Swiss Re Ag · SIX:SREN
Swiss Re — FY2025 Earnings Presentation
42 slides from Swiss Re's earnings presentation, Feb 27, 2026
Slide 1: Annual Results 2025
Annual Results 2025 Swiss Re investor and analyst presentation Zurich, 27 February 2026 Annual Results 2025
Slide 2: Delivered on our priorities: achieved Group net income target and increased resilience
Delivered on our priorities: achieved Group net income target and increased resilience Group net income (USD bn) Increased resilience in 2025 lays foundation for future success 4.8 > L&H Re’s portfolio review completed >4.4 > Additions to current- and prior-year reserves in P&C Re > Increased initia
Slide 3: Financial highlights from the Annual Results 2025
Financial highlights from the Annual Results 2025 FY 2025 results: Group net income of USD 4.8bn vs. target of USD >4.4bn, and ROE of 19.6% Strong underwriting results in both P&C businesses and investment return, while L&H Reinsurance result was impacted by completion of portfolio review > P&C Rein
Slide 4: Record Group net income driven by strong underwriting profits
Record Group net income driven by strong underwriting profits Swiss Re Group Q4 2025 FY 2025 FY 2025 key figures key figures targets Net income 4 762 (USD m) P&C Combined ratio 84.8% 79.4% <85% Reinsurance 3 238 Corporate Combined ratio 84.8% 86.5% <91% Solutions 1 056 725 L&H Q4 2024 Q4 2025 FY 202
Slide 5: Resilient new business margins; improved underwriting result in FY 2025
Resilient new business margins; improved underwriting result in FY 2025 Insurance revenue (USD bn) New business CSM (USD bn) Net income (USD bn) 45.6 5.0 43.1 4.7 5.8 Insurance service result 19.8 4.3 18.7 P&C Reinsurance 2.9 2.7 P&C Reinsurance 4.8 3.2 4.6 4.5 Investment result 17.1 16.5 L&H Reinsu
Slide 6: January P&C Re renewals support 2026 combined ratio target
January P&C Re renewals support 2026 combined ratio target Price change1 +0.3% Higher loss assumptions +4.6% • ~55% of treaty business renewed in January • -0.3% gross premium volume decrease Premium volume change -0.3% USD bn 12.5 0.9 12.4 • +0.3% nominal price increase, with rate 11.8 increases mo
Slide 7: January renewals outcome reflects disciplined cycle management
January renewals outcome reflects disciplined cycle management Gross premium volume by line of business1 (USD bn) Gross premium volume by region1 (USD bn) Up for renewal Premium volume Outcome Up for renewal Premium volume Outcome in January change January renewals in January change January renewals
Slide 8: Recurring investment income supported by higher locked-in yields
Recurring investment income supported by higher locked-in yields Recurring income yield and reinvestment yield (%) 5.0 4.5 USD 4bn Recurring income 4.0 in FY 2025 3.5 3.0 4.2% 2.5 Recurring income yield in FY 2025 2.0 1.5 4.4% 1.0 Reinvestment yield 0.5 in Q4 2025 0.0 2019 2020 2021 2022 2023 2024 Q
Slide 9: Swiss Re maintains its strong capital position
Swiss Re maintains its strong capital position Group SST ratio1 development (USD bn) 269% 261% 257% 250% 223% Target range • Group SST ratio as of 1 January 2026 at 215% top end of target range of 200-250% 200-250% 43.4 43.7 42.7 41.5 40.9 40.2 • Development in Group SST ratio since 1 January 2025 r
Slide 10: Proposed dividend of USD 8.00 reflects a 9% increase; share buyback of USD 1.5bn
Proposed dividend of USD 8.00 reflects a 9% increase in line with growth aspiration, share buyback programme of USD 1.5bn Capital repatriation per share1 (USD) Capital management priorities Extraordinary share buyback Sustainable share buyback2 Ordinary dividend3 Grow the ordinary dividend with Ensu
Slide 11: Our targets and capital management ambitions reflect increased resilience
Our targets and capital management ambitions reflect the Group’s increased resilience 2026 financial targets Multi-year target P&C >14% Reinsurance Reported combined ratio1 <85% Return on equity Corporate Solutions Reported combined ratio2 <91% Capital management ≥7% p.a. L&H Reinsurance Net income3
Slide 12: Financial highlights
Financial highlights Annual Results 2025 12
Slide 13: Key figures FY 2025
Key figures FY 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation FY 2025 FY 2024 • Insurance revenue 18 703 16 504 7 737 835 -643 43 136 45 598 • Insurance service result 3 566 1 177 1 208 -104 5 847 4 304 Combined ratio 79.4% 86.5% • Insuran
Slide 14: Strong P&C Re result driven by disciplined underwriting and low large nat cat burden
