Analyst Note| Henry Heathfield, CFA |
Swiss Reinsurance has reported good results for the first quarter of 2021. We think the key takeaway is the results on April 30 likely, by and large, suggest a higher full-year net income. We have rolled our model to incorporate 2020 full-year numbers and have also increased our five-year forecast estimates. In doing so, we increase our fair value estimate to CHF 118.5 per share. And we maintain our no moat rating.