Swiss Re Reports Solid Full-Year Results

Swiss Re SSREY reported net income of $472 million for 2022. This includes fourth-quarter net income of $757 million, well ahead of our $261 million loss forecast. For 2023, Swiss Re is targeting $3 billion in net income; if delivered, that will be a very solid number. The board will propose a $6.40 dividend at the annual general meeting in April, giving the stock a solid dividend yield. Solvency stands above the strong 200%-250% target. We maintain our fair value estimate of $115 per share and our rating of no economic moat. We are likely to refine our estimates when we roll our model with the release of the annual report.