Swiss Re returns to profit after pandemic losses

Swiss Re today reported a strong return to profit for the first half of 2025, with net income of USD 2.6bn and a return on equity of 23.0%. The group also estimated its Swiss Solvency Test (SST) ratio at 264% as of 1 July, above its 200–250% target range.

Metric | Current period | Prior period | Change --------|----------------|-------------|-------- Net income | USD 2.6bn (H1 2025) | Not disclosed | n/a Return on equity | 23.0% (H1 2025) | Not disclosed | n/a Group SST ratio | 264% (1 Jul 2025) | Not disclosed | n/a P&C Re combined ratio | 81.1% (H1 2025) | Not disclosed | n/a P&C Re combined ratio (Q2 2025) | 76.3% | Q2 2024 not disclosed | n/a Corporate Solutions combined ratio | 88.2% (H1 2025) | Not disclosed | n/a Investments ROI | 4.1% (H1 2025) | Not disclosed | n/a Group combined ratio | 88.0% (H1 2025) | Not disclosed | n/a

Swiss Re also disclosed that its group SST ratio was estimated at 264% as of 1 July 2025, above its 200–250% target range. The half-year slide deck framed these figures within the wider 2025 reporting cycle for the group.

The latest disclosure follows earlier quarterly updates in 2025, including first-quarter results and combined ratio metrics referenced in investor presentations.