Swiss Re’s net income jumps 85% year-to-date

The company is on track to meet its full-year net income target of more than $4.4b.

Swiss Re reported a net income of $4.0b for the first nine months of 2025, up 85% year-on-year.

The results were supported by strong underwriting in its property and casualty (P&C) businesses and solid investment returns. 

The company posted a third-quarter profit of $1.4b.

Group CEO Andreas Berger said the results reflect strong financial performance and improved resilience. 

Low natural catastrophe losses in the second and third quarters supported P&C results, whilst Life & Health Re (L&H Re) focused on improving the resilience of its in-force book. 

P&C Re delivered a net income of $2.3b for the first nine months, up from $607m in 2024, supported by lower catastrophe claims and strong underwriting. 

The business posted a combined ratio of 77.6%, below its full-year target of 85%. 

Corporate Solutions recorded a net income of $693m and a combined ratio of 87.1%, reflecting strong underwriting and lower-than-expected catastrophe losses.

L&H Re posted a net income of $1.1b, down from $1.2b in 2024, mainly due to assumption strengthening for underperforming portfolios in EMEA and ANZ. 

Its new business contractual service margin (CSM) remained solid at $833m, though the unit is not expected to meet its full-year net income target of $1.6b.

Swiss Re reported an insurance service result of $4.8b for the first nine months, up from $2.9b a year earlier, and a strong capital position with a Group Swiss Solvency Test ratio of 268% as of 1 October 2025.

Berger said the company remains on track to meet its full-year net income target of more than $4.4b and combined ratio goals for its P&C businesses, whilst continuing measures to strengthen L&H Re.