Quick Facts / Company Snapshot
- Company Name: Swiss Re Ltd
- Headquarters: Zurich, Switzerland
- Foundation Year: 1863
- Group CEO: Andreas Berger (Appointed July 1, 2024)
- Chairman: Jacques de Vaucleroy
- Total Revenue (2024): USD 50.7 billion
- Insurance Revenue (2024): USD 45.6 billion
- Net Income (2024): USD 3.2 billion
- Return on Equity (ROE): 15.0%
- Return on Investments (ROI): 4.0%
- Group SST Ratio (Jan 1, 2025): 257%
- Total Assets: USD 167.3 billion
- Shareholders’ Equity: USD 14.5 billion
- Employees: 15,188 (Regular staff)
- Global Presence: Over 80 office locations in ~30 countries
- P&C Reinsurance Net Premiums Earned: USD 23.9 billion
- L&H Reinsurance Net Premiums Earned: USD 17.5 billion
- Corporate Solutions Net Premiums Earned: USD 6.2 billion
- Dividend Proposal (2024): USD 7.35 per share
- Primary Stock Listing: SIX Swiss Exchange (Ticker: SREN)
Company Overview
Swiss Re Ltd, known globally as the Swiss Re Group, is a leading wholesale provider of reinsurance, insurance, and other insurance-based forms of risk transfer. Headquartered in Zurich, Switzerland, the company operates through a global network of offices and subsidiaries, serving clients that include insurance companies, mid-to-large-sized corporations, and public sector clients.
The Group’s core mandate is to make the world more resilient by helping clients identify, mitigate, and manage risks. Swiss Re deploys its capital to support clients in areas ranging from natural catastrophes and climate change to ageing populations and cyber threats. The company is structured as a holding company, Swiss Re Ltd, with distinct business units executing its strategic priorities.
In 2024, the Group reported a strong financial performance, achieving a net income of USD 3.2 billion and a return on equity (ROE) of 15.0%, surpassing its target of over 14%. This performance was driven by disciplined underwriting, strong investment returns, and effective capital management. The Group maintains a very strong capital position, with a Swiss Solvency Test (SST) ratio of 257% as of January 1, 2025, significantly above its target range of 200–250%.
Business Segments
Swiss Re operates through three primary business segments, plus the Group Items segment. Each unit has a specific operational focus and contributes distinct revenue streams to the Group.
Property & Casualty Reinsurance (P&C Re)
Revenue (Net Premiums Earned): USD 23.9 billion
Percentage of Total Net Premiums: 50.2%
P&C Re is the largest segment by premium volume. It provides reinsurance coverage for property and casualty risks to insurance companies worldwide. The segment writes business across a broad range of lines, including property, liability, motor, accident, and specialty lines such as engineering, aviation, and marine.
Operational Profile:
- Focus: Writing reinsurance treaties and facultative coverage for cedents globally.
- 2024 Performance: P&C Re reported a net income of USD 1.2 billion for 2024.
- Combined Ratio: The segment reported a combined ratio of 89.9%, which missed the target of less than 87%. This was primarily due to a decisive reserve strengthening action taken in the third quarter regarding US liability reserves (specifically Casualty US), amounting to USD 2.6 billion.
- Renewals: The segment demonstrated strong market demand, achieving a 7% volume increase to USD 13.3 billion in the January 1, 2025, treaty renewals.
Life & Health Reinsurance (L&H Re)
Revenue (Net Premiums Earned & Fee Income): USD 17.5 billion
Percentage of Total Net Premiums: 36.8%
L&H Re provides reinsurance solutions for life and health risks. Its clients are primary life and health insurers who seek to manage their exposure to mortality, morbidity, and longevity risks.
Operational Profile:
- Focus: Assessing and pricing biometrical risks such as death, disability, and critical illness.
- 2024 Performance: The segment achieved a net income of USD 1.5 billion, meeting its specific financial target for the year.
- Key Drivers: The result was supported by healthy in-force margins and strong investment income. However, these positives were partially offset by adverse experience in certain portfolios and assumption updates.
- Strategic Role: L&H Re provides stability to the Group’s earnings profile, often counterbalancing the volatility inherent in the P&C business.
Corporate Solutions
Revenue (Net Premiums Earned): USD 6.2 billion
Percentage of Total Net Premiums: 13.0%
Corporate Solutions is the commercial insurance arm of the Swiss Re Group. It offers insurance capacity and customised risk transfer solutions to mid-sized and large multinational corporations.
Operational Profile:
- Focus: Providing primary insurance for property, casualty, and specialty risks directly to corporate clients.
- 2024 Performance: This segment delivered a standout performance with a net income of USD 829 million, a 26% increase from the previous year.
