The firm recorded $1.4 billion in profit for the third quarter alone. Strong underwriting results in property and casualty businesses, combined with low natural catastrophe losses in the second and third quarters, drove performance after significant large loss events affected the first quarter.
“After significant large loss events in the first quarter, the second and third quarters benefited from low natural catastrophe losses,” group chief executive officer Andreas Berger said. “This provided a substantial tailwind to our property and casualty businesses, supported further by our continued focus on underwriting quality.”
Property & Casualty Reinsurance generated net income of $2.3 billion for the nine-month period, a sharp increase from $607 million in 2024. The business unit achieved a combined ratio of 77.6%, improved from 92.8% in the prior year, and remains on track to meet its full-year target of below 85%. Large natural catastrophe claims totaled $611 million, primarily from the Los Angeles wildfires, while large man-made losses reached $277 million.
Corporate Solutions reported net income of $693 million through September, up from $630 million in the same period last year. The unit posted a combined ratio of 87.1%, compared with 89.4% in 2024, and targets a ratio below 91% for the full year. Large natural catastrophe losses of $60 million stemmed mainly from the Los Angeles wildfires and Tropical Cyclone Alfred, which affected Queensland, Australia.
Life & Health Reinsurance recorded net income of $1.1 billion, down from $1.2 billion in the prior-year period. The business unit reported a $400 million negative impact from assumption strengthening for selected underperforming portfolios in the EMEA and ANZ regions, with $250 million affecting the third quarter. Claims experience for major portfolios, including US mortality, remained in line with expectations.
The company’s return on investments reached 4.1% for the nine-month period, up from 3.9% in 2024. The recurring income yield stood at 4.1%, compared with 4% in the prior year. The reinvestment yield for the third quarter was 4.3%.
Swiss Re maintained a strong capital position with an estimated Group Swiss Solvency Test ratio of 268% as of Oct. 1, above its target range of 200% to 250%.
Group chief financial officer Anders Malmström said all business units continued to benefit from robust recurring investment income alongside healthy margins on new business written during the period.
The company expects to meet its group net income target of more than $4.4 billion for the full year. However, Life & Health Reinsurance is not expected to reach its net income target of approximately $1.6 billion for 2025.
