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Swiss Re P&C reinsurance combined ratio hits 76.7% in 1H 2026
The unit reported a 1.2% nominal price decrease at mid-year renewals, widening to a 5.3% decline on a risk-adjusted basis.
Swiss Re’s property and casualty reinsurance unit, P&C Re, posted a combined ratio of 76.7% for the first half of 2026, helped by a relatively benign loss environment that allowed earned premium to flow through to underwriting income, Insurance Business reports.
During the period, large natural catastrophe claims totaled $169 million and man-made losses were $129 million, together amounting to less than 15% of the unit’s $836 million catastrophe budget. P&C Re net income rose 18% to $1.446 billion from $1.223 billion in the first half of 2025, while the insurance service result increased 16% to $1.821 billion.
At mid-year renewals, Swiss Re said it saw a nominal price decrease of 1.2% on $4.5 billion of treaty volume, which widened to a 5.3% net price decrease after updated loss model assumptions. New business CSM shrank to $1.6 billion from $2.2 billion a year earlier, down 27%, indicating tighter economics for new treaty terms even as the in-force book continued to perform.
Swiss Re also reported group results for the first half: net income rose 9% to $2.833 billion, putting the group on track toward its full-year target of $4.5 billion. The company said it paid more than $17 billion in claims to clients during the period, and insurance revenue fell to $20.264 billion from $20.947 billion.