reports
- Henry Heathfield
Morningstar | 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...
- Henry Heathfield
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...
- Henry Heathfield
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...
- Henry Heathfield
Morningstar | Swiss Re Full-Year 2018: Outlook Remains Uncertain for C...
Swiss Re reported net income for full-year 2018 of CHF 420 million post CHF 3.0 billion of large claims. This is well below our long-term estimate for the long-term earnings of the business. While the net income number includes USD 600 million for a U.S. GAAP accounting change impact, we are lowering our fair value estimate to CHF 84.0 to account for a generally lower level of pricing improvement within non-life reinsurance and a remaining poor environment for corporate solutions. We maintain ou...
- Henry Heathfield
Morningstar | Swiss Re Full-Year 2018: Outlook Remains Uncertain for C...
Swiss Re reported net income for full-year 2018 of CHF 420 million post CHF 3.0 billion of large claims. This is well below our long-term estimate for the long-term earnings of the business. While the net income number includes USD 600 million for a U.S. GAAP accounting change impact, we are lowering our fair value estimate to CHF 84.0 to account for a generally lower level of pricing improvement within non-life reinsurance and a remaining poor environment for corporate solutions. We maintain ou...
- Henry Heathfield
Swiss Re Full-Year 2018: Outlook Remains Uncertain for Corporate Solut...
Swiss Re reported net income for full-year 2018 of CHF 420 million post CHF 3.0 billion of large claims. This is well below our long-term estimate for the long-term earnings of the business. While the net income number includes USD 600 million for a U.S. GAAP accounting change impact, we are lowering our fair value estimate to CHF 84.0 to account for a generally lower level of pricing improvement within non-life reinsurance and a remaining poor environment for corporate solutions. We maintain ou...
- Henry Heathfield
Morningstar | SSREY Updated Forecasts and Estimates from 30 Nov 2018
Swiss Re is a well-capitalised reinsurer, but we have reservations regarding its competitive positioning and growth.Swiss Re has a history of higher risk appetite, having been more involved in Post-Level Term and Yearly Renewable Term episodes than most. The business also went through high levels of risk engineering leading up to the financial crisis and this ultimately led to a capital raise. The two most recent management teams have been better, and the business is looking for growth in its pr...
- Henry Heathfield
Morningstar | Previously an Overly Financially Engineered Company, Swi...
Swiss Re is a well-capitalised reinsurer, but we have reservations regarding its competitive positioning and growth.Swiss Re has a history of higher risk appetite, having been more involved in Post-Level Term and Yearly Renewable Term episodes than most. The business also went through high levels of risk engineering leading up to the financial crisis and this ultimately led to a capital raise. The two most recent management teams have been better, and the business is looking for growth in its pr...
- Henry Heathfield
Previously an Overly Financially Engineered Company, Swiss Returns to ...
Swiss Re reported net income for the first nine months of 2018 that came in at $1.1 billion; this was after the impact of $1.6 billion of claims burden from natural catastrophes and large man-made disasters. This net income figure has been affected by around $145 million pretax because of an accounting change on the recognition of equity investments that took effect Jan. 1, 2018. Excluding this impact, net income was $1.2 billion. While these net income figures are below our estimates, we don't ...
- Henry Heathfield
Morningstar | Corporate Solutions Remains a Concern in Swiss Re's Nine...
Swiss Re reported net income for the first nine months of 2018 that came in at $1.1 billion; this was after the impact of $1.6 billion of claims burden from natural catastrophes and large man-made disasters. This net income figure has been affected by around $145 million pretax because of an accounting change on the recognition of equity investments that took effect Jan. 1, 2018. Excluding this impact, net income was $1.2 billion. While these net income figures are below our estimates, we don't ...
- Henry Heathfield
Corporate Solutions Remains a Concern in Swiss Re's Nine-Month Results
Swiss Re reported net income for the first nine months of 2018 that came in at $1.1 billion; this was after the impact of $1.6 billion of claims burden from natural catastrophes and large man-made disasters. This net income figure has been affected by around $145 million pretax because of an accounting change on the recognition of equity investments that took effect Jan. 1, 2018. Excluding this impact, net income was $1.2 billion. While these net income figures are below our estimates, we don't ...
- Henry Heathfield
Morningstar | Swiss Re Reports Less-Than-Stunning First Half; Shares U...
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...
- Henry Heathfield
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 ...
- Henry Heathfield
- CFA
1Q Shows Swiss Re Still Waiting for Corporate Solutions to Cease Its D...
Swiss Re reported net income of USD 487 million for the first quarter and will start a USD 1 billion share-buyback programme within a few days. When normalising the net income figure for a USD 280 million accounting change impact, which sees changes in equity investments except those accounted for under the equity method reflected as occurs instead of on sale, the figures are still a little light. We maintain our CHF 94 fair value estimate and no-moat and stable trend ratings. Gross premium was...
- Henry Heathfield
- CFA
We are cautious over Swiss Re's competitive positioning.
Swiss Reinsurance reported what we think are a pretty poor set of full-year 2017 results, with group level net income coming in at $330 million. This has largely been caused by the $3.7 billion in losses incurred for natural catastrophe claims, which also affected corporate solutions. While we will reflect 2017 full-year results and roll our model, we don’t expect a shift of greater than 10% in our fair value estimate. We also maintain our no-moat and stable moat trend ratings. Nonlife reservi...
- Henry Heathfield
- CFA
Swiss Re is one of the best-capitalised reinsurers, but we're cautious...
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...
- Henry Heathfield
- CFA
Swiss Re Reports Another Disappointing Result
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...
- Henry Heathfield
Swiss Re is one of the best-capitalised reinsurers, but we're cautious...
Swiss Re, the second-largest global reinsurer, reported premium growth and net income ahead of our expectations. We revise our fair value estimate up to CHF 91 from CHF 85 to reflect a higher premium outlook and a better near-term combined ratio but maintain our no-moat rating. Swiss Re reported better third-quarter results, with growth in premium versus the prior year coming from its main property-casualty reinsurance unit and, to a lesser degree, life and health. The premium growth is driven b...
- Henry Heathfield
Swiss Re Reports Better-Than-Expected Q3 Results: Top-Line Growth and ...
Swiss Re, the second-largest global reinsurer, reported premium growth and net income ahead of our expectations. We revise our fair value estimate up to CHF 91 from CHF 85 to reflect a higher premium outlook and a better near-term combined ratio but maintain our no-moat rating. Swiss Re reported better third-quarter results, with growth in premium versus the prior year coming from its main property-casualty reinsurance unit and, to a lesser degree, life and health. The premium growth is driven b...
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