- Combined Ratio: Corporate Solutions achieved a combined ratio of 89.7%, significantly outperforming its target of less than 93%.
- Growth: The segment continues to grow its portfolio through disciplined underwriting and stringent portfolio steering, leveraging the Group’s risk knowledge and capital strength.
Group Items
Operational Profile:
This segment encompasses the remaining activities of the Group, including the iptiQ division.
- iptiQ Status: In May 2024, Swiss Re announced its decision to withdraw from iptiQ, its white-label digital insurance platform. The loss related to this withdrawal (USD 197 million) and the operating loss of the business (USD 228 million) were absorbed within Group Items.
- Performance: Group Items reported a net loss of USD 295 million for 2024.
History and Evolution
Swiss Re was founded on December 19, 1863, in Zurich, Switzerland. The company was established in response to the crying need for risk diversification following the Great Fire of Glarus in 1861, which devastated the town and highlighted the inadequacy of local insurance coverage.
Key Historical Milestones:
- 1863: Foundation of the Swiss Reinsurance Company by the Helvetia General Insurance Company, Credit Suisse, and the Basler Handelsbank.
- 1864: The company signed its first reinsurance treaty.
- Early Expansion: By the turn of the 20th century, Swiss Re had already established itself as a major international player, opening branches and subsidiaries in key markets.
- 2006: Acquisition of GE Insurance Solutions, which significantly expanded the Group’s footprint in the US and global markets, creating one of the world’s largest reinsurers.
- 2011: Introduction of a new corporate structure, establishing Swiss Re Ltd as the new holding company, allowing for a more efficient allocation of capital and clearer separation of business units (Reinsurance, Corporate Solutions, Admin Re).
- 2024: The Group celebrated 160 years of resilience. It also marked a leadership transition with Andreas Berger taking over as Group CEO in July 2024, succeeding Christian Mumenthaler.
Products and Services
Swiss Re offers a vast array of risk transfer products and services, categorised primarily by its business units.
Reinsurance Products (P&C and L&H)
- Property Reinsurance: Covers losses to physical assets from fire, natural catastrophes (wind, flood, earthquake), and engineering risks.
- Casualty Reinsurance: Covers liability risks, including motor liability, general third-party liability, professional liability, and workers’ compensation.
- Life Reinsurance: Provides mortality protection (individual and group life) to primary insurers.
- Health Reinsurance: Covers morbidity risks, including critical illness, disability income, and medical reimbursement.
- Longevity Solutions: Helps pension funds and insurers manage the financial risk of pensioners living longer than expected.
- Structured Reinsurance Solutions: Tailored capital management solutions that help clients improve their solvency, liquidity, or earnings volatility.
Corporate Solutions Products
- Property Insurance: Protecting corporate assets against physical damage and business interruption.
- Liability Insurance: General, professional, and directors’ & officers’ (D&O) liability coverage.
- Specialty Lines: Includes Engineering & Construction, Energy (offshore/onshore), Aviation, Marine, and Credit & Surety.
- Innovative Solutions: Parametric insurance (covers triggered by specific data indices like weather), and captive fronting services.
Risk Knowledge & Services
- CatNet®: A proprietary tool for assessing natural hazard risks.
- Magnum: An automated underwriting solution for Life & Health insurers.
- Swiss Re Institute: The Group’s research arm, publishing the renowned sigma reports that provide data and analysis on global insurance markets.
Geographical Presence
Swiss Re is a truly global organisation with a physical presence in approximately 30 countries and business operations serving clients in virtually every country.
Region-Wise Revenue Breakdown (Net Premiums Earned & Fee Income – 2024)
| Region | Net Premiums Earned (USD Billions) | % of Total |
| Americas | 22.9 | 48.0% |
| Europe, Middle East & Africa (EMEA) | 12.9 | 27.0% |
| Asia-Pacific | 11.8 | 25.0% |
| Total | 47.6 | 100% |
(Note: Total includes P&C Re, L&H Re, and Corporate Solutions premiums)
Key Office Locations:
- Headquarters: Zurich, Switzerland (Mythenquai 50/60).
- Americas: Armonk (New York), Kansas City, Toronto, Mexico City, São Paulo.
- EMEA: London, Munich, Paris, Bratislava (major service hub), Bangalore (global business solutions centre).
- Asia-Pacific: Singapore (regional hub), Hong Kong, Tokyo, Sydney, Beijing, Mumbai.
Financial Performance Analysis
The following analysis is based on the audited consolidated financial statements for the year ended December 31, 2024.
Profit and Loss Analysis
- Total Revenue: USD 50.7 billion.
- Insurance Revenue: USD 45.6 billion (increased from USD 43.9 billion in 2023).
