Zurich Insurance announces $1.25 bln buyback after record profit

The logo of Zurich Insurance is seen in Zurich, Switzerland

Reporting by Carolyn Cohn and Miranda Murray; Editing by Bartosz Dabrowski, Rashmi Aich, David Goodman and Hugh Lawson

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Zurich Insurance Reports Record Profit, Announces $1.25B Share Buyback

annual report zurich

Zurich Insurance posted a better-than-expected annual operating profit on Thursday and announced a share buyback of up to 1.1 billion Swiss francs ($1.25 billion), as insurers ride out the impact of a global pandemic, wars and climate disasters.

Operating profit at Europe’s fifth-largest insurer rose 21% to a record $7.4 billion for the year to Dec. 31, beating the $7.1 billion average estimate in an analyst poll compiled by the company.

Insurers have coped well with unexpected claims in recent years from issues such as COVID-19, natural catastrophes and the war in Ukraine, mainly by raising premiums and excluding some business.

However, they face further risks of war or damage-related losses this year from any broader fall-out from the Israel-Gaza conflict and from elections in many countries, including the United States. Climate change is also contributing to greater losses from hurricanes and wildfires.

“It’s been a pretty unstable world for quite a long time, the group has been very resilient through that,” Chief Financial Officer George Quinn told a media call.

“There’s no reason to expect any of that to change.”

Zurich last year set more ambitious three-year financial targets, including a 2025 goal for business operating profit after tax return on equity (BOPAT ROE) of more than 20%. BOPAT ROE for 2023 came in at 23.1%.

“One year into the three-year plan we are beating or running to beat all the targets for 2025,” Chief Executive Mario Greco said on a media call.

Zurich raised its guidance for compound annual EPS growth to more than 10%, compared with its original target of 8%.

Rival AXA on Thursday set new targets, including estimated compound annual growth in underlying earnings per share of 6-8% for the 2023-2026 period.

Greco said that Zurich would “reconsider the opportunities” for its German life back book after its plan to offload the $20 billion portfolio to Viridium Holding fell through last month.

Zurich’s shares were up 2% at 0834 GMT, outperforming a 1.4% rise in European insurance stocks .SXIP .

Zurich said it planned to increase its dividend by 8% to 26 Swiss francs per share.

($1 = 0.8778 Swiss francs)

(Reporting by Carolyn Cohn and Miranda Murray; editing by Bartosz Dabrowski, Rashmi Aich, David Goodman and Hugh Lawson)

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Stock ZURN

Zurich Insurance Group Ltd

Ch0011075394, multiline insurance & brokers.

  • Zurich Insurance : 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 markets 1 and 85% in Property & Casualty commercial insurance 2 . 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 million 3 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 management 4 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.

  • News release March 10, 2023
  • Media Relations Zurich Insurance Group Mythenquai 2 8002 Zurich Switzerland +41 44 625 21 00 [email protected]
  • Investor Relations Zurich Insurance Group Mythenquai 2 8002 Zurich Switzerland +41 44 625 22 99 [email protected]

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.

Persons requiring advice should consult an independent adviser.

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.

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Zurich Insurance Group AG published this content on 10 March 2023 and is solely responsible for the information contained therein. Distributed by Public , unedited and unaltered, on 10 March 2023 06:23:05 UTC .

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Annual Report Greater Zurich Area 2022

Annual Report 2022

Innovation and value creation: 108 settlements in the zurich economic region.

The year 2022 stands for diversity, innovation, and stability. The Greater Zurich Area Ltd. (GZA)  has accompanied 108 settlement projects  in 2022. The economic area has coped well with challenges such as the war in Ukraine, rising inflation, energy shortages, and the shortage of skilled talent. Stable framework conditions and a high level of innovation are, among other factors, reasons that companies have settled here. From the point of view of location marketing, the figures represent continuity.

Particularly noteworthy is the development that new technologies, such as robotics , AI, or blockchain , are increasingly being used in previously traditional industries such as food, life science, and in the construction industry. Industries are becoming more and more intertwined and can thus benefit from each other . GZA considers this development to be positive: it leads to renewal and diversification within the economic area and thus increases the resilience of the location.

Diversity in the ecosystem

We target companies that operate responsibly and cooperatively in the GZA ecosystem – those who understand that long-term success means more than just annual sales and growth. We want to attract companies that enrich the ecosystem with creativity and talent.

In 2022, GZA and its partners located 108 foreign companies in the nine cantons of the Greater Zurich Area.

Annual Report 2022 Key Figures EN GZA

More technology - fewer jobs

Switzerland is a cost-intensive location when compared internationally. This, paired with global economic trends, means that companies are focusing on new technologies and the consistent automation of processes. The number of newly created jobs in Switzerland is on a downward trend. Learn more about the development of settlements in the Greater Zurich Area in the  EY Report 2022 . 

