Global reinsurance giant Swiss Re increased its group net income by 47% in 2025, delivering a historic-high profit of $4.8bn, against a target of more than $4.4 bn. The ROE was 19.6% for 2025, increased from 15.0% in 2024.
The profit increase was primarily driven by strong underwriting profits in the property and casualty businesses, partially offset by the impact of the portfolio review in L&H Re.
The insurance service result, which reflects the underwriting profit earned in the period, was $5.8bn, up 36% from $4.3bn in 2024. Insurance revenue for the Group amounted to $43.1bn, compared with $45.6bn for 2024.
The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was $4.7bn, compared with $5.0bn for the prior year.
2026
For 2026, the Group targets a net income of $4.5bn.
Further, in 2026, the company will repurchase up to $1.5bn of its own shares, including $500m as part of its sustainable annual share buyback programme.
Key priorities delivered
Commenting on the Group's 2025 financial performance, Swiss Re's Group CEO Andreas Berger said, "In 2025, we delivered on two key priorities: achieving our Group financial target and strengthening the resilience of the company.
“The Group net income also reached the highest level in the company’s history, reflecting disciplined underwriting, strong investment returns and low large loss activity outside of the first quarter.”
Mr Berger said, "The results also reflect our continued commitment to increasing the resilience of Swiss Re's business. We have also made substantial progress on our decision to withdraw from iptiQ, with all parts of this business either sold or planned to be placed into run-off."
Swiss Re maintained its strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 250% as of 1 January 2026, which already includes the impact of the proposed capital repatriation actions.