Swiss Re (SREN) Q3 2026 (Media) earnings summary

Executive summary

• 9M 2026 net income rose 3% YoY to USD 4.2bn, with contributions from all three business units; Q3 net income was USD 1.3bn and 9M ROE was 22.5%.

• Lower-than-expected catastrophe losses and solid investment results supported performance; approximately USD 27bn was paid in claims.

Financial highlights

• Insurance service result increased to USD 5.132bn from USD 4.777bn; insurance revenue was USD 31.195bn versus USD 31.999bn.

• New business CSM declined to USD 2.8bn from USD 3.9bn, reflecting competitive P&C renewals, lower L&H Re volumes, selectivity and fewer large transactions.

• Recurring investment income exceeded USD 3bn in 9M; recurring income yield rose to 4.2% from 4.1%, and Q3 reinvestment yield reached 5.6%.

• Shareholders’ equity was USD 23.998bn at 30 September 2026, versus USD 25.114bn at year-end 2025; book value per share was USD 83.33 versus USD 85.15.

Segment performance

• P&C Re 9M net income was USD 2.160bn versus USD 2.296bn; combined ratio improved to 77.3% from 77.6%, while insurance revenue declined to USD 12.776bn from USD 13.975bn.

• P&C Re large losses were USD 941m, including USD 640m from NatCat and USD 301m from man-made events; NatCat losses were below the USD 1.6bn budget.

• Corporate Solutions net income rose to USD 714m from USD 693m; combined ratio improved to 86.4% from 87.1%, and revenue was USD 5.493bn versus USD 5.687bn.

• L&H Re net income increased to USD 1.527bn from USD 1.065bn, supported by favourable U.S. mortality; revenue rose to USD 12.891bn from USD 12.009bn.

• L&H Re CSM was USD 16.6bn; new business CSM declined amid fewer large transactions and a selective approach, particularly in APAC.