Revenue fell from £6.3bn ($8.53bn) in H1 2024 to £5.93bn ($8.04bn) this year. The reinsurer said the decline was mainly due to a one-off external retrocession deal – the transfer of risk from one reinsurer to another – which boosted last year's results.
Group CFO Anders Malmström said: “The year-on-year dip was expected, given the assumption changes we made late last year. The fundamentals are sound, and we’re on track to meet our $1.6 billion (£1.25 billion) full-year target for L&H Re.”
Net income for L&H Re was also down 5%, from £650m ($883m) in the first half of 2024 to £618m ($839m) in the same period of 2025.
Swiss Re expects global life insurance premium growth to slow sharply this year, falling to around 1% compared with 6.1% growth in 2024, as higher interest rates take effect.
Despite the weaker numbers, the company is sticking to its £1.18bn ($1.6bn) net income target for the L&H business in 2025.
The insurance service result also slipped from £740m ($1bn) last year to £663m ($900m) in the first half of 2025.
New business margins edged higher, with £419m ($569m) added in H1 2025 compared with £414m ($562m) a year ago. The total new business contractual service margin rose by £302m ($410m) since the end of 2024, reaching £13.12bn ($17.8bn), helped by currency movements.
Andreas Berger, Group CEO, Swiss Re, said: "Swiss Re has had a strong first half and we maintain our full-year targets. Given the broad geopolitical and macroeconomic uncertainty, and as we enter the peak of the wind season, we remain vigilant. Looking ahead, we continue to focus on disciplined underwriting and cost efficiency to support the delivery of consistent results."
