Swiss Re reported net income of USD 4.2bn for the first nine months of 2026, against USD 4.0bn a year earlier, and an annualised return on equity of 22.5%, the same as in 2025. Third-quarter net income was USD 1.3bn. The reinsurer said natural catastrophe losses below its expectations and a solid investment result supported the figures, and that it remains on track for its 2026 target of USD 4.5bn.
Property & Casualty Reinsurance earned USD 2.2bn, 6% less than a year earlier, which Swiss Re put down to competitive market conditions. The unit's combined ratio was 77.3%, against 77.6%, well inside its full-year target of below 85%. Its insurance revenue fell to USD 12.8bn from USD 14.0bn; the company linked the drop to the overall renewals outcome and to smaller volumes written by its clients. Large losses came to USD 941m, of which USD 640m were natural catastrophes, mainly the August earthquake in Colombia and Storm Kristin in Portugal. The nine-month budget for large natural catastrophe losses was USD 1.6bn.
Swiss Re links weaker margins on new business to competitive P&C pricing. The group's new business contractual service margin, which measures the expected profit on contracts written in the period, fell to USD 2.8bn from USD 3.9bn. In P&C Re alone it fell to USD 1.8bn from USD 2.5bn.
Life & Health Reinsurance net income rose 43% to USD 1.5bn, helped by favourable US mortality. Corporate Solutions earned USD 714m, up 3%, with an 86.4% combined ratio; its revenue absorbed the non-renewal of the Irish Medex health business, which cut revenue by USD 0.4bn. The group's estimated Swiss Solvency Test ratio was 259% at 1 October, above its 200–250% target range, and its USD 1.5bn share buyback is nearly complete.
Swiss Re also named former Aon executive Lori Goltermann as Chief Commercial Officer of Corporate Solutions from 11 January 2027, and announced a cooperation with Old Mutual Insure in South Africa, subject to regulatory approval.
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Swiss Re ↗Company · 5 Nov 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
