Swiss Re: H1 2025 results

Swiss Re reported insurance revenue of 20.9 billion USD for the first half of 2025, representing a 6% decrease year-on-year.

The Group achieved a net profit of 2.6 billion USD, up from 2.1 billion USD in the same period of 2024, marking a 24% increase.

During the reporting period, shareholders’ equity stood at 22.7 billion USD,with a return on equity (ROE) of 23%.

Swiss Re maintained a robust capital position, with an estimated solvency ratio of 264%, exceeding the optimal range of 200%–250%.

The Group’s non-life business (P&C Re) recorded an 8% drop in insurance revenue to 8.9 billion USD as of end-June 2025.

Net income for the non-life segment rose by 23% to 1.2 billion USD, driven by disciplined underwriting, low natural catastrophe losses in the second quarter, favorable reserve development, and strong investment performance.

The combined ratio for the non-life segment improved by 3.2 percentage points to 81.1%. Losses from natural catastrophes amounted to 556 million USD, with the Los Angeles wildfires being the costliest event. Man-made disasters resulted in losses of 213 million USD for the P&C business.

As of 30 June 2025, net income from L&H Re, the life and health reinsurance segment, and Corporate Solutions, the Group’s direct insurance subsidiary, reached 839 million USD and 430 million USD, respectively.