Stepping up our
ESG ambition
November 2022
Investor presentation
Zurich Insurance Group

© Zurich
Index 
2
Stepping up our ESG ambition 
November 2022
TOPIC
SLIDE NUMBER 
Strategy
4 - 9
ESG ambition 
10 - 16
Customer
17 - 25
Planet
26 - 33
People 
34 - 37
Communities
38 - 40
Corporate governance 
41 - 45
Remuneration 
46 - 50

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Key messages
Strategy
We support our customers’ transformation to a sustainable future throughout the insurance 
value chain
We are driving the net zero transition, strengthening our commitment in underwriting
Our people sustainability aspiration supports the life-long employability of our people, while 
delivering on customer needs
In line with our ambition to become one of the world’s most responsible and impactful 
businesses, we step up our ambitions and actions around customers, planet and people
We have demonstrated focused execution, are well on track to exceed all targets for the 
2020-2022 period and will continue to pursue an ambitious agenda for the 2023-25 cycle
ESG ambition 
Customers 
Planet
People 
November 2022
Stepping up our ESG ambition 
3
Our sound governance and remuneration practices are fundamental to our ESG ambition
Governance

Strategy

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Key messages
Focused execution
We are continuing our customer-focused transformation, investing in capabilities and 
technology to establish meaningful relationships and become the insurer of choice
STRATEGY
We are on track to become one of the most responsible and impactful businesses in the 
world, placing sustainability at the core of our organization and stakeholder interactions
We will continue to pursue an ambitious agenda for the 2023-2025 cycle, leveraging our 
technical strengths and delivering on our strategic vision
We have reduced capital and earnings volatility through targeted actions across our 
businesses, addressing peak exposures and optimizing returns
We have demonstrated resilience, adaptability and focused execution over the previous 
two strategic cycles and are well on track to exceed all targets for the 2020-2022 period
Reduced volatility
Customer centricity
ESG leadership
Increased ambition
November 2022
Stepping up our ESG ambition 
5

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2020-2022 Targets
Delivering across all our businesses
6
Stepping up our ESG ambition 
November 2022
STRATEGY
On track to exceed all targets, outperforming an ambitious plan 
for the second consecutive strategic cycle
1 Annualized business operating profit after tax return on equity, excluding unrealized gains and losses.
2 Compound organic earnings per share growth rate, before capital deployment, over the period 2020-2022.
3 Estimated Swiss Solvency Test (SST) ratio, calculated based on the Group’s internal model approved by the Swiss Financial Market Supervisory Authority FINMA.
4 Includes cash remittances for FY-20, FY-21 and FY-22e (in USD).
Target
Progress
BOPAT ROE1
>14%
EPS growth2
≥5%
SST ratio
3
≥160%
Cash remittances4
>11.5bn
•
Reclaimed leading position
•
Balanced global portfolio and reduced volatility
•
Strengthened technical capabilities
•
Continued growth and diversification
•
Invested in customer-focused transformation
•
Advanced digitalization of customer experience
•
Continued growth in unit-linked and protection
•
Executing back book transactions
•
Increased return on capital with reduced volatility
•
Further scaled up fee-based earnings 
•
Diversified geographic footprint 
•
Broadened distribution
Retail
Life
Farmers
Commercial

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Total shareholder return (USD)
(Indexed to 100% as of January 1, 2016)1
Stable, growing earnings and attractive dividend 
(FY-16 to FY-21)2
7
Stepping up our ESG ambition 
November 2022
STRATEGY
Consistently delivering superior value for our shareholders, 
with low volatility of earnings and attractive dividend
132%
154%
252%
0%
50%
100%
150%
200%
250%
300%
2017
2016
2018
2020
2019
2021
2022
STOXX Europe 600 Insurance
Zurich
SMI
8.5%
6.3%
Diluted earnings per share (CHF)
21
28
32
FY-16
FY-19
FY-21
78%
55%
Zurich
Peer group median
EPS growth (CAGR, %)
Payout ratio (%)
1 Source: Datastream, as of October 31, 2022.
2 Source: Datastream, as of October 31, 2022. Peers include AXA, Allianz, Generali, Chubb, Travelers.

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OPTIMIZED GLOBAL FOOTPRINT
COMPLEMENTARY DISTRIBUTION
CLEAR STRATEGIC PRIORITIESS
8
Stepping up our ESG ambition 
November 2022
STRATEGY
We have a clear strategic vision, driving focused execution 
towards fully delivering our ambition 
Commercial: 
brokers
Retail:
partnerships
Life: bank
distribution
Simplification
Simplifying our business and 
operations, to make better use 
of our resources
Innovation
Adapting to continue to meet 
and exceed the expectations of 
our customers and partners
Focus on customer
Transforming to become a truly 
customer-led company, based 
on strong existing platform
95%
18%
39%
Complementary distribution capabilities 
across segments, with attractive growth 
opportunities outside traditional channels
FY-21 share of premiums (%)2
Business operating profit by region (%)1
100%
FY-16
FY-21
EMEA
Latin America
Asia Pacific
North America
Farmers
1 BOP split by region excludes Group Functions & Operations, Non-Core Businesses and Group Reinsurance.
2 Share of gross written premiums (GWP) for Commercial and Retail and share of annual premium equivalent (APE) for Life, respec tively.

