Zurich Insurance Group AG Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	6,798	5,814	4,351	3,964	5,202
Depreciation & Amortization	858	438	494	427	495
Other Amortization	-	357	347	321	329
Gain (Loss) on Sale of Assets	7	-114	104	159	185
Gain (Loss) on Sale of Investments	-15,244	-16,295	-12,387	15,443	-14,918
Change in Accounts Receivable	9,641	6,907	4,238	-1,006	-2,059
Reinsurance Recoverable	-2,073	217	-1,357	-143	-336
Change in Insurance Reserves / Liabilities	6,638	9,414	7,395	-11,962	17,161
Change in Other Net Operating Assets	-120	-903	-1,264	312	1,103
Other Operating Activities	-608	1,649	5,415	-2,485	-3,214
Operating Cash Flow	5,903	7,603	7,345	5,042	3,167
Operating Cash Flow Growth	-22.36%	3.51%	45.68%	59.20%	-44.45%
Capital Expenditures	-480	-370	-418	-535	-576
Sale of Property, Plant & Equipment	41	9	57	54	155
Cash Acquisitions	-50	-1,078	-734	-328	-2,446
Investment in Securities	-104	-80	-37	-	-36
Other Investing Activities	-	-	-	-	1
Investing Cash Flow	-593	-1,404	-1,132	-654	-2,886
Long-Term Debt Issued	744	728	544	2,551	2,664
Total Debt Repaid	-683	-1,324	-1,407	-3,287	-967
Net Debt Issued (Repaid)	61	-596	-863	-736	1,697
Repurchases of Common Stock	-450	-1,309	-2,023	-770	-455
Common Dividends Paid	-5,082	-4,156	-3,877	-3,520	-3,199
Other Financing Activities	1	-311	-239	-247	-335
Financing Cash Flow	-5,470	-6,372	-7,002	-5,273	-2,292
Foreign Exchange Rate Adjustments	555	-382	278	-290	-386
Miscellaneous Cash Flow Adjustments	-1	-	1	-	1
Net Cash Flow	394	-555	-510	-1,175	-2,396
Free Cash Flow	5,423	7,233	6,927	4,507	2,591
Free Cash Flow Growth	-25.02%	4.42%	53.69%	73.95%	-49.68%
Free Cash Flow Margin	7.42%	10.53%	10.87%	7.69%	3.70%
Free Cash Flow Per Share	37.65	49.95	47.33	30.13	17.27
Cash Interest Paid	543	507	534	523	955
Cash Income Tax Paid	2,192	1,702	1,665	1,465	1,486
Levered Free Cash Flow	15,913	4,388	-9,242	-14,543	3,402
Unlevered Free Cash Flow	16,201	4,663	-8,957	-14,265	3,695
Change in Working Capital	14,086	15,635	9,012	-12,799	15,059

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.