Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Zurich Insurance Group    ZURN   CH0011075394

ZURICH INSURANCE GROUP

(ZURN)
  Report  
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Zurich Insurance : sets higher dividend floor after strong profits

share with twitter share with LinkedIn share with facebook
share via e-mail
0
02/07/2019 | 04:50am EDT
FILE PHOTO: Logo of Zurich Insurance is seen on an office building in Zurich, Switzerland

ZURICH (Reuters) - Zurich Insurance announced a dividend increase on Thursday following a 24 percent jump in annual profit, and said that would set a floor for future payouts.

Europe's fifth-largest insurance company said its cost savings plan was on track and business operating profit (BOP) rose 20 percent last year to $4.6 billion (3.6 billion pounds), driven by underlying growth across the business, particularly in life, and underwriting improvements in property and casualty.

Still, insurance premiums rose modestly, to $49.5 billion from $49.1 billion in 2017, and were unlikely to show much growth this year.

"I expect top line to be pretty flat in 2019," finance chief George Quinn told reporters.

Zurich said it was well on track to deliver on its financial targets for the 2017-2019 period with $1.1 billion in cumulative net cost savings achieved.

"We still have about $400 million (in savings) to deliver pretax. That would be rightly the biggest driver of the additional improvement that we expect to see from the group in 2019," Quinn said.

The insurer's share price was up 0.8 percent by 0940 GMT, and analysts said the results overall were positive.

"With underlying progress being visible and investment income improving, ZIG appears on track to achieve its 2019 financial targets. Trading at 11.4x FY19E EPS and 1.44x book value, we believe good news is priced into the stock and confirm our Hold rating," analysts at Vontobel said in a note.

Quinn said the dividend increase to 19 francs, from 18 francs last year, was a "new floor. We don't expect a reduction."

He also played down potential disruption from Britain's exit from the European Union due next month. "We are ready for all those different permutations that come here," he said.

Zurich has the advantage of an EU-licensed insurance platform based in Dublin. Britain and Switzerland have agreed to allow insurers to trade freely between the two countries after Brexit, Britain's finance ministry said last month.

Zurich's net profit for the year through December 2018 jumped 24 percent to $3.72 billion, beating a forecast of $3.48 billion by analysts polled by Infront Data.

"We have continued to strengthen our profitability and lower costs while growing our business, expanding our global footprint and broadening our range of innovative solutions to meet the changing needs of customers," Chief Executive Mario Greco said in a statement. "This performance gives us great confidence as we enter the next phase of our development over the year ahead."

(Reporting by Michael Shields and Paul Arnold; Editing by John Revill and Susan Fenton)

By Paul Arnold and Michael Shields

Stocks mentioned in the article
ChangeLast1st jan.
VALUE8 N.V. 0.36% 5.58 Delayed Quote.17.72%
ZURICH INSURANCE GROUP -0.39% 379.9 Delayed Quote.30.13%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on ZURICH INSURANCE GROUP
09/19Fire and hail push insurers to rethink climate change risks
RE
09/03AVIVA : appoints Erica Arnold as COO from Zurich Insurance
RE
09/03ZURICH INSURANCE : announces industry-leading data commitment
PU
08/09NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
08/09NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
08/08Activist groups urge insurers to drop coverage of oil sands pipeline
RE
08/08NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
08/08NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
08/08GLOBAL MARKETS LIVE : Uber, Broadcom, Carlsberg, Salesforce…
08/08NEWS HIGHLIGHTS : Top Financial Services News of the Day
DJ
More news
Financials (CHF)
Sales 2019 49 438 M
EBIT 2019 5 451 M
Net income 2019 3 991 M
Debt 2019 11 984 M
Yield 2019 5,28%
P/E ratio 2019 14,2x
P/E ratio 2020 12,8x
EV / Sales2019 1,36x
EV / Sales2020 1,22x
Capitalization 55 285 M
Chart ZURICH INSURANCE GROUP
Duration : Period :
Zurich Insurance Group Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ZURICH INSURANCE GROUP
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 372,96  CHF
Last Close Price 379,90  CHF
Spread / Highest target 24,8%
Spread / Average Target -1,83%
Spread / Lowest Target -18,4%
EPS Revisions
Managers
NameTitle
Mario Greco Group Chief Executive Officer
Michel M. Liès Chairman
Kristof Terryn Group Chief Operating Officer
George Quinn Group Chief Financial Officer
Alison Jane Carnwath Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ZURICH INSURANCE GROUP30.13%55 655
ALLIANZ SE21.02%97 058
CHUBB LTD22.06%71 863
MARSH & MCLENNAN COMPANIES28.20%51 087
AMERICAN INTERNATIONAL GROUP INC45.78%49 976
HARTFORD FINANCIAL SERVICES GROUP (THE)35.97%21 854