Swiss Re Achieves USD 4.0 Billion Net Income in First Nine Months of 2025

Swiss Re delivers a robust financial performance for the first three quarters of 2025, posting a net income of USD 4.0 billion and a return on equity of 22.5%, driven by strong underwriting and investment results across its key business units.

Swiss Re reported a net income of USD 4.0 billion and a return on equity of 22.5% for the first nine months of 2025, outperforming the same period last year. This growth was primarily fueled by significantly stronger underwriting profits, particularly in Property & Casualty Reinsurance (P&C Re).

Property & Casualty Re Posts Record Earnings

P&C Re achieved a net income of USD 2.3 billion, a substantial increase from USD 607 million in the prior year, thanks to disciplined underwriting and lower catastrophe claims. The segment maintained a combined ratio of 77.6%, well below its target.

Corporate Solutions Maintains Profitability

Corporate Solutions delivered a net income of USD 693 million and improved its combined ratio to 87.1%. Lower claims from natural catastrophes and stable investment returns contributed to the strong result.

Life & Health Reinsurance Below Expectations

Life & Health Reinsurance (L&H Re) posted a net income of USD 1.1 billion, slightly below the previous year, mainly impacted by assumption adjustments in underperforming portfolios. Full-year earnings are now expected to fall short of the unit’s targets.

Solid Capital and Investment Position

Swiss Re’s solvency remains robust, with a Group Swiss Solvency Test (SST) ratio of 268%. Return on investments improved to 4.1%, supported by recurring income and asset sales.

Outlook: Targets Within Reach

Swiss Re’s leadership remains confident in delivering a full-year net income of over USD 4.4 billion and meeting key performance targets, while enhancing resilience and maintaining cost discipline.