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Munich Re returns to No. 1 as Lloyd’s leads non-IFRS 17 reinsurers
Munich Re’s 2025 gross reinsurance revenue rose to $35.418 billion, while Lloyd’s overtook Berkshire Hathaway for non-IFRS 17 reporting, supported by favorable currency moves and faster reinsurance growth.
Munich Re has reclaimed the top spot among reinsurers that report under IFRS 17, according to a 2025 global ranking based on year-end figures from AM Best compiled by Reinsurance News. The comparison separates IFRS 17 reporters ranked 1 to 16 by gross reinsurance revenue, from non-IFRS 17 reporters ranked 1 to 34 by gross reinsurance premium written.
For IFRS 17 reporting reinsurers, Munich Re led with gross reinsurance revenue of $35.418 billion, after a consolidated, pre-forex conversion decline of 3.7%. The outlet notes the life segment growth more than offset declines in non-life, and AM Best flagged that euro strength versus the US dollar helped support reported revenue; on a constant currency basis using the prior year exchange rate, Swiss Re would have held the top position.
Swiss Re, which slipped after falling behind in 2024, reported a 4.5% decline in gross reinsurance revenue to $34.564 billion, with declines across both non-life and life. AM Best also pointed to Munich Re and Swiss Re differences in how portfolios were managed, including Swiss Re cutting part of its casualty book to offset less attractive pricing and loss trends.
For non-IFRS 17 reporters, the ranking saw Lloyd’s move above Berkshire Hathaway to take first place, replacing it in the top spot. Reinsurance News attributes the change to multiple factors identified by AM Best, including a 7.4% appreciation of the British pound against the US dollar in 2025, plus Lloyd’s reinsurance growth outpacing Berkshire Hathaway; the outlet also cites an implied gap of about USD 215 million when using the prior year exchange rate.