Half-Year 2026 Results
Swiss Re investor and analyst presentation Zurich, 6 August 2026
Financial highlights from H1 2026 results
H1 2026 results: Group net income of USD 2.8bn, EPS of USD 9.57 and ROE of 22.7%, driven by strong contributions from all Business Units and supported by solid investment result
- P&C Reinsurance - combined ratio of 76.7%: underwriting discipline, supported by low level of large nat cat claims
- Corporate Solutions - combined ratio of 86.1%: strong underwriting performance with a low level of large nat cat claims
- L&H Reinsurance - net income of USD 1.0bn: healthy in-force margins, complemented by favourable experience
- Investments - ROI of 4.0%: strong recurring investment income
The Group and all Business Units are well on track towards 2026 financial targets
Strong Group result driven by contributions from all Business Units
4.0%
4.1%
3.5%
3.8%
Return on
investments
22.7%
23.0%
20.8%
22.5%
Return on
equity
9.57
8.71
4.46
4.40
Earnings per
share (USD)
Q2 2025 Q2 2026 H1 2025 H1 2026
1 320
1 330
2 833
2 605
Swiss Re Group
Net income
(USD m)
4.5bn
2 833m
1 320m
Net income (USD)
Swiss Re
Group
1.7bn
1 045m
546m
Net income (USD)
L&H
Reinsurance
<91%
86.1%
87.0%
Combined ratio
Corporate
Solutions
<85%
76.7%
74.0%
Combined ratio
P&C
Reinsurance
FY 2026
targets
Q2 2026 H1 2026 key figures key figuresLower insurance revenue and new business margins reflect challenging P&C market conditions; increased insurance service result driven by low level of large nat cat losses
Insurance revenue (USD bn)
New business CSM (USD bn)
Net income (USD bn)
0.7
3.7
8.0
8.9
20.9
20.3
3.1
3.6
8.4
8.2
P&C Reinsurance
0.2
0.3
1.6
0.3
0.6
2.2
2.1
2.6
3.0
.6
Insurance service result
2.3
-1.7
-1.2
-1.2
-1.6
2.4
2
3.5
2.8
L&H Reinsurance
P&C Reinsurance
Investment result
H1 20251
H1 2026
Corporate Solutions Group Items Consolidation
H1 2025 H1 2026
L&H Reinsurance Corporate Solutions Group Items
H1 2025 H1 2026
Insurance finance result
Financing costs, taxes & other
Decline in insurance revenue primarily driven by P&C Re, reflecting overall renewals outcome and cedent volume updates, the non-renewal of Irish Medex business in Corporate Solutions, and the impact from the iptiQ withdrawal, partially offset by favourable FX
P&C Re's decline driven by renewals outcome
L&H Re's new business subject to inherent variability of transaction activity throughout the year
Corporate Solutions' decline in new business reflects more challenging market environment
Increase in net income primarily driven by higher underwriting results across the Group's businesses
1 Comparative information for 2025 has been revised to reflect the reallocation of certain reinsurance transactions in run-off from L&H Reinsurance to Group items. These relate to primary insurance businesses that were formerly part of the dissolved Life Capital Business Segment
Half-Year 2026 Results 4
Year-to-date P&C Re renewals reflect underwriting discipline in a challenging market; outcome continues to support 2026 combined ratio target
Price change1
-0.2%
Higher loss assumptions
+4.4%
Premium volume change +0.5%
USD bn
19.4
1.7 19.5
18.4
-1.0
-0.6
Up for renewal YTD2
Cancelled/ not placed
Renewed Change on renewed
New business Outcome YTD renewals
% of total 100% -5% 95% -3% +9% 101%
Year-to-date renewals
~88% of treaty business renewed
• +0.5% gross premium volume increase vs. the business up for renewal
-0.2% nominal price decrease, with rate increases in casualty offset by property
• +4.4% higher loss assumptions reflect prudent view on inflation and loss model updates
-4.6% net price change translates into a
~3.5%pts (~4%pts including impact of change in portfolio mix) higher nominal combined ratio vs. the business up for renewal
YTD renewals outcome and sustained portfolio quality in line with P&C Re's combined ratio target of <85% in 2026
June/July renewals
Premium volume of USD 4.5bn, +11.0% volume increase vs. the business up for renewal, driven by selective growth in property proportional and specialty lines; volume change flat vs. outcome prior-year June/July renewals
-1.2% nominal price change, +4.2% higher loss assumptions, -5.3% net price change
Note: Gross premium volume, reflecting treaty business only (excluding facultative business of USD 1.5bn)
1 Price change defined as relative change in premiums net of commissions / claims; price change assumes constant portfolio mix and excludes discounting
2 Delta to YTD outcome as in H1 2025 results presentation driven by multi-year deals and FX restatement. Additionally, credit & surety new business moved from P&C Re to Corporate Solutions effective 1 January 2026 (up for renewal volume of USD 0.6bn)
Half-Year 2026 Results 5
Year-to-date P&C Re renewals outcome reflects continued focus on cycle management and portfolio quality
Gross premium volume by line of business1 (USD bn) Gross premium volume by region1 (USD bn)
Up for renewal YTD | Premium volume change | Outcome YTD renewals | |
Nat cat | 4.7 | -9% | 4.2 |
Property2 | 3.5 | +8% | 3.7 |
Specialty | 4.4 | +0% | 4.4 |
