11:05 AM EDT, 08/07/2026 (MT Newswires) -- Zurich Insurance Group's (ZURN.SW) business operating profit in the first half reached an all-time high and surpassed market forecasts, potentially leading to higher dividends, Berenberg said in a note published Friday. "On the results call, Zurich explained that its KPIs - BOP, taxed BOP EPS and cash remittances - all benefit from the group's focus on total value created, which is the result of strong volume growth multiplied by attractive margins. By contrast, a lower combined ratio on its own does not create value unless combined with growth," the research firm wrote. "We estimate USD9.6bn FY 2026 pro-forma BOP, USD0.3bn higher than consensus at USD9.3bn." Analysts also expect the insurer to update its outlook in the fourth quarter, when its planned 8.1 billion-pound-sterling acquisition of British peer Beazley (BEZ.L) is anticipated to close. Berenberg views Zurich's valuation as "attractive," with an unchanged buy rating on the Swiss stock and price target of 902 francs.

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