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consistent strategy, Increased Ambition
Financial Targets for 2023 – 20251
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Stepping up our ESG ambition 
November 2022
STRATEGY
Continuing to pursue our strategic vision established in 2016, 
accelerating ambition for 2023-2025 strategic cycle
1 Financial targets for 2023-2025 are based on IFRS 17.
2 Annualized business operating profit after tax return on equity, excluding unrealized gains and losses.
3 Compound organic earnings per share growth rate, before capital deployment, over the period 2023-2025. Assuming the achievement of the 2020-2022 target of a compound earnings per share growth rate of 5%.
4 Cumulative net cash remittances over the period 2023-2025 (in USD).
BOPAT ROE2
>20%
EPS growth3
8%
SST ratio
≥160%
Cash remittances4
>13.5bn
Accelerate customer loyalization in Retail through 
relevant, innovative propositions and holistic experiences
Drive climate transition through focus on sustainable 
solutions, engaging with customers and investees
Leverage strengths in distribution to pursue targeted 
growth opportunities in attractive, fast-growing segments
Value creation through customer intelligence, advanced
data analytics and targeted, customer-led digitalization
Deliver cross-cycle outperformance in Commercial based 
on technical excellence and opportunistic growth

ESG ambition
In line with our ambition to become 
one of the world’s most responsible 
and impactful businesses, we are 
stepping up our ambitions and 
actions around customers, planet 
and people

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Topic
Ambition
Deployment
Enablers
Customers
Support sustainable 
transformation 
•
Strengthen customers’ 
sustainability 
•
Customer care (data commitment, 
claims) 
Sustainability culture
Planet
Mitigate and adapt 
to climate change 
•
Decarbonization of insurance, 
investment portfolios and 
operations
•
Zurich’s resilience to climate 
change 
Partnership and 
advocacy
People
Future-proof our people 
and organization
•
Careers and work
•
Work environment committed 
to diversity, equity, fairness 
and wellbeing
Strengthen innovation
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Stepping up our ESG ambition 
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ESG AMBITION 
Our 2023-2025 ESG strategy builds upon established 
progress

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ESG AMBITION 
Accelerating ESG ambition across own operations and 
leveraging role as underwriter and investor
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Stepping up our ESG ambition 
November 2022
1 Includes retail and commercial customers. 
2 With 2021 reductions of 21% in corporate investments and 73% in operations emissions vs 2019 baseline with respective targets of -25% and -50% for 2025.
3 ENPS stands for employee Net Promoter Score; ENPS increased from +5 in April 2018 to +54 in October 2022.
4 To a share of 28% as of Sept 2022.
Additional targets for the 
upcoming cycle
Reduction in 
insurance 
associated 
emissions
Increase Impact 
Investments to 5% 
of proprietary 
assets
Increase share 
of revenue 
generated from 
sustainable 
solutions 
Further 
increase share 
of internal hires
Customers
Support transformation
Planet
Mitigate and adapt to 
climate change 
People
Future-proof our people
•
Launched Zurich Resilience Solutions
•
Global data transparency score up 30% since 2020
•
TNPS up +7pts since 20191
•
23 hours of learning per employee in 2021 
•
ENPS up +49pts since 20183
•
Females share in senior leadership roles up by 
6pts since 20174
•
Net-Zero delivery in investments and operations 
underway2
•
Thermal coal and oil sands exclusion concluded, 
review of oil and gas transition plans
Progress to date

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Strengthen customers’ 
sustainability 
Employee skill 
development 
Net zero target for 2030
Climate resilience for 
customers and portfolio
Net zero approach 
to investing
Sustainable
sourcing 
Data commitment 
Diversity, equity, 
inclusion and belonging
100% renewable 
power target
Net zero insurance 
baselining
Active ownership
Contribute to 
communities
Customer care 
Wellbeing
100% electric 
fleet target
Sustainability in 
business transactions
Impact investing 
Enhance climate 
resilience
ESG AMBITION
Our ESG strategy is part of the way we run our business
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Stepping up our ESG ambition 
November 2022
Investing
Employees
Customers
Operations
Underwriting
Partners and 
communities

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Innovation championship 
Examples 
Pre -financed carbon removal agreements
ESG AMBITION
We foster innovation as an accelerator for our ESG ambition 
Offers software helping companies 
engage their staff or customers to take 
positive actions (deeds) to combat climate 
change (e.g., personal carbon footprint 
calculator, gamification elements).
Forecasts weather, by combining 
novel ocean and land-surface data with 
machine learning and climate expertise 
to deliver weather
Based on storage of harvested 
biomass from degraded farmland in 
Australia.
Converts biomass waste to biochar 
in Puerto Rico and the U.S., which has 
applications in regenerative farming.
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Stepping up our ESG ambition 
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Captures CO2 directly from the air, 
reducing the atmospheric 
concentration of CO2, by only using 
renewable energy, energy-from-waste, 
or other waste heat as energy sources.

