Swiss Re Reports $2.6 Billion Net Income in First Half of 2025

Swiss Re has delivered strong financial results in the first half of 2025, reporting a net income of US$2.6 billion. The reinsurer achieved a return on equity (ROE) of 23%, up from 19.6% a year earlier, supported by solid underwriting, lower catastrophe losses, and higher investment income.

The property and casualty reinsurance segment reported net income of US$1.2 billion, up from US$992 million a year earlier. Large natural catastrophe claims totaled US$556 million, mainly from the Los Angeles wildfires, while man-made losses amounted to US$213 million.

Despite these events, the combined ratio improved to 81.1% from 84.3%, surpassing the segment’s full-year target of below 85%. Insurance revenue in P&C Re declined to US$8.9 billion from US$9.7 billion, reflecting casualty portfolio reductions and seasonal shifts.

P&C Re’s mid-year renewals generated US$4.5 billion in treaty premium volume, down 5.9% compared to expiring business, though year-to-date treaty volume rose by 3%. Pricing improved by 2.3%, while loss assumptions rose 4.6% due to inflation and updated risk models.

Corporate Solutions delivered net income of US$430 million, slightly below the US$441 million reported last year. The business remained resilient despite incurring US$193 million in large man-made losses and US$60 million in catastrophe losses. Its combined ratio stood at 88.2%, a marginal improvement from 88.7% a year earlier. Insurance revenue held steady at US$3.7 billion, while new business CSM rose to US$262 million from US$223 million.

The life and health reinsurance (L&H Re) segment recorded net income of US$839 million, down from US$883 million in the prior-year period. Insurance revenue dropped to US$8 billion from US$8.5 billion. Still, new business CSM improved to US$569 million, and the CSM balance grew by US$410 million since year-end to US$17.8 billion, aided by a weaker US dollar.