Swiss Re delivers a net income of USD 1.5 billion for the first quarter
Ad hoc announcement pursuant to Article 53 LR
• Property & Casualty Reinsurance (P&C Re) delivers net income of USD 754 million; combined ratio of 79.5%1
• Corporate Solutions achieves net income of USD 262 million; combined ratio of 85.1%2
• Life & Health Reinsurance (L&H Re) delivers net income of USD 491 million
• Return on investments (ROI) of 4.6%; recurring income yield of 4.1%
Swiss Re achieved a net income of USD 1.5 billion and a return on equity (ROE) of 23.6% for the first quarter of 2026. The result was driven by increased contributions from all Business Units, supported by low natural catastrophe experience and a strong investment contribution.
Swiss Re's Group Chief Executive Officer Andreas Berger said: "Our first-quarter performance shows strong earnings generation, reflecting the strategic actions taken in recent years to reinforce our businesses. In a more challenging market environment, we are focused on active cycle management in our P&C businesses, as well as underwriting discipline and efficiency across the Group."
Swiss Re's Group Chief Financial Officer Anders Malmström said: "L&H Re made a strong start to the year following the completion of the portfolio review in 2025, while our P&C businesses continued to benefit from high-quality business written in recent years. We also took a prudent approach to managing current geopolitical volatility, including setting aside additional reserves for potential inflationary impacts of the ongoing Middle East conflict."
Group result driven by contributions from all Business Units
Swiss Re delivered a net income of USD 1.5 billion in the first quarter of 2026, a year-on-year increase of 19%. ROE reached 23.6% for the first quarter, up from 22.4% for the prior-year period. Both P&C businesses achieved good underwriting results, supported further by low large-loss experience in the quarter, while L&H Re's result reflected in-force underwriting margins and favourable US mortality experience.
Insurance revenue for the Group amounted to USD 10.0 billion, compared with USD 10.4 billion for the same period in 2025. Lower revenues in P&C Re represent the main driver of the reduction. In addition, the Group's ongoing withdrawal from its iptiQ business contributed. This was partly offset by favourable foreign exchange movements.
The insurance service result, which reflects the underwriting profit earned in the period, was USD 1.7 billion, compared with USD 1.3 billion in the first quarter of 2025.
The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 1.2 billion, compared with USD 1.7 billion for the first quarter of 2025. The reduction reflects the impact of P&C Re renewals in January, as well as a lower contribution from L&H Re mainly due to lower transaction activity. Corporate Solutions' new business CSM was broadly in line with the prior-year period.
Swiss Re achieved an ROI of 4.6% for the first quarter of 2026. The result reflects strong recurring income of USD 1.0 billion, supported further by realised gains from real estate sales. Swiss Re achieved a recurring income yield of 4.1% for the first quarter of 2026, in line with the prior-year period. The reinvestment yield for the quarter was 4.3%.
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