This report does not constitute a rating action. Swiss Re recorded very strong earnings in 2025, reporting $4.8 billion in net income and beating its target of $4.4 billion. The group?s property and casualty reinsurance (P/C Re) segment recorded the lion?s share of profits, with $2.8 billion in 2025 ($1.2 billion in 2024), representing close to 60% of group profits. P/C Re benefitted from a year with a lower-than-average number of natural catastrophes, using up less than half of its budget for these types of claims. Somewhat offsetting this were additions to the current and prior-year loss reserves. On the other hand, net income from the life and health reinsurance segment fell to $1.3 billion in 2025 from $1.5 billion
