Commercial and Auto Remain the Issue in Zurich Insurance Group's First Quarter
Zurich Insurance reported operating profit of USD 928 million in the first quarter, below our expectations. Ultimately, issues for the business still remain, and they all revolve around auto. We will maintain our CHF 264 fair value estimate per share and narrow moat rating.The Farmers unit saw a decline in new business count as the underlying exchanges and wider market continue to respond to a weak personal auto pricing market. Rate increases are being put through across the board, and this is ...
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