Swiss Re reported US$40.5 billion in gross premiums written at year-end 2023 and US$36.2 billion in reinsurance revenue for 2024, and is first among IFRS 17 reporters in AM Best’s latest rankings of global reinsurers.
The rankings are published in AM Best’s annual “World’s 50 Largest Reinsurers” report, which is released ahead of the Rendez-Vous de Septembre in Monte Carlo. The publication also includes upcoming analyses on insurance-linked securities, Lloyd’s, life/annuity, health, and regional reinsurance markets throughout August and September.
Swiss Re, which previously reported under GAAP, moved into the leading IFRS 17 position, pushing Munich Re into second place. Hannover Rück SE ranked third. In terms of underwriting results, Munich Re led with a non-life reinsurance combined ratio of 77.3, compared to 85.2 for the year prior.
Among non-IFRS 17 reporters, Berkshire Hathaway advanced into the top spot with US$26.9 billion in gross premiums written, followed by Lloyd’s with US$23.5 billion. The top five IFRS 17 reinsurers recorded a weighted average combined ratio of 84.9 in 2024.
AM Best first introduced separate rankings for IFRS 17 and non-IFRS 17 reinsurers last year. The methodology is based on reinsurance revenue for IFRS 17 reporters and gross premiums written for non-IFRS 17 reporters. With this year’s release, the firm noted it is the second full year of financial data provided under IFRS 17 standards.
The report also reviewed conditions affecting reinsurer results in 2025. It stated that outcomes will depend heavily on natural catastrophe events, particularly the Atlantic hurricane season.
According to Chris Pennings, financial analyst at AM Best, the California wildfires in January significantly impacted first-quarter results. Reinsurers with exposure in that market reported some of their weakest underwriting performances in recent years, with wildfire losses consuming large portions of their budgeted catastrophe allocations for the year.
“As 2025 plays out, the market has witnessed pockets of rate softening among non-loss affected accounts, though rates modestly improved or maintained on loss affected accounts,” said Pennings.
Do you see IFRS 17 reporting as a more effective measure of reinsurer performance than traditional gross premiums written? Share your perspective in the comments.
