RBC Revises Zurich Insurance Group EPS Estimates Ahead of Trading Update

03:42 AM EDT, 10/16/2026 (MT Newswires) -- RBC Capital Markets tweaked its EPS projections for Zurich Insurance Group (ZURN.SW) ahead of the Swiss insurer's nine-month trading update due Nov. 12, mainly to incorporate one quarter of Beazely's earnings alongside currency and investment income adjustments. "FY26E/27E/28E core USD EPS changes are +1%/-2%/-3%, but are +4%/+1%/-1% in CHF, reflecting the strengthening in the USD YTD. The 9M update will be the first read on management's view of Beazley's performance post the acquisition, with North America P&C the key focus as the biggest single contributor to group earnings," according to a Thursday note. Analysts believe stabilization in North American commercial pricing remains the primary catalyst for faster growth. In the meantime, retail, small and medium-sized enterprise, and Farmers recovery, alongside momentum in the life business and the Beazley integration, are expected to bolster earnings and support an above-average payout ratio. RBC rates the stock at outperform, with a price target of 650 francs.