Swiss Re (SREN) Investor presentation summary

2026 performance and resilience

• 9M 2026 net income was $4.173bn vs $4.037bn in 9M 2025, reaching 90% of the $4.5bn FY 2026 target.

• 9M EPS was $14.17 vs $13.24; P&C Re combined ratio was 77.3% vs FY target below 85%, and Corporate Solutions was 86.4% vs target below 91%.

• L&H Re net income was $1.7bn vs $1.5bn; ROE was 22.5% in both periods, while investment return was 4.0% vs 4.1%.

• Resilience measures include prudent initial P&C loss picks, a Group-wide new-business uncertainty load, late-claims allowances and reserve redeployment for long-tail claims and inflation risks.

• Cost-savings target increased from ~$300m by 2027 to $500m by 2028.

Franchise and market position

• Operations span P&C Re, Corporate Solutions and L&H Re, supported by asset management; diversification covers business lines and the Americas, EMEA and APAC.

• P&C Re market premiums were ~$280bn, with +4% annual market growth projected for five years; pricing was down 10%, and client NPS was 55, up 3 points YoY.

• Corporate Solutions addressed a ~$1.2trn commercial insurance market, with +5% annual growth projected; pricing was down 30%, and client NPS was 65, up 3 points YoY.

• L&H Re operated in a ~$130bn market, with +5% annual growth projected; pricing was down 14%, and client NPS was 50, up 5 points YoY.

• Market positions include top-tier specialty and traditional biometric risks, a No. 3 position in alternative risk transfer, and a leading ILS asset manager and structurer.

Strategy and investment

• Strategy centers on amplifying the core, advancing re/insurance and creating lasting value while navigating more competitive pricing in selected P&C lines.

• Long-term ambition targets multi-year ROE above 14%.

• The $107bn investment portfolio comprised 38% credit bonds, 38% government bonds, 11% equities and alternatives, 8% mortgages and other loans, and 5% cash.

• Average annual credit impairments were $16m over the last 10 years; portfolio positioning emphasizes sustainable income and flexibility to deploy capital.