New Risk • Aug 07
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 97% Dividend yield: 4.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.5% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (97% cash payout ratio). Reported Earnings • Aug 07
Second quarter 2026 earnings released: EPS: US$4.45 (vs US$4.40 in 2Q 2025) Second quarter 2026 results: EPS: US$4.45 (up from US$4.40 in 2Q 2025). Revenue: US$10.1b (down 5.2% from 2Q 2025). Net income: US$1.31b (flat on 2Q 2025). Profit margin: 13% (in line with 2Q 2025). Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 21% per year whereas the company’s share price has increased by 17% per year. Announcement • Jul 31
Swiss Re Announces Executive Changes Swiss Re has announced a new CEO for Australia New Zealand. The firm has appointed Benjamin (Ben) Savill to the position. The executive will be based in Sydney and will take charge in October. Savill takes over from Trent Thomson, who was appointed as the global head of Specialty Reinsurance at Swiss Re earlier this year. Announcement • Jun 12
Swiss Re's Subsidiary Swiss Re Corporate Solutions France Announces Directeur General Changes Swiss Re Corporate Solutions France, a subsidiary of Swiss Re, announced a new appointment. Antoine Fleury has been appointed to lead the unit. The executive has been appointed as directeur general France. Fleury has been part of Swiss Re for two decades. Bruno Mostermans, who has led the French branch since 2011, is moving to another role. Reported Earnings • May 10
First quarter 2026 earnings released: EPS: US$5.11 (vs US$4.31 in 1Q 2025) First quarter 2026 results: EPS: US$5.11 (up from US$4.31 in 1Q 2025). Revenue: US$10.3b (down 2.0% from 1Q 2025). Net income: US$1.51b (up 19% from 1Q 2025). Profit margin: 15% (up from 12% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 07
Upcoming dividend of US$8.00 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 16 April 2026. Payout ratio is a comfortable 51% and the cash payout ratio is 77%. Trailing yield: 4.8%. Lower than top quartile of British dividend payers (5.9%). In line with average of industry peers (4.5%). Announcement • Mar 07
Swiss Re AG, Annual General Meeting, Apr 10, 2026 Swiss Re AG, Annual General Meeting, Apr 10, 2026. Reported Earnings • Mar 03
Full year 2025 earnings released: EPS: US$15.67 (vs US$10.88 in FY 2024) Full year 2025 results: EPS: US$15.67 (up from US$10.88 in FY 2024). Revenue: US$42.8b (down 3.6% from FY 2024). Net income: US$4.62b (up 45% from FY 2024). Profit margin: 11% (up from 7.2% in FY 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 01
Dividend of US$8.00 announced Shareholders will receive a dividend of US$8.00. Ex-date: 14th April 2026 Payment date: 16th April 2026 Dividend yield will be 5.9%, which is higher than the industry average of 5.0%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 8.3% over the next 3 years. However, it would need to fall by 35% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 27
Swiss Re AG (SWX:SREN) announces an Equity Buyback for $1,500 million worth of its shares. Swiss Re AG (SWX:SREN) announces a share repurchase program. Under the program, the company will repurchase up to $1,500 million worth of its shares. The program is subject to legal and regulatory approvals. The program will be valid till December 31, 2026. Announcement • Feb 21
Swiss Re Appoints Anne Lohbeck as Chief Risk Officer for PC Re, Effective May 1, 2026 Swiss Re has appointed Anne Lohbeck as chief risk officer for PC Re. The appointment is effective May 1, 2026. Lohbeck will become part of the Risk Management Executive Team and the PC Re Executive Committee. She will oversee all risk management matters across PC Re. Lohbeck joined Sews Re in 2010, and has operated in several roles for the company. Announcement • Jan 14
Swiss Re AG Appoints Christophe Heck as Market Head Life Health for France, BeNeLux, and Switzerland Swiss Re AG has promoted Christophe Heck to market head Life Health (LH) for France, BeNeLux and Switzerland. Heck will be based in Zurich and will lead Swiss Re's LH reinsurance team. He has more than a decade of industry experience. Reported Earnings • Nov 16
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$10.9b (down 2.0% from 3Q 2024). Net income: US$1.43b (up US$1.33b from 3Q 2024). Profit margin: 13% (up from 0.9% in 3Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Insurance industry in the United Kingdom. Reported Earnings • Aug 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: US$10.6b (down 2.2% from 2Q 2024). Net income: US$1.33b (up 42% from 2Q 2024). Profit margin: 13% (up from 8.6% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.5% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Insurance industry in the United Kingdom. Announcement • Jul 03
Allianz Direct Versicherungs-AG completed the acquisition of iptiQ EMEA P&C S.A. from Swiss Re AG (SWX:SREN). Allianz Direct Versicherungs-AG agreed to acquire iptiQ EMEA P&C S.A. from Swiss Re AG (SWX:SREN) on November 5, 2024. Transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in Q2/Q3 2025. Sandro Fehlmann, Thomas Reutter of Advestra AG acted as legal advisors to Swiss Re AG (SWX:SREN) in the transaction. Thomas Broichhausen, René Döring, Michael Leicht, Frederik Winter and Eliane Dejardin Botelho of Linklaters Oppenhoff & Rädler advised Allianz Direct Versicherungs-AG on the deal.
