Swiss Re (SREN) Q2 2026 (Media) earnings summary

Executive summary

• Net income rose 9% year-over-year to USD 2.8 billion for H1 2026, with all business units contributing strongly and a return on equity of 22.7%.

• Insurance service result increased 15% to USD 3.5 billion, reflecting robust underwriting profits.

• Insurance revenue declined 3% to USD 20.3 billion, mainly due to lower P&C Re volumes, partially offset by L&H Re growth.

• Over USD 17 billion in claims paid out in H1 2026, demonstrating strong client support.

• The Group remains on track to achieve its full-year net income target of USD 4.5 billion.

Financial highlights

• Group Swiss Solvency Test (SST) ratio estimated at 264% as of 1 July 2026, exceeding the 200-250% target range.

• Operating cost reduction target increased to USD 500 million by 2028, up from USD 300 million by 2027.

• Recurring investment income totaled USD 2 billion in H1 2026, with a recurring income yield of 4.2% and reinvestment yield of 5.2%.

• Earnings per share rose 10% to USD 9.57.

• Shareholders’ equity stood at USD 24.5 billion, with book value per share at USD 83.89 as of 30 June 2026.

Outlook and guidance

• On track to achieve full-year 2026 combined ratio targets: <85% for P&C Re and <91% for Corporate Solutions.

• L&H Re is on track to achieve a full-year 2026 net income target of USD 1.7 billion.

• The Group expects continued demand for re/insurance and risk expertise, investing in data, technology, and AI to capture growth.

• Vigilance maintained amid hurricane season and volatile geopolitical/economic environment.

• Commitment to net-zero greenhouse gas emissions by 2050 reaffirmed.