Swiss Re reported a 47% year-on-year increase in net income for 2025, driven by robust growth in its property and casualty (P&C) reinsurance segment. The results reflect improved underwriting discipline and favorable loss experience across key markets.
- Swiss Re's 2025 net income rose 47% to CHF 2.9 billion
- P&C reinsurance segment drove growth with 32% increase in operating profit
- Combined ratio improved to 92.4% in P&C, down from 95.1% in 2024
- Gross written premiums in P&C rose 8.3% to CHF 27.4 billion
- SSR share price increased 6.2% post-earnings release
- ^VIX showed a modest decline, signaling reduced market volatility
Swiss Re achieved a net income of CHF 2.9 billion in 2025, up from CHF 2.0 billion in the prior year, marking a 47% increase. The improvement was primarily fueled by strong performance in the property and casualty (P&C) reinsurance division, which delivered a 32% rise in operating profit. This growth was supported by disciplined pricing, better loss ratios, and effective risk selection across global portfolios. The insurer's combined ratio for the P&C segment improved to 92.4% in 2025, a significant enhancement from 95.1% in 2024, indicating superior underwriting profitability. Meanwhile, the group’s gross written premiums in the P&C segment increased by 8.3% to CHF 27.4 billion, reflecting sustained demand for risk transfer solutions amid volatile global conditions. The performance has positively impacted investor sentiment, with Swiss Re’s share price (SSR) rising 6.2% in early trading following the results. The broader reinsurance sector has seen renewed interest, with credit spreads tightening on reinsurance-linked bonds and related equities in markets such as the U.S. and Europe experiencing inflows. The improved outlook is also contributing to a modest decline in the CBOE Volatility Index (^VIX), suggesting reduced market uncertainty. The results underscore Swiss Re’s strategic focus on underwriting quality and portfolio resilience, particularly in high-catastrophe-risk regions. Management reiterated confidence in maintaining strong capitalization and returning value to shareholders through dividends and share buybacks.