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Swiss Re AG (SREN) Fair Value & Analysis

Financial Services · CH · Market cap CHF 39.1B

SR Swiss Re AG SREN · SW
PriceCHF 138.05
Fair ValueCHF 158.42
Upside+14.8%
Quality57/100
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Healthy Growth
Solidly profitable · 11.8% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/15)
Moderate moat 61/100
Evidence: High Range CHF 118.82 – CHF 198.03 Share as image

Fair value as of: Aug 13, 2026

From 6 valuation models · updated yesterday

Fair value updated Aug 13, 2026, revised from CHF 218.88 to CHF 158.42 (−27.6%) since Jul 13, 2026. Share price +1.5% over the past month.

A solid business, screening 15% undervalued on our models.

What matters now

  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
  • Our model range runs from CHF 118.82 (bear) to CHF 198.03 (bull), base CHF 158.42. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 57/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

CHF 147.41 CHF 56.20 Fair Value CHF 158.42 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range CHF 56.20 – CHF 147.41 · fair‑value band CHF 118.82 – CHF 198.03 · the CHF 138.05 price screens below the CHF 158.42 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Swiss Re AG (SREN) currently trades at CHF 138.05, while our model-based Fair Value estimate is CHF 158.42, implying the stock looks roughly 14.8% undervalued today. The Quality Score stands at 57/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Swiss Re AG generated revenue of CHF 42.4B at a net margin of 11.8%. Revenue declined 2.0% year over year. It earns a return on equity of 19.5%. Net debt stands at CHF 6.2B. Fundamentals as of Aug 13, 2026

Our scenario range runs from CHF 118.82 (bear case) to CHF 198.03 (bull case); at CHF 138.05, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 20% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 62% fair-value upside, at 15%, SREN screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income CHF 107.89 CHF 138.10 CHF 456.31 76
Gordon GGM CHF 70.68 CHF 104.81 CHF 140.75 70
P/E Multiple CHF 164.16 CHF 218.88 CHF 273.60 63
All 6 models by family
Dividend Discount
Gordon GGM CHF 70.68 CHF 104.81 CHF 140.75 70
DDM Multi-Stage CHF 70.68 CHF 100.47 CHF 134.64 61
Multiples
P/E Multiple CHF 164.16 CHF 218.88 CHF 273.60 63
P/B Multiple CHF 87.77 CHF 117.03 CHF 146.29 55
Asset-Based
NCAV (Graham) CHF 41.80 CHF 56.01 CHF 83.60 50
Economic Profit
Residual Income CHF 107.89 CHF 138.10 CHF 456.31 76

Widest divergence: Economic Profit (CHF 138.10) versus Asset-Based (CHF 56.01). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) CHF 42.4B
Revenue growth (YoY) -2.0%
Net margin 11.8%
Return on equity 19.5%
Free cash flow CHF 3.2B FY2025
P/E ratio 11.0
More key figures
Operating margin 20.1%
EPS (TTM) CHF 12.58
EPS growth (YoY) +18.6%
Net debt CHF 6.2B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 47 · Market factors (momentum, volatility) 62

Profitability 49
Margins and returns on capital today
Quality Growth 71
Are margins and returns improving?
Cashflow 45
Earnings quality: real cash, not paper profit
Fin. Strength 7
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 71
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Swiss Re AG reported revenue of CHF 50.2B in FY2025 versus CHF 45.9B in FY2021, a compound +2.3%/yr. Reported net income was CHF 5.0B in FY2025, compounding +36.3%/yr from FY2021.

Growth Quality 69/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
CHF 50.2B
Latest YoY
+7.4%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.9%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Avg. growth/yr (20Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.8%
Revenue +2.3%/yr
FY21 CHF 45.9B
FY22 CHF 46.0B
FY23 CHF 43.6B
FY24 CHF 46.8B
FY25 CHF 50.2B
Net income +36.3%/yr
FY21 CHF 1.4B
FY22 CHF 472M
FY23 CHF 3.1B
FY24 CHF 3.2B
FY25 CHF 5.0B
Character of growth · EPS growth decomposed (2014-2025) −0.9 % p.a.
Revenue per share +1.7 pp

of which total revenue +2.1 pp · buybacks/dilution −0.4 pp

EBIT margin +14.0 pp
Tax rate −0.9 pp
Residual (interest, one-offs) −15.8 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Swiss Re AG Fair Value". https://www.fairvalue-calculator.com/stock/SREN

Recent news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Insurance - Reinsurance · 29 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 52 · Below median
Fair Value upside +15% · Below median
Return on equity (TTM) 19% · Above median
Return on assets 3% · Above median
Net margin (TTM) 12% · Above median
Operating margin (TTM) 20% · Above median
Revenue growth -2% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Insurance - Reinsurance median · lower = cheaper

P/E (TTM) 11.0× · Pricier than 75% of peers
P/B 1.95× · Pricier than 75% of peers
P/S (TTM) 1.14× · Pricier than median
P/FCF 15.2× · Pricier than 75% of peers
EV/EBITDA 7.9× · Pricier than median
PEG 0.80× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 53 · sector 85
FUTURE 0 · sector 0
PAST 78 · sector 55
HEALTH 83 · sector 89
DIVIDEND 0 · sector 87

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Insurance - Reinsurance stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
1MUV2 1MUV2 €513.20 €526.73 +3%
Hannover Rück SE HNR1 €250.00 €216.20 -14%
Reinsurance Group RGA $246.08 $261.04 +6%
Everest Group EG $363.67 $507.47 +40%
RenaissanceRe Holdings RNR $317.45 $563.91 +78%
SCOR SE SDRC €34.14 €66.75 +96%
General Insurance Corporation GICRE ₹355.85 ₹594.47 +67%
China Reinsurance (Group) Corporation 1508 HK$1.22 HK$2.43 +100%
Hamilton Insurance Group HG $35.27 $54.04 +53%
SiriusPoint Ltd SPNT $22.90 $37.12 +62%

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Frequently asked questions

Is Swiss Re AG (SREN) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of CHF 158.42 versus a price of CHF 138.05, about +15% (undervalued).
What is the fair value of SREN?
Our model-based fair value for Swiss Re AG is CHF 158.42 (as of Aug 13, 2026), built from audited fundamentals. The current price is CHF 138.05.
What is the quality score of SREN?
Swiss Re AG has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Swiss Re AG (SREN)?
Swiss Re AG reported trailing-twelve-month revenue of about CHF 42.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of SREN?
The net profit margin of Swiss Re AG is about 11.8%, meaning it keeps roughly 11.8% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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