Swiss Re (SREN) Q2 2025 (Media) earnings summary

Executive summary

• Net income reached USD 2.6 billion for H1 2025, up from USD 2.1 billion year-over-year, with ROE at 23.0%, reflecting strong performance and robust contributions from all business units and investments.

• Underwriting discipline and prudent investment strategy supported results, with strong margins in both P&C and L&H Reinsurance.

• All business units are on track to meet or exceed 2025 financial targets, maintaining confidence in full-year guidance.

Financial highlights

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

• Insurance service result rose to USD 3.0 billion, up 5% year-over-year.

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

• Earnings per share rose to USD 8.71 from USD 6.97 year-over-year.

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

Outlook and guidance

• Full-year 2025 net income target remains above USD 4.4 billion, with multi-year ROE goal of over 14% and dividend per share growth of 7%+ per year through 2027.

• P&C Re aims for a combined ratio below 85%, Corporate Solutions below 91%, and L&H Re net income target of USD 1.6 billion.

• Group SST ratio estimated at 264% as of 1 July 2025, well above the 200-250% target range.

• Vigilance maintained amid geopolitical and macroeconomic uncertainty, especially entering hurricane and wind season.