Slide 1: 9M 2024 Results
9M 2024 Results Swiss Re investor and analyst presentation Zurich, 14 November 2024
Slide 2: 9M 2024 result driven by resilient underwriting and investment performance
9M 2024 result driven by resilient underwriting and investment performance, partially offset by decisive strengthening of P&C Re’s US liability reserves in Q3 2024 Swiss Re Group Q3 2024 9M 2024 FY 2024 key figures key figures targets Net income P&C (USD m) 2 190 Reinsurance Combined ratio1 108.3% 9
Slide 3: The Group benefits from disciplined underwriting and recurring investment income
The Group benefits from disciplined underwriting and recurring investment income Insurance revenue (USD bn) New business CSM (USD bn) Group net income (USD bn) 33.7 4.2 2.9 Insurance service result 15.0 P&C Reinsurance 2.7 P&C Reinsurance 2.2 3.5 Investment result 12.6 L&H Reinsurance -1.8 Insurance
Slide 4: Reserving actions position overall P&C reserves at higher end of best estimate range
Reserving actions position overall P&C reserves at higher end of best estimate range Positioning of overall P&C reserves within the best estimate range1 illustrative Mid-point • Following a comprehensive reserve review, considering the latest industry data and legal trends, P&C Re strengthened its i
Slide 5: Actions address reserve developments across entire US liability portfolio in P&C Re
Actions address reserve developments across entire US liability portfolio in P&C Re Overall P&C reserves as of 30 September 2024 P&C Re US liability ultimate loss ratio by underwriting year (UWY) 100% 120% Property 100% 80% Motor 80% Ultimate loss ratio as of year-end 2023 60% 60% Reserve additions
Slide 6: Swiss Re maintains a strong capital position; lower SST headline ratio
Swiss Re maintains a strong capital position; lower SST headline ratio offset by reduced sensitivity to interest rates Group SST ratio1 development (USD bn) 306% 294% 284% • Group SST ratio as of 1 July 2024 reflects methodology updates, which reduce the headline 223% Target range 232% 215% 200-250%
Slide 7: Recurring investment income continues to benefit from higher reinvestment yield
Recurring investment income continues to benefit from higher reinvestment yield Recurring income yield and reinvestment yield (%) 5.0 4.6% 4.5 4.6% 4.0 Reinvestment yield 4.1% 3.5 in Q3 2024 3.0 2.5 Recurring income 2.0 increased by 1.5 USD ~0.4bn 1.0 in 9M 2024 vs. 9M 2023 0.5 0.0 2019 2020 2021 20
Slide 8: Financial highlights
Financial highlights 9M 2024 Results 8
Slide 9: Key figures 9M 2024
Key figures 9M 2024 Corporate Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation 9M 2024 • Insurance revenue 14 977 12 555 5 792 890 -503 33 711 • Insurance service result 1 010 1 240 739 -81 2 908 Combined ratio 92.8% 89.4% • Insurance finance result -1 120 -493
Slide 10: P&C Reinsurance's strong underwriting result more than offset reserve repositioning
P&C Reinsurance’s strong underwriting result more than offset impact of reserve repositioning to the higher end of the best estimate range Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio1 (%) 15.0 2 658 92.8 4.5 Expense ratio2 6.7 Property 2 737 CS
Slide 11: L&H Reinsurance result driven by large in-force book
L&H Reinsurance result driven by large in-force book Insurance revenue (USD bn) New business CSM (USD m) Insurance service result2 (USD m) Net income (USD m) 12.6 894 Insurance service 1 240 result 1 240 1 325 CSM release3 1 204 1 304 Investment result Changes in RA 439 (current/past)4 -493 Insuranc
Slide 12: L&H Reinsurance CSM balance remains stable, supported by new business
L&H Reinsurance CSM balance remains stable, supported by new business CSM development (USD m) 439 894 -1 325 -161 -31 19 481 19 297 31 Dec 20231 New business CSM Interest accretion CSM release2 Change in assumptions Other including fx2 30 Sep 2024 • New business CSM driven by all regions, with the h
