The reinsurer’s overall gross written premiums (GWP) decreased slightly to $9.16 billion for FY’25, compared to $9.35 billion in FY’24. Of this, the non-life segment reported GWP of $6.7 billion for FY’25, while life and health reported $2.47 billion.

The aforementioned underwriting profit attributed to the non-life business came despite the impact of the California Wildfires, and U.S. casualty reserve strengthening in prior years.

PartnerRe explains that the P&C segment contributed $190 million to the underwriting result at a combined ratio of 94.8%, and the Specialty segment contributed $174 million at a combined ratio of 90.7%. The non-life combined ratio for FY’25 was 93.4%, demonstrating strong underlying performance.

Taking a look at the life and health business, the underwriting profit produced was attributed to strong technical performance, while net favourable experience supported the segment’s consistent contribution to overall earnings.

For 2025, PartnerRe’s return on equity was 20.8%, with an operating income of $972 million and an operating income return on equity of 9.7%.

On the asset side, a net investment return of $2.105 billion included unrealised gains on fixed maturities and short-term investments of $974 million, explained the reinsurer. PartnerRe’s net investment income increased by $107 million to $880 million.

The reinsurer explained that reinvestment yields remained above the average book yield, and together with continued growth in the asset base, drove higher net investment income in 2025.

Philippe Meyenhofer, Chief Executive Officer, PartnerRe, commented, “PartnerRe delivered solid results in 2025, with a net income of over $2 billion, and an operating income of $972 million. Our Non-life business generated an underwriting profit of $364 million despite notable catastrophe activity and reserve strengthening in U.S. casualty lines, demonstrating the resilience and quality of our portfolio.

“Life and Health continued to contribute meaningful and diversified earnings with a net allocated underwriting profit of $184 million. Strong investment income and unrealised gains further enhanced our overall performance and strengthened our long-term earnings power.

“With disciplined execution and a continued focus on underwriting excellence, we enter 2026 well-positioned to continue supporting our clients and brokers and delivering value for our shareholder.”

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Gross written premiums grew 9.6% to $2.88 billion, up from $2.62 billion, while net earned premiums increased 18.5% to $2.39 billion from $2.02 billion, driven by increased trading momentum across most classes despite rate softening in many areas.

In 2025, the combined ratio improved to 85.4%, compared to 88.9% the previous year, demonstrating the stability of the company’s portfolio and the reliability of its strategy to deliver consistent results. The result also outperforms the wider market average by more than 2%.

The attritional loss ratio improved to 42.5% from 43.3%. Likewise, the net claims ratio decreased to 50.0% from 54.9%. Meanwhile, the expense ratio increased slightly due to higher acquisition costs, however, this was partly offset by a reduction in administration costs.

Christiern Dart, CEO of MS Amlin, said, “I’m delighted with our excellent financial performance in 2025. In a year that began so turbulently with the California wildfires and ended with continued geopolitical headwinds, to deliver the profit and combined ratio that we did is testament to the hard work of everyone in the company.

“These results highlight the absolute quality of the business I now have the privilege of leading. The value of our parent company and our place within its international operations places us in an enviable position to continue to build our business over the longer term, as we make greater use of the MSI network to provide more speciality solutions to clients across the globe. This longer-term approach complements our ongoing strategy of leveraging the great strength of the Underwriting and Claims partnership proposition, and it continues to pay dividends with our broker partners.

“The pricing environment declined quite steeply in the second half of the year, and the virtues of working with a (re) insurer with the credentials of MS Amlin were clear to see as brokers looked toward capital and relationships they knew they could rely upon in any oncoming storm. MS Amlin is a safe haven for clients who know their (re)insurer has their back.

“The year ahead will be no less challenging if the first few months are anything to go by, but we’re ready for it, no matter what lies ahead.”

Global re/insurer MS Amlin also recently posted its Q3 2025 results, generating an insurance service profit of £183 million, up 53% year on year, as its combined ratio improved by 2.7 percentage points to 86.1%.

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For the year, exchange written premium amounted to $4.19 billion, up 34.8% from $3.11 billion the previous year. Third-party direct written premium accounted for 30% of exchange written premium volume, up from 16%.

Accelerant posted a net loss of $1.35 billion in 2025, compared to net income of $22.9 million in 2024, while adjusted net income rose to $178.7 million from $66.7 million.

