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 14 research reports from 2 professional analysts.
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ZURICH INSURANCE GROUP AG
ZURICH INSURANCE GROUP AG
Strong improved net profit as expected
09 Feb 17
Preliminary pre-tax result increased from a loss of $85m for Q4 15 to a profit of $1.2bn for Q4 16. Tax expense was $315m for Q4 15 compared to $474m for Q4 16. The net result attributable to shareholders rose therefore from a loss of $424m for Q4 15 to a profit of $685m for Q4 16. Net income attributable to shareholders jumped by 74% to $3.2bn for FY2016 compared to FY2015. Gross written premiums declined slightly by 0.6% to $48.2bn for 2016 compared to 2015. The net investment income on group investments decreased by 1.5% to $5.5bn for 2016 and net capital gains on investments declined by 30% to $0.7bn for 2016 compared to 2015. RoI was 3.7% in 2016 compared to 3.8% for 2015. Net revenues increased by 11% to $66.5bn in the same period. Total expenses were up by 10% to $60.5bn in 2016. Pre-tax profit rose by 59% to $5.3bn for 2016 compared to 2015. Shareholders’ equity was down by 2% to $30.7bn at the end of December 2016 compared to the end of 2015. RoE after tax was 11.8% for 2016 compared to 6.4% for 2015. The dividend per share proposal for FY2016 remains unchanged at CHF17 per share. Management confirmed its 2019 financial targets.
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.
28 Mar 17
ClearStar* (CLSU): Building a background for growth (CORP) | Sound Energy (SOU): TE-8 results (HOLD) | LiDCO* (LID): 2017 should be a transformative year (CORP) | Proteome Sciences* (PRM): FY 2016 in line. Moving towards breakeven (CORP) | Fulcrum (FCRM): Significant market potential, rising margins and a strong balance sheet (BUY) | Mortgage Advice Bureau (MAB1): Strong and growing intellectual property (BUY) | 7digital* (7DIG): Open offer result (CORP)
Another positive verdict
20 Mar 17
Burford’s results for 2016 produced another outstanding set of figures. Revenue grew by 60% to $163.4m with strong growth in the litigation finance business and an additional boost from a secondary sale in the Petersen case. On an underlying basis net income grew to $114m, a 75% increase despite the investment in growing capacity which increased costs. A combination of ongoing investment and gains and increases on valuation saw the fair value of the litigation assets increase 67% to $559m, underpinned by a growth in invested capital to $394m. With the results statement there was an announcement of a further sale of 9% of the Petersen case at a valuation of 20 times the cost of investment.
Small Cap Breakfast
28 Mar 17
Path Investments—Publication of prospectus from the Energy Investment Company. Raising £1.4m. Admission due on or around 30 March | Franchise Brands—Schedule 1 detailing £28m reverse takeover of Metro Rod. Admission expected 11 April | Alpha FX Group— Schedule 1 from the foreign exchange provider focused on managing exchange rate risk for UK corporates that trade internationally. Fundraise TBC. Admission expected 7 April. | K3 | Capital Group—Schedule 1 from the Group of business and company sales specialists across business transfer, business brokerage and corporate finance. Admission date and fundraise details TBC. | Integumen— Schedule 1 from the personal health company developing and commercialising technology and products for the human integumentary system. Raising £2.16m at 5p. Expected market cap £8.16m. Admission expected 5 April. Tufton | Oceanic Assets– Offer extended to 9 May to enable investors to complete further due diligence.