Munich Re, Lloyd’s Top List of 50 Largest Global Reinsurers: AM Best
AM Best’s “World’s 50 Largest Reinsurers” ranks Munich Re and Lloyd’s first among IFRS-17 and non-IFRS-17 reinsurers, respectively. Among IFRS-17 reporters, Munich Re leads Swiss Re, Hannover Re and SCOR. Munich Re’s combined ratio was 73.5% vs Swiss Re 79.5%. Lloyd’s topped non-IFRS-17, ahead of Berkshire Hathaway, helped by FX and premium growth; Lloyd’s gross premiums rose 7.1% vs Berkshire down 7.9%.
How this was made
The 30-second read
Why it matters
The article provides concrete ranking shifts and supporting metrics (reinsurance revenue changes, combined ratios, gross premium growth/contraction, and ROE) but frames the most notable changes as FX-driven translation effects rather than new operational events.
Market read
Useful for relative positioning across major reinsurers, but the tradable edge is limited because the biggest ranking changes are explained by FX translation and reporting-standard mechanics.
What to watch
Traders may overweight combined ratios and premium growth without separating currency effects from underlying rate/volume trends, and without checking whether these metrics are already priced into each stock.
Background
AM Best’s “World’s 50 Largest Reinsurers” ranks reinsurers under IFRS-17 and non-IFRS-17 reporting, highlighting how exchange-rate volatility and accounting standards affect reported revenue and relative positions.
Ticker impact
AM Best reports SCOR holds fourth among IFRS-17 reinsurers, with pre-forex revenue declines of 4.5% non-life and 4.8% life.
Low impact; any reaction would be muted without new guidance or event risk.
The information is descriptive of the ranking period and FX-adjusted performance, not a new decision or disclosure.
AM Best keeps RGA third among non-IFRS-17 reinsurers, citing 12.3% life premium growth and 23.4% shareholder equity growth.
Low-to-moderate impact; could modestly support sentiment if traders focus on growth and capital strength.
No new guidance or transaction is disclosed; it is still a ranking-based performance snapshot.
AM Best places RenaissanceRe fifth among non-IFRS-17 reinsurers, with gross premiums up less than 0.1% and return on equity of 25.9%.
Low impact; traders may view it as confirmation rather than a new catalyst.
The article is a ranking report with performance metrics, not a new corporate action, guidance, or deal.
Market effects
Reinsurance rankings are framed as sensitive to FX translation and reporting standards (IFRS-17 vs non-IFRS-17), which can affect relative performance comparisons across the group.
Euro strength in 2025 is cited as boosting euro-denominated reinsurers’ reported revenue, implying regional currency exposure matters for reported growth.
The report’s cross-standard comparison (IFRS-17 vs non-IFRS-17) can shift investor read-through on global reinsurer scale and momentum, but the driver is largely accounting/FX mechanics.
Counterpoint
Because the top-place changes are attributed heavily to FX translation and prior-year conversion rates, the ranking may not reflect a real underwriting or pricing inflection worth trading aggressively.
Key entities
- reinsurerMunich Re
Reclaimed #1 among IFRS-17 reporters per AM Best, with euro strength cited as a key driver and combined ratio at 73.5%.
- reinsurerSwiss Re
Dropped to #2 among IFRS-17 reporters, with 4.5% reinsurance revenue decline and combined ratio at 79.5%.
- reinsurer/marketLloyd’s
Moved to #1 among non-IFRS-17 reinsurers, overtaking Berkshire Hathaway, helped by GBP appreciation and premium growth outpacing Berkshire.
- reinsurerBerkshire Hathaway
Placed #2 among non-IFRS-17 players, with gross premiums down 7.9% and management emphasizing underwriting discipline.
