Swiss Re shares jumped over 3% Friday after announcing a $1.5 billion share buyback program, triple analyst forecasts. The Zurich-based reinsurer's record $4.76 billion annual profit couldn't match investor enthusiasm for the capital return, which includes a 7.7% yield, among the highest in the sector.

The buyback overshadowed a $650 million Life & Health portfolio charge from underperforming investments in Australia, Israel, and South Korea. P&C Reinsurance delivered stellar results with $2.77 billion net income, more than double 2024 figures, as catastrophe claims stayed 59% below budget.

Swiss Re proposed a $8 per share dividend, up 9% from the previous year, while setting a $4.5 billion net income target for 2026. The company's Swiss Solvency Test ratio stood at 250%, at the top end of its own target range, signaling strong financial position despite market challenges.