Swiss Re Ag · SIX:SREN
Swiss Re — The Octavian Seminar 2023
16 slides from Swiss Re's conference presentation, Jan 13, 2023
Slide 1: Swiss Re – Leading Global Re/Insurer
Swiss Re – Leading Global Re/Insurer The Octavian Seminar Giovanni Gentile, CFO Reinsurance Flims, 13 January 2023
Slide 2: Today’s focus areas
Today’s focus areas Group Business Capital strategy update management 2
Slide 3: Swiss Re in a nutshell
Swiss Re in a nutshell A truly global and diversified reinsurer… … with profitable long-term growth Group financial targets Asia >▪ Premium1 CAGR of 6% over FY 2012-21 14% 19% >▪ Market growth of 5-6% p.a. until 20302 USD 43bn1 49% Americas Return on equity3 EMEA 32% … with very strong capital posit
Slide 4: We run three distinct businesses supported by “one” Group foundation
We run three distinct businesses supported by “one” Group foundation Reinsurance is at the core of our business as a leading > global reinsurer Corporate Solutions is a specialised risk partner to > corporate clients iptiQ is our globally leading digital B2B2C insurance > platform, focusing on perso
Slide 5: Third quarter performance heavily impacted by elevated P&C Reinsurance loss activity
Third quarter performance heavily impacted by elevated P&C Reinsurance loss activity, while L&H Reinsurance and Corporate Solutions delivered strong results Swiss Re Group 9M 2022 Q3 2022 key figures key figures Combined ratio 106.1% 119.5% 1 258 P&C Net income Reinsurance Normalised4 (USD m) combin
Slide 6: Corporate Solutions well on track to achieve its 2022 combined ratio target
Corporate Solutions well on track to achieve its 2022 combined ratio target, while P&C Re’s result impacted by elevated nat cat losses and higher small- to mid-sized claims P&C Reinsurance Corporate Solutions 130% Reported Normalised1 130% Reported 125% 125% 120% 120% 115% 115% Combined ratio Combin
Slide 7: Nat cat book achieved resilient underwriting profits
In the past 10 years, our nat cat book achieved resilient underwriting profits, supported by our global scale, diversification and modelling capabilities US GAAP 100% 185% combined ratio of P&C Re nat cat book1 108% 88% 77% 80-90% 75% 65% 59% 70% 51% 36% 30% FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY 18
Slide 8: L&H Reinsurance with strong results in Q2 and Q3 2022
L&H Reinsurance with strong results in Q2 and Q3 2022, supported by significantly lower COVID-19 impacts COVID-19 800 mortality losses (US GAAP, USD m) 600 400 200 0 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q3 21 Q4 21 Q1 22 Q2 22 Q3 22 Net income1 (USD m) 299 -225 -2 -1 -193 64 97 -446 -230 232 219 • St
Slide 9: Rising interest rates provide significant uplift to recurring income
Rising interest rates provide significant uplift to recurring income 4.5 Recurring income yield1 and fixed income reinvestment yield (%) 4.1% 4.0 4.1% 3.5 fixed income reinvestment 3.0 2.8% yield in Q3 2022 2.5 2.0 Quarterly recurring income increased by USD ~100m 1.5 in Q3 2022 vs. Q3 2021 1.0 0.0
Slide 10: Positive outlook for 2023
Positive outlook for 2023 Hard P&C reinsurance market Geopolitical crisis Higher reinvestment yields Risk of elevated inflation Much improved earnings outlook in L&H Re (COVID-19, pre-2004 US book) Transition to IFRS in 2024 10
Slide 11: Our capital management priorities remain unchanged
Our capital management priorities remain unchanged Group SST ratio1 development Our capital management priorities 274% 269% Ensure superior Grow the regular dividend capitalisation with long-term earnings, and 251% at all times and maximise at a minimum maintain it financial flexibility 232% Capital
Slide 12: Key messages
Key messages • Swiss Re is truly global and diversified reinsurer with very strong capital position and attractive growth opportunities • 9M 2022 performance heavily impacted by elevated P&C Reinsurance loss activity, while L&H Reinsurance and Corporate Solutions are well on track to reach their 202
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Slide 14: Corporate calendar & contacts
Corporate calendar & contacts Corporate calendar 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 Hotline E-mail +41 43 285 44 44 Investor_Relations
Slide 15: 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 16: Legal notice
Legal notice ©2023 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