Swiss Re Ag · SIX:SREN
Swiss Re — Investor Day (December 2025)
46 slides from Swiss Re's investor day presentation, Dec 5, 2025
Slide 1: Management Dialogue
Management Dialogue London, 5 December 2025
Slide 2: Agenda
Agenda Time Content Speakers 10:00 – 10:45 Strategy and 2026 targets Andreas Berger 10:45 – 11:15 Finance update Anders Malmström 11:15 – 11:30 Break 11:30 – 12:30 Q&A Andreas Berger, Anders Malmström 2025 Management Dialogue 2
Slide 3: Key messages
Key messages We aim to grow Swiss Re’s franchise long-term, with a near-term focus on cycle management and margins We built a strong group-wide data foundation supported by a leading AI platform We materially completed L&H Re’s portfolio review – higher resilience supports an increased target We hav
Slide 4: Strategy and 2026 targets
Strategy and 2026 targets Andreas Berger, Group Chief Executive Officer 2025 Management Dialogue 4
Slide 5: Swiss Re is built on a strong foundation
Where we come from 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 exc
Slide 6: Swiss Re is well diversified with a strong capital position
Where we come from Swiss Re is well diversified with a strong capital position Global scale and diversification1 across… … Business Units … Lines of business … Regions Health APAC 9% Property 17% 27% L&H 38% P&C Reinsurance USD 44% Reinsurance Life 29%33% USD USD 50% Americas 43bn 43bn 43bn 13% 33%
Slide 7: Our 2025 priorities: Achieving the Group net income target and increasing resilience
Where we come from Our 2025 priorities: Achieving the Group net income target and increasing resilience On track to achieve Group net income target Increased resilience > L&H Re’s portfolio review materially completed Group net income (USD bn) > Reserves for current-year attritional losses in P&C Re
Slide 8: Recap: Our journey to close the gap to #1
Swiss Re NEXT Recap: Our journey to close the gap to #1 Swiss Re NEXT Today Transition phase Immediate Mid-term Built to lead traction actions actions Addressing key improvement areas and laying the successful foundation… …for our refreshed strategy 2025 Management Dialogue 8
Slide 9: Significant progress on NEXT mid-term actions
Swiss Re NEXT Significant progress on NEXT mid-term actions ✓ New reserving philosophy across the Group ✓ State-of-the-art data platform ✓ Group Underwriting Office re-established Technical Data & ✓ Accelerated AI efforts ✓ ‘Actual vs. Expected’ as focus KPI Excellence Technology Culture ✓ Capabilit
Slide 10: New leadership team with deep experience
Swiss Re NEXT New leadership team with deep experience Group Executive Committee (GEC) Urs Baertschi Paul Murray Ivan Gonzalez Velina Peneva CEO P&C Re CEO L&H Re CEO CorSo Group CIO (GEC since 2019) (GEC since 2022) (GEC since 2024) (GEC since 2023) Andreas Berger Group CEO (GEC since 2019) Kera Mc
Slide 11: Our refreshed strategy
Built to lead Our refreshed strategy Our ambition is to make the world more resilient, be ready to advance our industry by shaping its future and creating lasting value 2025 Management Dialogue 11
Slide 12: Swiss Re is well-positioned to generate value in its core markets
Amplify our core 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 Altern
Slide 13: Improved portfolio quality positions us well…
Amplify our core Improved portfolio quality positions us well… P&C Reinsurance Corporate Solutions L&H Reinsurance Portfolio shifted towards property Increased share of P&C cycle decorrelated Resilient in-force portfolio following review; (incl. nat cat) and specialty and differentiated propositions
Slide 14: …amid a constructive market environment
Amplify our core …amid a constructive market environment 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
Slide 15: Sigma: State-of-the-art risk insights, data and research
Advance re/insurance Sigma: State-of-the-art risk insights, data and research Industry-shaping risk insights for our clients > Transfer relevant risk knowledge to our clients > Enhance quality of our underwriters > Strengthen the resilience of society ~17 million individuals reached through our rese
Slide 16: We have built a robust group-wide data foundation…
Advance re/insurance We have built a robust group-wide data foundation… State-of-the-art data foundation High user adoption ~11.5k ~9k ~7k ~5.5k ~4k ~3k ~1k ~450 Swiss Re’s data sets and their connections 2018 2019 2020 2021 2022 2023 2024 2025 > Massive unstructured data corpus: 8m submissions, > S
