Swiss Re Ag · SIX:SREN
Swiss Re — H1 2026 Earnings Presentation
31 slides from Swiss Re's earnings presentation, Aug 6, 2026
Slide 1: Half-Year 2026 Results
Half-Year 2026 Results Swiss Re investor and analyst presentation Zurich, 6 August 2026 Half-Year 2026 Results
Slide 2: Financial highlights from H1 2026 results
Financial highlights from H1 2026 results H1 2026 results: Group net income of USD 2.8bn, EPS of USD 9.57 and ROE of 22.7%, driven by strong contributions from all Business Units and supported by solid investment result > P&C Reinsurance – combined ratio of 76.7%: underwriting discipline, supported
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 Q2 2026 H1 2026 FY 2026 Net income key figures key figures targets 2 833 (USD m) 2 605 P&C Combined ratio 74.0% 76.7% <85% Reinsurance 1 330 1 320 Corporate Combined ratio 87.0% 86.1% <91% Solutions Q2 2025 Q2 2026 H1
Slide 4: Lower insurance revenue and new business margins reflect challenging P&C market conditions
Lower insurance revenue and new business margins reflect challenging P&C market conditions; increased insurance service result driven by low level of large nat cat losses Insurance revenue (USD bn) New business CSM (USD bn) Net income (USD bn) 20.9 3.1 20.3 4.5 8.9 3.5 Insurance service result 8.2 P
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 -0.2% Year-to-date renewals Higher loss assumptions +4.4% • ~88% of treaty business renewed • +0.5% gross premium volume increase vs. the Premiu
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 higher locked-in yields
Recurring investment income supported by higher locked-in yields Recurring income yield and reinvestment yield (%) 5.5 5.0 USD 2bn 4.5 Recurring income in H1 2026 4.0 3.5 3.0 4.2% Recurring income yield 2.5 in H1 2026 2.0 1.5 5.2% 1.0 Reinvestment yield in Q2 2026 0.5 — 2019 2020 2021 2022 2023 2024
Slide 8: Operating cost reduction target raised to USD 500m by 2028
Operating cost reduction target raised to USD 500m by 2028 Operating cost run-rate reduction1 2024 2025 2026E 2027E 2028E USD ~3.9bn USD >100m USD 300m USD 500m Core costs Cost reduction Well on track to deliver Increased target, delivered on initial target reflecting USD 200m additional cost reduct
Slide 9: Financial highlights
Financial highlights Half-Year 2026 Results 9
Slide 10: Key figures H1 2026
Key figures H1 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 • Insurance revenue 8 241 8 420 3 614 266 -277 20 264 20 947 • Insurance service result 1 821 1 158 578 -93 3 464 3 003 Combined ratio 76.7 % 86.1 % • Insurance
Slide 11: P&C Re result driven by strong underwriting performance and low nat cat burden
P&C Re result driven by strong underwriting performance and low nat cat burden Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 8.9 2 185 8.2 1 821 81.1 76.7 5.2 1 568 1 192 CSM release 5.8 Expense ratio 3.6 3.2 Property 1 567 1 399 195 Changes
Slide 12: 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 (%) 3.7 88.2 86.1 3.6 578 0.7 515 24.6 26.2 Expense ratio 1.5 1.4 Property 404 CSM release 657 Assumed 262 550 0.7 201 451 66 C
Slide 13: L&H Re result reflects resilient in-force margins and favourable experience
L&H Re 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) 8.4 8.0 569 1 158 Insurance service 931 931 1 158 result 758 CSM release 1 045 4.6 Mortality 4.7 833 865 865 2.5 338 811
Slide 14: L&H Re maintains a robust CSM balance
L&H Re maintains a robust CSM balance CSM development (USD m) 250 338 49 -758 -134 16 917 16 661 1 31 Dec 2025 New business CSM Interest accretion CSM release Change in assumptions Other 30 Jun 2026 • Other driven mainly by currency translation impacts due to strengthening of US dollar against other
Slide 15: Investment performance driven by strong recurring income