Allianz Direct Versicherungs-AG completed the acquisition of iptiQ EMEA P&C S.A. from Swiss Re AG (SWX:SREN) on July 1, 2025. Reported Earnings • May 18
First quarter 2025 earnings released: EPS: US$4.31 (vs US$3.76 in 1Q 2024) First quarter 2025 results: EPS: US$4.31 (up from US$3.76 in 1Q 2024). Revenue: US$10.5b (down 5.6% from 1Q 2024). Net income: US$1.27b (up 16% from 1Q 2024). Profit margin: 12% (up from 9.8% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 08
Upcoming dividend of US$7.35 per share Eligible shareholders must have bought the stock before 15 April 2025. Payment date: 17 April 2025. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 4.6%. Lower than top quartile of British dividend payers (6.6%). Lower than average of industry peers (5.3%). Declared Dividend • Mar 03
Dividend of CHF7.35 announced Shareholders will receive a dividend of CHF7.35. Ex-date: 15th April 2025 Payment date: 17th April 2025 Dividend yield will be 5.1%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (51% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: US$11.02 (vs US$11.09 in FY 2023) Full year 2024 results: EPS: US$11.02. Revenue: US$44.7b (down 10% from FY 2023). Net income: US$3.24b (flat on FY 2023). Profit margin: 7.2% (up from 6.5% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Insurance industry in the United Kingdom. Announcement • Feb 28
Swiss Re AG announces Annual dividend, payable on April 17, 2025 Swiss Re AG announced Annual dividend of CHF 7.3500 per share payable on April 17, 2025, ex-date on April 15, 2025 and record date on April 16, 2025. Announcement • Feb 27
Swiss Re AG Announces Executive Changes Swiss Re announced that Kera McDonald, currently Chief Underwriting Officer of Swiss Re Corporate Solutions, is appointed Group Chief Underwriting Officer as of 1 June 2025, subject to regulatory approval. Separately, after a combined 25-years' tenure at Swiss Re, Group Chief Risk Officer Patrick Raaflaub has decided to retire by the end of September 2025. The succession process is currently in progress, and a successor will be announced in due course. Kera McDonald has more than 30 years of professional experience and has been with Swiss Re since 2006 in various specialist and leadership roles. She has been a member of the Corporate Solutions Executive Committee since July 2019 and the Chief Underwriting Officer for this Business Unit since 2022. She holds a Bachelor's degree in Mathematics and Economics from Cornell University and an MBA in International Business from the University of Washington. In her new role as Group Chief Underwriting Officer, Kera McDonald will be responsible for driving underwriting excellence across all Business Units, steering the Group capacity allocation, defining mid-term underwriting ambitions and approving very large or complex transactions. Patrick Raaflaub first joined Swiss Re in 1994 and held a number of leadership roles in Finance and Capital Management. In 2008 he left the company to become Chief Executive Officer of the Swiss Financial Market Supervisory Authority FINMA before returning to Swiss Re in 2014 as Group Chief Risk Officer and member of the Group Executive Committee. Announcement • Jan 15
Swiss Re AG Announces Board and Committee changes Swiss Re AG announced that Philip Ryan, member of the Swiss Re Board of Directors since 2015, and Sir Paul Tucker, member since 2016, will not stand for re-election at the upcoming AGM. Both are members of the Risk Committee. In addition, Mr. Ryan is also a member of the Audit Committee. Announcement • Jan 09
SBLI Partners with Swiss Re to Enhance Underwriting Innovation with Ease SBLI announced it has partnered with Swiss Re to empower its life underwriters with Swiss Re's Underwriting Ease solution, a digital tool that summarizes key aspects of risks to underwriters, accelerating decisioning beyond automation. Underwriting Ease seamlessly integrates into existing underwriting workflows and connects with Life Guide. Designed by underwriters for underwriters, it facilitates end-to-end digitization while preserving core underwriting principles. Reported Earnings • Nov 17
