Superb profitability from Swiss Re this year, here’s the word;
Swiss Re reported a profit of USD 1.4 billion for the third quarter of 2025, resulting in a net income of USD 4.0 billion and a return on equity (ROE) of 22.5% for the first nine months of the year. The Group’s financial performance benefited from strong underwriting results in both P&C businesses and a solid investment return.
Swiss Re’s Group Chief Executive Officer Andreas Berger said: “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.”
Swiss Re’s Group Chief Financial Officer Anders Malmström said: “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.”
Group result driven by increased underwriting profits
Swiss Re reported a net income of USD 4.0 billion and an ROE of 22.5% for the first nine months of 2025, compared with a net income of USD 2.2 billion and an ROE of 13.3% for the same period in 2024. The increase in net income was primarily driven by significantly higher underwriting profit in P&C Re.
The insurance service result, which reflects the underwriting profit earned in the period, was USD 4.8 billion, compared with USD 2.9 billion for the first nine months of 2024.
Insurance revenue for the Group amounted to USD 32.0 billion, compared with USD 33.7 billion for the same period in 2024.
The Group’s new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 3.9 billion, compared with USD 4.2 billion for the prior-year period.
Swiss Re’s ROI for the first nine months of 2025 was 4.1%, up from 3.9% for the same period in 2024, driven by higher recurring income and realised gains from the sale of a minority equity position in the first quarter of 2025. The recurring income yield for the period was 4.1%, compared with 4.0% for the prior-year period. The reinvestment yield for the third quarter of 2025 was 4.3%.
Strong capital position
Swiss Re’s capital position continues to be strong with an estimated Group Swiss Solvency Test (SST) ratio of 268% as of 1 October 2025, above the target range of 200–250%.
Strong P&C Re result driven by disciplined underwriting
P&C Re reported a net income of USD 2.3 billion for the first nine months of 2025, compared with USD 607 million for the same period in 20243. The result was supported by a low natural catastrophe burden in the second and third quarters alongside a solid investment result.
The insurance service result was USD 2.9 billion for the first nine months of 2025, compared with USD 1.0 billion for the prior-year period. The increase was supported by lower large natural catastrophe claims. In addition, the prior-year period was impacted by significant reserving actions.
Large natural catastrophe claims amounted to USD 611 million in the first nine months of 2025, mainly related to the Los Angeles wildfires. In addition, large man-made losses totalled USD 277 million.
P&C Re achieved a combined ratio of 77.6% for the first nine months, improved from 92.8% for the prior-year period, and is on track to achieve its combined ratio target of below 85% for the full year.
Insurance revenue for the first nine months of 2025 was USD 14.0 billion, compared with USD 15.0 billion for the same period in 2024. Pruning actions in casualty were the largest driver of the decrease.
P&C Re generated a new business CSM of USD 2.5 billion for the first nine months of 2025, compared with USD 2.7 billion for the prior-year period.#
Corporate Solutions delivers strong third quarter
Corporate Solutions reported a net income of USD 693 million for the first nine months of 2025, compared with USD 630 million for the same period in 20243. The continued strong result reflects a solid underwriting performance, supported by lower-than-expected large natural catastrophe claims experience and a solid investment result.
The insurance service result reached USD 832 million in the first nine months of 2025, up from USD 739 million for the prior-year period.
Large man-made losses in the first nine months of the year amounted to USD 282 million. Large natural catastrophe losses of USD 60 million were mainly driven by the Los Angeles wildfires and Tropical Cyclone Alfred, which affected Queensland, Australia.
Corporate Solutions achieved a combined ratio of 87.1% for the first nine months of 2025, compared with 89.4% for the same period in 2024, and targets a combined ratio of below 91% for the full year.
Insurance revenue amounted to USD 5.7 billion for the first nine months of 2025, compared with USD 5.8 billion for the same period in 2024. Stringent portfolio steering and focused growth largely compensated for the previously announced non-renewal of the Irish Medex business.
Corporate Solutions achieved a new business CSM of USD 500 million for the first nine months of 2025, compared with USD 594 million for the same period in 2024.
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