Swiss Re Updating estimates, 2026E net income ~$4.8bn

Research evidence excerpt

Swiss Re Updating estimates, 2026E net income ~$4.8bn

Kamran M Hossain AC Europe Equity Research

(44-20) 3493-3780 09 June 2026 J P M O R G A N

kamran.hossain@jpmorgan.com

Price Performance Summary Investment Thesis and Valuation

Investment Thesis

Swiss Re, in our view, has done a good job in building a more

resilient business with more prudence built into assumptions,

and reserve actions capping the US liability downside and

offering potential earnings streams into future years. With the

stock now trading in line with peers with stronger long-term

track records, however, we rate the stock Neutral.

• L&H Re as near-term focus. The L&H Re business saw

some negative impact from the portfolio review in 2025.

While it will be helpful for the company to draw a line

YTD 1m 3m 12m

underneath the issue, we expect it will take several quarters Abs -11.1% -4.3% -7.1% -18.4%

for the market to truly believe that the issue is behind them.

Company Data

Shares O/S (mn) 290 • Delivering on targets. We expect that management’s

52-week range (CHF) 156.80-114.05 biggest priority is delivering on earnings guidance, with the

Market cap ($ mn) 42,995.94 company keen to improve its credibility with the market.

Exchange rate 0.80 The company has recently announced a new sustainable

Free float (%) 99.9%

3M ADV (mn) 0.99 annual share buyback program that will start in 2026 which

3M ADV ($ mn) 156.7 will supplement the DPS.

Volatility (90 Day) 23

Index - • Valuation has caught up to peers. In our view, both

BBG ANR (Buy | Hold | Sell) 5|10|8 German reinsurance peers should trade at larger premiums

due to their longer-term track records of delivery.Key Metrics (FYE Dec)

in FY25A FY26E FY27E FY28E Valuation

Financial Estimates