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Integrated sustainability disclosure
•
Developed strong non-financial 
disclosure as part of annual report. 
•
Climate risk scenario analysis 
conducted confirming our resilient 
strategy and flexibility to adapt to the 
impacts observed.
Progress on assurance 
•
Oversight by Audit Committee.
•
Most KPIs have been externally 
assured (‘limited assurance’).
•
Environmental KPIs achieved 
‘reasonable assurance’.
Sustainability reporting
•
Journey to improve non-financial 
reporting incrementally.
•
Incorporates 3 frameworks: TCFD1, 
SASB
2 and WEF IBC.3
•
Expectation to follow ISSB4 framework 
once available.
ESG AMBITION
ESG reporting is increasingly following the financial reporting 
governance processes 
1
Task force on Climate-related Financial Disclosures.
2 Sustainability Accounting Standards Board / Value Reporting Framework.
3 World Economic Forum International Business Council (IBC), core metrics only.
4 IFRS International Sustainability Standard Board 
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Stepping up our ESG ambition 
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‘AAA’ rating1
Absolute Score of 4
(out of 5.0)2
‘A’ Leadership Level3
Our long-term commitments 
Our engagement partners
•
Lead author of the World Economic Forum Global Risk Report
•
Founding member of the Net Zero Asset Owner Alliance
•
Founding member of the Net Zero Insurance Alliance
•
Member of Coalition for Climate Resilient Investment
•
Member of Insurance Development Forum
ESG AMBITION
Zurich is highly rated by external assessors
1 MSCI ESG Rating Report May 2022.
2 FTSE Industry Classification Benchmark (ICB), Jun 2022.
3 CDP Climate Change 2022 score.
ESG ratings and rankings 
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Stepping up our ESG ambition 
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Customer
We support our customers’ transformation 
to a sustainable future across the 
insurance value chain

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Supporting transitions and 
scaling sustainable 
solutions
•
Understanding, engaging with and 
supporting customers as they navigate 
the rapidly evolving net zero landscape 
as transitionary actions and technology 
create new risks that require a different 
approach to underwriting.
•
Innovating to deliver sustainable 
solutions across our value chain to 
scale positive impacts for both the 
planet and people.
Differentiating 
via sustainability impact
•
Reinforcing the impact Zurich delivers 
through its ESG actions, impact 
investments and sustainable solutions.
•
Provide top -tier risk management 
advice to our customers as a 
transition partner.
Providing customer care with 
empathy
•
Doing the right thing for our customers 
is essential for our long-term success 
and we want to inspire trust while 
building meaningful relationships.
•
We do this by treating our customers 
with respect and empathy while driving 
fair and positive outcomes during their 
interactions with us.
CUSTOMER
We will support customers through their transition, in addition 
to growing sustainable solutions and acting with empathy 
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Stepping up our ESG ambition 
November 2022

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Committed to working with existing customers in hard to abate 
industries as they drive necessary R&D for the transition
2021 Commercial Insurance industry mix1
Hard to abate industries such as transportation and heavy 
industry are estimated to contribute >30% of total greenhouse 
gas emissions2. 
Solutions to decarbonize these industries are considered high 
risk and challenging with respect to underwriting appetite.
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Stepping up our ESG ambition 
November 2022
We offer traditional solutions to commercial customers in hard 
to abate industries, whilst balancing risk
5% 4%
8%
11%
12%
55%
4%
Energy
Transportation
Agriculture
Heavy industry & mining
Construction
Real estate
Other
CUSTOMER
1 Based on FY-21 GWP.
2 Source: https://www.energy -transitions.org/wp-content/uploads/2020/08/ETC_MissionPossible_FullReport.pdf.
Acting with caution to support transitionary technology
Rapidly changing technology with limited 
historical loss information.
Mindset change in underwriting.
Increasing need to access detailed data to 
support pricing and risk understanding. 
Deeper customer engagement ahead of 
renewal / new business development.
Busy marketplace as insurers compete for market 
share in transitionary technology. 
Strongly resist pricing pressure and proposals 
of inadequate terms and conditions.
~USD 28bn

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Industry
Examples of underwriting challenges with transitionary technology
Industry support
Energy / Power
Offshore oil becomes offshore wind
Significant risks during construction and 
operation, as sophisticated and prototypical 
machinery is used in remote offshore 
locations.
Sustainable 
energy
Constant developments result in ever 
changing risks
Wind turbines expected to double in height 
from 2000 to 2025. +1800 different wind 
turbine technologies currently in use all with 
limited loss history information.
Construction
Low carbon methods of construction 
Mass timber and low carbon steel and 
cement represent new risks as historical 
stress testing and loss information is limited, 
resulting in difficulties in pricing.
1 International Union of Marine Insurance (IUMI).
CUSTOMER
We contribute to industry organizations to drive transition and 
to understand and address challenges together
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Stepping up our ESG ambition 
November 2022
Chair of IUMI’s1
Offshore Energy 
Committee
International 
Engineering 
Insurance 
Association (IMIA)
Member of Global 
Wind Energy 
Council


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20%
19%
12%
12%
10%
8%
6%
14%
2021 sustainable solutions 1
(Top-line2 USDm)
•
As a result of our conservative definition of sustainable solutions, 
they currently represent less than 1% of our overall portfolio.
•
Our ambition is to increase the share of sustainable solutions 
revenue.
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Stepping up our ESG ambition 
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We underpin our actions by developing sustainable solutions 
that support or incentivize positive actions for planet and people
Life protection / 
existing health conditions
Electric vehicles
Micro-insurance
Renewable energy
Investment products
LiveWell propositions bundled
Zurich Resilience Solutions
Other
~USD 300m
CUSTOMER
1 Sustainable solutions are defined as solutions designed or adapted to support environmentally sustainable activities or that contribute to mitigating environmental and/or climate risk; social solutions designed to 
enhance social or financial inclusion of socially disadvantaged people; products providing meaningful support to sustainability values or incentivizing sustainable behavior.
2 GWP and fees.
Offerings on environmental and social topics
•
Sustainable energy
•
Low carbon construction
•
Mobility solutions
•
Unit-linked solutions investing in ESG funds
Providing resilience solutions
•
Zurich Climate Change Resilience Solutions helps 
customers better understand their exposure to physical risk 
from climate change
•
Workplace Diversity, Equity & Inclusion service to work 
towards achieving ISO standard and customers own goals
Focused claims actions
•
Mental health support for property loss or workers injuries
•
Repair rather than replace optionality embedded into 
policy wording
•
‘Build back better’ endorsements after a claim

