IM value creation paper

Investment Management
A creator of value in an insurance company
June 2019

Investment Management – A creator of value in an insurance company
Insurance companies generally recognize the
importance of separating the responsibility for
managing their insurance businesses, from that
of managing the investments backing their
reserves and capital. Due to the scale of
investments on an insurance company’s balance
sheet and the impact of investment results on
its profitability, the management of these
investments is a key function.
The Zurich Insurance Group (Zurich)
commissions its Investment Management to
manage the Investment Business and other
mandates as necessary to generate superior
risk-adjusted investment returns relative to
liabilities for the benefit of Zurich’s shareholders
and policyholders, and to generate positive
impact to benefit society, the environment
and the communities in which we live
and work (integrating environmental,
social and governance factors into the
investment process).
2

Table of contents
I. Investment Management in an insurance company 4
II. Zurich’s investment philosophy 11
III. Investment Management as a business 13
3

The global financial crisis in 2008 highlighted
the importance of having a clear investment
policy as well as a structured and disciplined
investment process for insurance investment
management. It also underlined the need for
insurance companies to manage their assets
relative to their liabilities. The application and
success of this activity has been a major
differentiator across the insurance industry in
recent years. In addition, a market environment
that was characterized by low interest rates and
falling bond yields forced the insurance industry
to focus on improving underwriting standards
and enhancing business efficiency as
investment returns diminished.
The nature of the insurance business
requires significant capital, which
needs to be professionally managed
Insurance companies sell protection to their
customers, who pay premiums that are
subsequently invested to cover future claims
or benefits, administrative expenses and profits
to shareholders. Regulators generally require
insurance companies to hold sufficient assets
to back liabilities in every insurance business.
The reserves must suffice to pay-out expected
claims and benefits, even in the unplanned case
that the insurer stops writing new business.
Thus, regulators require that insurers do not
rely on new premiums to pay for claims and
benefits underwritten in the past. As insurers
continuously underwrite new business, they
generally hold significant and relatively stable
amounts of investments on their balance sheet.
Reserves generated by the insurance business
are invested until they are needed for pay-outs.
In addition, equity capital buffers help to ensure
that the insurer has adequate funds to pay
claims or benefits in scenarios in which actual
pay-outs are larger than those reserved.
Therefore, the investments on the insurer’s
balance sheets include reserves for expected
claims and benefits as well as shareholder
capital that acts as an additional buffer for
unforeseeable events.
No extra return without extra
risk is the guiding principle
An insurer aims to pursue investment
strategies that focus on creating value for
both policyholders and shareholders. In the
insurance industry, attaining the optimum
balance between risk and return remains the
key challenge. Chasing higher returns has its
downside: higher risk. Generally, capital markets
will only provide higher expected returns when
higher risks are attached. Investors will differ in
their ability and willingness to chase returns and
tolerate the resulting risks. When the financial
crisis ensued in 2008, some investors were
forced to sell their risky investments to mitigate
the threat of insolvency, while others with
sufficient capital were able to withstand the
downturn, held on and benefited when markets
recovered the following year. No extra return
without extra risk is a principle that applies to all
investors. The important corollary to this principle
is that investors should have sufficient capital to
bear the risks they take.
Investments are conducted within
a highly regulated environment
Insurers’ balance sheets are structured in line
with accounting standards that define how
assets and liabilities should be valued. These
accounting values are often different from the
economic ‘market’ values. This is particularly
true for insurers’ liabilities which, from an
accounting perspective, are not always
adjusted for market movements.
I. Investment Management
in an insurance company
Capital markets will
only provide higher
expected returns
when higher risks
are attached
4

