Swiss Re (SREN) Q3 2026 earnings summary

Executive summary

• 9M 2026 net income was $4.173bn, up 3% YoY, with EPS of $14.17 and ROE of 22.5%; all three business units contributed.

• Q3 net income was $1.3bn; the $4.5bn full-year target remained within reach.

Financial highlights

• 9M insurance service result rose to $5.132bn from $4.777bn; insurance revenue was $31.195bn versus $31.999bn.

• Net income increased to $4.173bn from $4.037bn; net income attributable to common shareholders was $4.167bn.

• Investment result was $3.326bn versus $3.566bn; recurring investment income was $3.1bn, with a 4.2% recurring income yield and 4.0% investment return.

• New business CSM fell to $2.8bn from $3.9bn, reflecting competitive P&C renewals, lower L&H volumes and more selective underwriting.

Outlook and guidance

• 2026 net income target is $4.5bn; all business units were on track toward their financial targets.

• P&C Re was on track for a FY combined ratio below 85%; Corporate Solutions for below 91%; L&H Re for net income of $1.7bn.

• Operating-cost savings target is $500m by 2028, increased from $300m by 2027; strategic investment continues in underwriting, client capabilities, data and AI.

• 2027 financial targets and capital-management update were due Dec. 4.