0QL6.L - Swiss Re AG

LSE - LSE Delayed price. Currency in CHF
71.18
-0.32 (-0.45%)
At close: 4:54PM BST
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Previous close71.50
Open70.75
Bid0.00 x 0
Ask0.00 x 0
Day's range70.54 - 72.38
52-week range70.54 - 72.38
Volume54,326
Avg. volumeN/A
Market cap21.346B
Beta (5Y monthly)0.50
PE ratio (TTM)29.73
EPS (TTM)2.39
Earnings dateN/A
Forward dividend & yieldN/A (N/A)
Ex-dividend dateN/A
1y target estN/A
  • Swiss Re, Zurich Insurance in Talks With Watchdog on Virus Shock
    Bloomberg

    Swiss Re, Zurich Insurance in Talks With Watchdog on Virus Shock

    (Bloomberg) -- Switzerland’s top insurance companies are in talks with the financial regulator about the impact of the coronavirus outbreak on their capital buffers and their business, according to people familiar with the matter.The watchdog contacted Swiss Re AG, Zurich Insurance Group AG, Swiss Life Holding AG and other local insurers to discuss capital and liquidity issues after the market slump and ahead of an expected wave of claims related to coronavirus deaths, cancellations and business disruption, the people said, asking not to be identified talks are private.The regulator, known as Finma, is in “close contact” with the institutions that it regulates in such situations, a spokesman said, adding that it’s closely monitoring the situation and possible effects. Insurers are likely to be more impacted by the correction in financial markets than by claims, he said, declining to comment on specific companies.Insurers -- as well as the re-insurers who take up their losses -- are assessing the cost of disruptions related to the virus - which has claimed the lives of more than 10,000 and put swathes of the U.S. and Europe on lockdown. The industry has worked to reduce its exposure to pandemics since the 2003 outbreak of SARS in Asia. Over recent years, thats included tightening their policies by inserting communicable-disease exclusions in contracts.A Zurich and Swiss Re spokesperson declined to comment. Swiss Life said that and other insurers are “regularly in exchange with the supervisory authority Finma regarding their business activities. As a matter of principle, we do not comment on our ongoing exchange with Finma.”Insurers that fall under Finma’s regulation have solvency ratios that are on average well over the required minimum, the watchdog said. Capital buffers built up over the years can also be used in case that’s required, Finma said.Munich Re and Swiss Re, the world’s two biggest re-insurers, in recent days sought to reassure investors that the virus would have a limited impact on their businesses.“Even in the very unlikely scenario of a worldwide pandemic equivalent to a 200-year event, Munich Re would face a maximum of 1.4 billion euros in life and health insurance claims – similar in scope to a medium-sized natural catastrophe in property-casualty reinsurance,” the firm said in its annual report on Wednesday. It doesn’t expect the coronavirus outbreak to have any overall material effect on annual results.The major impact of Covid-19 on the insurance industry to date is on the asset side of the balance sheet, Swiss Re chief financial officer John Dacey said at an investor conference on Thursday. The company put in place hedges to mitigate the economic impacts of falling equity prices and widening credit spreads and sees the impact to be entirely manageable at this point, he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • Swiss Re lines up UBS CEO Ermotti to become chairman in 2021
    Reuters

    Swiss Re lines up UBS CEO Ermotti to become chairman in 2021

    Swiss Re plans to make UBS Group Chief Executive Sergio Ermotti its chairman from next year, the world's second-biggest reinsurer said on Tuesday, turning to a financial industry veteran with scant insurance experience. Swiss Re has nominated Ermotti, who is due to step down from Switzerland's biggest bank in November, for a board seat at next month's annual meeting. The move, reported by Reuters on Monday, comes as Swiss Re faces challenges from climate change, ultra-low interest rates and increasingly large jury awards in the United States that risk upending its casualty business.

  • Exclusive: UBS CEO Ermotti poised to get Swiss Re chairman role - sources
    Reuters

    Exclusive: UBS CEO Ermotti poised to get Swiss Re chairman role - sources

    UBS Group Chief Executive Sergio Ermotti is poised to become chairman of Swiss Re next year after leaving the helm of Switzerland's biggest bank, three people familiar with the matter told Reuters. UBS last month named ING Chief Executive Ralph Hamers to succeed Ermotti as CEO of the world's largest wealth manager as of Nov. 1. When news of the Hamers appointment emerged, Ermotti declined comment on speculation that he would eventually replace UBS Chairman Axel Weber, who has said he intends to remain in the post until 2022.

