Swiss Re (SREN.HS): 2Q’26 earnings preview

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Swiss Re (SREN.HS): 2Q’26 earnings preview

Equity Research

20 July 2026 | 10:32AM BST

Swiss Re (SRENH.S): 2Q’26 earnings preview

Swiss Re reports its 2Q’26 earnings on August 6th. Overall, our net income estimate is Andrew Baker, CFA

+44(20)7051-2074 |

14% below company-collected consensus, primarily driven by a higher opportunistic andrew.x.baker@gs.com

Goldman Sachs International

reserving assumption in what we expect to be another low nat cat quarter. Our

Vash Gosalia, CFA

84.2% COR is c.3.1ppts less favourable than consensus, underpinned by a lower nat +44(20)7051-0132 |

cat estimate but a higher reserving assumption. Swiss Re will also report its mid-year vash.gosalia@gs.comGoldman Sachs International

renewals. In the January / April 2026 renewals, Swiss Re’s risk-adjusted pricing was Alice Palumbo

-4.3% / -6.3% and overall premium growth was -0.3% / -8.1%. Acknowledging +44(20)7051-2403alice.palumbo@gs.com|

geographic differences, we expect the mid-year renewals to look more like April (-6% Goldman Sachs International

Giridharto -8% risk-adjusted pricing) given a similar nat cat mix (28% in mid-year vs. 23% in Ankitha | +1(332)245-7972

April). Elsewhere, despite the business delivering positive experience variances in ankitha.giridhar@gs.com Goldman Sachs India SPL

1Q’26, we expect experience variances to again be the main focus area in L&H Re.

For Corporate Solutions, we will be looking for further read-across from the US

commercial insurers that report over the next two weeks.

Property & Casualty Reinsurance

Our $4,281mn insurance revenue estimate is c.1% above consensus. To arrive at our

estimate we take the c.$4.1bn reported in 1Q’26 and then assume a c.$0.2bn

positive adjustment for the cedent volume true-up in 1Q’26 numbers (noting that