Adjusted EBITDA stood at $281.8 million, a 149.4% increase from $113 million.

For the fourth quarter of 2025, total revenues were $248.4 million, up 30.3% from $190.7 million in Q4’24.

Exchange written premium reached $1.09 billion, a 24% increase from $879.4 million. Third-party direct written premium accounted for 40% of exchange written premium volume, up from 21% in the prior year quarter.

The company posted net income of $1 million in Q4’25, versus net income of $20.6 million in Q4’24. Adjusted net income increased to $51.2 million from $39.4 million.

Adjusted EBITDA was $70.5 million, a 51.9% increase from $46.4 million.

Accelerant also revealed that its Board of Directors authorised a share repurchase programme of up to $200 million of Class A common shares.

For its Q1’26 and full year 2026 outlook, Accelerant expects exchange written premium of between $1.07 billion and $1.13 billion for the first quarter and at least $5.1 billion for the full year. Third-party direct written premium is expected to be between $450 million and $470 million in Q1 and at least $2.2 billion for the full year, while adjusted EBITDA is projected at $64 million to $66 million in Q1 and at least $275 million for FY’26.

Jeff Radke, Co-Founder and CEO of Accelerant, said, “We closed out 2025 with a fantastic quarter, meeting or exceeding our expectations across our key operating metrics and continuing to expand the reach of the Accelerant Risk Exchange.

“The value of our technology and AI-driven platform is resonating within the specialty market, as reflected in the increasing share of business placed with third-party insurers. As we deepen our data advantage and strengthen alignment between Members and risk capital, we believe our momentum will continue into 2026 and beyond.”

Jay Green, Accelerant’s Chief Financial Officer, said, “Our fourth quarter results reflect continued strong Exchange Written Premium growth, underpinned by growth in Third-Party Direct Written Premium and operating leverage.

“Exchange Written Premium grew 24% year-over-year at expanding margins, driving a 52% increase in Adjusted EBITDA to $71 million. Third-party insurers accounted for 40% of that Accelerant Risk Exchange premium in the quarter, underscoring the continued shift toward a more capital-efficient model.

“Our 2026 outlook reflects continued momentum across the Accelerant Risk Exchange, with Exchange Written Premium expected to grow more than 20% year-over-year as third-party capital participation continues to expand.

“We expect that premium growth to drive attractive fee-based segment Adjusted EBITDA growth in 2026, as we continue to prioritise scaling the capital-light areas of our business.”

Green has notified the Board of his intention to resign as Chief Financial Officer to pursue personal interests, with Linda Huber set to succeed him, effective 31st March 2026.

Commenting on the CFO Transition, Radke said, “We respect Jay’s decision to step away from the business and pursue personal priorities. On behalf of the Board and the entire team, I want to thank Jay for his leadership and dedication. We wish him all the best in the future.

“We are excited to welcome Linda Huber to the Accelerant team. Linda is a very accomplished public company finance executive, having previously held CFO positions at numerous financial information and analytics firms. She will play a key role in our subsequent chapters of growth as a publicly-traded company.”

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The world’s oldest re/insurance marketplace had a strong 2025, supported by a strong investment return of £6 billion (5.6%), compared with £4.9 billion (4.7%) in 2024, primarily driven by income and realised gains from fixed income assets.

Robust premium growth was offset by a 2.4% adverse foreign‑exchange impact as sterling strengthened against the US dollar, as well as a 3.7% reduction in price, which Lloyd’s says is consistent with a more competitive pricing environment.

The market’s underwriting result was strong at £5.2 billion despite a £100 million reduction year-on-year, with a combined ratio of 87.6%, slightly higher than 2024’s 86.9%.

For 2025, the major claims ratio fell to 5.8% from 7.8% in 2024, which reflects comparatively benign catastrophe losses in the latter part of the year. Major claims for the market hit £2.4 billion in 2025, net of reinsurance and inclusive of reinstatements payable and receivable, compared with £3.2 billion in 2024. The underlying combined ratio increased to 81.8% in 2025 from 79.1% in 2024.

Prior year reserve releases of £721 million provided a 1.7% benefit to the Lloyd’s combined ratio in 2025. Lloyd’s highlights favourable movement in property exposures partly offset by strengthening in aviation and casualty reserves.

