Commentary & Deal Flow

Reoffer: 7yr: T+75bp / 99.726 / 5.047%
Benchmark: 7yr: T 4.25 31-May-33 @ 99-23 / B+75 / HR 98%

Books: Peak book >US$1.75bn (pre-rec)

Launched: 7yr: US$500m @ T+75bp - Books >US$1.75bn (pre-rec)
Book Update: Books US$1bn+
IPTs: 7yr: T+100a

• Issuer: Zurich Finance (Ireland) DAC (ticker: ZURNVX)
• Guarantor: Zurich Insurance Company Ltd (“ZIC”)
• Description: US$ Fixed Rate Senior Notes due 24 June 2033
• Status of Notes: Senior Unsecured, Reg S
• Guarantor Senior unsecured Ratings (ZIC IFSR): Aa3 (Moody's) / AA- (S&P)
• Expected Issue Ratings: Aa3 (Moody's) / AA- (S&P)
• Size: US$500m
• Benchmark: T 4.25 31-May-33
• Settlement Date: 24-Jun-26 (T+5)
• Maturity: 24-Jun-33
• Coupon: 5.000% per annum, payable semi-annually in arrear on 24 June & 24 December each year, commencing on 24-Dec-26 to and including the Maturity Date
• Reoffer: 5.047% SA / 99.726
• Benchmark: T 4.25 31-May-33 +75bps (Spot: 99-23 / HR: 98%)
• Early Redemption: Clean Up Call (75%), 3 Month Par Call (at any time in the 3 (three) months prior to the Maturity Date)
• Governing Law: The Notes, and any non-contractual obligations arising out of or in connection with them, will be governed by English law. The guarantee will be governed by Swiss law
• Business Day: New York + London
• Business Convention / Day Count: Following (unadjusted), 30/360
• Denominations/Listing: US$200k + 1k increments / Luxembourg MTF
• Documentation: Zurich EMTN Base Prospectus dated 19-May-26
• Form: Reg S / Bearer
• Joint Lead Managers: Citi (B&D), HSBC, UBS
• Sales Restrictions: Reg. S Category 2, TEFRA D. Any sales of the Notes must be made in compliance with all applicable selling restrictions and as per the prospectus, in particular in Switzerland (no public offer), U.S., EEA, UK, Ireland, Japan, Singapore, Australia, Belgium and Canada
• Target Market: Manufacturer target market (MIFID II product governance and UK MIFIR product governance rules) is eligible counterparties and professional clients only (all distribution channels).
• PRIIPs/ UK CCI: No EEA PRIIPs key information document (KID) or disclosure document required by the FCA Product Disclosure Sourcebook has been prepared as not available to retail in EEA or the UK
• Issuer LEI: 549300E0FVHYR37EGX65
• Settlement: Euroclear
• ISIN: XS3418658756
• Use of Proceeds: The net proceeds will be used for general corporate purposes including potential refinancing of existing debt of the Zurich Insurance Group
• Timing: Priced. TOE 1404UKT / FTT 1430UKT