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���������ֳ� has revised the global reinsurance sector outlook to ‘neutral’ from ‘improving’. The ‘neutral’ outlook reflects our expectations for the sector’s very strong profitability by historical standards to remain resilient in 2025, even though the reinsurance pricing cycle has most likely passed its peak. Record profits in 2023 and 1H24 from the best underwriting conditions in over 20 years, steady investment income, enhanced balance-sheet resilience through rising capitalisation buffers and strengthened reserve adequacy provide a strong base for the sector to withstand potential pressure from prices declining from multi-year highs, rising claims cost and high catastrophe losses.