Swiss Re AG (0QL6) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning or good afternoon. Welcome to Swiss Re's Q1 twenty twenty six Results Conference Call and Lab Webcast. Please note that today's conference call is being recorded. At this time, I would like to turn the conference over to Andreas Berger, Group CEO. Please go ahead. Thank you very much and good morning or good afternoon to all of you. I appreciate you taking the time to join us today. Before I, Group CFO Anders Malmstrom walks you through the details of our first quarter results, as usual I would like to start with some brief remarks. We made a strong start to 2026 delivering a net income of $1,500,000,000 U. S. Dollars in the first quarter. This represents onethree of our full year net income target of 4,500,000,000 US dollars and positions us well for the remainder of the year. The annualized ROE for the quarter amounted to 24%. All business units contributed to this result, also helped by a good investment contribution. Both P and C businesses delivered strong underwriting results supported by a low level of large losses in the quarter and excellent underlying profitability. This allowed us to post a strong overall result while also strengthening the balance sheet. Turning to the market environment and P and C reinsurance renewals. The April renewals confirm the continuation of the trends observed in January. Our focus on prioritizing portfolio quality over volume remain unchanged. This is what is required by cycle management. Competition has intensified, especially in non proportional nat cat. Here, the nominal price is down high single digits for our overall nat cat portfolio through the year to date renewals. Casualty and specialty lines show a more balanced overall price development picture. Within casualty, liability experienced notable rate increa...