Top European reinsurers' half-year results

According to Fitch Ratings, the four leading European reinsurers, namely Munich Re, Swiss Re, SCOR, and Hannover Re, achieved a record return on equity (ROE) of 21.1% in the first half of 2025, up from 20.5% in the same period last year.

Strong underwriting performance across most classes of business, combined with stable investment income, continued to underpin profitability despite rising global natural catastrophe losses, financial market volatility, and mounting signs of a turning reinsurance cycle.

It is worth noting that revenue growth slowed during the first six months of 2025, as reinsurers focused on diversification and profitability rather than increasing revenues.