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Claims contributes to sustainable solutions
Climate resilience and loss mitigation
•
Defined catastrophe response processes that 
includes community pre- and post-loss / 
damage mitigation programs
Decarbonization
•
Reusing / repairing parts and contribution 
to circular economy
•
‘Green seal’ approval given to local repair 
networks 
Customer wellbeing
•
Trauma support included in claims solution
Our claims sustainability ambitions are rolled out globally
Area of impact
Example ambition
Customer and 
community
Support the development of 
sustainable propositions that focus on 
loss prevention, mitigation and seek to 
avoid the “same loss twice”
Employees supporting 
sustainability
Train all customer-facing claims staff 
to identify and support vulnerable 
customers
Claims partners
Implement sustainability assessment 
process for all new claims partners, 
ensuring that sustainability is a key 
deciding factor in the sourcing decision
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Stepping up our ESG ambition 
November 2022
CUSTOMER
Contact with customers at the point of claim provides further 
opportunity to demonstrate sustainable values

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Building ESG capabilities for Life customers 
Strategy roll -out 
23
Stepping up our ESG ambition 
November 2022
CUSTOMER
We are growing our ESG offering to our Life customers, 
also by developing innovative in-house solutions 
Analytics and reporting 
In-house tools for fund selection in our core European 
markets and improved ESG reporting to customers.
Distributor and asset manager engagement
Distributor support and training, engagement 
campaigns with asset and fund managers.
In-house investment solutions
Continuing to develop carbon neutral equity 
and bond funds.
•
Launched insurance industry-first carbon neutral world equity 
fund with low-carbon investments and carbon offsetting. 
NEW: targeting USD 1bn in Carbon neutral funds by 2025.
Available for unit-linked customers in Germany, Switzerland, 
Italy, Portugal, Spain, Chile, UAE and Malaysia. 
•
Launched Green Bonds Global Fund (~USD 0.5bn in 2022), 
available to Swiss customers.
•
German unit made ESG managed accounts offering the 
default for all distribution channels.
73% take-up for new business. 
•
Multi-asset thematic product in Portugal targeting 6 UN 
Sustainable Development Goals (SDGs) prioritized by the 
Portuguese government. 
Part of the management fee donated to a local charity project.

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CUSTOMER
We provide customer care with empathy to ensure 
meaningful relations 
November 2022
Stepping up our ESG ambition 
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Inspiring trust and supporting meaningful relationships
• Updating customer communication blueprint to promote simplicity, 
transparency and empathy (e.g., global empathy training)
• Increasing collaboration with customer insights team to better understand 
sustainability needs of our customers
Delivering digital sustainability
• Continue to deliver on our data commitment launched in 2019
– Responsibly using data and technology 
– Focusing on customer benefit and trust 
– Enabling resilient digital services 
Ensuring a claims experience with empathy
• Offering claims services that support our customers and communities to become 
more resilient to risk through loss prevention and well-care (e.g., trauma counseling)
• Increase the adaptability of our claims employees through re / up-skilling 
(e.g., vulnerable customer training)
Providing 
customer care
with empathy

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Ambition 
Delivery 
Implementation of data commitment 
•
Further increase in scope of review related to effectiveness, 
strength and robustness of processes and controls to ensure 
an increased level of transparency on how we collect, use and 
share personal data.
•
Roll out to more than 90% of business units complete.
Improvement of transparency score 
•
More than 95% of countries achieved target transparency 
score, enabling proactive customer engagement, enhanced 
management and fulfilment of customer rights and mitigation 
of risk of misuse of personal data. 
•
AI assurance framework: in-depth field-testing phase 
completed in 2022 and updated framework to be rolled out 
globally; Zurich is ahead of the curve when contemplating 
globally emerging regulation and legislation.
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Stepping up our ESG ambition 
November 2022
CUSTOMER 
We execute against our ambition to enable higher confidence 
in a digital society
Ethical use of data and artificial 
intelligence 
Data protection and cyber security 
Business resilience and 
digitalization

Planet
We are driving the net zero 
transition, strengthening our 
commitment in underwriting

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•
Continue to expand 
sustainable product suite
•
Support customers 
to transform behaviours
•
Foster innovation 
PLANET
Our climate strategy is articulated through concrete actions in 
the customer and planet pillars
1 Unless meaningful transition plans are considered to be in place.
2 Considered as anything north of 66 degrees latitude with the exception of the Norwegian Continental Shelf (NCS).
3 Target of engagement for insurance customers to be made public in 2023.
Set 
ambitious targets 
Exclusions where 
necessary
Engage 
Offer sustainable 
solutions
•
Leverage climate change 
expertise
•
Manage exposure through 
Cat modelling
•
Interim CO2e emission 
reduction targets
•
Thermal coal, oil sands and oil 
shale
•
New greenfield oil 
exploration projects1
•
Oil and gas drilling and 
production in the Arctic2
•
Target top 65% of financed 
emissions 
•
Assess and engage carbon 
intense insureds3 on ACDC 
framework 
•
Engage to have 75% of 
procurement spent with 
suppliers with net zero targets
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Stepping up our ESG ambition 
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Alignment
to Paris agreement and net zero targets
Commitment
short term plans and capex in place
Delivery 
progress on targets
Communication 
transparent disclosure
Insurance ACDC framework

