Swiss Re delivers a net income of USD 1.5 billion for the first quarter

Ad hoc announcement pursuant to Article 53 LR

• Property & Casualty Reinsurance (P&C Re) delivers net income of USD 754 million; combined ratio of 79.5%¹
• Corporate Solutions achieves net income of USD 262 million; combined ratio of 85.1%²
• Life & Health Reinsurance (L&H Re) delivers net income of USD 491 million
• Return on investments (ROI) of 4.6%; recurring income yield of 4.1%

Zurich, 7 May 2026 – Swiss Re achieved a net income of USD 1.5 billion and a return on equity (ROE) of 23.6% for the first quarter of 2026. The result was driven by increased contributions from all Business Units, supported by low natural catastrophe experience and a strong investment contribution.

Swiss Re's Group Chief Executive Officer Andreas Berger said: "Our first-quarter performance shows strong earnings generation, reflecting the strategic actions taken in recent years to reinforce our businesses. In a more challenging market environment, we are focused on active cycle management in our P&C businesses, as well as underwriting discipline and efficiency across the Group."

Swiss Re's Group Chief Financial Officer Anders Malmström said: "L&H Re made a strong start to the year following the completion of the portfolio review in 2025, while our P&C businesses continued to benefit from high-quality business written in recent years. We also took a prudent approach to managing current geopolitical volatility, including setting aside additional reserves for potential inflationary impacts of the ongoing Middle East conflict."

Group result driven by contributions from all Business Units

Swiss Re delivered a net income of USD 1.5 billion in the first quarter of 2026, a year-on-year increase of 19%. ROE reached 23.6% for the first quarter, up from 22.4% for the prior-year period. Both P&C businesses achieved good underwriting results, supported further by low large-loss experience in the quarter, while L&H Re's result reflected in-force underwriting margins and favourable US mortality experience.

Insurance revenue for the Group amounted to USD 10.0 billion, compared with USD 10.4 billion for the same period in 2025. Lower revenues in P&C Re represent the main driver of the reduction. In addition, the Group's ongoing withdrawal from its iptiQ business contributed. This was partly offset by favourable foreign exchange movements.

The insurance service result, which reflects the underwriting profit earned in the period, was USD 1.7 billion, compared with USD 1.3 billion in the first quarter of 2025.

The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 1.2 billion, compared with USD 1.7 billion for the first quarter of 2025. The reduction reflects the impact of P&C Re renewals in January, as well as a lower contribution from L&H Re mainly due to lower transaction activity. Corporate Solutions' new business CSM was broadly in line with the prior-year period.

Swiss Re achieved an ROI of 4.6% for the first quarter of 2026. The result reflects strong recurring income of USD 1.0 billion, supported further by realised gains from real estate sales. Swiss Re achieved a recurring income yield of 4.1% for the first quarter of 2026, in line with the prior-year period. The reinvestment yield for the quarter was 4.3%.

Continued strong capital position

Swiss Re maintained its strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 252%³ as of 1 April 2026, above the target range of 200–250%.

P&C Re result driven by disciplined underwriting and low large natural catastrophe experience
P&C Re delivered a net income of USD 754 million for the first quarter of 2026, an increase of 43% from USD 527 million for the prior-year period. The result reflects continued disciplined underwriting and a low large natural catastrophe experience in the first quarter, supported by solid investment income.

The insurance service result was USD 795 million for the first quarter of 2026, compared with USD 575 million for the same period in 2025. Large natural catastrophe claims amounted to USD 133 million in the first quarter of 2026, driven by Storm Kristin, which made landfall in Portugal in January.⁴ Large man-made losses for the period amounted to USD 41 million.

P&C Re achieved a combined ratio of 79.5% for the first quarter of 2026, compared with 86.0% for the prior-year period. The Business Unit targets a combined ratio of less than 85% for the full year.

Insurance revenue for the first quarter of 2026 was USD 4.1 billion, compared with USD 4.5 billion for the same period in 2025. The change was primarily driven by the overall renewals outcome and reduced volumes written by cedents, partially offset by favourable foreign exchange movements.

P&C Re generated a new business CSM of USD 1.0 billion in the first quarter of 2026, compared with USD 1.4 billion in the prior-year period, reflecting a more challenging pricing environment.

P&C Re April renewals

P&C Re renewed treaty contracts resulting in USD 2.3 billion in premium volume on 1 April 2026, representing an 8% volume decrease compared with the business which was up for renewal. The outcome reflects continued discipline and active cycle management amid a more challenging pricing environment, with a continuation of the trends seen in January.

P&C Re reported a nominal price decrease of 2.5% in this renewal round, while maintaining stable terms and conditions. Based on a prudent view on inflation and updated loss models, loss assumptions increased by 3.6%, resulting in a net price decrease of 6.1%. The resulting portfolio quality is supportive of the Group's 2026 financial targets.

Corporate Solutions continues strong underwriting performance

Corporate Solutions delivered a net income of USD 262 million in the first quarter of 2026, an increase of 26% from USD 208 million for the same period in 2025. The continued strong result reflects disciplined underwriting and low large claims experience in the first quarter, supported by solid investment income.

