Swiss Re AG (CH:SREN)
:SREN
Top Page
Swiss Re AG
(SREN)
Select Model
Select Model
Rating:71Outperform
Price Target:
CHF142.00
▲(9.99% Upside)
Action:ReiteratedDate:03/26/26
The score is driven primarily by improving financial performance (strong profitability/ROE and moderating leverage) and supportive valuation (low P/E and high dividend yield). The latest earnings call reinforces strength in underwriting, capital generation, and shareholder returns, while technical indicators are more neutral and point to limited longer-term momentum.
Positive Factors
Strong P&C underwriting performance
Sustained P&C underwriting discipline (combined ratio well below targets) indicates durable pricing, risk selection and portfolio management that drive recurring underwriting profits. This reduces reliance on investment returns and supports stable earnings through insurance cycles.
Negative Factors
Top-line volatility and revenue decline
Declining and volatile insurance revenue signals exposure to pricing cycles, renewal dynamics and portfolio actions; persistent top-line swings can complicate premium growth planning and increase reliance on capital gains or one-off items to hit earnings targets over multiple periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong P&C underwriting performance
Sustained P&C underwriting discipline (combined ratio well below targets) indicates durable pricing, risk selection and portfolio management that drive recurring underwriting profits. This reduces reliance on investment returns and supports stable earnings through insurance cycles.
Read all positive factors
Swiss Re AG (SREN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF36.19B
Dividend Yield4.49%
Average Volume (3M)909.34K
Price to Earnings (P/E)10.1
Beta (1Y)0.67
Revenue Growth-4.94%
EPS Growth-5.71%
CountryCH
Employees15,000
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)1.67
Shares Outstanding298,761,720
10 Day Avg. Volume1,330,496
30 Day Avg. Volume909,335
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)2.03
Price to Sales (P/S)1.00
P/FCF Ratio15.83
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF127.25Price Target Upside-1.44% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering8
EPS Forecast (FY)15.95
Revenue Forecast (FY)CHF43.24B
Swiss Re AG Business Overview & Revenue Model
Company Description
Swiss Re AG, together with its subsidiaries, provides wholesale reinsurance, insurance, other insurance-based forms of risk transfer, and other insurance-related services worldwide. The company operates through Property & Casualty Reinsurance, Lif...
How the Company Makes Money
Swiss Re makes money primarily by assuming insurance risk for a premium and by earning investment income on the capital (“float”) it holds to pay future claims.
1) Reinsurance underwriting (core):
- P&C Reinsurance: Swiss Re sells reinsurance pro...
Swiss Re AG Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call presents a broadly positive picture: Swiss Re delivered record profit (USD 4.8bn), strong underwriting outcomes in P&C Re and Corporate Solutions (combined ratios well within targets), robust capital generation and significant shareholder returns while completing major portfolio remediation in Life & Health. Key negatives include a fall in insurance revenue (~-5.5%), sizable Life & Health assumption and experience charges (~USD 650m and USD 300m respectively), increased near-term nat cat exposure from reduced retrocession and elevated new-business loss and expense ratios. Management emphasizes resilience, disciplined underwriting and active capital management; overall the positive operational and capital outcomes outweigh the outlined challenges.Positive Updates
Record Group Net Income and Strong ROE
Achieved record group net income of USD 4.8 billion (exceeding the >USD 4.4 billion target by ~9%) and a return on equity (ROE) of 20% for FY2025.
Negative Updates
Group Insurance Revenue Decline and Top-Line Volatility
Group insurance revenue decreased to USD 43.1 billion from USD 45.6 billion in the prior year (≈-5.5%). Management noted continued top-line volatility and that they do not manage to revenue but to earnings.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Group Net Income and Strong ROE
Achieved record group net income of USD 4.8 billion (exceeding the >USD 4.4 billion target by ~9%) and a return on equity (ROE) of 20% for FY2025.
