Swiss Re said the group’s insurance revenue for Q1 2025 was approximately £7.8bn, down from £8.7bn in the same period last year. The carrier said this was largely driven by non-recurring IFRS transition effects and the termination of an external retrocession transaction in L&H Re. It also highlighted the negative impact of foreign exchange rates.

Andreas Berger, group chief executive officer at Swiss Re, said: “The first quarter of 2025 was marked by significant large loss events in our property and casualty businesses. Despite this, all business units posted robust results, highlighting the resilience of the group and underscoring our ability to support clients by acting as a shock absorber for peak risks.”

Anders Malmström, group chief financial officer at Swiss Re, added: “The main driver for Swiss Re's first-quarter results was continued disciplined underwriting, which was supported by our investment performance. We have maintained our strong capital position and remain well-placed to support our clients.”