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Swiss Re AG ADR Stock Quote SSREY

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Morningstar's Swiss Re AG ADR Stock Analysis

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Swiss Re Results Hit by Higher and Unusually Large Losses; Shares Undervalued

Analyst Note

| Henry Heathfield, CFA |

Swiss Re has reported a low net income number for the first half of 2022, and this has been driven by the continued large loss environment. Net income for the interim came in at USD 157 million, well below what was estimated by consensus. Swiss Re’s top line looks robust, growing by midsingle digits. However, July 29's results include USD 983 million of natural catastrophe claims within the property and casualty reinsurance division, USD 283 million of reserves established for the war in Ukraine, mainly booked in the first quarter of this year, and USD 540 million of coronavirus-related claims that again were mainly booked in the first quarter this year.

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Key Statistics - SSREY

Company Profile - SSREY

Business Description

Swiss Re was established in 1863 in Zurich. Since then the business appears to have cycled through quite a few strategies. 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
Industry Insurance - Reinsurance
Most Recent Earnings Dec 31, 2016
Fiscal Year End Dec 31, 2022
Stock Type
Employees 14,836

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