The earnings call highlighted Swiss Re's strong net income and ROE, improved P&C performance, disciplined pricing, and solid investment results. However, these positives were counterbalanced by declines in insurance revenue, challenges in casualty volumes, and negative experience variance in Life & Health Re. Overall, the highlights and lowlights appear balanced.

Company Guidance -

Q3 2025

During Swiss Re's Half Year 2025 Results Conference Call, the company reported a strong net income of USD 2.6 billion for the first half of the year, achieving an annualized ROE of 23%. The progress is attributed to a robust underwriting performance, particularly in the Property & Casualty (P&C) sector, which saw moderate large losses of under USD 150 million in Q2, predominantly from man-made events. This has led to a 60% realization of their USD 4.4 billion full-year net income target. The P&C Re unit posted a new business CSM of USD 2.2 billion, maintaining the same level as the previous year, and a combined ratio of 81.1%, well below their 85% target. Meanwhile, the Life & Health Re unit generated a net income of USD 839 million, slightly surpassing its pro-rata target. Despite facing challenges in some smaller portfolios, the unit remains on track. The company also reported a modest 3% year-to-date volume growth, with a net price change of negative 1.8%, and aims to reduce its cost run rate by USD 100 million this year, contributing to an overall target of USD 300 million by 2027. The group maintains an SST ratio of 264% as of July 1, 2025, reflecting a resilient capital position.

Strong Net Income and ROE

Swiss Re reported a net income of USD 2.6 billion for the first half of 2025, resulting in an annualized ROE of 23%. This achievement represents approximately 60% of their full-year net income target of more than USD 4.4 billion.

P&C Business Performance

The P&C businesses benefited from a relatively quiet second quarter in terms of large losses, leading to a strong combined ratio. The P&C reserves were bolstered by a USD 300 million nominal reserving in the first half.

Renewals and Pricing Discipline

The company achieved nominal price increases of 2.3% on its overall portfolio during midyear renewals, with significant increases in property and specialty lines, while reducing casualty volumes by 27%.

Life & Health Re Performance

Life & Health Re reported a net income of USD 839 million, slightly above its pro rata target. The largest portfolios, including U.S. mortality, performed in line with expectations.

Investment Results

The company achieved a return on investment (ROI) of 4.1% in the first half, slightly ahead of last year's 4%, with recurring income standing at USD 2 billion.

Capital Strength

Swiss Re's group SST ratio was estimated at 264% as of July 1, 2025, which is 7 points higher than at the start of the year.

Swiss Re AG (CH:SREN) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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CH:SREN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 14, 2025	2025 (Q3)	2.97 / -	0.251	―	―	―
Aug 14, 2025	2025 (Q2)	3.41 / 3.60	2.594	38.75% (+1.01)	―
May 16, 2025	2025 (Q1)	2.57 / 3.48	3.039	14.63% (+0.44)
Feb 27, 2025	2024 (Q4)	2.54 / 2.89	2.42	19.20% (+0.46)
Nov 14, 2024	2024 (Q3)	2.62 / 0.25	2.56	-90.21% (-2.31)
Aug 22, 2024	2024 (Q2)	2.55 / 2.59	2.247	15.47% (+0.35)
May 16, 2024	2024 (Q1)	2.21 / 3.04	1.882	61.44% (+1.16)
Feb 16, 2024	2023 (Q4)	2.42 / 2.42	0.39	521.37% (+2.03)
Nov 03, 2023	2023 (Q3)	2.44 / 2.56	0.29	782.45% (+2.27)
Aug 04, 2023	2023 (Q2)	2.32 / 2.25	1.063	111.41% (+1.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

CH:SREN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 14, 2025	CHF150.65	CHF145.45	-3.45%
May 16, 2025	CHF149.65	CHF148.40	-0.84%
Feb 27, 2025	CHF138.33	CHF139.05	+0.52%
Nov 14, 2024	CHF115.45	CHF116.07	+0.54%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Swiss Re AG (CH:SREN) report earnings?

Swiss Re AG (CH:SREN) is schdueled to report earning on Nov 14, 2025, Before Open (Confirmed).

What is Swiss Re AG (CH:SREN) earnings time?

Swiss Re AG (CH:SREN) earnings time is at Nov 14, 2025, Before Open (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

You can see a list of the companies which are reporting today on TipRanks earnings calendar.

What is the P/E ratio of Swiss Re AG stock?

The P/E ratio of Swiss Re AG is N/A.

What is CH:SREN EPS forecast?

CH:SREN EPS forecast for the fiscal quarter 2025 (Q3) is 2.97.

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