Income Statement Zurich Insurance Group Ltd

Equities

ZURN

CH0011075394

Multiline Insurance & Brokers

Market Closed - Swiss Exchange Other stock markets 11:30:07 2025-01-13 am EST			5-day change	1st Jan Change
525.20 ^CHF	-1.13%		-3.63%	-2.52%

Jan. 10	Experts: California wildfires cost insurers tens of billions	DP
Dec. 19	UBS Downgrades Zurich Insurance to Sell, Reduces PT	MT

215170.Rf9fIXg1vFQns9ad_c6FxvSO10uMFyKtjmIMPKg026M.AsY0bzpR6WRlhb7ftKnwt7_2u374Rmrc-wF9X8xYuOsMyT5bNmr3JW6CoQ

Published financial data: ZURICH INSURANCE GROUP LTD

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Premiums and Annuity Revenues	40.23B	39.84B	42.93B	44.44B	56B
Total Interest And Dividend Income	24.78B	12.29B	19.44B	-7.32B	13.19B
Asset Management Fee	3.78B	3.7B	4.26B	4.49B	-
Gain (Loss) on Sale of Investments, Total (Rev)	2.09B	2.05B	2.04B	-951M	-696M
Non-Insurance Activities Revenues	71M	109M	102M	97M	98M
Other Revenues, Total	1.13B	961M	1.28B	1.28B	6.1B
Total Revenues	72.09B	58.94B	70.05B	42.04B	74.69B
Policy Benefits	47.8B	35.84B	43.78B	17.54B	50.3B
Policy Acquisition / Underwriting Costs, Total	8.53B	8.56B	9.21B	9.87B	-
Selling General & Admin Expenses, Total	8.02B	8.01B	8.79B	8.66B	3.58B
Other Operating Expenses	-	-	-	-	2.73B
Non-Insurance Activities Expenses	939M	802M	285M	-723M	99M
Total Operating Expenses	65.29B	53.21B	62.08B	35.35B	56.71B
Operating Income	6.8B	5.74B	7.98B	6.68B	17.98B
Interest Expense, Total	-401M	-399M	-469M	-434M	-11.42B
Other Non Operating Income (Expenses)	-	1M	-1M	-	1M
EBT, Excl. Unusual Items	6.4B	5.34B	7.5B	6.25B	6.56B
Restructuring Charges	-	-	-	-	-
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-	-	-	-	-
Gain (Loss) on Sale of Assets	-295M	57M	-185M	-288M	-104M
Asset Writedown	-	-	-	-	-
EBT, Incl. Unusual Items	6.1B	5.4B	7.32B	5.96B	6.46B
Income Tax Expense	1.72B	1.32B	1.9B	1.04B	1.74B
Earnings From Continuing Operations	4.38B	4.07B	5.42B	4.92B	4.72B
Net Income to Company	4.38B	4.07B	5.42B	4.92B	4.72B
Minority Interest	-237M	-238M	-223M	-319M	-366M
Net Income - (IS)	4.15B	3.83B	5.2B	4.6B	4.35B
Net Income to Common Incl Extra Items	4.15B	3.83B	5.2B	4.6B	4.35B
Net Income to Common Excl. Extra Items	4.15B	3.83B	5.2B	4.6B	4.35B
Per Share Items
Net EPS - Basic	28.01	25.85	34.99	31.01	29.95
Basic EPS - Continuing Operations	28.01	25.85	34.99	31.01	29.95
Basic Weighted Average Shares Outstanding	148M	148M	149M	148M	145M
Net EPS - Diluted	27.69	25.56	34.66	30.77	29.73
Diluted EPS - Continuing Operations	27.69	25.56	34.66	30.77	29.73
Diluted Weighted Average Shares Outstanding	150M	150M	150M	150M	146M
Normalized Basic EPS	25.4	20.89	30.05	24.17	25.72
Normalized Diluted EPS	25.1	20.66	29.77	23.98	25.52
Dividend Per Share	20.65	22.61	24.13	25.96	30.88
Payout Ratio	67.95	80.33	61.5	76.49	89.11
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	7.16B	5.97B	8.25B	6.94B	18.23B
