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Swiss global insurer providing property-casualty, life, and specialty insurance to individuals and businesses worldwide.
Swiss global insurer providing property-casualty, life, and specialty insurance to individuals and businesses worldwide.
Earns premiums on property, accident and commercial cover and invests them, so earnings come from underwriting results plus investment income. Separately it earns management fees for running the Farmers Exchanges in the US, which it manages but does not own.
In one line: A Swiss Chubb/Travelers hybrid.
Moat: narrow (scale, brand, regulatory licence). Global underwriting scale and distribution, though P&C insurance is competitive with limited pricing power.
Headquarters: Zurich, Switzerland · Founded: 1872
Size Zurich Insurance (ZURN.SW) is a Switzerland Financials company (Multi-Line Insurance) with a market value of $114B, the 7th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 630.20 on 6 Nov 2026.
Performance Over six months the shares gained 16.5%, against +11.7% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 19.3% over the last twelve months (peer median +10.3%); the operating margin is 10.6% (peer median 23.1%).
Valuation It trades at 3.67× book value against a peer median of 2.05× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 11.2%; Zurich Insurance delivers 25.5%, so the price asks less than the business earns today.
Credit Zurich Insurance has 7 bonds outstanding ($4.29B), rated A+ by the agencies and trading like AAA at a weighted spread of 62 bp.
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 81.9B | CHF 72.9B | CHF 75.2B | CHF 70.3B | CHF 46.3B |
| Revenue growth | — | -3% | +7% | +52% | — |
| Net income | CHF 5.73B | CHF 5.65B | CHF 5.12B | CHF 3.91B | CHF 3.79B |
| Free cash flow | CHF 24.6B | CHF 18.4B | CHF 20.6B | CHF 12.7B | -CHF 7.97B |
| Capital expenditure | CHF 393M | CHF 399M | CHF 326M | CHF 376M | CHF 511M |
| Total debt | n/a | CHF 13.6B | CHF 14.1B | CHF 13.7B | CHF 15.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Zurich Insurance ZURN.SW | $114B | +16% | +19% | 26% | 3.67× | 11.2% |
| Allianz ALV.DE | $192B | +19% | +21% | 21% | 2.98× | 16.0% |
| Axa CS.PA | $103B | +13% | +11% | 19% | 2.24× | 17.8% |
| Chubb CB | $139B | +15% | +6% | 15% | 1.91× | 9.4% |
| Travelers Companies (The) TRV | $81.0B | +33% | +1% | 28% | 2.79× | 13.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ZURN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.0% | +3.3% | 3rd highest of 21 |
| 6-month return | +16.5% | +11.7% | 9th highest of 21 |
| Return on equity | 25.5% | 16.3% | 4th highest of 21 |
| Price / book | 3.67× | 2.05× | 2nd most expensive of 21 |
| Trailing P/E | 16.1× | 12.2× | 5th most expensive of 21 |
| ROE the price implies | 11.2% | 11.2% | 11th least demanding of 21 |
| ROE delivered | 25.5% | 16.6% | 4th highest of 20 |
| Bond spread | 62 bp | 79 bp | 3rd tightest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Zurich Insurance ZURN.SW | Switzerland | $114B | +16% | +19% | 26% | 3.67× | 11.2% | 25.5% |
| AIA 1299.HK | Hong Kong | $104B | -10% | +13% | 20% | 2.53× | 18.4% | 19.6% |
| Axa CS.PA | France | $103B | +13% | +11% | 19% | 2.24× | 17.8% | 19.0% |
| Progressive PGR | United States | $132B | +17% | +8% | 33% | 3.82× | 15.8% | 33.2% |
| China Life 2628.HK | Hong Kong | $134B | -17% | +38% | 41% | 0.93× | 10.0% | 41.3% |
| China Life Insurance 601628.SS | China | $135B | -3% | +16% | 12% | 1.54× | 13.1% | 11.9% |
| Ping An Insurance (Group) Company of China 601318.SS | China | $136B | -8% | +12% | 14% | 0.96× | 7.4% | n/a |
| Ping An 2318.HK | Hong Kong | $138B | -17% | -8% | 10% | 0.79× | 9.7% | 9.8% |
| Allianz ALV.DE | Germany | $192B | +19% | +21% | 21% | 2.98× | 16.0% | 21.1% |
| Allstate ALL | United States | $64.4B | +20% | +6% | 46% | 2.04× | 9.9% | 46.1% |
| Fubon Financial Hldg 2881.TW | Taiwan | $62.7B | +66% | +12% | 16% | 1.66× | 7.4% | 16.0% |
| MetLife MET | United States | $62.4B | +27% | +9% | 13% | 2.28× | 16.2% | 13.2% |
| Aflac AFL | United States | $62.2B | +10% | +14% | 17% | 2.06× | 12.5% | 16.9% |
| Great-West Lifeco GWO.TO | Canada | $57.4B | +18% | +4% | 16% | 3.02× | 15.7% | 16.0% |
| Swiss Re SREN.SW | Switzerland | $50.6B | +27% | -12% | 20% | 2.27× | 6.1% | 20.4% |
| People's Insurance Co. (Group) of China 1339.HK | Hong Kong | $46.1B | -2% | +11% | 18% | 0.60× | 5.6% | 18.1% |
| Ms&ad Ins Gp Hldgs 8725.T | Japan | $44.4B | +22% | +21% | 17% | 1.07× | 6.9% | 16.6% |
| China Pacific Insurance (Group) 601601.SS | China | $42.6B | -14% | +4% | 14% | 0.93× | 8.2% | 14.4% |
| Power Corporation of Canada POW.TO | Canada | $40.7B | +16% | +10% | 11% | 2.42× | 15.9% | 11.0% |
| American International AIG | United States | $40.7B | +2% | +1% | 8% | 1.04× | 7.5% | 8.2% |
| Sun Life Financial SLF.TO | Canada | $40.1B | +7% | -1% | 13% | 2.38× | 13.7% | 13.5% |
Zurich Insurance has 7 bonds outstanding with $4.29B face value. The agencies rate it A+; its bonds trade like AAA. Weighted yield 4.12%, a spread of 62 bp over government bonds.