Swiss Re Ltd

Latest Results (03.09.2025):

Swiss Re Ltd reported a net income of USD 1.3 billion and a return on equity (ROE) of 22.4% for the first quarter of 2025. Despite significant large loss events in the property and casualty sector, the company demonstrated strong underlying performance across all business units, supported by favorable investment returns and tax impacts.

Overall Financial Performance

In Q1 2025, Swiss Re Ltd achieved a 16% increase in net income compared to Q1 2024, rising from USD 1.1 billion to USD 1.3 billion. The insurance revenue decreased by 11% to USD 10.4 billion, primarily due to non-recurring IFRS transition effects and unfavorable foreign exchange impacts. The return on investments (ROI) improved to 4.4%, and the recurring income yield rose to 4.1%.

Property & Casualty Reinsurance (P&C Re)

P&C Re reported a net income of USD 527 million for Q1 2025, a slight decrease from USD 555 million in the previous year. The combined ratio stood at 86.0%, reflecting resilience despite large natural catastrophe claims totaling USD 570 million. Successful renewals in April 2025 included a 1.5% price increase and a 2.8% volume growth.

Corporate Solutions

The Corporate Solutions unit delivered a net income of USD 208 million in Q1 2025, up 7% from USD 195 million in Q1 2024. The combined ratio improved to 88.4%, supported by robust business performance and solid investment income. Insurance revenue remained steady at USD 1.8 billion.

Life & Health Reinsurance (L&H Re)

L&H Re achieved a net income of USD 439 million in Q1 2025, up from USD 412 million in Q1 2024. The unit maintained solid underwriting margins and increased its insurance service result to USD 456 million. Insurance revenue decreased by 15% to USD 4.1 billion, influenced by the termination of an external retrocession transaction.

Investment and Capital Position

Swiss Re Ltd's ROI increased to 4.4%, driven by higher recurring income and realized gains from equity sales. The company maintains a strong capital position with an estimated Group SST ratio of 254%, exceeding the target range of 200–250%. Additionally, Swiss Re plans to cancel approximately 18.7 million surplus treasury shares by June 2025.

Outlook

Swiss Re Ltd remains confident in achieving its 2025 financial targets, despite a challenging environment. The company emphasizes continued cost discipline, efficiency, and maintaining strong foundations to support its clients effectively.