Slide 17: …turning data into insights with a market-leading AI platform
Advance re/insurance …turning data into insights with a market-leading AI platform Our basis for AI driven data insights AI platform Operational Data AI models powered by Palantir decision makers Structured data Latest AI models from the market Unstructured data AI architecture User adoption & talen
Slide 18: Driving productivity today and transforming core re/insurance processes for tomorrow
Advance re/insurance Driving productivity today and transforming core re/insurance processes for tomorrow Boosting productivity Accelerating business Transforming core processes Augment daily knowledge tasks and Improve insurance specific knowledge Reimagine processes end-to-end streamline coding wi
Slide 19: AI use case I: Excellence in underwriting requires speed and trust in data
Advance re/insurance AI use case I: Excellence in underwriting requires speed and trust in data Engineering and construction submissions in Corporate Solutions Solution Impact AI Assistant ingests and analyses Up to 80% productivity boost Problem statement 1 submission data Servicing clients require
Slide 20: AI use case II: Strong foundation to drive end-to-end AI transformation in P&C Re
Advance re/insurance AI use case II: Strong foundation to drive end-to-end AI transformation in P&C Re Claims and treaty underwriting reimagination in P&C Re End-to-end P&C Reinsurance value chain • UW data ingestion at scale • Enhanced data capture ability • Submission data ingestion at scale AI tr
Slide 21: Risk Data Solutions: All Swiss Re digital assets consolidated
Advance re/insurance Risk Data Solutions: All Swiss Re digital assets consolidated for deployment across client segments Risk Data Solutions (RDS) Empowering informed decisions across the value chain CatNet® >650 NatCat Modelling Engine Property insurance and corporate > Analyse risks to optimise po
Slide 22: Risk Data Solutions: Understand your risk landscape
Advance re/insurance Risk Data Solutions: Understand your risk landscape Risk assessment of the Gherkin Extreme precipitation Windstorm Drought Likelihood of natural hazard Moderate Moderate High Impact of climate change 2025 Management Dialogue 22
Slide 23: People and data are our most important assets
Achieve more together People and data are our most important assets – our people are ‘Built to lead’ Strong people foundation Evolving capabilities Integrated people strategy Technical excellence Strategic workforce planning >80% Advancing core skills, Ensure workforce readiness by employee engageme
Slide 24: 2026 targets
2026 targets 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 Reinsuranc
Slide 25: Finance update
Finance update Anders Malmström, Group Chief Financial Officer 2025 Management Dialogue 25
Slide 26: Corporate Solutions established a strong and consistent track record of delivery
Corporate Solutions Corporate Solutions established a strong and consistent track record of delivery Combined ratio1 140% 90.6% 120% average quarterly combined ratio since 20211 100% 80% USD ~0.5bn allowance for potential 60% late claims reporting2 40% 20% ~80% of reinsurance placed externally 0% 20
Slide 27: Excellent P&C Re portfolio quality supported by prudent loss picks on new business
P&C Reinsurance Excellent P&C Re portfolio quality supported by prudent loss picks on new business Annualised increase in loss assumptions since 20221 Annualised US economic inflation since 20222 Casualty Construction CPI +11% +3% +3% P&C Re > Inflation Property > Model updates +10% +11% Healthcare
Slide 28: P&C Re's reserve strength reflects new reserving philosophy
P&C Reinsurance P&C Re’s reserve strength reflects new reserving philosophy Reserves1 (USD bn) US liability ultimate losses by UWY3 as of 9M 2025 48 48 100% 45 45 100% 41 Property 37 USD 12bn 32 Motor 63% 64% reserves for UWYs3 61% 60% 2016-2025 60% 60% US liability 56% ~81% Liability of reserves in
Slide 29: L&H Re portfolio review materially completed with targeted actions in 2025
L&H Reinsurance L&H Re portfolio review materially completed with targeted actions in 2025 Strengthened assumptions in 2025 >90% Remaining portfolios of L&H Re’s book performing in line with expectations in 2025 USD bnportfolios reviewed CSM over theISR 1 > All past Claims three years >90% <10% H1 2
Slide 30: Actions taken in 2025 mainly focused on three underperforming markets
