1、Reinsurers Are Having a Good Run.Will It Last?The 2025 Insurance ValueCreators ReportSEPTEMBER 2025Reinsurers have outperformed both the primary insurance industry and most other industries over a ten-year timeframe on the back of a strong pricing market.Total shareholder return(TSR)has been driven

2、substantially by dividends and share buybacks for the ten-year horizon.For the five-year horizon,TSR is split equally across all three drivers.Reinsurers growth in TBV still lags the property and casualty segment on both horizons.The reinsurance pricing market correlates with rising TSR over the las

3、t several years.While primary insurers profitability has remained at about the same level,reinsurers profitability has increased.Not all reinsurers have operated at or above their cost of equity,however.Reinsurers report lower RoTEs than primary insurers.Size helps the biggest reinsurers deliver the

4、 best risk-return performance and the highest shareholder returns.As the hard pricing cycle comes to an end,reinsurers will need to work even more diligently and think more creatively to sustain their current high TSR levels.Reinsurance takeawaysSource:Boston Consulting GroupNote:TBV=tangible book v

5、alue of equity;RoTE=return on tangible equity.123456Large-cap pharma100102030RetailFashion and luxuryMedia and publishingTransportation and logisticsHealthcare servicesForest products and packagingTechnology hardwarePower and utilitiesChemicalsConstructionConsumerdurablesAutomotive componentsMedical

6、 technologyMiningSoftware andIT servicesWater and environmentMachineryMetalsBuilding materialsConsumer nondurablesCommunication service providerTravel andtourismOil and gasReal estateMultibusinessMid-cap pharmaElectronic componentsAsset management and brokerageFinancial infrastructure providersInsur