Slide 1: Sustainability Highlights 2025
Sustainability Highlights 2025 Swiss Re investor and analyst presentation Zurich, 12 March 2026
Slide 2: Contents
Contents Introduction 03 Climate-related disclosures 18 • Sustainability milestones • Climate Transition Plan • Sustainability highlights 2025 • Task Force on Climate-related Financial Disclosures (TCFD) • Sustainability ratings People 29 Approach to sustainability 07 • People strategy • Group Susta
Slide 3: Introduction
Introduction 3
Slide 4: Sustainability is an integral part of doing business at Swiss Re: selected milestones
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) emissions 2019 Committ
Slide 5: Swiss Re met all externally communicated sustainability targets for 2025
Swiss Re met all externally communicated sustainability targets for 2025, and continued to advance sustainability across underwriting, investments and operations People, operations Sustainability in underwriting Responsible investing and governance 54% 47% 81% 1.7% 2024: 52% 2024: 50% 2024: 84% 2024
Slide 6: Swiss Re's strong sustainability performance continues to be reflected in external ESG ratings
Swiss Re’s strong sustainability performance continues to be reflected in external ESG ratings Sustainability ratings1 MSCI2 CDP Climate Change Morningstar Sustainalytics3 As of 2025, Swiss Re AG received an As of December 2025, Swiss Re received As of December 2025, Swiss Re AG MSCI ESG Rating of A
Slide 7: Approach to sustainability
Approach to sustainability 7
Slide 8: Swiss Re's Group Sustainability Strategy has been updated in 2025
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 its underwriting, invest
Slide 9: Swiss Re disclosed its material sustainability topics based on its latest Group Materiality Assessment
Swiss Re disclosed its material sustainability topics based on its latest Group Materiality Assessment and in line with Swiss reporting requirements Material topics for Swiss Re’s sustainability reporting across the value chain Swiss Re’s activities Downstream activities (clients/investees) Own oper
Slide 10: Swiss Re's ESG Risk Framework helps to identify, assess and address sustainability risks
Swiss Re’s ESG Risk Framework helps to identify, assess and address sustainability risks • Swiss Re aims to apply the ESG Risk Framework to all activities undertaken by Swiss Re Group entities1 • Three umbrella guidelines provide an additional lens through which to examine a transaction’s potential
Slide 11: The ESG Risk Framework is implemented through the sustainability risk management process
The ESG Risk Framework is implemented through the sustainability risk management process and embedded in existing underwriting processes ~122 500 2024: ~126 000 Potential transactions screened for ESG risks by Swiss Re business practitioners in 2025 ~750 ESG risk referrals in 20251 2024: ~800 Number
Slide 12: Swiss Re's Responsible Investing strategy is based on three pillars
Swiss Re’s Responsible Investing strategy is based on three pillars and integrates climate considerations Swiss Re believes that integrating sustainability considerations into its investment strategy leads to better-informed decisions and supports the generation of attractive long-term, risk-adjuste
Slide 13: Swiss Re drives sustainability in underwriting with a comprehensive approach
Swiss Re drives sustainability in underwriting with a comprehensive approach: offering risk transfer solutions, managing sustainability risks, and engaging with clients Approach to sustainability in underwriting Actions taken Swiss Re offers risk transfer products and solutions and provides insights
Slide 14: Building societal resilience
Building societal resilience 14
Slide 15: Two-pillar strategy for building societal resilience through core business
As part of the Group Sustainability Strategy 2026 – 2028, Swiss Re continues to pursue a two-pillar strategy for building societal resilience through its core business Enhancing societal resilience by building commercial opportunities for positive societal impact Enhancing disaster resilience 1 2 En
Slide 16: Enhancing disaster resilience by providing natural catastrophe re/insurance
Enhancing disaster resilience by providing natural catastrophe re/insurance is part of Swiss Re’s core business and generates significant benefits for clients and society Recent examples: Societal level Natural catastrophe risk transfer solutions and services Individuals & Swiss Re co-delivered inno
Slide 17: Enhancing access to life and health protection through cedents and partners
Enhancing access to life and health protection through its cedents and partners is a key element of Swiss Re’s reinsurance business Recent examples: Access to life and health protection: risk transfer Societal level Swiss Re and Wysa expand access solutions and services to mental wellbeing resources
Slide 18: Climate-related disclosures
Climate-related disclosures 18
Slide 19: Swiss Re is committed to achieving net-zero greenhouse gas emissions by 2050
Climate Transition Plan TCFD Swiss Re is committed to achieving net-zero greenhouse gas emissions across its business by 2050 while continuing to manage physical climate risks Swiss Re implements its climate strategy to decarbonise its underwriting, investments and operations and tap into related bu
Slide 20: Net-zero transition approach centres on a decarbonisation strategy
Climate Transition Plan TCFD Swiss Re’s net-zero transition approach centres on a decarbonisation strategy, complemented by carbon removal and transition-supporting activities Swiss Re’s actions within its value chain… …and beyond Carbon removal Prioritisation criteria Decarbonisation strategy Trans
