Swiss Re AG ADR SSREY

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$28.30 −0.23 (0.81%)

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As of Dec 5, 2023 8:54pm Delayed Price Closed

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Company Report

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Swiss Re Earnings: Continued Sound Underwriting; Fair Value Estimate Maintained, Shares Undervalued

Henry Heathfield Nov 3, 2023

Swiss Re reported a strong set of results for the first nine months of 2023, across all three divisions. Earning net income of USD 2.5 billion for its shareholders for the first nine months of this year leaves the business well on track to meet its full-year target of USD 3 billion. Our full-year target is a pinch over this. So far, Swiss Re has generated a 19.4% return on equity. We maintain our CHF 130 per share fair value estimate and our no-moat rating.

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Price vs Fair Value

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SSREY is trading at a 19% discount.

Price

$28.30

Dec 5, 2023

Fair Value

$42.00

Sep 22, 2023

Uncertainty

Medium

1-Star Price: $45.24
5-Star Price: $21.40
Economic Moat: Lhym
Capital Allocation: Lnbhjlsz

Bulls Say, Bears Say

Bulls

Swiss Re has the best underwriting record in our European property and casualty reinsurance coverage, and this is all down to pricing versus claims.

Bears

Swiss took some underwriting losses with its fast growth in U.S. individual term life insurance during the late 1990s, and it took some time to fix this.

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Trading Information

Previous Close Price: $28.53
Day Range: $28.25–28.40
52-Week Range: $22.42–29.74
Bid/Ask: $27.50 / $29.00
Market Cap: $32.71 Bil
Volume/Avg: 16,496 / 48,607

Key Statistics

Price/Earnings (Normalized): 6.64
Price/Sales: 0.72
Dividend Yield: 5.61%
Dividend Yield (Forward): 5.61%
Total Yield: 5.61%

Company Profile

Swiss Re is a reinsurer that has three core divisions: property and casualty reinsurance, life and health reinsurance, and corporate solutions. Swiss Re was founded in 1863 when the general manager of Helvetia sought to stem the flow of reinsurance premiums outside Switzerland. Moritz Grossmann argued he could cut the premiums paid to foreign firms, still make a profit, and pay mid-single-digit dividends. Swiss Re is now the second-largest reinsurer in the world by market cap, has 80 offices globally, and employs nearly 15,000 people. While the business did lose its way in the early part of the millennium, led by an ex-investment banker who took the business heavily into securitizations, lately Swiss Re has been focused on establishing quality within its three core divisions.

Sector: Financial Services
Industry: Insurance - Reinsurance
Stock Style Box: Large Value
Total Number of Employees: 15,042
Website: https://www.swissre.com

Competitors

Valuation

Metric	SSREY	MUV2	HNR1
Price/Earnings (Normalized)	6.64	12.65	13.79
Price/Book Value	2.58	1.96	2.79
Price/Sales	0.72	0.99	1.02
Price/Cash Flow	20.48	30.69	14.20

Price/Earnings

SSREY

MUV2

HNR1

Financial Strength

Metric	SSREY	MUV2	HNR1
Quick Ratio	—	—	—
Current Ratio	—	—	—
Interest Coverage	4.88	20.28	15.78

Quick Ratio

No chart available

Profitability

Metric	SSREY	MUV2	HNR1
Return on Assets (Normalized)	1.01%	1.57%	2.24%
Return on Equity (Normalized)	13.21%	18.55%	18.60%
Return on Invested Capital (Normalized)	6.47%	15.63%	13.71%

Return on Assets