Slide 1: Half-year 2025 Results
Half-year 2025 Results Swiss Re media conference presentation Zurich, 14 August 2025
Slide 2: Key messages
Key messages Strong half-year results: net income of USD 2.6bn and ROE of 23.0% for H1 2025. All Business Units are well-positioned to deliver on 2025 targets Strong underwriting margins in both P&C businesses, further supported by solid results from L&H Reinsurance and investments P&C Reinsurance –
Slide 3: Group result driven by strong underwriting margins and increased investment result
Group result driven by strong underwriting margins and increased investment result Swiss Re Group Q2 2025 H1 2025 FY 2025 key figures key figures targets Net income1 P&C (USD m) 2 605 Reinsurance Combined ratio 76.3% 81.1% <85% 2 097 1 330 1 001 Corporate Solutions Combined ratio 88.0% 88.2% <91% Q2
Slide 4: Resilient new business margins; strong underwriting performance and solid investment result in H1 2025
Resilient new business margins; strong underwriting performance and solid investment result in H1 2025 Insurance revenue (USD bn) New business CSM (USD bn) Net income2 (USD bn) 22.2 3.0 3.1 20.9 3.0 Insurance service result 9.7 2.9 8.9 P&C Reinsurance 2.2 P&C Reinsurance 2.6 2.2 2.1 Investment resul
Slide 5: P&C Reinsurance achieved a disciplined outcome in year-to-date renewals, with further portfolio actions taken
P&C Reinsurance achieved a disciplined outcome in year-to-date renewals, with further portfolio actions taken in casualty at mid-year Price change1 +2.4% Year-to-date renewals Higher loss assumptions +4.1% • ~85% of treaty business renewed Premium volume change +3.0% • +3.0% premium volume increase
Slide 6: Year-to-date renewals outcome reflects unchanged portfolio strategy, focused on property and specialty lines
Year-to-date renewals outcome reflects unchanged portfolio strategy, focused on property and specialty lines 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 YTD change YTD renewals
Slide 7: 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 2bn 4.0 Recurring income 3.5 in H1 2025 3.0 2.5 4.1% 2.0 Recurring income yield in H1 2025 1.5 1.0 0.5 4.3% 0.0 Reinvestment yield 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2
Slide 8: Financial highlights
Financial highlights Half-year 2025 Results 8
Slide 9: Key figures H1 2025
Key figures H1 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation H1 2025 H1 2024 • Insurance revenue 1 8 916 8 040 3 749 584 -342 20 947 22 209 • Insurance service result 1 568 900 515 20 3 003 2 858 Combined ratio 81.1% 88.2% • Insurance fin
Slide 10: P&C Reinsurance performance reflects disciplined underwriting
P&C Reinsurance performance reflects disciplined underwriting Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 9.7 2 184 2 185 8.9 84.3 81.1 4.6 1 568 5.2 Expense ratio 3.8 1 411 3.6 Property 1 835 1 399 CSM release 3.1 79.7 Loss and 2.8 Casualt
Slide 11: Corporate Solutions continues to deliver strong results
Corporate Solutions continues to deliver strong results Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 3.8 3.7 88.7 88.2 509 515 Assumed 24.7 24.6 Expense ratio 1.5 1.5 Property 646 657 262 414 223 451 CSM release 1.5 1.5 Casualty 64.0 63.6 Lo
Slide 12: Solid first half-year result in L&H Reinsurance
Solid first half-year result in L&H Reinsurance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 8.5 562 569 8.0 1 0073 900 1 007 Insurance service 900 918 result 5.0 846 CSM release 4.9 Mortality 883 839 827 811 Investment result 287 278 Change
Slide 13: L&H Reinsurance new business CSM and interest accretion in line with CSM release
L&H Reinsurance new business CSM and interest accretion in line with CSM release CSM development (USD m) 264 569 646 -846 -223 17 427 17 837 31 Dec 2024 New business CSM Interest accretion CSM release Change in assumptions Others 30 Jun 2025 • ‘Change in assumptions’ reflects selected assumption upd
Slide 14: Investment result reflects strong recurring income
