|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||380.60 - 382.60|
|52-week range||380.60 - 382.60|
|Beta (5Y monthly)||0.61|
|PE ratio (TTM)||14.42|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
ZURICH/LONDON (Reuters) - Zurich Insurance on Thursday raised its earnings targets for the next three years as Europe's fifth-biggest insurer takes aim at rivals such as Allianz and Generali . Zurich's three-year plan is "remarkably similar" to Allianz's plan released in Nov 2018, Jefferies analysts said, pointing to Allianz's strong performance since then and reiterating their "buy" rating on Zurich stock. Zurich raised its target for business operating profit after tax return on equity (BOPAT ROE) to more than 14% from more than 12%.
Zurich Insurance Group is set to beat its financial targets as it uses aggressive cost-cutting to counter a weaker topline, Europe's fifth-biggest insurer said on Thursday. Its first-half business operating profit (BOP) rose 16% to $2.8 billion (£2.3 billion), while its property & casualty (P&C) business's operating profit rose 46% and its P&C combined ratio of 95.1% fell to its lowest level in the past decade, it said. Zurich had said in May it was on track to meet or beat its financial targets to 2019.
Zurich Insurance is on track to meet or beat its financial targets to 2019 and is seeing positive trends in property and casualty (P&C) insurance pricing. Europe's fifth-biggest insurer made the forecast on Thursday despite a 2 percent fall in P&C gross written premiums in dollar terms to $9.18 billion (7.06 billion pounds) in the first quarter as a result of currency movements and the disposal of its ADAC business. Prices increased around 2 percent, Zurich said, adding that it had been a "relatively benign" quarter for natural catastrophes although it gave no profit figures.
The U.S. Department of Justice (DOJ) said late Thursday that Zurich Insurance will pay a penalty of $5.1 million (£3.9 million) to the United States in a case involving insurance policies and accounts used by U.S. customers to evade taxes. "From Jan. 1, 2008, through June 30, 2014, Zurich issued or had certain insurance policies and accounts of U.S. taxpayer customers, who used their policies to evade U.S. taxes and reporting requirements," DOJ said in a statement. "Zurich had approximately 420 U.S. related policies...with an aggregate maximum value of approximately $102 million, for which the U.S. taxpayer customers did not provide evidence that they had declared their policies to U.S. tax authorities," it added.