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Understanding emissions as part of a balanced portfolio1
Becoming net zero leveraging actionable insights
Stepping up our ESG ambition 
November 2022
PLANET
We are engaging with our customers in line with our 
net zero ambition 
1 Sample comprises property customers contributing over GWP USD 1m.
97%
50%
50%
# customers
3%
CO2e
2022
Methodology 
developed 
and agreed
Expected 
by 2023
Set CO
2e
and engagement
targets
Expected 
2030
Delivery of first 
interim target
Net Zero
Insurance
Alliance
Baseline emissions and overlay existing commitments 
of customers as part of target setting process.
Portfolio analysis to understand industry / regional mix 
impact on trajectory and customer progress on targets.
Scenario assessment based on customers’ progress on their 
own targets and identify mitigating actions to reach our targets.
Baseline
Business 
monitoring
Balance
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Escalation process supports the increased focus on sustainability risks across lines of business1
Follow guidelines 
on assessing 
sustainability risks 
in individual 
transactions
Approve referred 
sustainability 
transactions or 
escalate them 
above country
Provide guidance on 
process, individual 
sustainability risks 
and support above 
country escalations
Comprises cross 
functional experts to 
provide 
recommendations to 
support the decision
PLANET
Our underwriting framework ensures awareness and mitigation 
of key ESG concerns
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Stepping up our ESG ambition 
November 2022
1 Chief Underwriting Officer 
Prioritized key areas
Thermal coal, oil sands and oil 
shales
Banned weapons
Dam construction
Oil / gas / mining in 
environmentally-sensitive 
areas
Transactions with human-rights 
implications
Detailed sustainability guidelines 
exist with a risk assessment and 
referral process in place
Sustainability
advisory team
Local 
underwriter
Country 
CUO1
Sustainability
desk

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Financing 
climate solutions3
• New: 5% of invested assets 
committed to impact investments by 2025
• Avoid 5m tonnes of CO2e per year through 
impact investments
• Contribute to a growing pipeline of climate 
solution investments
PLANET
Engagement
• Engage with top 65% emitters 
of financed emissions 
• Engage with asset managers, support for 
position paper, conduct policy advocacy
Net Zero approach
to investing
• 25% reduction of CO2e intensity 
(tCO2e/USDm invested at market value) for 
listed equity and corporate bonds 
• 30% reduction in direct real estate reduction in 
CO2e intensity (kg CO2e/sqm)
Responsible investments follows three interlinked targets 
for 2025 towards a net zero carbon future
Achievements
• Our financed corporate carbon footprint in 
20211 has reduced by 21% and our real estate 
emissions have reduced by 6% in 20202
• Thermal coal exclusions fully materialized in 
listed equity, further maturing in corporate 
credit 
1 Impacted by the 2020 pandemic effect on corporate reported emissions as well as the increased market values of 2021. 
2 Relative to 2019 baseline, measured as intensities. 
3 Climate solutions are green impact investments and green certified buildings.
Achievements
•
We have started engaging with companies 
that produced 46% of financed emissions in 
2019 with no existing science-based 
reductions targets 
•
12% of Zurich’s financed emissions were newly 
subject to targets in 2021
Achievements
• In December 2021, we have invested 
USD 8.2bn in climate solution investments
• We have already invested USD 5.1bn in green 
impact investments, which help to avoid 4.6m 
tonnes CO2e per year
• Certified green buildings investments account 
for USD 3.1bn
November 2022
Stepping up our ESG ambition 
30

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65%
46%
19%
Status 2021
Target
Engagements on net zero
% of total financed emissions 
Engagement approach
% of financed emissions 
Undertakings
• Upgrade Zurich proxy voting policy by 
allowing escalation of failed engagement 
on target setting by voting against 
chairman of board from 2023 onwards.
• Ensure alignment in engagement and 
proxy voting by our asset managers.
PLANET
On track with investments engagement targets 
ENGAGEMENT OUTCOME
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Stepping up our ESG ambition 
31
Engagement not started
Engagement started
25%
21%
Collectively
Bilaterally
16%
18%
12%
Failed
Succeeded
Ongoing

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Generating a positive impact1
Portfolio details
Impact investment portfolio (USDbn) 
PLANET
We are raising the bar with an additional target for impact 
investments to reach 5% of proprietary investments by 2025
1 As of December 2021.
4.6m tonnes CO2e avoided per year
3.6m people impacted per year
Green, social and sustainability bonds:
• Over 200 issuers globally invested
• 50% sovereign, 35% corporates and 15% financial issuers
• Investments in renewable energy, energy efficiency, clean 
transportation, affordable housing and other categories
Impact private equity: 
• 9 private equity funds with allocation to global clean-tech, 
financial inclusion and healthcare in emerging markets
0%
1%
2%
3%
4%
5%
3.8
2017
2018
2019
2020
2.8
2021
5.0
5.8
7.0
Green Bonds
Social and Sustainability Bonds
Impact Private Equity
Impact Infrastructure Debt
% Proprietary Investments
Target: 5% of invested assets committed to impact investments by 2025
November 2022
Stepping up our ESG ambition 
32

