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 at USD 9.57.

• Return on equity was 22.7%, driven by strong underwriting, favorable experience variance, and robust investment returns.

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

• All business units benefited from disciplined underwriting, low nat cat claims, and efficiency improvements.

• 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, with EPS of USD 9.57 and ROE of 22.7%.

• Insurance service result was USD 3.5 billion, up 15% year-over-year.

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

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

• 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 and USD 1.7 billion Life & Health Re net income target for 2026.

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

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