AM Best Affirms Credit Ratings of Swiss Reinsurance Company, Reports Strong First-Half 2025 Results

October 5th, 2025

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Swiss Reinsurance Company Ltd (Switzerland) and its rated operating affiliates, all subsidiaries of Swiss Re Ltd (Swiss Re). At the same time, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on the debt and the indicative Long-Term IRs on securities available under Swiss Reinsurance Company Ltd.’s debt issuance programme.

Swiss Re has delivered robust financial results for the first half of 2025, with all business units contributing to the group’s strong performance. The reinsurance giant reported a net income of $1.2 billion from its Property and Casualty (P&C) Reinsurance division, achieving a combined ratio of 81.1%, underscoring solid underwriting discipline and favorable market conditions.

Corporate Solutions also maintained its positive momentum, generating $430 million in profit during the same period, while the Life & Health (L&H) Reinsurance segment reported $839 million in net income — reflecting the group’s balanced earnings across business lines.

Looking forward, Swiss Re has set an ambitious target of exceeding $4.4 billion in net income for the full year 2025. In line with its commitment to shareholder returns, the company plans to increase its ordinary dividend by at least 7% annually over the next three years.

The group also reaffirmed its financial objectives for individual business units, aiming to maintain a combined ratio below 85% for its P&C Re division, below 91% for Corporate Solutions, and to achieve $1.6 billion in net income for its Life & Health Reinsurance segment.

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