Swiss Re AG (SREN) AI Stock Analysis

• Market Cap: CHF34.77B
• Dividend Yield: 4.49%
• Average Volume (3M): 909.34K
• Price to Earnings (P/E): 5.8
• Beta (1Y): 0.69
• Revenue Growth: -4.94%
• EPS Growth: -5.71%
• Country: CH
• Employees: 15,000
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Reinsurance
• EPS (TTM): 1.80
• Shares Outstanding: 298,761,720
• 10 Day Avg. Volume: 1,330,496
• 30 Day Avg. Volume: 909,335
• PEG Ratio: 0.19
• Price to Book (P/B): 2.03
• Price to Sales (P/S): 1.00
• P/FCF Ratio: 15.83
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: CHF128.18
• Price Target Upside: 0.14% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 8
• EPS Forecast (FY): 15.94
• Revenue Forecast (FY): CHF43.57B

• Rating: 70 Outperform
• Price Target: CHF142.00 ▲(10.94% Upside)
• Action: Upgraded Date: 03/16/26
• Date: Action: Upgraded 03/16/26

The score is driven primarily by improving financial performance (stronger profitability, ROE, and lower leverage) and supported by attractive valuation (low P/E and strong dividend yield). These positives are tempered by weaker longer-term technical positioning (below 100/200-day averages) and some volatility in revenue and cash-flow trends.

Positive Factors

Profitability Rebound & Margins

Swiss Re's net income and margins materially improved into 2025, reflecting stronger underwriting and investment outcomes. Sustained higher profitability increases retained earnings, strengthens ROE and bolsters the company's capacity to fund claims, capital needs and shareholder distributions over the medium term.

Improved Balance Sheet / Lower Leverage

Leverage reduction and equity growth materially improve financial flexibility and loss-absorption capacity. Lower debt-to-equity supports larger underwriting capacity, reduces refinancing and solvency risk, and provides a stronger base for navigating catastrophe losses and regulatory capital requirements over coming quarters.

Diversified Business Mix & Float

Swiss Re's multi-line model (P&C, L&H, Corporate Solutions) plus investment income on float and ILS/structured solutions provides multiple durable revenue streams. Diversification across product lines and fee/investment income reduces dependence on a single cycle and supports steadier long-term cash generation.

Negative Factors

Revenue & Cash-flow Volatility

Swiss Re's top-line has swung year-to-year with declines and rebounds across 2023–2025. Persistent revenue volatility complicates underwriting capacity planning, long-range pricing strategy and predictability of earnings, making multi-quarter forecasting and capital allocation riskier for investors and management.

Inconsistent Cash-Flow-to-Earnings Conversion

Operating cash flows are positive (~3.1B in 2024; ~3.2B in 2025), yet uneven free cash flow growth and weak cash-flow-to-earnings conversion reduce reliability of internal funding. This inconsistency can constrain dividends, buybacks or reserves accumulation when underwriting volatility rises.

Cyclicality & Catastrophe Exposure

Swiss Re operates in a structurally cyclical industry where reinsurance pricing and catastrophe frequency drive large earnings swings. This inherent exposure can create episodic capital strain and earnings pressure, requiring sustained underwriting discipline and capital buffers across multi-year cycles.

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, Life & Health Reinsurance, and Corporate Solutions. The Property & Casualty Reinsurance segment underwrites property reinsurance, including property, credit and surety, engineering, aviation, marine, agriculture, retakaful, and facultative reinsurance solutions; and casualty reinsurance, such as liability, motor, worker's compensation, personal accident, management and professional liability, cyber, and facultative reinsurance solutions. The Life & Health Reinsurance segment underwrites life and health insurance products. The Corporate Solutions segment offers standard risk transfer covers and multi-line programs to customized solutions. It serves stock and mutual insurance companies, public sector and governmental entities, mid-sized and large corporations, and individuals. Swiss Re AG was founded in 1863 and is headquartered in Zurich, Switzerland.

