Swiss Re reported that its second-quarter net income for 2026 reached $1.3bn, bringing its first-half net income to $2.8bn. This came as improved earnings across all three business units kept the reinsurer on track to meet its full-year target of $4.5bn. The group's return on equity was 22.7% in the first half, while insurance service result rose to $3.5bn from $3.0bn a year earlier. Swiss Re said it paid more than $17bn in claims during the period while maintaining a strong capital position with an estimated Swiss Solvency Test (SST) ratio of 264% as of 1 July.
"Swiss Re delivered a strong result for the first half of 2026 while supporting our clients with more than $17bn in claims payments. This demonstrates the strength of our diversified Group, with each Business Unit contributing to the resilience of our earnings," Group CEO Andreas Berger said. He added that P&C Re continued to focus on disciplined underwriting, L&H Re provided stable earnings through its in-force portfolio, and Corporate Solutions selectively expanded in strategic growth markets.
P&C Re posted first-half net income of $1.4bn, up 18% from a year earlier, driven by strong underwriting performance and relatively low large natural catastrophe losses. The business reported a combined ratio of 76.7%, compared with 81.1% a year earlier, while Corporate Solutions recorded net income of $490m, up 14%, with a combined ratio of 86.1%. Meanwhile, L&H Re delivered net income of $1.0bn, a 21% increase from the prior year, supported by favourable US mortality experience and healthy underwriting margins. Swiss Re also raised its operating cost reduction target to $500m by 2028 from a previous goal of $300m by 2027.
Looking ahead, Swiss Re said it remains vigilant as the Atlantic hurricane season progresses but expects demand for reinsurance and risk expertise to continue growing. "Strong earnings delivery in the first half of the year puts us well on track towards our 2026 financial targets, while we remain vigilant as we approach the peak of the hurricane season," Mr Berger said. "Looking beyond the current year, we see demand for re/insurance and risk expertise continuing to grow in a rapidly changing world. By investing in data, technology and artificial intelligence, we are building the capabilities that will enable us to better capture this growing demand, help our clients navigate an increasingly complex risk landscape and create long-term value for our shareholders."