Want to see CH:SREN full AI Analyst Report?
Top Page
Swiss Re AG
(SREN)
Select Model
Select Model
Rating:75Outperform
Price Target:
CHF155.00
â–²(15.24% Upside)
Action:Reiterated
Date:08/07/26
The score is driven primarily by improved financial performance (strong profitability/ROE and better leverage, despite some revenue and cash-flow variability), supported by positive technical momentum (price above key moving averages with positive MACD). Valuation is supportive (moderate P/E and strong dividend yield), and the latest earnings call reinforces the outlook with strong H1 results and confidence in full-year targets, tempered by weaker new-business CSM and competitive/pricing and nat-cat volatility risks.
Positive Factors
Strong profitability and underwriting
High returns and a strong P&C underwriting result indicate effective risk selection, pricing discipline and capital deployment. Sustained underwriting quality can support earnings resilience across the insurance cycle, even when catastrophe experience normalizes.
Negative Factors
Declining new-business profitability
Lower new-business CSM across all major segments signals weaker economics on newly written contracts, reflecting reduced transaction activity and competition. If persistent, this could constrain future growth in contractual service margins and earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and underwriting
High returns and a strong P&C underwriting result indicate effective risk selection, pricing discipline and capital deployment. Sustained underwriting quality can support earnings resilience across the insurance cycle, even when catastrophe experience normalizes.
Read all positive factors
Swiss Re AG (SREN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF37.84B
Dividend Yield4.52%
Average Volume (3M)909.34K
Price to Earnings (P/E)10.5
Beta (1Y)0.54
Revenue Growth-11.54%
EPS Growth19.88%
CountryCH
Employees14,522
SectorFinancial
Sector Strength70
IndustryInsurance - Reinsurance
Share Statistics
EPS (TTM)16.58
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
CHF122.29Price Target Upside-9.08% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering7
EPS Forecast (FY)16.33
Revenue Forecast (FY)CHF42.74B
Swiss Re AG Business Overview & Revenue Model
Company Description
Swiss Re AG, along with its affiliated entities, operates internationally as a prominent provider of diverse risk management solutions. Its offerings extend to wholesale reinsurance, direct insurance products, various forms of insurance-based risk...
How the Company Makes Money
Swiss Re makes money mainly by underwriting and managing insurance risk and by earning investment income on the capital and premiums it holds. (1) Reinsurance underwriting: The company enters into reinsurance contracts with primary insurers, takin...
Swiss Re AG 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 profitability (USD 2.8bn net income), high ROE (23%), excellent P&C underwriting (76.7% combined ratio), robust Life & Health results, solid investment returns (4.0% ROI), and very strong capital metrics (SST ~264%). Management also highlighted disciplined cycle management, increased cost-savings targets (USD 500m), and prudent reserving actions that reinforce balance sheet resilience. Offsetting these positives are meaningful declines in new business CSM across divisions (notably Life & Health), pricing and competitive pressures in particular lines (nonproportional property, specialty), a risk-adjusted price decline explained by higher loss assumptions (~4.4%), an upward trend in expense ratios, and the risk that benign nat cat experience in H1 may not persist into peak hurricane season. Overall, the positives (profitability, capital strength, underwriting performance and active prudence) outweigh the headwinds from new-business profitability and line-specific pricing pressure, though these headwinds warrant monitoring.Positive Updates
Strong profitability and target progress
Reported net income of USD 2.8 billion for H1 2026, representing more than 60% of the full-year net income target of USD 4.5 billion; Group return on equity of 23%.
Negative Updates
Decline in new business CSM across segments
Notable reductions in new business CSM: P&C Re USD 1.6 billion vs USD 2.2 billion prior year (~-27%), Corporate Solutions USD 201 million vs USD 262 million (~-23%), Life & Health Re USD 338 million vs USD 569 million (~-41%), reflecting lower transaction activity and a more challenging market for new business profitability.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong profitability and target progress
Reported net income of USD 2.8 billion for H1 2026, representing more than 60% of the full-year net income target of USD 4.5 billion; Group return on equity of 23%.
