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• The net result swung from a loss of $442m for Q3 22 to a profit of $1.02bn for Q3 23 • The segments participated in the lower claims and higher interest rates • RoI increased from 1.6% for 9M 23 to 3.5% for 9M 23 • Management confirmed the full year profit target of more than $3bn for FY2023
Companies: Swiss Re AG
AlphaValue
• Net profit rose from weak $157m for H1 22 to $1.45bn for H1 23 • RoI was up to 2.8% for H1 23 compared to 1.2% for H1 22 • P&C achieved successful July renewal • Management confirmed the full year profit target of above $3bn for FY2023
• Net premiums earned rose by 4% to $11.1bn for Q1 23 • RoI improved from 0.7% for Q1 22 to 2.8% for Q1 23 • The net result swung from a loss of $248m for Q1 22 to a profit of $643m for Q1 23 • Treaty premium volumes increased by 5% in the April renewals
• Net profit attributable to shareholders decreased by 67% to $472m for 2022 compared to 2021. EPS was only CHF1.63 for FY2022 compared to CHF4.52 for FY2021 • Management proposes a dividend of CHF6.40 per share for FY2022 after CHF5.90 for FY2021. • Swiss Re renewed $10.2bn in premium volume on 1 January 2023, representing an increase of 13%. • Swiss Re targets net income of more than $3bn for 2023 and RoE of 14% for 2024
• Swiss Re estimates its preliminary claims from Hurricane Ian at approximately $1.3bn in Q3 22 • Expected Group net loss of approximately $0.5bn for Q3 22 • ROE target of 10% for 2022 is unlikely to be reached
• Net profit declined by 85% to $157m for H1 22 but Q2 22 profit was $405m • RoI was down to 1.2% for H1 22 compared to 3.2% for H1 21 due to listed equity losses of $426m • P&C achieved a price increase of 12% in July renewal • Shareholders´ equity declined by 37% in H1 22, mainly due to $7.5bn of unrealised investment losses.
• Net premiums earned rose by 4% to $10.6bn • Impact of the COVID-19 on the underwriting result of the group was $524m for Q1 22 • Net result was a loss of $248m for Q1 22 compared to a profit of $333m for Q1 21 • Treaty premium volumes increased by 15% in the April renewals
• Net result increased from a loss of $878m for 2020 to a profit of $1.44bn for 2021. • Management proposed an unchanged dividend of CHF5.90 per share for FY2021. • Swiss Re renewed $8.9bn in premium volume on 1 January 2022, representing an increase of 6%. • Swiss Re announced a new group RoE target of 10% for 2022 and 14% for 2024
• Net premiums earned rose by 6% for 9M 21. • Net result was a profit of $1.26bn for 9M 21 compared to a loss of $691m for 9M 20. • COVID-19-related claims and reserves declined from $3.0bn for 9M 20 to $1.27bn for 9M 21. • Net income of $212m for Q3 21 was above consensus expectations of a loss of $81m.
• Net result was a profit of $1.05bn for H1 21 compared to a loss of $1.13bn for H1 20. • Impact of the COVID-19 crisis on the underwriting result of the group was $870m for H1 21 compared to $2.5bn for H1 20. • Treaty premium remained largely stable but the price improved by a nominal 4% in the July renewals. • Shareholders´ equity declined by 12% in H1 21, mainly due to $2.5bn unrealised investment losses.
• Net premiums earned rose by 7% to $10.2bn • Impact of the COVID-19 crisis on the underwriting result of the group was $643m for Q1 21. • Net result was a profit of $333m for Q1 21 compared to a loss of $225m for Q1 20 • Treaty premium volumes increased by 20% in the April renewals
Net loss was $878m for 2020 and higher than consensus expectations. Management proposed an unchanged dividend of CHF5.90 per share for FY2020. Swiss Re renewed $7.8bn in premium volume on 1 January 2021, representing a decrease of 11%.
• Net premiums earned rose by 6% for 9M 20. • Net result attributable to shareholders was a loss of $691m for 9M 20 compared to net income of $1.34bn for 9M 19. • COVID-19-related claims and reserves rose from $2.5bn for H1 20 to $3.0bn for 9M 20. • Net income of $444m for Q3 20 was above consensus expectations of $248m.
• COVID-19-related claims and reserves rose from $0.5bn for Q1 20 to $2.5bn for H1 20 • Net loss of c.$1.1bn for H1 20 compared to a net profit of $953m for H1 19 • Closing of ReAssure sale pushed the SST ratio above the target level of 220%, despite the significant claims and reserves set up in H1 20
• Net premiums earned rose by 7% to $9.6bn • $476m claims for cancelled or postponed events and a mark-to-market charge of $251m pre-tax due to the decline in the Phoenix share price. • Net result was a loss of $225m for Q1 20 • Treaty premium volumes increased by 4% in the April renewals
Research Tree provides access to ongoing research coverage, media content and regulatory news on Swiss Re AG. We currently have 31 research reports from 5 professional analysts.
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2023 results are, as indicated in its February pre-close update, “slightly ahead of market expectations”. Current trading continues to improve, with 1Q24 underlying operating profit up yoy, “reflecting the benefits of the Group’s transformation programme completed in 2023 as well as improving market conditions.” With net cash of £35m at end 2023, the Board approved 7.4p final DPS and £7m buy back.
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S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as addi
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Hardman & Co
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web
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International Public Partnerships’ (INPP’s) FY23 results show that it continues to deliver consistent and predictable returns for investors, while delivering environmental and social benefits for the individuals and communities that are served by its assets. Despite this strong performance and a substantial need for private infrastructure funding, the macroeconomic environment has weighed on INPP’s share price, in common with the wider sector. Regardless, attractive returns are available from th
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In a challenging market, Regional REIT’s (RGL’s) FY23 operational and financial performance was robust, in line with expectations and previous guidance. Investor focus remains on the company’s loan to value (LTV) reduction and bond refinancing plans, explored in detail in our previous note and RGL will provide an update on this in due course.
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Business as usual for WTAN’s executive team, while the board reviews investment management arrangements…
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Kepler | Trust Intelligence
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