UBS has increased its target price for Zurich Insurance to CHF 532 from CHF 475, after a recent meeting with the company's management.

The analyst maintains a Neutral rating on the stock, noting an increase in share buyback and earnings per share (EPS) expectations after the company's Capital Markets Day (CMD).

Zurich Insurance has announced an ambitious three-year plan for 2025-2027, projecting an average annual growth of over 9% in core EPS and aiming for a return on equity (ROE) of at least 23%.

The Swiss insurance group also plans to distribute more than $19 billion in cash to shareholders during this period.

However, UBS warns that the valuation may restrict the stock's potential for further gains, describing the share buybacks as one-time events.