SCOR’s net income hits EUR 226m in Q2’25 with improved 82.5% CoR
French reinsurance company SCOR reported a strong recovery in the second quarter of 2025, with a net income of €226 million, compared to a loss of €308 million in the same period last year. This improvement was driven by strong performance across all business segments. In Property & Casualty, SCOR achieved a very favorable combined ratio of 82.5%. The combined ratio is a key measure of underwriting profitability – anything below 100% means the company is earning more in premiums than it is paying out in claims and expenses, so a result of 82.5% indicates solid underwriting performance. The good result was supported by low natural catastrophe losses and effective control over smaller claims. In Life & Health, the company posted strong insurance service results, helped by favorable assumptions and reserve releases. SCOR also recorded strong investment returns, with a 3.5% yield supported by attractive reinvestment rates. Altogether, the company reported €425 million in net income for the first half of 2025, with a return on equity of 20.3% and a stable solvency ratio of around 210%, confirming its solid financial position.
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Swiss Re projects 10% ROE for US P&C insurance in 2025 on investment gains
Swiss Re’s latest report forecasts that the U.S. property and casualty (P&C) insurance industry will achieve a 10% return on equity (ROE) in both 2025 and 2026. Return on equity is a measure of how efficiently a company uses its shareholders’ money to generate profit—so a 10% ROE means insurers are expected to earn $0.10 for every $1 of equity invested. This strong performance is expected mainly because of higher investment income, which will help offset slightly weaker underwriting results. As market competition intensifies and claims costs continue to rise, insurers are expected to see a slowdown in premium growth—from double-digit rates in recent years to around 5–5.5% in 2025 and about 4% in 2026. At the same time, the combined ratio—an important metric that shows the proportion of premiums used to pay claims and expenses—is forecast to rise from 97.2% in 2024 to around 98.5% in 2025 and nearly 99% in 2026. Although a higher combined ratio means thinner profit margins from the insurance business itself, the overall industry outlook remains positive because investment gains are expected to more than make up for this. In short, even with some pressure on core operations, insurers in the U.S. P&C market are expected to stay profitable through smart investing and disciplined financial management.
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Munich Re’s ERGO completes full acquisition of NEXT Insurance
Munich Re’s ERGO Group has completed the full acquisition of Next Insurance, a U.S.-based digital insurance company that focuses on small businesses. ERGO already owned 29% of the company and has now bought the remaining 71%, valuing the entire company at $2.6 billion. Next Insurance, founded in 2016 in California, uses advanced technology to offer property and casualty insurance entirely online, making it faster and easier for small businesses to get coverage. With this acquisition, Munich Re gains full control of a modern, digital platform in the large and growing U.S. small-business insurance market, which is estimated to be worth around $175 billion. Next already serves around 600,000 customers and generated $548 million in revenue in 2024. ERGO plans to use its insurance experience and resources to help Next grow even more and expects the company to contribute significantly to its earnings over the next few years. This move strengthens Munich Re’s position in the U.S. and helps it expand in markets that are becoming more digital and technology driven.
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Travelers returns to underwriting gain in Q2‘25
The Travelers Companies delivered a strong rebound in the second quarter of 2025, reporting an underwriting gain of $1.022 billion, a major turnaround from a $65 million loss in the same period last year. This improvement was mainly due to much lower catastrophe losses, which fell to $927 million from $1.509 billion a year earlier. The company also benefited from favorable reserve development, meaning it had previously set aside more money than needed for past claims and was able to release $315 million back into its results. In addition, core underwriting performance improved, and investment income rose by 6% to $942 million. Travelers’ combined ratio – a measure of how much it pays out in claims and expenses versus what it earns in premiums – improved to 90.3%, while its underlying combined ratio, which excludes the effects of catastrophes and reserve adjustments, was a very strong 84.7%. This means the company was highly profitable in its day-to-day insurance operations. Net written premiums grew by 4% to $11.5 billion, and core income per share reached $6.51, showing strong results across both insurance and investment activities.
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Zurich expands cyber capabilities with acquisition of BOXX Insurance
Zurich Insurance Group has acquired BOXX Insurance, a Canadian insurtech company that specializes in cyber protection. BOXX, founded in 2018 and based in Toronto, offers cyber insurance along with digital tools that help prevent and respond to cyber threats, especially for small and medium-sized businesses and individual customers. Their platform, called Cyberboxx, combines traditional insurance coverage with services like identity protection, threat monitoring, and quick-response solutions if a cyberattack happens. As part of the deal, BOXX will continue operating under its own brand but will now be part of Zurich’s Global Ventures division. This move helps Zurich strengthen its cyber insurance offering, allowing it to deliver more complete and scalable solutions that cover prevention, protection, and recovery, especially in growing markets where digital risks are rising but coverage is still limited.
