Q3 2025 Swiss Re AG Earnings Call Transcript
Key Points
- Swiss Re AG (SSREF) reported a strong net income of $4 billion for the first nine months of 2025, with an annualized return on equity of 22.5%.
- The company benefited from exceptionally strong Property & Casualty (P&C) results in the third quarter, with large claims amounting to only $200 million, well below expectations.
- Life and Health Reinsurance (REIT) net income stands at $1.1 billion, contributing significantly to the group's earnings.
- The group's investment return was strong, with a return on investment of 4.1%, supported by recurring income of $3.0 billion.
- Swiss Re AG (SSREF) maintained a robust Swiss Solvency Test (SST) ratio of 268% as of October 1, 2025, indicating strong capital adequacy.
- Life and Health REIT's results have been volatile, with negative assumption updates impacting the P&L by around $400 million for the first nine months.
- The company's insurance revenue declined to $32 billion from $33.7 billion last year, driven by portfolio pruning and non-renewals.
- New business CSM generation was slightly down to $3.9 billion from $4.2 billion last year, reflecting a challenging pricing environment.
- Corporate Solutions experienced a slight increase in large man-made claims, which were slightly above expectations, partially offsetting favorable NATCAT experience.
- The expense ratio in Corporate Solutions rose due to restructuring costs and a shift towards more volume-driven commissions.
(Operator Instructions)
Good morning or good afternoon. Welcome to Swiss Re's nine-month 2025 results conference call. Please note that today's conference call is being recorded.
At this time, I would like to turn the conference over to Andreas Berger, Group CEO. Please go ahead.
Thank you very much and good morning or good afternoon to all of you. I appreciate that you're taking the time today to listen to us and also to engage into a hopefully very vivid Q&A.
Before our group CFO, Anders Malmstrom, walks you through the details of our nine-month results, I'd like to start with some brief remarks as usual. After another strong quarter with a profit of $1.4 billion, we are pleased to report a net income of $4 billion for the first nine months of 2025, corresponding to an annualized return on equity of 22.5%. This puts us very well on track for a full-year net income target of more than $4.4 billion.
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