Zurich Insurance Group Ltd · SIX:ZURN
Zurich Insurance — Zurich Financial Services — FY2002 Earnings Presentation
79 slides from Zurich Insurance's earnings presentation, Feb 27, 2003
Slide 1: Presentation of 2002 Annual Results
Presentation of 2002 Annual Results Presentation to Analysts Zurich, February 27, 2003
Slide 2: Agenda
Agenda • Introduction and overview James Schiro • Measuring and monitoring our performance Patrick O’Sullivan • Full year 2002 results Thomas Buess • Investment highlights, Zurich Global Assets David Wasserman • Delivery on operational performance Peter Eckert • Continental Europe Axel Lehmann • UKI
Slide 3: Introduction and overview
Introduction and overview James J. Schiro Chief Executive Officer Zurich, February 27, 2003
Slide 4: Measuring and monitoring our performance
Measuring and monitoring our performance Patrick O’Sullivan Group Finance Director Zurich, February 27, 2003
Slide 5: Key objectives
Key objectives • Financial discipline Reporting one month early Quarterly reporting in 2003 • De-risking Capital allocation program • Transparency in Focus on profit reporting Business operating profit Return on embedded value Operating ROE © Zurich Financial Services 5
Slide 6: Business operating profit
Business operating profit in USD millions 2002 2001 IAS Net Loss -3,430 -387 Special provisions and gains/losses on Add Back 3,203 509 disposals Realized and unrealized capital gains Add Back and losses, including impairments 1,107 -648 Tax expense, adjusting for UK life Add Back 219 380 policyholde
Slide 7: Return on embedded value for the life business
Return on embedded value for the life business • IAS has its limitations • Possible alternatives (Fair Value) only on the long term horizon • Currently, embedded value is an industry wide benchmark • 2002 EV returns: – Total EV Return (after tax,before FX): -15.3% – Operating EV Return (after tax):
Slide 8: Operating return on equity for 2002
Operating return on equity for 2002 in USD millions After-tax Business Operating Profit 784 = 4.8% Average IAS Equity 16,178 • BOP 1,120 * (1- 30% tax) = 784 • Equity (excluding preferred shares) BoY 16, 646 + EoY 15, 709 © Zurich Financial Services 8
Slide 9: Translating operating ROE into IAS ROE
Translating operating ROE into IAS ROE • Factor in impairments, realized and unrealized gains, and unforeseen events • Need to earn 12% blended business operating return on non-life and life businesses • Farmers Management Services earns in excess of 20% © Zurich Financial Services 9
Slide 10: Progress in executing USD 5bn risk-based capital improvement program
Progress in executing USD 5bn risk- based capital improvement program • USD 2.5bn rights offering completed Capital raising successfully in October 2002 USD 2.5–3.0bn • Potential USD 500m hybrid issue by end of 2003 • Exit businesses or lines of business • Selective use of reinsurance (> USD 200m) C
Slide 11: Annual Results 2002
Annual Results 2002 Thomas Buess Chief Financial Officer Zurich, February 27, 2003
Slide 12: 2002 financial highlights
2002 financial highlights in USD millions 2002 2001 change Total GWP, deposits and policy fees1 62,184 56,194 11% excl. Farmers Exchanges & deposits 41,443 34,764 19% Net investment result 5,016 6,637 -24% of which: realized and unrealized gains/losses -1,107 648 -271% Business operating profit 1,12
Slide 13: Net income after tax
Net income after tax in USD millions 2002 2001 Pre-provision net income 28 319 Impact of special provisions: Reserve strengthening -1,758 Goodwill impairments -727 Write down of E-business and other assets -227 Operational improvement -527 Repositioning of Global Asset business -219 September 11th t
Slide 14: Details of operational improvement provisions
Details of operational improvement provisions in USD millions (after tax) 2002 Non-Life -275 Life -97 Corporate -155 Operational improvement provision -527 Capital Markets & Banking -169 Centre -46 Asset Management -4 Repositioning Zurich Global Asset business -219 © Zurich Financial Services 14
