EarningsQ2 2026 Earnings Report
MX:SRENN Q2 2026 EPS Results
Actual EPS$81.06
Consensus EPS$73.02
Beat/MissBeat by +$8.04
One Year Ago EPS$81.47
MX:SRENN Q2 2026 Revenue Results
Actual Revenue$384.85B
Expected Revenue$185.35B
Beat/MissBeat by +$199.50B
YoY Revenue Growth-11.17%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:SRENN Upcoming Earnings
Swiss Re AG's next earnings date is estimated for November 5, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
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.Company Guidance
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%.
P&C Re underwriting outperformance
P&C Re insurance service result of USD 1.8 billion in H1 2026 with an excellent combined ratio of 76.7% (well within the full-year target of <85%), supported by favorable experience variance including large nat cat losses coming in USD 676 million below expectations.
Life & Health Re strength
Life & Health Re reported net income of just over USD 1.0 billion and an insurance service result of USD 1.2 billion including a CSM release of USD 758 million (annualized release rate ~9%), driven by favorable in‑force margins and U.S. mortality experience.
Investment income and returns
Investment portfolio delivered an ROI of 4.0% in the first six months and recurring investment income of USD 2.0 billion; reinvestment yield showed a quarter-on-quarter pick-up driven by higher allocations into public and private credit in Q2.
Capital strength and shareholder returns
Estimated group SST ratio at 264% (up 14 percentage points since Jan 1, 2026, including a ~5pp temporary benefit from subordinated debt issuance); USD 1.5 billion share buyback underway with ~60% executed by end-July.
Renewal and volume momentum
Midyear renewals delivered volume growth of 11% versus business up for renewal and year-to-date premium volume increased by 0.5% when combined with January and April renewals, while overall nominal pricing remained broadly flat YTD.
Operational efficiency program accelerated
Operating cost reduction target increased to USD 500 million by year-end 2028 (up from USD 300 million by 2027), reflecting strong progress against the prior program and focus on non-client-facing simplification.
Prudent reserving and balance sheet resilience
Short-tail reserve releases of more than USD 1.0 billion in H1 were partly recycled into long-tail IBNR additions (~USD 500 million in Q2) and other prudence actions taken to strengthen balance sheet resilience.
MX:SRENN Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed