Reinsurers have now fully recouped for weaker profit years (2017-2020) and on a cumulative basis for 2017-2025 the SUBSET generated a ROE above the cost of capital.
Reinsurers reported a solid average return on equity of 15.5% in 2025, though slightly below the 20.5% achieved in the same period of 2024.
ROE stabilized at 19.6% for 2025, remaining exceptionally strong. The underlying ROE increased by 2 ppts to 15.5%, driven by improved underwriting margins and higher investment income.
Net income of $78 bn in 2025, up from $22 bn in the 2024, was primarily boosted by National Indemnity’s $51 bn in realized investment gains.
This increase was further supported by higher underwriting and investment profitability, with the latter benefiting from a 0.6 percentage point rise in the running yield and positive gains yield.
TOP 25 Global Reinsurers by Net Income
| Rank | Reinsurer | Net income, $mn | Change, % |
| 1 | National Indemnity | 55 818 | |
| 2 | Munich Re | 4 069 | 55.1% |
| 3 | Arch Capital | 2 369 | 73.4% |
| 4 | Swiss Re | 2 088 | 16.8% |
| 5 | Fairfax | 1 692 | -14.7% |
| 6 | Everest Re | 1 457 | 40.8% |
| 7 | Great West Lifeco | 1 447 | |
| 8 | Markel | 1 275 | 9.3% |
| 9 | Hannover Re | 1 255 | 21.0% |
| 10 | Renaissance Re | 860 | NM |
| 11 | WR Berkley | 814 | 25.2% |
| 12 | General Re | 714 | |
| 13 | QBE | 636 | 59.0% |
| 14 | Axis Capital | 592 | 87.6% |
| 15 | MAPFRE | 534 | |
| 16 | RGA | 413 | |
| 17 | Partner Re | 353 | |
| 18 | Transatlantic Re | 265 | |
| 19 | Hiscox | 259 | |
| 20 | Lancashire | 201 | 26.1% |
| 21 | Sirius Point Re | 201 | -2.0% |
| 22 | RSUI Indemnity | 199 | |
| 23 | WMIG Ark | 182 | -8.7% |
| 24 | Fidelis | 135 | -24.0% |
| 25 | Korean Re | 115 | |
| Index aggregate | 77 918 | ||
| Subset aggregate | 17 705 | 22.9% |
FAQ
Yes, reinsurers have fully recouped from the weaker profit years of 2017-2020. Cumulatively, from 2017 to 2025, they generated a return on equity (ROE) above the cost of capital, indicating strong financial recovery.
Reinsurers reported an average ROE of 15.5% in the 2025, which, although strong, was slightly below the 20.5% reported in the same period of 2024.
Reinsurers’ net income rose to $78 bn in 2025, a substantial increase from $22 bn in 2024. This rise was primarily driven by National Indemnity’s $51 bn in realized investment gains, along with enhanced underwriting and investment profitability.
