Slide 1: Half-year 2022 Results
Half-year 2022 Results Swiss Re investor and analyst presentation Zurich, 29 July 2022
Slide 2: Solid second quarter performance after challenging start to the year
Solid second quarter performance after challenging start to the year Swiss Re Group H1 2022 Q2 2022 key figures key figures Net income Combined ratio 98.5% 97.6% P&C (USD m) 1 046 Reinsurance Normalised4 713 combined ratio 95.8% 94.8% 405 157 L&H H1 21 H1 22 Q2 21 Q2 22 Reinsurance Net income (USD)
Slide 3: Investment result impacted by financial markets turbulence, partially mitigated by hedging activities
Investment result impacted by financial markets turbulence, partially mitigated by hedging activities USD -426m USD -50m 2.3% mark-to-market impact of listed credit impairments through fixed income reinvestment equities1 through US GAAP P&L US GAAP P&L in H1 2022 yield in H1 2022 in H1 2022 1.2% Ret
Slide 4: L&H Reinsurance benefitted from a steep decline in excess mortality in the second quarter
L&H Reinsurance benefitted from a steep decline in excess mortality in the second quarter United States – COVID-19 losses vs. excess mortality COVID-19 700 45 Excess losses 40 mortality1 600 35 (US GAAP, (%) 500 30 USD m) 25 400 20 15 All ages Incurred 300 10 Data not Reported 200 5 Excess mortality
Slide 5: Both P&C businesses remain focused on achieving 2022 combined ratio targets
Both P&C businesses remain focused on achieving 2022 combined ratio targets P&C Reinsurance Corporate Solutions 135% Reported Normalised1 135% Reported 130% 130% 125% 125% 120% 120% Combined ratio Combined ratio 115% 115% 110% 110% 105% 105% 98.5% 100% 100% 95% 95% 93.2% 95.8% 90% 90% 85% 85% H1 18
Slide 6: P&C Reinsurance achieved strong price increase and further improved portfolio quality in YTD renewals
P&C Reinsurance achieved strong price increase and further improved portfolio quality in YTD renewals P&C Re YTD renewals Price change1 +6% USD bn Higher loss assumptions -6% • Price increase of 6% YTD, strong price increase of 12% at July renewals Premium volume change +3% • Increased loss assumpti
Slide 7: YTD renewals reflect continued focus on underwriting quality and targeted growth
YTD renewals reflect continued focus on underwriting quality and targeted growth Gross premium volume by line of business1 (USD bn) Gross premium volume by region1 (USD bn) Up for Premium Estimated Net price Up for Premium Estimated renewal YTD change outcome YTD change3 renewal YTD change outcome Y
Slide 8: Full-year outlook: focus on achieving segment targets
Full-year outlook: focus on achieving segment targets, achievement of Group targets subject to performance of financial markets and large loss experience FY 2022 segment targets FY 2022 Group targets P&C Reinsurance <94% normalised1 combined ratio 10% US GAAP return on equity2 L&H Reinsurance USD ~3
Slide 9: Financial highlights
Financial highlights 9
Slide 10: Key figures
Key figures Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items H1 2022 H1 2021 • Premiums earned and fee income 10 550 7 529 2 883 242 21 204 20 800 • Net income/loss 316 2 220 - 381 157 1 046 • Return on investments 0.8% 2.7% 0.6% -3.8% 1.2% 3.2% • Combined rat
Slide 11: P&C Reinsurance's underwriting performance remained robust
P&C Reinsurance's underwriting performance remained robust Net premiums earned Net operating margin1 (%) Combined ratio (%) 115.8 Reported Normalised3 -9.6pts 98.8 99.6 100.5 14.9 98.4 98.5 94.4 97.2 97.4 96.8 USD 10.6bn 96.6 95.8 10.2 92.9 94.4 5.3 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1
Slide 12: L&H Reinsurance returned to profitability in the second quarter
L&H Reinsurance returned to profitability in the second quarter Net premiums earned Net operating margin1 (%) Recurring income yield3 and ROI (%) and fee income +1.9pts 3.5 3.4 3.3 3.4 3.1 2.9 3.0 1.6 4.2 4.4 4.1 3.8 3.6 3.2 2.7 USD 7.5bn 10.3 9.3 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 H1 2021 H1 2
Slide 13: Corporate Solutions continues to deliver strong results
Corporate Solutions continues to deliver strong results Net premiums earned Net operating margin1 (%) Combined ratio (%) 132.8 118.7 -2.6pts 12.7 104.5 101.7 101.6 10.1 92.7 93.2 USD 2.9bn in H1 2022 21.8 20.1 H1 2016 H1 2017 H1 2018 H1 2019 H1 2020 2 H1 2021 H1 2022 5.8 3.5 • H1 2022 combined ratio
Slide 14: iptiQ result reflects continued growth
iptiQ result reflects continued growth Gross premiums written1 (USD m) Adjusted gross income2 (USD m) Earnings before interest and tax (EBIT) 455 CAGR +23% +69% 333 32 95 143 26 USD -195m in H1 2022 H1 2019 H1 2020 H1 2021 H1 2022 USD-114m 21 23 • Gross premiums written increased 37% year-on-year, w
Slide 15: Investment result driven by recurring income, offset by equity mark-to-market losses
Investment result driven by recurring income, offset by equity mark-to-market losses Return on investments (ROI) Investment portfolio positioning (USD bn) Net investment income (USD m) Recurring income yield2 (%) 119.3 0.3 107.1 14.5 3.0 2.9 2.9 2.9 0.5 1.2% 12.6 2.5 2.3 2.3 45.3 40.9 1 686 1 560 1
Slide 16: Appendix
Appendix 16
Slide 17: Business segment results H1 2022
