# Swiss Re AG (SREN.SW)

Canonical: https://gigainvestors.com/s/SREN.SW

Analysis as of: 2026-10-16T07:33:53.551Z. Financial observations: FY2018–FY2025.

Listing currency: CHF. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CHF 149.75 per share; close as of 2026-10-15.

Estimated value: low CHF 107.04 per share, central CHF 120.63 per share, high CHF 138.72 per share. Buy at or below the central value CHF 120.63 per share. Valuation as of 2026-10-16T07:33:53.551Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CH 10-year bond 0.5% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 0.80×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.03×

- FY2019: 0.03×

- FY2020: -0.01×

- FY2021: 0.05×

- FY2022: 0.03×

- FY2023: 0.10×

- FY2024: 0.10×

- FY2025: 0.14×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 4.3%

- ROIC, second-lowest year: 2.3%

- Years with nonpositive capital: 8

- Capital spending / revenue: 0.0%

- ROIC including acquisitions, ten-year median: 9.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 2.3%

- FY2019: 2.9%

- FY2020: -1.0%

- FY2021: 5.4%

- FY2022: 3.2%

- FY2023: 11.3%

- FY2024: 11.7%

- FY2025: 14.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.34×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $17B

- Net income, five-year total: $13B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -47.1 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 2.86×

- FY2022: 6.20×

- FY2023: 0.97×

- FY2024: 0.97×

- FY2025: 0.90×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 2.3% vs 11.7%

- Per-share earnings: 1.54 to 10.97 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: $15B

- Cumulative retained earnings: -$6.8B

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 48.1%

- Per-share value change: $9.43

- Per-share value, starting three-year median: $1.54

- Per-share value, ending three-year median: $10.97

- Buybacks concentrated in cheaper years (correlation): -0.49

- Average buyback yield: 2.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: 2.3%

- ROIC, last three-year median: 11.7%

Chart: Earnings per share; fiscal year observations.

- FY2018: $1.54

- FY2019: $2.52

- FY2020: -$3.04

- FY2021: $4.97

- FY2022: $1.56

- FY2023: $10.48

- FY2024: $10.97

- FY2025: $16.07

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 1.2%

- Receivables to sales index (DSRI): 16.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.65×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -0.5%

- FY2019: -1.5%

- FY2020: -3.4%

- FY2021: -1.5%

- FY2022: -1.9%

- FY2023: -0.8%

- FY2024: 0.1%

- FY2025: 1.2%

## Holders

## Price story

Price needs cash profits to grow 3.8% a year for ten years · "Swiss Re Says Low Natural-Catastrophe Losses Lift Results" (finance.yahoo.com, Nov 2025) · sales -0.6%

Story as of 2026-10-16T09:59:58.192Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

- 2026-02-27: Swiss Re Shares Jump After Reinsurer Tops Up Returns With $1 Billion Buyback ([finance.yahoo.com](https://finance.yahoo.com/m/727cbd01-cbc7-3fea-8493-071b3d404a70/swiss-re-shares-jump-after.html))

### Sales · FY2024–2025

sales -0.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: $37B 

- FY2019: $49B 

- FY2020: $44B 

- FY2021: $46B 

- FY2022: $46B 

- FY2023: $44B 

- FY2024: $47B 

- FY2025: $46B 

### Gross margin · FY2024

gross margin 26.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2024: 26.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Annual sales are USD 46.5 billion.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2025-12-31 (filed 2026-10-16T07:33:53.551Z); FY2025: revenue 46491000000; grossProfit 50223904694; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SREN.SW: 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.

### Why customers stay

It earns 4.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.551Z); 8-year return on capital observations [[2018,0.02293314068041508],[2019,0.02893871961656967],[2020,-0.010162203715566944],[2021,0.054134596182923],[2022,0.03200755493639039],[2023,0.11305096388892277],[2024,0.11674226986772852],[2025,0.1476546134271424]]; median 0.043071075559656696. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years; bought back USD 925 million of shares.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2018-12-31 (filed 2026-10-16T07:33:53.551Z); FY2018: growth capex 0; upkeep 0; owner earnings 793000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2019-12-31 (filed 2026-10-16T07:33:53.551Z); FY2019: growth capex 0; upkeep 0; owner earnings 4397000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2021-12-31 (filed 2026-10-16T07:33:53.551Z); FY2021: growth capex 0; upkeep 0; owner earnings 4104000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2022-12-31 (filed 2026-10-16T07:33:53.551Z); FY2022: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 2927000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2023-12-31 (filed 2026-10-16T07:33:53.551Z); FY2023: growth capex 0; upkeep 0; cash acquisitions 42000000; owner earnings 3017000000. Growth capex plus acquisitions / owner earnings = 0.013921113689095127.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2024-12-31 (filed 2026-10-16T07:33:53.551Z); FY2024: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 3130000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2025-12-31 (filed 2026-10-16T07:33:53.551Z); FY2025: growth capex 0; upkeep 0; cash acquisitions 0; owner earnings 4279000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.551Z); Dividend observations: [[2018,1592000000],[2019,1659000000],[2020,1765000000],[2021,1855000000],[2022,1825000000],[2023,1850000000],[2024,1978000000],[2025,2167000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SR9.STU.json#2025-12-31 (filed 2026-10-16T07:33:53.551Z); FY2025: cash repurchases 925000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SREN.SW SharesStats.PercentInsiders = 0.105 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:53.551Z); Ten-year compound average after fade. Initial solved rate 0.041233546491293516. Price 149.75; FX 0.8276775368316505; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (CHF per share)