Slide 15: Business operating profit and pre-provision net income by segment
Business operating profit and pre-provision net income by segment Business Oper. Profit Pre-prov. Net Income in USD millions 2002 2001 2002 2001 Non life 403 -128 422 338 Life 739 741 358 614 Farmers 916 853 563 501 Capital Markets & Banking -149 75 -125 89 Centre -130 46 -140 161 Asset Management 2
Slide 16: Non-life financial highlights
Non-life financial highlights in USD millions 2002 2001 change Pre-provision Combined ratios (%) Gross Written Premium 29,798 23,402 27% 2 109.2 Total 103.6 Net Earned Premium 20,276 16,811 21% 107.1 Pre-provision loss ratio 77.9% 82.3% -4.4ppt NA Corp. 97.2 Expense ratio1 25.7% 26.9% -1.2ppt UKISA
Slide 17: Life financial highlights
Life financial highlights in USD millions 2002 2001 change New business margins (%) GWP, dep. and pol. fees 19,643 17,778 10% excl. DB insurance ops. 17,197 17,778 -3% 4.1 Total 6.1 Business operating profit 739 741 0% Pre-provision net income 358 614 -42% 2.9 NA Cons & LA 12.5 New bus. premiums (AP
Slide 18: Farmers Management Services results
Farmers Management Services results in USD millions 2002 2001 change Management fees 1,799 1,690 6% Management & other expenses 871 836 4% Gross operating margin 51.6% 50.5% 1.1ppt Investment result 60 43 40% Business operating profit 916 853 7% Pre-provision net income 563 501 12% © Zurich Financia
Slide 19: Capital Markets & Banking results
Capital Markets & Banking results in USD millions 2002 2001 change Total Revenues 528 1,018 -48% of which ZCM 372 847 -56% Business operating profit -149 75 -299% of which ZCM -138 115 -220% Pre-provision net income -125 89 -240% of which ZCM -95 118 -181% © Zurich Financial Services 19
Slide 20: Centre results
Centre results in USD millions 2002 2001 change GWP and policy fees 1,567 1,187 32% Total revenues 1,974 1,796 10% Underwriting expenses -237 -177 34% Other operating and admin. expenses -277 -269 3% Business operating profit -130 46 -383% Pre-provision net income -140 161 -187% Net income -186 101
Slide 21: Corporate results
Corporate results in USD millions 2002 2001 change Run-off businesses -47 -128 63% Investment income, net -225 -162 39% of which, Bâloise -544 81 -772% Total expenses -1,300 -1,034 26% of which, GHO gross expenses -299 -374 -20% Pre-provision net income -1,572 -1,324 -19% Business operating profit -
Slide 22: Investment results
Investment results in USD millions 2002 2001 change Investment income 6,123 5,989 2% excluding DB insurance operations 5,390 5,989 -10% Realized/unrealized gains/losses -1,107 648 -271% of which: - non-cash asset impairment -956 -838 -14 % - Bâloise swap & options -544 81 -772 % Net investment resul
Slide 23: Cash flows
Cash flows in USD millions 2002 2001 change Cash flow from operating activities 5,629 -1,700 7,329 Cash flow used by investing activities -6,091 437 6,528 Cash flow from financing activities 1,492 3,336 -1,844 Effect of foreign exchange rates 183 -109 +291 Change in cash and cash equivalents 1,213 1
Slide 24: Non-life reserves for losses and LAE
Non-life reserves for losses and LAE in USD millions 2002 2001 change Net reserves for losses and LAE1 27,119 20,882 30% of which : Asbestos 2,030 1,653 23% Environmental 648 628 3% Reinsurance recoverable 16,847 15,289 10% Gross reserves for losses and LAE 43,966 36,171 22% 1) Includes non-life and
Slide 25: Deferred policy acquisition costs - life
Deferred policy acquisition costs - life in USD millions 2002 2001 change Balance at 1 January 7,845 7,694 2% Acquisition costs deferred 1,152 1,110 4% as a % of 1 Jan balance 15% 14% Amortization charged to income -1,176 -737 60% as a % of 1 Jan balance 15% 10% Gains on investments 75 7 971% Additi
Slide 26: Shareholders’ equity
Shareholders’ equity in USD millions Net Income –3,430 -155 -481 21'000 -558 951 2,736 28 18'000 -3,458 15'000 12'000 9'000 17,742 16,805 6'000 3'000 0 Balance at Net unreal. Translation Rights Treasury Dividend Pre-Provision Special Balance at Jan 1, 2002 loss on adjustments offering/ stock Net Pro
Slide 27: Investment highlights Zurich Global Assets
