Swiss Re delivers record Group net income of USD 4.8 billion in 2025

Ad hoc announcement pursuant to Article 53 LR

• Property & Casualty Reinsurance (P&C Re) delivers net income of USD 2.8 billion; combined ratio of 79.4%¹
• Corporate Solutions net income reaches USD 988 million; combined ratio of 86.5%²
• Life & Health Reinsurance (L&H Re) net income of USD 1.3 billion; portfolio review completed
• Return on investments (ROI) of 4.0%; recurring income yield of 4.2%
• Swiss Re to repurchase up to USD 1.5 billion of its own shares in 2026, including USD 500 million as part of its sustainable annual share buyback programme
• Board of Directors to propose a dividend increase of 9% to USD 8.00 per share at the Annual General Meeting (AGM) on 10 April 2026
• Swiss Re to propose Jean-Jacques Henchoz for election to the Board of Directors; Larry Zimpleman will not stand for re-election

Zurich, 27 February 2026 – Swiss Re increased Group net income by 47% in 2025, delivering a profit of USD 4.8 billion against a target of more than USD 4.4 billion. At the same time, Swiss Re took significant steps to further strengthen its resilience. The company will repurchase up to USD 1.5 billion of its own shares in 2026, including USD 500 million as part of its sustainable annual share buyback programme. This complements an increased ordinary dividend of USD 8.00 per share to be proposed at the AGM.

Swiss Re's Group Chief Executive Officer Andreas Berger said: "In 2025 we delivered on two key priorities: achieving our Group financial target and strengthening the resilience of the company. Group net income reached the highest level in our history, reflecting disciplined underwriting, strong investment returns and low large loss activity outside of the first quarter.

"Today's result also reflects our continued commitment to increasing the resilience of Swiss Re's business. Having completed the comprehensive review of underperforming portfolios in L&H Re, all three of our Business Units are positioned to deliver consistent results. We have also made substantial progress on our decision to withdraw from iptiQ, with all parts of this business either sold or planned to be placed into run-off."

Swiss Re's Group Chief Financial Officer Anders Malmström said: "Having achieved our key objectives in 2025, we are well positioned to increase the payout to shareholders through an increased dividend and the launch of a substantial share buyback programme, which consists of a sustainable annual component linked to our target achievement and an additional extraordinary amount. The latter reflects our strong capital generation and position, our focus on managing the property and casualty pricing cycle, and the increased resilience of the Group."

Strong Group result driven by underwriting profits

Swiss Re delivered a net income of USD 4.8 billion and an ROE of 19.6% for 2025, increased from USD 3.2 billion and 15.0% in the prior year. The increase was primarily driven by strong underwriting profits in the property and casualty businesses, partially offset by the impact of the portfolio review in L&H Re.

The insurance service result, which reflects the underwriting profit earned in the period, was USD 5.8 billion, up 36% from USD 4.3 billion in 2024.

Insurance revenue for the Group amounted to USD 43.1 billion, compared with USD 45.6 billion for 2024.

The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 4.7 billion, compared with USD 5.0 billion for the prior year.

Swiss Re achieved a strong ROI of 4.0% for 2025. The result reflects recurring income of more than USD 4.0 billion as well as a positive contribution from equity holdings, which was partially offset by realised losses from targeted sales of fixed income securities. Swiss Re achieved a recurring income yield of 4.2% for the full year, up from 4.0% in 2024, and a reinvestment yield of 4.4% for the fourth quarter.

Continued strong capital position

Swiss Re maintained its strong capital position with an estimated Group Swiss Solvency Test (SST) ratio of 250%³ as of 1 January 2026, which already includes the impact of the proposed capital repatriation actions.

Swiss Re's Board of Directors will propose a dividend of USD 8.00 per share for 2025, representing a 9% increase. In addition, Swiss Re will repurchase up to USD 1.5 billion of own shares through a public buyback for cancellation purposes. This includes USD 500 million as part of the sustainable annual share buyback programme introduced at Swiss Re's December 2025 Management Dialogue event. The buyback will be launched upon receipt of legal and regulatory approvals, and will be completed by 31 December 2026.

P&C Re achieves 2025 combined ratio target
P&C Re delivered a net income of USD 2.8 billion for 2025, up from USD 1.2 billion in 2024. The result reflects a lower-than-expected large natural catastrophe burden and resilient underlying performance, supported by a solid investment result.

The insurance service result was USD 3.6 billion for 2025, compared with USD 1.8 billion for 2024. The prior year was impacted by significant reserving actions.

