Global reinsurer Swiss Re has reported a profit of $1.3bn in the second quarter of 2025, resulting in a net income of $2.6bn and a return on equity (ROE) of 23.0% for the first half of the year according to a media release by the company.
The Group's financial performance was driven by healthy underwriting margins across all Business Units, supported by a solid investment result.
Swiss Re Corporate Solutions, however, recorded a 2.5% fall in net income to $430m in the first six months of 2025 as “elevated” large manmade losses cost the unit $193m alongside a $60m bill from Nat CATs in the same period.
The Swiss Re Corporate Solutions, however, registered a slight improvement on its combined ratio for the same period, down from 88.7% last year to 88.2% and on target to come in below 91% for full year. The insurance service result remained steady at $515m.
The unit’s revenue was down slightly, by 1.3%, to $3.75bn but on publishing group results Swiss Re said “stringent portfolio steering and focused growth” largely made up for the nonrenewal of Irish Medex business, which reduced the unit’s revenue by $200m in the first half of 2025.
At group level, the global reinsurer reported a 24.2% gain in net income to $2.61bn in the first half of 2025, driven largely by its property and casualty reinsurance unit, where net income increased by 23.3% to $1.22bn, and a higher investment result.
Swiss Re said June and July P&C renewals recorded price increases averaging 2.3% as it renewed $4.5bn of treaty premium volume, down 5.9% as it continued to trim casualty lines.
Swiss Re group CEO Andreas Berger said the first half result was “strong… while supporting our clients through peak risks, particularly in the first quarter.” Swiss Re’s P&C reinsurance line incurred Nat CAT losses of $556m in the first six months of the year, mainly related to the Los Angeles wildfires, while large man-made losses totalled $213m.
The group’s insurance service result improved to $3bn from $2.86bn in H1 2024 while revenue dipped 5.7% to $20.95bn, with all units reporting lower revenue led by P&C with a decrease of 7.7% to $8.92bn after “pruning actions” in casualty.
Swiss Re’s CFO Anders Malmström said the group was particularly pleased with new business contractual service margins, up slightly to $3.1bn, despite a more challenging P&C pricing environment, while Swiss Re Corporate Solutions achieved a CSM of $262m up from $223m in first half of 2024.