Business segment results H1 2022 Income statement Corporate Total Total USD m Reinsurance P&C Re L&H Re Solutions Group items Consolidation H1 2022 H1 2021 Revenues Gross premiums written 22 497 14 348 8 149 4 230 464 - 588 26 603 25 068 Net premiums written 21 077 13 651 7 426 3 267 238 24 582 23 3
Slide 18: Business segment results Q2 2022
Business segment results Q2 2022 Income statement Corporate Total Total USD m Reinsurance P&C Re L&H Re Solutions Group items Consolidation Q2 2022 Q2 2021 Revenues Gross premiums written 9 840 5 877 3 963 1 615 231 - 178 11 508 11 173 Net premiums written 9 185 5 589 3 596 1 328 132 10 645 10 338 C
Slide 19: Business segment results H1 2022
Business segment results H1 2022 Balance sheet Corporate End End 30 June 2022, USD m Reinsurance P&C Re L&H Re Solutions Group items Consolidation H1 2022 FY 2021 Assets Fixed income securities 67 521 40 485 27 036 9 175 490 77 186 86 985 Equity securities 1 495 1 201 294 129 611 2 235 3 978 Other i
Slide 20: Total equity and ROE H1 2022
Total equity and ROE H1 2022 Total USD m H1 2022 Shareholders' equity at 31 December 2021 23 568 Net income attributable to shareholders 157 Dividends and share buyback -1 825 Net change in unrealised gains/losses -7 541 Other (incl. fx) 448 Shareholders' equity at 30 June 2022 14 807 Non-controllin
Slide 21: Change in shareholders' equity mainly driven by net unrealised investment losses and dividend payment
Change in shareholders' equity mainly driven by net unrealised investment losses and dividend payment USD m Gov bonds -4.9 Corp bonds -4.0 Sec products -0.2 Other -0.3 Tax 1.9 157 - 1 825 23 568 -7 541 448 14 807 Shareholders' Net income Dividends Net change in Other 1 Shareholders' equity attributa
Slide 22: P&C underwriting performance
P&C underwriting performance P&C Reinsurance and Corporate Solutions Combined ratio Main drivers of change year-to-date Net premiums earned (USD m) P&C Reinsurance Q2 2021 Q2 2022 H1 2021 H1 2022 Q2 2022 H1 2022 Property 84.1% 101.1% 87.6% 98.8% • Deterioration impacted by elevated large nat cat los
Slide 23: P&C Reinsurance: combined ratio split
P&C Reinsurance: combined ratio split Quarterly performance (%) Year-to-date performance (%) Main drivers of change year-to-date 100 100 98.5 97.6 1.5 94.4 • Current accident year (CAY) loss ratio excl. large losses 92.4 95 0.1 95 0.5 increased vs. prior-year period due to business mix change 9.3 as
Slide 24: Corporate Solutions: combined ratio split
Corporate Solutions: combined ratio split Quarterly performance (%) Year-to-date performance (%) Main drivers of change year-to-date 105 105 92.7 100 89.7 100 • Current accident year (CAY) loss ratio excl. large losses in 6.1 3.4 93.2 H1 2022 benefitted from the strong portfolio quality and 95 95 5.
Slide 25: Return on investments (ROI) H1 2022
Return on investments (ROI) H1 2022 Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation H1 2022 H1 2021 Investment related net investment income 509 497 76 56 -121 1 017 1 530 Fixed income 329 471 76 6 - 882 887 Equities and alternative investments – incl. RE, PE, HF 209 20
Slide 26: Return on investments (ROI) Q2 2022
Return on investments (ROI) Q2 2022 Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q2 2022 Q2 2021 Investment related net investment income 288 259 44 38 -79 550 904 Fixed income 170 232 40 3 - 445 444 Equities and alternative investments – incl. RE, PE, HF 128 20 2 -2
Slide 27: Overall investment portfolio
Overall investment portfolio Other investments (incl. policy loans) Cash and cash equivalents Short-term investments Mortgages and other loans 7% 5% 4% 7% Equities 6% 38% 33% Government bonds Credit bonds Corporate End End USD bn P&C Re L&H Re Solutions Group items Consolidation H1 2022 FY 2021 Cash
Slide 28: Fixed income securities
Fixed income securities Government Credit USD m bonds bonds End FY 2021 47 205 39 780 End H1 2022 41 438 35 748 3% 5% 8% 15% 2% 4% • Decrease in fixed income securities reflects the 3% impact of rising interest rates as well as credit 4% 49% spread widening, partially offset by net purchases 4% 30%
Slide 29: Equities and alternative investments
Equities and alternative investments Equity securities ETF, excl. fixed income by sector Non-Cyclical consumer goods 1% 1% 2% 1% Financials End End 3% FY 2021 H1 2022 4% Information technology USD m 9% Cyclical services Equity securities 2 739 1 655 General industrials 38% Private equity 3 054 3 486
Slide 30: Sensitivities
Sensitivities (USD bn, pre-tax) Change in market values (Equities and Alternative Investments, excl. Real Estate) -25% -10% +25% Estimated impact on shareholders' equity -1.4 -0.6 +1.5 Estimated impact on economic net worth (EVM) -1.4 -0.6 +1.5 Estimated impact on income/loss before income tax expen
Slide 31: Corporate calendar & contacts
Corporate calendar & contacts Corporate calendar 2022 28 October 9M 2022 Results Conference call 2023 17 February Annual Results 2022 Conference call 16 March Publication of Annual Report 2022 12 April 159th Annual General Meeting 04 May Q1 2023 Results Conference call Investor Relations contacts Ho
Slide 32: Half-year 2022 Results
(in) Swiss Re Half-year 2022 Results 32
Slide 33: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements 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 assumptions and include
Slide 34: Legal notice
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