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We Think Swiss Re Reported Good Numbers for the First Nine Months Despite Mixed View of Consensus

Analyst Note

| Henry Heathfield, CFA |

We think Swiss Re has reported pretty decent numbers for the first nine months of 2021 despite the very mixed view within consensus. For the first nine month period Swiss Re delivered net income of $1.3 billion. That is considerably better than the $880 million in net income collected by AWP Finanznachrichten AG for consensus. However, these consensus estimates came in at a very broad range of between $606 million and $1,153 million. We maintain our CHF 115 per share fair value estimate and no-moat rating

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Company Profile

Business Description

Swiss Re was established in 1863 in Zurich. Since then the business appears to have cycled through quite a few outfits. Namely in the early part of the millennium Swiss Re took on an investment banker who eventually led the business. Over the next 10 years CEO Jacques Aigrain built Swiss Re's financial solutions into a powerhouse and helped the company complete its first securitisation, finalised in 2005 for credit reinsurance. This division became a leader for Swiss Re but then disaster struck during the global financial crisis. Swiss Re mothballed this unit and approved a CHF 5 billion capital raise. Now the business concentrates more fundamentally on property and casualty, life and health reinsurance. Swiss Re also has a good commercial insurance offering named corporate solutions.

Mythenquai 50/60
Zurich, 8022, Switzerland
T +41 432852121
Sector Financial Services
Industry Insurance - Reinsurance
Most Recent Earnings Dec 31, 2016
Fiscal Year End Dec 31, 2021
Stock Type
Employees 13,605