Friday, 12 March 2021 Reading time : 3 minutes

The three Swiss insurance companies Zurich, Swiss Life and Helvetia are still trading below their peak price before the outbreak of the Corona pandemic. Zurich, Switzerland's largest insurance company, remains undervalued according to ZKB Equity Research and analyst consensus despite a stable balance sheet and good dividend payouts. The insurance company's increased expansion in high-growth emerging markets should support the achievement of its price targets. Swiss Life, the market leader in the Swiss pensions business, is also below analysts' target price, although improvements in cost efficiency will help. Helvetia has a solid balance sheet and is well positioned in the non-life business.

All three shares are rated "overweight" by ZKB Equity Research.

Barrier Reverse Convertible on Zurich, Swiss Life and Helvetia

• Guaranteed Coupon of 7.80%* p.a.
• Barrier at 70.00%*
• 15 months duration
• Subscription period ends on 17.03.2021
• Termsheet

Callable Barrier Reverse Convertible on Zurich, Swiss Life and Helvetia

• Coupon of 9.50%* p.a.
• Barrier at 70.00%*
• 12 months duration
• Subscription period ends on 23.03.2021
• Termsheet

Globally diversified insurance basket: Barrier Reverse Convertible on AXA, Allianz and Zurich (CHF)

• Guaranteed coupon of 8.75%* p.a.
• Barrier at 70.00%*
• 12 months duration
• Subscription period ends on 15.03.2021
• Termsheet

*indicative

 

Disclaimer
This communication is for marketing purposes. It is neither an offer nor an invitation to submit an offer, to purchase or to subscribe to securities and does not constitute investment advice. You should consult your advisors before making an investment decision.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, financial condition, development or performance of the issuer to be materially different from any future results, financial condition, development or performance expressed or implied by such statements.
The present document has not been drawn up by the research department as defined in the rules of the “Directives on the Independence of Financial Research” published by the Swiss Bankers Association, hence these rules do not apply to this document.
If securities are mentioned in the communication, the base prospectus, the final terms and any key information document may be obtained free of charge from Zürcher Kantonalbank, Bahnhofstrasse 9, 8001 Zurich, VRIS, and from www.zkb.ch/finanzinformationen.