Zurich Insurance: Life Growth Support The Buy Case

Zurich Insurance Group delivered a strong H1, with business operating profit up 13%, Core EPS up 11.5%, and RoE reaching 27.1%. P&C growth remains healthy, supported by Global Specialty and retail, while underwriting quality stayed resilient despite a modest increase in the combined ratio. Life is emerging as the key earnings driver, with business operating profit beating expectations, new-business margins improving, and management raising its FY2026 growth guidance. We retain our buy rating, as strong solvency, improving business mix, and expected Beazley accretion support continued earnings growth despite integration risks.

With the Zurich Insurance Group ( ZURVY ) ( ZFSVF ) quarterly comment, we have completed our coverage of large-cap European multiline insurers. Within our coverage, following the H1 results, we moved to a neutral rating on Allianz (and Swiss