Casualty | 6.9 | +3% | 7.1 |
Total | 19.4 | +1% | 19.5 |
Up for renewal YTD | Premium volume change | Outcome YTD renewals | |
Americas | 6.8 | -1% | 6.8 |
EMEA | 7.7 | +5% | 8.1 |
APAC | 4.9 | -5% | 4.6 |
Total | 19.4 | +1% | 19.5 |
Nat cat
Property2
Specialty
Casualty
Volume change driven by nominal price declines in a challenging market, while underwriting discipline was broadly maintained on terms and structures
Premium growth in EMEA and Americas driven by new business wins and higher shares
Volume remained stable, with modest growth in various sublines offset by lower agriculture business in India
Volume growth driven by nominal price increases
1 Treaty business only
2 Excluding nat cat
Half-Year 2026 Results 6
Recurring investment income supported by higher locked-in yields
Recurring income yield and reinvestment yield (%)
5.5
5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
USD 2bn
Recurring income in H1 2026
4.2%
Recurring income yield in H1 2026
5.2%
Reinvestment yield in Q2 2026
-
2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026
Recurring income yield1 Reinvestment yield21 2023 and prior as reported under US GAAP
2 From 2024 reinvestment yield includes mortgages and other loans
Half-Year 2026 Results 7
Operating cost reduction target raised to USD 500m by 2028
Operating cost run-rate reduction1
2024 2025 2026E 2027E 2028E USD ~3.9bn USD >100m USD 300m USD 500mCore costs
Cost reduction delivered
Well on track to deliver on initial target
Increased target, reflecting USD 200m additional cost reduction
1 Net of inflation, excluding FX fluctuations and restructuring effects; operating cost reduction target measured on a run-rate basis, i.e. run-rate reduction of USD 500m by year-end 2028 will be fully reflected in FY 2029
Half-Year 2026 Results 8
Financial highlights
Half-Year 2026 Results 9
Key figures H1 2026
USD m, unless otherwise stated | P&C Re | L&H Re | Corporate Solutions | Group items | Consolidation | Total H1 2026 | Total H1 2025 | ||||
| 8 241 | 8 420 | 3 614 | 266 | -277 | 20 264 | 20 947 | ||||
| 1 821 | 1 158 | 578 | -93 | 3 464 | 3 003 | |||||
Combined ratio | 76.7 % | 86.1 % | |||||||||
| -742 | -310 | -141 | -39 | -1 231 | -1 243 | |||||
| 1 286 | 616 | 306 | 310 | -237 | 2 281 | 2 429 | ||||
Return on investments | 3.7 % | 4.4 % | 3.9 % | 1.9 % | 4.0 % | 4.1 % | |||||
| 1 446 | 1 045 | 490 | -147 | 2 833 | 2 605 | |||||
| (USD) | 9.57 | 8.71 | ||||||||
(CHF) | 7.52 | 7.55 | |||||||||
| 22.7 % | 23.0 % | |||||||||
30 Jun 2026 | 31 Dec 2025 | ||||||||||
| 1 821 | 16 661 | 840 | 216 | 19 538 | 19 566 | |||||
| 1 561 | 5 763 | 205 | 67 | 7 597 | 7 568 | |||||
| 24 456 | 25 114 | |||||||||
| (USD) | 83.89 | 85.15 | ||||||||
(CHF) | 67.67 | 67.47 |
Half-Year 2026 Results 10
P&C Re result driven by strong underwriting performance and low nat cat burden
Insurance revenue (USD bn)
8.9
3.2
1.9
2.8
3.6
2.6
1.9
0.5
8.2
New business CSM (USD m)
1 567
2 185
Insurance service result (USD m)
102
256
1 399
723
195
1 192
1 821
Combined ratio (%)
75.9
5.2
70.9
81.1
Property
1 568
CSM release
76.7
5.8
Expense ratio
0.6
H1 2025 H1 2026
Casualty
Specialty General multiline
H1 2025
H1 2026
-189
H1 2025
-289
H1 2026
Changes in RA
Experience variance & other
New business LC
H1 2025
H1 2026
Loss and commission ratio
Decline of -7.6% in insurance revenue, mainly driven by overall renewals outcome and cedent volume updates, partially offset by favourable FX. On a net basis, insurance revenue declined by -5.9%, reflecting lower external retrocession
New business CSM generation below prior-year period primarily driven by a challenging market environment at January, April and June treaty renewals
Increase in insurance service result driven by more favourable experience variance, partially offset
by lower CSM release and higher new business LC, both reflecting a challenging market environment
Experience variance & other1 in H1 2026 reflects
Current services: positive experience driven by lower-than-expected large nat cat losses
Past services: positive experience, reflecting releases across short-tail lines, partially offset by reserve additions for long-tail lines and potential inflationary impacts of the ongoing Middle East conflict, both in IBNR form
Discounting benefit on incurred claims of ~12%pts in H1 2026
On track to achieve full-year 2026 combined ratio target of <85%
1 Net impact of cedent volume updates (comprising of premium variance and corresponding change in claims) is considered in this presentation within current services Note: Large nat cat losses of USD 169m (i.e. USD >20m, nominal, net of USD 7m reinstatement premiums) related to H1 2026 events vs. H1 2026 budget of USD 836m
Half-Year 2026 Results 11
Corporate Solutions continued to deliver strong underwriting performance
Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%)
0.8
1.5
1.5
0.9
1.3
1.4
3.7
3.6
Property
Casualty
Specialty
262
Assumed
550
201
-349
Ceded
515
657
451
16
65
-17
578
193
66
404
CSM release
Changes in RA
-85
Experience variance & other New business LC
88.2
86.1
63.6
59.9
26.2
