Swiss Re: Q1 2025 results

Swiss Re closed the first quarter of 2025 with insurance revenue of 10.4 billion USD, down 11% year-on-year. This decline was mainly due to the transition to IFRS accounting for certain operations and the unfavorable impact of exchange rates.

Net profit reached 1.3 billion USD at end-March 2025, growing by 16% compared with the same period in 2024.

The insurance service result, reflecting underwriting activity, was down by 6% to 1.3 billion USD.

The company's shareholders' equity stood at 23.4 billion USD, and the return on equity (ROE) at 22.4%.

P&C Re, the Group's non-life business, posted insurance revenue of 4.5 billion USD and a net result of 527 million USD, declining by 10% and 5% respectively. The combined ratio slipped 1.3 points to 86%.

P&C Re incurred natural catastrophe losses totaling 570 million USD in the first quarter of 2025, mostly as a result of the Los Angeles fires. Human-made disasters cost a further 140 million USD.

During the reporting period, L&H Re generated insurance revenue of 4.1 billion USD and a net profit of 439 million USD.

The Corporate Solutions subsidiary's insurance revenue and net profit amounted to 1.8 billion USD and 208 million USD respectively. Damage caused by natural catastrophes, including the Los Angeles fires and Cyclone Alfred in Australia, set Corporate Solutions back 60 million USD.