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Swiss Re
(OTC:SSREY)
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Rating:73Outperform
Price Target:
$47.00
▲(14.27% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by improved financial performance (strong earnings, margins, and healthier leverage) and supportive earnings-call execution versus guidance with strong underwriting and capital. Technicals add a positive trend tailwind, while valuation is also supportive due to a moderate P/E and high dividend yield. The main constraints are uneven cash-flow quality signals and forward-looking risks flagged on the call (weaker new business CSM, selective pricing pressure, and reserve-release sustainability).
Positive Factors
Capital Strength
A group SST ~264% provides a durable regulatory and economic capital buffer, enabling Swiss Re to absorb large catastrophe losses, sustain underwriting discipline, continue buybacks and subordinated issuance, and support client commitments over the next several quarters without forcing asset sales or panic underwriting.
Negative Factors
Declining New-Business CSM
Material declines in new‑business CSM across segments signal weaker new‑contract profitability and lower future revenue releases. Persistently reduced CSM inflows can constrain medium‑term earnings growth and limit the company's ability to replace favorable legacy margins, making future earnings more dependent on reserve actions or investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Capital Strength
A group SST ~264% provides a durable regulatory and economic capital buffer, enabling Swiss Re to absorb large catastrophe losses, sustain underwriting discipline, continue buybacks and subordinated issuance, and support client commitments over the next several quarters without forcing asset sales or panic underwriting.
Read all positive factors
Swiss Re (SSREY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$45.29B
Dividend Yield4.82%
Average Volume (3M)6.68K
Price to Earnings (P/E)14.4
Beta (1Y)0.43
Revenue Growth-4.51%
EPS GrowthN/A
CountryUS
Employees14,893
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)3.99
Shares Outstanding1,195,046,900
10 Day Avg. Volume9,895
30 Day Avg. Volume6,678
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)1.99
Price to Sales (P/S)1.04
P/FCF Ratio16.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)4.01
Revenue Forecast (FY)$42.89B
Swiss Re Business Overview & Revenue Model
Company Description
Swiss Re AG, along with its various group entities, provides a comprehensive suite of services globally, including extensive wholesale reinsurance, direct insurance offerings, and other innovative methods for risk transfer, complemented by associa...
How the Company Makes Money
Swiss Re makes money primarily through (1) underwriting income from reinsurance and risk solutions and (2) investment income from investing its premium float and shareholders’ capital.
1) Underwriting and reinsurance premiums (core revenue): Swis...
Swiss Re Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial picture: strong H1 net income (USD 2.8B), high ROE (23%), robust P&C combined ratio (76.7%), solid Life & Health Re results, healthy investment returns (4.0% ROI) and a very strong capital position (SST ~264%). Management also announced an increased cost-reduction target and continued active capital return (buyback). Offsetting risks include notable declines in new business CSM across segments, pricing pressure in specific lines (non-proportional property, parts of Specialty, Corporate rates), rising P&C expense ratio, and questions about the sustainability of large short-tail reserve releases. Overall, the positives (underwriting results, capital, investments, cost discipline) materially outweigh the headwinds related to new-business profitability and selective pricing pressure, but the latter warrant monitoring going into 2027.Positive Updates
Strong Net Income and Capital Position
Reported net income of USD 2.8 billion for H1 2026 (more than 60% of the full-year target of USD 4.5 billion) and an estimated group SST ratio of 264% (up 14 percentage points since Jan 1, 2026), indicating a very strong capital position.
Negative Updates
Decline in New Business CSM Across Segments
New business CSM reductions year-on-year: P&C Re USD 1.6B vs USD 2.2B (down ~27%), Corporate Solutions USD 201M vs USD 262M (down ~23%), Life & Health Re USD 338M vs USD 569M (down ~41%), reflecting lower transaction activity and a more challenging new-business environment.
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Q2-2026 Updates
Positive
Negative
Strong Net Income and Capital Position
Reported net income of USD 2.8 billion for H1 2026 (more than 60% of the full-year target of USD 4.5 billion) and an estimated group SST ratio of 264% (up 14 percentage points since Jan 1, 2026), indicating a very strong capital position.
