Strong Group Net Income
Swiss Re reported net income of $1.5 billion in Q1 2026, with all business units posting increased earnings and management stating the group is on a good path toward its 2026 financial targets.
Property & Casualty Reinsurance Outperformance
P&C Re delivered net income of $754 million, up 43% year-over-year, and achieved a combined ratio of 79.5% in Q1 (against a full-year target of below 85%). Large natural catastrophe losses were relatively low at $133 million (driven by Storm Kristin).
Corporate Solutions Profitability and Strategic Growth
Corporate Solutions net income rose 26% to $262 million with a combined ratio of 85.1% (full-year target <91%). Management highlighted underlying growth in international programs and alternative risk solutions, and strategic strengthening of credit & surety capabilities (including a small QBE-related acquisition).
Life & Health Reinsurance Progress
Life & Health Re reported net income of $491 million, up 12% year-over-year, reflecting portfolio repositioning and favorable U.S. mortality claims development. Management reaffirmed progress toward the full-year net income target of $1.7 billion, hired a new Head of Transactions (Dean Galligan) and launched AI-enhanced products (Magnum XP and Promise XP) adopted across Americas, EMEA and APAC.
Strong Investment Performance
Investment results were strong in Q1 with an overall investment result of 4.6%, recurring result of 4.1%, and a reinvestment yield around 4.3%. Realized gains from Swiss real estate sales contributed to the quarter's performance (one-off).
Disciplined Capital & Cycle Management
Management reiterated unchanged goals to deliver financial targets and maintain group resilience, emphasizing disciplined underwriting, cycle management and selective M&A only where it supports core businesses. Capital return policy prioritizes increasing dividend payout supplemented by a sustainable share buyback when targets are met.