Munich Re Leads IFRS 17 List While Lloyd’s Tops Rival Ranking

Int’l Desk: Munich Re has reclaimed the leading position among the world’s largest reinsurers that report under IFRS 17 standards, according to AM Best’s latest ranking of the top 50 global reinsurers.

The German group moved ahead of Swiss Re to take first place, followed by Hannover Re in third, SCOR in fourth and China Re in fifth. The ranking is based primarily on gross reinsurance revenue for companies using the IFRS 17 accounting framework.

In a parallel list for reinsurers that do not report under IFRS 17, Lloyd’s claimed the top spot, overtaking Berkshire Hathaway. Reinsurance Group of America ranked third and Everest Re fourth in that group, which is measured mainly by gross written premiums.

AM Best produces the two separate rankings to account for differences in how companies present their financial results under the newer IFRS 17 standard versus traditional approaches.

Currency movements played a notable role in the shifts. The euro’s 12.9% rise against the US dollar in 2025 strengthened Munich Re’s reported revenue figures and helped it reclaim the top IFRS 17 position even though both it and Swiss Re recorded modest declines in reinsurance revenue for the year.

Using the previous year’s exchange rates, Swiss Re would have retained first place. Lloyd’s ascent was supported by premium growth and appreciation of the British pound.

The top five IFRS 17 reinsurers delivered solid underwriting results overall, posting a weighted combined ratio of 80.0%, an improvement from 84.9% the year before.

Hannover Re held steady in third with modest underlying growth in both its non-life and life segments.

The full AM Best assessment, titled “World’s 50 Largest Reinsurers,” draws on year-end 2025 data and forms part of the rating agency’s broader review of the global reinsurance sector.

These standings reflect not only absolute size but also the impact of foreign exchange, accounting standards and underlying performance metrics that continue to shape competitive rankings in the market.