EBITA	7.03B	5.86B	8.12B	6.82B	18.1B
EBIT	6.8B	5.74B	7.98B	6.68B	17.98B
EBITDAR	7.2B	6.01B	8.29B	6.98B	18.26B
Total Revenues (As Reported)	71.79B	59B	69.87B	41.75B	-
Effective Tax Rate - (Ratio)	28.13	24.52	25.89	17.44	26.96
Total Current Taxes	1.41B	1.41B	1.25B	1.47B	1.95B
Total Deferred Taxes	302M	-89M	646M	-434M	-209M
Normalized Net Income	3.76B	3.1B	4.47B	3.59B	3.74B
Interest on Long-Term Debt	44M	49M	43M	37M	42M
Non-Cash Pension Expense	61M	42M	29M	20M	-41M
Supplemental Operating Expense Items
Marketing Expenses	653M	609M	694M	636M	510M
General and Administrative Expenses	8.02B	8.01B	8.79B	8.66B	-
Net Rental Expense, Total	40M	37M	42M	35M	31M
Imputed Operating Lease Interest Expense	9.06M	7.45M	8.97M	6.92M	172M
Imputed Operating Lease Depreciation	30.94M	29.55M	33.03M	28.08M	-141M
Stock-Based Comp., Other (Total)	229M	187M	279M	246M	317M
Total Stock-Based Compensation	229M	187M	279M	246M	317M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Investment In Debt Securities	141B	155B	138B	97.28B	97.53B
Investment In Equity and Preferred Securities, Total	13.94B	14.82B	14.08B	9.68B	135M
Trading Asset Securities, Total	11.95B	13.23B	12.49B	10.44B	22.15B
Real Estate Owned	13.26B	14.75B	14.07B	14.8B	13.68B
Mortgage Loans	5.94B	5.78B	6.11B	5.5B	4.32B
Total Other Investments	56M	-	-	649M	1.72B
Total investments	186B	203B	185B	138B	140B
Cash And Equivalents	7.57B	10.67B	8.32B	7.15B	6.91B
Reinsurance Recoverable - (IS)	29.16B	32.49B	33.18B	34.05B	21.94B
Other Receivables - (Insurance Template)	18.08B	18.54B	16.8B	13.52B	5.5B
Deferred Policy Acquisition Costs - (BS)	19.21B	20.02B	20.45B	20.71B	-
Separate Account Assets	126B	135B	142B	122B	141B
Gross Property Plant And Equipment	4.6B	4.78B	4.56B	4.44B	4.46B
Accumulated Depreciation	-1.97B	-2.08B	-2.12B	-2.21B	-2.37B
Net Property Plant And Equipment	2.64B	2.7B	2.44B	2.22B	2.09B
Goodwill	3.61B	4.09B	4.34B	4.42B	4.54B
Other Intangibles, Total	4.92B	4.84B	6.76B	6.76B	6.99B
Restricted Cash	313M	440M	376M	407M	373M
Other Current Assets, Total	2.9B	3.4B	12.39B	23.27B	25.05B
Deferred Tax Assets Long-Term (Collected)	1.15B	1.31B	1.2B	2.18B	1.7B
Deferred Charges Long-Term	400M	426M	441M	431M	-
Other Long-Term Assets, Total	2.6B	2.12B	2.01B	2.33B	5.61B
Total Assets	405B	439B	436B	378B	361B
Liabilities
Accrued Expenses, Total	3.04B	2.99B	3.32B	3.62B	1.26B
Insurance And Annuity Liabilities	182B	198B	178B	142B	217B
Unearned Premiums	17.55B	18.72B	19.91B	22.12B	-
Reinsurance Payable - (BS)	994M	910M	970M	857M	504M
Current Portion of Long-Term Debt	260M	282M	572M	348M	971M
Current Portion of Leases	205M	235M	225M	192M	203M
Short-Term Borrowings	1.6B	895M	1.38B	1.14B	1.09B
Long-Term Debt	11.17B	13.49B	14.54B	13.55B	12.48B
Long-Term Leases	1.71B	1.85B	1.65B	1.51B	1.46B
Trust Preferred Securities (BS)	-	-	-	-	-
Separate Account Liability	127B	136B	143B	123B	59.81B
Current Income Taxes Payable	661M	770M	622M	721M	1.03B
