Swiss Re reported net income of $1.5 billion for the first quarter of 2026, marking a 19% increase from the same period last year. The company also recorded a return on equity (ROE) of 23.6%, up from 22.4% in the first quarter of 2025. According to the company, the results reflected contributions from all business units, low natural catastrophe losses, and strong investment income.
Swiss Re CEO Andreas Berger said the company’s first-quarter performance reflected strategic actions taken in recent years to strengthen operations. He added that Swiss Re remains focused on underwriting discipline, active cycle management, and efficiency across the group as market conditions become more challenging.
Group CFO Anders Malmström said Life & Health Reinsurance made a strong start to the year following its 2025 portfolio review. He also noted that Swiss Re set aside additional reserves to address possible inflationary impacts from the ongoing conflict in the Middle East.
Swiss Re’s insurance revenue totaled $10.0 billion in the first quarter, compared with $10.4 billion during the same period in 2025. The company attributed the decline primarily to lower revenues in Property & Casualty Reinsurance and the continued withdrawal from its iptiQ business. Favorable foreign exchange movements partially offset those reductions.
Meanwhile, the group’s insurance service result increased to $1.7 billion from $1.3 billion a year earlier. Swiss Re also reported a return on investments (ROI) of 4.6% for the quarter. The company said recurring income reached $1.0 billion, supported by gains from real estate sales. Recurring income yield remained at 4.1%, while reinvestment yield reached 4.3%.
Swiss Re maintained a strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 252% as of April 1, 2026. The company’s target range is 200% to 250%.
Property & Casualty Reinsurance Posts Higher Net Income
Property & Casualty Reinsurance (P&C Re) reported net income of $754 million for the first quarter, up 43% from $527 million during the same period in 2025. Swiss Re said disciplined underwriting, low natural catastrophe losses, and strong investment income supported the increase.
The unit’s insurance service result rose to $795 million from $575 million a year earlier. Large natural catastrophe claims totaled $133 million and were primarily linked to Storm Kristin, which made landfall in Portugal in January. Large man-made losses reached $41 million.
P&C Re achieved a combined ratio of 79.5%, compared with 86.0% in the prior-year quarter. Swiss Re stated that the business unit continues to target a combined ratio below 85% for the full year.
Insurance revenue for P&C Re declined to $4.1 billion from $4.5 billion in the prior-year period. The company said renewals outcomes and reduced volumes written by cedents drove the decrease, although foreign exchange movements provided some support.
In April renewals, P&C Re renewed treaty contracts representing $2.3 billion in premium volume. That reflected an 8% decline compared with business up for renewal. Swiss Re reported a nominal price decrease of 2.5% while maintaining stable terms and conditions. However, updated loss assumptions increased by 3.6%, resulting in a net price decrease of 6.1%.
Corporate Solutions Continues Underwriting Performance
Corporate Solutions reported net income of $262 million for the first quarter, a 26% increase from $208 million in the same period last year. Swiss Re said disciplined underwriting, low large-loss activity, and investment income contributed to the result.
The business unit’s insurance service result increased to $286 million from $240 million in the prior-year period. Large man-made losses totaled $12 million, while the unit did not experience any large natural catastrophe losses during the quarter.
Corporate Solutions recorded a combined ratio of 85.1%, compared with 88.4% during the same period in 2025. The unit continues to target a combined ratio below 91% for the full year.
Insurance revenue totaled $1.7 billion, slightly lower than $1.8 billion a year earlier. Swiss Re said growth in targeted business lines and favorable foreign exchange movements offset most of the impact from the previously announced non-renewal of the Irish Medex business.
Life & Health Reinsurance Reports Strong Quarter
Life & Health Reinsurance (L&H Re) posted net income of $491 million in the first quarter, up 12% from $439 million in the prior-year period. Swiss Re said the result reflected underwriting margins from the unit’s in-force portfolio, along with favorable mortality experience in the United States.
The unit’s insurance service result rose to $547 million from $456 million a year earlier. Insurance revenue increased to $4.3 billion from $4.1 billion, driven by favorable foreign exchange movements and higher contributions from longevity business.
L&H Re generated a new business contractual service margin (CSM) of $164 million during the quarter, compared with $344 million in the prior-year period. Swiss Re said lower transaction activity was primarily to blame for the decline.
The business unit’s CSM balance stood at $16.8 billion at the end of the quarter, compared with $17.0 billion at the end of 2025. Swiss Re attributed the decrease mainly to foreign exchange translation impacts tied to the strengthening U.S. dollar.
Swiss Re said L&H Re continues to target net income of $1.7 billion for 2026.
Looking ahead, Berger said Swiss Re remains focused on underwriting discipline, cost efficiency, and achieving its 2026 financial targets amid ongoing economic uncertainty and market challenges.
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