Zurich (awp) – The Swiss Re stock was eating its black bread on Thursday on the Swiss Stock Exchange, after the publication of widely expected nine-month figures in the wake of a profit warning last week. The analysts did not seem to blame the insurer of insurers.
Around 9:45 a.m., Swiss Re shares lost 2.1% to 118.05 Swiss francs, in an SMI down 0.37%.
Swiss Re had to record an exceptional charge in the third quarter, namely the constitution of a reserve of 2.4 billion dollars for civil liability activities in the United States. Excluding this element, the group’s performance is advantageous, although it is affected in property reinsurance by higher losses in major catastrophes, notes the Zurich Cantonal Bank. Investment results remain good. Analyst Georg Marti renews “market weighting”.
Excluding provisions and exceptional items, the results look excellent, says analyst Simon Foessmeier for Vontobel. The actions undertaken by management promise a bright future. These decisions made it possible to remove the last obstacles which could hinder an investment in Swiss Re shares. The purchase recommendation is confirmed.
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