Munich Re has reclaimed its position from Swiss Re as the largest of global reinsurers that use IFRS-17 accounting standards, while Lloyd’s has moved to the top ranking of non-IFRS-17 reinsurers, according to AM Best.
Among IFRS-17 reporters, Munich Re is followed by Swiss Re, Hannover Re and SCOR, at second, third and fourth places, respectively, while Lloyd’s (in t
he non-IFRS-17 group of reinsurers) is followed by Berkshire Hathaway at number two, Reinsurance Group of America Inc. (RGA) in third place and Everest Re coming in at number four.
The most notable change among the IFRS-17 reporting reinsurers is Munich Re, which reclaimed the top position from Swiss Re, AM Best said in its report titled “World’s 50 Largest Reinsurers.”
Among the top five non-IFRS 17 players, AM Best said, the most significant change is the move by Lloyd’s to the top ranking, overtaking Berkshire Hathaway after Berkshire rose to the top position last year, when Swiss Re transitioned to reporting under IFRS -17.
The depreciation of the U.S. dollar against most currencies in 2025 came into play and enhanced the rankings of many non-U.S. dollar-denominated reinsurers, the ratings agency said.
Munich Re and Swiss Re, which represent a combined 46.2% of the reinsurance revenue recorded in AM Best’s top 50 rankings, “continue to trade places” as a result of exchange rate volatility, given the fact that Munich Re reports in euros and Swiss Re reports in US dollars.
The euro’s strength in 2025 over the US dollar bolstered Munich Re’s reinsurance revenue, AM Best explained. “Utilizing the prior year conversion rate, Swiss Re would have remained in first place; however, the 12.9% rise in t
he euro year-over-year drove Munich Re to the first-place position, even though both groups produced less reinsurance revenue in 2025.”
Swiss Re reported a decline in reinsurance revenue of 4.5% and Munich Re reported a pre-forex conversion decline of 3.7%, AM Best said, noting that both groups c
producing a year-end combined ratio of 73.5% with Swiss Re at 79.5%. (Combined ratios below 100 indicate underwriting profits).
“These results are some of the strongest among IFRS 17 reporting reinsurers, with Sompo International Holdings and Hiscox Ltd. being the only other IFRS-17 reporters to produce a combined ratio below 80%.”
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AM Best went on to discuss the remainder of the top five IFRS-17 reporters – Hannover Re, SCOR and China Re.
Hannover Re stayed in third place, with its position bolstered by modest pre-forex growth of 0.6% for non-life and 3.9% for life, AM Best added.
“SCOR holds the fourth position and had pre-forex revenue declines of 4.5% for non-life and 4.8% for life. China Re remains in the fifth position, with a 5.6% decline in non-life revenue, while life revenue grew by 3.5% after declining 11.2% in the prior year.”