  • Swiss Re misses expectations amid storms, U.S. casualty claims
    Reuters

    Swiss Re misses expectations amid storms, U.S. casualty claims

    Net profit in the year rose 73% to $727 million, up from $421 million in 2018, but analysts had expected a net profit of $1.32 billion, according to Refinitiv. "We are taking proactive measures to put us at the forefront of adverse trends," Chief Executive Christian Mumenthaler said. The company said it had set aside more reserves to cover increasingly large jury awards in the United States that affect its casualty business.

  • Strong U.S. jobs numbers, trade optimism bolster European shares
    Reuters

    Strong U.S. jobs numbers, trade optimism bolster European shares

    Data on Friday showed that U.S. job growth increased by the most in 10 months in November, confirming that the economy remained on a moderate expansion path. This added to optimism that stemmed from Trump's comments on Friday that discussions with China were "moving right along", which was later echoed also by White House adviser Larry Kudlow. From their end, Beijing officials said they will waive import tariffs for some soybeans and pork shipments from the United States.

  • Reuters

    Phoenix to buy Swiss Re's ReAssure unit for $4.1 billion

    LONDON/ZURICH (Reuters) - Insurance group Phoenix Group Holdings said it had agreed to buy the British unit of Swiss Re AG for 3.2 billion pounds ($4.1 billion) in cash and shares, its biggest deal to date. By consolidating lots of books together, Phoenix aims to run the business more efficiently. "The deal confirms Phoenix's position as Europe's largest life and pensions consolidator," outgoing Phoenix Chief Executive Clive Bannister said in a statement, adding that it took its total assets to 329 billion pounds.

  • Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 billion
    Reuters

    Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 billion

    LONDON/ZURICH (Reuters) - Phoenix Group Holdings has agreed to buy the British ReAssure business of Swiss Re for 3.2 billion pounds ($4.1 billion) in cash and shares, the UK insurer's biggest deal to date as it bulks up on policies closed to new customers. The deal comes after ReAssure, which like Phoenix specializes in closed life insurance books, shelved a planned initial public offering (IPO) earlier this year. Many insurance companies, hit by tougher capital rules since the financial crisis, want to sell legacy books of business to free up capital to invest in high-growth areas.

  • Reuters - UK Focus

    UPDATE 5-Britain's Phoenix to buy Swiss Re's ReAssure business for $4.1 bln

    LONDON/ZURICH, Dec 6 (Reuters) - Phoenix Group Holdings has agreed to buy the British ReAssure business of Swiss Re for 3.2 billion pounds ($4.1 billion) in cash and shares, the UK insurer's biggest deal to date as it bulks up on policies closed to new customers. The deal comes after ReAssure, which like Phoenix specialises in closed life insurance books, shelved a planned initial public offering (IPO) earlier this year. By consolidating the closed books of business, Phoenix aims to run them more efficiently.

  • Swiss Re in talks to buy stake in insurer China Pacific
    Reuters

    Swiss Re in talks to buy stake in insurer China Pacific

    Swiss Re is looking at buying a stake in China Pacific Insurance Co. (CPIC) via a primary offering of the Chinese company's securities, the Swiss re-insurer said on Wednesday. Swiss Re declined to comment on a separate report that China Pacific was planning to take a stake in the Zurich-based company, but said it was not planning to issue shares or make treasury shares available to any potential investor. China Pacific said in September it was planning to issue global depository receipts on the London Stock Exchange, potentially opening opportunities for international investors.

  • Reuters - UK Focus

    UPDATE 1-Swiss Re's ReAssure buys Quilter life insurance, pension unit

    It will add over 200,000 customer policies and 12 billion pounds of assets to ReAssure's platform, Swiss Re said. Wealth manager Quilter, spun out of Anglo-South African insurance company Old Mutual last year, announced the sale as it published its first-half results showing pre-tax losses of 32 million pounds, compared to a profit of 2 million pounds in the first half of 2018, partly due to a one-off charge from the split with Old Mutual. The business Reassure is buying consists of Old Mutual Wealth Life Assurance Limited and its subsidiary Old Mutual Wealth Pensions Trustees Limited and includes about 300 employees.

