Munich Re has reclaimed its spot as the world’s largest reinsurer for companies that report under IFRS 17, while the specialist Lloyd’s marketplace has climbed above Berkshire Hathaway to claim the top spot for non-IFRS 17 reinsurers, based on year-end 2025 figures.
Based on research data from AM Best, the global credit rating agency, our directory of the world’s 50 largest reinsurance companies ranks firms 1-16 that report under IFRS 17, based on gross reinsurance revenue, while companies that report under non-IFRS 17 are ranked 1-34, based on gross reinsurance premium written (GPW).
The data shows that while there was a slowdown of total market growth amid softening property catastrophe reinsurance rates, conditions remained favourable in 2025 and reinsurers’ underwriting performance remained strong.
After falling behind Swiss Re in 2024, Munich Re reclaimed the top spot based on 2025 figures with gross reinsurance revenue of $35.418 billion, despite a consolidated, pre-forex conversion decline of 3.7%, as growth in the life business was more than offset by a decline in non-life business.
Swiss Re reported a decline in gross reinsurance revenue of 4.5% to $34.564 billion, with declines in both non-life and life, as the firm deliberately cut part of its casualty book to offset less attractive pricing and loss trends. However, AM Best notes that the Euros strength over the US Dollar boosted Munich Re’s reinsurance revenue, and that were the prior year conversation rate used, Swiss Re would have held on to the top spot.
For the reminder of the top five IFRS 17 reporting reinsurers, the ranking were consistent with the prior year, with Hannover Re in third place with revenue of $31.513 billion, SCOR in fourth with revenue of $18.902 billion, and China Re in fifth place with revenue of $5.893 billion. The top 10 also includes Generali in sixth, Canada Life Re in seventh, Korean Re in eighth, Sompo in ninth, and AXA XL in tenth.
In terms of the non-IFRS 17 reporters, the most notable change is Lloyd’s taking over from Berkshire Hathaway at top of the list, which as explained by AM Best, is due to numerous factors.
“First, the British Pound appreciated 7.4% against the US Dollar in 2025. When utilizing the prior year exchange rate, which was more favorable to the Dollar, Lloyd’s lagged Berkshire Hathaway’s gross premiums, by approximately USD 215 million. Additionally, Lloyd’s reinsurance growth significantly outpaced Berkshire Hathaway. Lloyd’s gross premiums grew by 7.1%, before the impact of foreign exchange rates. Berkshire Hathaway’s gross premiums contracted year-over-year by 7.9%, after contracting 2.1% between 2023 and 2024.”
Nevertheless, Lloyd’s sits atop of the table with life and non-life reinsurance GPW of $27.058 billion, followed by Berkshire Hathaway’s $25.470 billion. RGA maintained its third rank with GPW of $17.482 billion, as Everest held on to fourth place with GPW of $12.825 billion, and RenaissanceRe again ranked fifth with GPW of $11.738 billion.
Completing the top 10 is Arch Capital in sixth, PartnerRe in seventh, MS&AD in eighth, Mapfre Re in ninth, and GIC Re in tenth.
“AM Best expects the World’s Largest Reinsurers report to continue to evolve, as more large reinsurance players adopt IFRS 17, global market dynamics evolve, and existing players make strategic changes to find growth and profitability as the reinsurance market continues through the current cycle and navigates new and evolving perils. Additionally, AM Best anticipates continued normalization of underwriting performance from the exceptionally strong results reinsurers produced between 2023 and 2025, as the current rate trend remains uninterrupted,” says the rating agency.
Our Top Global Reinsurance Groups directory is based on research data from rating agency A.M. Best, and ranks companies based on full-year 2025 performance.
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