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, investment returns, 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 innovation, and fostering talent.

• Completed comprehensive review of underperforming portfolios in Life & Health Reinsurance; announced withdrawal from iptiQ.

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 net income nearly USD 1 billion, with a combined ratio of 86.5%.

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

• Asset management generated USD 4 billion in recurring income, 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, up nearly 30% from 2025.

• 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 0.5 billion starting in 2026, subject to income targets and approvals.

• P&C Re and Corporate Solutions maintain combined ratio targets of <85% and <91%, respectively.