Slide 1: Swiss Re – Global Re/Insurer
Swiss Re – Global Re/Insurer Company presentation 2026
Slide 2: About us
About us Headquartered in Zurich, Switzerland, where we were founded in 1863, the Swiss Re Group operates through a network of around 70 offices globally. Our approximately 15 000 permanent employees P&C Re A leading P&C reinsurer provide a wide range of technical expertise, enabling us to develop u
Slide 3: Key messages
Key messages Swiss Re is a truly global and diversified re/insurer with strong capital position Aim to grow Swiss Re’s franchise long-term, amid a constructive market environment across our businesses Target a Group net income of USD 4.5bn in 2026 Ordinary DPS growth of ≥7% in 2025-2027 complemented
Slide 4: Our business; Capital and risk management; Sustainability; H1 2026 financial results
1 Our business Pages 4 – 18 2 Capital and risk management Pages 19 – 23 3 Sustainability Pages 24 – 26 4 H1 2026 financial results Pages 27 – 34 Company presentation 2026 4
Slide 5: Swiss Re is built on a strong foundation
Swiss Re at a glance Swiss Re is built on a strong foundation Capital strength & Brand reputation diversification A leading re/insurance franchise Strong credit rating and with >160 years of history capital diversification Client & broker access Risk knowledge Clients and brokers give us Technical e
Slide 6: Swiss Re is well diversified with a strong capital position
Swiss Re at a glance Swiss Re is well diversified with a strong capital position Global scale and diversification1 across… … Business Units … Lines of business … Regions Health APAC 10% Property 17% Property & 27% Life & Health 38% Reinsurance USD 44% Casualty Life 29%33% USD USD 49% Americas 43bn R
Slide 7: Our ambition is to make the world more resilient
Group strategy Our ambition is to make the world more resilient, be ready to advance our industry by shaping its future and creating lasting value Company presentation 2026 7
Slide 8: Swiss Re is well-positioned to generate value in its core markets
Group strategy Swiss Re is well-positioned to generate value in its core markets A leading Large nat cat book with excellent track record P&C Re P&C reinsurer Top-tier position across speciality lines of business Cedents USD >400bn reinsurance market A leading specialised risk #3 player for Alternat
Slide 9: Our leadership – Group Executive Committee
Swiss Re leadership Our leadership – Group Executive Committee Andreas Berger Urs Baertschi Hermann Geiger Ivan Gonzalez Bernhard Kaufmann Pravina Ladva Group Chief Executive Officer Chief Executive Officer Group Chief Legal Officer Chief Executive Officer Group Chief Risk Officer Chief Digital & P&
Slide 10: P&C Re is a leading franchise with global set-up highly appreciated by clients
P&C Reinsurance P&C Re is a leading franchise with global set-up highly appreciated by clients P&C Reinsurance market1 ~50% 32 offices 950 FTEs 180 FTEs Non-brokered P&C Re Underwriting Claims Market Swiss Re Client impact USD 55pts ~10% ~285bn +3pts yoy Net Promoter Score +5% growth p.a. over Ameri
Slide 11: Global scale, diversification and proprietary modelling drive nat cat track record
P&C Reinsurance Global scale, diversification and sophisticated proprietary modelling capabilities are key drivers of Swiss Re’s nat cat track record Swiss Re global nat cat book1 Track record of P&C Re nat cat book 100% Nominal combined ratio3 European Earthquake Tropical cyclone windstorm Secondar
Slide 12: Corporate Solutions is a specialised risk partner for medium to large corporates
Corporate Solutions Corporate Solutions is a specialised risk partner for medium to large corporates Commercial insurance market1 37 offices 150+ jurisdictions 800 FTEs Corporate Solutions covered by network partners Underwriting Non-served segments2 Addressable market Client impact USD ~30% 65pts ~
Slide 13: Corporate Solutions' underwriting portfolio strengthens core and expands differentiated offerings
Corporate Solutions Corporate Solutions’ underwriting portfolio is focused on strengthening the core business and expanding the differentiated offerings Corporate Solutions strategy CORE DIFFERENTIATED A leading specialised risk partner for large corporates Generate resilient returns Further expand
Slide 14: L&H Re is a globally diversified franchise with strong client relationships
L&H Reinsurance L&H Re is a globally diversified franchise with strong client relationships L&H Re Reinsurance market1 95% 30 offices 700 FTEs 470 FTEs Direct client L&H Re Market units Underwriting relationships Market Swiss Re Client impact USD ~14% 50pts ~125bn +5pts yoy Net Promoter Score +4% gr
Slide 15: L&H Re in-force margins driven by US mortality book while new business diversifies
L&H Reinsurance L&H Re in-force margins driven by US mortality book while new business diversifies L&H Re in-force Contractual Service Margin (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 New business CSM 0.4
Slide 16: Investment portfolio well positioned to consistently contribute to Group net income
Investments Investment portfolio well positioned to consistently contribute to Group net income Investment portfolio positioning Recurring income yield and reinvestment yield USD 111.5bn Recurring income yield2 Reinvestment yield3 Equities and alternatives 12% Mortgages and other loans 6% 5% USD -17