Investment highlights Zurich Global Assets David Wasserman Chief Investment Officer CEO, Zurich Global Assets Zurich, February 27, 2003
Slide 28: Investment returns
Investment returns in USD millions 2002 2001 Investment income 6,123 5,989 excluding DB Insurance operations 5,390 5,989 Realized/unrealised gains/losses -1,107 648 of which: - Non-cash asset impairment -956 -838 - Bâloise swap and options -544 81 Change in unrealized gains -1,617 -3,309 Total portf
Slide 29: Investment returns by asset class
Investment returns by asset class Inv. Capital Change in USD millions income gains in UCG Total1 Equity securities2 557 -1,790 -4,770 -6,003 Debt securities 4,311 769 3,506 8,586 Other investments 1,503 -86 -353 1,064 % of average assets Equity securities 2.2% -6.9% -18.4% -23.1% Debt securities 5.0
Slide 30: The Group’s equity exposure has been reduced through market decline and sales
The Group’s equity exposure has been reduced through market decline and sales in USD millions 2002 2001 Debt securities 62.6% 56.8% Equity securities Common stock, including equity unit trusts 8.3% 12.1% Unit-trusts (debt securities, real estate, short-term inv) 1.5% 1.2% Common stock port. backing
Slide 31: Relatively few credit losses despite difficult credit markets
Relatively few credit losses despite difficult credit markets ZFS US Bond1 portfolio exposure to defaults in 20022 Total World Quest Others com communi in USD millions cations Exposure to the 100 largest defaults 100 1 1 4 Size of outstanding debt of defaulting North American issuers 147,470 30,784
Slide 32: Repositioning of Global Assets
Repositioning of Global Assets • Major strategic review of Centre and ZCM leading to a more focused strategy • Discontinued ratings dependent businesses • Consolidated operations and reduced headcount • Narrowed focus and reduced underlying risks • Significant result deterioration reflects combined
Slide 33: Results of Zurich Capital Markets
Results of Zurich Capital Markets in USD millions 2002 2001 change Revenues net of interest expense 164 548 -70% Business operating profit -138 115 -220% Pre-provision net income -95 118 -181% Net income -150 118 -227% © Zurich Financial Services 33
Slide 34: Centre results
Centre results in USD millions 2002 2001 change Total revenues 1,974 1,796 10% Business operating profit -130 46 -383% Pre-provision net income -140 161 -187% Net income -186 101 -284% © Zurich Financial Services 34
Slide 35: Delivery on operational performance
Delivery on operational performance Peter Eckert Chief Operating Officer Zurich, February 27, 2003
Slide 36: On Sept. 5 we promised additional USD 1bn profit after tax in 2003
On Sept. 5 we promised additional USD 1bn profit after tax in 2003 Pricing 20% Expected impact in Underwriting excess 12% of USD 1bn after tax Claims 8% Restructuring cost of Expenses 60% approximately USD 500m Total 100% after tax © Zurich Financial Services 36
Slide 37: Centralization of key functions to improve operational profitability
Centralization of key functions to improve operational profitability Life • Develop business model and define product and pricing guidelines Non-life corporate • Define pricing and underwriting guidelines and coordination of worldwide programs IT • Centralize certain shared IT services at Group leve
Slide 38: GHO net expenses FY2002 reduced by more than USD 120m
GHO net expenses FY2002 reduced by more than USD 120m in USD millions 600 522 Revenue 67 Net expenses 400 374 84 299 455 136 200 -36% 290 - 44% 163 0 2000 2001 2002 © Zurich Financial Services 38
Slide 39: Delivery through discipline in execution and rigorous processes
Delivery through discipline in execution and rigorous processes • Operational Performance Measurement in place • Performance Management aligned with targets • Tight Management process - ongoing monitoring, contingency planning, dedicated team at GHO, GOC • Continuous refinement of initiatives and de
Slide 40: Zurich Continental Europe
Zurich Continental Europe Axel P. Lehmann CEO, Continental Europe Zurich, February 27, 2003