Annual Report 2022 More Technology, less job creation

Circular economy: Now we're talking!

The global demand for raw materials could be covered by only 70 percent of the resources currently used – if they were used more wisely. the federal government is adapting the environmental protection law, and the circular economy is becoming a game changer. discover pioneering circular economy initiatives in the greater zurich area in the annual report 2022., consumption too high.

We consume too many resources, recycle too little, and do not save at all. This leads to too large a resource footprint, which harms the environment and biodiversity.

Circular economy as a necessity

Europe must use resources wisely to tackle the climate crisis and promote innovation and prosperity. 60 percent of CO2 emissions are due to resource extraction & processing.

Potential is huge

Only a small proportion of resources are reused (7.2 percent). Yet the world's needs could be met with fewer resources (70 percent).

Sensible business models

A fundamental change in behavior requires economically and ecologically sensible business models that can also serve as role models internationally.

Digitalization as a role model

Circular economy is a sensible business perspective that, like digitalization, can promote innovation and prosperity.

Sonja Wollkopf Walt, Geschäftsführerin Greater Zurich Area AG

New players in the ecosystem

The settlement of innovative companies with high added value is important for the economic region and supports the necessary structural change. A selection.

Digitization on construction sites

In Zurich, Toggle Robotics focuses on developing advanced robotic vision systems and cloud-based 3D modeling tools for robotic reinforcement assembly.

The company is in the early stages of expanding production: from the United States to Europe. It is getting started in Switzerland. Toggle Robotics aims to speed up construction processes, reduce costs and increase safety. Toggle Robotics' goal is a more efficient construction industry driven by automation.

Toggle in the Greater Zurich Area

Data center boom in Switzerland

Amazon Web Services , a subsidiary of US giant Amazon, is expanding into the Greater Zurich Area . The long-term investment improves technological services and creates and maintains jobs.

Switzerland now is home to 86 data centers, up from 70 just five years ago. No country in Europe - except the Netherlands - has so many data centers per capita. Crypto, cloud gaming, and metaverse are developments that will require significantly more computing power in the future.

Amazon Web Services in the Greater Zurich Area

The best-funded AI startup in the world

SambaNova Systems is a fast-growing computing unicorn based in Palo Alto, California. Founded in 2017, it builds advanced machine learning and Big Data analytics platforms and hardware to optimize the performance of complex data processing. To date, the company has raised $1.1 billion (valuation $5 billion) from venture capitalists including SoftBank Vision Fund, BlackRock, and Intel Capital.

SambaNova is establishing a presence in Europe and has already hired more than 10 people in Germany, Hungary, Switzerland, and the United Kingdom. The race for the European headquarters is still open.

SambaNova in the Greater Zurich Area

Fight against hepatitis B, influenza A, HIV and tuberculosis

Vir Biotechnology develops therapies to treat and prevent severe infectious diseases. In 2021, the Swiss biotech industry played an important role in combating the Covid pandemic.

Two Swiss companies partnered to develop effective Covid-specific therapeutics: Ticino-based Humabs BioMed/Vir Biotechnology and Zurich-based Molecular Partners.

Teaser Vir Technology

Innovation hub Greater Zurich Area

Switzerland and the Greater Zurich Area in particular are world leaders in research, knowledge, and innovation. The established exchange between academic institutions and the private sector as well as access to highly qualified specialists make the Greater Zurich Area an innovation hub.

Innovation Hotspot Greater Zurich Area

Location marketing means development with responsibility. What we understand by this.

Smart growth

Qualitative growth is not an illusion. We believe in the power of a dynamic environment and cross-divisional collaboration.

Code of conduct

Neither prohibitions nor renunciations are drivers of qualitative growth. It is economically and ecologically sensible business models.

ESG criteria in focus

GZA Ltd. regularly reviews its business model and value chains for profitability, environmental and social compatibility.

Cooperation with myclimate

Since 2019, GZA Ltd. has been a climate-neutral company by offsetting its CO₂ emissions. We support the high moor renaturation in the Schwändital in the canton of Glarus.

Common goal

GZA is a founding member of the CE123.ch initiative. The circular economy is a systemic approach to the way we use resources and create value in our economy.

Taking on responsibility together

As a member of Sustainable Switzerland, GZA is committed to topics such as climate protection, circular economy, decarbonization, and society.

Partners carry responsibility

We maintain a settlement policy focused on quality. ESG criteria are to play an increasingly important role in the targeted approach of companies.

Quality of life as a location factor

We are well aware that the quality of life in the Greater Zurich Area business region is a key location factor and competitive advantage.

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Reinsurance News

Zurich posts record business operating profit of $7.4bn for 2023.

