Swiss Re has announced its financial and strategic targets for 2026, aiming for a Group net income of USD 4.5 billion. The company plans to introduce an annual share buyback programme starting in 2026 at USD 500 million, subject to the achievement of its full-year 2025 net income target of more than USD 4.4 billion and Board approval.
Group Chief Executive Officer Andreas Berger stated: "We continue to strengthen the foundations of our business. This year in particular, we accelerated efforts to improve the resilience of our in-force book in L&H Re. Along with the other actions we have taken, this gives us the confidence to increase our target for that Business Unit in 2026, contributing to an updated Group net income target of USD 4.5 billion."
He added: "Today we are a stronger Swiss Re — delivering resilient earnings and leveraging a powerful data and AI platform to drive smarter decisions, deeper risk insights and long-term value for our clients. As we look ahead, we continue to focus our efforts and resources firmly on our core markets. Conditions remain constructive, supported by structural growth. This puts us in a strong position for 2026 and beyond."
The company has focused on integrating artificial intelligence into underwriting, claims processing, and data management as part of its broader strategy to improve productivity and decision-making capabilities. Swiss Re’s investments in data infrastructure have been cited as key enablers for these initiatives.
A review of underperforming portfolios within Life & Health Reinsurance (L&H Re), particularly in Australia, Israel, and South Korea, is now largely complete. The impact from updates related to these portfolios is expected to be about USD 250 million pre-tax on fourth-quarter IFRS earnings.
Swiss Re has maintained or increased targets across all individual business units for 2026. Property & Casualty Reinsurance (P&C Re) continues with a combined ratio target below 85%, while Corporate Solutions maintains a combined ratio target below 91%. L&H Re now targets a higher net income goal of USD 1.7 billion for the year.
The company is maintaining its multi-year IFRS return on equity (ROE) target above 14% and continues to aim for annual dividend per share growth of at least 7% over the next two years.
Cost efficiency remains a priority; Swiss Re expects to achieve a reduction in run-rate operating expenses by USD 300 million by 2027 after making significant progress during 2025.
Management will discuss these strategic priorities during today’s Management Dialogue event, which includes presentations from both the Group CEO and CFO followed by a Q&A session.
Swiss Re operates globally through approximately 70 offices and provides reinsurance, insurance, and risk transfer solutions across various sectors including natural catastrophes, climate change risks, demographic shifts such as ageing populations, and cyber threats.
Key upcoming dates include publication of annual results on February 27, release of the Annual Report on March 12, the Annual General Meeting on April 10, and first-quarter results announcement on May 7.
###