24.6
Expense ratio
Loss ratio
-395
H1 2025
H1 2026
H1 2025
H1 2026
H1 2025
H1 2026
H1 2025
H1 2026
Growth in targeted lines and favourable FX offset the majority of the impact of the previously announced non-renewal of the Irish Medex business1
New business CSM generation below prior-year period reflecting a more challenging market environment in some lines of business, partially offset by the inclusion of P&C Re's credit & surety business from 2026 onwards. As with prior year, new business CSM impacted by seasonality of reinsurance programme, which largely incepts in Q1, while assumed business incepts throughout the year
Increase in insurance service result driven by more favourable experience variance, partially offset by higher new business LC (due to A&H, mostly incepting in Q1)
Experience variance & other in H1 2026 reflects
Current services: negative experience primarily driven by an allowance for expected claims seasonality, partially offset by lower-than-expected nat cat losses
Past services: positive experience, reflecting reserve releases partially offset by reserve additions for potential inflationary impacts of the ongoing Middle East conflict
Discounting benefit on incurred claims of ~4%pts in H1 2026
On track to achieve full-year 2026 combined ratio target of <91%
1 Impact of USD -0.3bn in H1 2026 vs. H1 2025
Note: Large nat cat losses of USD 31m (i.e. USD >10m, nominal) related to H1 2026 events, below half-year expectation
Half-Year 2026 Results 12
L&H Re result reflects resilient in-force margins and favourable experience
Insurance revenue (USD bn) New business CSM (USD m)
Insurance service result (USD m)
Net income (USD m)
8.0
1.3
1.8
4.7
H1 20251
8.4
1.6
2.0
4.6
H1 2026
Mortality
Health
Longevity Other
569
338
H1 2025
H1 2026
931
277
833
-151
-27
H1 20251
167
269
758
-36
H1 2026
1 158
CSM release
Changes in RA
Experience variance & other New business LC
865
931
8
65
811
H1 20251
1 158
H1 2026
Insurance service result
-310
-419
616
-334
-543
1 045
Investment result
Insurance finance result
Financing costs, taxes & other
Insurance revenue increased vs. prior year, driven by favourable FX and a higher contribution from longevity business
New business CSM generation decline driven mainly by lower transaction activity. New business continues to be generated primarily in mortality, led by the US, and health contributions across EMEA and APAC
Increase in insurance service result driven by favourable experience variance, particularly from US mortality, partly offset by lower CSM release (in line with full-year guidance of ~8-9%)
Investment result is impacted by higher insurance related losses, largely offset in other income
Financing costs, taxes and other improved, supported by higher other income (mainly due to movements on non-risk transfer contracts, with an offset in investment result)
On track to achieve full-year 2026 net income target of USD 1.7bn
L&H Re maintains a robust CSM balance
CSM development (USD m)
338 250
49
-758
-134
16 917
16 661
31 Dec 20251
New business CSM Interest accretion CSM release Change in assumptions Other 30 Jun 2026
Other driven mainly by currency translation impacts due to strengthening of US dollar against other currencies
Investment performance driven by strong recurring income
Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m)
111.5
108.8
RIY 4.1%
4.2%
42.6
7.8
6.9
13.0
41.8
12.1
Equities and alternatives Mortgages and other loans
ROI
4.1%
2 149
4.0%
2 155
Credit bonds
27 153
66 64
Investment gains/losses
Other NII
46.8
42.2
Government bonds
1 969
Recurring income
4.1
2.9
31 Dec 2025 30 Jun 2026
Cash and cash equivalents
2 024
H1 2025 H1 2026
Equities and alternatives decreased, primarily reflecting a net reduction of temporary, fully hedged listed equity funding positions as well as real estate disposals in Switzerland in Q1 2026
Mortgages and other loans increased, reflecting net deployments into infrastructure and commercial mortgage loans
Credit bonds increased due to net purchases, partially offset by mark-to-market losses
Government bonds decreased, primarily due to net sales of US sovereign bonds, with the proceeds reinvested into other asset classes
ROI of 4.0% for H1 2026 reflects strong recurring income
Recurring income increased due to higher locked-in yields as well as an increased allocation to spread products
Reinvestment yield of 5.2% in Q2 2026
Investment gains in H1 2026 primarily reflect real estate disposals in Q1, partially offset by the decline in private equity valuations in Q2, while prior-year period benefited from the sale of stake in Definity Financial
Change in expected credit losses and impairments in H1 2026 of USD -24m
1 Reflects fair value of investment portfolio, excludes securities lending, repurchase agreements and derivatives
Half-Year 2026 Results 15
Appendix
Half-Year 2026 Results 16
Financial statements Q2 2026
Income statement
USD m
4 156 | 4 198 | 1 933 | 85 | -141 | 10 230 | 10 542 | |||||
-2 933 | -3 551 | -1 436 | -198 | 62 | -8 056 | -8 463 | |||||
1 222 | 647 | 497 | -113 | -79 | 2 174 | 2 079 | |||||