Read all positive updates
Company Guidance
The call reiterated clear 2026 targets and near‑term guidance: a full‑year net income target of USD 4.5bn (H1 net income USD 2.8bn, >60% of target) and a group ROE of 23% in H1, with Life & Health Re targeting USD 1.7bn net income for 2026 (L&H H1 net income just over USD 1bn; insurance service result USD 1.2bn; CSM release USD 758m, ~9% annualized; new business CSM USD 338m vs USD 569m prior), P&C Re delivering an H1 insurance service result of USD 1.8bn and a combined ratio of 76.7% (full‑year target <85%; new business CSM USD 1.6bn vs USD 2.2bn prior), and Corporate Solutions reporting an H1 combined ratio of 86.1% (insurance service result USD 578m; CSM release ~USD 400m; new business CSM USD 201m vs USD 262m). Management flagged key balance sheet and capital metrics: estimated group SST ~264% (up 14ppt since Jan 1, 2026, including a ~5ppt temporary benefit from subordinated debt), a USD 1.5bn share buyback ~60% executed by end‑July, investment ROI 4.0% with recurring income USD 2bn in H1, and an increased operating cost‑reduction target of USD 500m run‑rate by end‑2028 (reflecting progress on the prior USD 300m by 2027). On market and portfolio guidance they noted midyear renewals volume +11% vs business up for renewal (YTD premium volume +0.5%), nominal pricing broadly flat YTD (non‑prop property down high single digits, casualty mid‑single‑digit increases), year‑to‑date loss assumption increases of ~4.4% (risk‑adjusted price decline ~4.6%) and favorable nat‑cat experience ~USD 676m below expectations in H1 (with >USD 1bn short‑tail reserve releases and ~USD 500m added to long‑tail IBNR), and management reiterated confidence in staying below the P&C Re combined‑ratio target and in the group’s capitalization and cycle‑management strategy.Swiss Re AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 46.92B | 50.22B | 46.76B | 43.64B | 46.04B | 45.94B |
| Gross Profit | 31.19B | 50.22B | 43.14B | 40.32B | 38.24B | 37.70B |
| EBITDA | 6.97B | 6.87B | 4.27B | 4.26B | 1.65B | 3.07B |
| Net Income | 4.97B | 4.97B | 3.24B | 3.11B | 472.00M | 1.44B |
Balance Sheet | ||||||
| Total Assets | 133.20B | 133.92B | 127.23B | 133.86B | 170.68B | 181.57B |
| Cash, Cash Equivalents and Short-Term Investments | 3.94B | 2.74B | 88.64B | 91.64B | 85.61B | 4.15B |
| Total Debt | 9.47B | 8.98B | 7.26B | 7.96B | 11.04B | 11.19B |
| Total Liabilities | 108.62B | 108.64B | 103.99B | 111.32B | 157.87B | 10.32B |
| Stockholders Equity | 24.52B | 24.65B | 23.11B | 22.31B | 12.70B | 23.57B |
Cash Flow | ||||||
| Free Cash Flow | 2.28B | 3.16B | 3.13B | 4.09B | 2.93B | 4.10B |
| Operating Cash Flow | 2.28B | 3.16B | 3.13B | 4.09B | 2.93B | 4.10B |
| Investing Cash Flow | 1.97B | -2.38B | -407.00M | -362.00M | -2.34B | -2.14B |
| Financing Cash Flow | -3.96B | -2.23B | -2.97B | -3.22B | -1.24B | -2.10B |
Swiss Re AG Technical Analysis
Positive
134.50
Price Trends
132.85
Positive
128.42
Positive
127.22
Positive
Market Momentum
1.97
Positive
59.68
Neutral
57.96
Neutral
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 134.5 is below the 20-day moving average (MA) of 137.48, above the 50-day MA of 132.85, and above the 200-day MA of 127.22, indicating a bullish trend. The MACD of 1.97 indicates Positive momentum. The RSI at 59.68 is Neutral, neither overbought nor oversold. The STOCH value of 57.96 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | CHF2.22B | 14.14 | 6.05% | 3.38% | 5.93% | 5.73% | |
76 Outperform | CHF86.23B | 9.83 | 32.68% | 4.81% | 19.34% | 11.57% | |
75 Outperform | CHF37.84B | 10.49 | 14.51% | 4.68% | -11.54% | 19.88% | |
69 Neutral | CHF25.21B | 27.20 | 13.55% | 3.86% | -0.42% | 2.40% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CH:SREN
Swiss Re AG
140.15
0.85
0.61%
CH:SLHN
Swiss Life Holding AG
916.40
57.59
6.71%
CH:ZURN
Zurich Insurance Group
589.60
30.64
5.48%
CH:VAHN
Vaudoise Assurances Holding SA
761.00
136.64
21.89%
Swiss Re AG Corporate Events
Swiss Re warns quieter H1 2026 masks rising global catastrophe risk
Aug 11, 2026
Swiss Re Institute reports that insured losses from natural catastrophes fell to USD 42 billion in the first half of 2026, the lowest since 2020 and 16% below the ten-year average, with severe thunderstorms generating USD 28 billion in claims as m...
Swiss Re Corporate Solutions strikes exclusive partnerships in India and Mexico
Aug 6, 2026
Swiss Re Corporate Solutions, the commercial insurance business of Swiss Re Group, offers tailored and standard risk transfer products to large and mid-sized corporates, leveraging the financial strength of its parent and a globally recognized cla...
Swiss Re lifts H1 profit, sharpens cost cuts and expands in growth markets
Aug 6, 2026
Swiss Re reported a 9% year-on-year increase in first-half 2026 profit to USD 2.8 billion, driven by improved profitability across Property Casualty Reinsurance, Life Health Reinsurance and Corporate Solutions. The group delivered a return on eq...
Swiss Re flags AI investment boom and fragmentation as new engines of insurance demand
Jul 8, 2026
Swiss Re Institute warns that repeated supply shocks and geopolitical fragmentation are reshaping the global economy, with inflation expected to average 4.0% and GDP growth slowing to 2.5% in 2026. As governments shift from “just in timeR...
Swiss Re warns heat is new risk multiplier for Switzerland, launches resilience initiative
Jun 25, 2026
Swiss Re Institute warns that extreme heat is emerging as a critical “risk multiplier” for Switzerland, threatening health, agriculture, water resources, energy supply and infrastructure, and intensifying established perils such as flo...
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.