Swiss Re (SREN) Q2 2026 earnings summary

Executive summary

• Net income for H1 2026 rose 9% year-over-year to USD 2.8 billion, with all business units contributing strongly and EPS of USD 9.57; ROE was 22.7%–23%, reflecting robust underwriting and investment returns.

• Strong performance across Life & Health Re, P&C Re, and Corporate Solutions, with diversification benefits and disciplined underwriting.

• Insurance service result increased 15% to USD 3.5 billion, while insurance revenue declined 3% to USD 20.3 billion, mainly due to lower P&C Re volumes.

• Group SST ratio stood at 264% as of July 2026, well above the target range.

• The group is well on track to meet its 2026 financial targets, supported by solid investment income and cost discipline.

Financial highlights

• Group net income increased to USD 2.8 billion in H1 2026 from USD 2.6 billion in H1 2025.

• EPS rose to USD 9.57, up from USD 8.71 year-over-year.

• Book value per share was USD 83.89 as of 30 June 2026; shareholders’ equity at USD 24.5 billion.

• Investment ROI was 4.0% for H1 2026, with recurring income yield at 4.2% and reinvestment yield at 5.2%.

• Ordinary dividend payment of USD 2.4 billion and treasury share purchases of USD 0.7 billion reduced equity.

Outlook and guidance

• On track to achieve the USD 4.5 billion full-year net income target for 2026.

• Increased operating cost reduction target to USD 500 million by 2028, with full run-rate impact by 2029.

• Combined ratio for P&C Re expected to remain below 85% for the year.

• Continued investment in data, technology, and AI to capture growing demand and create long-term value.

• Full outlook for 2027 to be provided in the fall.