22nd February 2024 - Author: Saumya Jain

Global insurer Zurich has reported strong growth across all businesses in the first year of its 2023-2025 financial cycle, with the highest-ever Group business operating profit (BOP) up 21% to $7.4 billion, along with reporting its highest-ever return on equity at 23.1%.

annual report zurich

Zurich says that this 2023 result puts it in an excellent position for further growth and allows the Group to return more than $5 billion to its shareholders.

The insurer reported an earnings per share increase of 12% in USD and 20% on an adjusted basis. Net income attributable to shareholders has risen 10% to $4.4 billion in 2023.

By segment, P&C BOP grew by 7% to $3.9 billion, up 10% on a like-for-like basis with a stable combined ratio of 94.5%. P&C insurance revenue increased 8%, or 9% on a like-for-like basis to $42.3 billion, as P&C gross written premium (GWP) and policy fees increased 7%, or 9% on a like-for-like basis to $44.4 billion.

Zurich reports that the Group achieved price increases of around 6%, supported by a commercial insurance rate change of 7% (9% in North America) and an acceleration of rate increases in the retail business.

In terms of catastrophe losses, Zurich notes that despite severe flooding and hailstorms in Europe in Q3 2023, it’s natural catastrophe losses for the year fell within the guided range, driven by diligent management of its exposure to extreme weather events in order to reduce earnings volatility.

In the firm’s life business, BOP increased 39%, or 55% on a like-for-like basis to $2.1 billion, as the life present value of new business premiums (PVNBP) jumped to $16.4 billion from $13.2 billion in 2022, and the life new business contractual service margin (NBCSM) increased from $987 million to more than $1 billion.

Meanwhile, Farmers BOP grew by 10% to $2.3 billion, with a Farmers Exchanges combined ratio, excluding cat losses, of 91.9%, a 5.4 percentage point improvement. GWP grew 5% year-on-year to $27.4 billion, while gross earned premiums increased 3% to $26.7 billion.

Mario Greco, Group Chief Executive Officer, Zurich, commented, “We delivered record returns in 2023, well ahead of all targets for 2023-2025, with particularly strong growth in P&C and Life and highly effective management actions at the Farmers Exchanges. I expect this positive momentum to continue and to achieve EPS growth above 10% over the cycle.”

Zurich expects compound annual growth in 2023-2025 earnings per share (EPS) to exceed 10%, compared with the target of 8% established at the 2022 Investor Day. This includes mid-single-digit growth in insurance revenue for P&C, with the Life BOP expected to be at least in line with the record high level of 2023.

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Annual Report of Flughafen Zürich AG

Highlights 2019.

annual report zurich

NEW PASSENGER RECORD, MAXIMUM QUALITY

More passengers than ever before – 31.5 million – passed through Zurich Airport in 2019. And once again, Zurich Airport defended its leadership among European airports in terms of quality – for instance by winning the World Travel Award as the best airport in Europe for the 16th consecutive time.

annual report zurich

THE CIRCLE AND THE PARK ALMOST COMPLETE

Switzerland’s largest construction project is nearing completion. The facade and outer shell of THE CIRCLE are complete, and the first rented spaces have been handed over for interior fit-outs. The costs, deadlines and marketing are all on track.

annual report zurich

SUBSTANTIAL GROWTH IN INTERNATIONAL BUSINESS

In the core market of Brazil, the new terminal in Florianópolis was opened, and the portfolio expanded to include two more concessions in Vitória and Macaé. Flughafen Zürich AG also won the contract to build and operate a second airport in Delhi, in the Noida region of India, thus securing a return to the Indian market with a project that has significant growth potential.

Fancy Ahi Tuna Poke, Hainan Chicken, Massaman Beef Curry or freshly prepared sushi creations? Candrian, the Zurich-based family-run business, is opening the "Center Bar and Kitchen" after a two-month renovation with a new look and Asian cuisine. En Guete! — Zurich Airport (@zrh_airport) Sep 3, 2018

DINING THAT COMBINES LIFESTYLE WITH LOCAL ROOTS

The Zurich-based family-run company Bindella and Candrian Catering are operating two new catering flagships at the Airside Center in the form of Villa Antinori da Bindella and the completely restyled Center Bar and Kitchen. Great importance is attached to a high standard of culinary quality and local hospitality. The first four Pret a Manger outlets in Switzerland, two new bars run by the Winterthur beer company Chopfab, and the refurbishment of the NZZ Cafe and all Starbucks outlets add new, trendy accents to catering options at the high-footfall locations.

PROPERTY PORTFOLIO

Shortly before the end of the year, Flughafen Zürich AG bought a total of 36 buildings and plots of land from Priora Suisse AG. The acquisition of the Priora portfolio is strategically important for Flughafen Zürich AG and the demand-led development of the airport, especially in relation to the modernisation and expansion of areas to the south, east and west.

