We recognize that the tax we pay is an important part of our wider economic and social impact and plays a key role in the development of the communities where we operate.

Being a responsible taxpayer means we consider effective and efficient tax compliance to be a key objective and we allocate significant resources to ensure the tax affairs of the Group are sustainable, well-governed and transparent.

The Group’s purpose and values – as well as Zurich’s code of conduct – are embedded in our Group Tax Strategy. This means we are committed to pay the right amount of tax at the right time in the countries where we create value and to comply with all local and international laws and regulations. In addition, the Group does not operate in low tax jurisdictions for purely tax reasons.

At Zurich, we typically pay two categories of tax:

Taxes borne by shareholders: these relate to the tax burden arising from our own activities. They include shareholder income tax and stamp duty.

Tax collected: these are taxes that the Group is legally obliged to collect on behalf of the tax administration. They include insurance premium and other sales taxes, and payroll related taxes.