Swiss Re (SREN) investor relations material

Executive summary

• Net income for Q1 2026 reached USD 1.5 billion, a 19% year-on-year increase, representing one third of the full-year target, with annualized ROE at 24% and strong contributions from all business units.

• Combined ratios improved: P&C Reinsurance at 79.5% and Corporate Solutions at 85.1%, reflecting disciplined underwriting and low large claims.

• Life & Health Re net income was USD 491 million, driven by resilient in-force margins and favorable US mortality experience.

• Balance sheet resilience was enhanced, with Group SST ratio at 252% as of April 1, above the target range.

• Strategic focus remains on disciplined underwriting, efficiency, and active cycle management amid intensified competition and pricing pressures.

Financial highlights

• Insurance revenue for Q1 2026 was USD 10.0 billion, down 4% year-on-year, mainly due to lower P&C Re revenues and withdrawal from iptiQ.

• Insurance service result rose 30% to USD 1.7 billion compared to Q1 2025.

• Investment ROI was 4.6%, supported by real estate disposal gains and recurring income of USD 1 billion.

• Group shareholders’ equity stood at USD 25.97 billion, with book value per share at USD 88.30 at March 31, 2026.

• Earnings per share rose to USD 5.11 from USD 4.31 year-over-year.

Outlook and guidance

• All business units are on track to meet or exceed full-year 2026 targets, including combined ratio and net income goals.

• Life & Health Re net income target for 2026 remains USD 1.5–1.7 billion, with growing contribution expected.

• P&C Reinsurance and Corporate Solutions are expected to maintain combined ratios below 85% and 91%, respectively, for 2026.

• Focus remains on disciplined underwriting, portfolio quality, cost efficiency, and resilience amid geopolitical and market challenges.

• Management expects continued high demand and pricing pressure into June and July renewals.