BCG波士顿咨询：2026年保险业价值创造者报告：再保险公司以稳健增长为核心主线（英文版）

For the five years through 2025, reinsurance generated annual totalshareholder returns (TSR) of 19.1%, but one-year TSR decelerated sharply in 2025. Reinsurance remains a strong long-term value creator, with tangible bookvalue increasing from $119 billion in 2022 to $162 billion in 2025-an 11% annual growth rate. The next phase for reinsurers will depend more on underwritingdiscipline, capital allocation, operating efficiency, portfolio flexibility, andquality of earnings rather than on a fav