Swiss Re AG (0QL6) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and also good afternoon for everybody who's dialing in. I appreciate you taking the time to join us today. Before Anders Montstrom, our group CFO, walks you through the details of our H1 results, I'd like to start with some brief remarks. Today, we're pleased to report a strong net income of $2,800,000,000 the first half of twenty twenty six. This represents more than 60% of our full year net income target of 4,500,000,000 US dollars, which positions us well for the remainder of the year. We're proud to operate three core businesses. They're our passion. Each one is a leading value creator in its respective market. Together, Life and Health Re, TNC Re, and Corporate Solutions provide significant diversification both from a capital efficiency and an earnings perspective. The strength of this diversified business model is reflected in our first half year results with excellent underwriting results driving the group's 23% return on equity. Life and Health Re delivered a strong result in the first half of the year, marking two consecutive quarters of clean earnings. The result was driven by strong in force margins and favorable experience, particularly in US mortality. This reinforces our confidence in the actions taken last year and in achieving our 1,700,000,000 US dollars net income target for 2026. Our P and C businesses continue to deliver strong underwriting results supported by a low level of large natural catastrophe losses and the high quality of the portfolios we have built over the years. This allowed us to post strong results while also strengthening the balance sheet. You hear us talking about cycle management. Let me expand on that and what this really means for us, namely preserving the quality of our underwriting portfolio, maintaining pruden...