ZFSVF - Zurich Insurance Group: Slight Underperformance But Overall Decent

2024-05-14 01:48:24 ET

Summary

• Zürich Insurance Group is a significant global insurer, managing over $50B worth of premiums and $60B worth of revenue and fees annually.
• The company has a strong presence in every market and region where it operates, making it part of the global top 3 insurance companies.
• Zürich Insurance has solid profitability, strong cash generation, and a high solvency ratio, making it an attractive investment option with potential for growth.

Dear readers/followers,

It's time for me to update my thesis on Zurich Insurance Group ( ZURVY ) (ZFSVF), one of the largest insurance businesses in all of Switzerland that's quite full-service (meaning it does P&C, L&H, and both Commercial and personal lines). Despite what you may believe, it was once at a great valuation and allowed for investing at a fair multiple. I did invest at the time, though not at any excessive sort of amount.

My performance since my last coverage, which was in the middle of 2022, was actually fairly solid - even though it has, with the last few weeks/2 months included, underperformed the market, but was at a point where it was slightly above market....

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