Swiss Re Posts Robust Q3 Profitability Driven by Strong Underwriting

Swiss Re reported strong financial results for the first nine months of 2025, with a net income of USD 4.0 billion and a return on equity (ROE) of 22.5%, significantly outperforming the same period in 2024.

The improved profitability was primarily driven by robust underwriting performance in its Property & Casualty (P&C) Reinsurance segment, supported by unusually low natural catastrophe losses in the second and third quarters. Investment returns also contributed positively, with a 4.1% return on investment (ROI) up from 3.9% the prior year, fueled by higher recurring income and realized gains from asset sales.

The Group's underwriting profit, reflected in an insurance service result of USD 4.8 billion, benefitted from disciplined underwriting and prudent risk selection across divisions. The P&C Re unit delivered a remarkable turnaround with a net income of USD 2.3 billion, bolstered by a combined ratio of 77.6%, well below the target threshold of 85%. This was achieved despite incurring USD 611 million in major natural catastrophe claims, including losses from wildfires in Los Angeles, and USD 277 million of large man-made losses.

Corporate Solutions, another key business unit, also reported improved profitability, attaining a net income of USD 693 million and a combined ratio of 87.1%. This segment managed to maintain underwriting discipline and portfolio focus amidst some losses related to natural catastrophes such as Tropical Cyclone Alfred in Australia. Revenue for the group showed a slight decrease to USD 32.0 billion, influenced by strategic portfolio pruning and selective underwriting actions.

Swiss Re's capital position remains strong, with a Swiss Solvency Test (SST) ratio estimated at 268%, comfortably above the company’s target range. The results underscore Swiss Re's ongoing strategy to balance growth with resilience, emphasizing underwriting quality and capital management to meet financial targets amid varying market and catastrophe environments.

Looking ahead, the Group continues to focus on strengthening its Life & Health Reinsurance book and sustaining robust margins on new business, targeting operational resilience and long-term sustainable profitability. This comprehensive performance places Swiss Re in a favorable position amid a competitive global reinsurance market and evolving risk landscape.