Swiss Re has released its financial results for the first nine months of 2025, reporting a net income of USD 4.0 billion and a return on equity of 22.5%. The company highlighted strong underwriting performance across its Property & Casualty operations and stable investment returns as key contributors to the overall result. The figures include a third-quarter profit of USD 1.4 billion.
Overview of Group Performance
Swiss Re’s financial results for the period reflect increased underwriting profits, particularly in Property & Casualty Reinsurance. The Group reported:
- Net income: USD 4.0 billion (up from USD 2.2 billion for the same period in 2024)
- ROE: 22.5% (previously 13.3%)
- Insurance service result: USD 4.8 billion (up from USD 2.9 billion)
- Insurance revenue: USD 32.0 billion (compared with USD 33.7 billion in 2024)
- New business CSM: USD 3.9 billion (previously USD 4.2 billion)
- ROI: 4.1% (up from 3.9%)
- Recurring income yield: 4.1%
The investment result benefited from higher recurring income and realized gains from the sale of a minority equity position in the first quarter. The reinvestment yield for the third quarter was 4.3%.
Swiss Re reported an estimated Swiss Solvency Test (SST) ratio of 268% as of 1 October 2025, above the Group’s target range of 200–250%.
Property & Casualty Reinsurance (P&C Re)
P&C Re posted a significant increase in profitability:
- Net income: USD 2.3 billion (up from USD 607 million in 2024)
- Insurance service result: USD 2.9 billion (up from USD 1.0 billion)
- Combined ratio: 77.6% (improved from 92.8%)
- Insurance revenue: USD 14.0 billion (compared with USD 15.0 billion)
- New business CSM: USD 2.5 billion
P&C Re’s results were supported by low natural catastrophe losses in the second and third quarters and a solid investment performance. Large natural catastrophe claims totaled USD 611 million, primarily from the Los Angeles wildfires. Large man-made losses amounted to USD 277 million. Swiss Re noted that casualty portfolio pruning contributed to a decline in insurance revenue.
Corporate Solutions
Corporate Solutions also reported strong performance:
- Net income: USD 693 million (up from USD 630 million in 2024)
- Insurance service result: USD 832 million (up from USD 739 million)
- Combined ratio: 87.1% (improved from 89.4%)
- Insurance revenue: USD 5.7 billion (compared with USD 5.8 billion)
- New business CSM: USD 500 million
Large man-made losses reached USD 282 million. Natural catastrophe losses totaled USD 60 million, largely due to the Los Angeles wildfires and Tropical Cyclone Alfred in Queensland, Australia. Focused growth and portfolio steering offset the previously announced non-renewal of the Irish Medex business.
Life & Health Reinsurance (L&H Re)
L&H Re reported:
- Net income: USD 1.1 billion (compared with USD 1.2 billion in 2024)
- Insurance service result: USD 1.0 billion (down from USD 1.2 billion)
- Insurance revenue: USD 12.2 billion (compared with USD 12.6 billion)
- New business CSM: USD 833 million
- CSM balance: USD 17.4 billion
The results reflect a USD 0.4 billion negative impact from assumption strengthening for selected underperforming portfolios in the EMEA and ANZ regions, with USD 0.25 billion affecting the third quarter. Claims experience for major portfolios, including US mortality, remained aligned with expectations. The prior-year period’s insurance revenue had benefited from a terminated external retrocession transaction.
Given its year-to-date net income, L&H Re is not expected to reach its full-year target of approximately USD 1.6 billion.
Executive Commentary
Group CEO Andreas Berger emphasized the company’s priorities of meeting financial targets and strengthening Group resilience. He noted that low natural catastrophe losses in the second and third quarters provided a tailwind to the property and casualty businesses and highlighted ongoing efforts to enhance resilience in L&H Re.
Group CFO Anders Malmström stated that the property and casualty businesses delivered a strong underwriting result and that all Business Units benefited from robust recurring investment income.
Outlook
Swiss Re stated that it is on track to meet its 2025 Group net income target of more than USD 4.4 billion, as well as combined ratio targets for both property and casualty businesses. The company also highlighted ongoing cost discipline and measures to improve resilience in L&H Re.
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