logo
Plus   Neg
Share
Email

Zurich Insurance To Exceed 2017-2019 Targets; Sets New Goals For 2020-2022

Zurich Insurance Group AG (ZURVY) on Thursday announced its new financial targets for 2020-2022, as it is set to exceed all financial targets for the period 2017-2019.

The company projects business operating profit after tax return on equity or BOPAT ROE in excess of 14 percent and increasing over the 2020-2022 period. This is based on selective growth and targeted capital allocation together with further improvements in productivity.

This would lead to compound organic growth in earnings per share of at least 5 percent per annum over the period.

Further, Zurich Insurance projects continued high levels of cash remittances, which are expected to be in excess of $11.5 billion over the three years.

The company also projects to retain its strong capital position with an unchanged target Z-ECM ratio of 100 percent-120 percent.

The company's dividend policy is unchanged, targeting a pay-out ratio of around 75 percent of attributable net income.

Zurich's objectives for the next three years will be presented to investors at an Investor Day in London today.

Group Chief Executive Officer Mario Greco said, "Our performance over the past three years shows that our strategy is working. Our rapid progress is reflected in a total shareholder return of 96 percent since the start of 2016."

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Biopharmaceutical company Bristol-Myers Squibb Co. on Thursday reported a loss for the second quarter, compared to a profit last year, hurt primarily by hefty amortization expenses. However, adjusted earnings per share and quarterly revenues topped analysts' expectations. Looking ahead, the company raised its adjusted earnings and revenue outlook for the full-year 2020. Shares of Deutsche Lufthansa AG were losing around 3 percent in German trading after the airline reported Thursday a loss in its second quarter, compared to prior year's profit with sharply lower revenues with collapse in demand for air travel due to the Corona pandemic. Going ahead, the airline projects a clearly negative adjusted EBIT in the second half of 2020 and a further significant decline Former Google engineer Anthony Levandowski was sentenced by a U.S. judge to eighteen months in prison for stealing trade secrets from Google's self-driving car unit before he defected to Uber's rival unit. Levandowski admitted that from 2009 to 2016, he worked in Google's self-driving car program, known then as Project Chauffer.
RELATED NEWS
Follow RTT