Third quarter 2024 earnings released: EPS: US$0.35 (vs US$3.52 in 3Q 2023) Third quarter 2024 results: EPS: US$0.35 (down from US$3.52 in 3Q 2023). Revenue: US$11.2b (down 15% from 3Q 2023). Net income: US$102.0m (down 90% from 3Q 2023). Profit margin: 0.9% (down from 7.8% in 3Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Nov 06
Allianz Direct Versicherungs-AG agreed to acquire iptiQ EMEA P&C S.A. from Swiss Re AG (SWX:SREN). Allianz Direct Versicherungs-AG agreed to acquire iptiQ EMEA P&C S.A. from Swiss Re AG (SWX:SREN) on November 5, 2024. Transaction is subject to customary closing conditions, including regulatory approvals. The transaction is expected to close in Q2/Q3 2025. Reported Earnings • Aug 25
Second quarter 2024 earnings released: EPS: US$3.23 (vs US$2.78 in 2Q 2023) Second quarter 2024 results: EPS: US$3.23 (up from US$2.78 in 2Q 2023). Revenue: US$10.8b (down 11% from 2Q 2023). Net income: US$996.0m (up 24% from 2Q 2023). Profit margin: 9.2% (up from 6.6% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 9.4% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Announcement • Jun 05
Appian and Swiss Re Extends Partnership to Introduce Connected Underwriting for Life Insurance in Asia Pacific and EMEA Following the launch of Connected Underwriting Life Workbench in North America last year, Appian announced that in partnership with Swiss Re, the solution will now be available in select countries in Asia Pacific, Europe, Middle East and Africa. Integrated with Swiss Re's automated life insurance underwriting solution, Magnum, the Appian Connected Underwriting Life Workbench accelerates the life insurance underwriting process and improves underwriters' productivity and experience on one system. Traditional underwriting workbenches have lacked integration across various internal, partner, and third-party systems, on-premises or in the cloud. A typical life insurance underwriter would have to log in to multiple systems to access information, conduct risk analysis and assessment with complex calculations, and manage and update case information, all to underwrite just one life insurance policy. Modern underwriters want one login and one system to orchestrate their entire workload for multiple cases and clients, allowing them to manage activities, tasks, transactions, and updates seamlessly and effortlessly. They need a powerful, reliable, and secure workbench to connect their data, unify their workflows, and seamlessly automate processes. Key benefits of the Appian Connected Underwriting Life Workbench include its ability to: Enable intelligent case and workload management: Automate workload assignment to provide underwriters with comprehensive case data from multiple systems, enabling them to make more informed decisions more efficiently. Automate underwriting processes and increase straight-through processing: Expedite policy issuance with intelligent automation, embedded underwriting and risk management rules, and integrated third-party data sources on a single system. Elevate customers and underwriters experience: Issue policies faster by automating underwriting workflows, minimising unnecessary wait time, reducing manual errors, and simplifying communications to increase client satisfaction, attract digital–first customers and new talent, and retain employees. Minimise risk and improve profitability: Connect data from any source to provide 360-degree analysis of individual and portfolio policies with different risks profiles and tolerance levels, determine policy effectiveness with AI-assistance to improve business performance, and meet service-level agreements (SLAs) with insurance partners and clients to manage costs and increase profits. Reported Earnings • May 17
First quarter 2024 earnings released: EPS: US$3.76 (vs US$2.23 in 1Q 2023) First quarter 2024 results: EPS: US$3.76 (up from US$2.23 in 1Q 2023). Revenue: US$11.1b (down 7.2% from 1Q 2023). Net income: US$1.09b (up 70% from 1Q 2023). Profit margin: 9.8% (up from 5.4% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Announcement • May 17
Swiss Re AG to Report Fiscal Year 2024 Final Results on Mar 13, 2025 Swiss Re AG announced that they will report fiscal year 2024 final results on Mar 13, 2025 Upcoming Dividend • Apr 09
Upcoming dividend of US$6.80 per share Eligible shareholders must have bought the stock before 16 April 2024. Payment date: 18 April 2024. Payout ratio is a comfortable 61% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of British dividend payers (6.0%). Higher than average of industry peers (4.2%). Announcement • Mar 22
