Swiss Re tops the list of the world’s 50 largest reinsurers as a result of its adoption of the IFRS-17 accounting standards, which also led to a shuffle among the top-tier reinsurers, according to AM Best.
Swiss Re had previously reported under the GAAP standards, but by changing to IFRS 17, it moves from first among the non-IFRS-17-reporting reinsurers in 2023 to first among IFRS-17 reporters in 2024.
Munich Re has now moved from the top spot among IFRS-17 reporters to second place, followed by Hannover Re at third place, said AM Best’s market segment report titled “World’s 50 Largest Reinsurers.”
(In 2023, Swiss Re topped the list of non-IFRS-17 reporting reinsurers while Munich Re topped the list of IFRS-17 reporting reinsurers, according to AM Best in its 2023 report on the 50 largest reinsurers, published in August 2024).
Swiss Re reported US$40.5 billion of gross premiums written (GPW) at year-end 2023 and US$36.2 billion of reinsurance revenue at year-end 2024, (which are the different accounting categories under non-IFRS reporting and IFRS reporting, respectively).
In terms of underwriting performance, Munich Re led with a non-life reinsurance combined ratio of 77.3, compared to 85.2 for the year prior. (A combined ratio below 100 indicates an underwriting profit).
Swiss Re had a combined ratio of 89.9 at year-end 2024, while Hannover Re and SCOR both had combined ratios of 86.6. (Editor’s note: The net combined ratios presented in the rankings under IFRS 17 and non-IFRS 17 are not directly comparable and are generally lower under IFRS 17, AM Best explained).