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 protection to primary insurers covering catastrophe and non-catastrophe risks (e.g., natural catastrophes, large industrial losses, motor and general liability portfolios). Revenue is largely premium income; profitability depends on pricing/terms, loss experience (including catastrophe events), reserving accuracy, and disciplined risk selection and diversification. - L&H Reinsurance: Swiss Re reinsures mortality, morbidity, longevity, disability, and health-related risks for life and health insurers. It earns premiums and fees tied to reinsured policies and can generate stable results when claims and experience assumptions (mortality/morbidity/longevity) track expectations. 2) Primary commercial insurance (Corporate Solutions): - Swiss Re also writes direct (primary) commercial insurance for corporate clients, typically in specialty and large-risk segments. It earns insurance premiums directly from insureds (often distributed through brokers) and generates underwriting profit when premiums exceed claims, commissions, and operating expenses. 3) Investment income and capital management: - Premiums are collected upfront and invested until claims are paid. Swiss Re earns net investment income (interest, dividends) and may realize gains/losses from its investment portfolio. Returns are influenced by asset allocation, credit and market conditions, and interest-rate levels. 4) Fee-based and structured/insurance-linked solutions: - Swiss Re provides risk-transfer structures and may participate in insurance-linked securities (ILS) and other structured solutions that can generate fee income and/or underwriting-related earnings depending on structure and retained risk. Key factors affecting earnings: - Pricing cycles in reinsurance markets (hard/soft markets) and renewal terms. - Frequency and severity of large losses, especially natural catastrophes. - Mortality/morbidity/longevity trends in L&H. - Investment performance and interest-rate environment. - Counterparty demand from primary insurers and distribution via broker relationships (specific partnership details: null).

Swiss Re AG Financial Statement Overview

Summary

Financial statements show a strong profitability rebound with materially higher net income and expanding margins, improving ROE, and reduced leverage versus prior peaks. Offsetting this, revenue and cash-flow momentum are somewhat volatile year to year, and cash-flow-to-earnings support appears inconsistent in the provided coverage figures.

Income Statement

Profitability has materially improved versus the loss year in 2020, with net income rising to ~5.0B in 2025 and margins expanding (net margin ~9.9% in 2025 vs ~6.9% in 2024 and ~1.0% in 2022). Revenue growth is strong in 2025 (large jump vs 2024), following steadier growth in 2024 and a decline in 2023—so the trajectory is positive but somewhat volatile. Overall, the earnings rebound and healthier margins are key strengths, while year-to-year revenue swings are the main watch item.

Balance Sheet

Leverage looks moderate for the period with debt-to-equity improving from a high level in 2022 (~0.87) to ~0.36 in 2025, and equity building to ~24.7B. Returns on equity have strengthened meaningfully (ROE ~20% in 2025 vs ~14% in 2023–2024), indicating better capital productivity. The primary risk is balance-sheet variability typical of the sector, with total assets moving notably across years and a prior period (2022) showing elevated leverage.

Cash Flow

Cash generation is solid and steady in absolute terms (operating cash flow ~3.1B in 2024 and ~3.2B in 2025), and free cash flow is consistently positive and roughly in line with net income. However, free cash flow growth has been choppy (down in 2024 vs 2023), and cash-flow-to-earnings support looks inconsistent across years based on the provided coverage figures (including a very low value shown for 2025). Net-net: dependable positive cash flow, but with uneven year-to-year momentum and some coverage volatility in the data.

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

• Technical Analysis Sentiment: Negative
• Last Price: 128.00
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SREN, the sentiment is Negative. The current price of 128 is below the 20-day moving average (MA) of 130.14, above the 50-day MA of 127.72, and below the 200-day MA of 138.55, indicating a neutral trend. The MACD of 0.37 indicates Positive momentum. The RSI at 46.59 is Neutral, neither overbought nor oversold. The STOCH value of 42.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:SREN.

Swiss Re AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ZURN	74 Outperform	$80.78B	15.20	23.97%	4.66%	-7.33%	17.93%
SREN	70 Outperform	CHF34.77B	5.80	14.51%	4.49%	-4.94%	-5.71%
VAHN	70 Outperform	CHF2.17B	5.28	6.06%	3.38%	-1.58%	4.07%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
SLHN	59 Neutral	$23.32B	20.83	12.52%	3.80%	-1.65%	10.05%

Swiss Re AG Corporate Events

Swiss Re lifts dividend, launches buyback and integrates sustainability in 2025 report

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 sustainability section outlines progress on strategic ESG goals, climate transition planning and broader social and governance initiatives, underscoring the reinsurer’s push toward integrated financial and non-financial disclosure.

