BCG波士顿咨询：2025年保险业价值创造者报告：再保险公司能否保持向好势头？（英文版）

Reinsurers 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 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