LARGE DEVELOPMENT PROJECTS BEING PLANNED FOR HUB'S LONG-TERM QUALITY

International mobility will continue to increase in our global world. In order to continue ensuring high quality and to function as a successful hub in Zurich in future decades too, further large projects are being planned and implemented, such as the new baggage system, the expansion of the landside passenger areas, the refurbishment of the main airport complex in the dock area, and the taxiway routing around and extension of runway 28.

Stephan Widrig, CHIEF EXECUTIVE OFFICER “We can look back on a successful year in 2019 with record passenger numbers and successful commercial centres. Our strategic growth is on track with THE CIRCLE and the expansion of our international business.”

KEY FINANCIAL DATA

Revenue (in chf), ebitda (in chf), profit (in chf), return on invested capital (roic), traffic figures.

annual report zurich

flight movements

annual report zurich

freight (in tonnes)

Responsibility, close to zero by 2050.

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Impact report 2022   |   Impact in 2022   |   More urgent societal needs   |   Laying the groundwork

Kids eating

Activism, Collaborations, and People

Impact Report 2022

On this webpage, you will find more information about the impact we had in 2022! We invite you to navigate through the pages and different tabs to discover why 2022 was such an impactful year. Most of our annual report content is online only via this webpage but you can also download our 2022 financial statements.

For 50 years now, the Z Zurich Foundation (the Foundation), with inspirational drive and commitment from Zurich Insurance Group (Zurich) people and charitable organizations, has worked to help the vulnerable in our society have a brighter future – first in Switzerland and then across the world.

Together, we help people and communities become more independent and able to realize their potential: acting to prevent or pre-empt the impact of climate change and the mental wellbeing pandemic and to support greater social equity for all, particularly through education and opportunity. In 2022, our programs have supported more people in more countries than ever before. Collaborations like the ones with Forge in Latin America, UNICEF across the globe, the Zurich Flood Resilience Alliance in 300 communities across Africa, Latin America and Asia, and Junior Achievement in 11 countries have helped us combine global capabilities with local relevance and understanding not just to help more people but also to share successful models and continue to increase the impact that the Foundation can make.

We are re-doubling our energy to tackle these three fundamental issues and further accelerate our impact.

After the global COVID-19 crisis, humanitarian issues were again at the forefront. In February 2022, the people of Ukraine had their world torn apart by war. Millions were forced to flee their homes, communities, and loved ones. We launched a dedicated and immediate response to support people fleeing the country. This included a global fundraising campaign. The amount raised from individual donations was the largest ever by the Foundation.

Many Zurich people took individual action further – opening up their homes or supporting in other practical ways.

The crisis in Ukraine continues, and our focus has evolved to help with mid and longer-term needs, in particular the enormous drain on many young people’s mental wellbeing.

The launch of the Global Coalition for Youth Mental Health, together with UNICEF, allows us to use our expertise in this area and works with new organizations sharing the same commitment.

I feel very privileged to be the Chair of the Z Zurich Foundation. I would like to personally recognize the exceptional work done by Gregory Renand and all the Foundation team, as well as the support, advice, and direction given by members of our Board of Trustees and advisory groups so readily.

One of my favorite points of the year was the Community Hero Awards, recognizing Zurich people and their commitment to communities. There were so many wonderful examples of activism and humanity, often over many years or in very challenging circumstances. Thank you so much for the difference you make.

Finally, a continued thank you to the Zurich Insurance Group Board of Directors and Executive Committee for your consistent and enthusiastic support, allowing us the opportunity to support long-term change and collaborations.

Gary signature

Gary Shaughnessy, Chair of the Z Zurich Foundation  

Gary Sh

2,700,000+ lives at least positively impacted *

Approximately 450,000 people received two doses of COVID-19 vaccines following another donation to support UNICEF’s efforts to ensure vaccine equity worldwide

Adapting to climate change: 272,000 people positively impacted, of which  60,000  are transformed lives

Improving mental wellbeing: 5 43,000 people positively impacted, of which  64,000  are transformed lives

Enabling social equity: 141,000 people positively impacted, of which  16,000  are transformed lives

Matched donations and volunteering of Zurich employees and smaller engagement grants:  1.3 million lives *** 

55% of Zurich’s** employee base volunteered, in line with prior year

CHF 36 million  invested in community grants in 2022, up 17% compared to 2021

30 new multi-year local grant programs to support projects under the Foundation’s strategic areas

CHF 2.8m+ of Zurich** employee-led donations (up 17% compared to 2021)

25 Community Hero Awards presented to recognize Zurich employees, who are going above and beyond to support their communities

Finish

* Positively impacted & transformed numbers from academic-year grants reporting in July 2022 and calendar year grants reporting in January 2023 for the year 2022. H2 2022 beneficiary impact of grants reporting on an academic year cycle will be accounted as part of the 2023 impact report. The impact figures have been rounded to the nearest thousand.