Strong P&C Re result driven by disciplined underwriting and low large nat cat burden Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 19.8 2 851 18.7 2 710 3 566 89.9 4.8 79.4 2 708 CSM release 8.1 3 323 5.4 Expense ratio 7.7 Property 1 841 675
Slide 15: Corporate Solutions delivered strong results
Corporate Solutions delivered strong results Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 8.1 89.7 7.7 86.5 1 208 Assumed 24.3 3.3 1 018 25.0 Expense ratio 3.3 Property 959 1 684 1 555 834 934 CSM release 845 3.1 2.7 Casualty 65.4 61.5 Loss
Slide 16: L&H Reinsurance result reflects impacts of completed portfolio review
L&H Reinsurance result reflects impacts of completed portfolio review Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 17.1 16.5 1 077 1 072 1 533 Insurance service 1 779 1 177 1 5332 1 722 result 1 177 1 532 9.7 9.5 Mortality CSM release 1 274
Slide 17: L&H Reinsurance maintains a robust CSM balance
L&H Reinsurance maintains a robust CSM balance CSM development (USD m) 553 1 072 -1 722 572 -947 17 427 16 954 31 Dec 2024 New business CSM Interest accretion CSM release Change in assumptions Other 31 Dec 2025 • Change in assumptions reflects selected assumption updates largely related to portfolio
Slide 18: Strong investment performance driven by recurring income
Strong investment performance driven by recurring income Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 111.5 104.3 RIY 4.0% 4.2% 13.0 Equities and alternatives 10.4 ROI 4.0% 4.0% 6.9 Mortgages and other loans 5.8 4 122 4 209 26 100 90 Investment gains/losses 40.0 41.8 Credit
Slide 19: Appendix
Annual Report 2025 Appendix Annual Results 2025 19
Slide 20: Financial statements Q4 2025
Financial statements Q4 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q4 2025 Q4 2024 Insurance revenue 4 728 4 345 2 050 127 -112 11 138 11 887 Insurance service expense -3 780 -4 168 -1 397 -227 71 -9 501 -10 059 Insurance service result before
Slide 21: Financial statements FY 2025
Financial statements FY 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation FY 2025 FY 2024 Insurance revenue 18 703 16 504 7 737 835 -643 43 136 45 598 Insurance service expense -14 185 -15 244 -5 601 -938 246 -35 721 -39 137 Insurance service result
Slide 22: Financial statements FY 2025
Financial statements FY 2025 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 31 Dec 2025 31 Dec 2024 Cash and cash equivalents 1 297 627 505 314 0 2 743 4 133 Investments 65 194 32 884 11 886 2 538 -3 752 108 750 101 845 Fixed income securities 49 398 26 935 11 363 77
Slide 23: Financial statements FY 2025
Financial statements FY 2025 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m FY 2025 Shareholders' equity at 31 December 2024 21 892 Net income attributable to common shareholders 4 740 Dividends -2 167 Change in unrealised gains/losses on investmen
Slide 24: Combined ratio calculations
Combined ratio calculations P&C Reinsurance – Combined ratio USD m, unless otherwise stated Q4 2025 Q4 2024 FY 2025 FY 2024 Insurance revenue (A) 4 728 4 793 18 703 19 770 Allocation of reinsurance premiums (B) -334 -449 -1 366 -1 459 Insurance revenue (net) (C = A+B) 4 394 4 344 17 337 18 311 Insur
Slide 25: L&H Re in-force margins driven by US mortality book while new business diversifies
L&H Re in-force margins driven by US mortality book while new business diversifies L&H Re in-force CSM and new business CSM as of 31 December 2025 (USD bn) Americas EMEA APAC 9.2 USD 17.0bn In-force In-force CSM 4.3 CSM 3.5 USD 1.1bn 0.4 New business CSM 0.4 0.3 New business CSM ~8-9% CSM release1 M
Slide 26: Insurance revenue by business segment
Insurance revenue by business segment Portfolio split by region and line of business (% of 2025 insurance revenue) P&C Reinsurance Corporate Solutions L&H Reinsurance 10% 19% 18% Americas Americas Americas 44% EMEA 32% EMEA 51% EMEA APAC 58% APAC APAC 32% 37% Property 7% Liability 14% 6% Motor 8% 2%
Slide 27: Insurance revenue by market
Insurance revenue by market Total Total USD m Life & Health Non-Life FY 2025 FY 2024 United States 7 271 9 723 16 994 18 223 United Kingdom 2 887 2 068 4 955 4 465 China 621 1 230 1 851 1 818 Germany 76 1 449 1 525 1 529 Canada 866 646 1 512 1 522 Australia 594 902 1 496 1 800 France 163 799 962 985
Slide 28: Investments
