Strong Net Income and Return on Equity
Swiss Re reported a net income of USD 4 billion for the first 9 months of 2025, with an annualized return on equity of 22.5%, on track to meet the full-year net income target of over USD 4.4 billion.
Exceptional P&C Results
P&C reported a very strong combined ratio of 71.3% in Q3, resulting in 77.6% for the first 9 months, well below the 85% target. This was aided by lower-than-expected large nat cat losses.
Corporate Solutions Performance
Corporate Solutions achieved a 9-month combined ratio of 87.1%, below the target of less than 91%, driven by higher in-force margins and favorable large loss experience.
Strong Investment Return
The investment return was 4.1% for the first 9 months, ahead of last year's 3.9%, supported by strong recurring income of USD 3.0 billion.
Solid Group SST Ratio
Swiss Re's SST ratio was estimated at 268% as of October 1, 2025, up 11 points from the start of the year.