-216 | -124 | -477 | 2 | 141 | -674 | -573 | |||||
19 | 84 | 272 | 0 | -61 | 313 | 227 | |||||
-196 | -40 | -205 | 2 | 79 | -361 | -346 | |||||
1 026 | 607 | 292 | -111 | 0 | 1 814 | 1 733 |
Insurance revenue Insurance service expense
Corporate Total Total
P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025
Insurance service result before reinsurance contracts held | |||||||||||
Allocation of reinsurance premiums | |||||||||||
Amounts recoverable from reinsurers for incurred claims | |||||||||||
Net income/expenses from reinsurance contracts held | |||||||||||
Insurance service result | |||||||||||
Finance income/expenses from insurance contracts issued | -373 | -140 | -127 | -14 | 28 | -626 | -623 | ||||
Finance income/expenses from reinsurance contracts held | 10 | 2 | 56 | 0 | -28 | 40 | 35 | ||||
Insurance finance result | -364 | -138 | -70 | -14 | 0 | -586 | -588 | ||||
Net investment income | 645 | 380 | 142 | 49 | -126 | 1 090 | 1 079 | ||||
Investment gains/losses | -152 | -90 | -8 | 82 | 0 | -168 | 83 | ||||
Investment result | 493 | 290 | 134 | 131 | -126 | 922 | 1 162 | ||||
Other income | 28 | 113 | 15 | 116 | -112 | 161 | 57 | ||||
Other expenses | -159 | -104 | -56 | -223 | 112 | -430 | -479 | ||||
Financing costs | -144 | -68 | -22 | -28 | 126 | -137 | -130 | ||||
Income/loss before income tax expense/benefit | 881 | 700 | 292 | -130 | 0 | 1 743 | 1 755 | ||||
Income tax expense/benefit | -189 | -154 | -64 | -16 | 0 | -423 | -425 | ||||
Net income/loss | 692 | 546 | 228 | -145 | 0 | 1 320 | 1 330 | ||||
Thereof | |||||||||||
Net income/loss attributable to non-controlling interests | -2 | 0 | -4 | 0 | 0 | -6 | 1 | ||||
Net income/loss attributable to common shareholders | 693 | 546 | 232 | -145 | 0 | 1 326 | 1 329 | ||||
Financial statements H1 2026
Income statement
USD m
8 241 | 8 420 | 3 614 | 266 | -277 | 20 264 | 20 947 | |||||
-6 062 | -7 192 | -2 532 | -361 | 62 | -16 085 | -17 466 | |||||
2 178 | 1 228 | 1 083 | -95 | -216 | 4 179 | 3 481 | |||||
-431 | -235 | -902 | 2 | 279 | -1 287 | -1 195 | |||||
73 | 165 | 397 | 0 | -63 | 573 | 717 | |||||
-357 | -69 | -505 | 2 | 216 | -714 | -478 | |||||
1 821 | 1 158 | 578 | -93 | 0 | 3 464 | 3 003 |
Insurance revenue Insurance service expense
Corporate Total Total
P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025
Insurance service result before reinsurance contracts held | |||||||||||
Allocation of reinsurance premiums | |||||||||||
Amounts recoverable from reinsurers for incurred claims | |||||||||||
Net income/expenses from reinsurance contracts held | |||||||||||
Insurance service result | |||||||||||
Finance income/expenses from insurance contracts issued | -760 | -313 | -250 | -39 | 57 | -1 303 | -1 308 | ||||
Finance income/expenses from reinsurance contracts held | 18 | 3 | 109 | 0 | -57 | 72 | 65 | ||||
Insurance finance result | -742 | -310 | -141 | -39 | 0 | -1 231 | -1 243 | ||||
Net investment income | 1 287 | 759 | 284 | 84 | -237 | 2 177 | 2 095 | ||||
Investment gains/losses | -1 | -143 | 22 | 226 | 0 | 104 | 334 | ||||
Investment result | 1 286 | 616 | 306 | 310 | -237 | 2 281 | 2 429 | ||||
Other income | 49 | 224 | 22 | 231 | -224 | 303 | 146 | ||||
Other expenses | -304 | -221 | -103 | -463 | 224 | -867 | -854 | ||||
Financing costs | -269 | -136 | -34 | -50 | 237 | -252 | -244 | ||||
Income/loss before income tax expense/benefit | 1 842 | 1 331 | 628 | -103 | 0 | 3 698 | 3 237 | ||||
Income tax expense/benefit | -396 | -286 | -138 | -44 | 0 | -865 | -632 | ||||
Net income/loss | 1 446 | 1 045 | 490 | -147 | 0 | 2 833 | 2 605 | ||||
Thereof | |||||||||||
Net income/loss attributable to non-controlling interests | 0 | 0 | 2 | 0 | 0 | 2 | 9 | ||||
Net income/loss attributable to common shareholders | 1 446 | 1 045 | 488 | -147 | 0 | 2 831 | 2 596 | ||||
Shareholders' equity | 24 456 | 25 114 | ||
Perpetual capital instruments | 444 | 444 | ||
Non-controlling interests | 57 | 181 | ||
Total equity | 24 958 | 25 739 | ||
Total liabilities and equity | 132 845 | 134 007 | ||
Financial statements H1 2026
Balance sheet USD m | P&C Re | L&H Re | Corporate Solutions | Group items | Consolidation | 30 Jun 2026 | 31 Dec 2025 | |||||||
Cash and cash equivalents | 1 978 | 687 | 911 | 354 | 0 | 3 930 | 2 743 | |||||||
Investments | 61 086 | 33 301 | 11 853 | 2 362 | -2 999 | 105 602 | 108 750 | |||||||
Fixed income securities | 47 142 | 25 657 | 11 205 | 812 | 0 | 84 817 | 88 469 | |||||||
Equity investments | 394 | 153 | 17 | 306 | 0 | 870 | 876 | |||||||
Mortgages and other loans | 2 457 | 6 414 | 321 | 986 | -2 197 | 7 980 | 7 085 | |||||||
Investment property | 2 024 | 526 | 1 | 0 | 0 | 2 550 | 2 648 | |||||||
Other invested assets | 9 070 | 551 | 309 | 258 | -803 | 9 385 | 9 672 | |||||||
Insurance contracts issued that are assets | 1 228 | 2 696 | 218 | 239 | -956 | 3 426 | 3 314 | |||||||
Reinsurance contracts held that are assets | 4 039 | 316 | 6 535 | 0 | -3 540 | 7 350 | 7 128 | |||||||
Goodwill and other intangible assets | 1 912 | 1 797 | 277 | 23 | 0 | 4 009 | 4 020 | |||||||
