Financial Data and Key Metrics Changes - The company achieved a record BOP of $4 billion in the first half of 2024, with a ROE of 25% [4] - Insurance revenue in property and casualty grew by 7% in the first half, while life short-term protection revenues increased by 12% [4] - The company remains on track to achieve compound EPS growth in excess of 10% for the 2023-2025 cycle [3][9] Business Line Data and Key Metrics Changes - Property and casualty reported a combined ratio of 93.6% with BOP of $2.2 billion, up 3% year-on-year [5] - Life business reported an all-time high BOP of $1 billion for the first half, with short-term protection revenues increasing by 25% year-on-year [7] - Farmers Management Services saw BOP grow by 10% year-on-year, with a combined ratio improvement to 95.2% despite significant catastrophe losses [8] Market Data and Key Metrics Changes - North America commercial saw rate increases of 6%, with commercial auto experiencing mid-teen rate increases [5] - Retail P&C reported a combined ratio of 96.4%, higher year-on-year due to elevated weather and inflationary trends [6] - The company completed the acquisition of 70% of Kotak general insurance in India and announced an agreement to purchase AIG's personal travel insurance business [4] Company Strategy and Development Direction - The company is focused on growing in the commercial area, particularly in middle market, accident and health, and excess and surplus lines [6][9] - Management emphasized a conservative approach to reserving and maintaining high-quality underwriting standards [24] - The company aims to improve the retail combined ratio, particularly in Germany, where challenges have been identified [15][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the commercial segment, noting margin expansion and favorable market conditions [9][20] - The company is taking decisive actions to address challenges in the German retail market, with expectations for improvement [15][20] - Management indicated that the overall market conditions are better than anticipated, allowing for more ambitious profitability targets [21][52] Other Important Information - The company reported a positive PYD of 1.6% in the first half, within the guidance range [7] - Management clarified that the definition threshold for catastrophe losses is $25 million, with smaller weather events impacting results [10][12] - The company is not pursuing wealth management opportunities, focusing instead on life distribution through financial advisors and agents [25] Q&A Session Summary Question: Impact of weather on combined ratio - Management clarified that the impact of above-normal weather losses on the combined ratio was around 60 basis points worsening year-on-year, primarily in EMEA [10][12] Question: Dividend growth expectations - Management suggested discussing dividend growth expectations in February, indicating that it would depend on future guidance [12][13] Question: Retail segment turnaround - Management noted that the retail segment's challenges are concentrated in Germany, with expectations for improvement in other European markets [14][15] Question: Commercial lines rate development - Management indicated that property rates are harder on mid-market accounts, while casualty lines are experiencing positive rate increases [28][29] Question: Farmers combined ratio outlook - Management expressed optimism about the farmers combined ratio, expecting it to remain below 100 despite challenges [38][39] Question: Crop results and revenue impact - Management clarified that the reduction in crop premiums is around $100 million, not the $500 million initially suggested [40][41] Question: Cyber exposure impact on travel business - Management stated that there is minimal exposure to cyber risks in the travel business, and no significant impact is expected [46][49]

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value. These metrics, and several others, help ZURVY earn a Value grade of B, while GSHD has been given a Value grade of F. The best way to find great value stocks is to pair a strong Zacks Rank with an impressive grade in the V ...

Core Viewpoint - Zurich Insurance Group Ltd. has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system tracks the Zacks Consensus Estimate, which reflects EPS estimates from sell-side analysts, indicating a positive earnings outlook for Zurich Insurance Group [1][3]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, with institutional investors using these estimates to determine fair value [4][6]. Recent Performance and Projections - For the fiscal year ending December 2024, Zurich Insurance Group is expected to earn $4.13 per share, representing a 39.1% increase from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Zurich Insurance Group has increased by 2.7%, reflecting analysts' positive outlook [8]. Zacks Rating System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with only the top 20% receiving a 'Strong Buy' or 'Buy' rating, indicating superior earnings estimate revisions [9][11]. - The upgrade to Zacks Rank 2 positions Zurich Insurance Group in the top 20% of Zacks-covered stocks, suggesting potential for stock price appreciation in the near term [11].

thamerpic After the Q1 release, we are back to comment on Zurich Insurance Group (OTCQX:ZURVY). For our new readers, the company is a one-stop shop for insurance solutions, including P&C, Life, and pensions products. Zurich was founded in 1872 and operates in more than 210 countries, with significant exposure to the North American market with the Farmers division. Following our last update (Q4 and Fiscal Year 2023 results), the company's stock price is down by 1.17%; however, if we inelude the dividend rece ...

