Swiss Re Reports Significant Growth in Q1 2026 Financial Performance
In the first quarter of 2026, Swiss Re reported a 19% rise in net income, reaching $1.51 billion, driven by fewer natural catastrophe claims, improved business unit performance, and stable investment returns. Despite these achievements, group insurance revenue fell by 4% to $10.03 billion due to reduced property and casualty reinsurance volumes and the phase-out of iptiQ operations.
Swiss Re recorded a 23.6% return on equity, slightly exceeding last year's 22.4%, while the insurance service result increased by 30% to $1.7 billion. The property and casualty reinsurance unit saw net income rise to $754 million from $527 million, with its combined ratio improving to 79.5% from 86%. Contract renewals in the sector saw a premium volume of $2.3 billion, marking an 8% reduction, influenced by a 2.5% price drop and loss expectations of 3.6%, resulting in a 6.1% net price decline.
Corporate Solutions achieved a 26% increase in net income to $262 million, with its combined ratio improving to 85.1% from 88.4%. Nonetheless, insurance revenue in this segment fell by 4% to $1.68 billion, partly due to the non-renewal of the Irish Medex business. Meanwhile, the life and health reinsurance division experienced a 12% rise in net income to $491 million, supported by positive mortality trends in the US and favorable in-force underwriting margins, as insurance revenue increased by 6% to $4.29 billion.
Looking forward, Swiss Re targets a full-year P&C Re combined ratio below 85%, a Corporate Solutions combined ratio under 91%, and $1.7 billion net income in L&H Re. CEO Andreas Berger stated these results align the firm toward its 2026 objectives. Despite macroeconomic uncertainties and evolving market challenges, the P&C units focus on disciplined underwriting, while L&H Re is expected to contribute increasingly to the group's performance. Berger emphasized ongoing cost efficiency efforts and a commitment to achieving the company’s financial and resilience targets.