Swiss Re AG Announces Executive Changes Swiss Re AG has appointed a head for its Indian unit. Swiss Re has appointed Amitabha Ray as the incoming CEO for its India Branch. They are to take over from 1 April. Ray is to be based in Mumbai and has more than 27 years of experience in insurance. Ray succeeds Hadi Riachi, who is to become head, global underwriting centre for Swiss Re Corporate Solutions. Reported Earnings • Feb 18
Full year 2023 earnings released: EPS: US$11.09 (vs US$1.63 in FY 2022) Full year 2023 results: EPS: US$11.09 (up from US$1.63 in FY 2022). Revenue: US$49.5b (up 7.5% from FY 2022). Net income: US$3.21b (up US$2.74b from FY 2022). Profit margin: 6.5% (up from 1.0% in FY 2022). The increase in margin was driven by higher revenue. Combined ratio: 94.8% (down from 100.5% in FY 2022). Revenue is forecast to grow 3.4% p.a. on average during the next 3 years, compared to a 28% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Dec 14
Swiss Re AG (SWX:SREN) acquired SSBN Limited. Swiss Re AG (SWX:SREN) acquired SSBN Limited on December 14, 2023. As part of this transaction, Fathom will retain its own brand and continue its well-established research activities.
Swiss Re AG (SWX:SREN) completed the acquisition of SSBN Limited on December 14, 2023. Reported Earnings • Nov 07
Third quarter 2023 earnings released: EPS: US$3.52 (vs US$1.53 loss in 3Q 2022) Third quarter 2023 results: EPS: US$3.52 (up from US$1.53 loss in 3Q 2022). Revenue: US$13.1b (up 9.7% from 3Q 2022). Net income: US$1.02b (up US$1.46b from 3Q 2022). Profit margin: 7.8% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 32% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 06
Second quarter 2023 earnings released: EPS: US$2.78 (vs US$1.40 in 2Q 2022) Second quarter 2023 results: EPS: US$2.78 (up from US$1.40 in 2Q 2022). Revenue: US$12.1b (up 7.5% from 2Q 2022). Net income: US$804.0m (up 99% from 2Q 2022). Profit margin: 6.7% (up from 3.6% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 38% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jul 08
Swiss Re AG Announces Appointment of Ali Shahkarami as Global Head of PC Solutions Swiss Re AG announced the appointment of Ali Shahkarami as global head of PC Solutions. Shahkarami is to be based out of Munich. In the position, Shahkarami is to lead a global team of insurance and data experts. He joins Swiss Re from Allianz Global Corporate Specialty. Reported Earnings • May 07
First quarter 2023 earnings released: EPS: US$2.23 (vs US$0.86 loss in 1Q 2022) First quarter 2023 results: EPS: US$2.23 (up from US$0.86 loss in 1Q 2022). Revenue: US$12.1b (up 9.6% from 1Q 2022). Net income: US$643.0m (up US$891.0m from 1Q 2022). Profit margin: 5.3% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 1.7% p.a. on average during the next 3 years, compared to a 41% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 08
Upcoming dividend of US$6.40 per share at 6.1% yield Eligible shareholders must have bought the stock before 14 April 2023. Payment date: 18 April 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.1%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (4.5%). Reported Earnings • Feb 20
Full year 2022 earnings released: EPS: US$1.63 (vs US$4.97 in FY 2021) Full year 2022 results: EPS: US$1.63 (down from US$4.97 in FY 2021). Revenue: US$46.0b (down 1.6% from FY 2021). Net income: US$472.0m (down 67% from FY 2021). Profit margin: 1.0% (down from 3.1% in FY 2021). Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Announcement • Jan 18
Swiss Re Ltd. Announces Executive Changes, Effective on April 1, 2023 Swiss Re Ltd. announced the appointment of Velina Peneva as Group Chief Investment Officer and member of the Group Executive Committee, effective April 1, 2023. She will succeed Guido Furer following his retirement after 25 years at Swiss Re. Peneva is currently Co-Head Client Solutions & Analytics in Swiss Re's Asset Management. Previously, she headed Swiss Re's private equity investment mandate. Before joining Swiss Re in 2017, Peneva worked for Bain & Company in the US, Australia and Switzerland. Announcement • Oct 29
