Best insurance stocks today - Zurich Insurance stock functioning 2013 ; Zurich Insurance Group AG (ZURN), Switzerland’s biggest insurer, said it is making “good progress” to achieving targets for 2013 together with expects to pay an “attractive” dividend.
The company, which is asset an investor twenty-four hours in Zurich, has cutting costs past times $200 i 1000 one thousand every bit it targets expense reductions inward “mature markets” of $500 i 1000 one thousand past times the halt of side past times side year, the insurer said today inward an e-mailed statement.
Chief Executive Officer Martin Senn said he’s confident that Zurich Insurance’s cash flows together with majuscule pose volition permit an “attractive together with sustainable dividend.” The insurer may heighten the dividend for 2012 to 17.50 francs ($18.85), according to information compiled past times Bloomberg, later leaving the 2011 payout unchanged at an 11-year high of 17 francs a share.
The tilt “should supply the marketplace pose alongside reassurance on the high dividend paying capacity,” said Stefan Schuermann, a Zurich-based analyst alongside Vontobel Holding AG who has a agree rating on the stock.
The stock rose 1.8 percent to 234.90 francs every bit of 9:45 a.m. inward Zurich trading, giving the society a marketplace pose value of 34.8 billion francs. Zurich Insurance has increased xi percent this year, lagging behind the Bloomberg Europe 500 Insurance Index (BEINSUR)’s 28 percent gain.
While the insurer is targeting a job organisation operating earnings later revenue enhancement render on equity of sixteen percent inward the long term, Zurich Insurance reiterated today that inward the electrical flow environment, a destination of ii percent points below that is to a greater extent than realistic.
Zurich Insurance reported a 62 percent turn down inward third- quarter earnings before this calendar month next a $550 i 1000 one thousand write-off at its High German full general insurance business.
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