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    ZURN   CH0011075394

ZURICH INSURANCE GROUP LTD

(ZURN)
  Report
Delayed Swiss Exchange  -  11:30 2022-10-03 am EDT
399.40 CHF   +1.11%
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Zurich reports consensus-beating 25% jump in H1 operating profit

08/11/2022 | 01:23am EDT
Logo of Zurich Insurance is seen at a former office building in Zurich

BERLIN (Reuters) - Zurich reported a better-than-expected 25% rise in operating profit to $3.39 billion in the first half on Thursday, with both its property and casualty and its life businesses outperforming.

Analysts had on average seen business operating profit at $3.28 billion, according to a company-compiled consensus forecast.

Insurers are facing weak investment performance from market falls due to the war in Ukraine and inflationary pressures are hitting their customers' wallets.

However, rising premiums have helped commercial insurance divisions.

Zurich's property and casualty business posted a first-half combined ratio - a measure of profitability - of 91.9%, a record level, thanks to higher prices and lower natural catastrophe and weather claims.

Rival Allianz's earnings last week missed forecasts, though AXA did better than expected, boosted by health insurance sales.

Zurich, Europe's fifth largest insurer, said it was on track to beat all its targets.

The group also announced on Thursday plans for a 1.8 billion Swiss franc ($1.91 billion) share buyback, to start in the coming months, to offset an expected earnings dilution from the agreed sale of the Germany life back book.

($1 = 0.9445 Swiss francs)

(Reporting by Maria Sheahan, editing by Kirsti Knolle)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AXA -1.09% 22.23 Real-time Quote.-14.17%
ZURICH INSURANCE GROUP LTD 1.11% 399.4 Delayed Quote.-0.25%
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Analyst Recommendations on ZURICH INSURANCE GROUP LTD
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Financials
Sales 2022 55 485 M 55 947 M 55 947 M
Net income 2022 4 830 M 4 870 M 4 870 M
Net Debt 2022 10 185 M 10 270 M 10 270 M
P/E ratio 2022 12,3x
Yield 2022 5,97%
Capitalization 59 227 M 59 721 M 59 721 M
EV / Sales 2022 1,25x
EV / Sales 2023 1,21x
Nbr of Employees 56 000
Free-Float 98,3%
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Technical analysis trends ZURICH INSURANCE GROUP LTD
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 19
Last Close Price 399,40 CHF
Average target price 493,65 CHF
Spread / Average Target 23,6%
EPS Revisions
Managers and Directors
Mario Greco Group Chief Executive Officer
George Quinn Group Chief Financial Officer
Michel M. Liès Chairman
Ericson Chan Group Chief Information & Digital Officer
Stephan van Vliet Group Chief Investment Officer
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