Swiss Re AG to Report Q1, 2023 Results on May 04, 2023 Swiss Re AG announced that they will report Q1, 2023 results on May 04, 2023 Reported Earnings • Aug 03
Second quarter 2022 earnings released: EPS: US$1.40 (vs US$2.47 in 2Q 2021) Second quarter 2022 results: EPS: US$1.40 (down from US$2.47 in 2Q 2021). Revenue: US$11.2b (down 2.2% from 2Q 2021). Net income: US$405.0m (down 43% from 2Q 2021). Profit margin: 3.6% (down from 6.2% in 2Q 2021). Over the next year, revenue is expected to shrink by 2.7% compared to a 153% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • May 08
Swiss Re AG to Report Fiscal Year 2022 Results on Mar 16, 2023 Swiss Re AG announced that they will report fiscal year 2022 results on Mar 16, 2023 Upcoming Dividend • Apr 12
Upcoming dividend of CHF5.90 per share Eligible shareholders must have bought the stock before 19 April 2022. Payment date: 21 April 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.5%. Within top quartile of British dividend payers (4.6%). Higher than average of industry peers (4.5%). Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 23% share price decline to CHF75.75, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Insurance industry in the United Kingdom. Total loss to shareholders of 5.3% over the past three years. Reported Earnings • Feb 28
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: US$4.97 (up from US$3.04 loss in FY 2020). Revenue: US$46.7b (up 7.8% from FY 2020). Net income: US$1.44b (up US$2.32b from FY 2020). Profit margin: 3.1% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 1.9%. Over the next year, revenue is expected to shrink by 7.5% compared to a 69% growth forecast for the insurance industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Reported Earnings • Aug 02
First half 2021 earnings released: EPS US$3.62 (vs US$3.92 loss in 1H 2020) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2021 results: Revenue: US$22.8b (up 20% from 1H 2020). Net income: US$1.05b (up US$2.18b from 1H 2020). Profit margin: 4.6% (up from net loss in 1H 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 04
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 03
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 03
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Executive Departure • Jul 03
Group Chief Human Resources Officer Nigel Fretwell has left the company On the 1st of July, Nigel Fretwell's tenure as Group Chief Human Resources Officer ended after 8.2 years in the role. As of March 2021, Nigel still personally held 12.44k shares (CHF919k worth at the time). A total of 18 executives have left over the last 12 months. The current median tenure of the management team is 2.79 years. Upcoming Dividend • Apr 13
Upcoming dividend of CHF5.90 per share Eligible shareholders must have bought the stock before 20 April 2021. Payment date: 22 April 2021. Trailing yield: 6.2%. Within top quartile of British dividend payers (4.2%). Higher than average of industry peers (3.5%). Reported Earnings • Mar 20
Full year 2020 earnings released: US$3.04 loss per share (vs US$2.46 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$43.3b (down 12% from FY 2019). Net loss: US$878.0m (down 221% from profit in FY 2019). Combined ratio: 110.2% (down from 111.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 13
New 90-day high: CHF92.02 The company is up 15% from its price of CHF80.26 on 11 December 2020. The British market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF152 per share. Analyst Estimate Surprise Post Earnings • Feb 23
Revenue misses expectations Revenue missed analyst estimates by 2.1%. Over the next year, revenue is expected to shrink by 1.0% compared to a 25% growth forecast for the Insurance industry in the United Kingdom. Reported Earnings • Feb 21
Full year 2020 earnings released: US$3.04 loss per share (vs US$2.46 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: US$43.3b (down 12% from FY 2019). Net loss: US$878.0m (down 221% from profit in FY 2019). Combined ratio: 110.2% (down from 111.4% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 85% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Sep 22
New 90-day low: CHF69.82 The company is down 3.0% from its price of CHF72.02 on 24 June 2020. The British market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is CHF81.94 per share. 
