Ad hoc announcement based on Art. 53 of the Rules of Listing, Zurich, 10 March 2023
Zurich publishes its 2022 Annual Report including disclosure of sustainability achievements
Zurich Insurance Group (Zurich) today released its 2022 Annual Report, which outlines the strength of the Group’s financial performance, strategy, business structure and corporate governance. It also includes non-financial metrics in integrated sustainability disclosure (ISD).
The Annual Report details how Zurich generated very strong profits for the full year 2022 – with the highest business operating profit since 2007. It also describes Zurich’s journey at the end of the second three-year financial cycle from a strategy to transform into a simpler, more innovative and customer-centered organization. customer.
ISD reports progress made towards sustainability ambitions and includes a scenario-based climate risk assessment, confirming the resilience of Zurich’s strategy. The Group reported strong customer retention rates of 83% in the core retail market1 and 85% in the Property & Casualty commercial insurance2. Revenue from sustainable solutions, which includes products and services that have a positive environmental or social impact, increased from USD 289 million in 2021 to USD 566 million3 in 2022 across the region. Investments in climate solutions such as solar and wind power increased 6% to USD 8.7 billion. The Group also saw its internal hiring ratio increase by 3 percentage points to 71%, while 29% of senior management4 are women, compared to 26% in 2021.
“The future remains uncertain, but our business is very resilient thanks to the strength, flexibility and resources of our people,” said Michel M. Liès, Chairman of the Board of Directors. “We have always proactively addressed environmental and social issues through our philanthropy, internal policies and our ESG strategy. I believe these traits will serve us well in the years to come.”
Group Chief Executive Officer Mario Greco added: “The Annual Report explains how we achieved our targets for the 2020-2022 cycle despite a very challenging environment. We achieved industry-leading total shareholder return and continue to support our customers and communities by adapting quickly to changed things. I am very proud of our employees for what we have achieved and how we have achieved it.”
Zurich has also launched a new online sustainability highlights hub that replaces the Sustainability Report which is published annually.
2023 Annual General Meeting
Zurich Insurance Group Ltd (ZIG) today also issued an invitation to its 2023 Annual General Meeting (AGMS), which will take place on April 6, 2023 at the Hallenstadion in Zurich, Switzerland. The Board of Directors looks forward to welcoming shareholders in person again.
Among the agenda is the re-election of the Chair and all members of ZIG’s current Board of Directors and Remuneration Committee as well as revision of the Articles of Association to meet, among other things, the requirements of Swiss corporation reform. a law that entered into force on January 1, 2023. Among other things, it is proposed to replace the existing authorized share capital with capital bands.
1 Argentina, Australia Life and Property & Casualty (P&C), Austria, Brazil, Chile, Ecuador, Germany, Hong Kong, Indonesia Life and P&C, Ireland, Italy, Japan Life and P&C, Mexico, Malaysia, Portugal, Santander, Spain, Switzerland and the UK, excluding affinity partners in Brazil, Germany, P&C Indonesia and the bank’s joint ventures with Banco Sabadell and Banco Santander.
2 Australia, Belgium and Luxembourg, Brazil, Canada, Colombia, Denmark, Finland, France, Germany, Italy, Middle East, Netherlands, Norway, Russia, Singapore, Spain, Sweden, Switzerland, UK, USA, (excluding Plants & Programs International & Casual Travel).
3 2021 figures are not restated for solutions approved as sustainable through 2022. Further details can be found in the ISD 2022 Annual Report.
4 Senior management represents a combination of D and E career levels.
Zurich Insurance Group (Zurich) is a leading multi-line insurance company serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich changed insurance. In addition to providing insurance coverage, Zurich is increasingly offering prevention services such as those that promote well-being and enhance climate resilience.
Reflecting its goal of ‘creating a brighter future together’, Zurich aspires to be one of the most responsible and influential businesses in the world. It targets net-zero emissions by 2050 and has the highest ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and restoration of biodiversity in Brazil.
The Group has approximately 60,000 employees and is headquartered in Zurich, Switzerland. Zurich Insurance Group Ltd (ZURN), is listed on the SIX Swiss Exchange and has a level I American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. More information is available at www.zurich.com.
Disclaimer and warning statement
Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives of Zurich Insurance Group Ltd or Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, expected return on equity, expenses, pricing provisions, dividend policy and yields on guarantees and claims, as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and developments that may expected. . Undue reliance should not be placed on such statements because, by their nature, such statements are subject to known and unknown risks and uncertainties and may be affected by other factors that could cause the actual results and plans and objectives of Zurich Insurance Group Ltd or the Group to be differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in key markets; (ii) global economic downturn risk, particularly in the financial services industry; (iii) financial market performance; (iv) interest rates and currency exchange rates; (v) the frequency, severity and course of events of insured claims; (vi) experience of mortality and morbidity; (vii) policy extension and lapse rates; (viii) increasing litigation activities and regulatory actions; and (ix) changes in laws and regulations and in regulator policies could have a direct impact on the operating results of Zurich Insurance Group Ltd and its Group and on whether targets will be achieved. Specifically related to statements related to COVID-19, these statements are made based on the prevailing circumstances at a certain time and based on special terms and conditions (especially applicable exceptions) of the insurance policy as written and interpreted by the Group and may be subject to regulations, legislature, government and developments related to litigation that affect the extent of potential losses incurred by members of the Group or have the potential to subject the Group to additional losses if terms or conditions are retroactively amended through legislative or regulatory action. Zurich Insurance Group Ltd undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.
All references to ‘Farmers Exchange’ mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. All three Exchanges are insurance exchanges domiciled in California owned by their policyholders with governance oversight by their Board of Governors. Farmers Group, Inc. and its subsidiaries are appointed as attorneys for the three Exchanges and in that capacity provide certain non-claims and ancillary services to Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have an interest in Farmers Exchanges. Financial information about Farmers Exchanges is the property of Farmers Exchanges, but is provided to support an understanding of the performance of Farmers Group, Inc. and Farmers Reinsurance Company.
It should be noted that past performance is not a guide to future performance. Please also note that interim results do not always reflect full year results.
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