Investments ROI Q4 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q4 2025 Q4 2024 Investment result per income statement 550 268 164 81 -97 966 1 096 Less net investment income not included in ROI1 50 - -1 - - 49 53 Less investment gains/l
Slide 29: Investments
Investments ROI FY 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation FY 2025 FY 2024 Investment result per income statement 2 576 1 475 607 335 -463 4 532 4 551 Less net investment income not included in ROI1 215 -1 -8 - - 206 191 Less invest
Slide 30: Investments
Investments Breakdown of fixed income securities as of 31 December 2025 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % Bonds AAA 13 9 11 <1 year 34 8 21 Financials 31 AA 64 5 36 1-5 years 21 39 30 Non-cyclical consumer goods & services 17
Slide 31: Investments
Investments Breakdown of selected asset classes as of 31 December 2025 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Commercial mortgage loans 25 Equities 2 477 Switzerland 54 Infrastructure debt 64 Equities FVPL 166 Germany 22 Direc
Slide 32: Group SST ratio development reflects proposed dividend and share buyback
Group SST ratio development reflects proposed dividend and share buyback, broadly offset by robust net operating capital generation Group solvency capital development in 2025 SST ratio1 257% +21%pts -1%pts -4%pts -1%pts -23%pts 250% 1 Jan 2025 Net operating Market Other2 Change in Capital 1 Jan 2026
Slide 33: Key difference between IFRS shareholders' equity and SST risk-bearing capital is CSM
Key difference between IFRS shareholders’ equity and SST risk-bearing capital is CSM Walk from IFRS shareholders’ equity as of 31 December 2025 to SST risk-bearing capital as of 1 January 2026 (USD bn) 42.7 -3.1 40.7 -1.1 -0.6 -0.6 4.0 6.5 -4.1 -3.9 1.0 19.6 25.1 IFRS CSM Expenses1 Counterparty Good
Slide 34: Group capital is resilient to market volatility and large losses
Group capital is resilient to market volatility and large losses Financial market sensitivities Insurance stresses Resulting estimated Group SST ratio 1/20261 Resulting estimated Group SST ratio 1/20261,2 Equity markets (-25%) 248% 1 in 200-year Atlantic hurricane 202% (USD 7.6bn3) Equity markets (+
Slide 35: Change in target capital driven by higher P&C risk and financial market impacts
Change in target capital driven by higher P&C risk and financial market impacts Group SST target capital (USD bn) Change vs. SST 1/20261 SST 1/20251 • Higher P&C risk mainly reflects lower external nat cat retrocession • L&H risk broadly unchanged Property & Casualty 13.0 +0.7 • Financial market and
Slide 36: Available capital and leverage
Available capital and leverage IFRS available capital and leverage (USD bn) Upcoming debt maturities (USD bn) 16% 15% Leverage ratio1 Senior debt Subordinated debt 47.9 44.5 1.2 Senior debt 1.5 1.2 6.2 Subordinated debt 5.7 0.3 15.4 CSM net of tax 1.1 15.7 0.8 0.2 1.2 1.1 25.1 Shareholders’ equity 0
Slide 37: Overview of proposed capital management actions
Overview of proposed capital management actions • The Board of Directors will propose to the 2026 AGM: − Ordinary dividend of USD 8.00 per share − Redenomination of the share capital of Swiss Re Ltd from CHF to USD to align the share capital currency with the Group’s IFRS reporting and functional cu
Slide 38: Glossary
Glossary Combined ratio P&C Reinsurance: (insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums) Corporate Solutions: (insurance service expense + allocation of reinsurance premiums + amounts recoverable from re
Slide 39: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2026 12 Mar Publication of Annual Report 2025 10 Apr 162nd Annual General Meeting Zurich 7 May Q1 2026 Results Conference call 6 August H1 2026 Results Conference call 5 November 9M 2026 Results Conference call Investor Relations contacts Telephone
Slide 40: Annual Results 2025
(in) Swiss Re Annual Results 2025 40
Slide 41: Cautionary note on forward-looking statements and disclaimer
Cautionary note on forward-looking statements and disclaimer Certain statements contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) provide current expectations of future events based on certain assumptions and include any statement that do
Slide 42: Legal notice
Legal notice ©2026 Swiss Re. All rights reserved. You may use this presentation for private or internal purposes but note that any copyright or other proprietary notices must not be removed. You are not permitted to create any modifications or derivative works of this presentation, or to use it for