Slide 41: Continental Europe’s non-life premium growth and expense ratio reduction
Continental Europe’s non-life premium growth and expense ratio reduction were significant in USD millions 2002 2001 change G ross Written Premium 7,528 6,004 25% Net Earned Premium 6,053 4,919 23% Pre-provision loss ratio 80.1% 79.2% 0.9ppt Expense ratio1 26.5% 29.4% -2.9ppt Pre-provision combined r
Slide 42: Continental Europe’s life profitability improved
Continental Europe’s life profitability improved in USD millions 2002 2001 change GWP, policy fees and deposits 7,623 4,879 56% Business operating profit 235 122 93% Pre-provision net income 225 106 112% New business premiums (APE) 654 411 59% New business margins 1.4% 0.1% 1.3ppt EV operating profi
Slide 43: Continental Europe operational improvement highlights
Continental Europe operational improvement highlights • Profit Improvement target USD 400m in 2003 • Business restructuring and divestments 2002 successfully completed • Headcount reduction ahead of schedule • Creation of pan-European Corporate Business Unit (CEC) and re-underwriting of its portfoli
Slide 44: UKISA / Asia Pacific
UKISA / Asia Pacific Sandy Leitch CEO, UKISA / Asia Pacific Zurich, February 27, 2003
Slide 45: UKISA and Asia Pacific
UKISA and Asia Pacific in USD millions 2002 2001 change Total GWP, dep. & pol. Fees 13,273 11,921 11% of which: UKISA 11,110 10,047 11% Asia Pacific 2,182 1,889 16% Business operating profit 309 386 -20% of which: UKISA 227 420 -46% Asia Pacific 82 -34 - Pre-provision net income 192 480 -60% of whic
Slide 46: UKISA non-life results were strong
UKISA non-life results were strong in USD millions 2002 2001 change Gross Written Premium 4,814 3,868 24% Net Earned Premium 3,597 2,909 24% Pre-provision loss ratio 78.9% 81.1% -2.2ppt Expense ratio 23.0% 22.8% 0.2ppt Pre-provision combined ratio 101.9% 103.9% -2.0ppt Business operating profit 107
Slide 47: UKISA life earnings declined
UKISA life earnings declined in USD millions 2002 2001 change GWP, deposits and policy fees 6,297 6,179 2% Business operating profit 114 308 -63% Pre-provision net income -118 226 -152% New business premiums (APE) 782 800 -2% New business margins 7.1% 8.8% -1.7ppt EV operating profit 169 350 -48% EV
Slide 48: UKISA and Asia Pacific management actions
UKISA and Asia Pacific management actions • Deferred Indian JV • Australia headcount reductions • Zurich Bank • Gresham MBO • UK Life: redundancies, product tie-ups, solvency protection and management changes • UK Non Life: Call centre closure, CUE, Offshoring, new CEO • GPIP Delivery: USD 150m+ tar
Slide 49: North America Corporate
North America Corporate John Amore CEO, North America Corporate Zurich, February 27, 2003
Slide 50: NA Corporate non-life results were very strong
NA Corporate non-life results were very strong in USD millions 2002 2001 change Gross Written Premium 13,749 10,945 26% Net Earned Premium 7,549 6,198 22% Pre-provision loss ratio 74.5% 81.7% -7.2ppt Expense ratio1 22.7% 25.4% -2.7ppt Pre-provision combined ratio 97.2% 107.1% -9.9ppt Business operat
Slide 51: Actions planned to achieve the USD 150m profit improvements
Actions planned to achieve the USD 150m profit improvements are: • Increase profitability by achieving rate increases in excess of plan Pricing through 2002 and early 2003 • Accelerate tightening of insurance-to-value (ITV) in the property book Underwriting • Improve the mix of business in Workers C
Slide 52: Reserve strengthening has been prudent and timely for ZNA
Reserve strengthening has been prudent and timely for ZNA • Reported USD 400m in 2001 • Reported USD 680m in 2002 • Underwriting portfolio weighted toward lines without latent exposures – 80% of ZNA’s portfolio today is comprised of Property, Auto, WC, Package • ZNA`s strengthening represents 11.5%
Slide 53: Global asbestos reserving
Global asbestos reserving • Gross reserves at December 31, 2002 were USD 2,572m (2,030m net of reinsurance) • Three year survival ratio of 26 years (direct and assumed business) • Independent actuarial review • An exposure-based review was conducted by Miller, Herbert and Lehman (MHL) in April 2002
