Corporate Broker Advisory Council Meeting Webinar May 17, 2012 11 a.m. – 12:30 p.m. EST

Corporate Broker Advisory Council Meeting

WebinarMay 17, 201211 a.m. – 12:30 p.m. EST

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Meeting Agenda

Welcome Mike Golden

Zurich Update Mike Kerner

Which way is the wind blowing? Zurich Broker Council Members

Focusing on the customer Ron DavisOpen discussion / Q&A Mike GoldenNext meeting, closing remarks Mike Golden

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Anti-Trust Rules of EngagementBroker Advisory Council Meetings

Statement of Policy"It is the policy of Zurich in North America (Zurich) and the members of its Corporate Advisory Council to comply strictly with all laws applicable to Zurich's activities. The Council emphasizes the ongoing commitment of Zurich of full compliance with Federal and state antitrust laws. Therefore, discussion of any matters relating to competition among our participants or relating to practices that may restrain trade with third parties is not permitted. This includes prohibited subjects such as prices, discounts, allocating territories or customers, boycotts or any other statements that could be construed as being anti-competitive. These guidelines will help us all to limit our antitrust risk."[1]

[1] Antitrust laws are complex and far-reaching, and this statement is not a complete summary of all applicable laws. More detailed information is available upon request.

Zurich Update

Mike KernerCEOZurich Global Corporate in North America

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(1) Throughout this document, certain comparatives have been restated as set out in note 1 of the unaudited consolidated financial statements(2) After tax; A refinement in methodology for calculating new business value for corporate protection business was introduced at the beginning of 2011. This has

a transitional impact over two years from the implementation date relating to renewals of business in force at the date of the change. The renewed business contributed USD 18 million of new business value in the first three months of 2012, compared with USD 42 million in the corresponding period of 2011

(3) Margin on gross earned premiums of the Farmers Exchanges. Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Group, provides non-claims management services to the Farmers Exchanges and receives fees for its services.

Financial highlights

in USD millionsfor the three months to March 31 2012 2011(1) Change _________________________________________________________________________________

Business operating profit (BOP) 1,375 854 61%

Net income attributable to shareholders 1,143 640 78%

General Insurance combined ratio 94.6% 103.6% 8.9pts

Global Life new business value (2) 196 230 - 15%

Farmers Mgmt Services managed GEP margin (3) 7.4% 7.1% 0.3pts

Shareholders equity 31,815 31,636 1%

Return on common shareholders’ equity (ROE) 14.4% 8.3% 6.1pts

Business operating profit (after tax) ROE 13.4% 8.5% 4.9pts

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Business operating profit by segment

in USD millions

for the three months to March 31 2012 2011 Change_____________________________________________________________________________________ General Insurance 856 280 206%

Global Life 293 362 - 19%

Farmers (including Farmers Re) 372 380 - 2%

Other Operating Businesses - 227 - 174 - 30%___________________________________________________________________________Total BOP Operating business segments 1,294 848 53%

Non-Core Businesses 81 6 nm ___________________________________________________________________________Total BOP 1,375 854 61%

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Top line development by segment

in USD millions

for the three months to March 31 2012 2011 Change Change in LC(1)

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General InsuranceGWP and policy fees 10,470 10,101 4 % 5%

_________________________________________________________________________Global Life

GWP, policy fees and insurance 7,396 6,379 16% 19%

deposits Annual Premium Equivalent (APE) (2) 919 849 8% 11%

_________________________________________________________________________Farmers

Farmers management fees 710 682 4% Farmers Re GWP 1,053 707 49%

(1) Local Currency(2) Gross new business Annual Premium Equivalent (APE)

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General Insurance – key performance indicators

in USD millions

for the three months to March 31 2012 2011 Change Change in LC(1)

___________________________________________________________________________________________

GWP and policy fees 10,470 10,101 4% 5%

Rate change (2) 3.1% 2.6% 0.5pts________________________________________________________________________________Loss ratio 67.5% 76.9% 9.5pts

