Swiss Re posts record $4.8 billion net income in 2025, up 47% year-over-year, driven by strong performance across all business segments. The reinsurer's property and casualty division delivered $2.8 billion in net income, more than double the prior year's $1.2 billion, benefiting from lower-than-expected natural catastrophe losses and resilient underwriting. The company achieved a robust return on equity of 19.6%, up from 15% previously, while maintaining disciplined underwriting practices. P&C reinsurance posted a combined ratio of 79.5%, well within the company's sub-85% target, compared to 89.9% in 2024. However, challenges emerged at January 2026 renewals where loss assumptions increased 4.6%, offsetting a 0.3% price gain and resulting in a net 4.3% price decline. Swiss Re expects $2.
