Zurich has three core business segments: General Insurance (e.g. car, home), Global Life (e.g. life assurance, pensions and investments) and Farmers (core North-American business). These segments are divided into regions, for example, Europe, and then into business units, for example, UK Life. Through discussion with various stakeholders, budgets are set for each business unit, with the combined budgets supporting Zurich’s overall corporate aims.
For example, the table below shows the revenue and expense budgets for UK Life. The expenses budget is broken down by function. (All figures are for illustration only.)