Munich Re, Lloyd’s Top List of 50 Largest Global Reinsurers: AM Best
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 the 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.
Trading Places at the Top of IFRS-17 Filers
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 the 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 continue to have solid underwriting performance, with Munich Re 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%.”
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.”
Non IFRS-17 Reinsurers
AM Best attributed Lloyd’s move to the top of non-IFRS-17 reinsurers (over Berkshire Hathaway) to a number of factors, including the 7.4% appreciation of the British pound 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 US$215 million.” (Berkshire Hathaway took the top position last year, after Swiss Re transitioned to reporting under IFRS-17).
Another contributor to Lloyd’s ascent to the top position was the fact that its reinsurance premium growth “significantly outpaced Berkshire Hathaway,” the report continued.
Lloyd’s gross premiums grew by 7.1%, before the impact of foreign exchange rates, and Berkshire’s gross premiums contracted year over-year by 7.9%, after contracting 2.1% between 2023 and 2024, AM Best added.
“The growth in Lloyd’s business was driven by increased underwriting activity among the syndicates, both through existing operations and new syndicates entering the market, with new volume more than outpacing rate declines,” AM Best explained, noting that reinsurance remained one of Lloyd’s stronger performing classes, given the continuing strong demand for catastrophe cover and favorable attachment points.
“The [Lloyd’s] syndicates’ strong performance in recent years continues to attract capital to the marketplace, with new entrants and capacity increases supporting the premium growth.”
Focus on Underwriting Discipline
On the other hand, Berkshire Hathaway’s gross premiums declined as a result of “fewer attractive opportunities within the market, particularly in property-catastrophe reinsurance, with many opportunities no longer meeting return thresholds,” AM Best explained.
“With cedents’ greater leverage during the renewal seasons, [Berkshire] management chose underwriting discipline over maintaining volume,” the report said.
RGA (the life and health reinsurer) maintained the third rank among non-IFRS-17 filers, growing life premiums by 12.3%, year-over-year, and shareholders’ equity by 23.4%, AM Best confirmed.
Everest and RenaissanceRe remained in the fourth and fifth positions, respectively, both reporting nearly flat premium growth.
Everest’s management deliberately tightened underwriting to improve return profiles, similar to many other companies in the market, which led to nearly flat gross premium growth year-over-year, the report said. “The group made headlines in late 2024 and 2025 with significant reserve charges related to its casualty business, and the aggressive underwriting actions it took in casualty classes the group viewed as underpriced.”
At number five on the ranking of non-IFRS-17 reporters, RenaissanceRe saw almost no growth in gross premiums, rising less than 0.1% year-over-year, down from 4.9% during the prior year, AM Best indicated.
“With substantial capital to meet demand in the market, [RenRe] focused on underwriting discipline rather than growth for the year. Though growth was modest, the group had return on equity of 25.9% and US$1.3 billion of underwriting income,” the report said.
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