Swiss Re has reported net income of $4bn for the first nine months of 2025 (9M 2025), an 85% increase from $2.2bn over the same period last year.
The growth in earnings was mainly attributed to improved underwriting results within its property and casualty (P&C) reinsurance segment.
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The company’s insurance service result stood at $4.8bn, a 64% increase compared to $2.9bn in the prior-year period.
Swiss Re’s total insurance revenue decreased by 5% to $32bn from $33.7bn a year ago.
Return on investments for the period rose to 4.1% from 3.9%, supported by higher recurring income and proceeds from divesting a minority equity position in the first quarter (Q1).
The P&C reinsurance division recorded net profit of $2.3bn, up from $607m last year, aided by fewer large natural catastrophe losses in Q2 and Q3, and stable investment returns.
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By GlobalDataThe reinsurer’s large natural catastrophe claims for the period stood at $611m, primarily linked to wildfires in Los Angeles.
The Corporate Solutions division achieved net income of $693m through September, a 10% increase compared with $630m a year earlier, supported by lower claims from major loss events and steady investment performance.
The Life & Health (L&H) reinsurance segment posted net income of $1.05bn, down 12% from $1.2bn last year due to a weaker underwriting outcome.
In Q3 alone, Swiss Re reported a profit of $1.4bn.
Swiss Re Group CEO Andreas Berger said: “We have two priorities: delivering on our financial targets and increasing the resilience of the Group. Our results for the first nine months of 2025 reflect this. After significant large loss events in the first quarter, the second and third quarters benefitted from low natural catastrophe losses.
“This provided a substantial tailwind to our property and casualty businesses, supported further by our continued focus on underwriting quality. In L&H Re, we are accelerating efforts to improve the resilience of the in-force book.”
Commenting on the outlook, Berger added: “Thanks to the strong performance in the first nine months of 2025, we are well on-track to meet our Group net income target of more than $4.4bn for the full year and our combined ratio targets for both of our property and casualty businesses.”
