Swiss Re 2025 net income soars 47% driven by P&C growth

Core Insights - Swiss Re reported a net income of $4.8 billion for 2025, a 47% increase from $3.2 billion in 2024, driven by strong underwriting results in property and casualty operations [1] - The return on equity rose to 19.6%, up from 15% in 2024, indicating improved profitability [1] - The company aims for a net income target of $4.5 billion for the upcoming year [4] Property and Casualty (P&C) Segment - Net income from the P&C reinsurance segment more than doubled to $2.8 billion, up from $1.2 billion a year earlier, attributed to lower-than-expected natural catastrophe losses and stable investment returns [2] - Natural catastrophe claims totaled $813 million, primarily due to the Los Angeles wildfires and Hurricane Melissa, while man-made losses reached $345 million [2] - The P&C Re achieved a combined ratio of 79.4% for 2025, improving from 89.9% in the prior year [2] Corporate Solutions and Life & Health (L&H) Reinsurance - Corporate Solutions posted net income of $988 million for the year, a 19% increase from $829 million in 2024, with losses from major man-made events totaling $351 million [3] - The division's combined ratio improved to 86.5%, compared to 89.7% a year earlier [3] - L&H Reinsurance recorded net income of $1.3 billion in 2025, down from $1.5 billion in 2024 after a portfolio review, missing its target of around $1.6 billion [3] Strategic Moves - Swiss Re announced plans to sell its iptiQ Americas business and put its iptiQ EMEA L&H operations into run-off status, following earlier sales of other iptiQ businesses [4] - The board proposed a dividend of $8 per share for 2025, a 9% increase from the previous year's payout, and plans to buy back up to $1.5 billion worth of shares by the end of 2026 [5] Leadership Commentary - Swiss Re Group CEO Andreas Berger highlighted that the company delivered on key priorities in 2025, achieving the highest net income in its history due to disciplined underwriting and strong investment returns [6]