Swiss Re Reports Less-Than-Stunning First Half; Shares Undervalued
Swiss Re reported first-half 2018 net income of USD 1,006 million, slightly ahead of our expectations. Though the headline result is down on the prior year, these results reflect a USD 265 million negative U.S. GAAP accounting impact. We retain our CHF 94 fair value estimate and no-moat rating.Property and casualty reinsurance, a business we like, increased net income from USD 546 million to USD 752 million; moreover, this was on a lower premium number. The business also improved this combined ...
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