The European "Big Four" reinsurers mantaintheir risk appetites

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<title>European "Big Four" reinsurers mantaintheir risk appetites</title>
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<namePart>Cam, Ghislain le</namePart>
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<dateIssued>2025</dateIssued>
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<abstract displayLabel="Summary">Europe's four largest reinsurers-Swiss Re, Munich Re, Hannover Re, and SCOR-posted strong results in 2024, driven by adequate pricing and disciplined underwriting, and are maintaining ambitious profit targets for 2025 despite challenges like California wildfires. Their average return on equity matched that of U.S. and Bermuda peers, although SCOR broke even due to one-off events. These globally diversified companies benefit from strong brands and composite business models, with Munich Re also active in primary insurance and Hannover Re part of the HDI Group. They continued to capitalize on favorable reinsurance market conditions, with solid performance in property, casualty, and life segments, while Swiss Re adopted IFRS standards for improved comparability</abstract>
<tableOfContents displayLabel="Contents">Reporting differences make comparisons  difficult -- Casualty reserve strenghtening continues -- Life bussiness remains profitable despite adverse experience in some portfolios -- Taking a first look at 2025 -- Risk appetite and diversification strategies</tableOfContents>
<note type="statement of responsibility">Mathilde Jakobsen, Ghislain Le Cam, Angela Yeo</note>
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