Solid Swiss Re Full-Year 2022 Results

Swiss Re reported net income of USD 472 million for full-year 2022. This includes a fourth-quarter net income of USD 757 million swinging the result well ahead of our USD 261 million loss forecast. For full-year 2023 Swiss Re is targeting USD 3 billion in net income, and if delivered, that will be a very solid number. The board will propose a USD 6.4 dividend at the AGM in April, giving the stock a solid dividend yield. Solvency stands above the strong 200% to 250% target. We maintain our fair value estimate of USD 115 per share and our rating of no economic moat. We are likely to refine our estimates when we roll our model with the release of the annual report.