Income taxes recoverable | 209 | 461 | 139 | 48 | 0 | 857 | 793 | |||||||
Deferred tax assets | 1 719 | 1 312 | 202 | 1 230 | -2 721 | 1 741 | 1 758 | |||||||
Other assets | 18 327 | 11 871 | 3 453 | 9 531 | -37 252 | 5 929 | 5 370 | |||||||
Assets held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 131 | |||||||
Total assets | 90 497 | 52 443 | 23 587 | 13 785 | -47 468 | 132 845 | 134 007 | |||||||
Insurance contracts issued that are liabilities | 48 268 | 21 651 | 14 627 | 3 428 | -3 661 | 84 314 | 86 471 | |||||||
Reinsurance contracts held that are liabilities | 3 523 | 232 | 894 | 3 | -834 | 3 819 | 4 039 | |||||||
Short-term debt | 163 | 309 | 0 | 0 | -163 | 309 | 295 | |||||||
Long-term debt | 5 256 | 3 903 | 743 | 814 | -2 034 | 8 681 | 8 242 | |||||||
Income taxes payable | 522 | 142 | 170 | 224 | 0 | 1 058 | 848 | |||||||
Deferred tax liabilities | 1 233 | 3 264 | 722 | 383 | -2 721 | 2 881 | 2 800 | |||||||
Other liabilities | 21 249 | 15 294 | 1 892 | 6 445 | -38 054 | 6 825 | 5 423 | |||||||
Liabilities held for sale | 0 | 0 | 0 | 0 | 0 | 0 | 151 | |||||||
Total liabilities | 80 214 | 44 794 | 19 050 | 11 297 | -47 468 | 107 887 | 108 269 | |||||||
Financial statements H1 2026
Shareholders' equity development and ROE calculation
Shareholders' equity development, USD m
Total H1 2026
Shareholders' equity at 31 December 2025 | 25 114 |
Net income attributable to common shareholders | 2 831 |
Dividends | -2 357 |
Share buyback | -683 |
Change in unrealised gains/losses on investments | -583 |
Change in finance income/expenses from re/insurance contracts | 364 |
Other | -230 |
Shareholders' equity at 30 June 2026 | 24 456 |
ROE calculation, USD m unless otherwise stated | |
Net income attributable to common shareholders (A) | 2 831 |
Coupon on perpetual capital instruments (B) | -18 |
Gains/losses from redemption of perpetual capital instruments (C) | 0 |
Net income attributable to common shareholders after impact of perpetual capital instruments (D = A + B + C) | 2 814 |
Average shareholders' equity (E) | 24 785 |
ROE H1 2026 (= D annualised / E) | 22.7 % |
Shares outstanding1, millions
As at 30 June 2026 | 291.5 | |
Weighted average | 294.0 |
1 Shares outstanding is the number of shares eligible for dividends and is used for the book value per share and earnings per share calculations
Half-Year 2026 Results 20
Combined ratio calculations
P&C Reinsurance USD m, unless otherwise stated | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |
Insurance revenue (A) | 4 156 | 4 451 | 8 241 | 8 916 | |
Allocation of reinsurance premiums (B) | -216 | -254 | -431 | -614 | |
Insurance revenue (net) (C = A + B) | 3 940 | 4 197 | 7 810 | 8 302 | |
Insurance service expense (D) | -2 933 | -3 284 | -6 062 | -7 088 | |
Amounts recoverable from reinsurers for incurred claims (E) | 19 | 80 | 73 | 354 | |
Insurance service expense (net) (F = D + E) | -2 914 | -3 204 | -5 989 | -6 734 | |
Combined ratio (= -F / C) | 74.0 % | 76.3 % | 76.7 % | 81.1 % | |
Corporate Solutions | |||||
USD m, unless otherwise stated | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | |
Insurance revenue (A) | 1 933 | 1 990 | 3 614 | 3 749 | |
Insurance service expense (B) | -1 436 | -1 500 | -2 532 | -2 835 | |
Allocation of reinsurance premiums (C) | -477 | -393 | -902 | -733 | |
Amounts recoverable from reinsurers for incurred claims (D) | 272 | 178 | 397 | 334 | |
Non-directly attributable expenses (E) | -40 | -36 | -75 | -72 | |
Combined ratio (= -(B + C + D + E) / A) | 87.0 % | 88.0 % | 86.1 % | 88.2 % |
Half-Year 2026 Results 21
Investments
ROI Q2 2026
USD m, unless otherwise stated
Corporate Total Total
P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025
Investment result per income statement | 493 | 290 | 134 | 131 | -126 | 922 | 1 162 | |||||||
Less net investment income not included in ROI1 | 46 | 0 | -3 | 0 | 0 | 44 | 51 | |||||||
Less investment gains/losses not included in ROI1 | -6 | -115 | -7 | 0 | 0 | -128 | -43 | |||||||
Less investment gains/losses from foreign exchange | 0 | 0 | 0 | 85 | 0 | 85 | 151 | |||||||
Investment result for ROI | 452 | 404 | 144 | 47 | -126 | 922 | 1 003 | |||||||
Recurring income | 520 | 380 | 125 | 20 | -22 | 1 023 | 1 018 | |||||||
Fixed income securities | 840 | 840 | ||||||||||||
Equity investments | 1 | 2 | ||||||||||||
Mortgages and other loans | 114 | 114 | ||||||||||||
Investment property | 64 | 61 | ||||||||||||
Other invested assets | 3 | 1 | ||||||||||||
Other investment income | 135 | 33 | 26 | 34 | -109 | 119 | 110 | |||||||
Investment expenses | -56 | -32 | -6 | -5 | 5 | -94 | -100 | |||||||
Net investment income for ROI | 599 | 380 | 145 | 49 | -126 | 1 047 | 1 028 | |||||||
Change in expected credit losses and impairments | -4 | -3 | 0 | 0 | 0 | -7 | -17 | |||||||
Change in fair value | -118 | 3 | -3 | -3 | 0 | -120 | -13 | |||||||
Disposal gains/losses | -25 | 24 | 2 | 0 | 0 | 2 | 5 | |||||||
Investment gains/losses for ROI | -146 | 24 | -1 | -3 | 0 | -125 | -25 |
Average invested assets2 | 64 652 | 36 093 | 15 288 | 8 495 | -18 319 | 106 209 | 106 804 | ||||||
