Swiss Re has announced a net income of USD 4.0 billion for the first nine months of 2025, marking an 85% increase compared to USD 2.2 billion during the same period in 2024. The return on equity rose to 22.5%, up from 13.3% last year.
The company's financial results were supported by strong underwriting performance in its property and casualty businesses, as well as a solid investment return. Andreas Berger, Swiss Re's Group Chief Executive Officer, stated: "We have two priorities: delivering on our financial targets and increasing the resilience of the Group. Our results for the first nine months of 2025 reflect this. After significant large loss events in the first quarter, the second and third quarters benefited from low natural catastrophe losses. This provided a substantial tailwind to our property and casualty businesses, supported further by our continued focus on underwriting quality. In L&H Re, we are accelerating efforts to improve the resilience of the in-force book."
Anders Malmström, Group Chief Financial Officer at Swiss Re, commented: "Alongside a strong underwriting result for the first nine months of the year in our property and casualty businesses, we have maintained healthy margins on new business written in the period. Additionally, all Business Units continue to benefit from robust recurring investment income."
Property & Casualty Reinsurance (P&C Re) recorded a net income of USD 2.3 billion with a combined ratio of 77.6%. The improvement was largely attributed to lower natural catastrophe claims during recent quarters and ongoing emphasis on underwriting discipline.
Corporate Solutions reported net income of USD 693 million and achieved a combined ratio of 87.1%. The segment saw lower-than-expected large natural catastrophe claims—primarily from events such as Los Angeles wildfires and Tropical Cyclone Alfred—and steady investment returns.
Life & Health Reinsurance (L&H Re) posted net income of USD 1.1 billion for the period but is not expected to meet its full-year target due to assumption changes affecting some underperforming portfolios in EMEA and ANZ regions.
Swiss Re’s insurance service result increased by 64% year-on-year to USD 4.8 billion while insurance revenue decreased slightly by about five percent compared with last year.
Investment returns also improved; Swiss Re reported an annualized ROI of 4.1%, up from last year's figure due mainly to higher recurring income and gains realized earlier this year.
The group’s capital position remains robust with an estimated Swiss Solvency Test (SST) ratio at 268% as of October 1, 2025—well above its target range.
Berger added: "Thanks to the strong performance in the first nine months of 2025, we are well on-track to meet our Group net income target of more than USD 4.4 billion for the full year and our combined ratio targets for both of our property and casualty businesses. In L&H Re, we are taking decisive steps to increase resilience. These actions, together with our continued cost discipline, strengthen the core of our business."
Upcoming dates include Management Dialogue on December 5th; Annual Results release scheduled for February 27th; publication of Annual Report and Sustainability Report set for March 12th; followed by Swiss Re’s Annual General Meeting on April 10th.
Swiss Re will hold a virtual media conference today at 08:30 CET followed by an investors' webcast later at 13:30 CET focusing exclusively on Q&A sessions.
The company operates globally across around seventy offices with headquarters in Zurich since its founding in 1863.