Munich Re reclaims top reinsurer ranking as euro moves the math

Munich Re has taken back the No. 1 spot on AM Best's list of the largest IFRS-17 reinsurers, according to a report from Carrier Management. Lloyd's meanwhile moved to the top of the separate non-IFRS-17 ranking, overtaking Berkshire Hathaway.

Currency moves explain the swap at the top of the IFRS-17 column. Munich Re reports in euros, Swiss Re in dollars. The euro rose 12.9% against the dollar in 2025, and AM Best says that swing — not underwriting — drove Munich Re past its rival. Using the prior year's conversion rate, Swiss Re would have stayed in first place. Both groups wrote less reinsurance revenue in 2025: Swiss Re's fell 4.5%, and Munich Re's declined 3.7% before currency translation.

The two reinsurers together represent 46.2% of the reinsurance revenue in AM Best's top-50 rankings, so the order at the top carries weight. Their underwriting results remain strong: Munich Re posted a 73.5 combined ratio for 2025, Swiss Re 79.5. Among IFRS-17 reporters, only Sompo International Holdings and Hiscox Ltd. came in below 80%.

Lloyd's moved to No. 1 among non-IFRS-17 reinsurers, AM Best said. Berkshire Hathaway, which had held the spot for a year after Swiss Re shifted to IFRS-17 accounting, is now second, followed by RGA at No. 3 and Everest Re at No. 4. The dollar's depreciation against most currencies in 2025 helped push up the rankings of many non-U.S.-dollar reinsurers, the ratings agency said.

The ranking is a reminder that exchange rates, not just underwriting, determine who leads these lists. The interesting detail is that the two biggest players both shrank their reinsurance revenue and still produced combined ratios well under 100. That suggests a market choosing margin over volume — a choice that makes the exact order at the top less meaningful than the discipline underneath it.