Swiss Re shares rose 4.3% following several company announcements. The reinsurer announced a $1 billion share buyback program, with one source indicating a total buyback program worth $1.5 billion USD. Swiss Re reported annual net income of $4.80 billion USD. JPMorgan maintained a Neutral rating on the stock with a price target of 155 Swiss francs. The share price increase occurred in connection with these announcements regarding the company's capital return program and financial results.
Swiss Re shares rose 4.3% following several company announcements. The reinsurer announced a $1 billion share buyback program, with one source indicating a total buyback program worth $1.5 billion USD. Swiss Re reported annual net income of $4.80 billion USD. JPMorgan maintained a Neutral rating on the stock with a price target of 155 Swiss francs. The share price increase occurred in connection with these announcements regarding the company's capital return program and financial results.
Swiss Re is one of the world's largest reinsurance companies, providing insurance to other insurers and managing catastrophe and financial risk globally. Listed on the Swiss Exchange and a major component of the Swiss Market Index, it is a bellwether for global insurance-linked risk appetite. The company just reported $4.80 billion in annual net income and launched a $1.5 billion share buyback, following its recent acquisition of QBE's global trade credit and surety business.