Slide 17: Market environment remains constructive
2026 outlook Market environment remains constructive P&C reinsurance P&C commercial insurance L&H reinsurance Global P&C reinsurance market premiums1 Global commercial insurance market premiums1 Global L&H reinsurance market premiums1 CAGR CAGR CAGR ~5% ~385 ~5% ~4% ~1 480 ~165 ~285 ~1 110 ~125 2024
Slide 18: Targets and capital management ambitions reflect the Group's increased resilience
2026 outlook 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 Ne
Slide 19: Capital and risk management
1 Our business Pages 4 – 18 2 Capital and risk management Pages 19 – 23 3 Sustainability Pages 24 – 26 4 H1 2026 financial results Pages 27 – 34 Company presentation 2026 19
Slide 20: Dividend of USD 8.00 reflects a 9% increase; share buyback of USD 1.5bn
Capital management 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
Slide 21: Swiss Re maintains its strong capital position
Solvency 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 Janua
Slide 22: Group capital is resilient to market volatility and large losses
Solvency: sensitivities 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
Slide 23: Available capital and leverage
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’
Slide 24: Sustainability
1 Our business Pages 4 – 18 2 Capital and risk management Pages 19 – 23 3 Sustainability Pages 24 – 26 4 H1 2026 financial results Pages 27 – 34 Company presentation 2026 24
Slide 25: Sustainability is an integral part of doing business: selected milestones
Sustainability: journey Sustainability is an integral part of doing business at Swiss Re: selected milestones 1979 Published the first report on ecology and environmental protection 1998 Published Swiss Re’s first Corporate Environmental Report 2003 Began compensating operational greenhouse gas (GHG
Slide 26: Group Sustainability Strategy updated in 2025
Sustainability: strategy Swiss Re’s Group Sustainability Strategy has been updated in 2025 as part of the Group strategy refresh Sustainability has been a strategic priority for Swiss Re for many years. Swiss Re manages sustainability impacts, risks and opportunities and embeds sustainability across
Slide 27: H1 2026 financial results
1 Our business Pages 4 – 18 2 Capital and risk management Pages 19 – 23 3 Sustainability Pages 24 – 26 4 H1 2026 financial results Pages 27 – 34 Company presentation 2026 27
Slide 28: Strong Group result driven by contributions from all Business Units
Group Strong Group result driven by contributions from all Business Units Swiss Re Group Q2 2026 H1 2026 FY 2026 Net income key figures key figures targets 2 833 (USD m) 2 605 P&C Combined ratio 74.0% 76.7% <85% Reinsurance 1 330 1 320 Corporate Combined ratio 87.0% 86.1% <91% Solutions Q2 2025 Q2 2
Slide 29: Key figures H1 2026
Group Key figures H1 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 • Insurance revenue 8 241 8 420 3 614 266 -277 20 264 20 947 • Insurance service result 1 821 1 158 578 -93 3 464 3 003 Combined ratio 76.7 % 86.1 % • Insu
Slide 30: P&C Re result driven by strong underwriting performance and low nat cat burden
P&C Reinsurance P&C Re result driven by strong underwriting performance and low nat cat burden Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 8.9 2 185 8.2 1 821 81.1 76.7 5.2 1 568 1 192 CSM release 5.8 Expense ratio 3.6 3.2 Property 1 567 1
Slide 31: Corporate Solutions continued to deliver strong underwriting performance
Corporate Solutions Corporate Solutions continued to deliver strong underwriting performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 3.7 88.2 86.1 3.6 578 0.7 515 24.6 26.2 Expense ratio 1.5 1.4 Property 404 CSM release 657 Assumed 262
Slide 32: L&H Re result reflects resilient in-force margins and favourable experience
L&H Reinsurance L&H Re result reflects resilient in-force margins and favourable experience Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 8.4 8.0 569 1 158 Insurance service 931 931 1 158 result 758 CSM release 1 045 4.6 Mortality 4.7 833 865
Slide 33: L&H Re maintains a robust CSM balance
L&H Reinsurance L&H Re maintains a robust CSM balance CSM development (USD m) 250 338 49 -758 -134 16 917 16 661 1 31 Dec 2025 New business CSM Interest accretion CSM release Change in assumptions Other 30 Jun 2026 • Other driven mainly by currency translation impacts due to strengthening of US doll
Slide 34: Investment performance driven by strong recurring income
Investments Investment performance driven by strong recurring income Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 111.5 RIY 4.1% 4.2% 108.8 13.0 ROI 4.1% 4.0% 12.1 Equities and alternatives 6.9 7.8 Mortgages and other loans 2 149 2 155 153 66 64 Investment gains/losses 27 4
Slide 35: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2026 5 November 9M 2026 Results Conference call 4 December Financial Targets 2027 Conference call 2027 26 Feb Annual Results 2026 Conference call 12 Mar Publication of Annual Report 2026 14 Apr 163rd Annual General Meeting Zurich Investor Relations
Slide 36: Slide 36
Slide 37: 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 38: 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