The board is proposing to raise the dividend by 9% to USD 8.00 per share and has launched a share buyback of up to USD 1.5 billion for 2026, moves made against an estimated Swiss Solvency Test ratio of 250% that signal confidence in Swiss Re’s capital strength. Ahead of the 10 April 2026 annual general meeting, the agenda also includes electing Jean-Jacques Henchoz to the board, the departure of Larry Zimpleman, and a planned change of the company’s share capital currency from Swiss francs to U.S. dollars to better align with its business and reduce operating costs.

The most recent analyst rating on (CH:SREN) stock is a Hold with a CHF145.00 price target. To see the full list of analyst forecasts on Swiss Re AG stock, see the CH:SREN Stock Forecast page.

Swiss Re posts record 2025 profit and unveils USD 1.5 billion buyback

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 a 19.6% return on equity, a 4.0% investment return and maintained a robust Swiss Solvency Test ratio of about 250%, while P&C Re and Corporate Solutions both met or beat combined ratio targets despite slightly lower insurance revenues.

The company plans to return substantial capital to shareholders via a proposed 9% dividend increase to USD 8.00 per share and a share buyback of up to USD 1.5 billion in 2026, including a USD 500 million sustainable annual programme. Management highlighted that the completion of a portfolio review at Life & Health Re, the exit from the iptiQ business and disciplined renewals in a tougher market should enhance resilience and position all three business units for more consistent earnings, while Board changes include the proposed election of Jean‑Jacques Henchoz and the departure of Larry Zimpleman.

The most recent analyst rating on (CH:SREN) stock is a Sell with a CHF119.00 price target. To see the full list of analyst forecasts on Swiss Re AG stock, see the CH:SREN Stock Forecast page.

Swiss Re Corporate Solutions Buys QBE’s Global Trade Credit and Surety Business to Expand Credit Offering

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 network. The broader Swiss Re Group is a leading global provider of reinsurance, insurance and other risk-transfer solutions, addressing exposures ranging from natural catastrophes and climate change to demographic shifts and cyber risks.

Swiss Re Corporate Solutions has agreed to acquire QBE Insurance Group’s Global Trade Credit and Surety business, a specialised unit with a strong presence in Australia, New Zealand and the U.K. and expected annual revenues of about USD 200 million. The deal, which is subject to regulatory approvals, is set to significantly bolster Swiss Re Corporate Solutions’ direct Credit and Surety offering, deepen its expertise in securing payment and performance risks, and broaden its portfolio in a USD 19 billion market segment that is poised for further growth amid economic uncertainty and increasingly complex supply chains.

By adding QBE’s experienced team and profitable portfolio, Swiss Re Corporate Solutions aims to reinforce its global Credit and Surety platform and differentiate its value proposition to corporate clients seeking sophisticated risk-transfer solutions. The companies plan to collaborate closely through closing to ensure continuity for policyholders, brokers and staff, underscoring Swiss Re’s strategic push to unlock new growth opportunities in an expanding niche of trade-related risk coverage.

The most recent analyst rating on (CH:SREN) stock is a Sell with a CHF119.00 price target. To see the full list of analyst forecasts on Swiss Re AG stock, see the CH:SREN Stock Forecast page.

Swiss Re Projects Over USD 100 Billion in Insured Losses from Natural Disasters in 2025

Swiss Re Institute reports that insured losses from natural disasters are projected to exceed USD 100 billion for the sixth consecutive year in 2025, with an estimated total of USD 107 billion. The significant contributors to these losses are wildfires in Los Angeles, which are the most costly on record, and severe thunderstorms in the USA. Despite a decrease from 2024’s USD 141 billion, the persistent rise in insured losses highlights the need for improved prevention and risk management strategies. The USA remains the most affected market, accounting for 83% of global losses due to these events, underscoring the importance of resilience and risk awareness in mitigating future impacts.

The most recent analyst rating on (CH:SREN) stock is a Hold with a CHF133.00 price target. To see the full list of analyst forecasts on Swiss Re AG stock, see the CH:SREN Stock Forecast page.