The expense ratio hit 35.6% in 2025, up on the prior year’s 34.4%, driven by profitability-driven commissions, mix-driven acquisition costs, and impacts of foreign exchange.

As at the end of 2025, Lloyd’s capital position remains strong with total capital, reserves, and subordinated loan notes rising by 5.7% to £49.8 billion. Additionally, return on capital increased to 22%, while the Lloyd’s central solvency ratio increased to 496%, and the market-wide solvency ratio decreased to 200%.

Patrick Tiernan, Chief Executive, Lloyd’s, commented: “Strong underwriting performance, disciplined growth, and resilient investment returns underpinned the Lloyd’s market’s result in 2025.

“Supported by a very strong balance sheet, these results provide a firm foundation for the challenges and risks ahead, enabling the market to support communities, businesses and economies through periods of uncertainty. While the financial cost of catastrophes in 2025 was relatively modest, we remain acutely aware of the greater, human impact and those whose lives have been affected.

“Today we are also setting out a new five-year strategy – a disciplined, market-led and necessary sharpening of our financial edge. It focuses on underwriting performance, improving efficiency and maximising our unique capital advantage, to drive improved returns.

“This is how we will advance and protect Lloyd’s as the pre-eminent global marketplace for insurance risk.”

Today, the Lloyd’s market also announced its new strategy, which has four drivers: “leading underwriting performance; a more efficient marketplace that reduces friction and cost; maximising our unique capital advantage to enhance returns; and creating a Lloyd’s to be proud of – by fostering a culture of focus, innovation and talent.”

Lloyd’s states that although pricing conditions are becoming more challenging and volatility is on the rise, “our expectations are unchanged and we remain confident in the market’s ambitions focused on sectors and classes where rate adequacy is strongest.”

Sheila Cameron, CEO of the Lloyd’s Market Association, has welcomed the new Lloyd’s strategy.

“Lloyd’s has indicated a clear and coherent direction of travel, one that focuses on the fundamentals of Lloyd’s and plays to its strengths of advancing and protecting the market. This strategy enables and serves Lloyd’s core stakeholders, the managing agents. We believe this new direction will help Lloyd’s managing agents to deliver better and more efficient outcomes for their own clients, the policyholders.

“Maintaining market performance of sub 95% combined operating ratio through the cycle is the foundation on which all Lloyd’s Corporation strategies must be based. Additionally, the renewed focus on maximising the capital advantage for new and existing syndicates is the right thing to do and one which builds on the foundations created by London Bridge 2. Ensuring a tight correlation between oversight and risk will also be warmly received by managing agents.

“We support the commitment to complete the back office re-platform in a phased and controlled manner, which will enable managing agents to meet their regulatory operational resilience requirements and ultimately increase their trading efficiency.

“Finally, we particularly welcome Lloyd’s commitment to double its intake of early careers hires, with a view to feeding this talent into the market once they’ve completed their relevant training. The training will be shared by Lloyd’s and market participants through a market secondment programme. This initiative builds on the most recent report from the London Market Group (LMG), which outlined how only 7% of the London market will be under thirty years of age within the next ten years unless proactive steps are taken.

“A number of these points have been made by the LMA to Lloyd’s over the last 12 months and we are grateful that Lloyd’s has agreed to push these initiatives forward. We look forward to working in partnership with Lloyd’s to deliver this strategy and to fundamentally make this market a better place.”

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Richard Brindle, Executive Chairman and CEO of TFP, hailed his firm’s outstanding growth in 2025 as a testament to the strength of its team, the commitment of its capacity providers, and the need for high-conviction, creative underwriting in today’s complex risk landscape.

Another key performance indicator highlighted by TFP was its EBITDA, which exceeded $400 million in 2025, alongside an EBITDA margin of approximately 60%.

TFP’s Pine Walk MGA platform momentum also reportedly continued in 2025, growing to $1 billion of premium across 16 cells.

Five cells launched in 2025 across Casualty, LATAM and APAC Surety & Structured Credit, LATAM Treaty Reinsurance, Accident & Health and Alternative Risk Transfer.

TFP said it has a strong pipeline of new cells for 2026, with leading underwriters attracted to Pine Walk’s comprehensive proposition that includes day 1 capacity across multiple capacity providers, structured day 1 liquidity and a wrapper of services allowing underwriters to focus on underwriting and distribution.

