Zurich can get back on track but doesn't have a moat.
Zurich Insurance reported good first-half results after a disappointing full-year 2015. Restoration primarily stemmed from the profitability of the general insurance unit, and we plan to maintain our fair value estimate of CHF 258 per share, along with our no-moat rating.General insurance operating profit was 3.5% ahead of year-ago levels at $1.2 billion. Rate changes were solid and positive across the board, and the firm confirmed lower but sustainable loss ratios. Expense ratios were broadly ...
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