Zurich Insurance: Solid Results, De-Risked Outlook, And Scope For A Larger Buyback

2025-11-23 20:20:32 ET

Zurich Insurance Group's (ZURVY) (ZFSVF) (ZUR:CA) released a Q3 update with key developments. For our new readers, the company is well covered, and the group (founded in 1872) is one of the world's largest insurers. Zurich has exposure in property and casualty (P&C) and life and health (L&H) divisions. In North America, the company has exposure to the personal line business via its Farmers Exchanges management. As a reminder, we have a long-standing buy rating on Zurich due to its strong track record in execution, 2) CHF dividend payment, and 3) supportive pricing dynamics for the insurance business. In H1, the group posted record first-half figures, with best-in-class EBIT and ROE and solid profit growth across all business lines, which supports our buy view. Since our last update (Fig. 1), Zurich's share price has been broadly unchanged; with guidance intact, we continue to see an attractive buying opportunity ahead....

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