Analyst Note| Henry Heathfield, CFA |
Swiss Reinsurance has reported results for full-year 2020. The results are below what we have expected from this business and the numbers are a bit of a mixed bag. However, if excluding coronavirus, numbers are to be believed this is a company that is back in full swing, which if it is the case, is very nice to see. We are maintaining our CHF 100.00 per-share fair value estimate and while we will have to wait to roll our model, we do not anticipate we will be revising that number downward, drastic moves in foreign exchange notwithstanding. We also maintain our no moat rating for Swiss Re.