Swiss Re nine-month profit climbs to $4 bln on stronger P&C results

Investing.com -- Swiss Re (SIX:SRENH) on Friday reported a $4 billion profit for the first nine months of 2025, lifted by stronger underwriting in its property and casualty reinsurance business and lower natural catastrophe losses in recent quarters.

The reinsurer said return on equity rose to 22.5% from 13.3% a year earlier. Insurance revenue edged down to $32 billion from $33.7 billion, while the insurance service result increased to $4.78 billion from $2.91 billion. 

Return on investments was 4.1%, compared with 3.9% a year earlier, supported by higher recurring income and realised gains in the first quarter.

“We have two priorities: delivering on our financial targets and increasing the resilience of the Group,” CEO Andreas Berger said in a statement. 

He added that low natural catastrophe losses in the second and third quarters provided “a substantial tailwind” to the company’s property and casualty businesses.

The property and casualty reinsurance unit posted $2.3 billion in net income, compared with $607 million a year earlier. 

The combined ratio improved to 77.6% from 92.8%. Large natural catastrophe claims amounted to $611 million, mainly from the Los Angeles wildfires, while large man-made losses totalled $277 million. 

Insurance revenue fell to $14 billion from $15 billion, which Swiss Re said reflected pruning actions in casualty.

Corporate Solutions reported $693 million in net income, up from $630 million a year earlier. Its combined ratio improved to 87.1% from 89.4%. 

The insurance service result rose to $832 million, compared with $739 million a year ago. 

Large man-made losses reached $282 million, while natural catastrophe losses were $60 million, mainly linked to the Los Angeles wildfires and Tropical Cyclone Alfred. Insurance revenue was $5.7 billion, compared with $5.8 billion a year earlier.

Life and health reinsurance earned $1.1 billion in net income, down from $1.2 billion last year.

The insurance service result declined to $1 billion from $1.2 billion, reflecting a $400 million negative impact from assumption strengthening in underperforming portfolios in EMEA and ANZ, including $0.25 billion in the third quarter. 

Insurance revenue was $12.2 billion, compared with $12.6 billion last year, after the prior-year period benefited from a terminated external retrocession transaction.

The reinsurer reported an estimated Swiss Solvency Test ratio of 268% as of Oct. 1, above its 200-250% target range. CFO Anders Malmström said business units “continue to benefit from robust recurring investment income.” 

Berger said the company is “well on-track” to meet its full-year net income target of more than $4.4 billion.