Investment performance driven by strong recurring income Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 111.5 RIY 4.1% 4.2% 108.8 13.0 ROI 4.1% 4.0% 12.1 Equities and alternatives 6.9 7.8 Mortgages and other loans 2 149 2 155 153 66 64 Investment gains/losses 27 41.8 42.6 Cre
Slide 16: Appendix
Appendix Half-Year 2026 Results 16
Slide 17: Financial statements Q2 2026
Financial statements Q2 2026 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025 Insurance revenue 4 156 4 198 1 933 85 -141 10 230 10 542 Insurance service expense -2 933 -3 551 -1 436 -198 62 -8 056 -8 463 Insurance service result before r
Slide 18: Financial statements H1 2026
Financial statements H1 2026 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 Insurance revenue 8 241 8 420 3 614 266 -277 20 264 20 947 Insurance service expense -6 062 -7 192 -2 532 -361 62 -16 085 -17 466 Insurance service result befor
Slide 19: Financial statements H1 2026
Financial statements H1 2026 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Jun 2026 31 Dec 2025 Cash and cash equivalents 1 978 687 911 354 0 3 930 2 743 Investments 61 086 33 301 11 853 2 362 -2 999 105 602 108 750 Fixed income securities 47 142 25 657 11 205 81
Slide 20: Financial statements H1 2026
Financial statements H1 2026 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m H1 2026 Shareholders' equity at 31 December 2025 25 114 Net income attributable to common shareholders 2 831 Dividends -2 357 Share buyback -683 Change in unrealised gains/
Slide 21: Combined ratio calculations
Combined ratio calculations P&C Reinsurance USD m, unless otherwise stated Q2 2026 Q2 2025 H1 2026 H1 2025 Insurance revenue (A) 4 156 4 451 8 241 8 916 Allocation of reinsurance premiums (B) -216 -254 -431 -614 Insurance revenue (net) (C = A + B) 3 940 4 197 7 810 8 302 Insurance service expense (D
Slide 22: Investments
Investments ROI Q2 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025 Investment result per income statement 493 290 134 131 -126 922 1 162 Less net investment income not included in ROI1 46 0 -3 0 0 44 51 Less investment gains
Slide 23: Investments
Investments ROI H1 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 Investment result per income statement 1 286 616 306 310 -237 2 281 2 429 Less net investment income not included in ROI1 91 0 -4 0 0 87 99 Less investment g
Slide 24: Investments
Investments Breakdown of fixed income securities as of 30 June 2026 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % bonds AAA 13 9 11 <1 year 32 7 20 Financials 30 AA 62 5 33 1-5 years 21 40 31 Non-cyclical consumer goods & services 17 A 1
Slide 25: Investments
Investments Breakdown of selected asset classes as of 30 June 2026 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Infrastructure debt 65 Listed equity 1 658 Switzerland 54 Commercial mortgage loans 25 Listed equity - FVPL1 1 269 Germa
Slide 26: Capital position and leverage
Capital position and leverage Group SST ratio1 IFRS available capital and leverage Upcoming debt maturities4 (USD bn) (USD bn) 264% 15% 16% Leverage ratio3 257% Senior debt Subordinated debt 250% 47.9 47.8 1.2 0.9 Senior debt 1.6 6.2 7.0 Subordinated debt Target range 0.3 15.4 1.1 200-250% 15.4 CSM
Slide 27: 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 28: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2026 5 November 9M 2026 Results Conference call 4 December Financial Targets 2027 Conference call 2027 26 Feb Annual Results 2026 Conference call 12 Mar Publication of Annual Report 2026 14 Apr 163rd Annual General Meeting Zurich Investor Relations
Slide 29: Half-Year 2026 Results
026 Results 29 (mi) Swiss Re Halt-Year
Slide 30: 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 31: 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