Slide 21: Decarbonisation strategy actions across underwriting, investments and operations
Climate Transition Plan TCFD Actions under the decarbonisation strategy and carbon removal approach reach across underwriting, investments and operations Underwriting Investments Operations Jointly transition: transition alongside clients, investees and vendors Engage with clients Engage with invest
Slide 22: Underwriting: Swiss Re achieved its 2025 climate target
Climate Transition Plan TCFD Underwriting: Swiss Re achieved its 2025 climate target and continued to progress towards its 2030 interim climate targets Targets Progress in 2025 Phase-out of thermal coal-related re/insurance Continued to engage with clients on thermal coal thresholds in place Achieve
Slide 23: Investments: Swiss Re commenced implementation of 2030 targets
Climate Transition Plan TCFD Investments: Swiss Re commenced implementation of 2030 targets Targets1 Progress in 2025 Decarbonisation targets Reduce the weighted average GHG intensity (Scope 1 and 2 emissions) of the direct 47% reduction in GHG intensity of the direct corporate bond and corporate bo
Slide 24: Operations: Swiss Re achieved its climate targets for 2025
Climate Transition Plan TCFD Operations: Swiss Re achieved its climate targets for 2025 and continued to invest in carbon removal Targets Progress in 2025 Scope 1 GHG emissions 36% reduction in absolute Scope 1 GHG emissions relative to the Reduce absolute Scope 1 GHG emissions of own operations by
Slide 25: Climate change considered a manageable risk based on scenario analyses
Climate Transition Plan TCFD Based on scenario analyses, Swiss Re considers climate change to be a manageable risk for its portfolios; business opportunities exist in core business areas While climate change will have significant effects on society and the economy, Swiss Re considers climate-related
Slide 26: Underwriting: Natural catastrophe property re/insurance loss drivers
Climate Transition Plan TCFD Underwriting: Natural catastrophe property re/insurance is impacted by various loss drivers which are captured by Swiss Re’s regularly updated models Climate change is one of several factors influencing Swiss Re’s natural catastrophe risk exposure. Currently, more impact
Slide 27: Underwriting: scenario analyses reveal modest impact on annual expected losses
Climate Transition Plan TCFD Underwriting: Swiss Re’s scenario analyses reveal relatively modest impact on annual expected losses from climate change Projected yearly changes in annual expected losses (AEL) until 2050 for portfolios reflecting the overall market are relatively modest compared with h
Slide 28: Investments: 2025 scenario analysis of climate-related risks
Climate Transition Plan TCFD Investments: Swiss Re’s 2025 scenario analysis considers climate-related risks for its portfolio to be low to medium given current risk management measures Asset classes Financial Risks Time horizon Scenarios used1 in scope2 materiality3 Swiss Re monitors and manages cli
Slide 29: People
People 29
Slide 30: People are a strategic enabler of Swiss Re's long-term value creation
People are a strategic enabler of Swiss Re's long-term value creation Swiss Re’s people are central to creating value for the business and advancing the Group’s strategic ambitions. The company fosters an environment that promotes learning and development and supports strong long-term performance. C
Slide 31: Swiss Re is committed to ensuring equal pay for equal work
Swiss Re is committed to ensuring equal pay for equal work Reward sustainable Attract, retain and • Swiss Re is committed to ensuring equal pay for equal work, mid- and long-term motivate top talent performance regardless of gender, race, ethnicity, sexual orientation or any other legally protected
Slide 32: Sustainability governance
Sustainability governance 32
Slide 33: Sustainability governance is part of Swiss Re's overall corporate governance
Sustainability governance is part of Swiss Re’s overall corporate governance The Board of Directors and each of the Board committees as well as the Group Executive Committee (Group EC) and all Group EC members have responsibilities related to sustainability. Key responsibilities are with the Governa
Slide 34: Board composition is guided by skills, experience and principles of inclusion
Board composition is guided by skills, experience and principles of inclusion The Board assembles the necessary qualifications, skills and Of the twelve members of the Board, five are women and background to perform all required responsibilities. Furthermore, considerations with regards to, among ot
Slide 35: Acronyms and contacts
Acronyms and contacts 35
Slide 36: Acronyms
Acronyms AEL Annual expected losses OECD Organisation for Economic Co-operation and Development CDP Carbon Disclosure Project PRI Principles for Responsible Investment EMEA Europe, the Middle East, and Africa RCP Representative Concentration Pathway ESG Environmental, social and governance SAA Strat
Slide 37: Contacts
Contacts Sustainability contacts Investor Relations contacts E-mail Hotline E-mail Group_SustainabilityReporting@swissre.com +41 43 285 4444 Investor_Relations@swissre.com Martin Weymann Jutta Bopp Thomas Bohun +41 43 285 9555 +49 69 767 255 110 +41 43 285 8118 37
Slide 38: @ Swiss Re
@ Swiss Re 38
Slide 39: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements 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 does not directly
Slide 40: Legal notice
Legal notice ©2026 Swiss Re. All rights reserved. You may use this document and the information contained herein for private or internal purposes only, and any copyright or other proprietary notices must not be removed. You are not permitted to modify, reproduce, create any derivative works of this