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Zurich Insurance Group (ZURN) Fair Value & Analysis

Financial Services · CH · Market cap CHF 93.3B

ZI Zurich Insurance Group ZURN · SW
PriceCHF 593.20
Fair ValueCHF 619.80
Upside+4.5%
Quality69/100
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Healthy Growth
Thin margins · 9.3% net margin
Low debt · generates free cash flow
Trails peers (5/15)
Moderate moat 60/100
Evidence: High Range CHF 464.85 – CHF 774.74 Share as image

Fair value as of: Jul 18, 2026

From 25 valuation models · updated 20 days ago

Share price −2.9% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

CHF 624.40 CHF 271.90 Fair Value CHF 619.80 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.

How to read this chart

60‑month range CHF 271.90 – CHF 624.40 · fair‑value band CHF 464.85 – CHF 774.74 · the CHF 593.20 price screens below the CHF 619.80 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.

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Analysis

Zurich Insurance Group (ZURN) currently trades at CHF 593.20, while our model-based Fair Value estimate is CHF 619.80, implying the stock looks roughly 4.5% fairly valued today. We read business quality at 69/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Zurich Insurance Group generated revenue of CHF 73.1B at a net margin of 9.3%. Revenue grew 9.5% year over year. It earns a return on equity of 25.2%. Net debt stands at CHF 11.6B. Fundamentals as of Jul 18, 2026

Our scenario range runs from CHF 464.85 (bear case) to CHF 774.74 (bull case); at CHF 593.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -15% fair-value upside, at 4%, ZURN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF CHF 1,691 CHF 2,439 CHF 3,478 80
Residual Income CHF 291.71 CHF 356.94 CHF 1,054 76
Rev-Margin DCF CHF 948.15 CHF 1,348 CHF 1,797 74
All 25 models by family
DCF Models
FCF DCF CHF 1,649 CHF 2,468 CHF 3,666 38
Owner Earnings CHF 500.18 CHF 764.39 CHF 1,151 31
5Y Revenue Exit CHF 948.15 CHF 1,323 CHF 1,772 39
5Y EBITDA Exit CHF 980.32 CHF 1,381 CHF 1,821 41
5Y P/E Exit CHF 964.33 CHF 1,352 CHF 1,735 38
10Y Revenue Exit CHF 1,173 CHF 1,563 CHF 2,033 36
10Y EBITDA Exit CHF 1,212 CHF 1,603 CHF 2,069 37
10Y P/E Exit CHF 1,202 CHF 1,583 CHF 2,006 35
Earnings-Based
Graham-Dodd CHF 324.20 CHF 849.36 CHF 1,108 54
PEG = 1.0 CHF 162.20 CHF 231.71 CHF 301.22 46
EPV CHF 434.55 CHF 514.72 CHF 584.86 59
Dividend Discount
Gordon GGM CHF 300.40 CHF 608.28 CHF 990.86 70
DDM Multi-Stage CHF 300.40 CHF 462.77 CHF 636.86 61
Multiples
P/E Multiple CHF 715.15 CHF 953.53 CHF 1,192 63
P/S Multiple CHF 607.88 CHF 810.50 CHF 1,013 58
P/B Multiple CHF 454.40 CHF 605.87 CHF 757.33 55
EV/EBIT CHF 904.16 CHF 1,221 CHF 1,538 53
EV/EBITDA CHF 697.00 CHF 944.81 CHF 1,193 54
EV/Revenue CHF 594.34 CHF 868.95 CHF 1,144 43
Asset-Based
NCAV (Graham) CHF 100.98 CHF 135.31 CHF 201.96 50
Growth DCF
Growth DCF CHF 1,691 CHF 2,439 CHF 3,478 80
Rev-Margin DCF CHF 948.15 CHF 1,348 CHF 1,797 74
Economic Profit
Residual Income CHF 291.71 CHF 356.94 CHF 1,054 76
ROIC Compounder CHF 460.09 CHF 582.00 CHF 717.98 72
Growth Earnings
Growth-Adj P/E CHF 561.30 CHF 801.86 CHF 1,042 68

