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SSREF - Swiss Re: Attractive Bond Proxy With Multiple Expansion Upside
Swiss Re Ltd.
Swiss Re is moving towards a <96% combined ratio in FY21 on improved P&C pricing trends.
With portfolio pruning on track as well, Corporate Solutions should support the ~98% combined ratio target in FY20.
Plus, the capital position is strong and more than accounts for the dividend.
The current ~6% dividend yield makes this a nice income play, while the ~one turn core fwd P/E discount to Munich Re means there is also re-rating potential here.