- Net Income: USD 3.2 billion.
- Net Income Margin (on Ins. Revenue): 7.0%.
- Return on Investments (ROI): 4.0% (up from 3.2% in 2023).
- Recurring Income Yield: 3.9% (up from 3.6% in 2023).
- Total Expenses: Operating expenses were a key focus, with a target to reduce run-rate operating expenses by approximately USD 300 million by 2027.
Balance Sheet Analysis
- Total Assets: USD 167.3 billion.
- Investments: The Group maintains a conservative investment portfolio. As of end-2024, the investment portfolio remains high-quality with a focus on recurring income.
- Shareholders’ Equity: USD 14.5 billion.
- Book Value Per Share: USD 50.12 (Up from USD 48.24 in 2023).
- Debt: The Group actively manages its leverage. In 2024, Swiss Re successfully issued USD 1.5 billion in subordinated debt to optimise its capital structure.
- Liquidity: Highly liquid balance sheet with significant cash and short-term investment holdings to meet claims obligations.
Cash Flow Analysis
- Operating Cash Flow: Strong operating cash generation driven by premium inflows and investment income.
- Financing Activities: Includes dividend payments of USD 6.80 per share (paid in 2024 for the 2023 financial year) and the issuance of new debt.
Board of Directors and Leadership Team
Board of Directors
The Board of Directors is responsible for the ultimate direction and supervision of Swiss Re.
- Jacques de Vaucleroy: Chairman of the Board. Elected Chairman in April 2024. He leads the Board and ensures effective governance.
- Members: The Board consists of non-executive, independent directors including Geraldine Matchett, who was elected as a new member in April 2024. Other members include Deanna Ong, Jay Ralph, Joerg Reinhardt, and others who chair various committees like Audit, Finance & Risk, and Compensation.
Group Executive Committee (EC)
The EC is responsible for the management of the Group’s operations.
- Andreas Berger: Group Chief Executive Officer (CEO). Appointed July 1, 2024.
- Anders Malmström: Group Chief Financial Officer (CFO).
- Urs Baertschi: CEO Property & Casualty Reinsurance.
- Paul Murray: CEO Life & Health Reinsurance.
- Ivan Gonzalez: CEO Corporate Solutions. Appointed July 1, 2024.
- Velina Peneva: Group Chief Investment Officer (CIO).
- Pravina Ladva: Group Chief Digital & Technology Officer.
- Cathy Desquesses: Group Chief Human Resources and Corporate Services Officer.
- Patrick Raaflaub: Group Chief Risk Officer.
Subsidiaries, Associates, and Joint Ventures
Swiss Re operates through a complex network of subsidiaries. The principal entity is Swiss Reinsurance Company Ltd, which is 100% owned by Swiss Re Ltd.
Key Subsidiaries (Selected):
- Swiss Reinsurance Company Ltd: The main operating carrier.
- Swiss Re Corporate Solutions Ltd: Handles the commercial insurance business.
- Swiss Re Life & Health America Inc.: Major subsidiary for US L&H business.
- Swiss Re Europe S.A.: Serves European markets.
- Swiss Re Asia Pte. Ltd.: Regional headquarters for Asia, based in Singapore.
(Note: Ownership for core operating subsidiaries is typically 100% unless otherwise stated in specific partnership agreements.)
Physical Properties
Swiss Re does not own manufacturing plants. Its physical assets consist primarily of office buildings and data centres.
- Zurich: The campus at Mythenquai is a landmark, including the “Swiss Re Next” building known for its modern architecture and sustainability features.
- London: The company occupies the iconic “Gherkin” building (30 St Mary Axe), although it sold the building in 2007, it remains a primary tenant.
- Bratislava & Bangalore: Large office spaces dedicated to business support, IT, and operations.
Founders
The original founders of the Swiss Reinsurance Company in 1863 were three major Swiss institutions:
- Helvetia General Insurance Company (St. Gallen)
- Credit Suisse (Zurich)
- Basler Handelsbank (Basel)
Moritz Ignaz Grossmann, a visionary in the insurance field, was instrumental in the company’s establishment and served as its first manager.
Shareholding Pattern
As of December 31, 2024, Swiss Re Ltd had 104,928 shareholders.
- Total Shares Issued: 317,497,306 shares.
- Registered Shares: ~46.5% of total shares.
- Unregistered Shares: ~45.0% of total shares.
- Treasury Shares (Held by Swiss Re): 8.5%.
Significant Shareholders (>3% voting rights):
- BlackRock, Inc.: >5%
- UBS Fund Management (Switzerland) AG: >3%
Shareholder Structure:
- Institutional Shareholders: Own approx. 56.5% of registered shares.