“With Fidelis Insurance Group continuing to be our key capital partner through our 10-year rolling binder. I am proud of the growth we have achieved across our two underwriting platforms, Fidelis Underwriting and Pine Walk, and on the steps we are taking to build the world’s leading independent specialty underwriter and risk allocator,” Brindle added.

He continued, “Throughout 2025, TFP acted with speed and leadership to capitalise on evolving market conditions, seize emerging growth opportunities, and unlock capacity where it was needed most.

“Our innovative data centre solution – bringing $1.6 billion of cross-class capacity, including over $250 million through our landmark Data Centre Construction Consortium – embodies these commitments, while also demonstrating the leadership and innovation that TFP is bringing to the Lloyd’s market.

“Our organic growth has been extraordinary. Since 2024 it has been supplemented by our return to Lloyd’s with the launch of Syndicate 3123, which today is one of the largest Names-backed syndicates. In addition, we have successfully launched a second syndicate, Syndicate 2126, in partnership with Blackstone on a multi-year basis.

We have raised third-party capital to support $1.3 billion of premium between our syndicates in 2026 and it’s only the beginning of an exciting journey ahead as we capitalise on the Lloyd’s rating, global licencing and distribution to support profitable growth.”

Brindle concluded, “At its heart, TFP is a business that moves fast, solves problems dynamically, and embraces uncertainty to help clients navigate a world that is more complex than ever. Backed by this unwavering philosophy and the industry’s brightest talent, we are excited to build on our remarkable momentum in 2026.”

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Torsten Leue, Chairman of Talanx’s Board of Management, commented, “2025 was an exceptional year. We experienced the highest loss from natural disasters in the Group’s history in the first quarter, while the following three quarters saw unusually few natural disasters.

“Our operating strength and the tailwind from our positive claims experience allowed us both to generate record Group net income and to further increase our net income quality: we continued to strengthen our balance sheet in 2025 with our asset management policy and by enhancing our resilience.”

Meanwhile, the Group’s insurance revenue increased to €49 billion in 2025, and its insurance service result rose by 11% to €5.7 billion.

Despite the first quarter of 2025 being marked by the highest natural catastrophe loss in the Group’s history, driven by the Los Angeles wildfires, large loss payments reportedly normalised over the remainder of the year, totalling €2.19 billion, significantly below the €2.82 billion budget.

All in all, large losses from natural disasters amounted to €1.375 billion, while man-made large losses totalled €815 million. Talanx’s 2025 combined ratio improved to 89.1% from 90.3%.

Looking more closely at Talanx’s Reinsurance Division, primarily comprised of and managed by Hannover Re, insurance revenue rose 5% adjusted for currency effects in 2025 to €26.8 billion, while the insurance service result climbed 16% to €3.5 billion.

Insurance revenue in the Property/Casualty Reinsurance segment rose by 4% on a currency-adjusted basis to €18.8 billion, up slightly from €18.7 billion in the previous year.

At the same time, in the Life/Health Reinsurance segment, insurance revenue increased by 7% adjusted for currency effects.

The insurance service result in L&H Reinsurance rose by 2% to €903 million, surpassing the target of more than €875 million.

The increase was driven in part by continued strong business in financial solutions and longevity risk.

Looking ahead, Talanx has reaffirmed its 2026 net income target of approximately €2.7 billion, first announced in November 2025.

Achieving this would mean the Group reaches and surpasses its previously stated 2027 net income forecast a year ahead of schedule. Talanx is also projecting a return on equity of around 19% in 2026.

“As usual, targets are subject to the proviso that no turbulence occurs on the currency and capital markets, and that large losses remain in line with expectations. The current geopolitical and macroeconomic situation is an additional source of uncertainty,” Talanx concluded.

Torsten Leue concluded, “Our strategy – which is based on diversification, decentralisation, cost leadership and a culture of trust – has proven its worth yet again, including for our investors.

“In line with this, we are proposing to the Supervisory Board that the dividend be increased by 33%, to €3.60. This means that the growth in our dividend will again outstrip the rise in Group net income – and that we shall keep our promise of continuously lifting the dividend.

