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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Swiss Re    SREN   CH0126881561

SWISS RE

(SREN)
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Delayed Quote. Delayed Swiss Exchange - 01/20 11:30:14 am
109.55 CHF   +1.44%
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Swiss Re Sells ReAssure for GBP3.25 Billion to Phoenix Group

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12/06/2019 | 01:54am EST

By Pietro Lombardi

Swiss Re has agreed to sell its U.K. closed-book business ReAssure to Phoenix Group Holdings in a deal valued at 3.25 billion pounds ($4.27 billion).

The Swiss reinsurance giant will receive GBP1.2 billion in cash and the rest in Phoenix shares, with Swiss Re getting a stake of 13% to 17% in the U.K. company. It will also have a seat on the board, Swiss Re said Friday.

As part of the deal, Swiss Re will reacquire the 25% ReAssure stake held by MS&AD Insurance Group Holdings Inc, worth GBP1 billion.

The deal should be closed by mid-2020.

Swiss Re will give an update on the use of the proceeds with its full-year results. The decision will take into account the company's capital position at the end of the year, it said.

The sale is expected to boost the reinsurer's capital, adding 12 percentage points to its Swiss Solvency Test ratio. It will also generate an economic profit of roughly $300 million.

"We believe this transaction maximizes long-term value for Swiss Re shareholders," Chief Executive Christian Mumenthaler said. "Swiss Re's goal has been to deconsolidate ReAssure, and we are pleased to have found a strong buyer for the business."

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
MS&AD INSURANCE GROUP HOLDINGS, INC. 0.47% 3665 End-of-day quote.1.92%
PHOENIX GROUP HOLDINGS -0.58% 738.7 Delayed Quote.-0.80%
SWISS RE 1.44% 109.55 Delayed Quote.-0.64%
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Financials (USD)
Sales 2019 37 550 M
EBIT 2019 2 342 M
Net income 2019 1 521 M
Debt 2019 4 142 M
Yield 2019 5,27%
P/E ratio 2019 22,1x
P/E ratio 2020 12,3x
EV / Sales2019 0,97x
EV / Sales2020 0,94x
Capitalization 32 220 M
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Technical analysis trends SWISS RE
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 22
Average target price 110,85  $
Last Close Price 111,55  $
Spread / Highest target 13,0%
Spread / Average Target -0,63%
Spread / Lowest Target -20,0%
EPS Revisions
Managers
NameTitle
Christian Mumenthaler Group Chief Executive Officer
Walter Bruno Kielholz Chairman
Anette Bronder Group Chief Operating Officer
Pravina Ladva Co-Chief Operations & Technology Officer
John Robert Dacey Group Chief Financial Officer
Sector and Competitors