Swiss Re 2025 net income soars 47% driven by P&C growth
Swiss Re has reported net income of $4.8bn for 2025, an increase of 47% from $3.2bn the year before, driven by strong underwriting results in property and casualty (P&C) operations.
Return on equity rose to 19.6%, up from 15% in 2024.
The company said that the outcomes in life and health (L&H) reinsurance were affected by a portfolio review.
The insurance service result for 2025 was $5.8bn, a 36% surge from $4.3bn the previous year.
Group insurance revenue fell to $43.1bn from $45.6bn recorded in 2024.
Net income from the P&C reinsurance segment more than doubled to $2.8bn, up from $1.2bn a year earlier.
According to Swiss Re, lower-than-expected large natural catastrophe losses and stable investment returns contributed to this result.
Natural catastrophe claims for the year stood at $813m, mainly due to Los Angeles wildfires and Hurricane Melissa, while man-made losses reached $345m.
P&C Re achieved a combined ratio of 79.4% for 2025, improving from 89.9% in the prior year and meeting its annual target.
Corporate Solutions posted net income of $988m for the year, up 19% from $829m in 2024.
Losses from major man-made events totalled $351m, while natural catastrophe claims were $148m, primarily from the Los Angeles wildfires.
The division’s combined ratio improved to 86.5%, compared with 89.7% a year earlier.
L&H Reinsurance recorded net income of $1.3bn in 2025, down from $1.5bn in 2024 after completing a portfolio review.
The division missed its targeted net income of around $1.6bn.
Swiss Re announced an agreement to sell its iptiQ Americas business, pending regulatory clearances, and plans to put its iptiQ EMEA L&H operations into run-off status.
Earlier this year, Swiss Re completed sales of other iptiQ businesses including the Americas Sales Solutions unit via management buyout, iptiQ EMEA P&C operations and the Australian arm.
For the coming year, Swiss Re has set a net income target of $4.5bn for the group.
The board will propose a dividend of $8 per share for 2025, a 9% increase on the previous year’s payout.
The company also plans to buy back up to $1.5bn worth of shares by the end of 2026, subject to legal and regulatory approvals; this includes a $500m portion under an annual buyback scheme introduced at Swiss Re’s December management event.
Swiss Re Group CEO Andreas Berger said: "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.”
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