Zurich Insurance Group Ltd (CH:ZURN)
:ZURN
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Zurich Insurance Group
(ZURN)
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Rating:74Outperform
Price Target:
CHF606.00
â–²(6.92% Upside)
Action:ReiteratedDate:03/22/26
The score is driven primarily by strong financial performance (notably improved 2025 profitability and exceptionally strong free cash flow) and supported by appealing valuation via a high dividend yield and moderate P/E. These positives are tempered by weaker technicals, with the stock trading below major moving averages and negative MACD indicating soft near-term momentum.
Positive Factors
Cash generation quality
Exceptional 2025 free cash flow (near 98% of net income) shows Zurich converts underwriting and investment results into real cash. Durable cash generation supports dividends, capital returns, reserve funding and strategic investments, improving financial flexibility across economic cycles.
Negative Factors
Rising leverage
An uptick in debt-to-equity reduces financial flexibility and raises refinancing and solvency sensitivity should underwriting losses or investment shocks occur. Higher leverage limits strategic optionality and increases downside risk during adverse claims or market stress over the next several months.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation quality
Exceptional 2025 free cash flow (near 98% of net income) shows Zurich converts underwriting and investment results into real cash. Durable cash generation supports dividends, capital returns, reserve funding and strategic investments, improving financial flexibility across economic cycles.
Read all positive factors
Zurich Insurance Group (ZURN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF84.67B
Dividend Yield4.66%
Average Volume (3M)234.22K
Price to Earnings (P/E)15.2
Beta (1Y)0.83
Revenue Growth-7.33%
EPS Growth17.93%
CountryCH
Employees60,000
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)18.24
Shares Outstanding153,446,670
10 Day Avg. Volume236,576
30 Day Avg. Volume234,219
Financial Highlights & Ratios
PEG Ratio0.65
Price to Book (P/B)3.80
Price to Sales (P/S)1.18
P/FCF Ratio4.66
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF577.32Price Target Upside1.86% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)48.35
Revenue Forecast (FY)CHF66.42B
Zurich Insurance Group Business Overview & Revenue Model
Company Description
Zurich Insurance Group AG, together with its subsidiaries, provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. The company operates through Property & Casualty Re...
How the Company Makes Money
Zurich primarily earns money by underwriting insurance and investing the premiums it collects. Underwriting revenue comes from premiums charged for coverage across its main lines—commercial and retail property & casualty (e.g., general liability, ...
Zurich Insurance Group Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The earnings call presented a strong positive performance for Zurich, with record operating profits and ROE, alongside robust financial resilience. While there are some challenges, particularly in the liability market and expenses, the overall sentiment remains optimistic with significant growth in key areas.Positive Updates
Record Operating Profit
Group business operating profit reached a record USD 4.2 billion, up 6% year-on-year, demonstrating the strength of Zurich's diversified portfolio.
Negative Updates
Challenges in Liability Market
Despite strong rate increases, the liability market is still not profitable enough, and Zurich is underwriting it with great discipline.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Operating Profit
Group business operating profit reached a record USD 4.2 billion, up 6% year-on-year, demonstrating the strength of Zurich's diversified portfolio.
Read all positive updates
Company Guidance
In the first half of 2025, Zurich Insurance Group reported a record-breaking group business operating profit of USD 4.2 billion, marking a 6% increase year-on-year, and a highest-ever core return on equity (ROE) of 26.3%, reflecting a 15 percentage point rise. The company's financial resilience was highlighted by a Swiss Solvency Test (SST) ratio of 255% as of June, along with robust cash conversion capabilities. In the Property & Casualty segment, an all-time high business operating profit (BOP) of USD 2.4 billion was achieved, up 9% year-over-year, with the combined ratio improving by 1.2 percentage points to 92.4%. The Life segment sustained a BOP of USD 1 billion, a 4% underlying increase, with gross written premiums rising 14% and new business premiums up 20%. Meanwhile, Farmers reported its strongest half-year performance with a BOP increase of 4% to USD 1.2 billion and a combined ratio of 90.5%. Looking ahead, Zurich aims for a compounded annual growth rate of over 9% in core EPS from a 2024 baseline and a core ROE exceeding 23%, with cumulative cash remittances projected to surpass USD 19 billion by 2027.Zurich Insurance Group Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
74
Positive
Cash Flow
88
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 91.89B | 86.05B | 78.10B | 44.76B | 69.54B |
| Gross Profit | 91.89B | 83.66B | 75.71B | 33.77B | 60.33B |
| EBITDA | 11.87B | 9.82B | 7.77B | 6.57B | 8.36B |
| Net Income | 7.12B | 5.81B | 4.35B | 3.96B | 5.20B |
Balance Sheet | |||||
| Total Assets | 454.82B | 358.00B | 361.38B | 335.41B | 435.83B |
| Cash, Cash Equivalents and Short-Term Investments | 7.08B | 112.65B | 100.25B | 114.43B | 160.61B |
| Total Debt | 18.65B | 14.43B | 15.46B | 15.67B | 16.99B |
| Total Liabilities | 424.67B | 331.07B | 335.10B | 308.48B | 396.66B |
| Stockholders Equity | 28.50B | 25.47B | 24.86B | 25.68B | 29.12B |
Cash Flow | |||||
| Free Cash Flow | 23.23B | 7.23B | 6.93B | 4.51B | 2.59B |
| Operating Cash Flow | 23.73B | 7.60B | 7.34B | 5.08B | 3.17B |
| Investing Cash Flow | -18.59B | -1.40B | -1.13B | -691.00M | -2.89B |
| Financing Cash Flow | -5.48B | -6.37B | -7.00B | -5.27B | -2.29B |
Zurich Insurance Group Technical Analysis
Positive
566.80
Price Trends
554.30
Positive
566.09
Positive
566.24
Positive
Market Momentum
3.00
Negative
59.37
Neutral
86.40
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:ZURN, the sentiment is Positive. The current price of 566.8 is above the 20-day moving average (MA) of 547.74, above the 50-day MA of 554.30, and above the 200-day MA of 566.24, indicating a bullish trend. The MACD of 3.00 indicates Negative momentum. The RSI at 59.37 is Neutral, neither overbought nor oversold. The STOCH value of 86.40 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:ZURN.
Zurich Insurance Group Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | CHF2.40B | 13.56 | 6.06% | 3.38% | -1.58% | 4.07% | |
74 Outperform | CHF84.67B | 15.20 | 23.97% | 4.66% | -7.33% | 17.93% | |
71 Outperform | CHF35.94B | 10.08 | 14.51% | 4.49% | -4.94% | -5.71% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
59 Neutral | CHF24.99B | 9.77 | 12.52% | 3.80% | -1.65% | 10.05% |
* Financial Sector Average
CH:ZURN
Zurich Insurance Group
566.80
37.90
7.17%
CH:SLHN
Swiss Life Holding AG
882.60
177.91
25.25%
CH:SREN
Swiss Re AG
132.30
0.81
0.62%
CH:VAHN
Vaudoise Assurances Holding SA
822.00
297.24
56.64%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.