Insurance companies are regulated in every
market where they conduct insurance business.
Regulators set solvency and other requirements
for every local business that must be met in all
circumstances. Some also require this at the
aggregated Group level. The objective of
solvency requirements is to ensure that insurers
hold enough assets to pay out all claims at all
times. Furthermore, insurance regulators also set
requirements regarding the types of investments
that qualify for solvency calculations, as well as
regarding governance, risk management
and disclosure.
When developing their investment strategy,
insurers must comply with the various regulatory
frameworks in the countries in which they
operate. For example, some regulators do not
allow certain investments, such as commodities
and hedge funds, to cover reserves. In addition,
regulators often discourage holding certain asset
classes by imposing significant statutory capital
requirements on them.
Investment risk for an
insurance company has its
own specific characteristics
Insurance investment risk is different from that
which a typical fund manager would describe as
investment risk. A typical fund manager invests
on behalf of its clients and is usually focused on
maximizing the investment returns relative to a
prescribed market benchmark (e.g. S&P 500).
Investment risk for fund managers is both
absolute and relative. The absolute risk is the
chance the market value of the underlying fund
will rise or fall in a particular time period. The
relative risk is the chance the fund manager
may out- or underperform the benchmark in a
particular time period. However, both measures
are focused on the asset side of the balance
sheet only – little consideration is given to the
client’s liabilities. It is therefore left to the client
to select the investments that meet the needs
of the liabilities.
Risk in insurance investment management is akin
to the fund manager’s risk relative to its market
benchmark or in the case of an insurance
company, its liabilities. When an insurance
company determines its investment risk appetite
and investment strategy, it cannot ignore the
liability side of its balance sheet – the reserves for
future claims and benefits and shareholder
capital. Thus, it is critical to understand the
structure and duration of liabilities to make sure
that the investment strategy is commensurate
with being able to meet these future obligations.
Insurance companies have assets (investments)
and liabilities (future claims and benefits), the
values of which change as capital market
conditions change. The challenge for insurance
investment management is to manage the
potential mismatch in value of its assets and
liabilities and to ensure that such a mismatch
will not endanger the company.
Insurance investment risk, therefore, is when
investments become insufficient to pay the
liabilities due to adverse changes in capital
markets. The analysis and management of
these relative movements is called Asset Liability
Management (ALM).
When developing
their investment
strategy, insurers
must comply with
various regulatory
frameworks
5

Asset Liability Management monitors assets relative to liabilities
Insurers must hold enough capital to cover all
eventualities. As a result, insurers must hold
assets not just to cover the expected claims, but
also unexpected larger claims, and be able to
absorb adverse results from any asset-liability
mismatch. This, additionally, necessitates that,
when insurers hold more risky investments, they
must have more capital to protect policyholders
in the event that the riskier investments lose
value. For example, since equities are generally
more risky than government bonds, any
insurance company wishing to invest in equities
must hold more capital than they would for the
same amount of government bonds.
Consequently, the amount of capital required to
protect policyholders for each type of investment
must be considered in any investment decision.
Insurers’ balance sheets are dominated by
investments on the asset side and reserves for
future claims and benefits on the liability side
(Ignoring Unit Linked investments which have
similar offsetting liabilities). Therefore, relative
changes in value of investments relative to
insurance liabilities can have a significant
impact on shareholders’ equity.
Chart 1 illustrates the importance of
Asset Liability Management in managing
an insurer’s investments. This illustrative
example shows that, if investments were to
underperform by little more than 10% of the
value of the insurance liabilities, shareholders’
equity would be wiped out. This level of
shareholder leverage makes ALM critical in
Insurance Investment Management.
Chart 1: Illustrative and simplified balance sheet of an insurance company (%)
Assets
Investments
66%
Shareholders’ equity
7%
Other assets
17%
Insurance liabilities
60%
Unit Linked investments
17%
Other liabilities
15%
Unit Linked liabilities
17%
100%
Liabilities
100%
Insurers’ balance
sheets are dominated
by investments on
the asset side and
reserves for future
claims and benefits
on the liability side
6

Chart 2: Illustrated Strategic Asset Allocation of Zurich (%) (excludes Unit Linked)
Fixed income Cash, short term Equities Real estate
Hedge funds and private equity
81%
2%
7%
5%
5%
Strategic Asset Allocation (SAA) determines the optimal mix of asset
classes for Zurich
The mix of asset classes, such as fixed income
securities, equities and real estate, along
with liquidity, is commonly referred to
as the Strategic Asset Allocation (SAA).
The Strategic Asset
Allocation is the
optimal mix of asset
classes that offer the
highest long-term
expected investment
return given
Zurich’s liabilities
At first glance, it may appear that Zurich’s
asset allocation mix is overly conservative,
with a high proportion of fixed income
investments. However, also the potential
impact of movements in financial markets on
the valuation of the Group’s total investments
and liabilities and the resulting impact on
shareholder equity must be considered to
fully understand the true exposures from
a risk perspective. These well-balanced
exposures are illustrated through the
following examples.
7

