The latest set of results from Swiss Re look good, here are some extracts;
Swiss Re reported a net income of USD 1.3 billion for the third quarter of 2026, resulting in a net income of USD 4.2 billion and a return on equity (ROE) of 22.5% for the first nine months of the year. The Group’s financial performance benefited from strong contributions from all Business Units, supported by lower-than-expected natural catastrophe losses and a solid investment result. The Group and all Business Units are well on track towards their 2026 financial targets.
Swiss Re’s Group Chief Executive Officer Andreas Berger said: “Our result for the first nine months reflects disciplined underwriting and the deliberate decisions we have made over recent quarters to strengthen our portfolio and build a more resilient business. We are applying the same long-term approach as P&C market conditions shift, combining underwriting discipline and greater cost efficiency with commercial ambition, working closely with clients and brokers to identify attractive opportunities. At a time when risks are becoming increasingly complex and interconnected, Swiss Re is well positioned to support clients with the expertise, capacity and solutions they ask for.”
Swiss Re’s Group Chief Financial Officer Anders Malmström said: “Our strong current earnings reflect disciplined underwriting and portfolio management, while lower margins on new business reflect the competitive P&C pricing environment we are seeing today. Our focus on simplifying Swiss Re and directing resources where they create the greatest value is bringing us closer to clients and driving progress towards our cost reduction targets. At the same time, L&H Re’s large in-force portfolio, consistently strong performance from Corporate Solutions and healthy recurring investment income continue to provide important support to Group profitability. From a capital management perspective, the execution of our USD 1.5 billion share buyback programme, announced in February, is nearly complete.”
Group result driven by strong contributions from all Business Units
Swiss Re delivered a net income of USD 4.2 billion and an ROE of 22.5% for the first nine months of 2026, compared with a net income of USD 4.0 billion and an ROE of 22.5% for the same period in 2025. P&C Re and Corporate Solutions continued to deliver strong underwriting results, supported by lower-than-expected large natural catastrophe losses in the first nine months of the year. L&H Re‘s performance reflects healthy in-force margins and favourable US mortality experience. Swiss Re targets a Group net income of USD 4.5 billion for 2026.
The insurance service result, which reflects the underwriting profit earned in the period, was USD 5.1 billion, compared with USD 4.8 billion in the first nine months of 2025.
Insurance revenue for the Group amounted to USD 31.2 billion, compared with USD 32.0 billion for the same period in 2025. Lower revenues in P&C Re were partly offset by increased revenues in L&H Re and favourable foreign exchange movements.
The Group’s new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 2.8 billion, compared with USD 3.9 billion for the first nine months of 2025. This result reflects the impact of a continued competitive P&C renewals environment during the period, as well as a lower contribution from L&H Re mainly due to reduced volumes, a more selective approach to new business and fewer large transactions.
Swiss Re achieved an ROI of 4.0% for the first nine months of 2026, reflecting strong recurring income of USD 3.1 billion. The recurring income yield increased to 4.2%, up from 4.1% for the prior-year period, and the reinvestment yield for the third quarter of 2026 increased to 5.6%.
Swiss Re continues to simplify its operations by reducing organisational complexity, increasing speed to market and enabling closer engagement with clients. These efforts are expected to strengthen the Group’s competitiveness and support long-term profitability while increasing cost efficiency.
Swiss Re remains on track towards its target of reducing operating costs by USD 500 million by 2028, having increased the savings target from USD 300 million by 2027 earlier this year. The Group continues to invest in strategic areas, including underwriting, client-facing capabilities, data and AI solutions, while pursuing attractive business opportunities and maintaining underwriting and pricing discipline.
Large man-made losses in the first nine months of 2026 amounted to USD 219 million, including USD 150 million in the third quarter. Large natural catastrophe losses of USD 54 million in the first nine months of 2026 were mainly driven by the earthquake in Colombia in August; Storm Fern, which affected multiple parts of North America in January; and a tornado in Texas in April.
Corporate Solutions delivered a combined ratio of 86.4% in the first nine months of 2026, compared with 87.1% for the prior-year period. The Business Unit targets a combined ratio of less than 91% for the full year.
Insurance revenue in the first nine months of 2026 amounted to USD 5.5 billion, compared with USD 5.7 billion for the prior-year period. Growth in targeted lines and favourable foreign exchange movements offset the majority of the impact of the previously announced non-renewal of the Irish Medex business.5
New business CSM for Corporate Solutions was USD 418 million for the first nine months of 2026, compared with USD 500 million for the prior-year period.
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