Zurich Insurance Group AG
Zurich Insurance Group AG provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. It operates through Property & Casualty Regions, Life Regions, and Farmers segments. The company offers car and motor, home, travel, gen…
Zurich Insurance Group AG provides insurance products and related services in Europe, the Middle East, Africa, North America, Latin America, and the Asia Pacific. It operates through Property & Casualty Regions, Life Regions, and Farmers segments. The company offers car and motor, home, travel, general liability, life and critical illness, and other insurance products; and saving and investment, and pension and retirement planning products. It also provides property, casualty, energy and engineering lines, and marine; management liability, financial institutions, and professional indemnity; and cyber, accident and health, and credit lines and surety insurance products, as well as non-claims and ancillary services to the farmers exchanges. In addition, it offers employee benefit insurance products; and climate resilience, risk engineering, captive, cyber resilience, and reinsurance services. It serves individuals, small businesses, mid-sized and large companies, and multinational corporations. The company sells its products through agents, brokers, and bank distribution channels. Zurich Insurance Group AG was founded in 1872 and is based in Zurich, Switzerland.Looks undervalued
Why: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Details and the full model are below.
Market price below modeled range
Showing the EV/Sales (Rule of 40) you selected on the company card, using 12.91% growth, 2.4% terminal growth and 9.6% discount. The range varies these assumptions slightly; it is illustrative, not investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 12.91%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 12.9% (sector default 5.4%, own revenue history 25.6%, analyst revenue consensus 10.3%).
5-year outlook: relative outlook of about 11.5% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 10.3% a year; the growth assumption used is 12.9%.
Adjust assumptions
Show the recommended model instead
Why this model: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Compare models- Recommended: Dividend discount model — CHF 398.22 (-36.4%)
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EPS-based Gordon proxy
— CHF 553.78 (-11.6%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— CHF 695.85 (+11.1%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— CHF 455.03 (-27.3%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— CHF 793.94 (+26.8%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— CHF 688.77 (+10.0%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— CHF 2625.74 (+319.3%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear CHF 1972.62 | 68.3% |
| Base CHF 2625.74 | 76.2% |
| Bull CHF 3278.85 | 80.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 80 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +33.0% a year | 20 / 20 |
| Balance sheet | net debt 0.7x EBITDA | 20 / 20 |
| Margins | EBITDA margin 9% | 0 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| ZURN.SW (this company) | CHF 626.20 | -57.2% | 16.1 | – | 4.5% | 90 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.2% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| Peer median | 8.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: CHF 30.00 per share · yield 4.79% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 30.000 |
| 2025 | 28.000 |
| 2024 | 26.000 |
| 2023 | 24.000 |
| 2022 | 22.000 |
| 2021 | 20.000 |
Annual financial statement
Saved annual report · Fiscal year 2025 · Yahoo Finance annual statements · period ended 31 Dec 2025
| Revenue | CHF 73,143,878,198 |
|---|---|
| EBITDA | CHF 9,369,213,585 |
| EBIT | CHF 8,661,449,431 |
| Net income | CHF 5,607,669,832 |
| Free cash flow | CHF 4,473,432,406 |
| Capital expenditures | CHF -395,951,974 |
| Debt | CHF 12,935,256,051 |
| Cash | CHF 14,845,724,325 |
| Working capital | CHF |
| Shares outstanding | 144,017,586 |
| Reported dividends per share | CHF 28.0000 |