Swiss Re, a leading reinsurance company, has announced its financial results for the year 2025. The company reported a net income of $4.8 billion, a significant increase of 47% from the previous year’s $3.2 billion. This growth was primarily driven by strong underwriting results in its property and casualty (P&C) operations.
The return on equity for Swiss Re rose to 19.6%, up from 15% in 2024, showcasing the company’s strong financial performance. However, the outcomes in the life and health (L&H) reinsurance segment were impacted by a portfolio review conducted by the company.
The insurance service result for 2025 stood at $5.8 billion, marking a 36% surge from $4.3 billion in the previous year. Despite this increase, group insurance revenue decreased to $43.1 billion from $45.6 billion in 2024.
Notably, the net income from the P&C reinsurance segment more than doubled to $2.8 billion, up from $1.2 billion in the previous year. Swiss Re attributed this growth to lower-than-expected large natural catastrophe losses and stable investment returns. Natural catastrophe claims for the year totaled $813 million, with major events such as the Los Angeles wildfires and Hurricane Melissa contributing to these losses. Man-made losses reached $345 million.
P&C Re achieved a combined ratio of 79.4% for 2025, a significant improvement from 89.9% in the prior year, meeting its annual target. Corporate Solutions, another division of Swiss Re, reported a net income of $988 million for the year, a 19% increase from $829 million in 2024. The division’s combined ratio also improved to 86.5% from 89.7% in the previous year.
On the other hand, L&H Reinsurance recorded a net income of $1.3 billion in 2025, down from $1.5 billion in 2024 following a portfolio review. The division missed its targeted net income of around $1.6 billion.
Swiss Re has also announced strategic actions for the future, including the sale of its iptiQ Americas business and plans to put its iptiQ EMEA L&H operations into run-off status. The company aims to achieve a net income target of $4.5 billion for the group in the coming year. The board will propose a dividend of $8 per share for 2025, a 9% increase from the previous year’s payout. Additionally, Swiss Re plans to buy back up to $1.5 billion worth of shares by the end of 2026, subject to legal and regulatory approvals.
Swiss Re’s Group CEO, Andreas Berger, expressed satisfaction with the company’s performance in 2025, stating, “In 2025 we delivered on two key priorities: achieving our Group financial target and strengthening the resilience of the company. Group net income reached the highest level in our history, reflecting disciplined underwriting, strong investment returns, and low large loss activity outside of the first quarter.”
Overall, Swiss Re’s strong financial results and strategic initiatives position the company for continued success in the reinsurance industry.
