Zurich Insurance: Oddo raises target price
(CercleFinance.com) - Zurich Insurance has said that it has exceeded all of its targets with "solid" results for 2019, prompting the Swiss insurer to propose a higher dividend to its shareholders.
Oddo highlights the strong rise in operating profit, driven by non-life insurance. Underlying operating income was 5.3 billion dollars, up 16% from 2018, in particular driven by a solid underwriting performance at its property and casualty business.
Analysts have also noted a sharp improvement in solvency over the Q4, which has exceeded expectations, with an operational outlook that remains positive.
Oddo confirms its Neutral rating on the share, albeit with a higher target price of 415 Swiss francs (against 385 Swiss francs).
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