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Swiss Re (SREN) investor relations material

Swiss Re Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary14 Aug, 2025

Executive summary

  • Net income reached USD 2.6 billion for H1 2025, up 24% year-over-year, with ROE at 23.0%, driven by strong underwriting and investment results across all business units.

  • All business units are on track to meet 2025 targets, supported by robust margins, disciplined portfolio management, and operational efficiency.

  • Insurance revenue was USD 20.9 billion, down from USD 22.2 billion year-over-year, mainly due to portfolio pruning and non-renewals.

  • Shareholders' equity increased to USD 22.7 billion as of 30 June 2025, with book value per share at USD 77.04.

  • Focus remains on underwriting discipline, resilience, and disciplined capital allocation.

Financial highlights

  • Net income: USD 2.6 billion (H1 2025) vs. USD 2.1 billion (H1 2024), +24% year-over-year.

  • Group insurance revenue for H1 was USD 20.9 billion, down from USD 22.2 billion year-over-year.

  • Group combined ratio improved to 81.1% in P&C Re and 88.2% in Corporate Solutions.

  • Return on investments rose to 4.1% in H1 2025, with recurring income yield also at 4.1%.

  • Book value per share increased to USD 77.04.

Outlook and guidance

  • Full-year 2025 net income target remains above USD 4.4 billion, with all business units on track for combined ratio and net income goals.

  • P&C Re aims for combined ratio below 85%; Corporate Solutions targets below 91%.

  • L&H Re targets net income of USD 1.6 billion for 2025.

  • Multi-year ROE goal of over 14% and dividend per share growth of 7%+ per year through 2027 reiterated.

  • Continued cost reduction efforts on track to achieve USD 100 million savings in 2025 and USD 300 million by 2027.

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Frequently asked questions

Swiss Re AG provides reinsurance, insurance, and risk transfer solutions to corporate and institutional clients. The company operates in property and casualty, life and health reinsurance, as well as specialty and alternative risk markets. It also engages in capital management and actuarial services. The company is headquartered in Zurich, Switzerland, and its shares are listed on the SIX.

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