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Munich Re posts €2.1bn Q2’25 net profit amid ‘very low’ major-loss costs in P&C reinsurance
Munich Re had a very strong second quarter in 2025, reporting a preliminary net profit of around €2.1 billion, about 30% higher than the same period last year and well above what analysts expected. This strong result was mainly due to much lower-than-usual large claims in its property and casualty reinsurance business, meaning the company didn’t have to pay out as much for major events like natural disasters. Its global specialty insurance business also performed better than expected, with fewer losses than originally estimated. In addition to these underwriting gains, Munich Re earned solid returns from its investments, which helped boost overall profits. For the first half of the year, the company’s profit totaled about €3.2 billion, and it confirmed its full-year profit goal of €6 billion. These results show that Munich Re continues to manage its risks carefully, maintain strong financial reserves, and operate from a solid financial position, which help the company stay profitable while being prepared for future challenges.
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John Neal appointed President of AIG
American International Group (AIG) has announced that John Neal will become its new President starting December 1, 2025. In this role, Neal will report directly to AIG’s Chairman and CEO, Peter Zaffino, and will lead AIG’s General Insurance division, which includes North America Commercial Insurance, International Commercial Insurance, and Global Personal Insurance. Neal will also join AIG’s Executive Leadership team. He brings extensive experience to the role, having served as CEO of Lloyd’s of London, where he played a major part in improving the company’s performance. Before that, he held several top leadership positions at QBE Insurance Group, including Chief Underwriting Officer and Chief Operations Officer for its European operations. AIG’s leadership believes Neal’s strong background in underwriting and global insurance markets will help strengthen the company’s focus on underwriting excellence and improve overall performance. Neal expressed enthusiasm about joining AIG and working with the team worldwide to deliver value to clients and stakeholders.
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Chubb posts record P&C underwriting income of $1.63bn in Q2’25
Chubb Limited delivered a very strong financial performance in the second quarter of 2025, posting a record property and casualty (P&C) underwriting income of $1.63 billion, which is 15% higher than the same period last year. This growth was driven by steady increases in premiums and careful risk selection. The company’s combined ratio, a key measure of profitability in insurance – was 85.6%, meaning that for every dollar Chubb earned in premiums, it spent only about 86 cents on claims and expenses. A lower combined ratio indicates better underwriting results. Even more impressive was the accident-year combined ratio excluding catastrophe losses, which came in at 82.3%. This ratio focuses only on current-year claims and leaves out the impact of large, unpredictable events like natural disasters, helping investors see how profitable the core business really is. Chubb also achieved record investment income of $1.57 billion, helping boost net income by 33% to $2.97 billion. Core operating income rose nearly 13% to $2.48 billion, supported by strong life insurance results and premium growth across all global regions. With a return on equity of 17.6% and return on tangible equity of 21.0%, Chubb demonstrated strong financial health and excellent performance in both underwriting and investments.
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$80bn in H1’25 global insured losses marks second-highest on record – Munich Re
In the first half of 2025, global insured losses from natural disasters reached an exceptionally high level of $80 billion, marking the second-highest total ever recorded for this six-month period, according to Munich Re. This amount is only surpassed by the first half of 2011, which was heavily impacted by the devastating earthquake and tsunami in Japan. The $80 billion in insured losses represents a 25% increase compared to the same period in 2024 and is nearly double (95% higher than) the average losses seen over the past ten years. Overall economic losses from natural disasters during this time reached approximately $131 billion, showing that many losses were not covered by insurance. Most of these losses, 88% of the total economic loss and 98% of the insured losses came from weather-related events such as storms, floods, and wildfires. The United States was the hardest-hit country, largely because of unprecedented wildfires near Los Angeles, which caused $53 billion in total damages, with $40 billion of that amount covered by insurance. These rising losses highlight how natural disasters are becoming more frequent and severe, creating increasing challenges for the insurance industry in managing risk and protecting policyholders. It also underscores the growing need for better risk mitigation, more comprehensive insurance coverage, and improved strategies to cope with the financial impact of climate-related events.
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Continued profitable growth for Hannover Re amid evolving risk landscape: CEO Jungsthöfel
Hannover Re’s new CEO, Clemens Jungsthöfel, who began his role in April 2025, shared the company’s plan to continue growing profitably despite a changing and more challenging risk environment. He emphasized that Hannover Re is well-positioned to maintain strong results by sticking to its specialized reinsurance business model and keeping operations efficient. Jungsthöfel acknowledged that natural disasters are becoming more frequent and severe due to climate change, which has led to higher expected losses across the industry. However, he expressed confidence that Hannover Re can manage these risks effectively by carefully renewing contracts and adjusting prices to reflect the increased risks. The company also uses diversification and its own reinsurance arrangements to limit the financial impact of large catastrophes, which has helped keep loss ratios at satisfactory levels. Looking ahead, Jungsthöfel sees growth opportunities in property and casualty reinsurance, where Hannover Re already has a strong presence, as well as in more specialized areas like structured reinsurance and financial solutions within life and health insurance. He reaffirmed the company’s commitment to its unique culture and core business focus, aiming to create long-term value for shareholders and steadily increase dividends by 2026.
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