Swiss Re completes 1bn Swiss franc share buyback ahead of financial results this week
Swiss Re said today it had completed a 1bn Swiss franc (£771m) share buyback programme, ahead of announcing its 2018 financials this week.
The Zurich-based insurer said it had bought 11.2m shares, equivalent to 3.21 per cent of its outstanding shares, at an average price of 89.17 frances per share.
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Swiss Re is expected to unveil improved numbers for 2018 this week, despite a natural disaster-hit fourth quarter for which it has estimated losses of more than $1bn (£770m).
Swiss Re predicted losses from the California wildfires of $375m, Hurricane Michael losses of $150m, and upped its estimate for losses from typhoons Jebi and Trami by $320m in the fourth quarter to take the total to $1.2bn.
The insurer previously said it expected full-year losses from natural disasters and large man made claims to hit $2.9bn.
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Barclays forecast Swiss Re’s operating profit for 2018 to climb to $575m, from $525m last year.
In a research note, Barclays analysts said: “While the 2018 loss is lower than the $5–5.1bn large loss hit in the previous year, for the industry it was still the fourth most expensive year on record with $81bn insured loss.”