Swiss Re reported a profit of $1.4 bn for the Q3 2025, resulting in a net income of $4 bn and a return on equity (ROE) of 22.5% for the 9M 2025.
The Group’s financial performance benefited from strong underwriting results in both P&C businesses and a solid investment return.
- Property & Casualty Reinsurance (P&C Re) net income of $2.3 bn; combined ratio of 77.6%1
- Corporate Solutions net income of $693 mn; combined ratio of 87.1%2
- Life & Health Reinsurance (L&H Re) net income of $1.1 bn
- Return on investments (ROI) of 4.1%; recurring income yield of 4.1%
Swiss Re’s Group Chief Executive Officer 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 benefited 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.
Andreas Berger, Swiss Re’s Group CEO
Swiss Re’s Group Chief Financial Officer Anders Malmström said: “Alongside a strong underwriting result for the 9 months of the year in our property and casualty businesses, we have maintained healthy margins on new business written in the period. Additionally, all Business Units continue to benefit from robust recurring investment income.”
The team is negotiating Jan. 1 renewals right now. Berger said he feels confident even with pricing pressure creeping in from several directions.
According to our analysts, the vibe across the reinsurance market is tense but still workable if you pick your spots.
Swiss Re has spent the past few years fixing the business piece by piece. First P/C liability issues. Then a corporate solutions reboot. Now it’s L/H’s turn.
The segment delivered $1.1bn in net income for the first nine months, a meaningful chunk of group earnings.
Details of 9M 2025 performance
| Consolidated Group (total) | 9M 2024 | 9M 2025 | Change |
|---|---|---|---|
| Net income3 | 2 182 | 4 037 | 85% |
| Insurance revenue | 33 711 | 31 999 | –5% |
| Insurance service result | 2 908 | 4 777 | 64% |
| Return on equity (%, annualised)4 | 13.3 | 22.5 | |
| Return on investments (%, annualised) | 3.9 | 4.1 | |
| Recurring income yield (%, annualised) | 4.0 | 4.1 | |
| 31.12.24 | 30.09.25 | ||
| Shareholders’ equity | 21 892 | 24 324 | 11% |
| Book value per share (USD) | 74.44 | 82.48 | 11% |
| P&C Reinsurance | 9M 2024 | 9M 2025 | |
| Net income3 | 607 | 2 296 | 278% |
| Insurance revenue | 14 977 | 13 975 | –7% |
| Insurance service result | 1 010 | 2 899 | 187% |
| Combined ratio (%) | 92.8 | 77.6 | |
| Corporate Solutions | |||
| Net income 3 | 630 | 693 | 10% |
| Insurance revenue | 5 792 | 5 687 | –2% |
| Insurance service result | 739 | 832 | 13% |
| Combined ratio (%) | 89.4 | 87.1 | |
| L&H Reinsurance | |||
| Net income | 1 204 | 1 058 | –12% |
| Insurance revenue | 12 555 | 12 160 | –3% |
| Insurance service result | 1 240 | 1 049 | –15% |
Still, Berger called the results “too noisy,” driven by volatility in smaller books that haven’t matched expected experience. And he didn’t sugarcoat it. He said these negative variances are unacceptable even though the largest portfolios, including U.S. mortality, behaved as expected.
He added that Swiss Re will speed up efforts to strengthen the in force book in Q4. Some of that work is already running and should wrap by year end. Even so, the L/H unit likely won’t hit its $1.4bn full year target. CFO Anders Malmström said the segment absorbed about $400mn in negative assumption updates in the first nine months, with $250mn landing in Q3. Hard to shake that off mid year.
Malström also confirmed the group paused new life business in Australia while redesigning products for long term sustainability.
Rising claims, shifting work patterns, and social expectations pushed Swiss Re Life & Health Australia to tap the brakes. TPD insurance sits at the center of the reset, and honestly the market has been rattling about that for a while.
Groupwide numbers jumped. Third quarter net income climbed to $1.43bn from just $85mn a year ago. Insurance revenue slipped to $11.05bn from $11.50bn, which nobody found shocking given market conditions.
The P/C reinsurance combined ratio smashed expectations, improving to 71.3 from 108.1. Corporate solutions also improved, landing at 85.0 from 90.8.
Berger said the quarter marked the second straight run of mild losses for Swiss Re after the Los Angeles wildfire hit earlier in the year.
Q3 losses across P/C reinsurance and corporate solutions came in around $200mn, far below expectations. According to our data, that pushes P/C results comfortably ahead of 2025 targets.
The group isn’t chasing topline growth. Revenue dipped slightly as pricing turned more restrictive across P/C reinsurance and corporate solutions.
Berger said they’re holding firm on terms, conditions, and attachment points. No chasing volume just to stay busy.
Large nat cat losses for the first nine months reached $611mn, mostly from the Los Angeles wildfires. Large man made losses hit $277mn for P/C reinsurance.
Corporate solutions logged $282mn in man made losses and $60mn in nat cat losses tied to the wildfires and Tropical Cyclone Alfred in Queensland. Malmström said nat cat losses for the period came in $678mn below expectations, while man made claims in Q3 were a touch above plan.
On Hurricane Melissa, Swiss Re had nothing to say yet. Too early, the spokesperson told BestWire, which usually means the numbers aren’t pretty or aren’t known.
Swiss Re also strengthened reserves while catastrophe activity sat low. It added $300mn to current year P/C reinsurance reserves and put another $100mn into prior year reserves in Q3. A conservative move, maybe, but not surprising given the industry’s nerves.
