Swiss Re has announced a net income of USD 1.3 billion for the first quarter of 2025, with a return on equity (ROE) of 22.4%. This result is attributed to strong performance across its business units, despite large claims from natural catastrophes and man-made events.
"The first quarter of 2025 was marked by significant large loss events in our property and casualty businesses. Despite this, all Business Units posted robust results, highlighting the resilience of the Group and underscoring our ability to support clients by acting as a shock absorber for peak risks," said Swiss Re's Group Chief Executive Officer Andreas Berger.
The Property & Casualty Reinsurance (P&C Re) unit reported a net income of USD 527 million with a combined ratio of 86.0%. P&C Re faced elevated large loss activity during this period but benefitted from the sale of a minority equity position. The insurance revenue for P&C Re dropped to USD 4.5 billion compared to USD 5.0 billion in the same period last year.
Corporate Solutions achieved a net income of USD 208 million and a combined ratio of 88.4%. The insurance service result increased to USD 240 million from USD 213 million in the first quarter of last year.
Life & Health Reinsurance (L&H Re) reported a net income increase to USD 439 million from USD 412 million in the previous year, supported by underwriting margins and investment results.
Swiss Re's return on investments rose to 4.4%, driven by higher recurring income and gains from selling minority equity positions, although partially offset by losses from targeted sales of fixed-income securities.
"The main driver for Swiss Re's first-quarter results was continued disciplined underwriting, which was supported by our investment performance," stated Swiss Re's Group Chief Financial Officer Anders Malmström.
The group's capital position remains strong with an estimated SST ratio of 254% as of April 1, above its target range. Additionally, Swiss Re plans to cancel approximately 18.7 million surplus treasury shares by June end.
Insurance revenue totaled USD 10.4 billion compared to USD 11.7 billion in the same period last year due to non-recurring IFRS transition effects and foreign exchange impacts.
"With a turbulent start to the year, we remain vigilant and focused on maintaining our strong foundations," added CEO Andreas Berger.
Swiss Re will hold both media and investor conference calls today at specified times for further discussion on these results.