Swiss Re reported a profit of USD 1.4 billion for the third quarter of 2025, resulting in a net income of USD 4.0 billion and a return on equity (ROE) of 22.5% for the first nine months of the year (vs USD 2.2 billion and 13.3% for the same period in 2024).

The Group noted in its press release that the increase in net income was primarily driven by significantly higher underwriting profit in P&C Re.

The Group's financial performance benefited from strong underwriting results in both P&C businesses and a solid investment return. The insurance service result, which reflects the underwriting profit earned in the period, was USD 4.8 billion, compared with USD 2.9 billion for the first nine months of 2024. Insurance revenue for the Group amounted to USD 32.0 billion, compared with USD 33.7 billion for the same period in 2024.

The Group's new business contractual service margin (CSM), which reflects the profitability of new business written in the period, was USD 3.9 billion, compared with USD 4.2 billion for the prior-year period.

Swiss Re's ROI for the first nine months of 2025 was 4.1%, up from 3.9% for the same period in 2024, driven by higher recurring income and realised gains from the sale of a minority equity position in the first quarter of 2025. The recurring income yield for the period was 4.1%, compared with 4.0% for the prior-year period. The reinvestment yield for the third quarter of 2025 was 4.3%.

Swiss Re's capital position continues to be strong with an estimated Group Swiss Solvency Test (SST) ratio of 268%5 as of 1 October 2025, above the target range of 200–250%.

Key takeaways of the report:

• Property & Casualty Reinsurance (P&C Re) net income of USD 2.3 billion; combined ratio of 77.6%
• Corporate Solutions net income of USD 693 million; combined ratio of 87.1%
• Life & Health Reinsurance (L&H Re) net income of USD 1.1 billion
• Return on investments (ROI) of 4.1%; recurring income yield of 4.1%

"We have two priorities: delivering on our financial targets and increasing the resilience of the Group. Our results for the first nine months of 2025 reflect this. After significant large loss events in the first quarter, the second and third quarters benefited from low natural catastrophe losses. This provided a substantial tailwind to our property and casualty businesses, supported further by our continued focus on underwriting quality. In L&H Re, we are accelerating efforts to improve the resilience of the in-force book", commented Swiss Re's Group Chief Executive Officer Andreas Berger.

“Thanks to the strong performance in the first nine months of 2025, we are well on-track to meet our Group net income target of more than USD 4.4 billion for the full year and our combined ratio targets for both of our property and casualty businesses. In L&H Re, we are taking decisive steps to increase resilience. These actions, together with our continued cost discipline, strengthen the core of our business", the CEO emphasized.

"Alongside a strong underwriting result for the first nine months of the year in our property and casualty businesses, we have maintained healthy margins on new business written in the period. Additionally, all Business Units continue to benefit from robust recurring investment income", added Swiss Re's Group Chief Financial Officer Anders Malmström.

The full report can be found here.