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Targets and ambitions 
• Following the COVID impact on commuting and travelling, we have reduced 
further our target from 50% to 60% reduction in CO2e by 2025; target of 
reduction by 70% by 2029 remains.
• Net zero in operations accelerated to 2030.
• Achievement is supported by 70% permanent reduction in air 
travel emissions, 100% electric or hybrid car fleet by 2025.
• Implement a sustainable buildings program in 50 sites in 2022.
Achievements 
• Significant reduction in operational emissions driven by temporary decline in 
employees commuting and travel. 
• However, the shift in work habits to home office and ambitious reduction in air 
travel should transform most of temporary benefits into long term ones. 
• 98% renewable power in 2021.
Reduction of absolute carbon emissions (in metric tonnes)1,2
PLANET
We are delivering on very ambitious emission reduction 
targets in our operations 
1 Subject to ‘reasonable assurance’ in 2021. 
2 Scope 1: directly generated by company; scope 2: generated indirectly through electricity and heating; scope 3: indirectly as sociated to the company activity up the value chain (mainly travel, employee commuting and 
data centers).
133
44
27
24
11
24
17
19
2020
2019
3
2021
181
72
49
-73%
Scope 1
Scope 2
Scope 3
November 2022
Stepping up our ESG ambition 
33

People
Our people sustainability aspiration 
supports the life-long employability 
of our people, while delivering on 
customer needs

© Zurich
35
Stepping up our ESG ambition 
PEOPLE
Zurich is a talented and diverse organization
1 Headcount and female representation data as of 30 September 2022. Senior management defined as our highest career levels E and D(~1800 people)
2 Average tenure as of 30 September 2022.
3 Annualized turnover (voluntary and involuntary) as of 30 September 2022.
5 Boomers and older: <1964; Gen X: 1965-1979; Gen Y: 1980-1996; Gen Z: > 1997.
Our organizational footprint
North America
20,025
Asia Pacific
6,856
EMEA
23,606
Latin America
7,283
Corporate 
Center
1,670
Nationalities
Average 
tenure 
(years)2
Average 
turnover3
Boomers 
and older5
Gen X4
Gen Y4
Gen Z4
124
9
10%
11%
40%
43%
6%
Female representation1
2022
48%
52%
Male
Female
Employees
59,440
Board
2021
33%
2022
36%
25%
2020
Executive Committee
55%
2022
2020
45%
2021
55%
Senior Management 2
2020
28%
2022
26%
2021
27%
November 2022

© Zurich
Listening to our employees (ENPS)
Internal hires 1
Learning and development 1 
PEOPLE
We are continuing to develop our existing workforce
36
Stepping up our ESG ambition 
November 2022
1 All 2022 numbers as of 30 September 2022. We observe quarterly fluctuations.
-23
+54
2017
Oct 2022
+77pts
2021
67%
2022
84%
Leadership team 
All hires 
23
20
2021
2022
Learning hours (‘000)
Average hours per learner per year 
63%
68%
2021
2022
975
504
451
400
2021
471
852
Q3-22
Mandatory
Non-Mandatory

© Zurich
Increase 
share of 
internal 
hires1
PEOPLE
The purpose of our people sustainability ambition 
is to future-proof our people and our organization
37
Stepping up our ESG ambition 
November 2022
1 Compared to 2021 baseline of 68%.
Support life-long 
employability 
for our people
while delivering 
on customer needs 
Strategic ambition 
Approach 
• Channel the right talent to close diversity and skills gaps
• Embed skills into learning, development and careers and strengthen internal marketplace 
• Proactive management of up -skilling / re-skilling 
• Establish support networks and partnerships (talent scouts, mentoring etc.) 
Accelerate 
skills-based
careers
Promote 
diversity and 
develop 
talent 
Purpose

Communities 
Z Zurich Foundation is responding to 
communities most immediate needs 
while building long-term resilience

© Zurich
COMMUNITIESS
Z Zurich Foundation supports Zurich to bring its sustainability 
ambition to life and at scale within communities
2020-2024 target
The Z Zurich Foundation has 
the aim to positively impact 
the lives of at least 11m 
vulnerable people by 2024. 
At the end of 2021, it had 
already helped 7m of them.
CHF 31m invested in community grants in 2021, in line with 2020, 
and CHF 13m worth of new and extended multi-year grants were approved
3.7m lives positively impacted, including 1.7m people receiving COVID-19 
vaccines as part of the Foundation global campaign in support of UNICEF
56% of Zurich’s employee base volunteered; CHF 2.4m+ of Zurich employee 
donations (up 88% compared to 2020)
2021 
Highlights
2022 
Actions
Dedicated response 
to support people fleeing 
Ukraine from day 1 of war. 
Largest individual 
fundraising in the
Foundation’s existence
Launch of the Global 
Coalition for Youth Mental 
Well-being, together 
with UNICEF First Action 
benefiting young refugees 
who have fled Ukraine.
November 2022
Stepping up our ESG ambition 
39

