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 discipline, and increased resilience.

• Paid out over USD 39 billion in claims across all business lines, including major natural catastrophe events.

• Completed comprehensive review of underperforming portfolios in Life & Health Reinsurance, implementing higher loss assumptions and repositioning for consistent results.

• Launched refreshed strategy "Build to Lead" and announced withdrawal from iptiQ, with all parts sold or set for run-off.

• Delivered over USD 100 million in cost savings and strengthened group resilience.

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.

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

Outlook and guidance

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

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

• 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.