Lloyd’s moved to the top of the ranking for non-IFRS 17 reinsurers, lifted by premium growth and the British Pound appreciating against the U.S. dollar.
GIC Re is the 10th largest global reinsurer among non-IFRS 17 reporting reinsurers
OLDWICK:Foreign currency exchange gains against the U.S. dollar have enabled Munich Re and Lloyd’s to reach the top echelon in AM Best’s companion rankings of the world’s largest reinsurers, which differ based on accounting standards.
Munich Re has reclaimed the top position among IFRS 17 reporting reinsurers, driven in part by the Euro’s strong performance compared to the U.S. dollar.
Meanwhile, Lloyd’s moved to the top of the ranking for non-IFRS 17 reinsurers, lifted by premium growth and the British Pound appreciating against the U.S. dollar.
The rankings are included in a new Best’s Market Segment Report, “World’s 50 Largest Reinsurers,” which is a highly recognized part of AM Best’s overall look at the global reinsurance industry ahead of the Rendez-Vous de Septembre in Monte Carlo.
The depreciation of the U.S. dollar (USD) against most currencies in 2025 came into play and enhanced the rankings of many non-USD-denominated reinsurers, with currency rate fluctuations having a meaningful impact.
AM Best converts all reporting currencies to USD using the foreign exchange rate as of the date of companies’ financial statements. In addition, this now also marks the third full year of the ranking-related financial information being reported under IFRS-17, which has provided AM Best with additional insights into the year-over-year performance of reinsurers ranked in the report.
The most notable change among the IFRS-17 reporters this year is Munich Re reclaiming the top position from Swiss Re. Swiss Re was ranked in the top position among non-IFRS reporters in 2023 and then among IFRS-17 reporters in 2024, after the group transitioned that year. Both groups had modest declines in reinsurance revenue year-over-year.
annover Re stayed in third place, SCOR holds the fourth position and China Re remained in the fifth position.
“The top 5 IFRS-17 players had solid performance in 2025, reporting a weighted combined ratio of 80.0%,” said Christopher Pennings, senior financial analyst, AM Best. “This marked a notable decline from the prior year’s weighted combined ratio of 84.9%.”
Among the top 5 non-IFRS 17 players, the most significant change is Lloyd’s moving to the top position, overtaking Berkshire Hathaway after it took the top position last year, when Swiss Re transitioned to reporting under IFRS-17. The change in the ranking is the result of a combination of factors that are detailed in the report.
Other highlights from the annual ranking report include:
-Reinsurers’ underwriting performance remained strong in 2025, despite some material price softening. The industry generated record levels of capital, driven by multiple years of strong profitability after rates hardened and terms and conditions became more favorable for reinsurers. Additionally, investment returns supplemented strong operating profits. “Risk-adjusted rate reductions occurred during the more recent renewal cycles, as the market experienced tailwinds, with terms and conditions largely holding strong,” said Dan Hofmeister, associate director, AM Best.
-The absence of significant U.S. hurricane activity in 2025 improved profitability, with no major hurricane making landfall in 2025. However, the industry continued to experience the financial impact of severe convective storms in the United States, with loss estimates reaching as much as USD 61 billion, according to broker estimates.
-The largest insured loss of 2025 occurred within weeks of the new year, namely the California wildfires. As the books closed on a very profitable 2024, 2025 started with many reinsurers producing their worst quarterly results in years. The event eroded a significant portion of exposed reinsurers’ allotted catastrophe capacity for the year.