Zurich-based global reinsurer Swiss Re has set targets for 2026, including group net profit reaching $4.5 billion and a combined property and casualty reinsurance ratio below 85%.
Reinsurers maintained or raised targets for all individual business units next year.
In addition to the performance of property and casualty reinsurance mentioned above, Swiss Re Corporate Solutions, the commercial insurance arm of the reinsurance giant, has a 2026 target of a combined ratio below 91%.
Additionally, Life & Health Re is targeting a $1.7 billion increase in net profit by 2026, with Swiss Re noting that it has “substantially completed a review of L&H Re’s underperforming portfolio with a focus on the Australian, Israeli and Korean markets” and revealing the impact of the assumption update on IFRS pre-tax earnings in 4Q25 is estimated at $250 million.
These updates are accompanied by an updated strategy designed to advance the company’s core business through disciplined execution, differentiated propositions and leadership in the markets where it matters most.
Additionally, by 2026, reinsurers plan to harness the full potential of artificial intelligence (AI) to “transform” core processes while improving productivity and decision-making. Overall, the group said it has made progress in integrating AI into underwriting, claims and data; however, this strategic approach requires end-to-end transformation of key processes.
Also in 2026, Swiss Re plans to launch a $500 million “sustainable” annual share buyback program to supplement its ordinary dividend policy, subject to its target of full-year group net profit of more than $4.4 billion in 2025.
Finally, Swiss Re maintained its multi-year IFRS ROE target of over 14%, as well as its dividend growth target of 7% or more per year for the next two years. The group is on track to reduce operating expenses by $300 million by 2027 after making substantial progress in 2025.
Andreas Berger, Swiss Re Group Chief Executive Officer, commented: “We continue to strengthen the fundamentals of our business. This year in particular, we have accelerated our efforts to improve the resilience of L&H Re’s active book. Together with the other actions we have taken, this gives us the confidence to increase our targets for this business unit in 2026, contributing to the updated group net profit target of USD 4.5 billion.”
He continued: “Today, we are a stronger Swiss Re, delivering resilient earnings and leveraging a powerful data and artificial intelligence platform to drive smarter decisions, deeper risk insights and long-term value for our clients. Going forward, we will continue to focus our efforts and resources firmly on our core markets. The situation remains constructive, supported by structural growth. This puts us in a strong position for 2026 and beyond.”
Following Swiss Re’s announcement, industry analysts from Goldman Sachs and RBC Capital Markets expressed a degree of disappointment, believing that the new 2026 net profit target was lower than consensus expectations.
This sentiment is echoed by some stock analysts, who believe the new dividend announcement is well below their expectations.