  • New auto safety technology leaves insurers in the dark
    Reuters

    New auto safety technology leaves insurers in the dark

    Automakers are accelerating the rollout of technology designed to avoid crashes, but insurance companies are waving a caution flag at consumers eyeing discounts for buying collision-avoiding brakes or automated cruise control. The global market for advanced driver assistance systems, known in the industry as ADAS, is expected to reach more than $67 billion by 2025, growing more than 10 percent each year. A group of 20 carmakers has pledged to outfit almost every new vehicle with forward collision warning and city-speed automatic emergency braking by 2020.

  • Reuters - UK Focus

    UPDATE 3-Swiss Re puts off $4 bln ReAssure IPO citing weak demand

    Reinsurance group Swiss Re suspended plans for a $4.1 billion initial public offering of British life insurer ReAssure on the day it was set to start trading in London, citing weak demand from institutional investors. Japan's MS&AD Insurance Group Holdings intended to keep its holding at 25%.

  • Swiss Re puts off $4 billion ReAssure IPO citing weak demand
    Reuters

    Swiss Re puts off $4 billion ReAssure IPO citing weak demand

    Reinsurance group Swiss Re suspended plans for a $4.1 billion (£3.3 billion) initial public offering of British life insurer ReAssure on the day it was set to start trading in London, citing weak demand from institutional investors. The cancellation comes as global share listings hit their lowest level in three years in the first six months, with a prolonged slowdown in Europe. "Our judgment is that the market environment is at least as good as it has been for at least the past year," analysts at Keefe, Bruyette & Woods said in a report.

  • Swiss Re may postpone $4.1 billion ReAssure IPO – sources
    Reuters

    Swiss Re may postpone $4.1 billion ReAssure IPO – sources

    FRANKFURT/LONDON (Reuters) - Swiss Re is considering postponing or restructuring the $4.1 billion (£3.3 billion) London listing of its UK life insurance business due to limited investor appetite, sources familiar with the matter said on Wednesday. A final decision on whether to press ahead with the initial public offering (IPO) of ReAssure, which would cut Swiss Re's stake in ReAssure to below 50% from 75%, will be taken later on Wednesday, the sources told Reuters. One of the sources doubted that Swiss Re would be able to finalise ReAssure's market debut on Thursday, as initially planned.

  • Reuters - UK Focus

    Swiss Re may postpone $4.1 bln ReAssure IPO – sources

    FRANKFURT/LONDON, July 10 (Reuters) - Swiss Re is considering postponing or restructuring the $4.1 billion London listing of its UK life insurance business due to limited investor appetite, sources familiar with the matter said on Wednesday. A final decision on whether to press ahead with the initial public offering (IPO) of ReAssure, which would cut Swiss Re's stake in ReAssure to below 50% from 75%, will be taken later on Wednesday, the sources told Reuters. One of the sources doubted that Swiss Re would be able to finalise ReAssure's market debut on Thursday, as initially planned.

  • Swiss Re's ReAssure valued at up to $4.2 billion IPO
    Reuters

    Swiss Re's ReAssure valued at up to $4.2 billion IPO

    UK life assurance business ReAssure will be valued at up to 3.3 billion pounds ($4.2 billion) when it floats on the London Stock Exchange, its largest shareholder Swiss Re said on Thursday. Swiss Re, the world's second-largest reinsurance company, set a price range of 2.80 to 3.30 pounds for shares in the flotation, implying a market capitalisation of 2.8 billion to 3.3 billion pounds when the float takes place next month. Under the flotation plans, Swiss Re would cut its stake in ReAssure to below 50% from 75% now.

  • Reuters - UK Focus

    UPDATE 2-Swiss Re's ReAssure valued at up to $4.2 bln in IPO

    UK life assurance business ReAssure will be valued at up to 3.3 billion pounds ($4.2 billion) when it floats on the London Stock Exchange, its largest shareholder Swiss Re said on Thursday. Swiss Re, the world's second-largest reinsurance company, set a price range of 2.80 to 3.30 pounds for shares in the flotation, implying a market capitalisation of 2.8 billion to 3.3 billion pounds when the float takes place next month. Under the flotation plans, Swiss Re would cut its stake in ReAssure to below 50% from 75% now.

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