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Swiss Re soaring high - is Munich Re feeling threatened?

Despite a drop in revenue, Swiss Re surpassed expectations with a net profit of 2.6 billion dollars. The company aims to reach a target of 4.4 billion dollars by 2025.

Swiss Re Soaring High - Could Munich Re Feel Anchored by Shadows?
Swiss Re Soaring High - Could Munich Re Feel Anchored by Shadows?

Swiss Re soaring high - is Munich Re feeling threatened?

In a significant shift in the reinsurance industry, Swiss Re has emerged as the preferred choice among investors, surpassing Munich Re in the latest global reinsurer rankings. This change in investor sentiment is primarily due to Swiss Re's strong first-half performance in 2025 and its successful transition to IFRS 17 accounting standards.

Swiss Re now leads the top IFRS 17 reinsurers on AM Best’s 2025 list, reporting US$36.2 billion in reinsurance revenue for 2024, exceeding Munich Re’s US$32.6 billion. This shift in rankings reflects not only Swiss Re’s accounting change but also its impressive performance, making it the preferred choice among investors closely watching IFRS 17 reporting.

The largest European reinsurers, including Swiss Re and Munich Re, reported a robust market confidence, with an average return on equity of 21.1% in the first half of 2025. Despite severe natural catastrophe losses exceeding $320 billion worldwide in 2024, reinsurers have benefited from hardening market conditions and adequate rate levels, supporting strong results and investor interest across top players.

Swiss Re reported a 24% increase in profit for the first half of 2025, reaching $2.6 billion. The reinsurer was also able to enforce average price increases of 2.3 percent at contract renewal. These strong results have helped Swiss Re maintain its competitive edge, despite a slight decrease in premium income from $22.2 billion to $20.9 billion in the first half of 2025.

Despite Swiss Re's impressive performance, Munich Re continues to achieve strong underwriting performance and profitability. Munich Re's non-life combined ratio of 77.3% is highly competitive, and the world market leader's share is preferred by investors overall. However, Munich Re also experienced a decline in revenue in the first half of 2025.

Swiss Re's CEO, Andreas Berger, believes Swiss Re is on track to achieve a $4.4 billion annual surplus for 2025. This optimistic outlook, combined with its strong first-half performance, positions Swiss Re well for continued success in the reinsurance industry.

[1] AM Best’s Global Reinsurer Rankings 2025 [2] Reinsurance Magazine, Q2 2025 [3] Swiss Re Annual Report 2024 [4] Boersenmedien AG, Financial Analysis 2025 [5] Reinsurance News, Market Overview 2025

Swiss Re's strong financial performance and successful transition to IFRS 17 accounting standards have made it the preferred choice among investors, surpassing Munich Re in the latest AM Best’s Global Reinsurer Rankings for 2025. The reinsurer's reported US$36.2 billion in reinsurance revenue for 2024 highlights its financial strength, a key factor that attracts investors closely watching IFRS 17 reporting.

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