L&H Reinsurance Actions taken in 2025 mainly focused on three underperforming markets Australia Strengthened disability assumptions amid Paused > systemic market challenges, including higher writing new business mental health claims and evolving work patterns Israel Claims <10% Strengthened primaril
Slide 31: We increase our target for L&H Re to USD 1.7bn for 2026
L&H Reinsurance We increase our target for L&H Re to USD 1.7bn for 2026 L&H Re net income target (USD bn) 1.7 ~1.6 Assumptions implied by 2026 target Insurance service result driven by in-force margins > with an expected CSM release of 8-9% ~8-9% CSM release in 2026 affected by 2025 actions, CSM rel
Slide 32: 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 112bn Recurring income yield2 Reinvestment yield3 Equities and alternatives 10% Mortgages and other loans 6% 5% USD -17m
Slide 33: On track to achieve our USD ~300m operating cost run-rate reduction by 2027
Costs On track to achieve our USD ~300m operating cost run-rate reduction by 2027 Core costs reduction1 (USD bn) Illustrative ~3.9 USD ~100m savings in 2025, primarily in non-directly attributable > ~3.6 expenses (e.g. iptiQ withdrawal, Group function simplifications) ~60% Actions for 2026-2027 focu
Slide 34: Strong capital position with higher Group SST ratio from robust capital generation
Capital management Strong capital position with higher Group SST ratio from robust capital generation Group solvency capital generation SST ratio1 257% +20%pts +1%pts +2%pts +0%pts -10%pts 268% 1 Jan 2025 Net capital Market Other Change in Capital 1 Oct 2025 generation impact supplementary repatriat
Slide 35: Nat cat exposure optimised with third-party capital
Capital management Nat cat exposure optimised with third-party capital P&C Re expected nat cat losses1 and external retrocession (USD bn) External AuM relevant 1.2 1.7 2.2 2.9 3.3 3.3 3.3 for hedging2 Growth of nat cat exposure supported by 2.9 > 2.8 third-party capital investors 2.6 Expected relief
Slide 36: Sustainable annual share buyback to complement ordinary dividend
Capital management Sustainable annual share buyback to complement ordinary dividend Capital management priorities Capital repatriation Share buyback1 Ordinary dividend2 Ensure superior capitalisation at all Grow the ordinary dividend with Year paid (USD per share) times and maximise financial long-t
Slide 37: Q&A
Q&A Andreas Berger, Group Chief Executive Officer Anders Malmström, Group Chief Financial Officer 2025 Management Dialogue 37
Slide 38: Key messages
Key messages We aim to grow Swiss Re’s franchise long-term, with a near-term focus on cycle management and margins We built a strong group-wide data foundation supported by a leading AI platform We materially completed L&H Re’s portfolio review – higher resilience supports an increased target We hav
Slide 39: Appendix
Appendix 2025 Management Dialogue 39
Slide 40: Proposal to 2026 AGM to convert share capital from CHF to USD
Proposal to 2026 AGM to convert share capital from CHF to USD The Board of Directors will propose at the 2026 AGM to change the denomination of Swiss Re Ltd’s share > Proposal capital from CHF to USD1 USD is Swiss Re’s primary operating currency, while the statutory reporting currency is CHF2. This
Slide 41: Financial flexibility enhanced by prudent leverage management
Financial flexibility enhanced by prudent leverage management IFRS available capital and leverage (USD bn) Peer comparison of IFRS leverage ratio3 18% 15% Leverage ratio1 Leverage ratio reduced due to increase 47.8 Peer 1 12% > in shareholders’ equity and prudent 46.2 1.2 Senior debt 1.5 subordinate
Slide 42: Speaker CVs
Speaker CVs Andreas Berger Group Chief Executive Officer Andreas Berger was appointed Group Chief Executive Officer effective 1 July 2024. Andreas Berger started his insurance career in 1995 as a leadership trainee at Gerling Group, followed by various leadership positions at Boston Consulting Group
Slide 43: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2026 27 Feb Annual Results 2025 Conference call 12 Mar Publication of Annual Report 2025 10 Apr 162nd Annual General Meeting Zurich 7 May Q1 2026 Results Conference call Investor Relations contacts Hotline E-mail +41 43 285 4444 Investor_Relations@s
Slide 44: 2025 Management Dialogue
agement Dialogue 44 @ Swiss Re
Slide 45: 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 46: 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