Vice President Senior Underwriting Manager - Group Captives

London bank analyst: Investors should stay on the sidelines in the UBS stock ahead of the quarterly figures. A London-based analyst is no longer pessimistic about European major-bank stocks. However, he remains surprisingly cautious on UBS. And: one fewer sell recommendation for the high-dividend Zurich shares. 14.10.2026 03:00 By cash Insider The cash Insider also reports in the Insider Briefing, before the market opens, on up-to-the-minute observations around Swiss market events and is also active on X/Twitter under @cashInsider. Yesterday, Tuesday, two major UBS rivals, J.P. Morgan and Goldman Sachs, both reported their results. And although a pleasingly strong third quarter had already been expected in advance, the two sets of figures were well received in market circles. How the largest Swiss bank performed between the beginning of July and the end of September will not be known until the early morning of October 28. Until then, only speculation is possible - especially since, as is well known, no reliable conclusions can be drawn from the results of other industry peers. Thomas Hallett, a banking analyst at Keefe, Bruyette & Woods, is surprisingly cautious. In an outlook ahead of the publication of the third-quarter figures, he still considers the "overall climate" in the financial markets to be good and fears of trading losses as a result of the dislocations in interest rates to be exaggerated. In addition, the London-based analyst writes that the risk-reward ratio for European major banks has improved with the share-price decline of recent weeks. He therefore abandons his cautious stance on this stock segment and now rates it neutral. [UBS shares have also fallen in price in recent weeks (Source: www.cash.ch)] However, he continues to rate UBS shares as "Underperform", albeit with a price target of CHF 42. Hallett warns on the one hand of disappointing cost development in investment banking and on the other of possibly cautious statements regarding net new money development. Despite the recently rather weak share-price performance, he advises investors to remain on the sidelines. Instead, the analyst favors the shares of British Barclays. I responded to UBS's strong performance in the second quarter with the following words: It would therefore be grossly negligent to extrapolate UBS's recent strong performance in investment banking linearly into the future. All the more, with a view to the upcoming earnings release, I have no choice but to hope that the figures can meet the stock market's quality standards. Andrew Baker, an insurance analyst at Goldman Sachs, resumes coverage of Zurich Insurance shares with "Neutral" and a 12-month price target of CHF 603. What seems merely like a side note is significant, however. The last investment rating from Baker available to me for the high-dividend shares was "Sell", and the 12-month price target was just CHF 546. Both date back to mid-January. Since the London-based analyst's assessment is a relative one, his backtracking suggests that Zurich Insurance shares have regained attractiveness compared with those of other European rivals such as Axa or Generali. [Share-price performance of Zurich Insurance shares over several years (Source: www.cash.ch)] This may not least be due to the fact that, from shareholders' perspective, the past 18 months were merely a zero-sum game in terms of share price. During these 18 months, under CEO Mario Greco, the company made further not insignificant operational progress. Actually, those are two good reasons in one for Zurich Insurance shares - if it weren't for the multibillion-franc acquisition of British Beazley. I remain rather critical of that acquisition. But I am of course happy to be proven wrong... | The cash Insider picks up and interprets market rumors as well as strategy, sector, or company studies. Market rumors are deliberately not checked for accuracy. Rumors, speculation, and everything that interests traders and market participants should be passed on to readers quickly. No responsibility is accepted for the accuracy of the content. The personal opinion of the cash Insider does not have to match that of the cash editorial team. The cash Insider is himself active in the stock market. Only in this way can he achieve the market proximity necessary for this type of news. The opinions expressed do not constitute buy or sell recommendations to readers. | Follow topics by email cash Insider Swiss stocks

Zurich taps Scott Yin as China unit CEO. Zurich Insurance has named Scott Yin as CEO of its China unit, according to a statement on Wednesday. Shanghai-based Yin, who has been appointed as CEO of Zurich China, pending regulatory approval, re... To continue reading the full article and get full access to the InsuranceAsia News platform, please enquire about a subscription. Your company may already have a corporate license in place. * Zurich appoints Martin Noble to expanded role as greater China CFO * October 13 Noble is currently CFO for Hong Kong and has been working at the insurer for nearly 13 years. * Howden Australia drafts Marsh team for sport, entertainment practice build-out * October 13 'In a significant investment in the sector', the broker appoints Simon Calabrese as head of entertainment and leisure, while four other former Marsh employees join as senior associates. * Parametric specialist IBISA appoints Samdarshi Vikram Singh as India CEO * October 13 Luxembourg-based company palns to extend its work beyond agriculture into lending, SMEs, renewable energy and other sectors exposed to climate volatility. * BMS Group taps Grant Robertson as executive broker * October 12 Robertson was formerly head of complex risks at Donaldson Brown. Partner Content * Zurich | Why resilience will define the winners of Asia's clean energy transition Planning for future conditions from the outset can improve operational reliability, reduce potential disruption and protect long-term asset value. * Sedgwick | Captives in Asia: From Niche Solution to Strategic Risk Platform Captive insurance has evolved from niche tool to strategic risk infrastructure in Asia, with connected claims data seen as key to unlocking its full value. * BlackRock | Rethink the rules: how TAA and ETFs are reshaping portfolio construction BlackRock's Daniel Caderas and MSCI's Raman Aylur Subramanian explain why tactical asset allocation (TAA) and exchange-traded funds (ETF) have become essential as global markets fragment and static allocations lose their reliability. * BlackRock | Infrastructure comes of age for insurers Are insurers capturing full value from the asset class? BlackRock shares its perspective.

Zurich hires Axa Tianping executive to lead China growth. Zurich Insurance Group has appointed a new chief executive officer for its China business to accelerate growth in the Asia-Pacific market, pending regulatory approval. If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all its online content. To request a FREE 2-week trial subscription, please signup. NOTE - this can take up to 48hrs to be approved. For multi-user price options, or to check if your company has an existing subscription that Intelligent Insurer can add you to for FREE, please email Adrian Tapping at [email protected] More on this story. 14 October 2026 Large re/insurers' earnings may be affected Q4 and full year. 14 October 2026 Provides up to 50% of a controlled layer, subject to underwriting approval. 14 October 2026 Using AI primarily to reduce costs one of the least effective ways to generate value: SAS. Editor's picks. 13 October 2026 12 October 2026 8 October 2026