AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Swiss Reinsurance Company Ltd (Switzerland) and its rated operating affiliates, all subsidiaries of Swiss Re Ltd (Swiss Re). At the same time, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) on several debt securities. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of the companies and ratings.)

The ratings reflect Swiss Re’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, very favourable business profile and very strong enterprise risk management.

Swiss Re’s balance sheet strength is underpinned by its consolidated risk-adjusted capitalisation that is comfortably in excess of AM Best’s minimum requirement for the strongest assessment level, as measured by Best’s Capital Adequacy Ratio (BCAR). The assessment considers the group’s effective capital management, conservative asset allocation, enhanced reserving approach and low dependence on retrocession. In addition, the group benefits from excellent financial flexibility and a relatively low adjusted financial leverage ratio of 12.1% at year-end 2025, as calculated by AM Best with no credit given for contractual service margin. Interest coverage at year-end 2025 was strong. The assessment also considers Swiss Re’s reliance on soft capital components, which includes partial credit for life contractual service margin and risk-adjustment.

Swiss Re has a track record of strong operating performance. The group reported a net profit of USD 2.8 billion in the first half of 2026 (compared with USD 2.6 billion in the first half of 2025), reflecting solid underwriting performance and good investment return. Swiss Re’s recent technical profitability has been supported by prudent risk selection, below budget natural catastrophe and man-made losses and excellent results from the long-term business supported by improving mortality trends. Swiss Re is on track to meet its financial targets for 2026, having reported a return-on-equity ratio of 22.7% in the first half of the year.

Swiss Re maintains a leading position in the global reinsurance market, with insurance service revenue of USD 43.1 billion in 2025. The group has a strong brand and excellent geographic diversification, which positions it well to navigate changing market conditions.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa” (Superior) have been affirmed with stable outlooks for Swiss Reinsurance Company Ltd and its following affiliates:

  • Swiss Re Asia Pte. Ltd.

  • Swiss Re Europe S.A.

  • Swiss Re International SE

  • Swiss Re Life & Health America Inc.

  • Swiss Reinsurance America Corporation

  • Westport Insurance Corporation

  • Swiss Re Corporate Solutions America Insurance Corporation

  • Swiss Re Corporate Solutions Premier Insurance Corporation

  • Swiss Re Corporate Solutions Elite Insurance Corporation

  • Swiss Re Corporate Solutions Capacity Insurance Corporation

The Long-Term ICR of “a” (Excellent) has been affirmed with a stable outlook for Swiss Re America Holding Corporation.

The following Long-Term IR has been affirmed with a stable outlook:

Swiss Re Treasury (US) Corporation (guaranteed by Swiss Reinsurance Company Ltd)—

— “aa-” (Superior) on USD 500 million 4.25% senior unsecured notes, due 2042

The following Long-Term IR has been affirmed with a stable outlook:

Swiss Re America Holding Corporation—

— “a” (Excellent) on USD 350 million 7.75% senior unsecured notes, due 2030

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

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