The Swiss Financial Market Supervisory Authority FINMA published its insurance market report for the 2025 financial year on 20 August 2026. The accompanying press release carries an explicit headline: “Swiss insurance sector continues to strengthen its resilience”. This article is based solely on that press release. All figures cited relate to 2025, compared with 2024, and come from FINMA.
Equity and solvency: an assessment without detailed figures
According to FINMA, the Swiss insurance sector is in a solid financial position overall. The authority states that insurance companies significantly increased their equity in 2025 and continued to maintain a high level of solvency.
It should be pointed out, however, that the press release gives neither the amount of equity, nor the size of its increase, nor a solvency ratio. These two statements are therefore assessments by the supervisory authority, which the press release does not quantify. Readers wishing to check these levels should refer to the full report, which this article has not consulted.
Aggregate profits of CHF 24.4 billion in 2025
The most striking figure in the press release concerns results. According to FINMA, Swiss insurance companies posted aggregate annual profits of CHF 24.4 billion in 2025. This result is CHF 14 billion, or 136%, higher than the previous year, according to the authority.
The increase varies from one line of business to another. For 2025, FINMA gives the following breakdown:
- non-life insurers: annual profits up sharply, at CHF 12.9 billion;
- reinsurers: annual profits up sharply, at CHF 9.8 billion;
- life insurers: aggregate annual profits up 10.2%, at CHF 1.7 billion.
The press release does not state the 2024 amounts for non-life insurers and reinsurers; on this basis alone, it is therefore not possible to measure the exact extent of their respective increases.
Investments, the main driver cited
FINMA attributes the improvement in results to investments in particular. According to the press release, investment profits rose by 47.6% in 2025 to CHF 24.8 billion. The investment return rose from 3.37% in 2024 to 5.00% in 2025.
One possible reading, which is a matter of interpretation rather than published data: a significant part of the rise in profits stems from the year's financial environment rather than from the insurance business itself. The source does not say so in these terms, nor does it say whether this level of return could be repeated.
Premiums broadly stable, down slightly
On the business side, FINMA describes total premium volume as largely stable. Aggregate gross premium volume fell slightly, by 0.6%, to CHF 149 billion in 2025.
Here too, the lines of business developed differently, according to the press release:
- life insurers: gross written premiums up 3.7%;
- non-life insurers: gross written premiums up 2.8%;
- reinsurers: gross premiums down 6.1%.
FINMA explains this decline among reinsurers largely by the appreciation of the Swiss franc against the US dollar, the euro and the pound sterling. The press release does not quantify the exact share of this currency effect.
Points to watch: what the press release does and does not say
FINMA's press release contains no section devoted to risks and no explicit list of points to watch. The only declining items it mentions are the slight fall in total gross premium volume (−0.6%) and the fall in reinsurers' premiums (−6.1%), the latter being attributed largely to currency effects.
It would therefore be inaccurate to attribute to the authority warnings that this text does not contain. The full report may cover other aspects, but this article is based only on the press release and cannot report on them. Uncertainty also remains about the strength of equity and solvency, as no figures are published in the press release.
What the full report contains
According to FINMA, its annual report on the Swiss insurance market brings together general market information as well as balance sheet and income statement data by line of business. It includes, in particular, premium trends, the market shares of the largest insurance companies in Switzerland, and trends in insurers' equity and annual results.
For life insurance, the report also contains information on technical provisions and on the operating account for occupational pensions. New this year, according to the authority: it now includes information on non-tied insurance intermediation. In addition, FINMA publishes electronic tables in the insurers' reporting portal, with detailed information by company and in aggregated form.
The figures presented here are those published by FINMA; they describe a past year and in no way constitute a recommendation regarding any insurer or investment.
