Swiss Re (SREN) Q4 2025 earnings summary

Executive summary

• Achieved record group net income of USD 4.8 billion in 2025, surpassing the USD 4.4 billion target, with ROE at 19.6%–20%.

• Strong underwriting in P&C and Corporate Solutions; L&H Reinsurance impacted by portfolio review and assumption updates.

• Delivered over USD 100 million in cost savings and increased resilience through disciplined risk management.

• Completed withdrawal from iptiQ, with all parts sold or in run-off.

Financial highlights

• Group net income rose to USD 4.8 billion (up from USD 3.2 billion), with insurance revenue at USD 43.1 billion (down from USD 45.6 billion).

• P&C Reinsurance combined ratio improved to 79.4%; Corporate Solutions at 86.5%.

• L&H Reinsurance net income at USD 1.3 billion, impacted by adverse experience and portfolio actions.

• Return on investment stable at 4.0%; recurring income yield at 4.2%.

• Shareholders’ equity at USD 25.1 billion; book value per share at USD 85.15.

Outlook and guidance

• 2026 targets: Group net income USD 4.5 billion; P&C Re combined ratio <85%; Corporate Solutions <91%; L&H Re net income USD 1.7 billion.

• Multi-year IFRS ROE target >14%; aims for continued dividend per share growth of 7%+.

• Operating cost run rate reduction of USD 300 million targeted by 2027.