The insurance service result reached USD 286 million in the first quarter of 2026, compared with USD 240 million in the prior-year period.

Large man-made losses in the first quarter of 2026 amounted to USD 12 million. Corporate Solutions did not experience any large natural catastrophe losses in the period.

Corporate Solutions delivered a combined ratio of 85.1% in the first quarter of 2026, compared with 88.4% for the prior-year period. The Business Unit targets a combined ratio of less than 91% for the full year.

Insurance revenue in the first quarter of 2026 amounted to USD 1.7 billion, compared with USD 1.8 billion for the prior-year period. Growth in targeted lines and favourable foreign exchange movements offset the majority of the impact of the previously announced non-renewal of the Irish Medex business.⁵

New business CSM for Corporate Solutions was USD 5 million for the first quarter of 2026, compared with USD -21 million for the prior-year period. Corporate Solutions' new business CSM is typically close to zero in the first quarter given that the majority of the Business Unit's reinsurance for the year is recognised in the first quarter.

L&H Re delivers strong net income

L&H Re reported a net income of USD 491 million in the first quarter of 2026, a 12% increase from USD 439 million in the prior-year period, reflecting the underwriting margins of L&H Re's large in-force book. This was supported by favourable US mortality experience.

The insurance service result for the first quarter of 2026 was USD 547 million, compared with USD 456 million for the prior-year period.

Insurance revenue in the first quarter amounted to USD 4.3 billion, compared with USD 4.1 billion for the prior-year period, driven by favourable foreign exchange movements and higher contributions from longevity business.

L&H Re achieved a new business CSM of USD 164 million for the first quarter, compared with USD 344 million for the prior-year period. The decrease is mainly driven by lower transaction activity.

The Business Unit's CSM balance at the end of the quarter was USD 16.8 billion, compared with USD 17.0 billion at the end of 2025 primarily driven by foreign exchange translation impacts due to the strengthening of the US dollar against other currencies.

L&H Re targets a net income of USD 1.7 billion for 2026.

Outlook

Swiss Re's Group Chief Executive Officer Andreas Berger said: "Swiss Re delivered strong earnings in the first quarter, putting us on a good path towards our 2026 financial targets. Against an uncertain macroeconomic backdrop and an increasingly challenging market environment, our P&C businesses continue to prioritise disciplined underwriting. We expect L&H Re to make a growing contribution to balance the Group's overall performance going forward. At the same time, we are firmly focused on cost efficiency. Our goals remain: delivering on our financial targets and on the Group's overall resilience."

Details of Q1 2026 performance

Q1 2026

Q1 2025

Change, %

USD millions, unless otherwise stated

Group

Net income

 1 513 

 1 275 

 19 

Insurance revenue

 10 034 

 10 405 

 -4 

Insurance service result

 1 651 

 1 270 

 30 

Return on equity (%, annualised)

 23.6 

 22.4 

Return on investments (%, annualised)

 4.6 

 4.4 

Recurring income yield (%, annualised)

 4.1 

 4.1 

31.03.26

31.12.25

Shareholders' equity

 25 966 

 25 114 

 3 

Book value per share (USD)

 88.30 

 85.15 

 4 

Q1 2026

Q1 2025

P&C Reinsurance

Net income

 754 

 527 

 43 

Insurance revenue

 4 085 

 4 465 

 -9 

Insurance service result

 795 

 575 

 38 

Combined ratio (%)

 79.5 

 86.0 

Corporate Solutions

Net income

 262 

 208 

 26 

Insurance revenue

 1 682 

 1 759 

 -4 

Insurance service result

 286 

 240 

 19 

Combined ratio (%)

 85.1 

 88.4 

L&H Reinsurance

Net income

 491 

 439 

 12 

Insurance revenue

 4 295 

 4 055 

 6 

Insurance service result

 547 

 456 

 20 

¹ P&C Re combined ratio is defined as [(insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums)].

² Corporate Solutions combined ratio is defined as [(insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue].

³ Estimated Group SST ratio as of 1 April 2026. The SST ratio is filed with FINMA periodically and is subject to review.

⁴ Compared with a large natural catastrophe budget of USD 409 million for the first quarter of 2026.

⁵ The non-renewal of the Irish Medex business accounted for a reduction of USD 0.2 billion compared with the prior-year period.

Financial calendar

6 August 2026: Half-year 2026 Results

5 November 2026: Nine-month 2026 Results

26 February 2027: Full-year 2026 Results

12 March 2027: Publication of Annual Report 2026 (incl. Sustainability Report)

Media conference call

Swiss Re will hold a virtual media conference this morning at 8:30 CEST. To participate, please dial in 10 minutes prior to the start using the following numbers:

Switzerland/Europe: +41 (0) 58 310 50 00
United Kingdom: +44 (0) 207 107 06 13
United States: +1 (1) 631 570 56 13

Other international numbers are available here.

Investor and analyst call

Swiss Re will hold an investors' and analysts' webcast at 14:00 CEST, which will focus exclusively on Q&A. The investor and analyst presentation can be found here.