Swiss Re Ag · SIX:SREN
Swiss Re — Q1 2026 Earnings Presentation
28 slides from Swiss Re's earnings presentation, May 7, 2026
Slide 1: First Quarter 2026 Results
First Quarter 2026 Results Swiss Re investor and analyst presentation Zurich, 7 May 2026 First Quarter 2026 Results
Slide 2: Financial highlights from Q1 2026 results
Financial highlights from Q1 2026 results Q1 2026 results: Group net income of USD 1.5bn and ROE of 23.6%, driven by contributions from all Business Units and supported by strong investment result > P&C Reinsurance – combined ratio of 79.5%: underwriting discipline, supported by low level of large n
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 2026 FY 2026 Net income key figures targets 1 513 (USD m) 1 275 P&C Combined ratio 79.5% <85% Reinsurance Corporate Combined ratio 85.1% <91% Solutions Q1 2025 Q1 2026 Earnings per 4.31 5.11 share (USD) L&H Net inc
Slide 4: Lower insurance revenues and new business margins reflect more challenging P&C market conditions
Lower insurance revenues and new business margins reflect more challenging P&C market conditions; increased insurance service result driven by low level of large losses Insurance revenue (USD bn) New business CSM (USD bn) Net income (USD bn) 10.4 1.7 10.0 4.5 1.7 Insurance service result 4.5 4.1 P&C
Slide 5: Year-to-date P&C Re renewals reflect underwriting discipline in a challenging market
Year-to-date P&C Re renewals reflect underwriting discipline in a challenging market; outcome continues to support 2026 combined ratio target Price change1 +0.0% Higher loss assumptions +4.4% Year-to-date renewals • ~67% of treaty business renewed Premium volume change -2.0% • -2.0% gross premium vo
Slide 6: Year-to-date P&C Re renewals outcome reflects continued focus on cycle management and portfolio quality
Year-to-date P&C Re renewals outcome reflects continued focus on cycle management and portfolio quality 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 YTD
Slide 7: Recurring investment income supported by solid locked-in yields
Recurring investment income supported by solid locked-in yields Recurring income yield and reinvestment yield (%) 5.0 4.5 USD 1bn 4.0 Recurring income in Q1 2026 3.5 3.0 4.1% 2.5 Recurring income yield in Q1 2026 2.0 1.5 4.3% 1.0 Reinvestment yield 0.5 in Q1 2026 — 2019 2020 2021 2022 2023 2024 2025
Slide 8: Financial highlights
Financial highlights First Quarter 2026 Results 8
Slide 9: Key figures Q1 2026
Key figures Q1 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q1 2026 Q1 2025 • Insurance revenue 4 085 4 295 1 682 109 -137 10 034 10 405 • Insurance service result 795 547 286 22 1 651 1 270 Combined ratio 79.5 % 85.1 % • Insurance finan
Slide 10: P&C Reinsurance result driven by disciplined underwriting and low nat cat burden
P&C Reinsurance result driven by disciplined underwriting and low nat cat burden Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 4.5 1 408 86.0 4.1 795 79.5 5.1 5.8 Expense ratio 1.8 1 042 621 CSM release 1.6 Property 575 710 100 Changes in RA
Slide 11: Corporate Solutions continued to deliver strong underwriting performance
Corporate Solutions continued to deliver strong underwriting performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 1.8 88.4 1.7 85.1 0.7 286 25.5 0.7 294 192 24.4 Expense ratio 0.7 Property 276 Assumed CSM release 240 5 0.7 -21 196 25 Cha
Slide 12: L&H Reinsurance result reflects resilient in-force margins and favourable experience
L&H Reinsurance result reflects resilient in-force margins and favourable experience Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 4.3 344 4.1 547 456 Insurance service 456 547 result 491 2.4 Mortality 379 CSM release 439 2.5 432 2.5 427 164
Slide 13: L&H Reinsurance maintains a robust CSM balance
L&H Reinsurance maintains a robust CSM balance CSM development (USD m) 124 164 33 -379 -122 16 954 16 775 31 Dec 2025 New business CSM Interest accretion CSM release Change in assumptions Other 31 Mar 2026 • Other driven mainly by currency translation impacts due to strengthening of US dollar agains
Slide 14: Strong investment performance driven by recurring income and disposal gains
Strong investment performance driven by recurring income and disposal gains Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 111.5 110.3 RIY 4.1% 4.1% 13.0 11.3 Equities and alternatives ROI 4.4% 4.6% 6.9 7.0 Mortgages and other loans 1 233 1 146 189 Investment gains/losses 41.
