ZURICH : Q1 2026 conference call: Still going strong

Research evidence excerpt

ZURICH : Q1 2026 conference call: Still going strong

EQUITIES

INSURANCE

ZURICH UNDERPERFORMPRICE* CHF541.0  TARGET PRICE CHF505 (DOWNSIDE 7%)

ZURICH ADR UNDERPERFORMPRICE* USD34.7  TARGET PRICE USD32 (DOWNSIDE 8%)

FLASH NOTE

Q1 2026 conference call: Still going strong

13 MAY 2026 Securities Research Report Production time: 13:19* (London time)

Research Analyst & Publishing Entities

Iain Pearce BNP Paribas London Branch +44 7435 660 628 iain.pearce@uk.bnpparibas.com

What happened?

A short but sweet conference call from Zurich after a pretty impressive set of revenue numbers reported this morning.

Management continuing to highlight the opportunities that the business has to grow and paint a market backdrop that

seems more optimistic than peers and broker information may suggest. With rate tailwinds in specific areas supporting

material growth with major volume exposure increases, the company remain unsurprisingly positive about achieving or

exceeding its 2027 targets. We summarise the key takeaways below.

BNPP View:

- Broad based growth: Zurich management emphasised that the growth the company is seeing is broad based.

There are some lines of business, for example, Commercial Motor and Liability which are seeing double digit rate

increases. In some of these lines the company is growing premium volumes materially, whilst actually reducing

exposure. Mid-Market growth continues, Retail is mainly growing led by rate improvements and Data Centre

Construction is adding another leg to growth opportunities. These factors combined are what is driving the optimism

around the growth outlook.

- Optimism on rate environment: Zurich management painted a slightly more rosy picture on the outlook for rates

than peers have.