In the 2025 financial year, Swiss Re increased its group net income by 47 percent to 4,8 billion dollar, clearly exceeding its target of more than 4,4 billion dollar. Return on equity (ROE) reached 19,6 percent, according to figures published on Friday, compared with 15,0 percent in the previous year.

The Board of Directors and the Group Executive Committee are proposing a 9 percent increase in the dividend to 8,00 dollar per share. In addition, Swiss Re plans to repurchase shares worth up to 1,5 billion dollar in 2026, of which 500 million dollar will be allocated to the sustainable annual buyback programme.

Underwriting a Key Driver

One of the main drivers of the result was the property and casualty business. Insurance service result – reflecting underwriting profit – rose by 36 percent to 5,8 billion dollar (previous year: 4,3 billion dollar).

Group Chief Executive Officer Andreas Berger described the result as the highest profit in the company’s history: «In 2025, we delivered on two key priorities: achieving the Group’s financial targets and strengthening the company’s resilience. Thanks to disciplined underwriting, strong investment returns and a low level of large losses after the first quarter, our Group net income reached an all-time high.»

The return on investments (ROI) amounted to 4,0 percent, while the recurring investment yield stood at 4,2 percent. The Swiss Solvency Test (SST) ratio was estimated at 250 percent as of 1 January 2026, including the planned capital returns.

Fewer Large Natural Catastrophe Losses

The Property & Casualty Reinsurance (P&C Re) division increased its profit to 2,8 billion dollar (previous year: 1,2 billion dollar). The combined ratio improved significantly to 79,4 percent, well below the target of 85 percent.

Large natural catastrophe losses were lower than expected, amounting to 813 million dollar, including losses from wildfires in Los Angeles and Hurricane «Melissa.» In addition, large man-made losses totalled 345 million dollar.

Corporate Solutions Meets Targets

As of 1 January 2026, Swiss Re renewed contracts with a premium volume of 12,4 billion dollar. Despite a more challenging pricing environment, the Group maintained its disciplined underwriting approach.

The Corporate Solutions division reported a profit of 988 million dollar (previous year: 829 million dollar). The combined ratio improved to 86,5 percent, thereby achieving the target of below 91 percent.

The result benefited from solid underwriting performance and a lower-than-expected large loss burden.

Portfolio Review in Life & Health Reinsurance

Life & Health Reinsurance (L&H Re) generated a profit of 1,3 billion dollar, down from 1,5 billion dollar in the previous year. The result was impacted by assumption updates in Australia, Israel and South Korea as part of a comprehensive portfolio review. As a result, the originally targeted profit of around 1,6 billion dollar was not achieved.

Following the completion of the review, the division considers itself strategically repositioned and is targeting a profit of 1,7 billion dollar for 2026.

Further Progress on iptiQ Exit

Swiss Re is continuing its exit from the digital insurer iptiQ. Following several disposals during the year, a sale agreement has now also been signed for the Americas business, while the EMEA life business will be placed into run-off. All activities have thus either been sold or earmarked for wind-down.

Changes to the Board of Directors

The Board of Directors plans to propose Jean-Jacques Henchoz as a new independent member. Henchoz served as Chief Executive Officer of Hannover Re until 2025 and previously held senior roles at Swiss Re. Larry Zimpleman will not stand for re-election. In addition, Henock Teklu will join the Group Executive Committee as Group Chief Transformation Officer & Chief of Staff as of 1 April 2026, moving from asset manager Blackrock.

Swiss Re confirmed the targets communicated in December. For 2026, the Group is aiming for net income of 4,5 billion dollar. The combined ratio targets of below 85 percent (P&C Re) and below 91 percent (Corporate Solutions) remain unchanged.

Over the long term, the Group continues to target an IFRS return on equity of above 14 percent and aims for further dividend growth of at least 7 percent per year.