...Very Strong Capitalisation: The large global reinsurers' solvency coverage remained stable or further increased in 1H26 to record levels, well above target ranges for most, with the largest buffers at Munich Re and Hannover Re. Strong operating capital generation enabled growth and capital returns to shareholders. The reinsurers' Prism Global model scores remained at least `Very Strong' at end-2025. Low Financial Leverage: Financial leverage ratios reduced slightly on debt redemptions and higher shareholders' equity over the past three years. The ratios were below the 24% upper limit of the `aa' category guideline for all, with Munich Re (about 11%) and Lloyd's (about 2%) having the lowest ratios. Fitch Ratings views capitalisation and leverage as a rating strength for the peer group. Very Strong Earnings: Sustained underwriting results across most business lines and rising investment income supported very strong return on equity (ROE) for all peers over the past three years. ROE averaged...
