Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on ZURICH INSURANCE GROUP AG. We currently have 11 research reports from 1 professional analysts.
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ZURICH INSURANCE GROUP AG
ZURICH INSURANCE GROUP AG
New payout ratio target of 75%
17 Nov 16
Today is Investor Day 2016. Zurich released therefore new targets for the three years 2017 to 2019: • A business operating profit after tax return on equity (BOPAT ROE) in excess of 12% from 2017, growing over the period. • $1.5bn in net savings by 2019 compared to the 2015 baseline. • Cash remittances in excess of $9.5bn. • A Zurich Economic Capital Model (Z-ECM) ratio of 100% – 120%, unchanged from the previous financial targets. • A new dividend policy with a target payout ratio of around 75% of net income after tax attributable to shareholders (NIAS). A dividend proposal to shareholders of CHF17 a share will be maintained while growing towards the target payout range.
Recovered Q3 net profit beats expectations
10 Nov 16
Net income attributable to shareholders made a jump to $912m for Q3 16 compared to $207m for Q3 15. Gross written premiums were down by 4% to $11.1bn for Q3 16 compared to the same period last year. The net investment result on group investments rose by 3% to $1.7bn for Q3 16. Insurance claims declined by 10% to $7.85bn in Q3 16. Pre-tax profit more than tripled from $453m for Q3 15 to $1.52bn for Q3 16. The tax ratio was down from 39% for Q3 15 to 35% for Q3 16. Net income attributable to shareholders increased by 11.5% to $2.53bn for 9M 16 compared to 9M 15. The non-life combined ratio improved from 101.9% for 9M 15 to 98.4% for 9M 16. Shareholders’ equity increased by 4% at the end of September 2016 versus end 2015. The Swiss Solvency ratio was 189% at 1 January 2016.
Recovered Q2 net profit beats expectations
11 Aug 16
Net income attributable to shareholders decreased by 12% to $739m for Q2 16 compared to Q2 15. Gross written premiums were up by 10% to $13.0bn for Q2 16 compared to the same period last year. The net investment result on group investments rose by 2% to $1.9bn for Q2 16, a RoI of 1.0% (not annualised) after 0.9% for Q2 15. Insurance claims were up by 47% to $8.1bn in Q2 16. Pre-tax profit rose by 16% to $1.27bn for Q2 16 compared to the same period last year. The tax ratio was up from 17% for Q2 15 to 34% for Q2 16. The non-life combined ratio was stable at 98.4% for H1 16 compared to H1 15. Shareholders’ equity increased by 1% at the end of June 2016 versus end 2015. RoE was 11.1% for Q2 16 compared to 12.0% for Q2 15. The Swiss Solvency ratio was 189% at 1 January 2016.
Mario Greco reshapes management and structure
10 Jun 16
Zurich announced today that it “has begun a process to reshape and simplify the Group to create a framework for enhanced future success. Over the coming months, the business will move to a simpler, more customer-oriented structure, reducing complexity, creating greater accountability and empowering teams to deliver products and services in a differentiated way. The new structure is the acceleration and globalization of work already underway in key markets like Switzerland, Germany and Italy, combining life and non-life under one leadership team and applying a unified go-to-market approach. Decisive action on reshaping the business over the coming months will create the platform on which Zurich will build its longer-term profitability strategy.” “Zurich will be organized in a customer-oriented structure in which the heads of regions (North America; Europe, Middle East and Africa; Latin America; Asia Pacific), Global Corporate, Farmers and Investment Management will report to the Group CEO. Zurich is also creating the new role of Chief Operating Officer. The new responsibility will also enhance our ability to manage costs throughout the whole organization.” The executive committee of Zurich is going to decrease from 11 to 8 members from July 2016 onwards.
Good start to 2016 despite weaker yoy results
12 May 16
Net income attributable to shareholders decreased by 28% to $875m for Q1 16 compared to Q1 15. Gross written premiums were down by 7% to $12.8bn for Q1 16 compared to the same period last year. The net investment result on group investments declined by 20% to $1.5bn for Q1 16, a RoI of 0.9% (not annualised) after 1.0% for Q1 15. Insurance claims were down by 4% to $7.6bn in Q1 16. The non-life combined ratio rose from 96.7% for Q1 15 to 97.7% for Q1 16 but declined compared to 103.6% for FY2015. Shareholders’ equity decreased by 1% in Q1 16 versus end 2015 due to the dividend payment which was recognised in Q1 16 by the early AGM at the end of March. RoE was 11.3% for Q1 16 compared to 13.0% for Q1 15. The Swiss Solvency ratio was 189% at 1 January 2016.
