Munich Re Takes Top Spot in IFRS-17 Rankings as Lloyd's Surges Ahead

Munich Re has reclaimed its position as the largest global reinsurer using IFRS-17 accounting standards, according to AM Best's latest report. The firm surpassed Swiss Re, which had held the top spot in previous years.

The change was largely driven by exchange rate volatility, with the euro strengthening against the US dollar in 2025. This boost in revenue allowed Munich Re to overtake Swiss Re, despite both companies reporting declines in reinsurance revenue.

Munich Re's underwriting performance remained strong, with a year-end combined ratio of 73.5%. The firm was followed by Hannover Re and SCOR, which also reported solid results.

In contrast, Lloyd's rose to the top spot among non-IFRS-17 reinsurers, surpassing Berkshire Hathaway. This move was attributed to several factors, including the appreciation of the British pound against the US dollar in 2025 and increased underwriting activity among syndicates.