Swiss Re targets a net income of USD 4.5 billion in 2026; refreshed strategy to strengthen core business

Ad hoc announcement pursuant to Article 53 LR

• Strategy set to advance the core of Swiss Re's business through disciplined execution, differentiated propositions and a leading position in its most important markets
• Swiss Re builds on strong data foundation and early adoption of AI to transform core processes, improving productivity and decision making
• Targets for all individual Business Units maintained or increased for 2026
• Life & Health Reinsurance (L&H Re) portfolio review materially completed; fourth-quarter pre-tax IFRS earnings impact estimated at approximately USD 250 million
• The Group maintains its multi-year IFRS return on equity (ROE) target of more than 14%
• Swiss Re continues to aim for annual dividend per share growth of 7% or more over next two years^[1]
• Swiss Re aims to introduce a sustainable annual share buyback programme, starting in 2026 at USD 500 million^[2]

Zurich, 5 December 2025 – Swiss Re announces its targets for 2026, including a Group net income of USD 4.5 billion, supported by an updated strategy. The Group aims to complement the ordinary dividend with a sustainable annual share buyback programme, starting in 2026 at USD 500 million.

Swiss Re's Group Chief Executive Officer Andreas Berger said: "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."

"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."

AI will transform core processes to drive productivity and decision making
Swiss Re has made progress in integrating AI into underwriting, claims and data handling, with the aim of improving productivity and decision making.

This strategic approach requires an end-to-end transformation of key processes. A crucial enabler is Swiss Re’s long-standing investment in a strategic data platform and high-quality data, which provide the foundation to fully harness the potential of AI.

L&H Re portfolio review materially completed
The Group has materially completed the review of underperforming portfolios in L&H Re, focused on the markets of Australia, Israel and South Korea. The fourth-quarter IFRS pre-tax earnings impact of the assumption updates is estimated to amount to approximately USD 250 million.

Targets for all Business Units maintained or increased
Property & Casualty Reinsurance (P&C Re)^[3] and Corporate Solutions^[4] maintain their ambitious combined ratio targets of less than 85% and less than 91%, respectively. L&H Re will target an increased net income of USD 1.7 billion 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 USD 500 million and subject to achievement of the full-year 2025 Group net income target of more than USD 4.4 billion.

ROE, dividend growth and operating cost reduction targets maintained
Swiss Re 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 USD 300 million by 2027, having made substantial progress in 2025.

Management Dialogue webcast
Swiss Re's Group CEO and Group CFO will host the Management Dialogue 2025 event today, covering the Group's strategy and financial targets. The event will be followed by a Q&A session with management.

The live webcast, agenda and dial-in details are available here.

^[1] In each year, subject to Board of Directors' proposal and subsequent AGM approval. The dividend per share growth aim applies to the dividends to be paid in April 2026 and April 2027.

^[2] Subject to the achievement of Swiss Re's 2025 Group net income target and approval by the Board of Directors in February 2026.

^[3] P&C Re combined ratio is defined as [(insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums)].

^[4] Corporate Solutions combined ratio is defined as [(insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue].

Financial calendar
27 February 2026: Annual Results 2025

12 March 2026: Publication of Annual Report and Sustainability Report 2025

10 April 2026: 162nd Annual General Meeting

7 May 2026: First-quarter 2026 results