Swiss Re takes first place in list of IFRS 17 reporters: AM Best

The reinsurer reported $36.2b of reinsurance revenue at end-2024.

Swiss Re has moved to the top of AM Best’s ranking of reinsurers reporting under IFRS 17, shifting positions amongst the world’s largest players.

The change follows Swiss Re’s adoption of IFRS 17, after previously reporting under GAAP. 

The reinsurer reported $40.5b in gross premiums written at year-end 2023 and $36.2b of reinsurance revenue at end-2024, placing it ahead of Munich Re and Hannover Rück. 

Munich Re posted a non-life reinsurance combined ratio of 77.3, down from 85.2 the previous year.

Amongst non-IFRS 17 reporters, Berkshire Hathaway took the top spot with $26.9b in gross premiums written, followed by Lloyd’s at $23.5b. 

The top five IFRS 17 reporters collectively delivered a weighted average combined ratio of 84.9 in 2024.

AM Best noted that 2025 results will be shaped by catastrophe activity. 

The California wildfires in January caused the worst quarterly underwriting performance in years for many reinsurers, eroding catastrophe budgets early in the year. 

Rates have softened in some non-loss affected accounts, whilst remaining steady or improving in loss-affected ones.