reports
- Dave Nicoski
- Ross LaDuke
Vermilion Compass: Weekly Equity Strategy
Upgrading Real Estate, Transportation to Market Weight Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports). The latest risk-on developments include the Russell 2000 (IWM) and DJI breaking above resistances of $180 and 35,650, respectively, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps. Breadth improvement and broadening participati...
- Henry Heathfield
Morningstar | ZURVY Updated Forecasts and Estimates from 17 May 2019
Zurich Insurance reported what we think are decent headline numbers for the first quarter. Having rolled our model and incorporated what we think is a better outlook for the nonlife division, we are increasing our fair value estimate to CHF 350 per share. We maintain our narrow moat rating. Having been in a state of almost paralysis, the North America nonlife division reported gross written premium growth of 100 basis points and rate rises equal to 400 basis points. With the outlook for this bu...
- Henry Heathfield
Morningstar | Decent 1Q for Zurich; Shares Marginally Undervalued
Zurich Insurance reported what we think are decent headline numbers for the first quarter. Having rolled our model and incorporated what we think is a better outlook for the nonlife division, we are increasing our fair value estimate to CHF 350 per share. We maintain our narrow moat rating. Having been in a state of almost paralysis, the North America nonlife division reported gross written premium growth of 100 basis points and rate rises equal to 400 basis points. With the outlook for this bu...
- Henry Heathfield
Morningstar | Decent 1Q for Zurich; Shares Marginally Undervalued. See...
Zurich Insurance reported what we think are decent headline numbers for the first quarter. Having rolled our model and incorporated what we think is a better outlook for the nonlife division, we are increasing our fair value estimate to CHF 350 per share. We maintain our narrow moat rating. Having been in a state of almost paralysis, the North America nonlife division reported gross written premium growth of 100 basis points and rate rises equal to 400 basis points. With the outlook for this bu...
- Henry Heathfield
Decent 1Q for Zurich; Shares Marginally Undervalued
Zurich Insurance reported what we think are decent headline numbers for the first quarter. Having rolled our model and incorporated what we think is a better outlook for the nonlife division, we are increasing our fair value estimate to CHF 350 per share. We maintain our narrow moat rating. Having been in a state of almost paralysis, the North America nonlife division reported gross written premium growth of 100 basis points and rate rises equal to 400 basis points. With the outlook for this bus...
- Henry Heathfield
Restoration of Zurich's Commercial Insurance Continues
While we think these are a fairly decent set of full-year results for Zurich Insurance, we remain a bit skeptical over the non-life North America division. We maintain our CHF 312 fair estimate for the moment while we roll our financial model, and we also maintain our narrow moat rating. It is clear that the non-life division is better. A couple of things we like about this full-year posting is that we have seen a slowing of like-for-like premium growth to 40 basis points, and given the conditio...
- Henry Heathfield
Morningstar | Zurich Insurance: Decent Fiscal Year 2018 Results; Remai...
While we think these are a fairly decent set of full-year results for Zurich Insurance, we remain a bit skeptical over the non-life North America division. We maintain our CHF 312 fair estimate for the moment while we roll our financial model, and we also maintain our narrow moat rating. It is clear that the non-life division is better. A couple of things we like about this full-year posting is that we have seen a slowing of like-for-like premium growth to 40 basis points, and given the conditi...
- Henry Heathfield
Zurich Insurance: Decent Fiscal Year 2018 Results; Remain Cautious on ...
While we think these are a fairly decent set of full-year results for Zurich Insurance, we remain a bit skeptical over the non-life North America division. We maintain our CHF 312 fair estimate for the moment while we roll our financial model, and we also maintain our narrow moat rating. It is clear that the non-life division is better. A couple of things we like about this full-year posting is that we have seen a slowing of like-for-like premium growth to 40 basis points, and given the conditio...
- Henry Heathfield
Morningstar | ZURVY Updated Forecasts and Estimates from 08 Nov 2018
Zurich Insurance reported key indicators for the first nine months of 2018. This is a very light press release and gives us very little insight into the underlying performance of the business. We maintain our CHF 312.0 fair value estimate and narrow moat and stable moat trend ratings. The property and casualty division reported gross written premiums of USD 25.87 billion. While that’s all well and good, it gives us no colour into profitability. We think this is probably a little ahead of our ...