Read all positive updates
Company Guidance
Management confirmed 2026 guidance with a group net income target of USD 4.5 billion and a Life & Health Re net income target of USD 1.7 billion, reiterated P&C Re’s combined‑ratio target of <85% (normalized post‑renewal starting point ~84–84.5%) and Corporate Solutions’ target of <91% (2025: 86.5%, 80% like‑for‑like). Capital and returns: proposed ordinary dividend USD 8/share (+9%), a USD 500m sustainable buyback (tied to hitting the net‑income target) and an extraordinary USD 1bn buyback (total announced payout USD 3.9bn ≈80% of FY25 earnings); SST ratio after actions 250% and SST capital generated in 2025 USD 4.7bn. Cost, reserving and portfolio actions include a USD 300m operating cost run‑rate reduction by 2027 (>USD 100m achieved in 2025, ~USD 200m to follow), Life & Health assumption updates of ~USD 650m FY25 (≈USD 250m in Q4) with CSM at USD 17bn and FY25 L&H net income USD 1.3bn, plus reserve additions of ~USD 200m (current year) and ~USD 100m (prior year) and ~USD 1bn of short‑tail redundancies moved into IBNR. Other metrics cited: FY25 group net income USD 4.8bn (vs target >4.4bn) and ROE 20%; insurance revenue USD 43.1bn; investment ROI 4.0%, recurring investment income USD 4bn (yield 4.2%, reinvestment yield ~4.4%); renewals of USD 12.4bn gross premium, a 4.6% increase in loss assumptions (net price decrease 4.3%), and a nat‑cat budget up 5% to USD 2.1bn.Swiss Re AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 50.22B | 46.76B | 43.64B | 46.04B | 45.94B |
| Gross Profit | 50.22B | 43.14B | 40.32B | 38.24B | 37.70B |
| EBITDA | 6.87B | 4.27B | 4.26B | 1.65B | 3.07B |
| Net Income | 4.97B | 3.24B | 3.11B | 472.00M | 1.44B |
Balance Sheet | |||||
| Total Assets | 133.92B | 127.23B | 133.86B | 170.68B | 181.57B |
| Cash, Cash Equivalents and Short-Term Investments | 2.74B | 88.64B | 91.64B | 85.61B | 4.15B |
| Total Debt | 8.98B | 7.26B | 7.96B | 11.04B | 11.19B |
| Total Liabilities | 108.64B | 103.99B | 111.32B | 157.87B | 10.32B |
| Stockholders Equity | 24.65B | 23.11B | 22.31B | 12.70B | 23.57B |
Cash Flow | |||||
| Free Cash Flow | 3.16B | 3.13B | 4.09B | 2.93B | 4.10B |
| Operating Cash Flow | 3.16B | 3.13B | 4.09B | 2.93B | 4.10B |
| Investing Cash Flow | -2.38B | -407.00M | -362.00M | -2.34B | -2.14B |
| Financing Cash Flow | -2.23B | -2.97B | -3.22B | -1.24B | -2.10B |
Swiss Re AG Technical Analysis
Positive
129.10
Price Trends
123.68
Positive
124.47
Positive
131.54
Negative
Market Momentum
1.24
Negative
64.52
Neutral
2.18
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SREN, the sentiment is Positive. The current price of 129.1 is above the 20-day moving average (MA) of 125.04, above the 50-day MA of 123.68, and below the 200-day MA of 131.54, indicating a neutral trend. The MACD of 1.24 indicates Negative momentum. The RSI at 64.52 is Neutral, neither overbought nor oversold. The STOCH value of 2.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:SREN.
Swiss Re AG Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | CHF2.47B | 13.56 | 6.06% | 3.38% | -1.58% | 4.07% | |
74 Outperform | CHF82.13B | 15.20 | 23.97% | 4.66% | -7.33% | 17.93% | |
71 Outperform | CHF36.19B | 10.08 | 14.51% | 4.49% | -4.94% | -5.71% | |
71 Outperform | CHF25.87B | 9.77 | 12.52% | 3.80% | -1.65% | 10.05% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CH:SREN
Swiss Re AG
129.10
-4.15
-3.12%
CH:SLHN
Swiss Life Holding AG
924.60
181.40
24.41%
CH:ZURN
Zurich Insurance Group
552.60
28.13
5.36%
CH:VAHN
Vaudoise Assurances Holding SA
841.00
314.32
59.68%
Swiss Re AG Corporate Events
Swiss Re warns secondary perils now dominate global catastrophe losses
Mar 19, 2026
Swiss Re’s research arm reports that so‑called secondary perils such as wildfires, severe convective storms and floods accounted for a record 92% of the USD 107 billion in global insured natural catastrophe losses in 2025, underscoring...
Swiss Re enters US longevity market with USD 2 billion reinsurance deal
Mar 17, 2026
Swiss Re has completed a USD 2 billion longevity reinsurance transaction with Athene, marking its first deal covering US retirees and extending its established presence in the longevity risk transfer market beyond the UK, the Netherlands, Singapor...
Swiss Re lifts dividend, launches buyback and integrates sustainability in 2025 report
Mar 12, 2026
Swiss Re has released its fully audited 2025 Financial Report, providing detail on group strategy, business performance, risk profile and governance, while for the first time integrating its Sustainability Report into a single publication. The sus...
Swiss Re posts record 2025 profit and unveils USD 1.5 billion buyback
Feb 27, 2026
Swiss Re reported a record 2025 net profit of USD 4.8 billion, up 47% and above its target, driven by strong underwriting in property and casualty lines, lower-than-expected natural catastrophe losses and solid investment returns. The group posted...
Swiss Re Corporate Solutions Buys QBE’s Global Trade Credit and Surety Business to Expand Credit Offering
Feb 20, 2026
Swiss Re Corporate Solutions, the commercial insurance arm of Swiss Re Group, provides tailored risk transfer and standard insurance products to large and mid-sized corporates worldwide, leveraging the group’s strong balance sheet and global...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.