Chart 3: Illustrative impact on risk of diversification
55% reduction in
shareholders risks
75% reduction in
shareholders risks
100
45
Risk defined as 12-month 99.95% VAR. Excludes unit-linked liabilities.
Investment view only Investment–liability view
Sum of individual risk
in investment portfolio
(before diversification)
Investment risks
(diversified)
Investment risks offset
against liabilities
(diversified)
25
This illustration underlines the importance of
Zurich’s well-diversified portfolio, but also of
understanding the interaction between assets
and liabilities. Zurich’s investment portfolio is
balanced in terms of investment risks taken,
and spread over a range of different risk types.
Diversification
provides
significant risk
mitigation
As illustrated in Chart 3, 55% of investment risks
can be diversified through efficient asset allocation
and effective diversification both within and across
asset classes and between each asset class (i.e. the
risk of holding many different securities across a
number of asset classes is 55% below the sum of
the individual securities’ risks). Simply put, it pays
‘not to have all of your eggs in one basket’.
Inclusion of liabilities reveals
the true picture of risk
When liabilities are added to the risk calculation,
the risk to Zurich’s shareholder equity is reduced
to 25% of the sum of undiversified single
investment risks (i.e. 20 percentage points below
the diversified ’investment only’ risk view discussed
above). This further illustrates that 75% of Zurich’s
investment risks are eliminated by optimizing
portfolio diversification relative to liabilities.
8

Equity risk Interest rate risk Credit risk Other risks (RE, FX, speciﬁc)
30%
10%
10%
50%
Chart 4: Illustrative breakdown of market risk of diversified investments relative to liabilities (%)
Zurich’s investment
portfolio is balanced in
terms of market risks
taken and spread over
a range of different
risk types
Consequently, when the asset allocation is
looked at purely from a risk perspective, it can
be seen in Chart 4 that risks are much more
balanced than implied from the asset class
distribution previously shown in Chart 2.
Market Strategy provides a
consistent and profitable approach
to asset allocation and market
opinion for the Group
A clear view and deep understanding of
both economic and financial markets is a
prerequisite to being able to identify and
exploit opportunities to generate excess
returns (alpha). While over time markets are
deemed to be fairly efficient, there are periods
in which opportunities arise, allowing a
skill-based investment approach to capture
alpha across asset classes, by spotting
mispriced assets, or trends that may persist.
Asset Manager Selection is
integral to Zurich’s model and
is a valuable skill
Investment Management always aims to
appoint the best manager for each portfolio,
whether they are internal or external.
A stringent, fact-based manager evaluation
process is applied. Selection criteria include
the performance record, investment
philosophy and process, trade execution
capabilities, risk management, organization
and operations processes, as well as costs and
responsible investment practices.
Portfolio Construction and
implementation of the investment
strategy are critical in the complex
world of insurance
Implementing group-wide strategies quickly
and effectively, while taking into consideration
regulatory and financial requirements, is vital.
Zurich is a global company, with over 200
balance sheets in more than 30 countries.
Hence, Investment Management employs a
team of Regional Investment Managers
(RIM), who engage with Zurich’s local
investment teams, often led by a local Chief
Investment Officer (CIO), and local business
management. Together, they work to
incorporate local constraints, such as
regulatory restrictions, in addition
to Environmental, Social and Governance
(ESG) factors, into the implementation
of the Group’s investment strategy.
9

Chart 5: Investment Management Value Chain
Asset-Liability
Management
Earn minimum-risk
investment return
by understanding
the minimum-risk
investment position
Strategic Asset
Allocation
Define the
long-term SAA
based on allocated
risk capital
Earn market risk
return (Beta)
Market Strategy
Define
macroeconomic
outlook
Generate skill-based
returns from market
strategies (Alpha)
Asset Manager
Selection
Select
high-performing
asset managers
at the right price
Systematically
monitor and act
on manager
performance
Portfolio
Construction
Ensure efficient
implementation
strategies across
global balance
sheets, incorporating
local requirements
AssetManagement,
Security & Asset
Selection and
Trade Execution
Provide Asset
Management
Perform Security
and Asset Selection
Conduct trade
clearing and
settlement
Prepare investment
accounting
Investment
functions
• Risk Analytics
• Investment Information
• Strategy & Change Management
• Planning and Reporting
• Investment Compliance Assurance
• People Development
• Communication
Investment
Management
creates value
following a
stylized investment
process chain
Efficient Asset Management
including security and asset
selection, trade execution and
transaction management adds
extra return
Asset Management requires access to the best
talent and research. Therefore, Zurich carefully
analyzes whether portfolios should be
managed internally or externally and if security
selection is likely to add extra returns to a
portfolio on a consistent basis. When
appropriate, asset managers are selected for
active portfolio management and they are
carefully monitored to ensure performance is
delivered consistently.
The external as well as in-house asset managers
transact within their mandates and depend on
an in-house Investment Operations &
Accounting organization which turns positions
and transactions into a global multi-GAAP
accounting while supporting with regulatory
reporting and analytics.
Value Chain
The described process by which superior
risk-adjusted investment returns relative to
liabilities are generated is reflected in the
Investment Management Value Chain that
is fully aligned with Group Investment
Management’s organizational structure.
10