Investment result reflects strong recurring income Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 113.7 104.3 Equities and alternatives RIY 4.0% 4.1% 11.1 10.4 6.5 Mortgages and other loans ROI 4.0% 4.1% 5.8 2 069 2 149 41.7 Credit bonds 153 27 Investment gains/losses 40.0 87
Slide 15: Appendix
Appendix Half-year 2025 Results 15
Slide 16: Financial statements Q2 2025
Financial statements Q2 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q2 2025 Q2 2024 Insurance revenue1 4 451 3 985 1 990 283 -167 10 542 10 889 Insurance service expense1 -3 284 -3 492 -1 500 -259 72 -8 463 -9 003 Insurance service result befor
Slide 17: Financial statements H1 2025
Financial statements H1 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation H1 2025 H1 2024 Insurance revenue1 8 916 8 040 3 749 584 -342 20 947 22 209 Insurance service expense1 -7 088 -7 091 -2 835 -564 112 -17 466 -18 083 Insurance service result be
Slide 18: Financial statements H1 2025
Financial statements H1 2025 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Jun 2025 31 Dec 2024 Cash and cash equivalents 1 943 625 805 296 0 3 669 4 133 Investments 65 732 33 661 11 632 2 613 -4 696 108 942 101 845 Fixed income securities 52 584 27 438 11 099 80
Slide 19: Financial statements H1 2025
Financial statements H1 2025 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m H1 2025 Shareholders' equity at 31 December 2024 21 892 Net income attributable to common shareholders 2 596 Dividends -2 167 Change in unrealised gains/losses on investmen
Slide 20: Combined ratio calculations
Combined ratio calculations Combined ratio – P&C Reinsurance USD m, unless otherwise stated Q2 2025 Q2 2024 H1 2025 H1 2024 Insurance revenue1 (A) 4 451 4 822 8 916 9 657 Allocation of reinsurance premiums (B) -254 -297 -614 -649 Insurance revenue (net) (C = A+B) 4 197 4 525 8 302 9 008 Insurance se
Slide 21: Investments
Investments ROI Q2 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q2 2025 Q2 2024 Investment result per income statement 584 384 140 181 -127 1 162 1 086 Less net investment income not included in ROI1 54 - -3 - - 51 43 Less investment gai
Slide 22: Investments
Investments ROI H1 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation H1 2025 H1 2024 Investment result per income statement 1 337 811 295 244 -258 2 429 2 228 Less net investment income not included in ROI1 106 -1 -5 -1 - 99 91 Less investmen
Slide 23: Investments
Investments Breakdown of fixed income securities as of 30 June 2025 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % bonds AAA 10 8 9 <1 year 36 7 23 Financials 31 AA 61 5 36 1-5 years 21 43 31 Non-cyclical consumer goods & services 17 A 22
Slide 24: Investments
Investments Breakdown of selected asset classes as of 30 June 2025 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Commercial mortgage loans 27 Equities 871 Switzerland 53 Infrastructure debt 61 Equities FVPL 135 Germany 23 Direct lend
Slide 25: Capital position and leverage
Capital position and leverage Group SST ratio1 IFRS available capital and leverage Upcoming debt maturities3 (USD bn) (USD bn) 269% 16% 19% 264% Leverage ratio2 Senior debt 257% 48.6 Subordinated debt 44.5 1.2 Senior debt 1.2 7.9 Subordinated debt 5.7 Target range 16.8 CSM net of tax 200-250% 15.7 1
Slide 26: 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 27: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2025 14 Nov 9M 2025 Results Conference call 5 Dec Management Dialogue London 2026 27 Feb Annual Results 2025 Conference call 12 Mar Publication of Annual Report 2025 10 Apr 162nd Annual General Meeting Zurich Media Relations contacts Hotline E-mail
Slide 28: Half-year 2025 Results
(in) Swiss Re Half-year 2025 Res
Slide 29: Cautionary note on forward-looking statements and disclaimer
Cautionary note on forward-looking statements and disclaimer Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations provide current expectations of future events based on certain assumptio
Slide 30: Legal notice
Legal notice ©2025 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