** Zurich Insurance Group Ltd and its subsidiaries (Zurich). Excluded are employees of the Farmers Exchanges and Cover-More. Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Zurich Insurance Group, provides certain non-claims services and ancillary services to the Farmers Exchanges as attorney-in-fact and receives fees for its services.

*** Impact use of CHF 10 proxy per person based on 3 years average survey data from NGOs.

Financial-statements_preview

Reflections from some members of our Board of Trustees​

Transparency and continuous improvement are critical to use the Foundation’s funds effectively. Since our establishment, we have grown the breadth and scale of impact considerably.

This, in turn, has been strongly reinforced through the Board of Trustees and management capacity.

The members of our Board of Trustees play a critical role in ensuring the efficient delivery of our operations and the fulfillment of our purpose. The seniority of our Board also adds value for our management team, who benefit from their professional experience and guidance.

annual report zurich

There were so many wonderful examples of activism and humanity, often over many years or in very challenging circumstances. Thank you so much for the difference you make.

Gary Shaughnessy

Chair 2016 - 2025

Our Board Members’ reflections on 2022 

Jack Howell

Member – 2016 - 2022

Jack howell.

“Taking care of our young people today is critical for the future of our society and for future generations. The Caregivers@theWorkplace program can support them to better flourish and grow, and remain resilient throughout their lives.”

Conny Kalcher

Member – 2020 - 2023

Conny kalcher.

“It has been great to follow the Zurich Flood Resilience Alliance’s continuous expansion and to see the establishment of yet another successful, global collaboration, this time with UNICEF stepping up efforts on mental wellbeing and already making a positive impact on more than half a million people worldwide. But most of all, it is impressive to see how the Foundation team continues to expand its reach and scope to help people globally with passion and commitment supported by a growing number of Zurich employee volunteers.”

Sylvia Martinez

Member – 2018 - 2024

Sylvia martinez.

“The work conducted in Peru showcases how the Zurich Flood Resilience Alliance through consistent education, information gathering, and improvement actions has driven systemic change. The positive results moved the government to increase investments and adjust policies which are  impacting 457,000 people today and an expected 9.3 million in the near future.”

Kristof Terryn

Member – 2021 - 2023

Kristof terryn.

“There is no better illustration of living the values than the volunteering of time, skills, and expertise. I am so pleased that Z Zurich Foundation’s 2022 Impact Report shows that our volunteering hours are now back to what they were before the pandemic. That’s a credit to each and every Zurich employee who has added tremendous value by giving some of their time to organizations and people in need.”

Kathleen Savio

Member – 2011 - 2023

Kathleen savio.

“The Social Hackathons demonstrated the power of “Together”—creating time and space for our people to bring their energy, skills and experience to the table to spark meaningful impact for charitable organizations and community members.”

About Z Zurich Foundation

The Z Zurich Foundation is a Swiss-based charitable foundation established by members of the Zurich Insurance Group. It is the main vehicle by which Zurich Insurance Group delivers on its global community investment strategy.

Additional information

Farmers Exchanges’ employees are excluded from the numbers related to employees. Zurich Insurance Group has no ownership interest in the Farmers Exchanges. Farmers Group, Inc., a wholly owned subsidiary of the Zurich Insurance Group, provides certain non-claims services and ancillary services to the Farmers Exchanges as attorney-in-fact and receives fees for its services.

Throughout our impact report, you can find links to third-party content. The Z Zurich Foundation does not take any responsibility for such content.

Notice of ABB’s Annual General Meeting on March 21, 2024

Notice of ABB’s Annual General Meeting on March 21, 2024

ABB today published the invitation to its Annual General Meeting (AGM), which will be held on Thursday, March 21, 2024, at 10:00 a.m. The invitation can be found attached and at go.abb/agm . The Annual General Meeting 2024 will be held at Halle 550, Birchstrasse 150, 8050 Zurich, Switzerland, and will also be broadcast at go.abb/agm .

Registration and admission cards

Shareholders entered in the share register with the right to vote on March 13, 2024, 3:00 p.m. (CET), are entitled to participate in the Annual General Meeting. These shareholders will receive their admission cards (by mail) on request, either using the reply form enclosed to the invitation or electronically (e-voting). The reply form or a corresponding notification must reach the Company not later than March 15, 2024 (by mail or e-voting). Reply forms or notifications arriving after that date will not be taken into consideration.

Proxy/Voting

If you cannot attend our Annual General Meeting in person, you may be represented by proxy.

