In the second quarter of 2025, Swiss Re achieved a profit of USD 1,3 billion. In the previous year, this figure stood at 996 million dollar. For the first half of the year, profit totaled 2,6 billion dollar, an increase of 24 percent compared to the prior year.

At the same time, insurance revenue for the half year fell by 6 percent to 20,95 billion dollar. The underwriting result improved to 3,0 billion dollar, compared with 2,9 billion dollar in the first half of 2024.

The return on equity rose to 23,0 percent from 16,6 percent previously, and the return on investments to 4,1 percent from 4,0 percent. This increase was due to higher recurring income and realized gains from the sale of a minority stake in the first quarter of 2025.

The group’s financial performance was driven by robust underwriting margins across all business units, supported by a solid investment result, the reinsurer said in a statement on Thursday.

Fewer Large Losses in the Second Quarter

In the P&C business, half-year profit rose to 1,2 billion dollar from 992 million dollar previously. Large losses from natural catastrophes amounted to 556 million dollar in the first half of the year, the bulk of which was due to the Los Angeles wildfires. In addition, there were man-made large losses of 213 million dollar.

The combined ratio in P&C came in at 81,1 percent, compared with 84,3 percent in the prior-year period. For the full year, the insurer aims for a combined ratio of below 85 percent.

Liability Portfolio Restructuring

In the June and July P&C Re contract renewals, agreements were signed with a premium volume of 4,5 billion dollar. This represented a 5,9 percent decrease compared with the business up for renewal, due to the continued restructuring of liability lines. Since the beginning of the year, P&C Re has achieved a 3,0 percent increase in treaty premium volume.

Corporate Solutions posted a profit of 430 million dollar for the reporting period, compared with 441 million dollar in the prior-year period. Insurance revenue remained stable at 3,7 billion dollar.

In L&H Re (Life & Health), profit amounted to 839 million dollar, compared with 883 million dollar a year earlier. Insurance revenue fell to 8,0 billion dollar from 8,5 billion dollar.

Remaining Vigilant Looking Ahead

«Swiss Re has had a strong first half of the year, and we remain committed to our full-year targets,» said Group CEO Andreas Berger. «Given the general geopolitical and macroeconomic uncertainty and the start of the peak storm season, we remain vigilant. Looking ahead, we will continue to focus on disciplined underwriting and cost efficiency to deliver consistent results.»