Swiss Re Ag · SIX:SREN
Swiss Re — Q1 2025 Earnings Presentation
28 slides from Swiss Re's earnings presentation, May 16, 2025
Slide 1: First Quarter 2025 Results
First Quarter 2025 Results Swiss Re investor and analyst presentation Zurich, 16 May 2025
Slide 2: Key messages
Key messages Good start to the year: net income of USD 1.3bn and ROE of 22.4% for the first quarter of 2025. All Business Units are well-positioned to deliver on 2025 targets, despite a challenging environment Large losses of USD 0.9bn in P&C businesses offset by strong underlying performances acros
Slide 3: Strong Group result driven by contributions from all Business Units
Strong Group result driven by contributions from all Business Units Swiss Re Group Q1 2025 FY 2025 key figures targets Net income1 P&C (USD m) 1 275 Reinsurance Combined ratio 86.0% <85% 1 096 Corporate Solutions Combined ratio 88.4% <91% Q1 2024 Q1 2025 L&H Reinsurance Net income (USD) 439m ~1.6bn
Slide 4: Resilient new business margins; elevated large loss activity offset by strong underlying and investment results
Resilient new business margins; elevated large loss activity offset by strong underlying and investment results Insurance revenue (USD bn) New business CSM (USD bn) Net income1 (USD bn) 11.7 1.8 1.7 10.4 1.4 1.3 Insurance service result 5.0 4.5 P&C Reinsurance 1.3 1.4 1.4 P&C Reinsurance 1.1 1.3 Inv
Slide 5: Successful outcome achieved in year-to-date renewals
Successful outcome achieved in year-to-date renewals Price change1 +2.6% Year-to-date renewals Higher loss assumptions +4.0% • ~65% of treaty business renewed Premium volume change +5.9% • +5.9% premium volume increase 1.4 15.3 • +2.6% price increase, with rate increases USD bn 14.5 most pronounced
Slide 6: Year-to-date renewals outcome reflects unchanged portfolio strategy, centred on property and specialty lines
Year-to-date renewals outcome reflects unchanged portfolio strategy, centred 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 interest rate environment
Recurring investment income supported by interest rate environment Recurring income yield and reinvestment yield (%) 5.0 4.5 USD 1bn 4.0 Recurring income 3.5 in Q1 2025 3.0 2.5 4.1% 2.0 Recurring income yield in Q1 2025 1.5 1.0 0.5 4.5% 0.0 Reinvestment yield 2019 2020 2021 2022 2023 2024 Q1 2025 in
Slide 8: Financial highlights
Financial highlights First Quarter 2025 Results 8
Slide 9: Key figures Q1 2025
Key figures Q1 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q1 2025 Q1 2024 • Insurance revenue 4 465 4 055 1 759 301 -175 10 405 11 676 • Insurance service result 575 456 240 -1 1 270 1 352 Combined ratio 86.0% 88.4% • Insurance finance
Slide 10: P&C Reinsurance delivered resilient underwriting performance, despite large loss activity
P&C Reinsurance delivered resilient underwriting performance, despite large loss activity Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 5.0 1 442 1 408 84.7 86.0 4.5 4.9 5.1 Expense ratio 2.0 704 953 1.8 Property 575 710 CSM release Loss and
Slide 11: Corporate Solutions maintained performance with strong first quarter
Corporate Solutions maintained performance with strong first quarter Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 1.8 1.8 89.9 88.4 240 25.0 0.7 213 25.5 Expense ratio 0.7 Property 287 294 Assumed 258 196 CSM release -16 -21 Changes in RA 0.
Slide 12: L&H Reinsurance reported solid first quarter result
L&H Reinsurance reported solid first quarter result Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 4.8 392 4.1 344 Insurance service 456 434 456 3.0 4341 result 2.5 Mortality 423 432 CSM release 439 412 409 427 Investment result Changes in ris
Slide 13: L&H Reinsurance new business CSM and interest accretion ahead of CSM release
L&H Reinsurance new business CSM and interest accretion ahead of CSM release CSM development (USD m) 129 344 -432 -14 131 17 585 17 427 31 Dec 2024 New business CSM Interest accretion CSM release Change in assumptions Others 31 Mar 2025 • ‘Others’ driven by currency translation impacts due to streng
Slide 14: Investment result reflects strong recurring income and benefit from investment gains
Investment result reflects strong recurring income and benefit from investment gains Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 108.6 104.3 RIY 3.9% 4.1% 10.4 Equities and alternatives 10.4 ROI 4.0% 4.4% 6.1 Mortgages and other loans 5.8 1 146 40.5 Credit bonds 1 059 40.0
Slide 15: Appendix
Appendix First Quarter 2025 Results 15
Slide 16: Financial statements Q1 2025
Financial statements Q1 2025 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q1 2025 Q1 2024 Insurance revenue 4 465 4 055 1 759 301 -175 10 405 11 676 Insurance service expense -3 804 -3 599 -1 335 -305 40 -9 003 -9 436 Insurance service result before
Slide 17: Financial statements Q1 2025
Financial statements Q1 2025 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 31 Mar 2025 31 Dec 2024 Cash and cash equivalents 3 279 777 667 259 0 4 982 4 133 Investments 63 174 32 532 11 206 2 664 -4 996 104 580 101 845 Fixed income securities 49 028 26 434 10 680 68
Slide 18: Financial statements Q1 2025
Financial statements Q1 2025 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m Q1 2025 Shareholders' equity at 31 December 2024 21 892 Net income attributable to common shareholders 1 267 Dividends 0 Change in unrealised gains/losses on investments 25
Slide 19: Combined ratio calculations
Combined ratio calculations Combined ratio – P&C Reinsurance USD m, unless otherwise stated Q1 2025 Q1 2024 Insurance revenue (A) 4 465 4 964 Allocation of reinsurance premiums (B) -360 -352 Insurance revenue (net) (C = A+B) 4 105 4 612 Insurance service expense (D) -3 804 -3 998 Amounts recoverable
Slide 20: Investments
Investments ROI Q1 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q1 2025 Q1 2024 Investment result per income statement 753 427 155 63 -131 1 267 1 142 Less net investment income not included in ROI1 52 -1 -2 -1 - 48 48 Less investment ga
Slide 21: Investments
Investments Breakdown of fixed income securities as of 31 March 2025 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % bonds AAA 9 8 9 <1 year 30 8 20 Financials 31 AA 66 5 37 1-5 years 22 41 31 Non-cyclical consumer goods & services 17 A 18
Slide 22: Investments
Investments Breakdown of selected asset classes as of 31 March 2025 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Commercial mortgage loans 28 Equities 947 Switzerland 51 Infrastructure debt 60 Equities FV PL 123 Germany 23 Direct le
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% 16% 17% Leverage ratio2 Senior debt 257% 254% Subordinated debt 47.9 44.5 1.2 Senior debt 1.2 6.9 Subordinated debt 5.7 Target range 16.4 CSM net of tax 200-250% 15.7 1
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 14 Aug H1 2025 Results Conference call 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 Investor Relations contacts Hotline E-mail +
Slide 26: First Quarter 2025 Results
First Quarter 2025 Results 26
Slide 27: 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 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