Swiss Re increased its net profit in the first nine months of 2026 by 3 percent to $4.2 billion. All business units, as well as lower natural catastrophe claims and solid investment results, contributed to this, the company said in a statement on Thursday.

Return on equity (ROE) remained unchanged at 22.5 percent. Looking at the third quarter alone, net profit came in at $1.3 billion.
For the full year, the group is targeting net profit of $4.5 billion.

"Our result for the first nine months reflects disciplined underwriting and the conscious decisions made over the past quarters to strengthen our portfolio and build a more resilient business," says CEO Andreas Berger. In light of intensifying competition in the reinsurance market, Swiss Re wants to continue focusing on consistent underwriting, greater cost efficiency and close collaboration with clients and brokers.

Life reinsurance posts sharp profit growth

The three business units developed differently. In property and casualty reinsurance (P&C Re), net profit fell by 6 percent to $2.2 billion. Swiss Re attributes this primarily to the increasingly competitive market environment. The combined ratio improved slightly to 77.3 percent from 77.6 percent a year earlier.

Corporate Solutions increased net profit by 3 percent to $714 million. The combined ratio improved from 87.1 percent to 86.4 percent.

The strongest profit growth was recorded by life and health reinsurance (L&H Re). Its net profit rose by 43 percent to $1.5 billion. The main drivers were in particular the "continuing favorable mortality trend in the US" and the profitability of the existing business portfolio.

Investment performance and cost reductions in focus

Investment operations also supported the development. The investment return stood at 4.0 percent in the first nine months. The recurring yield on investments rose to 4.2 percent from 4.1 percent in the same period a year earlier. Recurring investment income amounted to $3.1 billion.

Chief Financial Officer Anders Malmström pointed to disciplined underwriting and portfolio management as key drivers of earnings. At the same time, lower margins in new business reflected the pricing pressure in the reinsurance market.

Swiss Re is also pushing ahead with its group restructuring. Operating costs are set to fall by $500 million by 2028. At the same time, the company wants to invest selectively in strategic areas such as underwriting, client service, data and artificial intelligence. The $1.5 billion share buyback program announced in February is also said to be nearing completion.

Capitalization remains robust: the estimated Swiss Solvency Test ratio stood at 259 percent as of October 1, 2026, and thus above the target range of 200 to 250 percent.

Expanding the corporate client business

In the Corporate Solutions business unit, Swiss Re also announced a strategic partnership with Old Mutual Insure in South Africa. The cooperation is still subject to regulatory approvals. It adds to similar partnerships with GNP Seguros in Mexico and Bajaj General Insurance in India.

New chief commercial officer role

Swiss Re is also strengthening the leadership of Corporate Solutions: Lori Goltermann will take on the newly created role of chief commercial officer on January 11, 2027. She previously spent more than 30 years at insurance broker Aon and is set to be responsible for the global strategy for corporate clients, governments and distribution partners.

Looking ahead to the coming months, Berger remains confident. The diversification across the three business units and the solid capital base would provide a good foundation for navigating different market cycles and taking advantage of further growth opportunities.