Swiss Re has set out a range of financial and operational targets for 2026, aiming for group net income of $4.5bn (SFr3.61bn).
The financial targets also involve expanding the use of AI in processes such as underwriting, claims and data management to support productivity and decision-making.
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The group intends to introduce an annual share buyback programme alongside its existing dividend policy, beginning in 2026 with a proposed allocation of $500m.
This programme is contingent on achieving a full-year 2025 group net income target of more than $4.4bn.
A review of underperforming portfolios in the life and health reinsurance (L&H Re) division, focusing on Australia, Israel and South Korea, has been largely completed.
Updates resulting from this review are estimated to have a pre-tax earnings impact of around $250m for the fourth quarter under International Financial Reporting Standards (IFRS) reporting.
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By GlobalDataSwiss Re is maintaining existing combined ratio objectives for its property and casualty reinsurance and corporate solutions divisions at less than 85% and less than 91%, respectively.
For L&H Re, a higher net income target of $1.7bn by 2026 has been set.
The group continues to target an IFRS return on equity above 14% and aims for annual dividend growth of at least 7% over the next two years.
Cost management measures are also ongoing, with a $300m reduction in annual operating expenses planned by 2027.
Swiss Re Group CEO Andreas Berger said: “We continue to strengthen the foundations of our business. This year in particular, we accelerated efforts to improve the resilience of our in-force book in L&H Re. Along with the other actions we have taken, this gives us the confidence to increase our target for that business unit in 2026, contributing to an updated group net income target of $4.5bn.”
For the first nine months of 2025, Swiss Re reported net income of $4bn, an increase of 85% from $2.2bn in the same period last year.
The insurance service result increased by 64% to $4.8bn from $2.9bn in the prior-year period.
