EL7.AI
StocksMedium•30 October 2026•
3 min read

Swiss Re Posts €206 Million Third-Quarter Profit as Combined Ratio Rises

Key Facts

1Third-quarter net income was €206 million, compared with €217 million a year earlier, a decline of 4.8%.
2Property and casualty insurance revenue was €1.876 billion, up 3.5% at current exchange rates and 2.3% at constant exchange rates.
3The estimated solvency ratio was 221% at the end of September, up 6 percentage points from the end of 2025.
4The life and health insurance service result was €119 million, with a positive experience variance of €12 million.

Swiss Re reported net income of €206 million in the third quarter of 2026, compared with €217 million in the same period a year earlier, a year-on-year decline of 4.8%, according to the company’s results. Net income for the first nine months was €603 million, versus €642 million in the corresponding period of 2025, a decline of 6.1%. In the second quarter of 2026, the company reported net income of €171 million. The results showed divergence between its property and casualty and life and health reinsurance businesses. Annualized return on equity was 20.4% in the third quarter.

Insurance revenue in the property and casualty segment was €1.876 billion, up 3.5% at current exchange rates and 2.3% at constant exchange rates compared with the third quarter of 2025. The company attributed the revenue to strong 2025 and 2026 renewals and a favorable currency effect, partly offset by lower EGPI adjustments on existing business. The segment’s combined ratio rose to 84.1% from 80.9% a year earlier, reflecting claims and expenses relative to insurance premiums. The ratio included natural catastrophe losses of 9.1%. The company said strong underlying claims experience and additional reserve strengthening also affected the ratio.

In the life and health segment, the insurance service result was €119 million, with a positive experience variance of €12 million, the company said. This figure relates to the insurance service result, while segment revenue declined 1.0% at current exchange rates. At group level, insurance revenue was €3.757 billion, up 1.2% year on year. Investment income on invested assets rose 11.0% to €211 million. Annualized return on equity for the first nine months was 18.9%, or 19.3% adjusted to exclude the effect of the market value of the stock option.

Swiss Re estimated its solvency ratio at 221% at the end of September, up 6 percentage points from the end of 2025. The company said operating capital generation across all businesses during the first nine months exceeded capital deployment for growth, debt reduction and dividend payments. The group’s economic value under IFRS 17 was about €8.9 billion on September 30, an increase of 11.9% on a constant economic basis since the end of 2025, while economic value per share was €50. Chief Executive Thierry Léger said the property and casualty combined ratio remained below the 87% target despite natural catastrophe activity. He added that the company was preparing to announce its new strategic plan on December 3, 2026, as it entered the final phase of its Forward 2026 plan.