Slide 54: North America Consumer / Latin America
North America Consumer / Latin America Martin Feinstein CEO, North America Consumer Zurich, February 27, 2003
Slide 55: NA Consumer & Latin America contribution to business operating profit
NA Consumer & Latin America made a significant contribution to business operating profit in USD millions 2002 2001 change Total GWP, deposits and policy fees 18,760 19,045 -1% of which: Farmers P&C Group Companies 13,527 12,762 6% Farmers management fees 1,799 1,690 6% Pre-provision net income 844 7
Slide 56: Farmers Management Services reported growth in revenues and earnings
Farmers Management Services reported growth in revenues and earnings in USD millions 2002 2001 change Management fees 1,799 1,690 6% Operating margin 51.6% 50.5% 1.1ppt Business operating profit 916 853 7% Pre-provision net income 563 501 12% © Zurich Financial Services 56
Slide 57: Farmers P&C Group Companies have dramatically improved performance
The Farmers P&C Group Companies1 have dramatically improved performance and surplus has stabilized 89 Combined ratio 9 0 120% 115.4% -200 115% -330 -400 110% 2001 2002 105.6% -600 105% -788 -800 100% Surplus Change Net Income 2001 2002 2001 2002 Surplus ratio 2001 2002 Adjusted CR 109.1% 98.9% 31.2%
Slide 58: Farmers Life’s results continued to exceed the EV hurdle rate
Farmers Life’s results continued to exceed the EV hurdle rate … in USD millions 2002 2001 change GWP, deposits and policy fees 1,148 1,232 -7% Business operating profit 240 217 11% Pre-provision net income 130 117 11% New business premiums (APE) 122 115 6% New business margins 49.8% 38.2% 11.6ppt EV
Slide 59: Zurich Life’s results suffered from poor investment conditions
… while Zurich Life’s results suffered from poor investment conditions in USD millions 2002 2001 change GWP, deposits and policy fees 3,062 4,051 -24% Business operating profit 86 136 -37% Pre-provision net income 73 106 -31% New business premiums (APE) 253 432 -41% New business margins -2.7% -8.4%
Slide 60: North America Consumer / Latin America operational improvement highlights
North America Consumer /Latin America operational improvement highlights • 2002 Achievements • Achieved USD 83m profit improvement and exceeded target by 12.4% • Net headcount reduction ahead of a plan • Key actions … examples • Call Center consolidation • Increased revenues by modifying EasyPay fee
Slide 61: Closing remarks
Closing remarks James J. Schiro Chief Executive Officer Zurich, February 27, 2003
Slide 62: Disclaimer and cautionary statement
Disclaimer and cautionary statement Certain statements in this document are forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted prof
Slide 63: Appendix
Appendix Z ZURICH FINANCIAL SERVICES
Slide 64: Accounting bridge from IAS net income to business operating profit
Accounting bridge from IAS net income to business operating profit Accounting bridge from IAS Net income to BOP by Core Business in USD millions Add back Real./unreal. Special provisions Real./unreal. Capital Tax expense gains/losses applic.to IAS Net & gains/losses on gains/losses net of UK PH or C
Slide 65: DAC: definition, calculation and amortization
DAC: definition, calculation and amortization • Costs that vary with and are primarily related to the acquisition of new business can be deferred and amortized over the estimated life of the contracts. • DAC is amortized over: – Expected life of the contracts (guaranteed rate products) or – Period o
Slide 66: Illustrative example
Illustrative example DAC Amount 100 DAC amortization estimated in line with EGPs at beginning of year 1 80 Expected DAC amortization estimated in line amortization with EGPs at beginning of year 3 60 Accelerated amortization 40 20 0 Year 1 Year 2 Year 3 Year 4 Year 5 t At the end of year 2, the futu
Slide 67: 97% of the bond portfolio is investment grade