Read all positive updates
Company Guidance
Management reiterated a full‑year net income target of USD 4.5bn (H1 net income USD 2.8bn, >60% of target) and highlighted strong H1 metrics — group ROE 23% — while setting specific business targets and near‑term expectations: Life & Health H1 net income just over USD 1.0bn with a 2026 net income target of USD 1.7bn, an insurance service result of USD 1.2bn and a CSM release of USD 758m (annualized ~9%); P&C Re H1 insurance service result USD 1.8bn, combined ratio 76.7% (full‑year target <85%), new business CSM USD 1.6bn (vs USD 2.2bn prior) and USD 6–7bn of treaty renewals to end‑June; Corporate Solutions H1 combined ratio 86.1%, insurance service result USD 578m, CSM release ~USD 400m and new business CSM USD 201m (vs USD 262m prior); midyear renewals showed 11% volume growth and year‑to‑date premium volume +0.5% with nominal pricing broadly flat (casualty mid‑single‑digit increases, non‑prop property down high single digits), year‑to‑date loss assumptions +4.4% (explaining a ~4.6% risk‑adjusted price decline), investment ROI 4.0% with recurring income USD 2bn, estimated group SST 264% (up 14pp since Jan, ~5pp temporary benefit), ~60% of a USD 1.5bn buyback executed, an increased operating cost‑saving target of USD 500m by 2028 (run‑rate, reflected in FY2029), and management expects mid‑triple‑digit reserve releases to help offset renewal headwinds.Swiss Re Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
78
Positive
Cash Flow
52
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 48.19B | 46.76B | 43.64B | 46.04B | 45.94B |
| Gross Profit | 48.19B | 43.14B | 40.32B | 38.24B | 37.70B |
| EBITDA | 6.59B | 4.27B | 4.26B | 1.65B | 3.07B |
| Net Income | 4.76B | 3.24B | 3.11B | 472.00M | 1.44B |
Balance Sheet | |||||
| Total Assets | 134.01B | 127.23B | 179.58B | 170.68B | 181.57B |
| Cash, Cash Equivalents and Short-Term Investments | 2.74B | 88.64B | 88.38B | 85.61B | 4.15B |
| Total Debt | 8.98B | 7.26B | 9.82B | 11.04B | 11.19B |
| Total Liabilities | 108.71B | 103.99B | 163.21B | 157.87B | 157.89B |
| Stockholders Equity | 25.11B | 23.11B | 22.31B | 12.70B | 23.57B |
Cash Flow | |||||
| Free Cash Flow | 3.04B | 3.13B | 4.09B | 2.93B | 4.10B |
| Operating Cash Flow | 3.04B | 3.13B | 4.09B | 2.93B | 4.10B |
| Investing Cash Flow | -2.29B | -407.00M | -362.00M | -2.34B | -2.14B |
| Financing Cash Flow | -2.14B | -2.97B | -3.22B | -1.24B | -2.10B |
Swiss Re Technical Analysis
Positive
41.13
Price Trends
39.84
Positive
39.95
Positive
40.49
Positive
Market Momentum
0.59
Negative
66.73
Neutral
100.10
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SSREY, the sentiment is Positive. The current price of 41.13 is below the 20-day moving average (MA) of 41.65, above the 50-day MA of 39.84, and above the 200-day MA of 40.49, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 66.73 is Neutral, neither overbought nor oversold. The STOCH value of 100.10 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SSREY.
Swiss Re Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $3.57B | 5.73 | 21.19% | ― | 20.32% | 98.92% | |
79 Outperform | $13.30B | 5.46 | 22.68% | 0.49% | -14.15% | 48.57% | |
78 Outperform | $14.81B | 7.97 | 12.43% | 2.08% | -5.12% | 146.11% | |
78 Outperform | $15.52B | 12.68 | 5.37% | 1.56% | 18.66% | 55.67% | |
74 Outperform | $2.75B | 5.70 | 21.84% | ― | 22.55% | 371.77% | |
73 Outperform | $45.29B | 14.37 | 14.51% | 4.89% | -4.51% | ― | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
SSREY
Swiss Re
42.83
-2.14
-4.77%
EG
Everest Group
374.96
52.52
16.29%
RGA
Reinsurance Group
246.33
62.72
34.16%
RNR
Renaissancere Holdings
321.87
82.85
34.66%
SPNT
SiriusPoint
23.03
4.70
25.64%
HG
Hamilton Insurance Group, Ltd. Class B
35.91
14.72
69.51%
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.