Swiss Re stock keeps 2026 target after nine-month profit rise

Swiss Re reported stronger earnings for the first nine months of 2026 on November 5, while keeping its full-year profit target unchanged. The reinsurer posted net income of USD 4.173 billion, compared with USD 4.037 billion a year earlier, according to its Swiss Re results release.

Annualised return on equity remained at 22.5%. The insurance service result, which reflects underwriting profit, increased to USD 5.132 billion from USD 4.777 billion. Insurance revenue moved lower to USD 31.195 billion from USD 31.999 billion, while recurring investment income reached USD 3.1 billion.

Life earnings offset pricing pressure

Life and Health Reinsurance provided the strongest earnings contribution. Its net income rose 43% to USD 1.527 billion from USD 1.065 billion, supported by the large in-force portfolio and favourable US mortality experience. The division is targeting USD 1.7 billion in net income for the full year.

Property and Casualty Reinsurance generated USD 2.160 billion in net income, down 6% from USD 2.296 billion. Swiss Re linked the decline primarily to competitive market conditions. The unit's combined ratio improved slightly to 77.3% from 77.6%, remaining below its full-year target of less than 85%.

Corporate Solutions increased net income 3% to USD 714 million from USD 693 million. Its combined ratio improved to 86.4% from 87.1%, against a full-year target below 91%.

Targets remain in focus

Swiss Re maintained its Group net income target of USD 4.5 billion for 2026. Management said disciplined underwriting, portfolio management, recurring investment income and contributions from all three business units support the outlook. At the same time, the company highlighted lower margins on new business in a competitive Property and Casualty market.

The Group's new business contractual service margin fell to USD 2.8 billion from USD 3.9 billion in the prior-year period. In Property and Casualty Reinsurance, the measure declined to USD 1.8 billion from USD 2.5 billion, pointing to pressure on the profitability of newly written business even as current-period earnings remain strong.

Swiss Re also said it remains on track to reduce operating costs by USD 500 million by 2028. Its estimated Swiss Solvency Test ratio stood at 259% on October 1, above the company's target range of 200% to 250%.

Share price and next milestone

Swiss Re stock traded at 162.70 euros on Lang & Schwarz at 11:41 CET on Wednesday, November 11, 2026.

The next scheduled company milestone is the publication of Swiss Re's 2027 financial targets on December 4, 2026. Annual results for 2026 are scheduled for February 26, 2027.

The broader Swiss market can be followed through the SMI market overview.

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