Expense ratio 27.1% 26.6% - 0.5pts

Combined ratio 94.6% 103.6% 8.9pts________________________________________________________________________________Business operating profit 856 280 206% 207%(1) Local Currency(2) For details, please refer to specific notes on the following slide “Rate Change Monitor”

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Solvency calculations

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GI Blueprint in North America guiding principles for market-facing units

Deep insight and expertise into providing leading risk management solutions through customer industry groups

NA Blueprint principles

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Industry-focused verticals for standard lines for all existing business and new business1

• Construction – Commercial Markets

• Healthcare (hospitals/IDS) – Commercial Markets

• Global Energy – Global Corporate

• Transportation (long-haul trucking) – Global Corporate2


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1 For this purpose, standard lines include property, primary & excess casualty; NA Blueprint does not apply to: Canada business or Single parent Captive business 2 Excludes Transportation business written via Program Administrators

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Differentiated resources to serve large corporate customers beyond our customer industry groups







Customer revenue will be the primary driver to determine whether business best fits in GCiNA or NAC, for NEW business effective 4/1/2012 or later1,3:

• If customer revenue > $750M OR TIV per location (for Property4) > $300M OR loss pick > $3M (for Casualty), all standard lines new business goes to GCiNA.

• All other standard lines new business goes to NAC.


1 For this purpose, standard lines include property, primary & excess casualty; NA Blueprint does not apply to: Canada business or Single parent Captive business 2 Excludes Transportation business written via Program Administrators 3 Excess Casualty renewal business (that meets the criteria) will transfer from NAC to GCiNA effective 4/1/12 and later

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1 For this purpose, standard lines include property, primary & excess casualty; NA Blueprint does not apply to: Canada business or Single parent Captive business 2 Excludes Transportation business written via Program Administrators 3 Excess Casualty renewal business (that meets the criteria) will transfer from NAC to GCiNA effective 4/1/12 and later

Please note that we have “grandfathered” primary policies within GCiNA and NAC to minimize disruption among existing underwriter-customer relationships. All new business follows the above stated guidelines.

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1 For this purpose, standard lines include property, primary & excess casualty; NA Blueprint does not apply to: Canada business or Single parent Captive business 2 Excludes Transportation business written via Program Administrators 3 Excess Casualty renewal business (that meets the criteria) will transfer from NAC to GCiNA effective 4/1/12 and later 4 TIV per location threshold for Property does not apply to Real Estate or Technology SIC codes

Please note that we have “grandfathered” primary policies within GCiNA and NAC to minimize disruption among existing underwriter-customer relationships. All new business follows the above stated guidelines.

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o International Programs from Zurich (IPZ)o Propertyo Energyo Suretyo Accident & Healtho Marineo Canada

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Growth areas across ZNA

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Questions?

Which way is the wind blowing?

Zurich’s viewpointBroker Council Members’ viewpoint

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Which way is the wind blowing?

Zurich’s view of market conditions for second half of year -Sabrina Hart, Chief Underwriting Officer, Zurich GCiNA

-Brandon Fick, SVP, Large Corporate Casualty Segment Leader, Zurich GCiNA

-Joe Tinetti, Head of Property, Zurich GCiNA -Todd Cunningham, Head of Strategic Risk Solutions, Zurich GCiNA

Brokers’ view of market conditions for second half of year

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Focusing on the customer

Ron Davis Head of Market Customers Zurich Global Corporate in North America

Open discussionQ&A

Mike Golden Head of Global Broker Relationship Management

Zurich North America

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Mark your calendar!

Next Corporate Broker Advisory Council meeting –

•DATE: November 14-16, 2012

• Arrivals: November 14, 2 p.m. meeting start

•LOCATION: Los Angeles, CA

•Special 100 year celebration event

•Additional details to follow

Closing remarks

Mike Golden Head of Global Broker Relationship Management

Zurich North America

Thank you

Documents

Corporate Broker Advisory Council Meeting Webinar May 17, 2012 11 a.m. – 12:30 p.m. EST