1. Maximize economic objectives
The investment function of a large insurance
company such as Zurich is a highly complex
business that involves many stakeholders
with many different interests and opinions.
Hence, defining a clear hierarchy of targets
and priorities is of high importance to guide
decision making. Investment Management
at Zurich creates value by maximizing
economic objectives.
Specifically, this means we:
• Strive to create long-term value by
developing and implementing a global
investment strategy that optimizes
the investment risk/return trade-off
for stakeholders
• Measure investment risks and returns
relative to liabilities on an economic,
market value basis
• Adhere to regulatory restrictions
• Minimize short-term activism and strive
for best execution when transacting in
the capital markets.
2. Minimize unrewarded risks
’Rewarded’ risks are those that reward investors
with a higher expected return (risk premium)
for taking them. Examples are the equity risk
premium and credit spreads. ’Unrewarded’ risks
are those for which investors receive no expected
compensation from markets. However, these
risks can be diversified away at very little or no
cost. Examples of unrewarded risks include
holding only very few shares in an equity
portfolio. Different investors have different
investment strategies. However, systematically
taking unrewarded risks does not create value.
Not surprisingly, at Zurich we strive to maximize
rewarded risk, and thus return, while minimizing
unrewarded risks.
At Zurich, we avoid:
• Holding a concentrated portfolio – this
increases risk but not necessarily return
• Frequent trading – trading always increases
costs. These costs are certain, while
additional returns from higher trading
activity are uncertain
• Investing in instruments with complex
and opaque risk and return characteristics,
such as highly leveraged structured
credit products.
3. Capital markets are fairly
efficient over time
Over time, market forces eliminate
deviations from an equilibrium (or fair value)
of freely tradable assets. New public
information is quickly incorporated into
prices and expectations.
Investment Management at Zurich Insurance
Group aims to achieve superior risk-adjusted
investment returns relative to liabilities. The
focus is on value creation for all of Zurich’s key
stakeholders: our customers, shareholders,
our people and the communities in which
we live and work.
Economic value is created if the return on
capital required to support the insurance
investment risk is greater than the cost of
capital. Capturing this value requires that
Investment Management should be a key
function within the Zurich Group, in which
insurance investments have to be analyzed and
managed relative to liabilities. Generating
superior returns requires taking additional risks,
which necessitates a structured and disciplined
investment approach. Zurich’s investment
philosophy can be articulated by four key
principles that guide all investment decisions.
1. We aim to maximize economic objectives
2. We aim to minimize unrewarded risks
3. We believe that capital markets are fairly efficient over time
4. We are a responsible investor
II. Zurich’s investment philosophy
At Zurich we strive to
maximize rewarded
risk with our
allocated capital,
while minimizing
unrewarded risks
11