Slide 15: Appendix
Appendix First Quarter 2026 Results 15
Slide 16: Financial statements Q1 2026 – Income statement
Financial statements Q1 2026 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q1 2026 Q1 2025 Insurance revenue 4 085 4 295 1 682 109 -137 10 034 10 405 Insurance service expense -3 129 -3 718 -1 096 -86 0 -8 029 -9 003 Insurance service result before re
Slide 17: Financial statements Q1 2026 – Balance sheet
Financial statements Q1 2026 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 31 Mar 2026 31 Dec 2025 Cash and cash equivalents 1 984 720 748 291 0 3 742 2 743 Investments 63 364 33 214 11 557 2 337 -3 144 107 328 108 750 Fixed income securities 49 444 26 553 11 049 75
Slide 18: Shareholders' equity development and ROE calculation
Financial statements Q1 2026 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m Q1 2026 Shareholders' equity at 31 December 2025 25 114 Net income attributable to common shareholders 1 506 Dividends 0 Change in unrealised gains/losses on investments -7
Slide 19: Combined ratio calculations
Combined ratio calculations P&C Reinsurance USD m, unless otherwise stated Q1 2026 Q1 2025 Insurance revenue (A) 4 085 4 465 Allocation of reinsurance premiums (B) -215 -360 Insurance revenue (net) (C = A + B) 3 870 4 105 Insurance service expense (D) -3 129 -3 804 Amounts recoverable from reinsurer
Slide 20: Investments – ROI Q1 2026
Investments ROI Q1 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q1 2026 Q1 2025 Investment result per income statement 793 326 172 172 -104 1 359 1 267 Less net investment income not included in ROI1 44 0 -1 0 0 43 48 Less investment gai
Slide 21: Investments – fixed income securities breakdown
Investments Breakdown of fixed income securities as of 31 March 2026 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % bonds AAA 13 9 11 <1 year 37 8 24 Financials 30 AA 65 5 37 1-5 years 21 39 29 Non-cyclical consumer goods & services 17 A
Slide 22: Investments – selected asset classes breakdown
Investments Breakdown of selected asset classes as of 31 March 2026 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Infrastructure debt 65 Listed equity 713 Switzerland 54 Commercial mortgage loans 25 Listed equity - FVPL1 228 Germany
Slide 23: Capital position and leverage
Capital position and leverage Group SST ratio1,2 IFRS available capital and leverage2 Upcoming debt maturities4 (USD bn) (USD bn) 15% 14% 257% Leverage ratio3 Senior debt Subordinated debt 250% 252% 47.9 48.6 1.2 0.9 Senior debt 1.5 6.2 6.1 Subordinated debt Target range 0.3 15.4 15.6 CSM net of tax
Slide 24: Glossary
Glossary A&H Accident & Health Associates An associate is an entity over which the investor has significant influence Combined ratio P&C Reinsurance: (insurance service expense + amounts recoverable from reinsurers for incurred claims) / (insurance revenue + allocation of reinsurance premiums) Corpo
Slide 25: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2026 6 August H1 2026 Results Conference call 5 November 9M 2026 Results Conference call 2027 26 Feb Annual Results 2026 Conference call 12 Mar Publication of Annual Report 2026 Investor Relations contacts Telephone E-mail +41 43 285 4444 Investor_R
Slide 26: First Quarter 2026 Results
First Quarter 2026 Results 26
Slide 27: Cautionary note on forward-looking statements and disclaimer
Cautionary note on forward-looking statements and disclaimer 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 do
Slide 28: 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