Electronic authorizations/voting and instructions to the independent proxy (e-voting)

Shareholders may use the shareholder platform at www.gvote.ch to either request an admission card or issue voting instructions to the independent proxy.

The requisite login details are enclosed in the reply form. Shareholders may vote electronically, or change any instructions they may have communicated electronically, up to but no later than 11:59 p.m. (CET) on March 15, 2024. For further information as well as instructions on how to register and vote electronically, please refer to go.abb/agm .

1. Approval of the management report, the consolidated financial statements and the annual financial statements for 2023 2. Consultative vote on the Compensation Report 2023 3. Consultative vote on the Sustainability Report 2023 4. Discharge of the Board of Directors and the persons entrusted with management 5. Appropriation of earnings 6. Approval of the compensation of the Board of Directors and the Executive Committee 6.1 Approval of the maximum aggregate amount of compensation of the Board of Directors for the next term of office, i. e. from the Annual General Meeting 2024 to the Annual General Meeting 2025 6.2 Approval of the maximum aggregate amount of compensation of the Executive Committee for the following financial year, i. e. 2025 7. Elections to the Board of Directors and election of the Chairman of the Board of Directors 8. Elections to the Compensation Committee 9. Election of the independent proxy 10. Election of the auditors

ABB is a technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. The company’s solutions connect engineering know-how and software to optimize how things are manufactured, moved, powered and operated. Building on over 140 years of excellence, ABB’s more than 105,000 employees are committed to driving innovations that accelerate industrial transformation. www.abb.com

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Donald trump to pay $112k per day in ny civil trial fraud interest; ex-potus has 30 days to post $466m bond for appeal or assets could be seized – update, les moonves’ $11k settlement with city of la rejected by ethics commission; stormy meeting over ex-cbs boss'”misuse” of 2017 lapd sexual assault report.

By Dominic Patten

Dominic Patten

Senior Editor, Legal & TV Critic

More Stories By Dominic

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annual report zurich

Los Angeles ’ Ethics Commission has rejected Les Moonves ’ $11,250 settlement with the city over information leaked to the once powerful CBS CEO by an LAPD officer about sexual assault allegations.

Related Stories

Les Moonves

LAPD Captain Interfered With Probe Of Les Moonves Assault Allegations; Involvement Of CBS Executives Also Revealed By NY Attorney General – Update

Les moonves leaves complicated legacy at cbs as company and industry look to emerge from his long shadow.

The vote against Moonves was unanimous.

The Ethics Commission also voted 4-0  to “disapprove” a $2500 settlement with ex-CBS VP Ian Metrose .  In an agreement worked out by City staff and his lawyers at the Sutton Law firm admitted “he violated City law by aiding and abetting the disclosure and misuse of confidential information.”

In terms of the “advantage” the once feared CBS CEO achieved, that was insider knowledge and intel on a police report made in 2017 by Phyllis Golden-Gottlieb.

At a time of increasing corporate in-fighting for Moonves with Shari Redstone, former Lorimar-Telepictures executive Golden-Gottlieb, who passed away in mid-2022, alleged that her then colleague Moonves assaulted her repeatedly when they worked together in the 1980s with one incident in 1986 emphasized. The next year, Golden-Gottlieb would be among a number of women who would accuse Moonves of such misconduct. Despite attempts by Moonves to manipulate events and the CBS board, those accusations would lead to the exec being pushed from his long held CBS perch in September 2018.

That city official in question was ex-LAPD captain, Corey Palka.

After getting a copy of Golden-Gottlieb’s police report and circulating it among his top CBS lieutenants, Moonves requested a private meeting with Palka. The two met on November 25, 2017 to discuss what the LAPD would do with Golden-Gottlieb’s report and follow-up interviews. They texted several more times afterwards, continuing to discuss the Golden-Gottieb report and possible outcomes.

When Moonves exited CBS under duress almost a year later, Palka texted him: “I’m deeply sorry this happened. I will always stand with, by and pledge my allegiance to you.”

The now retired Palka is under investigation by the LAPD for his conduct, with the US Attorney’s office said to be lending a hand.

Since leaving CBS, Moonves fought for almost three years with the now Paramount Global run company for his $120 million severance. In 2021, that battle ended with Moonves, who made about around $69 million in 2016 and 2017 alone, coming up short and CBS saying they would donate the cash to charity

In 2022, New York Attorney General Letitia James first revealed  that the LAPD provided confidential information to executives at CBS as they attempted to manage the allegations against Moonves. As almost always, this came out in a follow-the-money probe. CBS execs authorized Schwartz, according to the NY AG’s report, to sell “millions of dollars” of CBS stock in 2018 just before a wider range of sexual misconduct against Moonves became public in a scathing New Yorker article, Deadline, and elsewhere.