ROI | 2.8 % | 4.5 % | 3.8 % | 2.2 % | 3.5 % | 3.8 % |
Investments
ROI H1 2026
USD m, unless otherwise stated
Corporate Total Total
P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025
Investment result per income statement | 1 286 | 616 | 306 | 310 | -237 | 2 281 | 2 429 | |||||||
Less net investment income not included in ROI1 | 91 | 0 | -4 | 0 | 0 | 87 | 99 | |||||||
Less investment gains/losses not included in ROI1 | -14 | -185 | 9 | 0 | 0 | -191 | -9 | |||||||
Less investment gains/losses from foreign exchange | 0 | 0 | 0 | 230 | 0 | 230 | 190 | |||||||
Investment result for ROI | 1 210 | 801 | 301 | 80 | -237 | 2 155 | 2 149 | |||||||
Recurring income | 1 039 | 748 | 243 | 41 | -45 | 2 024 | 1 969 | |||||||
Fixed income securities | 1 679 | 1 641 | ||||||||||||
Equity investments | 2 | 2 | ||||||||||||
Mortgages and other loans | 211 | 203 | ||||||||||||
Investment property | 129 | 121 | ||||||||||||
Other invested assets | 4 | 2 | ||||||||||||
Other investment income | 271 | 69 | 57 | 51 | -202 | 245 | 211 | |||||||
Investment expenses | -113 | -57 | -12 | -8 | 11 | -179 | -184 | |||||||
Net investment income for ROI | 1 196 | 759 | 288 | 84 | -237 | 2 091 | 1 996 | |||||||
Change in expected credit losses and impairments | -12 | -10 | -1 | 0 | 0 | -24 | -15 | |||||||
Change in fair value | -71 | 1 | 1 | -4 | 0 | -74 | 14 | |||||||
Disposal gains/losses | 97 | 51 | 14 | 0 | 0 | 162 | 154 | |||||||
Investment gains/losses for ROI | 13 | 42 | 13 | -4 | 0 | 64 | 153 |
Average invested assets2 | 65 009 | 36 184 | 15 360 | 8 267 | -17 948 | 106 872 | 105 318 | ||||||
ROI | 3.7 % | 4.4 % | 3.9 % | 1.9 % | 4.0 % | 4.1 % |
Investments
Breakdown of fixed income securities as of 30 June 2026
32 | 7 | 20 | |||
21 | 40 | 31 | |||
8 | 31 | 20 | |||
15 | 11 | 13 | |||
24 | 10 | 17 |
Fixed income securities
% | Government bonds | Credit bonds | Total | % | Government bonds | Credit bonds | Total | % | Credit bonds | ||||
AAA | 13 | 9 | 11 | <1 year | Financials | 30 | |||||||
AA | 62 | 5 | 33 | 1-5 years | Non-cyclical consumer goods & services | 17 | |||||||
A | 15 | 32 | 23 | 5-10 years | Cyclical consumer goods & services | 13 | |||||||
BBB | 7 | 46 | 26 | 10-20 years | Securitised products | 12 | |||||||
<> | 3 | 3 | 3 | 20+ years | ABS/MBS | 5 | |||||||
Not rated | 0 | 2 | 1 | Other securitised products | 7 | ||||||||
Cat bonds | 0 | 3 | 2 | USD m | Utilities | 7 | |||||||
Total | 42 208 | 42 609 | 84 817 | Information technology | 6 | ||||||||
Resources | 5 | ||||||||||||
Catastrophe bonds | 3 | ||||||||||||
Other | 8 | ||||||||||||
USD m | |||||||||||||
Total | 42 609 | ||||||||||||
United States | 40 | 61 | 51 | ||
United Kingdom | 8 | 7 | 8 | ||
Canada | 8 | 7 | 7 | ||
France | 8 | 3 | 5 | ||
Australia | 5 | 4 | 4 | ||
Germany | 5 | 1 | 3 | ||
Japan | 3 | 2 | 3 | ||
Netherlands | 1 | 3 | 2 | ||
Other | 22 | 12 | 17 |
USD m
42 208 | 42 609 | 84 817 |
Total
Half-Year 2026 Results 24
Investments
Breakdown of selected asset classes as of 30 June 2026
Listed equity | 1 658 |
Listed equity - FVPL1 | 1 269 |
Listed equity - OCI option | 389 |
Private equity | 4 004 |
Private equity funds - FVPL2 | 3 664 |
Unlisted equity - OCI option | 265 |
Other | 76 |
Associates | 526 |
Investment property | 5 956 |
Total | 12 144 |
Mortgages and loans
Equity and alternative investments
Investment property
% of fair value | USD m | % of fair value | |||
Infrastructure debt | 65 | Switzerland | 54 | ||
Commercial mortgage loans | 25 | Germany | 22 | ||
Direct lending | 10 | United States | 14 | ||
United Kingdom | 4 | ||||
USD m | Other | 5 | |||
Carrying value | 7 980 | ||||
Fair value | 7 803 | % of fair value | |||
Residential | 47 | ||||
Office | 37 | ||||
Industrial | 16 | ||||
USD m | |||||
Carrying value | 2 550 | ||||
Fair value | 5 956 | ||||
1 Includes temporary allocation of USD ~1bn in a fully hedged listed equity funding position
2 Includes unlisted equity of USD +17m
Half-Year 2026 Results 25
Capital position and leverage
Group SST ratio1
IFRS available capital and leverage (USD bn)
Upcoming debt maturities4 (USD bn)
264%
15% 16%
Leverage ratio3
Senior debtSubordinated debt
257%
250%
Target range 200-250%
47.9
47.8
Senior debt Subordinated debt
0.9
7.0
15.4
15.4
24.5
25.1
1.2
6.2
CSM net of tax
Shareholders' equity
1.6
1.3
0.6
0.2
0.3
1.1
1.1
0.8
1/2025 1/2026 7/2026
31 Dec 2025 30 Jun 2026
2027
2028 2029
2030
Group SST ratio estimated at 264% as of 1 July 2026, above target range of 200-250%
Estimated increase of 14%pts compared to 1 January 2026, mainly driven by underwriting and investment contributions, as well as the temporary impact of 5%pts2 related to the issuance of subordinated debt to partially refinance redemptions in 2027
Debt leverage temporarily increased in H1 2026, due to the issuance of EUR 750m subordinated debt to partially refinance redemptions in 2027 of USD 1.3bn. Adjusted for the redemptions already refinanced, the pro forma leverage ratio is 15%
Senior leverage to be reduced by not replacing maturing instruments
