Swiss Re is one of the best-capitalised reinsurers, but we're cautious over competitive positioning.
Swiss Re reported first-quarter net income of $656 million, slightly below our expectations. Large losses were around $150 million higher than we anticipated, largely due to Cyclone Debbie, which largely accounts for the difference. We are holding our fair value estimate at CHF 91 per share and maintaining our no-moat rating. The business capitalisation improved 38 points to 262% under the Swiss Solvency Test.The property and casualty division reported net income of $320 million with a combined...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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