Swiss Re recorded internet revenue of $1.51bn within the first quarter of 2026 (Q1 2026), a 19% year-on-year (YoY) enhance, because the reinsurer benefitted from lowered pure disaster claims, stronger contributions throughout its divisions and regular funding returns.
The group’s return on fairness rose to 23.6% from 22.4% in the identical interval a 12 months in the past, whereas the insurance coverage service outcome climbed 30% to $1.7bn.
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Group insurance coverage income edged down 4% to $10.03bn, reflecting decrease volumes in property and casualty (P&C) reinsurance and the continued wind-down of the iptiQ enterprise.
Return on funding (ROI) stood at 4.6%, underpinned by $1bn in recurring revenue and proceeds from actual property disposals.
The P&C reinsurance (P&C Re) division delivered internet revenue of $754m, up sharply from $527m a 12 months earlier, with its mixed ratio bettering to 79.5% from 86%.
Divisional insurance coverage income fell by 9% to $4.08bn, attributed to renewal dynamics and lowered cedent exercise.
Giant disaster losses for the quarter got here to $133m, predominantly from Storm Kristin in Portugal in January, whereas massive man-made losses totalled $41m.
On the April renewals, Swiss Re renewed P&C Re treaty contracts protecting $2.3bn in premium quantity, down 8% on the quantity up for renewal.
A nominal value decline of two.5%, mixed with greater loss assumptions of three.6%, produced a internet value lower of 6.1%.
Company Options reported a 26% rise in internet revenue to $262m, with its mixed ratio tightening to 85.1% from 88.4%.
Insurance coverage income within the unit declined 4% to $1.68bn, partly reflecting the non-renewal of the Irish Medex enterprise.
Life & well being reinsurance (L&H Re) posted internet revenue of $491m, up 12% YoY, supported by beneficial US mortality expertise and in-force underwriting margins.
Insurance coverage income within the division grew by 6% to $4.29bn.
The unit’s contractual service margin stability was $16.8bn at quarter-end, in contrast with $17bn on the shut of 2025, with the motion primarily linked to the stronger US greenback.
For the total 12 months, Swiss Re is focusing on a P&C Re mixed ratio beneath 85%, a Company Options mixed ratio beneath 91% and L&H Re internet revenue of $1.7bn.
Swiss Re group CEO Andreas Berger mentioned: “Swiss Re delivered sturdy earnings within the first quarter, placing us on path in the direction of our 2026 monetary targets. In opposition to an unsure macroeconomic backdrop and an more and more difficult market setting, our P&C companies proceed to prioritise disciplined underwriting.
“We count on L&H Re to make a rising contribution to stability the group’s general efficiency going ahead. On the identical time, we’re firmly targeted on price effectivity. Our objectives stay: delivering on our monetary targets and on the group’s general resilience.”