1 Estimated Group SST ratio as of 1 July 2026. The SST ratio is filed with FINMA periodically and is subject to review
2 Temporary benefit not expected to be reflected in the Group SST ratio as of 1 October 2026
3 (Senior debt + subordinated debt) / (shareholders' equity + 100% CSM net of tax + senior debt + subordinated debt), excluding non-recourse positions
4 Notional, referring to next call date for subordinated debt, which is subject to FINMA approval
Half-Year 2026 Results 26
Glossary
A&H Accident & Health
Associates An associate is an entity over which the investor has significant influence
Combined ratio P&C Reinsurance: (insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums) Corporate Solutions: (insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue
Changes in RA Changes in risk adjustment, current and past
CSM Contractual service margin
Earnings per share Net income attributable to common shareholders after impact of perpetual capital instruments / weighted average shares outstanding
Expense ratio P&C Reinsurance: directly attributable expenses / (insurance revenue + allocation of reinsurance premiums)
Corporate Solutions: (directly attributable expenses + commissions + non-directly attributable expenses) / insurance revenue
Financing costs, taxes & other
Reflects financing costs, other income, other expenses, and income tax expense/benefit
FVPL All fair value changes are recognised in profit or loss in the period they arise
New business CSM Reflects the CSM from new business written in the respective period, net of reinsurance
New business LC New business loss component
NII Net investment income
Non-directly attributable expenses
Non-directly attributable expenses used for Corporate Solutions' combined ratio calculation are part of 'Other expenses' and exclude items such as expense components related to IFRS 9 and IFRS 15, restructuring and M&A expenses as well as amortisation of intangible assets
OCI Fair value changes are recognised in other comprehensive income and for equity securities the gains or losses are not recycled to the income statement on disposal
RA Risk adjustment
Reinvestment yield Weighted average yield at the date of acquisition (based on carrying value) of investments with a maturity of one year or more across fixed income securities (excluding catastrophe bonds), mortgages and other loans
RIY Recurring income yield = recurring income / average invested assets related to recurring income generation (carrying value)
ROE Return on equity = net income attributable to common shareholders after impact of perpetual capital instruments / average shareholders' equity; annualised
ROI Return on investments = investment result related to asset management activities / average invested assets related to asset management activities (carrying value); annualised
Corporate calendar and contacts
Corporate calendar | ||
2026 5 November | 9M 2026 Results | Conference call |
4 December | Financial Targets 2027 | Conference call |
2027 26 Feb | Annual Results 2026 | Conference call |
12 Mar 14 Apr | Publication of Annual Report 2026 163rd Annual General Meeting | Zurich |
Telephone E-mail
+41 43 285 4444 Investor_Relations@swissre.com
Thomas Bohun | Nicole Cooke | Marcel Fuchs |
+41 43 285 8118 | +41 43 285 8722 | +41 43 285 3611 |
Franz-Joseph Studt +41 43 285 2048 | Martijn Tielens +41 43 285 2620 |
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Forward-looking statements typically are identified by words or phrases such as "anticipate", "target", "aim", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend" and similar expressions, or by future or conditional verbs such as "will", "may", "should", "would" and "could". These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re's (the "Group") actual results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects to be materially different from any expected or assumed results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects expressed or implied by such statements or cause the Group to not achieve its published targets. Such factors include, among others:
macro-economic events or developments including the risk of a global economic downturn, deglobalisation, fragmentation of markets, changes in inflation rates, increased volatility of, and/or disruption in, global capital, credit, foreign exchange and other markets and their impact on the respective prices, interest and exchange rates and other benchmarks of such markets;
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the frequency, severity and development of, and losses associated with, insured claim events, particularly natural catastrophes, human-made disasters, pandemics, liability excess inflation, acts of terrorism or acts of war, including developments or escalation of ongoing conflicts or wars and any associated governmental and other measures such as sanctions, expropriations and seizures of assets as well as the economic consequences of the foregoing;