In other words, Zurich takes note of the
generally accepted view of academia and
practitioners that investors cannot consistently
earn a higher return without incurring higher
risk. Consequently, we:
• Have the efficient markets principle
as a reference point
• Have realistic expectations of returns
• Have a realistic view of our skills and
those of our asset managers
• Only take risks that are expected to provide
excess returns relative to liabilities
• Strive to identify inefficiencies when they
do occur and rationally act on them.
4. We are a responsible investor
There are many different approaches to
responsible investment. For Zurich, responsible
investment is about achieving our mission
of ‘doing well and doing good’, by not only
creating long-term, sustainable financial value,
in line with our fiduciary duty, but, at the same
time, also creating non-financial value such as
reduction of CO2 emissions. Responsible
investment is not philanthropy. It is the
creation of long-term benefits for all our key
stakeholders, while remaining true to our
proven approach of maximizing economic
value based on a structured and disciplined
investment process.
We believe that we can add this non-financial
value through the proactive integration of
relevant Environmental, Social and Governance
(ESG) factors into the investment process across
asset classes and alongside traditional financial
metrics. By taking these actions, for example by
exercising shareholder voting rights in our
equity investments that are in line with ESG
objectives, we can achieve a positive impact
on society and the environment, and promote
governance practices consistent with high
standards of integrity, without sacrificing
investment returns. In addition, impact
investing allows attractive investment returns
to be captured, while making a tangible and
measurable contribution to the environment
and our communities.
Sources of investment return are
clear and unambiguous
Having identified our four guiding principles,
we have determined three sources
(a. minimum risk return, b. ‘beta’ and c.
‘alpha’) of investment returns from which
we can achieve our mission of superior
risk-adjusted returns relative to our liabilities.
a. Minimum risk return
In the insurance context, the minimum
risk return is normally the yield on a
government bond portfolio of the highest
available credit quality. Ideally, this should
have the same maturity profile as the
underlying insurance claims or benefits that
need to be paid in the future. For example,
the minimum-risk investment for certain
business lines in Zurich’s non-life insurance
business is close to the yield on a three-year
government bond.
b. ‘Beta’ (market return) can be
earned by taking on additional
market risks
Certain types of investments, such as
equities, corporate bonds and real estate,
provide higher expected returns compared
to the minimum-risk return. However,
investors can only capture these extra
returns if they:
• Have a long-term strategy to take
the necessary risks
• Understand the risks they incur
• Can afford the risks they are taking at
any time by holding sufficient capital.
In addition, the fact that illiquid investments
cannot be easily sold requires that investors
are provided with an additional ‘reward’ for
taking on this risk. Insurance companies can
have long-term (30 years or more) and
relatively static liabilities. This positions them
well to invest in illiquid, long-term assets
such as real estate. This can provide the
insurer with additional income and may also
aid in better matching assets to long-term
liabilities. Consequently, Zurich has identified
a portion of its balance sheet to dedicate to
capturing this illiquidity premium.
c. ‘Alpha’ (skill-based return) can
be generated through the
application of skill and judgement
Generating alpha requires the skill to
identify and exploit profitable investment
opportunities. Given that financial market
prices generally adjust quickly to new
information, skill-based returns are difficult
to generate and unpredictable. Across all
investors, they aggregate to zero (before
cost). That is, alpha is a zero sum game:
for every investor who earns positive alpha,
there is an investor who earns negative
alpha. The more efficient the market and
skilful investors are, the more difficult it
will be for an investor to consistently earn
positive alpha. Incremental alpha can still
be significant and worth pursuing, but
investors have to be realistic about their
own skills and those of their asset
managers. Only a small proportion of
investment returns can be expected to be
generated this way. Consequently, Zurich
adopts a selective and targeted approach
to capture alpha.
By combining our four key principles with
targeted sources of returns, Zurich has
established a philosophy enshrined in our
investment process conducted globally.
We can achieve a
positive impact on
society and the
environment, with
the highest standards
of integrity,
without sacrificing
investment returns
12

Chart 6: Five business areas of Investment Management
Insurance
Investment
Management
Advisory
Unit Linked
Investments
Asset
Management
Investment
Operations
III. Investment Management as a business
The last piece on how we think about value
creation within Investment Management is our
focus on five business areas.
At Zurich, Investment Management is a global
business that engages in five distinct yet
interlinked business areas:
• Insurance Investment Management
• Asset Management
• Investment Operations
• Unit Linked Investments
• Advisory
At Zurich, Investment
Management is a
global business that
engages in five
distinct yet interlinked
business areas
13