Large natural catastrophe claims amounted to USD 813 million in 2025, mainly related to the Los Angeles wildfires and Hurricane Melissa.⁴ In addition, large man-made losses totalled USD 345 million.

P&C Re achieved a combined ratio of 79.4% for 2025, improved from 89.9% for 2024, meeting its target of below 85% for the full year.

Insurance revenue for 2025 was USD 18.7 billion, compared with USD 19.8 billion for 2024. The largest driver of the decrease was the repositioning of the US casualty portfolio, which was completed in 2025.

P&C Re generated a new business CSM of USD 2.7 billion in 2025, compared with USD 2.9 billion in 2024.

Swiss Re maintains disciplined underwriting through January renewals

P&C Re renewed treaty contracts resulting in USD 12.4 billion in premium volume on 1 January 2026, in line with the business which was up for renewal. The outcome reflects continued discipline and active cycle management amid a more challenging pricing environment.

P&C Re achieved a price increase of 0.3% in this renewal round, while maintaining stable terms and conditions. Based on a prudent view on inflation and updated loss models, loss assumptions increased by 4.6%, resulting in a net price decrease of 4.3%. The resulting portfolio quality is supportive of the Group's 2026 financial targets.

Corporate Solutions delivers increased net income and achieves combined ratio target

Corporate Solutions delivered a net income of USD 988 million in 2025, compared with USD 829 million in 2024. The continued strong result reflects a solid underwriting performance, supported by lower-than-expected large natural catastrophe claims experience and a resilient investment result.

The insurance service result reached USD 1.2 billion in 2025, up from USD 1.0 billion in 2024.

Large man-made losses in 2025 amounted to USD 351 million. Large natural catastrophe losses of USD 148 million were mainly driven by the Los Angeles wildfires.

Corporate Solutions delivered a combined ratio of 86.5% in 2025, compared with 89.7% in 2024, realising its target of below 91% for the full year.

Insurance revenue in 2025 amounted to USD 7.7 billion, compared with USD 8.1 billion for 2024. Growth in targeted lines partly offset the previously announced non-renewal of the Irish Medex business.⁵

Corporate Solutions achieved a new business CSM of USD 834 million in 2025, compared with USD 959 million in 2024.

L&H Re completes portfolio review

L&H Re reported a net income of USD 1.3 billion in 2025, compared with USD 1.5 billion in 2024, reflecting the impact of the portfolio review which concluded in 2025. As a result of these actions, L&H Re missed its net income target of approximately USD 1.6 billion for the year.

The insurance service result for 2025 was USD 1.2 billion, compared with USD 1.5 billion for 2024. The decrease in 2025 primarily reflects a USD 0.65 billion negative impact from assumption updates focused on addressing underperforming portfolios in Australia, Israel and South Korea.

Insurance revenue in 2025 amounted to USD 16.5 billion, compared with USD 17.1 billion in 2024. The change compared with the previous year was mainly driven by the termination of an external retrocession transaction which positively affected insurance revenue for the prior year.⁶

L&H Re continued to achieve solid margins on new business, achieving a new business CSM of USD 1.1 billion for 2025, in line with the prior-year figure. The Business Unit's CSM balance at the end of 2025 was USD 17.0 billion, compared with USD 17.4 billion at the end of 2024.

Progress on iptiQ withdrawal

Swiss Re has reached an agreement to sell the iptiQ Americas business, subject to regulatory approvals, and will move the iptiQ EMEA L&H business into run-off.

Earlier in 2025, Swiss Re completed the sale of the iptiQ Americas Sales Solutions business through a management buyout, the sale of the iptiQ EMEA P&C business and the sale of iptiQ's Australian business. As such, all parts of the iptiQ business have now either been sold or will be placed into run-off in due course.

Changes to the Board of Directors

Swiss Re's Board of Directors plans to nominate Jean-Jacques Henchoz for election as a new, non-executive and independent member of the Board for a one-year term. At the same time, Larry Zimpleman, who has served on the Swiss Re Board of Directors since 2018 and is currently a member of the Risk and Audit Committees, has decided not to stand for re-election.

Swiss Re's Chairman Jacques de Vaucleroy said: "We are delighted to propose Jean-Jacques Henchoz for election to our Board as he brings outstanding reinsurance expertise, strategic thinking and proven leadership skills. And we would like to thank Larry Zimpleman for his outstanding dedication and valuable contributions over the past eight years and wish him all the best."

