Global reinsurance giant Swiss Re has announced its targets for 2026, including a Group net income of $4.5bn, supported by an updated strategy. The Group also aims to complement the ordinary dividend with a sustainable annual share buyback programme, starting in 2026 at $500m.
The strategy is set to advance the core of Swiss Re's business through disciplined execution, differentiated propositions and a leading position in its most important markets.
“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,” said Group CEO of Swiss Re, Andreas Berger.
“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 $4.5bn.”
L&H re portfolio review materially completed
The Group has materially completed the review of underperforming portfolios in L&H re, focussed on the markets of Australia, Israel and South Korea.
Targets for all business units to be maintained or increased for 2026
P&C Re and Corporate Solutions maintained their ambitious combined ratio targets of less than 85% and less than 91%, respectively.
L&H Re will target an increased net income of $1.7bn in 2026.
Sustainable annual share buyback programme to be introduced
Swiss Re aims to complement its ordinary dividend policy with a sustainable annual share buyback programme, starting in 2026 at $500 million and subject to achievement of the full-year 2025 Group net income target of more than $4.4bn.
ROE, dividend growth and operating cost reduction targets maintained
Lastly, the reinsurer maintains its multi-year IFRS ROE target of more than 14% and its dividend growth target of 7% or more per year over the next two years.
The Group is on track to achieve a reduction in run-rate operating expenses of $300m by 2027, having made substantial progress in 2025.