Zurich Insurance Reports a Standard Set of Third-Quarter Results
Zurich Insurance reported a standard set of third-quarter results. Profitability in the quarter returned to pre-troubled 2015 levels, and we plan to maintain our fair value estimate of CHF 258 per share and no-moat rating. Expenses are continuing to fall as the business is maintaining actions to achieve a cost reduction of USD 300 million in 2016. Further growth has been delivered by Farmers via rate increases, but General Insurance continues to report profits below Zurich’s own expected levels ...
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