Swiss Re delivers record Group net income of USD 4.8 billion in 2025
Ad hoc announcement pursuant to Article 53 LR
• Property & Casualty Reinsurance (P&C Re) delivers net income of USD 2.8 billion; combined ratio of 79.4%1
• Corporate Solutions net income reaches USD 988 million; combined ratio of 86.5%2
• Life & Health Reinsurance (L&H Re) net income of USD 1.3 billion; portfolio review completed
• Return on investments (ROI) of 4.0%; recurring income yield of 4.2%
• Swiss Re to repurchase up to USD 1.5 billion of its own shares in 2026, including USD 500 million as part of its sustainable annual share buyback programme
• Board of Directors to propose a dividend increase of 9% to USD 8.00 per share at the Annual General Meeting (AGM) on 10 April 2026
• Swiss Re to propose Jean-Jacques Henchoz for election to the Board of Directors; Larry Zimpleman will not stand for re-election
Swiss Re increased Group net income by 47% in 2025, delivering a profit of USD 4.8 billion against a target of more than USD 4.4 billion. At the same time, Swiss Re took significant steps to further strengthen its resilience. The company will repurchase up to USD 1.5 billion of its own shares in 2026, including USD 500 million as part of its sustainable annual share buyback programme. This complements an increased ordinary dividend of USD 8.00 per share to be proposed at the AGM.
Swiss Re's Group Chief Executive Officer Andreas Berger said: "In 2025 we delivered on two key priorities: achieving our Group financial target and strengthening the resilience of the company. Group net income reached the highest level in our history, reflecting disciplined underwriting, strong investment returns and low large loss activity outside of the first quarter.
"Today's result also reflects our continued commitment to increasing the resilience of Swiss Re's business. Having completed the comprehensive review of underperforming portfolios in L&H Re, all three of our Business Units are positioned to deliver consistent results. We have also made substantial progress on our decision to withdraw from iptiQ, with all parts of this business either sold or planned to be placed into run-off."
Swiss Re's Group Chief Financial Officer Anders Malmström said: "Having achieved our key objectives in 2025, we are well positioned to increase the payout to shareholders through an increased dividend and the launch of a substantial share buyback programme, which consists of a sustainable annual component linked to our target achievement and an additional extraordinary amount. The latter reflects our strong capital generation and position, our focus on managing the property and casualty pricing cycle, and the increased resilience of the Group."
Strong Group result driven by underwriting profits
Swiss Re delivered a net income of USD 4.8 billion and an ROE of 19.6% for 2025, increased from USD 3.2 billion and 15.0% in the prior year. The increase was primarily driven by strong underwriting profits in the property and casualty businesses, partially offset by the impact of the portfolio review in L&H Re.
The insurance service result, which reflects the underwriting profit earned in the period, was USD 5.8 billion, up 36% from USD 4.3 billion in 2024.
Insurance revenue for the Group amounted to USD 43.1 billion, compared with USD 45.6 billion for 2024.
The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 4.7 billion, compared with USD 5.0 billion for the prior year.
Swiss Re achieved a strong ROI of 4.0% for 2025. The result reflects recurring income of more than USD 4.0 billion as well as a positive contribution from equity holdings, which was partially offset by realised losses from targeted sales of fixed income securities. Swiss Re achieved a recurring income yield of 4.2% for the full year, up from 4.0% in 2024, and a reinvestment yield of 4.4% for the fourth quarter.
Continued strong capital position
Swiss Re maintained its strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 250%3 as of 1 January 2026, which already includes the impact of the proposed capital repatriation actions.
Swiss Re's Board of Directors will propose a dividend of USD 8.00 per share for 2025, representing a 9% increase. In addition, Swiss Re will repurchase up to USD 1.5 billion of own shares through a public buyback for cancellation purposes. This includes USD 500 million as part of the sustainable annual share buyback programme introduced at Swiss Re's December 2025 Management Dialogue event. The buyback will be launched upon receipt of legal and regulatory approvals, and will be completed by 31 December 2026.
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