Swiss Re reported a profit of $US1.4 billion ($2.14 billion) in the third quarter and reaffirmed its guidance that full-year income will be above $US4.4 billion ($6.74 billion).  

Group CEO Andreas Berger says after significant large loss events in the first quarter, the reinsurer benefited from low natural catastrophe losses. “This provided a substantial tailwind to our property and casualty businesses, supported further by our continued focus on underwriting quality,” he said. 

"Thanks to the strong performance in the first nine months of 2025, we are well on-track to meet our Group net income target ... for the full year and our combined ratio targets for both of our property and casualty businesses.” 

Property & Casualty Reinsurance net income was $US2.3 billion (3.52 billion) for the first nine months, up 278% from a year earlier.  

A combined ratio of 77.6% improved from 92.8%, and Swiss Re says the business is on track to achieve its target of below 85% for the full year.  

Large natural catastrophe claims so far this year amounted to $US611 million ($935 million), mainly related to the Los Angeles wildfires and cyclone Alfred in Australia. Large man-made losses totalled US$277 million ($424 million). 

In 2024, large natural catastrophe claims totalled $US1 billion ($1.6 billion) and Swiss Re's net income was $US3.2 billion ($5.1 billion). 

Life & Health Reinsurance net income fell 12% to $US1.06 billion ($1.68 billion) on a lower underwriting result. It is not expected to meet a full-year target of $US1.6 billion ($2.45 billion) amid assumption strengthening for underperforming portfolios, including in Australia and New Zealand.  

Corporate Solutions combined ratio improved to 87.1% in January-September, from 89.4%. It targets a combined ratio of below 91% for the full year. Net income rose 10% to $US693 million ($1.06 billion).  

Swiss Re’s nine-month insurance revenue was $US32 billion ($49 billion).