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1、 Reinsurance Market ReportSEPTEMBER 2025RESULTS FOR HALF-YEAR 2025Table of ContentsKey findingsAt a glanceUnderwriting performanceInvestment performanceApendix 1Apendix 2CapitalReturn on equityCapital 7 Underlying ROE for the SUBSET 9 Combined ratio for the SUBSET 11 Expenses for the SUBSET 13 Inves

2、tment yield for the SUBSET 14Premium volumes 27 Combined ratios 29 Prior-year loss development 33 Natural catastrophe losses 35 Expense ratios 38Methodology 412025 HY results detail for INDEX 42Total reinsurance dedicated capital 15 INDEX capital 17 Return of capital 19 37152127394142Welcome to the

3、Gallagher Re half-year 2025 Reinsurance Market Report,which tracks the capital and profitability of the global reinsurance industry.Global reinsurers continued to build capital in the first half of 2025 supported by solid retained earnings.Although ROEs fell compared with the prior period,they remai

4、ned strong on both a reported and underlying basis and comfortably above the cost of capital.Profitability was supported by continued strong combined ratios1 and investment returns.Looking ahead,the industry continues to have robust capital buffers that can absorb sources of volatility.Assuming a no

5、rmalized level of natural catastrophe losses for the remainder of the year,we expect reinsurers to report a 2025 FY ROE of 17-18%,which would be at least in line with the 2024 FY result.Global reinsurance dedicated capital totaled USD805 billion at half-year 2025,an increase of 4.8%versus the restat

6、ed full-year 2024 base.2 This growth was driven by both traditional reinsurance capital(+5%)and non-life alternative capital(+3.6%).For 2025 FY we project traditional reinsurance capital to increase by about 8%(USD57B).This is ahead of our projections made earlier in the year3(6%),as a result of str