the Group's ability to adhere to standards related to the environment, climate change, social issues, employment (such as inclusion), respect for human rights, and governance. These are often referred to by expressions such as sustainability, environmental, social and governance ("ESG"), and corporate social responsibility ("CSR"). The Group's ability to fully achieve goals, targets, ambitions or stakeholder expectations related to CSR, ESG and/or sustainability matters and ability to adapt to the evolving expectations of investors, shareholders, business partners, or third parties, including regulators and public authorities, as well as CSR, ESG and/or sustainability recommendations, standards, norms, metrics or regulatory requirements;
the Group's ability to achieve its strategic objectives;
legal actions or regulatory investigations or actions, the intensity and frequency of which may increase;
the Group's dependence on third parties, including reinsurers, external investment managers, and other service providers;
the Group's ability to attract, retain and train highly skilled and technically qualified employees at the senior management level as well as in key operational roles;
the effects of business disruption due to terrorist attacks, cyberattacks, natural catastrophes, public health emergencies, hostilities or other events;
central bank, regulatory or governmental intervention in the financial markets, trade wars or other tariffs and protectionist measures relating to international trade and cross-border service arrangements, adverse geopolitical events, domestic political upheavals or other developments that adversely impact global economic conditions;
mortality, morbidity and longevity experience;
the Group's ability to maintain sufficient liquidity and access to capital markets, including sufficient liquidity to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and collateral calls due to actual or perceived deterioration of the Group's financial strength or otherwise;
the Group's ability to realise amounts on sales of securities on the Group's balance sheet equivalent to their values recorded for accounting purposes;
the Group's ability to generate sufficient investment income from its investment portfolio;
changes in legislation and regulation or the interpretations thereof by regulators and courts, affecting the Group or its ceding companies or the markets in which they are operating;
matters negatively affecting the reputation of the Group, its board of directors or its management;
the lowering, loss, giving up of, or the decision not to participate in one of the financial strength or other ratings of one or more companies in the Group, and developments adversely affecting its ability to achieve improved ratings;
uncertainties in estimating reserves, including differences between actual claims experience and underwriting and reserving assumptions;
changes in our policy renewal and lapse rates and their impact on the Group's business;
developments, litigation, or regulatory changes relating to the use of artificial intelligence ("AI") by the Group or third-party vendors, including risks around data quality, explainability, fairness, privacy, cybersecurity, intellectual property, overstating AI capabilities, reliability and effectiveness of AI systems, data or third-party dependency, failings in human oversight or expertise, adoption or integration, and the Group's ability to implement and govern AI responsibly and in line with evolving legal, ethical and technological standards;
the outcome of tax audits, the ability to realise tax loss carryforwards and deferred tax assets (including by reason of the mix of earnings in a jurisdiction or deemed change of control), which could negatively impact future earnings, and the overall impact of changes in tax regimes on the Group's business model;
changes in accounting estimates or assumptions that affect reported amounts of assets, liabilities, revenues or expenses, including contingent assets and liabilities as well as changes in accounting standards, practices or policies, including the Group's recent adoption of IFRS;
failure of the Group's hedging arrangements to be effective;
significant investments, acquisitions or dispositions, and any delays, unforeseen liabilities or other costs, lower-than expected benefits, impairments, ratings action or other issues experienced in connection with any such transactions;
extraordinary events affecting the Group's clients and other counterparties, such as bankruptcies, liquidations and other credit-related events;
changing levels of competition in the markets and geographies in which the Group competes; and
limitations on the ability of the Group's subsidiaries to pay dividends or make other distributions.
These factors are not exhaustive. The Group operates in a constantly changing environment and new risks may emerge accordingly. You are cautioned not to place undue reliance on forward-looking statements. The Group undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.
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Half-Year 2026 Results