Swiss Re H1 net income rises 9% to $2.8B, P&C combined ratio hits 76.7%

L&H Re net income climbs 16%

L&H Re net income rose to $1 billion from $865 million a year earlier. The insurance service result increased 24% to $1.2 billion, and insurance revenue grew 6% to $8.4 billion. New business CSM fell to $338 million from $569 million, driven by lower transaction activity.

Swiss Re also announced that Velina Peneva, currently Group Chief Investment Officer, has been appointed CEO of L&H Re, succeeding Paul Murray, who is leaving after more than 20 years. Martin Zingg, currently Group Head Corporate Development & Capital Markets, will become Group CIO and join the Group Executive Committee. Both assume their roles Oct. 1.

"These appointments reflect the depth of our internal talent pool and position Swiss Re well to build on its momentum," Group CEO Andreas Berger said in a statement. "Velina brings strong leadership and deep expertise in disciplined capital allocation for complex, long-duration risks."

Corporate Solutions combined ratio improves

Corporate Solutions net income rose 14% to $490 million. The insurance service result increased 12% to $578 million. Large man-made losses totaled $81 million, while large nat cat claims came in at $31 million, driven by a tornado that struck Texas in April and Storm Fern.

The combined ratio improved to 86.1% from 88.2%, below the full-year target of less than 91%. Insurance revenue slipped $100 million to $3.6 billion, and new business CSM fell to $262 million from $201 million.

"Swiss Re delivered a strong result for the first half of 2026 while supporting our clients with more than $17 billion in claims payments," Berger said. "This demonstrates the strength of our diversified Group, with each Business Unit contributing to the resilience of our earnings."

Group CFO Anders Malmström said each business unit delivered increased net income. "Our P&C businesses achieved strong underwriting results, supported by low large natural catastrophe experience, while L&H Re's performance reflects healthy underwriting margins and favorable US mortality experience," he said. Swiss Re has completed approximately 60% of the $1.5 billion share buyback announced in February, Malmström added.

Berger said strong first-half earnings put the company "well on track" toward its 2026 financial targets, while remaining vigilant ahead of the peak hurricane season.