Swiss Re reported a net income of USD 2.6 billion for the first half of 2025, an increase from USD 2.1 billion in the same period last year. The company achieved a return on equity (ROE) of 23.0% for this period, up from 19.6% in the first half of 2024.
The company's financial results were driven by strong underwriting margins across all business units and a solid investment result. Andreas Berger, Group Chief Executive Officer at Swiss Re, stated: "The Group delivered a strong result for the first half of 2025 while supporting our clients through peak risks, particularly in the first quarter. The performance reflects our continued focus on underwriting quality, meticulous portfolio management and a prudent investment strategy."
Group Chief Financial Officer Anders Malmström commented: "The Group's disciplined capital allocation continues to support earnings resilience. We are pleased that healthy new business contractual service margins are being maintained into 2025, despite a more challenging property and casualty pricing environment."
Insurance revenue for the group was USD 20.9 billion in the first half of 2025 compared to USD 22.2 billion in the prior-year period, reflecting changes such as portfolio pruning actions and seasonality effects in property and casualty reinsurance.
In Property & Casualty Reinsurance (P&C Re), net income reached USD 1.2 billion, up from USD 992 million last year. The segment saw lower large natural catastrophe claims during the second quarter but recorded losses mainly due to Los Angeles wildfires and other man-made events totaling over USD 750 million combined.
Corporate Solutions posted a net income of USD 430 million for the first six months of this year, with insurance revenue steady at around USD 3.7 billion compared to last year. The segment faced elevated man-made claims but maintained its underlying business performance.
Life & Health Reinsurance (L&H Re) reported net income of USD 839 million, slightly down from USD 883 million in the previous year’s period. This reflected robust contributions from existing contracts and steady investment returns despite some non-recurring factors affecting revenues between periods.
Swiss Re's return on investments increased to 4.1% from last year's level due to higher recurring income and realized gains from asset sales earlier this year.
As of July 1st, Swiss Re estimated its Swiss Solvency Test (SST) ratio at 264%, which remains above its target range.
The company is proceeding with its withdrawal from iptiQ operations as planned—completing transactions including selling iptiQ businesses in Australia and EMEA P&C regions during this reporting period.
Andreas Berger said: "Swiss Re has had a strong first half and we maintain our full-year targets. Given the broad geopolitical and macroeconomic uncertainty, and as we enter the peak of the wind season, we remain vigilant. Looking ahead, we continue to focus on disciplined underwriting and cost efficiency to support the delivery of consistent results."
Further details about Swiss Re’s upcoming financial reporting dates are available via their official communications channels.