© Zurich
COMMUNITIESS
At the heart of Zurich’s ambition to be one of the most 
impactful and responsible businesses in the world
The Foundation’s strategic pillars address major global issues for which we have a strong expertise and infrastructure
Adapting to climate change 
A decade of experience and proof-points:
• Flood Alliance supporting 300 communities 
in 21 countries.
• Influenced local and global institutions to scale-up 
climate resilience investment and activities.
• Launching a Global Urban Climate Resilience program 
in 10 countries.
Improving mental wellbeing 
Building global expertise and proof-points:
• A set of 20 programs including award-winning 
projects in several countries.
• Influenced system-level changes in few countries 
(e.g., Isle of Man, Ireland).
• A global partnership with UNICEF to impact 30m 
young people by 2030.
A track record of impactful partnerships:
• 24 multi-year local partnerships in force, including 3 
regional partnerships.
Responding to crisis
Decades of providing impactful responses:
• Humanitarian aid to victims of natural catastrophes.
• Supported 230 charities in 35 countries in 2020 
during the first year of COVID-19. 
• Helped millions of people in 92 low to mid income 
countries to get COVID-19 vaccines in 2021.
• Large scale multi-level response for the victims of the 
war in Ukraine in 2022.
Enabling social equity
November 2022
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40

Corporate 
Governance 
Our governance strives for the 
highest level of quality and integrity

© Zurich
Board composition1
Board by background, experience, skills and knowledge1
Board by length of tenure 
A diverse and independent Board, well positioned to support 
management delivery on strategic priorities
1 Status as of December2021; since October 2022, the gender balance is 50/50.  Board members are allocated to one or more natio nality, sectors and/or specialization areas based on their individual profile.
2 According to Spencer Stuart – https://www.spencerstuart.com/research-and-insight/switzerland-board-index/diversity.
45%
55%
Female
Male
36%
7%
22%
7%
22%
7%
Germany
Luxembourg
Switzerland
U.S.
UK
Singapore
27%
Insurance
Non Financial
Banking
27%
64%
42%
58%
5-10 years
< 5 years
By skill 
Finance, accounting & audit
Risk management
CEO experience
ESG
Macroeconomics
Legal, regulatory & governance
IT, data, digital & cyber security
36%
People & culture
91%
55%
45%
36%
27%
18%
18%
By sector
SMI 2021
Avg. of 27%2
CORPORATE GOVERNANCE
November 2022
Stepping up our ESG ambition 
42

© Zurich
Key focus areas in 2021-2022
Strategy – definition of targets and actions to pursue 
long-term strategy around customer focus, innovation and 
simplification; sale of legacy traditional life insurance back 
books to optimize balance sheet and reduce exposure to 
interest rates and credit.
Sustainability – refresh of Zurich’s sustainability pillars and 
ambitions around customers, planet and people; definition of 
sustainability priorities and actions for the next strategic cycle.
Implementation of IFRS 17 – assessment of implications and 
discussion of implementation choices.
2021 Board meeting attendance1
Maximum number of mandates in listed companies3
CORPORATE GOVERNANCE 
Board leadership and commitment to key strategy 
and policy issues 
1 Board and committees. 
2 Group Nomination and Sustainability Committee (GNSC).
3 According to European proxy voting guidelines 2022. Please note that proxy advisors have additional limitations for directors who serve as chairmen or executives. These special cases were not considered here.
4 Including mandate at Zurich Insurance Group Ltd. Additional limitations exist, amongst others, for the total number of mandates (including listed and non-listed). For details, please see article 33 of the Articles 
of Association.
4
5
5
Glass Lewis
Zurich4
ISSSS
November 2022
Stepping up our ESG ambition 
Audit Committee
Board
Risk & Investment Committee
GNSC2
Remuneration Committee
97%
97%
98%
100%
100%
43

© Zurich
CORPORATE GOVERNANCE 
The Board is responsible for the ESG ambition and its delivery 
1 ESG specific responsibilities.
Overall strategic 
responsibility and oversight
Board of Directors
within area of responsibility
Governance, Nominations & 
Sustainability Committee
1
Audit Committee
Risk & Investment Committee
Remuneration Committee
Sustainability strategy, 
oversight and monitoring of 
approach to sustainability
Financial and non-financial 
reporting, disclosure, internal 
controls and external audit
Oversight of risk profile and 
risk management framework and 
investment process (incl. ESG risks)
Remuneration architecture, 
achievements of performance 
metrics (incl. ESG metrics)
Overall management 
responsibility
Group CEO
within specific area of 
responsibility
Sustainability ExCo sponsor 1
ExCo members
CEO direct reports
Drive sustainability strategy, 
monitor progress
Subject matter responsibility 
incl. ESG; strategy implementation
Implementation, workforce 
sustainability, advisory, controls
Sustainability responsibility 
by management committee 
or team
Sustainability team
1
Management committees
Drive sustainability strategy, 
monitor progress
Subject matter responsibility 
incl. non-financial reporting, 
risk, investment strategy
Operational responsibility 
and strategy implementation
Sustainability Leaders Council 1
Countries and businesses
Strategic implementation linking 
Group, countries and businesses
November 2022
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44