The next question from the phone comes from Michael Huttner with Berenberg. Michael Huttner Operator Our capital position remains very strong with an SST ratio of 232%. As we announced in February, we will be undertaking a share buyback, which will start in the next few weeks. So, in summary, an excellent start to 2024 and a great set of first results for me to share with you. Operator The next question from the phone comes from Peter Eliot with Kepler Cheuvreux. Peter Eliot First, another question on Farme ...

pawel.gaul Dear readers/followers, It's time for me to update my thesis on Zurich Insurance Group (OTCQX:ZURVY) (OTCQX:ZFSVF), one of the largest insurance businesses in all of Switzerland that's quite full-service (meaning it does P&C, L&H, and both Commercial and personal lines). Despite what you may believe, it was once at a great valuation and allowed for investing at a fair multiple. I did invest at the time, though not at any excessive sort of amount. My performance since my last coverage, which was i ...

It's good enough. More is always good. Operator We have a follow-up question from Andrew Sinclair from Bank of America. Andrew Sinclair Just first wanted to continue on Life a little bit more. Actually, I was just looking at some of the Q4 figures you had in a slide pack today. I think on Slide 11, it was a really big jump on the investment contracts, fee revenue in Q4. I was probably a little bit surprised by that. I didn't think markets were quite that good in Q4. And likewise, just if I look at the prote ...

Zurich Insurance Group AG (OTCQX:ZURVY) Q3 2023 Earnings Conference Call November 9, 2023 7:00 AM ET Company Participants Jonathan Hocking - Head, IR & Rating Agency Management Mario Greco - Group CEO George Quinn - Group CFO Conference Call Participants Andrew Sinclair - Bank of America Merrill Lynch Michael Huttner - Berenberg Peter Eliot - Kepler Cheuvreux Andrew Ritchie - Autonomous Will Hardcastle - UBS William Hawkins - KBW Dominic O'Mahony - BNP Paribas Ismael Dabo - Morgan Stanley Vinit Malhotra - M ...

Financial Data and Key Metrics Changes - The Group reported a BOP of $3.7 billion, flat compared to the record result from the previous year, but higher on a per-share basis [3][4] - The return on equity (ROE) for BOP was strong at 22.9% [4] - The U.S. dollar EPS increased by 8% [4] Business Line Data and Key Metrics Changes - Property & Casualty (P&C) reported a combined ratio of 92.9% with a headline BOP down 6%, but up 3% when adjusted for foreign exchange and absence of a real estate gain from last year [7][8] - Gross written premiums in P&C grew by 10% in constant currency for commercial and 9% for retail [5] - Life business saw a 17% like-for-like growth in new business premiums and an 18% growth in BOP [5][11] - Farmers management services had a BOP increase of 8%, driven by 5% underlying growth at the Farmers Exchanges [13] Market Data and Key Metrics Changes - Commercial rates increased by 7% overall, with 9% in North America and significant acceleration in property rates, which rose by 18% in Q2 [8] - Retail rates increased by 4%, with higher increases in motor portfolios [9] Company Strategy and Development Direction - The company aims to selectively grow the business in a disciplined manner, focusing on simplification, improving customer experience, and building distribution [6] - The shift to IFRS 17 is expected to provide additional transparency for investors, particularly regarding the fast-growing, protection-focused joint venture with Santander in Latin America [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong start to the new financial cycle and sees significant opportunities for growth and attractive returns for shareholders [14] - The outlook for commercial rates is stable for the remainder of the year [8] Other Important Information - The company incurred costs in the first half related to rationalizing its real estate portfolio [6] - The company is working towards closing the Germany and Chile back book transactions later in the year, which will improve the risk profile of the portfolio [12] Q&A Session Summary Question: Rate changes in commercial lines and margin expansion in H2 - Management indicated that rates are stabilizing and expect to expand margins in H2, with positive developments in pricing across various lines [16][18] Question: Farmers Re and cat losses - Management confirmed that there is a natural cat loss cap in place, which will help predict outcomes for Farmers Re in the second half [23][25] Question: Progress on the German life back book deal - Management is targeting a year-end close for the deal, pending regulatory approval, and does not expect financial impact from any delays [30][32] Question: Capital addition to Farmers - Management stated that Zurich cannot directly add capital to the exchanges and prefers external market support for reinsurance needs [33][36] Question: Additional conservatism in commercial lines - Management acknowledged increased conservatism in loss cost trend assumptions, particularly in commercial auto, to avoid unnecessary volatility [39][42] Question: Life CSM contribution and guidance - Management indicated that the expected return on CSM is more about transparency and consistency, with modest growth anticipated due to current interest rate conditions [47][59] Question: Liability business and social inflation - Management noted that loss cost trend assumptions have been increased for lines exposed to social inflation, while overall trends have slightly improved [70][71]

Zurich Insurance Group AG (OTCQX:ZURVY) Q1 2023 Earnings Conference Call May 17, 2023 7:00 AM ET Company Participants Jon Hocking - Head, Investor Relations and Rating Agency Management George Quinn - Group CFO Mario Greco - Group CEO Conference Call Participants Andrew Sinclair - Bank of America Merrill Lynch Michael Huttner - Berenberg Peter Eliot - Kepler Cheuvreux Andrew Ritchie - Bernstein Autonomous William Hawkins - KBW Vinit Malhotra - Mediobanca Ashik Musaddi - Morgan Stanley Dominic O'Mahony - BNP ...