Swiss Re recorded net income of $1.51bn in the first quarter of 2026 (Q1 2026), a 19% year-on-year (YoY) increase, as the reinsurer benefitted from reduced natural catastrophe claims, stronger contributions across its divisions and steady investment returns.
The group’s return on equity rose to 23.6% from 22.4% in the same period a year ago, while the insurance service result climbed 30% to $1.7bn.
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Group insurance revenue edged down 4% to $10.03bn, reflecting lower volumes in property and casualty (P&C) reinsurance and the continued wind-down of the iptiQ business.
Return on investment (ROI) stood at 4.6%, underpinned by $1bn in recurring income and proceeds from real estate disposals.
The P&C reinsurance (P&C Re) division delivered net income of $754m, up sharply from $527m a year earlier, with its combined ratio improving to 79.5% from 86%.
Divisional insurance revenue fell by 9% to $4.08bn, attributed to renewal dynamics and reduced cedent activity.
Large catastrophe losses for the quarter came to $133m, predominantly from Storm Kristin in Portugal in January, while large man-made losses totalled $41m.
At the April renewals, Swiss Re renewed P&C Re treaty contracts covering $2.3bn in premium volume, down 8% on the amount up for renewal.
A nominal price decline of 2.5%, combined with higher loss assumptions of 3.6%, produced a net price decrease of 6.1%.
Corporate Solutions reported a 26% rise in net income to $262m, with its combined ratio tightening to 85.1% from 88.4%.
Insurance revenue in the unit declined 4% to $1.68bn, partly reflecting the non-renewal of the Irish Medex business.
Life & health reinsurance (L&H Re) posted net income of $491m, up 12% YoY, supported by favourable US mortality experience and in-force underwriting margins.
Insurance revenue in the division grew by 6% to $4.29bn.
The unit’s contractual service margin balance was $16.8bn at quarter-end, compared with $17bn at the close of 2025, with the movement primarily linked to the stronger US dollar.
For the full year, Swiss Re is targeting a P&C Re combined ratio below 85%, a Corporate Solutions combined ratio below 91% and L&H Re net income of $1.7bn.
Swiss Re group CEO Andreas Berger said: “Swiss Re delivered strong earnings in the first quarter, putting us on a good path towards our 2026 financial targets. Against an uncertain macroeconomic backdrop and an increasingly challenging market environment, our P&C businesses continue to prioritise disciplined underwriting.
“We expect L&H Re to make a growing contribution to balance the group’s overall performance going forward. At the same time, we are firmly focused on cost efficiency. Our goals remain: delivering on our financial targets and on the group’s overall resilience.”
