Swiss Re reports a net income of USD 2.6 billion for the first half of 2025
Ad hoc announcement pursuant to Article 53 LR
• Property & Casualty Reinsurance (P&C Re) net income of USD 1.2 billion; combined ratio of 81.1%1
• Disciplined P&C Re June and July 2025 renewals, with price increase of 2.3% achieved
• Corporate Solutions net income of USD 430 million; combined ratio of 88.2%2
• Life & Health Reinsurance (L&H Re) net income of USD 839 million
• Return on investments (ROI) of 4.1%; recurring income yield of 4.1%
Swiss Re reported a profit of USD 1.3 billion in the second quarter of 2025, resulting in a net income of USD 2.6 billion and a return on equity (ROE) of 23.0% for the first half of the year. The Group's financial performance was driven by healthy underwriting margins across all Business Units, supported by a solid investment result.
Swiss Re's Group Chief Executive Officer Andreas Berger said: "The Group delivered a strong result for the first half of 2025 while supporting our clients through peak risks, particularly in the first quarter. The performance reflects our continued focus on underwriting quality, meticulous portfolio management and a prudent investment strategy."
Swiss Re's Group Chief Financial Officer Anders Malmström said: "The Group's disciplined capital allocation continues to support earnings resilience. We are pleased that healthy new business contractual service margins are being maintained into 2025, despite a more challenging property and casualty pricing environment."
Group result driven by strong underwriting margins and increased investment result
Swiss Re reported a net income of USD 2.6 billion and an ROE of 23.0% for the first half of 2025, compared with a net income of USD 2.1 billion3 and an ROE of 19.6%4 for the same period in 2024. The increase in net income was driven by strong underwriting margins in both P&C businesses and a higher investment result.
The insurance service result, which reflects the underwriting profit earned in the period, was USD 3.0 billion, compared with USD 2.9 billion in the first half of 2024.
Insurance revenue for the Group amounted to USD 20.9 billion, compared with USD 22.2 billion5 for the same period in 2024.
The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 3.1 billion, up slightly from USD 3.0 billion in the prior-year period.
Swiss Re's ROI for the first half of 2025 was 4.1%, up from 4.0% for the same period in 2024, driven by higher recurring income and realised gains from the sale of a minority equity position in the first quarter of 2025. The recurring income yield for the period was 4.1%, compared with 4.0% for the prior-year period. The reinvestment yield for the second quarter of 2025 was 4.3%.
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