Swiss Re Reports Disappointing Close to 2016
Swiss Re reported net income of USD 3.6 billion, below our estimate of USD 3.8 billion. Though the difference is small, this is a disappointing year-end close for the business based on deeper fundamental issues. Profitability is the problem, and we foresee this could continue. We see pressure in corporate solutions, Swiss Re’s growth unit, that we believe will not abate anytime soon. We will maintain our CHF 91 fair value estimate and no-moat rating.The poor results were across all segments. Pr...
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