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Phoenix Group Announces Proposed Acquisition Of ReAssure For 3.2 Bln Stg
Swiss Re AG Says It Will Adopt International Financial Reporting Standards (IFRS) For Its Consolidated Financial Statements As Of 1 January 2024
Swiss Re Confirms Strategy And Targets - Statement
Swiss Re AG is a wholesale provider of reinsurance, insurance and other insurance-based forms of risk transfer. The Company operates in four segments: Property&Casualty Reinsurance, Life&Health Reinsurance, Corporate Solutions and Life Capital. Its Reinsurance Unit provides premiums and fee income through Property&Casualty and Life&Health segments. Its Corporate Solutions segment is engaged in serving mid-sized and large corporations, with product offerings ranging from traditional property and casualty insurance to customized solutions. Its Admin Re segment provides risk and capital management solutions by which the Company acquires closed books of in-force life and health insurance business, entire lines of business, or the entire capital stock of life insurance companies. Its open and closed life insurance books, including Admin Re, are managed under a unit called Life Capital.
Walter B. Kielholz
Non-Executive Chairman of the Board of Directors
Group Chief Executive Officer, Member of the Executive Board
Non-Executive Vice Chairman and Lead Independent Director of the Board
John Robert Dacey
Group Chief Financial Officer, Member of the Executive Board
Chief Executive Officer Life Capital, Member of the Executive Board
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Phoenix Group Holdings <PHNX.L> has agreed to buy the British ReAssure business of Swiss Re <SRENH.S> 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.
Phoenix Group Holdings Plc said on Friday it would buy the British insurance unit of Swiss Re AG for 3.2 billion pounds ($4.11 billion).
Swiss Re has agreed to sell its UK-based ReAssure unit to Phoenix Group in a cash-and-shares deal worth 3.25 billion pounds ($4.17 billion), the Swiss group said on Friday.
* SAYS IT WILL ADOPT INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) FOR ITS CONSOLIDATED FINANCIAL STATEMENTS AS OF 1 JANUARY 2024 Source text for Eikon: Further company coverage:
* SWISS RE CONFIRMS STRATEGY AND TARGETS, OUTLINES PLANS FOR FURTHER PROFITABLE GROWTH IN REINSURANCE
* SWISS RE CFO SAYS TOTAL INDUSTRY LOSSES FROM TYPHOON HAGIBIS LIKELY TO BE LARGER THAN $7 BILLION
* Co not to launch second tranche of share buy-back programme
* SWISS RE CFO SAYS OBJECTIVE TO REDUCE STAKE IN REASSURE, IPO IS AN OPTION - BLOOMBERG TV Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
Swiss Re on Thursday posted a 23% year-on-year rise in net profit in the first nine months, despite big claims from natural and man-made catastrophes.
* SWISS RE INSTITUTE ESTIMATES GLOBAL ECONOMIC LOSSES OF USD 44 BILLION FROM CATASTROPHES IN THE FIRST HALF OF 2019
Swiss Re's <SRENH.S> UK-based ReAssure unit has agreed to buy the life insurance and pensions division of Quilter <QLT.L> for 425 million pounds ($515.19 million), just weeks after the reinsurer halted plans to list the business in London.
Swiss Re's Britain-based ReAssure unit has agreed to buy the closed book business of Quilter for 425 million pounds ($515.19 million).
Swiss Re's <SRENH.S> first-half net profit fell 5.3%, as claims relating to the Ethiopian Airlines crash and the subsequent grounding of the Boeing 737 MAX, plus natural catastrophes took their toll.
* SWISS RE CFO SAYS 2ND TRANCHE OF SHARE BUYBACK LESS LIKELY AFTER FAILED REASSURE IPO, WILL UPDATE AFTER Q3 RESULTS
Reinsurance group Swiss Re <SRENH.S> 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.
* SAYS CURRENTLY NOT CONSIDERING RE-STARTING IPO PROCESS FOR UK LIFE INSURER REASSURE THIS YEAR; LONG-TERM OPTIONS OPEN Source text for Eikon: Further company coverage: (Reporting By Zurich newsroom)
Reinsurance group Swiss Re has suspended plans for an initial public offering of UK life assurance company ReAssure, which was set to start trading in London on Thursday, citing weak demand from institutional investors.
Swiss Re <SRENH.S> 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.
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 <SRENH.S> said on Thursday.
Swiss Re has set a price range of 2.80 to 3.30 pounds for shares in the flotation of its UK life assurance business ReAssure, the world's second-largest reinsurance company said on Thursday.
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