These business areas are distinct in their client
base, the markets and competitors. Each
business area has different drivers of competitive
advantage. Yet they are interlinked – each one
of the business areas supports or enables other
areas of the Investment Management business.
Insurance Investment Management:
Insurance companies need to hold sufficient
assets to back liabilities, including equity
buffers to ensure the insurer has adequate
funds to pay claims even when unforeseeable
events occur. Insurance Investment
Management is the key function which
ensures this can happen while at the same
generating superior risk-adjusted returns
relative to our liabilities. This business area is
core to Investment Management at Zurich.
Asset Management: Investment Management
invests long-term in a variety of asset classes,
including less-liquid assets such as corporate
lending, real estate and infrastructure debt,
while continuing to select equity and corporate
bond holdings through qualified internal and
external asset managers. The Asset
Management business area covers the internal
portfolio management teams who manage a
portion of Zurich’s investment portfolio for
Insurance Investment Management, Unit Linked
and Third Parties. The portfolio managers select
the individual securities to invest in, adding
value to Zurich through alpha generation.
Investment Operations: The business
area of Investment Operations provides the
foundation for Investment Management’s
investment processes. The external as well
as in-house asset managers are supported
by investment administration and accounting
teams who capture and settle transactions,
maintain investment positions, do account
bookings and reconciliations and close the
various IFRS and local GAAP investment
sub-ledgers. The Investment Operations
business area also provides various investment
and regulatory reporting, insights and
analytics, thereby supporting the Insurance
Investment Management and Unit Linked
business areas.
Unit Linked Investments: Unit Linked
investments are the investments of our
insurance clients - Investment Management
provides the investment expertise to the life
insurance businesses through, for example,
insurance product development, Asset
Management and advisory services.
Advisory: The Advisory business area is an
integral part of Investment Management and
provides services to various clients of Insurance
Investment Management, Asset Management
and Unit Linked Investments. Services include
strategic asset allocation, asset manager
selection, market strategies and
macroeconomic research.
Investment
Management
business areas are
distinct in their client
base, the markets
and competitors
Conclusion
It is important to remember that all of the
activities undertaken by Group Investment
Management are driven by our mission to
generate superior risk-adjusted investment
returns relative to liabilities. In order to meet
the challenge of achieving this mission,
Group Investment Management is required
to continuously explore and exploit new
opportunities and improve its investment
and business strategy. Through a clear and
disciplined framework, populated by a team
of leading investment professionals, Zurich
is in a strong position to continue to generate
positive impact to benefit society, the
environment and the communities in which
we live and work.
14

Disclaimer and cautionary statement
This publication has been prepared by Zurich Insurance Group Ltd and the opinions expressed
there-in are those of Zurich Insurance Group Ltd as of the date of writing and are subject to
change with-out notice.
This publication has been produced solely for informational purposes. The analysis contained
and opinions expressed herein are based on numerous assumptions concerning anticipated
results that are inherently subject to significant economic, competitive, and other uncertainties
and contingencies. Different assumptions could result in materially different conclusions. All
information contained in this publication have been compiled and obtained from sources believed
to be reliable and credible but no representation or warranty, express or implied, is made by Zurich
Insurance Group Ltd or any of its subsidiaries (the ‘Group’) as to their accuracy or completeness.
Opinions ex-pressed and analyses contained herein might differ from or be contrary to those
expressed by other Group functions or contained in other documents of the Group, as a result
of using different assumptions and/or criteria.
The Group may buy, sell, cover or otherwise change the nature, form or amount of its investments,
including any investments identified in this publication, without further notice for any reason.
This publication is not intended to be legal, underwriting, financial investment or any other type
of professional advice. No content in this publication constitutes a recommendation that any
particular investment, security, transaction or investment strategy is suitable for any specific
person. The con-tent in this publication is not designed to meet any one’s personal situation.
The Group hereby dis-claims any duty to update any information in this publication. Persons
requiring advice should consult an independent adviser (the Group does not provide investment
or personalized advice).
The Group disclaims any and all liability whatsoever resulting from the use of or reliance upon
this publication. Certain statements in this publication are forward-looking statements, including,
but not limited to, statements that are predictions of or indicate future events, trends, plans,
developments or objectives. 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, developments and plans and objectives
to differ materially from those expressed or implied in the forward-looking statements.
The subject matter of this publication is also not tied to any specific insurance product nor
will it ensure coverage under any insurance policy.
This publication may not be reproduced either in whole, or in part, without prior written
permission of Zurich Insurance Group Ltd, Mythenquai 2, 8002 Zurich, Switzerland. Zurich
Insurance Group Ltd expressly prohibits the distribution of this publication to third parties for any
reason. Neither Zurich Insurance Group Ltd nor any of its subsidiaries accept liability for any loss
arising from the use or distribution of this publication. This publication is for distribution only under
such circumstances as may be permitted by applicable law and regulations. This publication does
not constitute an offer or an invitation for the sale or purchase of securities in any jurisdiction.
15

Zurich Insurance Group Ltd
Zurich Investment Management
Mythenquai 2
8002 Zurich, Switzerland
Phone: +41 (0)44 625 21 00
Fax: +41 (0)44 625 26 41
Twitter: @Zurich
media@zurich.com
www.zurich.com
173005952 (06/19) TCL

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