Swiss Re AG
Swiss Re AG, together with its subsidiaries, provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide. The company operates through Property & Casualty Reinsurance, Life & Health Reinsurance, and Corporate Solutions segments. The …
Swiss Re AG, together with its subsidiaries, provides reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide. The company operates through Property & Casualty Reinsurance, Life & Health Reinsurance, and Corporate Solutions segments. The Property & Casualty Reinsurance segment underwrites property reinsurance, including property, credit, surety and political, engineering and project, aviation, marine, agriculture, renewable energy, retakaful, and facultative reinsurance solutions; and casualty reinsurance, such as liability, motor, worker's compensation, personal accident, management and professional liability, cyber, and facultative reinsurance solutions. Its Life & Health Reinsurance segment underwrites life and health insurance products. The Corporate Solutions segment offers standard risk transfer covers and multi-line programs to customized solutions. It serves stock and mutual insurance companies, public sector and governmental entities, mid-sized and large corporations, and individuals. The company was founded in 1863 and is headquartered in Zurich, Switzerland.Looks overvalued
Other models: CHF 106.41–209.25 (median 188.00). The recommended value is in line with them.
Why: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Details and the full model are below.
Market price above modeled range
Uses reported dividends of CHF 6.2323 per share from Fiscal year 2025, with 2.19% perpetual growth (base growth capped at the terminal rate) and 9.6% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2.19%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.2% (sector default 5.4%, own revenue history 2.3%, analyst revenue consensus 0.6%).
5-year outlook: relative outlook of about 3.5% a year (Medium confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 0.6% a year; the growth assumption used is 2.2%.
Adjust assumptions
Why this model: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Compare models- Recommended: Dividend discount model — CHF 85.95 (-43.5%)
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EPS-based Gordon proxy
— CHF 188.00 (+23.7%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— CHF 105.31 (-30.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— CHF 106.41 (-30.0%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— CHF 209.25 (+37.7%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— CHF 105.35 (-30.7%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— CHF 420.55 (+176.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear CHF 67.02 | -126.8% |
| Base CHF 85.95 | -76.8% |
| Bull CHF 118.87 | -27.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At CHF 152.00 the market implies perpetual dividend growth of about this rate (discount rate 9.6%).
Compare: the market implies 5.3% a year, this model assumes 2.2%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.6% | 8.6% | 9.6% | 10.6% | 11.6% |
|---|---|---|---|---|---|
| -1.8% | 65.03 | 58.78 | 53.63 | 49.31 | 45.63 |
| 0.2% | 84.27 | 74.25 | 66.36 | 59.98 | 54.73 |
| 2.2% | 117.72 | 99.36 | 85.95 | 75.73 | 67.68 |
| 2.4% | 122.73 | 102.93 | 88.64 | 77.83 | 69.37 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 82 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +2.3% a year | 12 / 20 |
| Balance sheet | net debt 0.9x EBITDA | 20 / 20 |
| Margins | EBITDA margin 14% | 10 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| SREN.SW (this company) | CHF 152.00 | -77.0% | 11.2 | 2.2 | 4.1% | 82 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.44 | 68.5% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.88 | 45.6% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.73 | 36.6% | 6.7 | 0.7 | 7.0% | 78 |
| V Visa Inc. | USD 414.00 | 34.6% | 8.7 | – | 0.2% | 100 |
| PRU.L Prudential plc | GBP 9.24 | 34.2% | 8.0 | 1.6 | 1.9% | 78 |
| AGS.BR ageas SA/NV | EUR 76.95 | 33.0% | 8.1 | 1.5 | 5.0% | 76 |
| NWG.L NatWest Group plc | GBP 5.86 | 30.3% | 8.2 | 1.3 | 5.0% | 88 |
| ACGL Arch Capital Group | USD 108.49 | 30.3% | 8.5 | 1.6 | 0.1% | 100 |
| Peer median | 8.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: CHF 6.30 per share · yield 4.15% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 6.301 |
| 2025 | 6.008 |
| 2024 | 6.216 |
| 2023 | 5.721 |
| 2022 | 5.900 |
| 2021 | 5.900 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | CHF 41,194,147,042 |
|---|---|
| EBITDA | CHF 5,635,700,944 |
| EBIT | CHF 5,339,566,863 |
| Net income | CHF 4,072,758,421 |
| Free cash flow | CHF 2,594,879,842 |
| Capital expenditures | CHF 5 |
| Debt | CHF 7,361,474,647 |
| Cash | CHF 2,248,360,372 |
| Working capital | CHF -60,630,451,186 |
| Shares outstanding | 298,761,000 |
| Reported dividends per share | CHF 6.2323 |