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	5,883	4,351	4,603	5,202
Depreciation & Amortization	858	911	852	804	849
Other Adjustments	-14,585	-16,216	-12,563	13,865	-14,025
Changes in Receivables	-255	-448	-825	-2,055	-2,059
Changes in Reinsurance Contract Assets	-2,073	217	-1,357	-859	-201
Changes in Deferred Acquisition Costs	-	-	-	-908	-927
Changes in Claims Reserves	9,896	7,352	5,063	-3,206	9,485
Changes in Other Operating Activities	5,264	9,899	11,823	-7,167	4,844
Operating Cash Flow	5,903	7,599	7,345	5,079	3,167
Operating Cash Flow Growth	-22.32%	3.46%	44.62%	60.37%	-44.45%
Capital Expenditures	-480	-370	-418	-572	-576
Sale of Property, Plant & Equipment	41	9	57	54	155
Payments for Business Acquisitions	-50	-1,078	-734	-328	-2,446
Proceeds from Business Divestments	-	115	-	155	16
Other Investing Activities	-104	-80	-37	-	-36
Investing Cash Flow	-593	-1,404	-1,132	-691	-2,886
Long-Term Debt Issued	744	738	544	2,551	2,664
Long-Term Debt Repaid	-463	-1,129	-1,196	-3,067	-740
Net Long-Term Debt Issued (Repaid)	281	-391	-652	-516	1,924
Repurchase of Common Stock	-450	-	-2,023	-770	-455
Net Common Stock Issued (Repurchased)	-450	-	-2,023	-770	-455
Common Dividends Paid	-5,082	-5,770	-4,116	-3,767	-3,534
Other Financing Activities	-220	-207	-211	-220	-227
Financing Cash Flow	-5,470	-6,368	-7,002	-5,273	-2,292
Effect of Exchange Rate Changes on Cash and Cash Equivalents	555	-382	278	-290	-386
Net Cash Flow	394	-554	-510	-1,174	-2,396
Free Cash Flow	5,423	7,229	6,927	4,507	2,591
Free Cash Flow Growth	-24.98%	4.36%	53.69%	73.95%	-49.68%
FCF Margin	7.46%	10.62%	11.25%	7.98%	3.71%
Free Cash Flow Per Share	37.66	49.92	47.33	30.13	17.27
Levered Free Cash Flow	10,648	16,080	14,599	-5,254	11,115
Unlevered Free Cash Flow	97,847	101,866	94,685	75,581	9,763

Updated Dec 31, 2025. Data Source: Fiscal.ai. Insurance template. Financial Sources.