“Our business performance is also making us optimistic for 2026: we are confident of generating Group net income of approximately €2.7 billion, and hence of reaching and exceeding this earnings target for 2027 a year earlier than originally planned.”

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Syndicate 5886 delivered a net combined ratio of 80.9%, representing a 3.8% year-on-year improvement.

This strong underwriting performance generated a profit of £72 million, marking a 27% increase in total comprehensive income from 2024.

Blenheim Underwriting’s 2025 performance marks a significant milestone for Syndicate 5886, cementing its transition from a start-up (established in 2027) to a consistently profitable player in the Lloyd’s market.

Under the Lloyd’s three-year accounting system, Blenheim has now closed the 2023 year of account (YOA), producing a 21% profit to capital providers.

While the subsequent open years, 2024 and 2025, remain “on risk” – meaning that claims can still develop – they are “looking profitable at this stage of their development”, Blenheim noted.

The 2024 YOA is forecasted to be profitable in the 10% to 20% range, despite 2024 being a year of significant natural disasters, according to data by Argenta Group.

For the 2025 YOA, early data suggests continued profitability as the syndicate leverages its increased stamp capacity, which stands at £525 million, as stated in Blenheim’s ‘Syndicate Annual Report and Accounts 31 December 2024’.

Peter Scales, group chairman and CEO, said: “Our growing syndicate has delivered its third consecutive year of exceptional underwriting returns. The figures are now revealing the work that the whole team has undertaken to build and broaden our account with the addition of high calibre underwriters who wish to collaboratively trade in our independent underwriting driven environment.”

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For 2025, Kestrel generated total revenues of $34m, compared with $3.8m in 2024.

Gross premiums written reached $6.1bn for the year, while net premiums written totalled $6.2bn.

Meanwhile, fee income rose to $6.1m in 2025, up from $3.6m in 2024.

Kestrel also recorded $8.3m of net investment income and $7m in realised and unrealised investment gains.

The firm’s total operating expenses reached $41.2m in 2025; however, its results were significantly boosted by a $68.3mngain on bargain purchase, recorded within other expenses as a negative cost.

In Q4 2025 alone, Kestrel reported total revenue of $10.2m, up from $1.2m in the prior-year quarter.

The company also generated $3.4m of net premiums earned, $3.1m in fee revenue, and $3.3m in net investment income during the final quarter of the year.

Kestrel’s Chief Executive Officer, Luke Ledbetter, commented, “The fourth quarter saw positive progress in our Program Services segment. Since completing the merger with Maiden in May of 2025, and after working through a complicated integration, which remains ongoing, we have gained momentum in our Program Services segment while simultaneously managing the legacy Maiden business. This quarter we took a meaningful step forward. I’m encouraged by the progress we’ve made, and I’m thankful for the hard work and dedication of our team.

“As we progress through 2026, we continue to work with our valued capacity providers to match our market opportunities with their allocated underwriting capacity and are diligently exploring opportunities to expand our ability to write attractive fee-based business in a highly competitive marketplace.

“We remain committed to developing the strategic framework to facilitate future growth that will drive value for Kestrel shareholders. Our goal is innovation, client service and long-term relationships as we strive to generate a balance sheet light, fee revenue model while selectively deploying underwriting capacity to optimize returns for shareholders.”

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In terms of premiums written, VIG saw growth of 10.7% in Poland, 9.2% in the extended CEE, 8.2% in the Czech Republic, and 4.6% in Austria. In the Specialty Markets space, growth was driven by Türkiye at 5.8%, but growth was strongest in health insurance at 11.4%, followed by life insurance at 8.9%, and motor third-party liability insurance at 7.6%.

Group-wide insurance service revenue increased by 8.7% year-on-year to €13.2 billion, with the strongest growth of 15.5% at health, followed by life at 12.5%, motor third-party liability insurance at 10.4%, motor own damage at 7.3%, and then other property at 4.6%.

The “exceptional growth” in profit after taxes of almost 32% to €1.2 billion was strongly driven by Poland at 62.5%, extended CEE at 48.1%, Czech Republic at 35.3%, and Austria 29.3%. Net profit after taxes and non-controlling interests rose by 33.3% year-on-year to €834.9 million in 2025.

Given the higher business volume in the year, insurance service expenses increased by 7.5% to €11.5 billion in 2025.

