# Swiss Re Profit Rises 3% as New-Business CSM Falls to $2.8 Billion

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/50583
Published: 2026-11-07T04:48:31.000Z
Updated: 2026-11-07T04:48:31.000Z
Section: Business

> Annualized return on equity held at 22.5%, and the group has a $4.5 billion net-income target for 2026.

Swiss Re’s net income climbed 3% to $4.173 billion in the first nine months of 2026, while its new-business contractual service margin fell $1.1 billion from a year earlier.

The period ended Sept. 30, and Swiss Re released the results Thursday, Nov. 5. Contractual service margin (CSM) tracks the profitability associated with business written during a period. It came to $2.8 billion, compared with $3.9 billion in the first nine months of 2025.

CSM applies to new business written during the reporting window, while net income reflects the group’s earnings for the period. Their measures moved in opposite directions: net income increased even as CSM declined. Insurance revenue also fell, while the insurance service result rose.

Group insurance revenue slipped 3% to $31.195 billion from $31.999 billion. The insurance service result advanced 7% to $5.132 billion from $4.777 billion. Annualized return on equity remained at 22.5%, and third-quarter net income was $1.3 billion.

Swiss Re linked the lower CSM to competitive property and casualty renewals and a smaller contribution from life and health reinsurance. The reduced life and health contribution mainly reflected lower volumes, more selective business and fewer large transactions.

Life & Health Reinsurance net income rose 43% to $1.527 billion from $1.065 billion. Swiss Re tied the segment’s performance to favorable U.S. mortality experience. Property & Casualty Reinsurance net income fell 6% to $2.160 billion from $2.296 billion.

Property & Casualty Reinsurance’s combined ratio was 77.3%, compared with 77.6% a year earlier. The segment recorded $941 million in large losses during the nine-month period, including $624 million in the third quarter. Natural catastrophes accounted for $640 million of the total, while man-made losses made up $301 million.

Corporate Solutions net income increased 3% to $714 million from $693 million in the year-earlier period.

Swiss Re has set a 2026 group net-income target of $4.5 billion. Its estimated Swiss Solvency Test ratio was 259% as of Oct. 1, above the target range of 200% to 250%; the estimate remains subject to review.

Referring to Swiss Re’s financial targets and overall resilience, Group CEO Andreas Berger said, “Our performance in the first nine months puts us firmly on track to meet both goals.”