Swiss Re and Munich Re remain close rivals at the top of the S&P Global Ratings' Top 40 Global Reinsurers ranking. Swiss Re posted modest GWP growth (+3.2%) with healthy pre-tax income growth (+6.9%), while Munich Re saw a small GWP decline (-3.7%), which lead to the group losing its top rank in favor of Swiss Re.
Importantly, both reinsurers maintained strong profitability, but the shift underscores how even small differences in premium dynamics can alter market rankings at the very top.
Hannover Re continued its stable growth, with GWP up slightly (+1.1%) and profits up strongly (+7.9%), preserving its third position in the ranking.
Berkshire Hathaway Insurance Group recorded a small decline in GWP (-2.0%) but a double-digit increase in pre-tax income (+15.7%), highlighting strong underwriting and investment results. Lloyd’s stands out with a solid 6.2% GWP increase, coupled with stable profit growth (+3.1%), showing steady recovery momentum. SCOR SE faced challenges, with both GWP (-2.9%) and pre-tax income (-9.7%) declining, reflecting ongoing profitability pressures. RGA delivered one of the strongest performances, with double-digit growth in both GWP (+17.3%) and pre-tax income (+18.9%), confirming robust demand for life reinsurance.
China Re reported lower premiums (-3.4%) but still grew profits (+9.8%), suggesting improved efficiency or favorable claims experience. Everest Group saw strong expansion, with premiums up 12.9% and profits growing by 5.1%, consolidating its position as a rising global player. RenaissanceRe posted the most impressive premium growth among the top 10 (+32.4%), with a double-digit profit increase (+11.8%), benefiting from disciplined market expansion.
In 2024, the Top 40 global reinsurers ranked by S&P’s report gwote together gross reinsurance premiums worth USD 347 billion and recorded a pretax operating income of USD 38.74 billion ( a figure that does not include the results of the Berkshire Hathaway Insurance Group, PartnerRe and Chubb).
Key Takeaways
- Market leaders Swiss Re, Munich Re, and Hannover Re remain stable, with solid profitability despite mixed premium dynamics.
- Life-focused reinsurers (RGA) and specialty players (RenaissanceRe, Everest) are gaining momentum with double-digit growth.
- SCOR stands out negatively with declines in both premiums and profits, underlining strategic challenges.
- Profitability is generally strong across the board, reflecting favorable claims trends and disciplined underwriting.
To see the full Top 40 ranking, including 2024/2023 comparisons, as well as the Global reinsurers results listed by country, please access the original S&P article.
Note: S&P Global Ratings' 2025 edition of Global Reinsurance Highlights includes data on 127 reinsurance organizations from 29 countries. As in previous years, the data are based on survey responses from reinsurance organizations worldwide.
For the purpose of drawing up the Top 40 Global Reinsurers ranking, S&P referred to gross premium written (GPW) for pure reinsurance business. For those reinsurers reporting under IFRS 17 and that do not publish GPW, the pure reinsurance GPW were estimated and marked as such in the ranking. At the same time, S&P added the gross insurance revenue for reinsurance for all IFRS 17 filers.
