Report
Henry Heathfield, CFA
EUR 100.00 For Business Accounts Only

Against the cycle, Zurich Insurance is restoring its business to better strength.

We are increasing our fair value estimate for Zurich Insurance to CHF 305 from CHF 290 per share to account for the time value of money and currency changes. We maintain our narrow moat and stable moat trend ratings.
Zurich reported over a 5% increase in business operating profit, a measure it uses as a proxy for operations. Admittedly, this does account for the impact of hurricanes Harvey, Irma, and Maria, catastrophes that were beyond what was expected for 2017, though not outside of the long-...
Underlying
Zurich Insurance Group AG

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Henry Heathfield, CFA

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