Widest divergence: DCF Models (CHF 1,381) versus Asset-Based (CHF 135.31). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) CHF 73.1B
Revenue growth (YoY) +9.5%
Net margin 9.3%
Return on equity 25.2%
Free cash flow CHF 23.2B FY2025
P/E ratio 15.0
More key figures
Operating margin 14.9%
EPS (TTM) CHF 37.21
EPS growth (YoY) +33.8%
Net debt CHF 11.6B FY2025

Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 69/100

Of which business quality 58 · Market factors (momentum, volatility) 69

Profitability 39
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 97
Earnings quality: real cash, not paper profit
Fin. Strength 6
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 55
Price trend over the last 3–12 months (market factor)
52W Momentum 62
Distance to the 52-week high (market factor)
Net Issuance 91
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zurich Insurance Group reported revenue of CHF 91.9B in FY2025 versus CHF 69.5B in FY2021, a compound +7.2%/yr. Reported net income was CHF 7.1B in FY2025, compounding +8.2%/yr from FY2021.

Growth Quality 84/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
CHF 91.9B
Latest YoY
+6.8%
Avg. growth/yr (3Y)
+27.1%
Avg. growth/yr (5Y)
+9.3%
Avg. growth/yr (26Y)
+3.2%
Revenue +7.2%/yr
FY21 CHF 69.5B
FY22 CHF 44.8B
FY23 CHF 78.1B
FY24 CHF 86.0B
FY25 CHF 91.9B
Net income +8.2%/yr
FY21 CHF 5.2B
FY22 CHF 4.0B
FY23 CHF 4.4B
FY24 CHF 5.8B
FY25 CHF 7.1B

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Cite: Fair Value Calculator (2026). "Zurich Insurance Group Fair Value". https://www.fairvalue-calculator.com/stock/ZURN

Peer Group

Insurance - Diversified · 84 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 66 · Above median
Fair Value upside +5% · Below median
Return on equity (TTM) 25% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 9% · Above median
Operating margin (TTM) 15% · Above median
Revenue growth 10% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.47× · Higher than 75% of peers

Valuation Multiples vs Insurance - Diversified median · lower = cheaper

P/E (TTM) 16.3× · Pricier than median
P/B 3.83× · Pricier than 75% of peers
P/S (TTM) 1.58× · Pricier than median
P/FCF 5.0× · Pricier than median
EV/EBITDA 11.4× · Pricier than 75% of peers
PEG 3.51× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 39 · sector 44
FUTURE 48 · sector 31
PAST 100 · sector 49
HEALTH 77 · sector 89
DIVIDEND 0 · sector 45

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Diversified stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).

Stock Price Fair Value vs Fair Value
Berkshire Hathaway Inc BRKB 8,562 MXN 10,844 MXN +27%
Allianz SE ALV €421.00 €369.31 -12%
AXA SA AXAN 888.28 MXN 1,249 MXN +41%
Assicurazioni Generali S.p.A G €42.90 €12.18 -72%
Sun Life Financial Inc SLF C$114.20 C$87.83 -23%
BB Seguridade Participações S.A BBSE3 R$40.71 R$60.39 +48%
Tryg A/S TRYG kr 154.00 kr 116.45 -24%
PT Sinar Mas Multiartha Tbk SMMA 20,625 IDR 4,176 IDR -80%
Caixa Seguridade Participações S.A CXSE3 R$21.77 R$18.60 -15%
ICICI Lombard General Insurance Company ICICIGI ₹1,624 ₹721.66 -56%

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Frequently asked questions

Is Zurich Insurance Group (ZURN) overvalued or undervalued?
As of Jul 18, 2026, our model estimates a fair value of CHF 619.80 versus a price of CHF 593.20, about +4% (fairly valued).
What is the fair value of ZURN?
Our model-based fair value for Zurich Insurance Group is CHF 619.80 (as of Jul 18, 2026), built from audited fundamentals. The current price is CHF 593.20.
What is the quality score of ZURN?
Zurich Insurance Group has a Quality Score of 69/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Zurich Insurance Group (ZURN)?
Zurich Insurance Group reported trailing-twelve-month revenue of about CHF 73.1B (latest available figure, as of Jul 18, 2026).
What is the net profit margin of ZURN?
The net profit margin of Zurich Insurance Group is about 9.3%, meaning it keeps roughly 9.3% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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