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	2.36B	2.96B	11.9B	22.49B	25.11B
Unearned Revenue Non Current	5.17B	5.37B	5.12B	4.56B	-
Pension & Other Post Retirement Benefits	2.64B	2.93B	1.9B	1.32B	1.64B
Deferred Tax Liability Non-Current	4.53B	5.14B	5.15B	2.89B	2.3B
Other Non Current Liabilities	7.89B	8.62B	7.74B	9.46B	9.81B
Total Liabilities	368B	399B	397B	350B	335B
Common Stock, Total	11M	11M	11M	11M	10M
Additional Paid In Capital	1.24B	1.44B	1.45B	1.16B	1.33B
Retained Earnings	38.65B	39.02B	41.71B	42.86B	32.84B
Comprehensive Income and Other	-4.89B	-2.19B	-5.29B	-17.4B	-9.32B
Total Common Equity	35B	38.28B	37.88B	26.63B	24.86B
Minority Interest	1.54B	1.57B	1.29B	1.28B	1.42B
Total Equity	36.55B	39.85B	39.17B	27.91B	26.28B
Total Liabilities And Equity	405B	439B	436B	378B	361B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	148M	148M	148M	148M	144M
ECS Total Common Shares Outstanding	148M	148M	148M	148M	144M
Book Value / Share	236.42	257.77	255.45	180.53	172.65
Tangible Book Value	26.48B	29.35B	26.78B	15.46B	13.33B
Tangible Book Value Per Share	178.82	197.63	180.58	104.77	92.59
Total Debt	14.95B	16.75B	18.37B	16.74B	16.21B
Net Debt	7.38B	6.09B	10.05B	9.59B	9.31B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.77B	1.7B	212M	-453M	-70M
Debt Equivalent Oper. Leases	320M	296M	336M	280M	248M
Minority Interest, Total (Incl. Fin. Div)	1.54B	1.57B	1.29B	1.28B	1.42B
Equity Method Investments, Total	39M	43M	68M	92M	135M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	-	-	-	-	-
Buildings, Total	-	-	-	-	-
Machinery, Total	1.42B	1.39B	1.35B	1.32B	1.37B
Full Time Employees	54.03K	52.93K	-	60K	60K
Assets on Operating Lease - Gross	3M	-	-	-	-
Assets on Operating Lease - Accumulated Depreciation	-1M	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	4.15B	3.83B	5.2B	4.6B	4.35B
Depreciation, Depletion & Amortization	332M	347M	349M	311M	378M
Amortization of Goodwill and Intangible Assets - (CF)	237M	127M	146M	140M	116M
Total Depreciation, Depletion & Amortization	569M	474M	495M	451M	494M
Amortization of Deferred Charges, Total	331M	300M	288M	321M	347M
(Gain) Loss On Sale of Asset - (CF)	295M	-57M	185M	288M	104M
(Gain) Loss on Sale of Investments - (CF)	-20.01B	-8.26B	-14.92B	14.61B	-12.39B
Total Asset Writedown	31M	104M	25M	8M	11M
Deferred Policy Acquisition Costs - (CF)	-761M	-627M	-889M	-886M	-
Amort. Of Deferred Policy Acq. Costs - (CF)	36M	33M	41M	24M	-
Restructuring Activities	-	-	-	-	-
(Income) Loss On Equity Investments - (CF)	-3M	-3M	4M	4M	-2M
Change in Accounts Receivable	718M	609M	-2.06B	-2.06B	-825M
Reinsurance Recoverable - (CF)	-2.42B	-2.1B	-336M	-234M	-1.36B
Reinsurance Payable - (CF)	377M	-87M	79M	-104M	-
Change in insurance Reserves / Liabilities	22.23B	10.64B	17.16B	-8.93B	12.46B
Change in Other Net Operating Assets (Collected)	-1.4B	-273M	1.1B	-286M	-1.26B