Jean-Jacques Henchoz served as CEO of Hannover Re from 2019 to 2025. From 1998 to 2018, he worked at Swiss Re, most recently as CEO Reinsurance EMEA, Regional President EMEA and as a member of the Group Executive Committee. He is Chairman of the Board at BMS Group in London, a board member at Brit Group in London (until 30 April 2026), and serves on the Supervisory and Foundation Boards of IMD in Lausanne, his alma mater.

New Group Executive Committee Member

Swiss Re today announced the appointment of Henock Teklu as the Group Chief Transformation Officer & Chief of Staff. He will join Swiss Re on 1 April 2026 and will be a member of the Group Executive Committee, based in New York. In his role, Henock Teklu will help orchestrate and oversee Swiss Re's enterprise-wide transformation agenda.

Henock Teklu brings a wealth of knowledge and insights to the role, anchored in 20 years of leadership experience across investment banking, insurance and asset management. He joins Swiss Re from BlackRock Investment Management in New York.

Outlook

Swiss Re confirms the financial targets communicated at its Management Dialogue event in December 2025. For 2026, the Group targets a net income of USD 4.5 billion.

P&C Re and Corporate Solutions maintain their combined ratio targets of less than 85% and less than 91%, respectively. L&H Re targets an increased net income of USD 1.7 billion in 2026, reflecting its strengthened portfolio.

The Group maintains its multi-year IFRS ROE target of more than 14% and aims for continued dividend per share growth of 7% or more for the dividend to be proposed to the AGM in 2027.

Swiss Re's Group Chief Executive Officer Andreas Berger said: "Swiss Re's 2026 targets reflect our confidence in the resilience of our Business Units, disciplined underwriting and active cycle management alongside rising demand for re/insurance. We are on track to meet our cost efficiency goals and remain focused on executing with discipline, delivering distinctive value to our clients and reinforcing a leading position in key markets. With strengthened foundations across our diversified businesses, we are well positioned to deliver on our ambitions in 2026 and beyond."

Details of FY 2025 performance

FY 2025

FY 2024

Change, %

USD millions, unless otherwise stated

Group

Net income

 4 762 

 3 238 

 47 

Insurance revenue

 43 136 

 45 598 

 -5 

Insurance service result

 5 847 

 4 304 

 36 

Return on equity (%, annualised)

 19.6 

 15.0 

Return on investments (%, annualised)

 4.0 

 4.0 

Recurring income yield (%, annualised)

 4.2 

 4.0 

31.12.25

31.12.24

Shareholders' equity

 25 114 

 21 892 

 15 

Book value per share (USD)

 85.15 

 74.44 

 14 

FY 2025

FY 2024

P&C Reinsurance

Net income

 2 767 

 1 225 

 126 

Insurance revenue

 18 703 

 19 770 

 -5 

Insurance service result

 3 566 

 1 841 

 94 

Combined ratio (%)

 79.4 

 89.9 

Corporate Solutions

Net income

 988 

 829 

 19 

Insurance revenue

 7 737 

 8 083 

 -4 

Insurance service result

 1 208 

 1 018 

 19 

Combined ratio (%)

 86.5 

 89.7 

L&H Reinsurance

Net income

 1 274 

 1 532 

 -17 

Insurance revenue

 16 504 

 17 067 

 -3 

Insurance service result

 1 177 

 1 533 

 -23 

¹ P&C Re combined ratio is defined as [(insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums)].

² Corporate Solutions combined ratio is defined as [(insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue].

³ Estimated Group SST ratio as of 1 January 2026. The SST ratio is filed with FINMA periodically and is subject to review.

⁴ Compared with a full-year large natural catastrophe claims budget of USD 2.0 billion.

⁵ The non-renewal of the Irish Medex business accounted for a reduction of USD 0.6 billion in 2025 compared with the prior year.

⁶ The termination of an external retrocession transaction accounted for non-recurring additional revenue of USD 0.4 billion in 2024.

Financial calendar

12 March 2026: Publication of Annual Report 2025 (incl. Sustainability Report)

10 April 2026: 162nd Annual General Meeting

7 May 2026: First Quarter 2026 Results

6 August 2026: Half-year 2026 Results

Media conference call

Swiss Re will hold a virtual media conference this morning at 10:30 CET. To attend, please register in advance here.

Investor and analyst call

Swiss Re will hold an investors' and analysts' webcast at 14:00 CET, which will focus exclusively on Q&A. The investor and analyst presentation can be found here.