Swiss Re (SREN) Q4 2025 (Media) earnings summary

Executive summary

• Achieved record group net income of USD 4.8 billion in 2025, surpassing the USD 4.4 billion target, driven by strong underwriting, cost savings, and increased resilience.

• Strengthened group resilience through assumption reviews, reserve increases, and disciplined underwriting across business units.

• Paid out over USD 39 billion in claims, covering life, health, property, casualty, and large corporate risks.

• Launched refreshed strategy focused on amplifying core businesses, advancing industry innovation, and fostering talent.

• Announced withdrawal from iptiQ, with all parts either sold or set for run-off.

Financial highlights

• Group net income reached USD 4.8 billion in 2025, exceeding the target.

• P&C Reinsurance combined ratio was 79.4%, well below the 85% target.

• Corporate Solutions combined ratio was 86.5%, below the 91% target.

• Life & Health Reinsurance net income was USD 1.3 billion, below the USD 1.6 billion target due to assumption strengthening.

• Recurring investment income totaled USD 4 billion, with a 4.2% yield and 4.0% ROI.

Outlook and guidance

• 2026 group net income target set at USD 4.5 billion, reflecting normalized catastrophe assumptions.

• Life & Health Reinsurance target for 2026 is USD 1.7 billion, with no further negative assumption changes expected.

• Combined ratio targets for 2026: P&C Re <85%, Corporate Solutions <91%.

• Dividend per share growth aspiration of at least 7% annually through 2027, with a proposed 9% increase to USD 8.00 for 2025.

• Sustainable annual share buyback of USD 500 million starting in 2026, subject to income targets and approvals.