Q4 net loss even worse than expected due to higher tax burden
11 Feb 16
Pre-tax result decreased from a profit of $1.28bn for Q4 14 to a loss of $85m for Q4 15. However the tax expense was nearly unchanged at $315m for Q4 15 compared to Q4 14. The net result attributable to shareholders declined therefore from a profit of $860m for Q4 14 to a loss of $424m for Q4 15. Net income attributable to shareholders was down by 53% to $1.84bn for FY2015 compared to FY2014. Gross written premiums declined by 7% to $48.5bn for 2015 compared to 2014. The net investment income on group investments decreased by 10% to $5.6bn for 2015 and net capital gains on investments declined by 38% to $1.0bn for 2015 compared to 2014. RoI was 3.8% in 2015 compared to 4.5% for 2014. Net revenues decreased by 16% to $59.7bn in the same period. Total expenses were down by 16% to $54.8bn in 2015. Pre-tax profit declined by 43% to $3.34bn for 2015 compared to 2014. Shareholders’ equity was down by 10% to $31.2bn at the end of December 2015 compared to the end of 2014. RoE after tax was 6.4% for 2015 compared to 11.6% for 2014. The dividend per share proposal for FY2015 remains unchanged at CHF17 per share.
Positive returns from all asset classes in Q316
28 Nov 16
Tetragon Financial Group (TFG) reported fair value earnings of US$49.7m for the third quarter of 2016, with positive contributions made by all asset classes. NAV total return was 1.3% for the quarter and 7.8% for the nine months to 30 September 2016. Having completed a US$100m tender offer in June 2016, TFG commenced a US$50m tender offer on 9 November 2016, which should be meaningfully accretive to NAV per share given the current wide share price discount to NAV. Consistent with previous years, the third interim dividend was held in line with the second interim, confirming TFG’s 5.9% yield.
N+1 Singer - Morning Song 30-11-2016
30 Nov 16
Sanderson has delivered full year results in line with expectations and the 19 October trading update after a strong finish to the year compensated for a slower start. A healthy level of pre-contracted recurring revenue (50%), incremental sales to existing customers and new customer wins at higher average order values helped deliver solid revenue growth in both the Digital Retail (+9%) and Enterprise (+12%) divisions. A decent order book and good sales momentum suggest that the company is on track to deliver on unchanged profit expectations for the current year. We continue to view the valuation (FY17 EV/EBITDA 8.6x) as undemanding given an attractive combination of accelerating growth potential, strong cash generation and growing dividends.
Small Cap Breakfast
28 Nov 16
Warpaint London—Schedule one update. Raising £2.5m at 97p. Expected mkt cap £62.6m vs revenues of £22.3m Walls & Futures REIT — Has raised £1m at £1 to acquire, refurbish or develop residential properties in the UK . Due to arrive on ISDX on 29 November Diversified Oil & Gas— Schedule One now out. $60m to be raised. Expected admission 6 December. Creo Medical Group —UK based medical device company focused on surgical endoscopy, a recent development in minimally invasive surgery. Admission due 7 December. Fundraising details TBA.
Long-term investment in Asian small caps
10 Nov 16
Scottish Oriental Smaller Companies Trust (SST) aims to generate long-term capital growth by investing in a portfolio of small-cap Asia ex-Japan equities. Vinay Agarwal is the interim lead fund manager while Wee-Li Hee is on maternity leave; he is assisted by Martin Lau, Scott McNab and the broader First State Stewart Asia team. Stocks are selected on a bottom-up basis, with a view to preserving capital on the downside as well as achieving capital growth. SST has significantly outperformed the peers and the MSCI AC Asia ex-Japan and MSCI AC Asia ex-Japan Small Cap indices over both five and 10 years.
Interims reveal value creation
28 Nov 16
In June Draper Esprit was listed on the LSE. Today its maiden interim results reveal substantial progress since IPO. In addition to strengthening the executive team with the appointment of Ben Wilkinson as CFO, Draper Esprit has created shareholder value through new investment and realisations.