Swiss Re: 2025 annual results

Swiss Re closed the 2025 financial year with a 47% increase in net profit, reaching 4.762 billion USD.

Reinsurance revenue totaled 43.136 billion USD, down 5% year-on-year. Shareholders’ equity stood at 25.114 billion USD, while return on equity (ROE) improved to 19.6%, up 4.6 points from 15% at the end of 2024.

The non-life reinsurance segment (P&C Re) reported insurance revenue of 18.703 billion USD and a net result of 2.767 billion USD. The non-life combined ratio improved by 10.5 points to 79.4%, driven by a sharp decline in natural catastrophe claims.

P&C Re recorded natural catastrophe losses of 813 million USD, primarily linked to the fires in Los Angeles and Hurricane Melissa. Losses from human-made disasters amounted to 345 million USD.

The life and health reinsurance segment (L&H Re) generated insurance revenue of 16.504 billion USD and net profit of 1.274 billion USD.

Corporate Solutions, the Group’s direct insurance arm, posted insurance revenue of 7.737 billion USD and net profit of 988 million USD. Its combined ratio improved from 89.7% in 2024 to 86.5% in 2025. Natural catastrophes and human-made disasters cost Corporate Solutions 351 million USD and 148 million USD, respectively.

Swiss Re’s Board of Directors will propose a dividend of 8 USD per share for the 2025 financial year at the Annual General Meeting scheduled for 10 April 2026. The Group will also initiate a 1.5 billion USD share buyback program.