Swiss Re has reported a net income of USD 1.3 billion for the first quarter of 2025, an increase from USD 1.1 billion in the same period last year. The company’s return on equity rose to 22.4% from 20.7%. The results were supported by resilient underwriting across all business units and favorable investment and tax outcomes.
Andreas Berger, Swiss Re's Group Chief Executive Officer, commented: "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."
Group Chief Financial Officer Anders Malmström added: "The main driver for Swiss Re's first-quarter results was continued disciplined underwriting, which was supported by our investment performance. We have maintained our strong capital position and remain well-placed to support our clients."
Insurance revenue for the group totaled USD 10.4 billion, down from USD 11.7 billion in Q1 2024. This decrease is attributed mainly to non-recurring IFRS transition effects that benefited last year’s figures, the end of an external retrocession transaction in Life & Health Reinsurance (L&HRe), and negative foreign exchange impacts.
The insurance service result—a measure of profitability from underwriting—was USD 1.3 billion compared with USD 1.4 billion a year earlier.
Swiss Re’s return on investments reached 4.4%, up from last year's 4%, helped by higher recurring income and gains from selling a minority equity stake worth USD 209 million in March; these gains were partly offset by losses on fixed income securities sales.
As of April 1, Swiss Re’s estimated Group SST ratio stood at 254%, above its target range of 200–250%.
The company announced plans to cancel about 18.7 million surplus treasury shares not eligible for dividends by June 30, reducing total shares outstanding to approximately 294.8 million eligible for dividends.
In Property & Casualty Reinsurance (P&CRe), net income was USD 527 million versus USD 555 million last year despite absorbing large natural catastrophe claims totaling USD 570 million—mainly due to Los Angeles wildfires—and man-made losses amounting to USD140 million. P&CRe achieved a combined ratio of 86% but aims for below-85% over the full year.
April renewals saw P&CRe increase treaty premium volume by nearly three percent with an overall price rise of one-and-a-half percent; loss assumptions increased due to inflation considerations and updated models.
Corporate Solutions posted net income of USD208million (up from USD195million). Large man-made losses were reported at USD147million while natural catastrophe losses—driven largely by Los Angeles wildfires and Tropical Cyclone Alfred in Queensland—reached USD60million.
Life & Health Reinsurance recorded net income of USD439million (up slightly from last year) despite lower insurance revenue due primarily to discontinued transactions and currency impacts; margins on new business remained solid.
Swiss Re is proceeding with its withdrawal from iptiQ as planned: it completed the sale of iptiQ Americas Sales Solutions via management buyout in April and announced sale agreements for iptiQ Australia.
Looking ahead, Berger stated: "With a turbulent start to the year, we remain vigilant and focused on maintaining our strong foundations. Thanks to the decisive actions we took in 2024, all our businesses are well-positioned and have delivered a robust performance in the first quarter. Alongside our continued focus on cost discipline and efficiency, this gives us confidence in our 2025 targets despite a challenging environment."