“These actions constituted insider trading and violated New York’s investor protection laws,” James said at the time. The AG also revealed a cumulative total settlement of $30.5 million with Moonves and CBS to end her office’s investigation.

For the first hour of today’s Ethics Commission meeting, suggestions of greater penalties against Moonves and Metrose, as well as the relevance of 1997’s L.A. Confidential were put forth by members of the public.

Those opinions was actually two of the more low-key public remarks.

Adopting a variety of voices, one citizen mocked the now deceased women alleging sexual assault in the Moonves matter. The same speaker also called Moonves “one of the most powerful people on the planet” and recommended the fine against Metrose be reduced to zero. Another speaker called the “corruption” from the LAPD and the city “beyond shameful” and encouraging “rape culture.” Condemning cases of sexual assault by police officers, the speaker also demanded the Ethics Commission raise the maximum $5000 fine on the “incredibly wealthy” Moonves and Metrose.

With only one or two other topics being even touched upon, the Moonves and Metrose settlements were by far the most commented on by the public today.

A reduction in the penalties because of his “cooperation” with the City was slammed over and over. One speaker castigated the Commission for a “failure” to enact charter reform that would have allowed them to raise the fines, among other things. Asking the Commission to provide “high moral examples,” one male speaker compared Moonves to Donald Trump in his treatment of women and contempt for the law.

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IMAGES

  1. Zurich releases 2021 Annual Report and Sustainability Report

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  2. Annual Report 2020

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  3. Fillable Online ZURICH AUSTRALIA LIMITED ANNUAL REPORT Fax Email Print

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COMMENTS

  1. Financial results and reports

    Zurich Insurance Group Ltd results and reports, including results day, results archive and letter to shareholders.

  2. Zurich publishes 2022 Annual Report including disclosure on

    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).

  3. Zurich releases 2021 Annual Report and Sustainability Report

    Zurich Insurance Group (Zurich) today published its online-only 2021 Annual Report and Sustainability Report, highlighting both its financial strength and ambition to be one of the most impactful and responsible businesses in the world.

  4. Zurich publishes 2022 Annual Report including disclosure on

    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).

  5. Zurich

    10,000+ Employees Based in Zurich, Switzerland Zurich is a leading multi-line insurer that serves its customers in global and local markets. With about 53,000 employees, it provides a wide range of property and casualty, and life insurance products and services in more than 210 countries and territories.

  6. PDF Innovation with you in mind

    Zurich's customers include individuals, small businesses, and mid-sized and large companies, as well as multinational corporations. The Group is headquartered in Zurich, Switzerland, where it was founded in 1872. Further information For more information about Zurich Insurance Group, visit us online at: www.zurich.com A guide to using this report

  7. Flughafen Zürich AG

    Highlights of the Financial Year 2021 Despite the persistently difficult environment, Flughafen Zürich AG has numerous highlights to report. Read more Sustainability Report For the 2021 financial year, Flughafen Zürich AG is publishing a sustainability report in accordance with the GRI standard for the first time. Read more

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    Highlights of the Financial Year 2022 Rebounding travel market drives aviation industry recovery. Read more Sustainability Report Flughafen Zürich AG has defined ambitions regarding its material sustainability topics in the 2022 financial year. Read more Corporate Governance of Flughafen Zürich AG

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    AnnualReports.com

  10. Flughafen Zürich AG

    Annual Report of Flughafen Zürich AG 2020 Highlights 2020 "We are looking back on a challenging 2020. Due to the coronavirus pandemic, we suffered an historic downturn in traffic, with the situation impacting on all our areas of business.

  11. Zurich Insurance announces $1.25 bln buyback after record profit

    Zurich Insurance posted a better than expected annual operating profit on Thursday and announced a share buyback of up to 1.1 billion Swiss francs ($1.25 billion), as insurers ride out the impact ...

  12. Home

    Annual Report of the University of Zurich 2022. ... The university's income statement recorded an annual profit of CHF 3.5 million. An overview of UZH's facts and figures for the 2022 reporting year. Read more You may also be interested in. Awards and honors. Awards and honors. Various researchers from across UZH's faculties were ...

  13. Digital and interactive: ETH Zurich's Annual Report 2022 is now

    As of today, the ETH Zurich annual report for 2022 is available online. This is the first time it has been published in digital form. It provides an interactive tour through the different areas of the university, as well as describing how ETH functions and the contribution it makes to Swiss society.

  14. PDF Zurich Insurance Group

    Annual Report 2022 - Zurich Insurance Group. Discover how Zurich, a leading multi-line insurer, delivered strong performance and value to its customers, shareholders and society in 2022. Learn about Zurich's strategy, financial results, sustainability initiatives and more in this comprehensive report.

