Swiss Re reports a net income of USD 4.0 billion for the first nine months of 2025

Ad hoc announcement pursuant to Article 53 LR

• Property & Casualty Reinsurance (P&C Re) net income of USD 2.3 billion; combined ratio of 77.6%¹

• Corporate Solutions net income of USD 693 million; combined ratio of 87.1%²

• Life & Health Reinsurance (L&H Re) net income of USD 1.1 billion

• Return on investments (ROI) of 4.1%; recurring income yield of 4.1%

Zurich, 14 November 2025 – Swiss Re reported a profit of USD 1.4 billion for the third quarter of 2025, resulting in a net income of USD 4.0 billion and a return on equity (ROE) of 22.5% for the first nine months of the year. The Group's financial performance benefited from strong underwriting results in both P&C businesses and a solid investment return.

Swiss Re's Group Chief Executive Officer Andreas Berger said: "We have two priorities: delivering on our financial targets and increasing the resilience of the Group. Our results for the first nine months of 2025 reflect this. After significant large loss events in the first quarter, the second and third quarters benefited from low natural catastrophe losses. This provided a substantial tailwind to our property and casualty businesses, supported further by our continued focus on underwriting quality. In L&H Re, we are accelerating efforts to improve the resilience of the in-force book."

Swiss Re's Group Chief Financial Officer Anders Malmström said: "Alongside a strong underwriting result for the first nine months of the year in our property and casualty businesses, we have maintained healthy margins on new business written in the period. Additionally, all Business Units continue to benefit from robust recurring investment income."

Group result driven by increased underwriting profits
Swiss Re reported a net income of USD 4.0 billion and an ROE of 22.5% for the first nine months of 2025, compared with a net income of USD 2.2 billion³ and an ROE of 13.3%⁴ for the same period in 2024. The increase in net income was primarily driven by significantly higher underwriting profit in P&C Re.

The insurance service result, which reflects the underwriting profit earned in the period, was USD 4.8 billion, compared with USD 2.9 billion for the first nine months of 2024.

Insurance revenue for the Group amounted to USD 32.0 billion, compared with USD 33.7 billion for the same period in 2024.

The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 3.9 billion, compared with USD 4.2 billion for the prior-year period.

Swiss Re's ROI for the first nine months of 2025 was 4.1%, up from 3.9% for the same period in 2024, driven by higher recurring income and realised gains from the sale of a minority equity position in the first quarter of 2025. The recurring income yield for the period was 4.1%, compared with 4.0% for the prior-year period. The reinvestment yield for the third quarter of 2025 was 4.3%.

Strong capital position
Swiss Re's capital position continues to be strong with an estimated Group Swiss Solvency Test (SST) ratio of 268%⁵ as of 1 October 2025, above the target range of 200–250%.

Strong P&C Re result driven by disciplined underwriting
P&C Re reported a net income of USD 2.3 billion for the first nine months of 2025, compared with USD 607 million for the same period in 2024³. The result was supported by a low natural catastrophe burden in the second and third quarters alongside a solid investment result.

The insurance service result was USD 2.9 billion for the first nine months of 2025, compared with USD 1.0 billion for the prior-year period. The increase was supported by lower large natural catastrophe claims. In addition, the prior-year period was impacted by significant reserving actions.

Large natural catastrophe claims amounted to USD 611 million in the first nine months of 2025, mainly related to the Los Angeles wildfires. In addition, large man-made losses totalled USD 277 million.

P&C Re achieved a combined ratio of 77.6% for the first nine months, improved from 92.8% for the prior-year period, and is on track to achieve its  combined ratio target of below 85% for the full year.

Insurance revenue for the first nine months of 2025 was USD 14.0 billion, compared with USD 15.0 billion for the same period in 2024. Pruning actions in casualty were the largest driver of the decrease.

P&C Re generated a new business CSM of USD 2.5 billion for the first nine months of 2025, compared with USD 2.7 billion for the prior-year period.

Corporate Solutions delivers strong third quarter
Corporate Solutions reported a net income of USD 693 million for the first nine months of 2025, compared with USD 630 million for the same period in 2024³. The continued strong result reflects a solid underwriting performance, supported by lower-than-expected large natural catastrophe claims experience and a solid investment result.

