Barclays has raised its price target for Swiss Re from 116 Swiss francs to 123 Swiss francs while retaining an Underweight rating.
The investment bank said in a note published on 3 September 2026 that first-half results across European insurers had produced positive surprises that did not fully convince on quality. Analyst Claudia Gaspari reviewed the sector's reporting season and said lower large losses and currently favorable market valuations had masked weaker underlying trends.
Barclays added that insurers still hold ample capital, but the use of those resources remains unclear. The bank said the sector currently offers limited appeal because of weak earnings momentum and what it considers adequate valuations. The original research note was published at 21:10 GMT on 3 September 2026, with first redistribution at 03:00 GMT on 4 September 2026.