© Zurich
CORPORATE GOVERNANCE
Swiss corporate law reform requires changes to our 
Articles of Association
1 Zurich Insurance Group Ltd. (ZIG)
2 Articles of Association of ZIG.
Other features of
the reform
Implementation of lower 
thresholds to exercise 
shareholder rights
Creation of flexibility to hold virtual-only 
shareholders’ meeting in the future 
whenever appropriate
Implementation of new definition of 
permitted external mandates of Board and 
ExCo members
Gender equality on Board (30%) and ExCo 
(20%) level 
Capital-related 
changes
Capital band will replace 
authorized share capital 
• Capital increases and reductions now 
possible
• New 5 years duration
• Capital increases (upper limit): similar 
principles as under authorized share 
capital 
• Capital reductions (lower limit): 
increases flexibility to manage capital 
through share repurchases
Swiss corporate 
law reform
New law enters into force 
on January 1, 2023
New law seeks to modernize corporate 
governance by 
• strengthening shareholder rights and 
promoting gender equality on the Board 
and senior management level
• providing companies more flexibility 
regarding their share capital
ZIG’s1 shareholders to vote on amendment 
of Articles2
November 2022
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45

Remuneration 
Our remuneration is aligned 
with strategic goals and 
reflects business outcomes

© Zurich
2021 remuneration structure1
Senior management compensation includes significant 
component of long-term deferred remuneration
Fixed remuneration / Fees
•
Base salary benchmarked towards local relevant market median
•
Pensions in line with relevant market practice
•
Benefits in line with local market – can include life insurance, medical cover, 
flexible benefits and expatriate/cross-border allowances
•
For Directors, includes fees paid in cash and shares (5 years sales restricted)
Short Term Incentive Plan (STIP)
•
1-year performance period, paid in cash
•
Award mainly driven by relevant BOP and TNPS (80/20), as well as individual 
performance assessment of pre-defined targets
Long Term Incentive Plan (LTIP)
•
Annual target allocation
•
Pre -defined performance criteria – NIAS ROE, cash remittance and relative 
TSR with equal weight, assessed over 3 years
•
Three-year cliff vesting – half of vested shares sales-restricted for additional 
3 years for ExCo
REMUNERATION
Directors
CEO
Exco
Employees
100%
100%
29%
22%
49%
33%
25%
42%
88%
9% 3%
STIP P
Fixed
LTIPP
November 2022
Stepping up our ESG ambition 
47
1 At target, as a percentage of total remuneration considering ExCo members active for the full year, including the Group CEO.

© Zurich
132%
154%
252%
0%
50%
100%
150%
200%
250%
300%
2019
2016
2017
2018
2021
2020
2022
Total shareholder return (USD since Jan 1, 2016)1
Zurich has created significant value for shareholders
Dividend per share (CHF)
REMUNERATION
1 Source: Datastream, as of October 31, 2022. TSR indexed to 100% as of January 01, 2016.
17
18
19
20
20
22
FY-16
FY-17
FY-21
FY-18
FY-19
FY-20
CAGR
+5%
November 2022
Stepping up our ESG ambition 
48
Zurich
SMI
STOXX Europe 600 Insurance

© Zurich
2022 executive committee STIP framework
Enhanced disclosure for Group CEO STIPP
49
Stepping up our ESG ambition 
November 2022
REMUNERATION
2022 ExCo STIP metrics focused on customers and 
financials while supporting the Group’s overall strategy
Financials 40-50%
Customers 40%
Employees 10 - 20%
BOP 100%
STIP funding based on business 
performance
STIP allocation based on individual 
performance (target cards) 
Consideration of 
execution against 
strategic priorities, 
including ESG 
and risk-based review
+
Disclosure of 
achievement vs target 
Measure
Weight
Achievements
narrative
Outcome 
Financials
50%
•
….
•
….
Partially met / 
Fully met / 
Exceeded
Customers
40%
•
….
•
….
Partially met / 
Fully met / 
Exceeded
Employees
10%
•
….
•
….
Partially met / 
Fully met / 
Exceeded
Consideration of execution against strategic priorities, including ESG 
and risk-based review 
Overall achievement: Partially met / Fully met / Exceeded
% of STIP target

© Zurich
Proposed new metrics in LTIP P
•
Operational CO2e reduction targets to be proposed for 
inclusion in LTIP as of 2023 with a weight of 10%.
•
Targets set in line with Zurich’s external commitment (- 60% by 
2025 and - 70% by 2029 vs. baseline of 2019).
IFRS 17/9 accounting changes
•
No changes to performance expectations.
•
Metrics recalibrated for annual reporting periods beginning 
January 1, 2023.
•
Impacts 2021 and 2022 in-flight plans, and plans from 
2023 onwards.
•
From 2023 onwards, NIAS ROE expected to be adapted for 
the FVTPL1 effects of IFRS 9
LTIP vesting grid used to assess performance from 2023 on
•
Alignment to new external target commitment.
•
Resetting for IFRS 17 accounting changes:
•
For in-flight plans (for allocations 2020-22) translation of 
NIAS ROE from IFRS17 to IFRS4 
•
Proposed to have a new sustainability metric supporting 
Zurich’s sustainability commitments. 
REMUNERATION
Proposal to include new metrics starting in 2023, 
complementing established set of balanced performance criteria
1  FVTPL: Fair Value Through P&L
November 2022
50
Operational CO2e 
emissions
Relative TSR 
position
30%
Average 
NIAS ROE
Cumulative 
cash remittance
30%
30%
10%
Proposed metric weighting:
Stepping up our ESG ambition

© Zurich
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November 2022
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51