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Zurich Insurance Group AG
(OTC:ZURVY)
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Rating:76Outperform
Price Target:
$43.00
▲(15.97% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by solid financial performance (improving profitability and strong 2025 free cash flow) and supportive valuation (mid-teens P/E with a ~5% dividend yield). Technical signals are more mixed, with longer-term trend support but weaker near-term positioning, which moderates the overall score.
Positive Factors
Strong free cash flow generation
Zurich's material FCF increase to ~22.3B in 2025 and consistent conversion (~0.82–0.98x) show durable cash generation from underwriting and investments. Reliable FCF enhances capacity for dividends, buybacks, capital buffers, and reinvestment across insurance cycles over the next 2–6 months.
Negative Factors
Revenue volatility across years
Sharp swings in reported revenue, including a big rebound in 2025 and a prior steep decline, indicate exposure to cyclical underwriting results, reserve adjustments, or portfolio changes. This volatility complicates forecasting and can pressure capital and pricing over a medium-term horizon.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Zurich's material FCF increase to ~22.3B in 2025 and consistent conversion (~0.82–0.98x) show durable cash generation from underwriting and investments. Reliable FCF enhances capacity for dividends, buybacks, capital buffers, and reinvestment across insurance cycles over the next 2–6 months.
Read all positive factors
Zurich Insurance Group AG (ZURVY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$107.49B
Dividend Yield5.23%
Average Volume (3M)34.88K
Price to Earnings (P/E)9.7
Beta (1Y)0.29
Revenue Growth29.80%
EPS Growth21.14%
CountryUS
Employees59,573
SectorFinancial
Sector Strength70
IndustryInsurance - Diversified
Share Statistics
EPS (TTM)3.74
Shares Outstanding3,024,502,700
10 Day Avg. Volume35,403
30 Day Avg. Volume34,884
Financial Highlights & Ratios
PEG Ratio0.81
Price to Book (P/B)3.80
Price to Sales (P/S)1.23
P/FCF Ratio4.87
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)2.27
Revenue Forecast (FY)$68.40B
Zurich Insurance Group AG Business Overview & Revenue Model
Company Description
Zurich Insurance Group AG is a holding company, which engages in the provision of insurance products and related services. It operates through the following segments: Property and Casualty Regions, Life Regions, Farmers, Group Functions and Operat...
How the Company Makes Money
Zurich primarily makes money from (1) underwriting income and (2) investment income, supported by fee-based revenues from certain businesses.
1) Underwriting income (core insurance profits)
- Premiums: Zurich collects insurance premiums from cust...
Zurich Insurance Group AG Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 11, 2027
Earnings Call Sentiment Positive
Zurich's earnings call highlighted strong overall performance with record profits and growth across segments, demonstrating financial resilience. However, challenges were noted in the liability market and certain areas of expense management, alongside some regional sales pressures.Positive Updates
Record Group Business Operating Profit
Zurich achieved a record business operating profit of USD 4.2 billion, up 6% year-on-year, demonstrating strong performance across all geographic and business segments.
Negative Updates
Challenge in Liability Market
The liability market, despite strong rate increases, is still not profitable enough, necessitating disciplined underwriting.
Read all updates
Q2-2025 Updates
Positive
Negative
Record Group Business Operating Profit
Zurich achieved a record business operating profit of USD 4.2 billion, up 6% year-on-year, demonstrating strong performance across all geographic and business segments.
Read all positive updates
Company Guidance
During the Zurich Half Year Results 2025 Conference Call, key financial metrics highlighted included a record group business operating profit of USD 4.2 billion, up 6% year-on-year. The core return on equity (ROE) reached a decade-high of 26.3%, a significant 15 percentage point increase. The company's financial resilience was underscored by an SST ratio of 255% at the end of June. In the Property & Casualty segment, the business operating profit (BOP) rose to USD 2.4 billion, with a combined ratio improvement of 1.2 percentage points to 92.4%. The Commercial Insurance segment saw a 90 basis point decline in the combined ratio to 90.5%. The Retail Property & Casualty segment improved its combined ratio by 2.4 percentage points to 94.1%. The specialty business generated USD 4.9 billion in gross written premiums with an 86.5% accident year combined ratio, excluding catastrophes. In the Life segment, the business operating profit remained robust at $1 billion, growing 4% year-on-year on an underlying basis, with gross written premiums up 14% and new business premiums up 20% on a like-for-like basis. The Farmers segment reported its strongest half year ever, with BOP up 4% to USD 1.2 billion, maintaining a combined ratio of 90.5% despite exposure to California wildfires. Looking forward, Zurich aims for a compounded annual growth rate over 9% in core EPS from the 2024 baseline of $40.1 per share, a core ROE exceeding 23%, and cash remittances surpassing $19 billion cumulatively by 2027.Zurich Insurance Group AG Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
70
Positive
Cash Flow
84
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 141.80B | 88.17B | 86.05B | 78.10B | 44.76B | 69.54B |
| Gross Profit | 113.90B | 88.17B | 83.66B | 75.71B | 33.77B | 60.33B |
| EBITDA | 12.14B | 11.39B | 9.82B | 7.77B | 6.57B | 8.36B |
| Net Income | 10.83B | 6.83B | 5.81B | 4.35B | 3.96B | 5.20B |
Balance Sheet | ||||||
| Total Assets | 420.22B | 455.12B | 358.00B | 361.38B | 377.78B | 435.83B |
| Cash, Cash Equivalents and Short-Term Investments | 6.72B | 7.09B | 112.65B | 100.25B | 114.43B | 160.61B |
| Total Debt | 15.36B | 18.66B | 14.43B | 15.46B | 15.67B | 16.99B |
| Total Liabilities | 387.13B | 424.95B | 331.07B | 335.10B | 349.87B | 396.66B |
| Stockholders Equity | 31.32B | 28.52B | 25.47B | 24.86B | 25.68B | 37.88B |
Cash Flow | ||||||
| Free Cash Flow | 32.70B | 22.29B | 7.23B | 6.93B | 4.51B | 2.59B |
| Operating Cash Flow | 33.46B | 22.77B | 7.60B | 7.34B | 5.08B | 3.17B |
| Investing Cash Flow | -29.58B | -17.83B | -1.40B | -1.13B | -691.00M | -2.89B |
| Financing Cash Flow | -2.96B | -5.26B | -6.37B | -7.00B | -5.27B | -2.29B |
Zurich Insurance Group AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | $32.66B | 7.42 | 19.52% | 5.16% | -0.21% | 31.57% | |
79 Outperform | $36.75B | 8.75 | 22.99% | 1.76% | 5.95% | 39.99% | |
77 Outperform | $973.25B | 12.74 | 11.86% | ― | 3.93% | 36.30% | |
76 Outperform | $107.49B | 9.71 | 36.04% | 5.23% | 29.80% | 21.14% | |
75 Outperform | $7.20B | 6.16 | 19.21% | 1.79% | 9.43% | 35.23% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | $39.05B | 13.62 | 7.27% | 2.47% | -4.19% | 1.09% |
* Financial Sector Average
ZURVY
Zurich Insurance Group AG
36.23
1.52
4.38%
AIG
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75.03
-1.15
-1.51%
ACGL
Arch Capital Group
96.12
5.52
6.09%
AXS
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98.38
2.94
3.08%
HIG
Hartford Insurance
136.56
7.63
5.92%
BRK.B
Berkshire Hathaway B
506.72
16.64
3.40%
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.