The insurance service result reached USD 832 million in the first nine months of 2025, up from USD 739 million for the prior-year period.

Large man-made losses in the first nine months of the year amounted to USD 282 million. Large natural catastrophe losses of USD 60 million were mainly driven by the Los Angeles wildfires and Tropical Cyclone Alfred, which affected Queensland, Australia.

Corporate Solutions achieved a combined ratio of 87.1% for the first nine months of 2025, compared with 89.4% for the same period in 2024, and targets a combined ratio of below 91% for the full year.

Insurance revenue amounted to USD 5.7 billion for the first nine months of 2025, compared with USD 5.8 billion for the same period in 2024. Stringent portfolio steering and focused growth largely compensated for the previously announced non-renewal of the Irish Medex business⁶.

Corporate Solutions achieved a new business CSM of USD 500 million for the first nine months of 2025, compared with USD 594 million for the same period in 2024.

L&H Re result behind target
L&H Re reported a net income of USD 1.1 billion for the first nine months of 2025, compared with USD 1.2 billion for the prior-year period, mainly reflecting a lower underwriting result.

The insurance service result for the first nine months of the year was USD 1.0 billion, compared with USD 1.2 billion for the same period in 2024. The result for the first nine months of 2025 reflects a USD 0.4 billion negative impact attributable to assumption strengthening for selected underperforming portfolios in the EMEA and ANZ regions, of which USD 0.25 billion affected the third quarter. Claims experience for the largest portfolios, including US mortality, remained in line with expectations during the first nine months of 2025.

Insurance revenue for the first nine months of 2025 amounted to USD 12.2 billion, compared with USD 12.6 billion for the prior-year period. The change compared with the first nine months of 2024 was mainly driven by the termination of an external retrocession transaction which positively affected insurance revenue for the prior-year period⁷.

L&H Re continued to achieve solid margins on new business, with a new business CSM of USD 833 million for the first nine months of 2025, compared with USD 894 million for the prior-year period. The Business Unit maintained its CSM balance of USD 17.4 billion.

Given the USD 1.1 billion net income achieved after the first nine months of 2025, L&H Re is not currently expected to meet its net income target of approximately USD 1.6 billion for the full year.

Outlook
Swiss Re's Group Chief Executive Officer Andreas Berger said: "Thanks to the strong performance in the first nine months of 2025, we are well on-track to meet our Group net income target of more than USD 4.4 billion for the full year and our combined ratio targets for both of our property and casualty businesses. In L&H Re, we are taking decisive steps to increase resilience. These actions, together with our continued cost discipline, strengthen the core of our business."

Details of 9M 2025 performance

¹ P&C Re combined ratio is defined as [(insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums)].

² Corporate Solutions combined ratio is defined as [(insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue].

³ Including net income/loss attributable to non-controlling interests of USD -8 million for the Group in 9M 2024 (USD  4 million in P&C Re and USD -12 million in Corporate Solutions) and USD 13 million for the Group in 9M 2025 (USD 3 million in P&C Re and USD 10 million in Corporate Solutions).

⁴ 9M 2024 reflects revised 2023 shareholders' equity as published in the 2024 Annual Report.

⁵ Estimated Group SST ratio as of 1 October 2025. The SST ratio is filed with FINMA periodically and is subject to review.

⁶ The non-renewal of the Irish Medex business accounted for a reduction of USD 0.4 billion in the first nine months of 2025 compared with the prior-year period.

⁷ The termination of an external retrocession transaction accounted for non-recurring additional revenue of USD 0.4 billion in the first nine months of 2024.

Financial calendar
5 December 2025: Management Dialogue 2025

27 February 2026: Annual Results 2025

12 March 2026: Publication of Annual Report and Sustainability Report 2025

10 April 2026: 162nd Annual General Meeting

Media conference call

Swiss Re will hold a virtual media conference this morning at 08:30 CET. To participate, please dial in 10 minutes to the start using the following numbers:

Switzerland / Europe: +41 (0) 58 310 50 00

United Kingdom: +44 (0) 207 107 06 13

United States: +1 (1) 631 570 56 13

Other international numbers available here.

Investor and analyst call

Swiss Re will hold an investors' and analysts' webcast at 13:30 CET, which will focus exclusively on Q&A. The investor and analyst presentation can be found here.