Swiss Re reported net income of $4.8 billion for 2025, a 47% increase from $3.2 billion last year, driven by strong Anderlake results in property and casualty (P&C) operations.
Return on equity increased from 15% to 19.6% in 2024.
The company said Life & Health (L&H) reinsurance results were impacted by portfolio review.
Insurance services revenue for 2025 was $5.8 billion, a 36% increase from $4.3 billion last year.
Group insurance revenues fell to $43.1 billion from $45.6 billion recorded in 2024.
Net income from the P&C reinsurance segment more than doubled to $2.8bn, from $1.2bn a year earlier.
According to Swiss Re, lower-than-expected large natural disaster losses and stable capital returns contributed to this result.
Natural disaster claims for the year reached $813 million, mainly due to the Los Angeles wildfires and Hurricane Melissa, while man-made losses reached $345 million.
P&C Re achieved a combined ratio of 79.4% for 2025, improving from 89.9% last year and meeting its annual target.
Corporate Solutions posted net income of $988 million for the year, up 19% from $829 million in 2024.
Losses from major man-made events were $351 million, while natural disaster claims were $148 million, primarily from the Los Angeles wildfires.
The division’s combined ratio improved to 86.5% compared to 89.7% a year ago.
L&H Reinsurance recorded net income of $1.3 billion in 2025, down from $1.5 billion in 2024 after completing a portfolio review.
The division missed its targeted net income by about $1.6 billion.
Swiss Re has announced an agreement to sell its iptiQ Americas business, pending regulatory clearance, and plans to transition its iptiQ EMEA L&H operations to a flow-through status.
Earlier this year, Swiss Re completed the sale of other iptiQ businesses including the management buyout, iptiQ EMEA P&C operations and the Americas sales solutions unit through its Australian arm.
For next year, Swiss Re has set a net income target of $4.5 billion for the group.
The board will recommend a dividend of $8 per share for 2025, a 9% increase over last year’s payout.
The company also plans to buy back shares worth $1.5 billion by the end of 2026, subject to legal and regulatory approvals; This includes a share of $500 million under an annual buyback scheme introduced at Swiss Re’s December management event.
Swiss Re Group CEO Andreas Berger said: “In 2025 we have two key priorities: achieving our group’s financial target and strengthening the company’s resilience. Group net income reached the highest level in our history, reflecting disciplined underwriting, strong investment returns and the lowest major loss performance outside of the first quarter.”
