Zurich Insurance Group AG (HAM:ZFIN) Beneish M-Score: -2.45 (As of Jun. 24, 2026)


HAM:ZFIN Zurich Insurance Group AG HAM:ZFIN
76 GF Score
Price €634.20
GF Value €505.94
Valuation Modestly Overvalued
! 5 Warning Signs
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What is Zurich Insurance Group AG Beneish M-Score?

Zurich Insurance Group AG HAM:ZFIN +0.76% 76 Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus rates HAM:ZFIN with a GF Score™ of 76/100 and a GF Value™ of €505.94 (Modestly Overvalued). The stock has 5 warning signs investors should review. Among 399 Insurance companies, Zurich Insurance Group AG ranks worse than 56.89% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.45 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Zurich Insurance Group AG's Beneish M-Score or its related term are showing as below:

HAM:ZFIN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.22   Med: -2.49   Max: -2.16
Current: -2.45

During the past 13 years, the highest Beneish M-Score of Zurich Insurance Group AG was -2.16. The lowest was -3.22. And the median was -2.49.

HAM:ZFIN
76GF Score
Zurich Insurance Group AG HAM:ZFIN
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
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Zurich Insurance Group AG Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Zurich Insurance Group AG for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 1.0761+0.528 * 1+0.404 * 1+0.892 * 0.9215+0.115 * 1.1367
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * 0.001577-0.327 * 0.967
=-2.45

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec25) TTM:Last Year (Dec24) TTM:
Total Receivables was €4,459 Mil.
Revenue was €75,724 Mil.
Gross Profit was €75,724 Mil.
Total Current Assets was €0 Mil.
Total Assets was €347,758 Mil.
Property, Plant and Equipment(Net PPE) was €1,807 Mil.
Depreciation, Depletion and Amortization(DDA) was €733 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €13,211 Mil.
Net Income was €5,805 Mil.
Gross Profit was €216 Mil.
Cash Flow from Operations was €5,041 Mil.
 Total Receivables was €4,496 Mil.
Revenue was €82,174 Mil.
Gross Profit was €82,174 Mil.
Total Current Assets was €0 Mil.
Total Assets was €341,895 Mil.
Property, Plant and Equipment(Net PPE) was €1,783 Mil.
Depreciation, Depletion and Amortization(DDA) was €870 Mil.
Selling, General, & Admin. Expense(SGA) was €0 Mil.
Total Current Liabilities was €0 Mil.
Long-Term Debt & Capital Lease Obligation was €13,431 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(4458.734 / 75724.18) / (4496.14 / 82173.93)
=0.058881 / 0.054715
=1.0761

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(82173.93 / 82173.93) / (75724.18 / 75724.18)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 1807.064) / 347758.194) / (1 - (0 + 1782.985) / 341894.775)
=0.994804 / 0.994785
=1

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=75724.18 / 82173.93
=0.9215

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(870.005 / (870.005 + 1782.985)) / (732.732 / (732.732 + 1807.064))
=0.327934 / 0.2885
=1.1367

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 75724.18) / (0 / 82173.93)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((13210.526 + 0) / 347758.194) / ((13431.12 + 0) / 341894.775)
=0.037988 / 0.039284
=0.967

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(5805.492 - 216.062 - 5041.162) / 347758.194
=0.001577

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Zurich Insurance Group AG has a M-score of -2.45 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.45 mean?
Zurich Insurance Group AG (HAM:ZFIN) has a Beneish M-Score of -2.45 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zurich Insurance Group AG and its competitors. According to the industry distribution chart, Zurich Insurance Group AG ranks #227 out of 399 companies in the Insurance industry, placing it in the top 56.9%.
Is Zurich Insurance Group AG's Beneish M-Score too high?
Zurich Insurance Group AG's current Beneish M-Score is -2.45. Based on the distribution chart, Zurich Insurance Group AG ranks #227 out of 399 companies in the Insurance industry, which is below the industry midpoint. Overall, Zurich Insurance Group AG has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Zurich Insurance Group AG's Beneish M-Score compare to BRK.A and AIG?
According to the Insurance industry distribution chart, Zurich Insurance Group AG ranks #227 out of 399 companies for Beneish M-Score. This places Zurich Insurance Group AG in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Zurich Insurance Group AG and its competitors. Zurich Insurance Group AG's current Beneish M-Score is -2.45. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zurich Insurance Group AG stock overvalued right now?
Based on GuruFocus' analysis, Zurich Insurance Group AG (HAM:ZFIN) is currently considered Modestly Overvalued. The stock's GF Value™ is €505.94, compared to a current price of €634.20 — trading 25.4% above its estimated fair value. The current Beneish M-Score is -2.45. Zurich Insurance Group AG's overall GF Score™ is 76/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Zurich Insurance Group AG (HAM:ZFIN), the current Beneish M-Score is -2.45 as of Jun. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Zurich Insurance Group AG (HAM:ZFIN) Overvalued in 2026?

Based on GuruFocus' analysis, Zurich Insurance Group AG stock appears to be overvalued. The current stock price of €634.20 is trading 25.4% above its estimated GF Value™ of €505.94. GuruFocus considers Zurich Insurance Group AG to be Modestly Overvalued.

Key valuation signals for HAM:ZFIN:

  • Beneish M-Score: -2.45
  • GF Value™: €505.94 vs. price of €634.20 (25.4% above fair value)
  • GF Score™: 76/100 with 5 warning signs

No single metric tells the full story. See the HAM:ZFIN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Zurich Insurance Group AG Business Description

Address Mythenquai 2, Corporate Center, Zurich, CHE, 8002
Zurich is a multiline insurer that writes business across both life and nonlife insurance and also owns Farmers Management Services. Zurich was founded in 1872 as a marine reinsurer to provide reinsurance to its parent company. The company subsequently expanded into transport and accident insurance and rode the wave of transport technology innovation that drove rising demand for insurance. One of Zurich's early principles was that setting prices too low would result in unfair claims handling, which would be damaging to both customers and Zurich. Over the years, Zurich has sought to combine customer goodwill through claims and a sufficient premium. Zurich is one of the most successful European multilines.
76GF Score

Get the complete analysis for HAM:ZFIN

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€634.20
Price
€505.94
GF Value