During the year, both the cost ratio and the claims ratio improved at VIG, resulting in a combined ratio of 90.1%, an improvement of 3.3 percentage points year-on-year. “This was also supported by the absence of significant weather-related claims compared to 2024,” says the insurer.

“VIG achieved an outstanding Group result in 2025, once again driven by strong growth and high levels of profitability in all countries. Based on this result and our strong capital position, the VIG Managing Board is proposing a dividend of EUR 1.73 per share. The planned Nürnberger acquisition will drive further profit growth for VIG and enhance our strong diversification,” said Hartwig Löger, CEO and Chairman of the VIG Managing Board.

As at the end of 2025, VIG remains very well capitalised with a Group preliminary solvency ratio of 296%.

“We remain well prepared for the volatile geopolitical and macroeconomic environment. Against the backdrop of a high level of resilience and diversification within our Group, VIG’s management aims to achieve profit before taxes for the 2026 financial year within a range of between EUR 1.25 and 1.30 billion without taking into account the planned NÜRNBERGER acquisition,” said Liane Hirner, VIG CFRO.

The information above for the 2025 financial year is based on preliminary data, and VIG confirms that the final information will be published in the Annual Report on April 28th, 2026.

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2025 is the first year of Generali’s strategic plan ‘Lifetime Partner 27: Driving Excellence’ and the firm produced record results.

Alongside the stronger P&C operating result, the life operating result increased by 4.3% year-on-year to €4.2 billion, and the asset & wealth management operating result rose by 1.5% to €1.2 billion, partially offset by holding and other businesses operating result of -€610 million, and consolidation adjustments of -€397 million.

The adjusted net result totalled €4.3 billion in 2025, up on 2024’s €3.8 billion, as the net result rose to €4.2 billion from €3.7 billion.

Group-wide gross written premiums (GWP) increased by 3.6% to €98.1 billion in 2025, with growth of 7.6% in P&C to €36.2 billion, driven by the performance of both business lines. Life premiums also increased in 2025, by 1.4% to €61.9 billion, driven by savings and protection, and health.

Within the P&C business, the combined ratio improved by 1.4 percentage points to 92.6% in 2025, with a lower loss ratio of 63.2%, a lower current year loss ratio undiscounted excluding nat cat of 64.3%, and a much lower impact from nat cat losses of 1.7%, which corresponds to -€593 million, compared with losses of €1.2 billion in 2024. Generali says that prior year development partially offset the lower impact from nat cats in the year.

The P&C expense ratio increased by 0.6 percentage points to 29.4%, as the undiscounted combined ratio strengthened by 1.6 percentage points to 94.3%.

In the Life business, net inflows increased by a considerable 42.5% in 2025 to €13.5 billion, driven by the positive contribution of all business segments and lower surrenders. New business volumes rose by 1.5% year-on-year to €55.6 billion, driven by solid production in France, Germany, and Asia.

The life contractual service margin jumped by 11% to €33.6 billion in 2025, and the life operating result totalled €4.2 billion, up on 2024’s €4 billion.

Generali Group CEO, Philippe Donnet, commented on the 2025 performance: “Our record 2025 results mark a very successful first year of our strategic plan ‘Lifetime Partner 27: Driving Excellence’ and confirm the continued value creation for all our stakeholders. In an environment still characterised by great uncertainty, we further strengthened our role as a true Lifetime Partner for all customers, offering them protection, stability and peace of mind. The focus on excellence in core capabilities is reflected in the outstanding P&C performance, with strong underlying technical profitability, and in the best-in-class Life net inflows, which highlight Generali’s European leadership in this segment and the high quality of the new production. Asset & Wealth Management also demonstrated increasing momentum with solid net inflows.

“Furthermore, we are accelerating the transformation of the Group operating model through the broad deployment of AI, digitalisation and automation, and we are very pleased with the remarkable progress made towards our ambitious Sustainability targets. Building on this impressive delivery and our very strong capital position, and consistently with the clear commitment to ensuring ever- growing returns to our shareholders, we are once again proposing an increased dividend per share, alongside the launch of the 500 million euro share buyback for 2026. Our people are the key foundation of the success of the Group, and I want to sincerely thank all colleagues and advisors for this outstanding start to the strategic plan.”

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