- Individual Shareholders: Own approx. 39.0% of registered shares.
- Swiss Re Employees: Own approx. 4.5% of registered shares.
Parent
Swiss Re Ltd is the ultimate parent company of the Group. It is a public company with no single controlling shareholder.
Investments and Capital Expenditure Plans
Swiss Re’s investment strategy focuses on asset-liability management (ALM) to ensure that assets match the duration and currency of its insurance liabilities.
- Asset Allocation: The portfolio is heavily weighted towards government bonds, high-grade corporate bonds, and listed equities.
- ROI Target: The Group successfully increased its ROI to 4.0% in 2024 and continues to benefit from higher yields on reinvestments.
- Technology Investments: Significant investment is directed towards Digital & Technology capabilities to improve underwriting efficiency and data analytics.
- Sustainability: The Group has a target to reduce the carbon intensity of its corporate bond and listed equity portfolio. In 2024, it reported a 50% reduction relative to the 2018 baseline.
Future Strategy
Swiss Re’s strategy for 2025 and beyond is centred on “closing the gap to #1”.
Strategic Priorities:
- Technical Excellence: Sharpening underwriting and portfolio steering.
- Cost Discipline: Targeting a reduction in run-rate operating expenses by USD 300 million by 2027.
- Capital Management: Maintaining a strong capital position while returning excess capital to shareholders through dividends and potential share buybacks.
- Withdrawal from iptiQ: Completing the withdrawal from the iptiQ business to focus on core B2B operations.
2025 Financial Targets:
- Group Net Income: > USD 4.4 billion.
- L&H Re Net Income: ~ USD 1.6 billion.
- P&C Re Combined Ratio: < 85%.
- Corporate Solutions Combined Ratio: < 91%.
Key Strengths
- Capital Strength: A Group SST ratio of 257% demonstrates exceptional financial resilience.
- Global Diversification: Balanced portfolio across P&C and L&H reinsurance, and Corporate Solutions, reducing reliance on any single market.
- Risk Knowledge: Unrivalled R&D capabilities through the Swiss Re Institute and proprietary tools like CatNet®.
- Client Franchise: Long-standing relationships with insurers and brokers worldwide.
Key Challenges and Risks
- Reserve Strengthening: The USD 2.6 billion reserve addition in 2024 for US liability business highlights the risk of social inflation and adverse litigation trends in the US.
- Natural Catastrophes: Exposure to increasingly frequent and severe weather events due to climate change remains a primary volatility driver.
- Geopolitical Instability: Global conflicts and economic uncertainty can impact investment markets and insurance exposures.
- Interest Rate Volatility: While higher rates boost investment income, they also impact the valuation of fixed-income assets.
Conclusion and Strategic Outlook
Swiss Re’s 2024 performance marks a pivotal year where the Group successfully transitioned from a recovery phase to delivering strong, sustainable profits. With a net income of USD 3.2 billion and an ROE of 15.0%, the company has proven the efficacy of its underwriting discipline. The strategic decision to withdraw from iptiQ and strengthen US reserves signals a management team focused on core competencies and future stability.
Looking ahead to 2025, Swiss Re is well-positioned to capitalise on hard market conditions in reinsurance. The ambitious net income target of over USD 4.4 billion reflects confidence in the underlying earnings power of the business. By combining financial strength with data-driven insights, Swiss Re remains a bedrock of the global insurance industry.
Official Site: https://www.swissre.com
FAQ Section
1. What is Swiss Re’s primary business?
Swiss Re is a wholesale provider of reinsurance, insurance, and risk transfer solutions. It helps primary insurers and large corporations manage risks related to natural catastrophes, climate change, ageing populations, and more.
2. What was Swiss Re’s net income in 2024?
For the financial year 2024, Swiss Re reported a net income of USD 3.2 billion.
3. Who is the CEO of Swiss Re?
Andreas Berger is the Group Chief Executive Officer, having taken office on July 1, 2024.
4. Is Swiss Re a public company?
Yes, Swiss Re Ltd is listed on the SIX Swiss Exchange under the ticker symbol SREN.
5. Where is Swiss Re headquartered?
The company is headquartered in Zurich, Switzerland.
6. What are Swiss Re’s financial targets for 2025?
Swiss Re targets a Group Net Income of greater than USD 4.4 billion and a P&C Re combined ratio of less than 85% for 2025.
7. Does Swiss Re pay dividends?
Yes, the Board of Directors proposed a dividend of USD 7.35 per share for the 2024 financial year.
8. What happened to iptiQ?
In May 2024, Swiss Re announced its decision to withdraw from iptiQ, its digital white-label insurance platform, to focus on its core business.
Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.