  15. Zurich Insurance Reports Record Profit, Announces $1.25B Share Buyback

    Zurich Insurance posted a better-than-expected annual operating profit on Thursday and announced a share buyback of up to 1.1 billion Swiss francs ($1.25 billion), as insurers ride out the impact ...

  16. Zurich Insurance : publishes 2022 Annual Report including disclosure on

    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 ...

  17. Annual report 2022

    Zurich Science Days; ETH Day. To homepage; Events; ETH Day See overview; ETH Day 2023; ETH Day 2022; ETH Day 2021; ETH Day 2020; ETH Day 2019; ... Annual report 2022; Honours and prizes. To homepage; Portrait; Honours and prizes See overview; Nobel Prize laureates; Honorary councillors and honorary doctorates; History. To homepage;

  18. PDF Annual report 2022 Consolidated financial statements

    ETH Zurich annual report 2022, consolidated ffnancial statements 1. Consolidated balance sheet CHF million Note 31.12.2022 31.12.2021 Assets Cash and cash equivalents 13 191 821 Current receivables from non-exchange transactions 14 293 315 Current receivables from exchange transactions 14 33 32

  19. Annual Report 2022

    Quality of life as a location factor. We are well aware that the quality of life in the Greater Zurich Area business region is a key location factor and competitive advantage. +41 44 254 59 06. [email protected]. Direct +41 44 254 59 18.

  20. Zurich posts record business operating profit of $7.4bn for 2023

    Zurich reports that the Group achieved price increases of around 6%, supported by a commercial insurance rate change of 7% (9% in North America) and an acceleration of rate increases in the retail business. ... Zurich expects compound annual growth in 2023-2025 earnings per share (EPS) to exceed 10%, compared with the target of 8% established ...

  21. PDF Annual Results 2023

    Zurich, 16 February 2024. Annual Results 2023 FY 2023 results 2 P&C Re renewals Focus areas of Annual Results 2023 2024 financial ... The audited financial statements for 2023 will be included in our 2023 Annual Report, together with updates on our business and other disclosures. Annual Results 2023 Net income (USD m) 472 FY 22 3 214 FY 23 757 ...

  22. Annual Report 2019

    Highlights 2019 Stephan Widrig, CHIEF EXECUTIVE OFFICER "We can look back on a successful year in 2019 with record passenger numbers and successful commercial centres. Our strategic growth is on track with THE CIRCLE and the expansion of our international business." Go to the Address to Shareholders KEY FINANCIAL DATA Traffic figures

  23. Impact Report 2022

    Impact Report 2022 On this webpage, you will find more information about the impact we had in 2022! We invite you to navigate through the pages and different tabs to discover why 2022 was such an impactful year. Most of our annual report content is online only via this webpage but you can also download our 2022 financial statements. Chair's message

  24. PDF Habib Bank AG Zurich

    It is with pleasure that we present this 54thAnnual Report of Habib Bank AG Zurich, based on the Ordinance on Accounting of the Swiss Financial Market Supervisory Authority (FINMA). As we close this second year of unprecedented disruption, the Group has proved to be resilient in the face of uncertainty, heightened risks and new vulnerabilities.

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    The Annual and Interim Reports of Zurich Airport Ltd. for the past few years are listed below. Fiscal Year 2007. Fiscal Year 2003. Interim Report 2023The rebound in traffic volumes continued apace in the first half of 2023 and also shows through clearly in Zurich Airport Ltd.'s key financial figures with a consolidated profit of CHF 138.1 ...

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    Group business operating profit (BOP) up 21% to a record USD 7.4 billion; highest ever return on equity (BOPAT ROE) at 23.1%; Earnings per share up 12% in USD and 20% on an adjusted basis 1; net income attributable to shareholders rises 10% to USD 4.4 billion; Zurich reports strong growth across all businesses, and expects positive momentum to continue

  27. PDF Habib Bank AG Zurich

    Habib Bank AG Zurich Annual Report 2022. Table of contents Group key figures 2 Letter to shareholders 4 About us 5 Corporate governance 6 Management report 13 Consolidated financial statements of the Group Balance sheet 20 Off-balance sheet transactions 21 Income statement 22

  28. Notice of ABB's Annual General Meeting on March 21, 2024

    The Annual General Meeting 2024 will be held at Halle 550, Birchstrasse 150, 8050 Zurich, Switzerland, and will also be broadcast at go.abb/agm. Registration and admission cards. Shareholders entered in the share register with the right to vote on March 13, 2024, 3:00 p.m. (CET), are entitled to participate in the Annual General Meeting.

  29. Les Moonves Settlement Over Leaked LAPD Sexual Assault Report Rejected

    The vote against Moonves was unanimous. The Ethics Commission also voted 4-0 to "disapprove" a $2500 settlement with ex-CBS VP Ian Metrose.In an agreement worked out by City staff and his ...