Zurich Insurance (ZURN.S): Model Update

研报英文原文证据摘录

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06 Aug 2026 12:59:12 ET │ 11 pages

Zurich Insurance (ZURN.S)

Model Update

CITI'S TAKE

Neutral

Price (06 Aug 26 17:30)

SFr589.00

Target price

SFr587.00

Expected share price return

-0.3%

Expected dividend yield

5.4%

Expected total return

5.1%

Market Cap

SFr89,072M

US$110,360M

We update our estimates post 1H earnings, lowering US$ EPS by 1% in

2026 and by 5-6% in 2027/28. The decrease reflects a higher P&C

combined ratio due to a higher expense ratio not compensated through

the underlying loss ratio. The commercial lines underlying COR

deteriorated by 120bps y-o-y and we have also reflected this pricing

pressure.

James A ShuckAC

Zurich Insurance (CHF)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Operating Profit (SFrM)

Diluted EPS (SFr)

6,825.9

35.36

7,340.2

39.12

7,725.5

38.72

8,646.0

42.55

9,040.5

44.76

Diluted EPS (Old) (SFr)

35.36

39.12

39.10

44.88

47.53

16.7

15.1

15.2

13.8

13.2

28.00

30.00

32.00

34.50

37.00

PE (x)

DPS (SFr)

Net Div Yield (%)

Solvency II BV Per Share (SFr)

Price/ SIIBVPS (x)

4.8

5.1

5.4

5.9

6.3

240.28

271.34

302.28

322.88

343.64

2.5

2.2

1.9

1.8

1.7