- Henry Heathfield
Morningstar | Zurich Insurance Reports Bland Nine-Month Indicators
Zurich Insurance reported key indicators for the first nine months of 2018. This is a very light press release and gives us very little insight into the underlying performance of the business. We maintain our CHF 312.0 fair value estimate and narrow moat and stable moat trend ratings. The property and casualty division reported gross written premiums of USD 25.87 billion. While that’s all well and good, it gives us no colour into profitability. We think this is probably a little ahead of our ...
- Henry Heathfield
Morningstar | Zurich Insurance Reports Bland Nine-Month Indicators. Se...
Zurich Insurance reported key indicators for the first nine months of 2018. This is a very light press release and gives us very little insight into the underlying performance of the business. We maintain our CHF 312.0 fair value estimate and narrow moat and stable moat trend ratings. The property and casualty division reported gross written premiums of USD 25.87 billion. While that’s all well and good, it gives us no colour into profitability. We think this is probably a little ahead of our ...
- Henry Heathfield
Zurich Insurance Reports Bland Nine-Month Indicators
Zurich Insurance reported key indicators for the first nine months of 2018. This is a very light press release and gives us very little insight into the underlying performance of the business. We maintain our CHF 312.0 fair value estimate and narrow moat and stable moat trend ratings. The property and casualty division reported gross written premiums of USD 25.87 billion. While that’s all well and good, it gives us no colour into profitability. We think this is probably a little ahead of our e...
- Henry Heathfield
Morningstar | Zurich Insurance Group's First-Half Results Below Our Ex...
Zurich Insurance reported business operating profit of USD 2.4 billion for the first half of 2018. This is a bit below our estimates. We maintain our CHF 310 per share fair value estimate and narrow moat rating. The property and casualty combined ratio improved around 200 basis points, and this has been the main problem area for the business. Some of this has come out of administrative costs, and the current year accident loss ratio has improved, which is good in light of the fact that Zurich n...
- Henry Heathfield
Zurich Insurance Group's First-Half Results Below Our Expectations
Zurich Insurance reported business operating profit of USD 2.4 billion for the first half of 2018. This is a bit below our estimates. We maintain our CHF 310 per share fair value estimate and narrow moat rating. The property and casualty combined ratio improved around 200 basis points, and this has been the main problem area for the business. Some of this has come out of administrative costs, and the current year accident loss ratio has improved, which is good in light of the fact that Zurich no...
- Henry Heathfield
- CFA
Zurich Reports a Flat Third Quarter of 2017
Zurich Insurance released third-quarter results showing flat premiums in both life and property and casualty insurance. Zurich has moved to quarterly reporting of high level revenue metrics, as opposed to a full earnings release. We are maintaining our fair value estimate at CHF 290 per share and our narrow moat rating. The basis of our moat for Zurich comes down to two divisions: Farmers Management Services and Global Corporate & Commercial. Farmers provides nonclaims administrative and man...
- Henry Heathfield
- CFA
2Q 2017: Zurich Is Turning a U.S. Commercial Corner
Zurich Insurance reported a good set of operational results. Underlying operating profit for the first half was up just under 15%, with operating profit for the quarter of $600 million. We are pleased to see evidence that Zurich is getting on top of its problems, and are therefore raising our fair value estimate to CHF 290 per share, to account for a better outlook for property-casualty and a change in currency rates. We maintain our narrow moat rating. Within nonlife, premiums have stabilised, ...
- Henry Heathfield
Zurich Insurance Group's Improvement Is Currently Proving Challenged
Zurich Insurance Group reported full-year 2016 results slightly ahead of our expectations in terms of net income though we believe slightly below broader market expectations. We still believe the business looks slightly overvalued though we think Zurich has maintained its overall competitive position. We therefore maintain our CHF 264 fair value estimate and narrow moat rating. Net income for the group for the year came in at USD 3.2 billion, slightly ahead of our USD 3.1 billion estimate, havin...
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