Swiss Re 1Q Shares Expensive
Swiss reported first-quarter net income of $430 million, slightly ahead of our expectations. Though investors should be aware that this is typically a light claims quarter. Swiss Re's corporate solutions is still in loss. We maintain our CHF 84 fair value estimate and no-moat rating.The brightest part of the release is that life and health reinsurance posted a net profit of $330 million, which is almost unheard of for this business. If Swiss Re can keep tracking this and deliver a normal nonli...
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