the Swiss Financial Market Supervisory Authority FINMA. It provides comprehensive information about the solvency and financial strength of the Group. Further, it includes information about business performance, corporate governance, Zurich's risk profile, valuation for solvency purposes and a description of how the Group manages capital.


1 The Swiss Solvency Test (SST) ratio as of January 1, 2024, is calculated based on the Group's internal model, which is subject to the review and approval of the Swiss Financial Market Supervisory Authority FINMA.
2 Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, provides certain non-claims services and ancillary services to the Farmers Exchanges as its attorney-in-fact and receives fees for its services.

Zurich Insurance Group

Media Relations
Mythenquai 2
8002 Zurich
Switzerland

Phone: +41 (0) 44 625 21 00
E-mail: media@zurich.com
www.zurich.com

 
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Disclaimer and cautionary statement

This publication has been prepared by Zurich Insurance Group Ltd and the opinions expressed therein are those of Zurich Insurance Group Ltd as of the date of writing and are subject to change without notice.

This publication has been produced solely for informational purposes. The analysis contained and opinions expressed herein are based on numerous assumptions. Different assumptions could result in materially different conclusions. All information contained in this publication have been compiled and obtained from sources believed to be reliable and credible but no representation or warranty, express or implied, is made by Zurich Insurance Group Ltd or any of its subsidiaries (the ‘Group’) as to their accuracy or completeness. Opinions expressed and analyses contained herein might differ from or be contrary to those expressed by other Group functions or contained in other documents of the Group, as a result of using different assumptions and/or criteria. This publication is not intended to be legal, underwriting, financial investment or any other type of professional advice. Persons requiring advice should consult an independent adviser. The Group disclaims any and all liability whatsoever resulting from the use of or reliance upon this publication. Certain statements in this publication are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans, developments or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, developments and plans and objectives to differ materially from those expressed or implied in the forward-looking statements.

The subject matter of this publication is also not tied to any specific insurance product nor will it ensure coverage under any insurance policy. This publication may not be reproduced either in whole, or in part, without prior written permission of Zurich Insurance Group Ltd, Mythenquai 2, 8002 Zurich, Switzerland. Zurich Insurance Group Ltd expressly prohibits the distribution of this publication to third parties for any reason. Neither Zurich Insurance Group Ltd nor any of its subsidiaries accept liability for any loss arising from the use or distribution of this publication. This publication is for distribution only under such circumstances as may be permitted by applicable law and regulations.

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