Swiss Re has reported net income of $1.27bn for the first quarter of 2025 (Q1 2025), a 16% rise from $1.09bn posted in the same quarter of the previous year.  

The company attributed the increase to underwriting results across its business segments and investment returns. 

The book value per share saw a 7% rise, reaching $79.51 from $74.44 in the previous year’s first quarter.  

The insurance service result saw a 6% decline to $1.27bn in Q1 2025, down from $1.35bn in Q1 2024.  

The Zurich-based company’s insurance revenue decreased by 11% to $11.6bn from $10.4bn in the prior year. 

This reduction was mainly due to non-recurring IFRS transition effects and the termination of an external retrocession transaction in L&H Re, which had boosted the previous year’s figures, as well as adverse foreign exchange movements. 

The company’s property and casualty (P&C) reinsurance revenues were down 10% to $4.4bn, while the corporate solutions segment fell by 4% to $1.7bn and life and health reinsurance reported a 15% decrease in revenues to $4.05bn. 

Swiss Re also plans to cancel around 18.7 million surplus treasury shares by 30 June 2025, which are currently not eligible for dividends.  

Following the cancellation, the total share count for Swiss Re will stand at 298.8 million, which includes nearly 294.8 million dividend-eligible shares and around four million treasury shares reserved mainly for share-based compensation plans. 

In the P&C sector, large natural catastrophe claims totalled $570m in Q1 2025, representing 29% of the annual budget for such claims, primarily from the Los Angeles wildfires. 

Corporate Solutions reported man-made losses of $147m for the quarter, while natural catastrophe losses of $60m were largely due to the Los Angeles wildfires and tropical cyclone Alfred in Queensland, Australia. 

Swiss Re Group CEO Andreas Berger said: “The first quarter of 2025 was marked by significant large loss events in our property and casualty businesses. Despite this, all business units posted robust results, highlighting the resilience of the Group and underscoring our ability to support clients by acting as a shock absorber for peak risks.” 

Commenting on the outlook, Berger added: “With a turbulent start to the year, we remain vigilant and focused on maintaining our strong foundations. Thanks to the decisive actions we took in 2024, all our businesses are well-positioned and have delivered a robust performance in the first quarter. Alongside our continued focus on cost discipline and efficiency, this gives us confidence in our 2025 targets despite a challenging environment.” 

The company confirmed that its exit from iptiQ is on track. Last month, Swiss Re completed the divestment of iptiQ’s Americas Sales Solutions through a management buyout and disclosed the sale of iptiQ’s Australian operations to Hannover Re.