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Global reinsurers: evolution of net result, combined ratio and ROE
January 29, 2026
Figures in millions USD
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| Company | Country | Net result | Combined ratio 2024 (1) | ROE 2024 | ||
| 2024 | 2023 | Δ 2023-2024 | ||||
| Lloyd's | United Kingdom | 12 221 | 13 217 | -8% | 87% | 20.4% |
| PICC | China | 7 778 | 4 346 | 79% | 98.80% | 15.5% |
| Munich Re | Germany | 5 907 | 5 073 | 16% | 82.40% | 17.3% |
| MS&AD Ins. Group | Japan | 4 647 | 2 464 | 89% | 99.40% | 30.3% |
| Liberty Mutual | United States | 4 402 | 228 | 1831% | NA | 14.4% |
| Arch Capital | Bermuda | 4 312 | 4 442 | -3% | 83.3% | 20.7% |
| Generali | Italy | 3 879 | 3 946 | -2% | 94.0% | 12.3% |
| Chubb Tempest Re | Bermuda | 3 342 | 3 208 | 4% | 62.5% | 25.2% |
| Swiss Re | Switzerland | 3 238 | 3 141 | 3% | 89.9% | 14.8% |
| Markel Corporation | United States | 2 847 | 2 101 | 36% | 100.5% | 16.8% |
| Top 10 | 52 573 | 42 166 | 25% | NA | NA | |
| Great West Lifeco (2) | Canada | 2 829 | 2 163 | 31% | - | 12.5% |
| Berkshire Hathaway (3) | United States | 2 737 | 1 904 | 44% | 82.9% | 0.4% |
| Hannover Re | Germany | 2 425 | 2 014 | 20% | 86.6% | 18.3% |
| Renaissance Re | Bermuda | 1 835 | 2 526 | -27% | 83.9% | 17.3% |
| QBE Insurance | Australia | 1 779 | 1 355 | 31% | 93.1% | 16.6% |
| W.R. Berkley Corporation | United States | 1 756 | 1 381 | 27% | 84.1% | 20.9% |
| China Re | China | 1 518 | 817 | 86% | 86.40% | 9.8% |
| Partner Re | Bermuda | 1 441 | 2 318 | -38% | 90.6% | 15.3% |
| Sompo International Holdings | Bermuda | 1 420 | 1 871 | -24% | 89.8% | 13.4% |
| Everest Re | Bermuda | 1 373 | 2 517 | -45% | 89.7% | 9.9% |
| Top 20 | 71 686 | 61 032 | 17% | NA | NA | |
| Rest of tde market (4) | 14 048 | 15 712 | -11% | NA | NA | |
| Total | 85 734 | 76 744 | 12% | NA | NA | |
* Ranked in descending order of net result
(1) Combined ratio under IFRS 17 for Munich Re, Swiss Re, Hannover Re, Generali, PICC, China Re, and QBE Insurance
(2) Life insurance company
(3) Result before taxes from reinsurance activities only
(4) 134 companies
NA: Not available
Source: Atlas Reinsurance Reports 2026
