Swiss Re has announced a net income of USD 2.6 billion for the first half of 2025, with a return on equity of 23.0%. The company reported a profit of USD 1.3 billion in the second quarter alone. According to Swiss Re, these results were supported by strong underwriting margins across all business units and a solid investment outcome.
Andreas Berger, Group Chief Executive Officer, 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."
Compared to the same period in 2024, when Swiss Re posted a net income of USD 2.1 billion and an ROE of 19.6%, this year's figures represent an increase in both profitability and returns. The insurance service result for the group was USD 3.0 billion, up from USD 2.9 billion last year.
Insurance revenue decreased to USD 20.9 billion from USD 22.2 billion in the prior-year period due to several factors including pruning actions in casualty lines and changes related to non-renewals and external transactions.
The company's return on investments improved slightly to 4.1% for the first half of this year compared to 4.0% last year, attributed partly to realised gains from selling a minority equity position during the first quarter.
Swiss Re's estimated Group Swiss Solvency Test (SST) ratio stood at 264% as of July 1, 2025—well above its target range.
Property & Casualty Reinsurance (P&CRe) achieved net income of USD 1.2 billion for the first half, up from USD 992 million last year. The combined ratio improved to 81.1% from last year's revised figure of 84.3%. Large natural catastrophe claims reached USD 556 million in this period—mainly linked to wildfires in Los Angeles—while man-made losses totaled USD 213 million.
P&CRe renewed contracts totaling USD 4.5 billion in treaty premium volume at mid-year renewals, which is down by nearly six percent due to ongoing pruning but resulted in a price increase of over two percent.
Corporate Solutions recorded net income of USD 430 million compared with USD 441 million for the same period last year; large man-made losses amounted to USD193 million while natural catastrophe losses were driven by events such as wildfires in Los Angeles and Tropical Cyclone Alfred affecting Queensland, Australia.
Insurance revenue for Corporate Solutions remained stable at around USD3.7billion despite previously announced non-renewal decisions impacting specific business lines.
Life & Health Reinsurance (L&HRe) saw net income fall slightly to USD839million from last year's level but maintained steady contributions from its existing book and investment income.
Swiss Re continued with its planned withdrawal from iptiQ operations; sales involving parts of iptiQ businesses were completed with Hannover Re and Allianz Direct earlier this year.
Looking ahead, Andreas Berger said: "SwissRe 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."