Creating sustainable value for shareholders

Zurich has a highly cash-generative business model and is focused on paying an attractive and growing dividend, while managing the group balance sheet in a consistent and conservative manner.

Our proposition to investors

  • A balanced and diverse global business
  • Industry-leading capital levels
  • Consistent and conservatively managed balance sheet
  • Consistent growth with scope to enhance returns through capital re-deployment

Zurich is a leading global insurer, serving individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. Zurich has significant market share in North America and Europe, a leading position in Latin America and a growing presence in Asia Pacific. With about 54,000 employees, Zurich provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories. It also provides administration, management, and ancillary services to the Farmers Exchanges,1 a leading personal lines insurer in the U.S.

Zurich is rated in the ‘AA’ range by three internationally recognized rating agencies. The estimated Zurich Economic Capital Model (Z-ECM) ratio stands at a very strong 125 percent2 (calibrated to AA). Zurich’s financial flexibility is strong, with a conservative ‘Aa’-level leverage as defined by Moody’s.

The Group’s consistent and conservatively managed balance sheet is based on disciplined risk management and producing stable cash flows. A key element of the capital management strategy is to maximize capital fungibility by pooling risk, capital and liquidity centrally as much as possible. Zurich’s investment portfolio is generally conservative with an asset allocation comprising mainly publicly traded fixed income securities, with moderate investments in other asset classes.

The Group is committed to a dividend payout of around 75 percent of net earnings, subject to a floor of the prior year dividend level, with dividend increases subject to sustainable earnings growth.

1 The Farmers Exchanges are owned by their policyholders. Farmers Group, Inc., a wholly owned subsidiary of Zurich Insurance Group, provides certain non-claims administrative, management, and ancillary services to the Farmers Exchanges as attorney-in-fact and receives fees for its services.

2 Reflects midpoint estimates as of December 31, 2018 with an error margin of +/– 5 pts.

On track to achieve financial targets

During the Investor Day in November 2018 the Group provided a number of examples of how the Group is delivering against the Group’s stated financial targets.

For details, please refer to the financial review section of the Annual Report, and the Investor Day 2018 presentation.

Further details are available online

Building front – Dialogue with investors (photo)

Dialogue with investors

Zurich engages regularly with its shareholders and proxy advisers to understand investors’ perspectives, exchange views about the Group’s strategy, financial performance, corporate governance and compensation and other matters of importance to the Group or its shareholders. Investor Relations is responsible for overseeing this communication.

Corporate governance and sustainability

The balanced business profile of Zurich is also supported by best practice corporate governance. Its Board is independent and remarkably diverse in terms of gender and skills. Its remuneration principles align pay to performance and are an important element of the Group’s risk management framework.

Zurich pro-actively addresses environmental, social and governance (ESG) factors as part of day-to-day business activity. This includes responsible investment, corporate responsibility in business transactions, minimizing its carbon footprint and helping the communities in which it operates. Zurich’s strong ESG track record is illustrated by a ‘AA’ rating from MSCI and our Bronze Class distinction in the Dow Jones Sustainability Indices (DJSI).

Further details are available online

Provision of financial information

Zurich’s annual financial results are published in printed and electronic form. Detailed information for the Group and the key segments are published for the half and full year. For first and third quarters, the Group provides highlights for the quarter and qualitative comments on trading and market trends. Zurich’s management hosts an investors’ and analysts’ call each quarter.

Quarterly updates and current publication dates can be found online

Zurich’s shares

The shares are listed on the SIX Swiss Exchange and traded on the SIX Swiss Exchange Blue Chip Segment; ticker symbol: ZURN; the Swiss security number (Valorennummer) is 1107539. Trading in Zurich Insurance Group Ltd shares on the blue chip segment is conducted in Swiss francs.

Zurich has a level 1 American Depositary Receipt (ZURVY) program, which is traded over-the-counter on OTCQX. For further information on shareholders or capital structure, see the corporate governance report.

Further details are available online

Proposed total dividend per share for 2018

CHF 19.001

(CHF 18.00 for 2017)

Dividend a key part of total shareholder return (TSR)

Total shareholder return in U.S. dollars
Dividend a key part of total shareholder return (TSR) (line chart)
Zurich share performance (indexed) over the last 10 years
Zurich share performance (indexed) over the last 10 years (line chart)


Proposed total dividend, subject to approval by shareholders at the Annual General Meeting; expected payment date as from April 9, 2019. Gross dividend, subject to 35 percent Swiss withholding tax.

Share data (CHF)

As of December 31



Dividend per share



Share price at end of period



Price period high



Price period low



Market capitalization (CHF millions)



Financial calendar

Annual General Meeting 2019
April 3, 2019

Ex-dividend date
April 5, 2019

Dividend payable from
April 9, 2019

Update for the three months ended March 31, 2019
May 9, 2019

Half year results 2019
August 8, 2019

Update for the nine months ended September 30, 2019
November 7, 2019

Investor Day
November 14, 2019

Note: all dates subject to change

Further details are available online