European reinsurers report record profitability, revenue growth slows

Written by Adam Cadle

20/08/2025

The four largest European reinsurers – Munich Re, Swiss Re, Hannover Rueck SE and SCOR SE – reported a record average return on equity of 21.1% in H1 2025, above the previous 20.5% peak in H1 2023, Fitch Ratings has revealed.

However, revenue growth slowed year on year in H1 2025 as reinsurers focused on diversification and profitability over growth.

Sustained underwriting results across most business lines and steady investment returns supported profitability. This was despite rising insured natural catastrophe losses globally, volatile capital markets and growing evidence of a turn in the reinsurance cycle.

The very strong financial performance and substantial capital and reserves buffers underscore the resilience of the reinsurers, as well as their preparedness for likely less favourable market conditions in the next 12–24 months.

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