Swiss Re Ag · SIX:SREN
Swiss Re — Q3 2025 Earnings Presentation
28 slides from Swiss Re's earnings presentation, Nov 14, 2025
Slide 1: 9M 2025 Results
9M 2025 Results Swiss Re investor and analyst presentation Zurich, 14 November 2025
Slide 2: Key messages
Key messages Strong 9M 2025 results: net income of USD 4.0bn and ROE of 22.5% for 9M 2025. Group is well positioned to deliver on 2025 net income target of USD >4.4bn Strong underwriting results in both P&C businesses supported by solid investment return, while L&H Re result impacted by assumption u
Slide 3: Group result driven by strong underwriting profits and increased investment result
Group result driven by strong underwriting profits and increased investment result Swiss Re Group Q3 2025 9M 2025 FY 2025 key figures key figures targets Net income1 P&C 4 037 Combined ratio 71.3% 77.6% <85% (USD m) Reinsurance 2 182 Corporate 1 432 Combined ratio 85.0% 87.1% <91% Solutions 85 Q3 20
Slide 4: Resilient new business margins; strong underwriting results and solid investment return in 9M 2025
Resilient new business margins; strong underwriting results and solid investment return in 9M 2025 Insurance revenue (USD bn) New business CSM (USD bn) Net income1 (USD bn) 33.7 4.2 32.0 3.9 4.8 Insurance service result 15.0 14.0 P&C Reinsurance 2.9 2.7 2.5 P&C Reinsurance 4.0 2.2 3.5 3.6 Investment
Slide 5: 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 3bn 4.0 Recurring income 3.5 in 9M 2025 3.0 2.5 4.1% 2.0 Recurring income yield in 9M 2025 1.5 1.0 0.5 4.3% 0.0 Reinvestment yield 2019 2020 2021 2022 2023 2024 Q1 2025 Q2 2
Slide 6: Financial highlights
Financial highlights 9M 2025 Results 6
Slide 7: Key figures 9M 2025
Key figures 9M 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation 9M 2025 9M 2024 • Insurance revenue 13 975 12 160 5 687 709 -531 31 999 33 711 • Insurance service result 2 899 1 049 832 -3 4 777 2 908 Combined ratio 77.6% 87.1% • Insurance f
Slide 8: 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 (%) 15.0 2 658 14.0 2 494 2 899 92.8 4.5 2 737 2 065 CSM release 77.6 6.1 5.1 Expense ratio 5.8 Property 1 010 549
Slide 9: 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 (%) 5.8 5.7 89.4 87.1 832 Assumed 739 23.4 2.3 2.3 Property 24.5 Expense ratio 594 1 136 1 032 500 668 CSM release 628 2.3 2.1 Casualty 66.0 62.
Slide 10: L&H Reinsurance result impacted by assumption updates
L&H Reinsurance result impacted by assumption updates Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 12.6 12.2 894 833 1 2402 1 240 Insurance service 1 204 1 049 1 325 1 311 result 1 049 7.4 7.3 Mortality CSM release 1 058 1 304 1 207 Investme
Slide 11: L&H Reinsurance maintains a robust CSM balance
L&H Reinsurance maintains a robust CSM balance CSM development (USD m) 411 833 514 -1 311 -499 17 427 17 376 31 Dec 2024 New business CSM Interest accretion CSM release Change in assumptions Others 30 Sep 2025 • ‘Change in assumptions’ reflects selected assumption updates primarily in the EMEA and A
Slide 12: Investment result reflects strong recurring income
Investment result reflects strong recurring income Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 112.5 104.3 RIY 4.0% 4.1% 11.3 Equities and alternatives 10.4 6.7 Mortgages and other loans ROI 3.9% 4.1% 5.8 3 245 3 085 41.5 Credit bonds 190 59 Investment gains/losses 40.0 47
Slide 13: Appendix
Appendix 9M 2025 Results 13
Slide 14: Financial statements Q3 2025
Financial statements Q3 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q3 2025 Q3 2024 Insurance revenue1 5 059 4 120 1 938 124 -189 11 052 11 502 Insurance service expense1 -3 317 -3 985 -1 369 -147 63 -8 755 -10 995 Insurance service result befo
Slide 15: Financial statements 9M 2025
Financial statements 9M 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation 9M 2025 9M 2024 Insurance revenue 13 975 12 160 5 687 709 -531 31 999 33 711 Insurance service expense -10 405 -11 076 -4 204 -711 175 -26 221 -29 078 Insurance service result
Slide 16: Financial statements 9M 2025
Financial statements 9M 2025 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Sep 2025 31 Dec 2024 Cash and cash equivalents 2 193 1 110 927 358 0 4 588 4 133 Investments 64 148 32 797 11 857 2 587 -3 612 107 776 101 845 Fixed income securities 50 556 27 141 11 373
Slide 17: Financial statements 9M 2025
Financial statements 9M 2025 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m 9M 2025 Shareholders' equity at 31 December 2024 21 892 Net income attributable to common shareholders 4 024 Dividends -2 167 Change in unrealised gains/losses on investmen
Slide 18: Combined ratio calculations
Combined ratio calculations Combined ratio – P&C Reinsurance USD m, unless otherwise stated Q3 2025 Q3 2024 9M 2025 9M 2024 Insurance revenue1 (A) 5 059 5 320 13 975 14 977 Allocation of reinsurance premiums (B) -417 -361 -1 032 -1 010 Insurance revenue (net) (C = A+B) 4 642 4 959 12 943 13 967 Insu
Slide 19: Investments
Investments ROI Q3 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q3 2025 Q3 2024 Investment result per income statement 690 397 148 10 -108 1 136 1 227 Less net investment income not included in ROI1 60 - -3 - - 57 47 Less investment gain
Slide 20: Investments
Investments ROI 9M 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation 9M 2025 9M 2024 Investment result per income statement 2 027 1 207 444 254 -366 3 566 3 455 Less net investment income not included in ROI1 165 -1 -7 - - 157 138 Less invest
Slide 21: Investments
Investments Breakdown of fixed income securities as of 30 September 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 59 5 34 1-5 years 20 42 29 Non-cyclical consumer goods & services 17
Slide 22: Investments
Investments Breakdown of selected asset classes as of 30 September 2025 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Commercial mortgage loans 26 Equities 977 Switzerland 54 Infrastructure debt 63 Equities FVPL 143 Germany 23 Direct
Slide 23: Capital position and leverage
Capital position and leverage Group SST ratio1 IFRS available capital and leverage Upcoming debt maturities3 (USD bn) (USD bn) 269% 268% 16% 15% Leverage ratio2 Senior debt 257% Subordinated debt 47.8 44.5 1.2 Senior debt 1.2 6.2 Subordinated debt 5.7 Target range 1.5 16.1 CSM net of tax 200-250% 15
Slide 24: 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 25: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2025 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 7 May Q1 2026 Results Conference call Investor Relations contacts Telephone E-m
Slide 26: 9M 2025 Results
(in) Swiss Re 9M 2025 Results 26
Slide 27: 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 28: 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