Other Operating Activities	736M	1.12B	-3.21B	-2.74B	5.42B
Cash from Operations	4.88B	5.7B	3.17B	5.08B	7.34B
Capital Expenditure	-752M	-552M	-576M	-572M	-418M
Sale of Property, Plant, and Equipment	114M	60M	155M	54M	57M
Cash Acquisitions	-1.67B	-26M	-2.45B	-328M	-734M
Divestitures	108M	8M	16M	155M	-
Investment in Marketable and Equity Securities, Total	-4M	13M	-36M	-	-37M
Other Investing Activities, Total	-	1M	1M	-	-
Cash from Investing	-2.21B	-496M	-2.89B	-691M	-1.13B
Long-Term Debt Issued, Total	1.4B	2.02B	2.66B	2.55B	544M
Total Debt Issued	1.4B	2.02B	2.66B	2.55B	544M
Long-Term Debt Repaid, Total	-1.56B	-1.24B	-967M	-3.29B	-1.41B
Total Debt Repaid	-1.56B	-1.24B	-967M	-3.29B	-1.41B
Issuance of Common Stock	-	-	-	-	-
Repurchase of Common Stock	-101M	-214M	-455M	-770M	-2.02B
Common Dividends Paid	-2.82B	-3.08B	-3.2B	-3.52B	-3.88B
Common & Preferred Stock Dividends Paid	-2.82B	-3.08B	-3.2B	-3.52B	-3.88B
Other Financing Activities, Total	-218M	-152M	-335M	-246M	-239M
Cash from Financing	-3.3B	-2.67B	-2.29B	-5.27B	-7B
Foreign Exchange Rate Adjustments	41M	666M	-386M	-290M	278M
Miscellaneous Cash Flow Adjustments	-	-	1M	-	1M
Net Change in Cash	-583M	3.2B	-2.4B	-1.18B	-510M
Supplemental Items
Cash Interest Paid	907M	928M	955M	890M	534M
Cash Income Tax Paid (Refund)	1.53B	1.41B	1.49B	1.47B	1.66B
Net Debt Issued / Repaid	-165M	774M	1.7B	-736M	-863M
Levered Free Cash Flow	5.13B	3.38B	3.4B	-5.01B	-8.49B
Unlevered Free Cash Flow	5.38B	3.63B	3.7B	-4.74B	-1.35B
Change In Net Working Capital	-724M	400M	1.82B	9.39B	13.33B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	1.06	0.85	1.14	1.03	3.23
Return on Total Capital	8.79	6.63	8.73	8.18	26.08
Return On Equity %	12.83	10.66	13.73	14.67	17.73
Return on Common Equity	12.72	10.46	13.66	14.27	17.22
Margin Analysis
Gross Profit Margin %	20.55	23.31	23.94	36.51	32.52
SG&A Margin	11.13	13.58	12.55	20.61	4.8
EBITDA Margin %	9.94	10.13	11.78	16.51	24.4
EBITA Margin %	9.76	9.95	11.59	16.23	24.23
EBIT Margin %	9.43	9.73	11.38	15.9	24.07
Income From Continuing Operations Margin %	6.08	6.91	7.74	11.71	6.32
Net Income Margin %	5.75	6.5	7.43	10.95	5.83
Net Avail. For Common Margin %	5.75	6.5	7.43	10.95	5.83
Normalized Net Income Margin	5.22	5.26	6.38	8.53	5
Levered Free Cash Flow Margin	7.12	5.73	4.86	-11.93	-11.36
Unlevered Free Cash Flow Margin	7.47	6.15	5.28	-11.28	-1.81
Asset Turnover
Asset Turnover	0.18	0.14	0.16	0.1	0.21
Fixed Assets Turnover	39.26	22.08	27.25	18.04	34.6
Receivables Turnover (Average Receivables)	17.11	13.8	16.31	9.61	110.34
Short Term Liquidity
Current Ratio	1.36	1.41	1.33	1.48	2.44
Quick Ratio	0.61	0.65	0.51	0.47	1.03
Operating Cash Flow to Current Liabilities	0.11	0.11	0.06	0.09	0.21
Days Sales Outstanding (Average Receivables)	21.33	26.53	22.38	37.99	3.31
Average Days Payable Outstanding	89.88	141.3	117.48	133.27	5.38
Long Term Solvency
Total Debt/Equity	40.9	42.04	46.89	59.97	61.7