Global reinsurers delivered strong results in the 2025 with further improvement in underwriting profitability, exceptional ROEs. The underlying underwriting margin increased from 2.7% a year ago to 4%.
Total net written premium for TOP 45 global largest reinsurance companies totalled $436 bn.
Largest European reinsurers, Munich Re, Swiss Re, National Indemnity, MAPFRE, and Hannover Re, saw further improvements in earnings in 2025, driven by better underwriting results across most business lines.
TOP 45 Global Reinsurers by Net Written Premium
| Rank | Reinsurer | Net Written Premium ($mn) |
| 1 | Munich Re | 63,989 |
| 2 | Swiss Re | 42,286 |
| 3 | National Indemnity | 33,423 |
| 4 | Hannover Re | 24,914 |
| 5 | MAPFRE | 22,972 |
| 6 | AXA XL | 19,746 |
| 7 | RGA | 17,843 |
| 8 | QBE | 17,316 |
| 9 | Everest Re | 15,814 |
| 10 | Arch Capital | 15,732 |
| 11 | Great-West Lifeco | 15,484 |
| 12 | Fairfax | 14,101 |
| 13 | SCOR | 13,694 |
| 14 | China Re | 12,705 |
| 15 | WR Berkley | 11,972 |
| 16 | RenaissanceRe | 9,952 |
| 17 | Markel | 8,296 |
| 18 | Partner Re | 7,940 |
| 19 | Pacific LifeCorp | 5,770 |
| 20 | Axis Capital | 5,757 |
| 21 | Korean Re | 4,771 |
| 22 | DEVK Re | 4,183 |
| 23 | GIC India | 4,081 |
| 24 | R&V Versicherung | 3,868 |
| 25 | Hiscox | 3,602 |
| 26 | Aspen | 2,943 |
| 27 | General Re | 2,935 |
| 28 | Ascot | 2,879 |
| 29 | Convex | 2,841 |
| 30 | Transatlantic Re | 2,784 |
| 31 | Fidelis | 2,395 |
| 32 | QIC | 2,362 |
| 33 | SiriusPoint Re | 2,352 |
| 34 | Toa Re | 1,854 |
| 35 | WMIG Ark | 1,679 |
| 36 | PICC Re | 1,375 |
| 37 | Deutsche Re | 1,330 |
| 38 | Lancashire | 1,326 |
| 39 | Peak Re | 1,321 |
| 40 | Somers Re | 1,315 |
| 41 | Arundo Re (formerly CCR Re) | 1,185 |
| 42 | Hamilton Re | 1,160 |
| 43 | RSUI Indemnity | 989 |
| 44 | African Re | 880 |
| 45 | Conduit Re | 720 |
| Index aggregate | 436,837 | |
| Subset aggregate | 251,576 |
FAQ
Global reinsurers posted strong results in 2025, showing improvements in underwriting profitability and return on equity (ROE). The underlying underwriting margin rose from 2.7% in the previous year to 3.9%, reflecting better risk management and pricing strategies.
The top 45 largest global reinsurers recorded a total net written premium of $436 bn, with growth driven by improved underwriting results among major players.
Munich Re, Swiss Re, and Hannover Re saw strong earnings growth in 2025, largely due to improved underwriting results across most business lines. SCOR, however, reported a loss because of unfavorable changes in life and health insurance reserving assumptions, as noted by Fitch Ratings and AM Best.
