Swiss Re delivers 3% increase in net income to USD 4.2 billion for the first nine months of 2026

Ad hoc announcement pursuant to Article 53 LR

• Swiss Re well on track towards 2026 financial targets
• Property & Casualty Reinsurance (P&C Re) net income of USD 2.2 billion, down 6% reflecting competitive market conditions; combined ratio of 77.3%¹
• Corporate Solutions continues consistent delivery with net income up 3% to USD 714 million; combined ratio of 86.4%²
• Life & Health Reinsurance (L&H Re) net income up 43% to USD 1.5 billion; continued favourable US mortality experience
• Return on investments (ROI) 4.0%; recurring income yield 4.2%

Zurich, 5 November 2026 – 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.

Continued strong capital position
Swiss Re maintained its strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 259%³ as of 1 October 2026, above the target range of 200–250%.

P&C Re result reflects strong underwriting performance and active cycle management
P&C Re delivered a net income of USD 2.2 billion for the first nine months of 2026, supported by a strong underwriting performance and a solid investment result. Net income decreased by 6% from USD 2.3 billion for the same period in 2025, primarily reflecting the impact of competitive market conditions.

The insurance service result was USD 2.7 billion for the first nine months of 2026, compared with USD 2.9 billion for the same period in 2025. Large losses totalled USD 941 million, including USD 624 million in the third quarter. Of the total in the first nine months of the year, USD 640 million related to natural catastrophes, primarily driven by the earthquake in Colombia in August and Storm Kristin, which made landfall in Portugal in January.⁴ Large man-made losses for the first nine months of 2026 amounted to USD 301 million.

P&C Re achieved a combined ratio of 77.3% for the first nine months of 2026, compared with 77.6% for the prior-year period. The Business Unit targets a combined ratio of less than 85% for the full year.

Insurance revenue for the first nine months of 2026 was USD 12.8 billion, compared with USD 14.0 billion for the same period in 2025. The decrease was primarily driven by the overall renewals outcome and reduced volumes written by cedents.

New business CSM for the first nine months of 2026 was USD 1.8 billion, compared with USD 2.5 billion in the prior-year period, reflecting a competitive year-to-date market environment.

P&C Re continues to actively manage the cycle, maintaining underwriting discipline while defending portfolio quality and selectively pursuing attractive new business opportunities.

Corporate Solutions continues to deliver consistent performance
Corporate Solutions delivered a net income of USD 714 million in the first nine months of 2026, compared with USD 693 million for the same period in 2025. The result reflects continued strong underwriting performance, supported by lower-than-expected large natural catastrophe losses.

The insurance service result reached USD 863 million in the first nine months of 2026, up from USD 832 million in the prior-year period.

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.

Building on strong performance over the past years, Corporate Solutions is evolving its operating model to simplify operations, strengthen go-to-market capabilities and support continued profitable growth in an increasingly competitive market environment. Key changes include the centralisation of the global underwriting function while market units will increase their focus on client engagement, growth opportunities and new business origination.

In line with the Business Unit's strategy to grow at scale, Corporate Solutions today announced a strategic cooperation with Old Mutual Insure in South Africa, subject to applicable regulatory approvals. This follows similar agreements with GNP Seguros in Mexico and Bajaj General Insurance in India, announced alongside Swiss Re's half-year results on 6 August 2026. This partnership growth platform is an important part of Corporate Solutions' strategy to expand in attractive growth markets by combining Swiss Re's global underwriting expertise and capabilities with the local market knowledge and distribution networks of established partners.

Lori Goltermann to join Swiss Re
Swiss Re appointed Lori Goltermann as Chief Commercial Officer for Corporate Solutions. In this newly created global role, she will lead Swiss Re's enterprise-wide strategy for corporate clients, governments and distribution partners. Lori Goltermann will bring together Swiss Re's specialised underwriting, risk expertise, technology and global reach to drive sustainable, profitable growth. Based in Chicago, Lori Goltermann will report to Ivan Gonzalez, Chief Executive Officer Corporate Solutions, and join the Corporate Solutions Executive Committee. She will start on 11 January 2027.

Swiss Re's Group Chief Executive Officer Andreas Berger said: "Lori Goltermann is one of the most distinguished and accomplished executives in the insurance industry. Her track record of over 30 years at Aon is a remarkable one, characterised by high performance, client centricity, and teamwork. We look forward to having her at Swiss Re, working closely with leaders across the firm to deliver our value proposition through a world class go-to-market organisation."

Lori Goltermann said: "As corporates and governments around the world face an increasingly complex and interconnected risk environment, I am excited to join Swiss Re, a widely respected and truly global organisation, to help clients better understand, manage and transfer their risks. I look forward to building on the company's market-leading capabilities and delivering solutions that meet clients' evolving needs."

L&H Re delivers strong result supported by favourable experience
L&H Re achieved a net income of USD 1.5 billion in the first nine months of 2026, compared with USD 1.1 billion in the prior-year period. The result reflects the continued contribution from L&H Re's large in-force portfolio, providing an important source of earnings diversification for the Group. L&H Re targets a net income of USD 1.7 billion for 2026.

The insurance service result for the first nine months of 2026 reached USD 1.6 billion, compared with USD 1.1 billion for the same period in 2025⁶. The increase reflects favourable experience variance, supported in particular by a tailwind from US mortality.

Insurance revenue in the first nine months of 2026 amounted to USD 12.9 billion, compared with USD 12.0 billion for the prior-year period⁶. The increase primarily reflects favourable foreign exchange movements and contributions from new longevity business.

L&H Re achieved a new business CSM of USD 488 million for the first nine months of the year, compared with USD 833 million for the prior-year period. The decrease reflects fewer large transactions and a more selective approach to new business, particularly in APAC. Swiss Re continues to invest in its transaction capabilities to capture additional attractive opportunities in the market.

The Business Unit's CSM balance after the first nine months of the year was USD 16.6 billion, compared with USD 16.9 billion at the end of 2025⁶.

Outlook
Swiss Re's Group Chief Executive Officer Andreas Berger said: "We maintain our two priorities: delivering on our financial targets and the Group's overall resilience. Our performance in the first nine months puts us firmly on track to meet both goals. Looking beyond 2026, our robust foundations and the diversification provided by our three Business Units give us confidence in our ability to navigate different market cycles successfully. We continue to see attractive opportunities across our businesses and are pursuing them with ambition and discipline."

Details of 9M 2026 performance

¹ P&C Re combined ratio is defined as [(insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums)].

² Corporate Solutions combined ratio is defined as [(insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue].

³ Estimated Group SST ratio as of 1 October 2026. The SST ratio is filed with FINMA periodically and is subject to review.

⁴ Compared with a large natural catastrophe budget of USD 1.6 billion for the first nine months of 2026.

⁵ The non-renewal of the Irish Medex business accounted for a reduction of USD 0.4 billion compared with the prior-year period.

⁶ Comparative information for 2025 has been revised to reflect the reallocation of certain reinsurance transactions in run-off from L&H Reinsurance to Group items. These relate to primary insurance businesses that were formerly part of the dissolved Life Capital Business Segment.

Financial calendar

4 December 2026: Financial targets 2027

26 February 2027: Annual Results 2026

12 March 2027: Publication of Annual Report 2026

14 April 2027: 163rd Annual General Meeting

Media conference call

Swiss Re will hold a virtual media conference this morning at 8:30 CET. To participate, please dial in 10 minutes before the start using the following numbers:

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Investor and analyst call

Swiss Re will hold an investors' and analysts' webcast today at 14:00 CET, which will focus exclusively on Q&A. The investor and analyst presentation can be found here.