97% of the bond portfolio is investment grade Bond portfolio ratings1 distribution as of 31.12.2002 BB & below 1% na BBB 2% 5% A 14% AA AAA 18% 60% 1) Lower of Moody's and S&P issuer ratings, if no rating available nternal ratings have been assigned © Zurich Financial Services 67
Slide 68: ... and is invested in the main global bond markets
... and is invested in the main global bond markets Bond portfolio currency distribution as of 31.12.2002 Other CHF 3% 16% USD 34% GBP 16% EUR 31% © Zurich Financial Services 68
Slide 69: The equity portfolio also remains globally diversified
The equity portfolio also remains globally diversified Equity portfolio country distribution as of 31.12.2002 Other Others Asia European 1% 2% Australia Countries 4% 19% Germany 24% US 13% Switzerland 13% UK 24% © Zurich Financial Services 69
Slide 70: Our alternative investment exposure has declined
Our alternative investment exposure has declined Fair Value Remaining Total Change in USD millions 2002 commitment exposure from 2001 Capital Z Investments I & II 1,157 1,0691 2,226 -758 Capital Z Financial 338 65 403 -13 Services Fund II Gresham Trust – Managed 244 1932 437 -436 Other 1,281 1843 1,
Slide 71: The alternative investment portfolio is diversified
The alternative investment portfolio is diversified Including strategic private equity investments Structured Products 13% Hedge Funds 1% • Largest investment: • Includes over 50 Direct Fund Capital Z Investments, LP Invest- of Funds (CZI1) investments 39% ments • Largest investment: 18% • Includes
Slide 72: Zurich North America became the third largest commercial P&C company in the US
Zurich North America became the third largest commercial P&C company in the US… 2001 ----Rank In Market-- Actual 2001 2000 1999 AIG 15.6 1 1 1 CNA 10.5 2 2 2 Zurich (US Ops) 8.3 3 4 5 Travelers 7.7 4 3 4 Liberty Mutual 6.1 5 5 3 St. Paul 6.1 6 6 7 Chubb 4.9 7 7 6 Hartford 4.8 8 8 11 © Zurich Financi
Slide 73: ... established a solid position in key lines of business
... established a solid position in key lines of business*… 2001 Direct Written Premium - USD billions Line of Business ZNA Industry Rank Market Share Other Liability 2.2 4 6.9% Workers Comp. 1.4 4 4.5% Com. Multi Peril 1.3 4 5.1% Commercial Auto 1.0 1 5.6% Products Liability 0.3 2 10.1% Fire & Alli
Slide 74: ... driven by significant rate increases
... driven by significant rate increases 40% 36% 32.2% 32% 28% 24% 19.4% 20% 16% 12% 9.0% 8% 2.0% 4% 0% 1999 2000 2001 2002 © Zurich Financial Services 74
Slide 75: Farmers P&C Group Companies significantly improved their underwriting results
Farmers P&C Group Companies significantly improved their underwriting results . . . Core Lines of Business 2002 2001 change Auto1 94.7% 105.0% 10.3% Homeowners' (excl Mold) 97.7% 123.6% 25.9% Commercial P&C2 107.5% 108.9% 1.4% Specialty 97.6% 96.9% 0.7% Total 99.1% 111.2% 12.1% Mold 4.9% 3.0% -1.9%
Slide 76: …with consistent progress each quarter
…with consistent progress each quarter Total Farmers P&C Group Companies combined ratio 125.0% 120.0% 115.0% 110.0% 105.0% 100.0% 95.0% 90.0% Q101 Q2 Q3 Q4 Q102 Q2 Q3 Q4 2001 Act 2002 Act © Zurich Financial Services 76
Slide 77: Texas reported mold claim counts
Texas reported mold claim counts 4'000 500 3'500 450 400 3'000 350 Reported Count 2'500 Thousands 300 2'000 250 200 1'500 PIF 150 1'000 100 500 50 0 0 Jan 02 Apr 02 Jul 02 Okt 02 Jan 03 Actual HOB PIF © Zurich Financial Services 77
Slide 78: CEC portfolio improvement successfully on course
CEC portfolio improvement successfully on course Example International Program Business: % rate increase achieved for 2003 General Increase Property Casualty % rate % rate increase increase achieved 2003 achieved 2003 Germany 42% 28% France 21% 25% Italy 14.5% 30% Nordic 52% 29% Benelux 16% 19% Swit
Slide 79: Shareholders’ equity
Shareholders’ equity in USD millions 20'000 610 349 683 2'387 18'000 -85 -47 -70 -434 737 341 -655 16'000 -746 -1,295 14'000 -2,712 12'000 10'000 17,742 8'000 16'805 6'000 14'873 4'000 2'000 0 2 ts ts ES ns nd e ns 02 ts ts ES s n d e ns 02 00 e n en I L ito e o m si o 20 en e n I L ion e o m si o 0
Zurich Financial Services — FY2002 Earnings Presentation on 6ix