Zurich publishes 2022 Annual Report including disclosure on sustainability achievements
- Annual Report details strong performance in 2022 and ambition to accelerate execution of customer-focused strategy in new 2023-2025 financial cycle
- Integrated sustainability disclosure (ISD) highlights achievements like customer satisfaction, innovative customer solutions and progress on responsible investment targets
- Invitation to the Annual General Meeting 2023 of Zurich Insurance Group Ltd published; all members of the Board of Directors stand for re-election
Zurich Insurance Group (Zurich) today published its 2022 Annual Report, outlining the strength of the Group’s financial performance, strategy, business structure and corporate governance. It also includes non-financial metrics in the integrated sustainability disclosure (ISD).
The Annual Report details how Zurich delivered 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 of the strategy to transform into a simpler, more innovative and customer-centric organization.
The ISD reports on the progress made toward sustainability ambitions and includes a scenario-based climate risk assessment, which confirms the resilience of Zurich’s strategy. The Group reports a strong customer retention rate of 83% in core retail markets1 and 85% in Property & Casualty commercial insurance2. Revenues from sustainable solutions, which include 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 regions. Investment in climate solutions like solar and wind farms rose 6% to USD 8.7 billion. The Group also saw an increase in the internal hire ratio of 3 percentage points to 71%, while 29% of senior management4 are female, compared to 26% in 2021.
“The future remains uncertain, but our business is incredibly resilient due to the strength, flexibility and resourcefulness of our people,” said Michel M. Liès, Chairman of the Board of Directors. “We have always proactively addressed environmental and societal concerns through our philanthropy, internal policies and ESG strategy. I am confident these traits will serve us well in the years ahead.”
Group Chief Executive Officer Mario Greco added: “The Annual Report describes how we delivered on our targets for the 2020-2022 cycle despite an extremely challenging environment. We achieved an industry-leading total shareholder return and continuously supported our customers and communities by adapting rapidly to changing circumstances. I am immensely proud of our employees for what we have achieved and how we achieved it.”
Zurich has also launched a new online sustainability highlights hub that replaces the annually published Sustainability Report.
Annual General Meeting 2023
Zurich Insurance Group Ltd (ZIG) also published today the invitation to the Annual General Meeting (AGM) 2023, which takes place on April 6, 2023 at the Hallenstadion in Zurich, Switzerland. The Board of Directors is looking forward to welcoming shareholders in person again.
Among the items on the agenda are the re-elections of the Chairman and all current members of ZIG’s Board of Directors and Remuneration Committee as well as the revision of the Articles of Association to meet, among others, the requirements of the reform of Swiss corporate law that came into force on January 1, 2023. Among other items, it is proposed to replace the existing authorized share capital with a capital band.
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 the affinity partners in Brazil, Germany, Indonesia P&C and the bank joint ventures with Banco Sabadell and Banco Santander.
2 Australia, Belgium and Luxemburg, Brazil, Canada, Colombia, Denmark, Finland, France, Germany, Italy, Middle East, the Netherlands, Norway, Russia, Singapore, Spain, Sweden, Switzerland, the UK, the U.S., (excluding Crop & International Programs & Leisure Travel).
3 2021 numbers not restated for solutions approved as sustainable during 2022. Further details can be found in the ISD of the Annual Report 2022.
4 Senior management represents the combination of career level D and E.
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Zurich Insurance Group (Zurich) is a leading multi-line insurer serving people and businesses in more than 200 countries and territories. Founded 150 years ago, Zurich is transforming insurance. In addition to providing insurance protection, Zurich is increasingly offering prevention services such as those that promote wellbeing and enhance climate resilience.
Reflecting its purpose to ‘create a brighter future together,’ Zurich aspires to be one of the most responsible and impactful businesses in the world. It is targeting net-zero emissions by 2050 and has the highest-possible ESG rating from MSCI. In 2020, Zurich launched the Zurich Forest project to support reforestation and biodiversity restoration in Brazil.
The Group has about 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. Further information is available at www.zurich.com.
Disclaimer and cautionary 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 the Zurich Insurance Group (the Group). Forward-looking statements include statements regarding the Group’s targeted profit, return on equity targets, expenses, pricing conditions, dividend policy and underwriting and claims results, as well as statements regarding the Group’s understanding of general economic, financial and insurance market conditions and expected developments. 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 and plans and objectives of Zurich Insurance Group Ltd or the Group to 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) the risk of a global economic downturn, in the financial services industries in particular; (iii) performance of financial markets; (iv) levels of interest rates and currency exchange rates; (v) frequency, severity and development of insured claims events; (vi) mortality and morbidity experience; (vii) policy renewal and lapse rates; (viii) increased litigation activity and regulatory actions; and (ix) changes in laws and regulations and in the policies of regulators may have a direct bearing on the results of operations of Zurich Insurance Group Ltd and its Group and on whether the targets will be achieved. Specifically in relation with the COVID-19 related statements, such statements were made on the basis of circumstances prevailing at a certain time and on the basis of specific terms and conditions (in particular applicable exclusions) of insurance policies as written and interpreted by the Group and may be subject to regulatory, legislative, governmental and litigation-related developments affecting the extent of potential losses covered by a member of the Group or potentially exposing the Group to additional losses if terms or conditions are retroactively amended by way of 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 Exchanges’ mean Farmers Insurance Exchange, Fire Insurance Exchange, Truck Insurance Exchange and their subsidiaries and affiliates. The three Exchanges are California domiciled interinsurance exchanges owned by their policyholders with governance oversight by their Boards of Governors. Farmers Group, Inc. and its subsidiaries are appointed as the attorneys-in-fact for the three Exchanges and in that capacity provide certain non-claims services and ancillary services to the Farmers Exchanges. Neither Farmers Group, Inc., nor its parent companies, Zurich Insurance Company Ltd and Zurich Insurance Group Ltd, have any ownership interest in the Farmers Exchanges. Financial information about the Farmers Exchanges is proprietary to the 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 are not necessarily indicative of full year results.
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This communication does not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.
THIS COMMUNICATION DOES NOT CONTAIN AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES; SECURITIES MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR EXEMPTION FROM REGISTRATION, AND ANY PUBLIC OFFERING OF SECURITIES TO BE MADE IN THE UNITED STATES WILL BE MADE BY MEANS OF A PROSPECTUS THAT MAY BE OBTAINED FROM THE ISSUER AND THAT WILL CONTAIN DETAILED INFORMATION ABOUT THE COMPANY AND MANAGEMENT, AS WELL AS FINANCIAL STATEMENTS.