The report, published alongside the invitation for the company's Annual General Meeting on April 10, 2026, presents fully audited results for the year ending December 31, 2025. For the first time, Swiss Re has combined its financial and sustainability disclosures into a single publication, integrating the Sustainability Report into the annual report.
The result was driven by disciplined underwriting, strong investment returns and benign natural catastrophe activity, with the property and casualty reinsurance division posting US$2.8 billion in net income and a combined ratio of 79.4%. Swiss Re's return on equity reached 19.6%, up from 15.0% in 2024.
The reinsurer's capital position remains strong, with an estimated Group Swiss Solvency Test ratio of 250% as of January 1, 2026. On the back of that position and the group result, the board proposed a dividend of US$8.00 per share, a 9% increase over the prior year.
Swiss Re has also launched a share buyback program to repurchase up to US$1.5 billion of its own shares in 2026, including US$500 million as part of its sustainable annual buyback.
The AGM agenda includes several governance changes. Larry Zimpleman, who has served on the board since 2018, will not stand for re-election. Chairman Jacques de Vaucleroy thanked Zimpleman for what he called "outstanding dedication and valuable contributions over the past eight years." Zimpleman spent more than four decades in the insurance industry, retiring in 2016 as chairman of The Principal Financial Group after a career that began with an actuarial internship in 1971.
In his place, the board has nominated Jean-Jacques Henchoz as a new member. Henchoz led Hannover Re as chief executive from 2019 to 2025. Before that, he spent two decades at Swiss Re in senior roles including CEO Reinsurance EMEA and member of the Group Executive Committee.
The company separately announced in February the appointment of Henock Teklu, formerly of BlackRock, as group chief transformation officer, joining the executive committee in April.
Shareholders will also be asked to approve converting Swiss Re Ltd's share capital currency from Swiss francs to US dollars, a move the company said is intended to align with the currency material to its business activities and redue operational costs. The re-election of all other board members and Compensation Committee members is also on the agenda.
Looking ahead, Swiss Re has confirmed a group net income target of US$4.5 billion for 2026, a figure first disclosed at its December 2025 Management Dialogue event. The P&C Re and Corporate Solutions divisions are targeting combined ratios of less than 85% and less than 91%, respectively, while L&H Re is aiming for US$1.7 billion in net income.
The group's multi-year return on equity target stands at more than 14%.
The reinsurance market, however, faces a less favorable backdrop. At the January 2026 renewals, P&C Re secured a nominal price increase of just 0.3% while loss assumptions rose 4.6%, producing a net price decrease of 4.3%.
Swiss Re itself has budgeted a normalized annual natural catastrophe claims figure of around US$2 billion, suggesting the benign conditions that buoyed 2025 are unlikely to be repeated.
