Swiss Re AG Q3 2025 Earnings Recap

Swiss Re reported strong financial results for the first nine months of 2025, achieving a net income of USD 4 billion and an annualized return on equity of 22.5%, while navigating the challenges in its Life & Health Re segment.

Key Takeaways

• The company benefited from low large claims, recording only USD 200 million in Q3, contributing to robust results in P&C Re and Corporate Solutions.
• Despite a year-to-date net income of USD 4 billion, Swiss Re signals a likely miss of the USD 1.6 billion target for Life & Health Re due to underperformance in smaller portfolios.
• New business CSM generation was USD 3.9 billion, slightly down from USD 4.2 billion last year, reflecting a disciplined underwriting approach amidst a challenging pricing environment.
• P&C Re recorded a strong 71.3% combined ratio in Q3, well below the annual target of 85%, attributing this to favorable large loss experience and prudent reserve management.