- 2016-10: CHF 91.90 per share

- 2016-11: CHF 93.60 per share

- 2016-12: CHF 96.50 per share

- 2017-01: CHF 92.10 per share

- 2017-02: CHF 89.80 per share

- 2017-03: CHF 89.95 per share

- 2017-04: CHF 86.60 per share

- 2017-05: CHF 88.30 per share

- 2017-06: CHF 87.65 per share

- 2017-07: CHF 93.25 per share

- 2017-08: CHF 86.85 per share

- 2017-09: CHF 87.70 per share

- 2017-10: CHF 93.85 per share

- 2017-11: CHF 92.20 per share

- 2017-12: CHF 91.25 per share

- 2018-01: CHF 91.80 per share

- 2018-02: CHF 96.50 per share

- 2018-03: CHF 97.28 per share

- 2018-04: CHF 94.66 per share

- 2018-05: CHF 85.18 per share

- 2018-06: CHF 85.70 per share

- 2018-07: CHF 90.78 per share

- 2018-08: CHF 87.16 per share

- 2018-09: CHF 90.60 per share

- 2018-10: CHF 90.96 per share

- 2018-11: CHF 91.26 per share

- 2018-12: CHF 90.12 per share

- 2019-01: CHF 95.18 per share

- 2019-02: CHF 98.82 per share

- 2019-03: CHF 97.28 per share

- 2019-04: CHF 98.06 per share

- 2019-05: CHF 95.00 per share

- 2019-06: CHF 99.24 per share

- 2019-07: CHF 96.56 per share

- 2019-08: CHF 95.16 per share

- 2019-09: CHF 104.10 per share

- 2019-10: CHF 103.30 per share

- 2019-11: CHF 108.30 per share

- 2019-12: CHF 108.70 per share

- 2020-01: CHF 109.00 per share

- 2020-02: CHF 91.64 per share

- 2020-03: CHF 74.56 per share

- 2020-04: CHF 69.66 per share

- 2020-05: CHF 65.12 per share

- 2020-06: CHF 73.06 per share

- 2020-07: CHF 71.76 per share

- 2020-08: CHF 72.64 per share

- 2020-09: CHF 68.28 per share

- 2020-10: CHF 65.74 per share

- 2020-11: CHF 83.02 per share

- 2020-12: CHF 83.34 per share

- 2021-01: CHF 78.66 per share

- 2021-02: CHF 85.44 per share

- 2021-03: CHF 92.96 per share

- 2021-04: CHF 84.88 per share

- 2021-05: CHF 86.40 per share

- 2021-06: CHF 83.48 per share

- 2021-07: CHF 82.02 per share

- 2021-08: CHF 84.26 per share

- 2021-09: CHF 80.14 per share

- 2021-10: CHF 88.64 per share

- 2021-11: CHF 86.44 per share

- 2021-12: CHF 90.26 per share

- 2022-01: CHF 100.30 per share

- 2022-02: CHF 87.82 per share

- 2022-03: CHF 88.12 per share

- 2022-04: CHF 80.32 per share

- 2022-05: CHF 78.92 per share

- 2022-06: CHF 73.98 per share

- 2022-07: CHF 71.30 per share

- 2022-08: CHF 76.18 per share

- 2022-09: CHF 73.16 per share

- 2022-10: CHF 74.40 per share

- 2022-11: CHF 84.22 per share

- 2022-12: CHF 86.48 per share

- 2023-01: CHF 95.56 per share

- 2023-02: CHF 98.20 per share

- 2023-03: CHF 93.84 per share

- 2023-04: CHF 89.72 per share

- 2023-05: CHF 91.22 per share

- 2023-06: CHF 90.04 per share

- 2023-07: CHF 90.90 per share

- 2023-08: CHF 85.90 per share

- 2023-09: CHF 94.32 per share

- 2023-10: CHF 99.12 per share

- 2023-11: CHF 103.25 per share

- 2023-12: CHF 94.56 per share

- 2024-01: CHF 99.10 per share

- 2024-02: CHF 106.60 per share

- 2024-03: CHF 115.95 per share

- 2024-04: CHF 99.82 per share

- 2024-05: CHF 114.70 per share

- 2024-06: CHF 111.50 per share

- 2024-07: CHF 108.45 per share

- 2024-08: CHF 115.70 per share

- 2024-09: CHF 116.70 per share

- 2024-10: CHF 110.65 per share

- 2024-11: CHF 130.15 per share

- 2024-12: CHF 131.20 per share

- 2025-01: CHF 139.40 per share

- 2025-02: CHF 144.30 per share

- 2025-03: CHF 150.00 per share

- 2025-04: CHF 147.75 per share

- 2025-05: CHF 145.25 per share

- 2025-06: CHF 137.15 per share

- 2025-07: CHF 146.25 per share

- 2025-08: CHF 144.90 per share

- 2025-09: CHF 147.05 per share

- 2025-10: CHF 146.60 per share

- 2025-11: CHF 141.55 per share

- 2025-12: CHF 132.85 per share

- 2026-01: CHF 123.45 per share

- 2026-02: CHF 135.95 per share

- 2026-03: CHF 132.20 per share

- 2026-04: CHF 125.95 per share

- 2026-05: CHF 117.70 per share

- 2026-06: CHF 128.50 per share

- 2026-07: CHF 134.85 per share

- 2026-08: CHF 140.55 per share

- 2026-09: CHF 138.50 per share

- 2026-10: CHF 147.25 per share

## Annual estimated value (CHF per share)

- FY2022: low CHF 327.50 per share, central CHF 339.54 per share, high CHF 355.58 per share

- FY2023: low CHF 345.11 per share, central CHF 357.79 per share, high CHF 374.67 per share

- FY2024: low CHF 341.33 per share, central CHF 354.55 per share, high CHF 372.15 per share

- FY2025: low CHF 353.95 per share, central CHF 367.54 per share, high CHF 385.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:40.227Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.