Slide 13: Corporate Solutions maintains strong business performance
Corporate Solutions maintains strong business performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio2 (%) 5.8 89.4 739 23.4 Expense ratio3 2.3 Property 594 628 CSM release 1 136 Assumed 1.2 Specialty 1 136 Changes in RA 66.0 Loss ratio (curren
Slide 14: Investment result reflects higher recurring income
Investment result reflects higher recurring income Asset allocation1 (USD bn) Recurring income yield (RIY) and ROI (%) 107.0 109.4 RIY 4.0 10.8 11.1 5.7 5.9 ROI 3.9 0.1 Investment gains/losses Equities and alternatives 0.3 Other NII (incl. expenses) 42.1 41.4 Mortgages and other loans Credit bonds G
Slide 15: Additional information
Additional information 9M 2024 Results 15
Slide 16: Financial statements Q3 2024
Financial statements Q3 2024 Income statement Corporate Total USD m P&C Re L&H Re Solutions Group items Consolidation Q3 2024 Insurance revenue 5 198 3 868 1 995 309 -138 11 232 Insurance service expense -5 360 -3 601 -1 381 -324 -59 -10 725 Insurance service result before reinsurance contracts held
Slide 17: Financial statements 9M 2024
Financial statements 9M 2024 Income statement Corporate Total USD m P&C Re L&H Re Solutions Group items Consolidation 9M 2024 Insurance revenue 14 977 12 555 5 792 890 -503 33 711 Insurance service expense -13 197 -10 834 -4 441 -969 363 -29 078 Insurance service result before reinsurance contracts
Slide 18: Financial statements 9M 2024: Balance sheet
Financial statements 9M 2024 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Sep 2024 31 Dec 20231 Cash and cash equivalents 1 820 1 069 1 082 544 0 4 515 4 555 Investments 64 829 33 851 10 462 2 952 -5 663 106 431 104 858 Fixed income securities 49 266 27 835 9 92
Slide 19: Shareholders' equity development and ROE calculation
Financial statements 9M 2024 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m 9M 2024 Shareholders' equity at 31 December 2023 20 242 Net income attributable to common shareholders 2 190 Dividends -1 978 Change in unrealised gains/losses on investmen
Slide 20: Investments: ROI Q3 2024
Investments ROI Q3 2024 Corporate Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q3 2024 Investment result per income statement 728 477 147 123 -248 1 227 Less net investment income not included in ROI1 52 -2 -3 - - 47 Less investment gains/losses not included
Slide 21: Investments: ROI 9M 2024
Investments ROI 9M 2024 Corporate Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation 9M 2024 Investment result per income statement 1 977 1 304 436 292 -554 3 455 Less net investment income not included in ROI1 150 -5 -7 - - 138 Less investment gains/losses not in
Slide 22: Investments: breakdown of selected asset classes
Investments Breakdown of selected asset classes as of 30 September 2024 Fixed income securities Mortgages and loans Government Credit % bonds bonds Total USD m Total AAA 10 8 9 Net carrying value 6 040 AA 69 5 39 Fair value 5 894 A 13 33 22 BBB 3 47 24 <BBB 2 2 2 Equity and alternative investments I
Slide 23: Group SST ratio sensitivities
Group SST ratio Sensitivities as of 1 July 2024 Financial market sensitivities Insurance stresses Resulting estimated Group SST ratio 7/2024 Resulting estimated Group SST ratio 7/20241 Group SST Group SST 7/2024 7/2024 284% 284% Equity markets (-25%) 284% 237% 1 in 200-year Atlantic hurricane (USD 6
Slide 24: Glossary
Glossary CSM Contractual service margin, gross of tax, unless otherwise stated Earnings per share Net income attributable to shareholders after impact of perpetual capital instruments / weighted average shares outstanding Expense ratio P&C Reinsurance: directly attributable expenses / insurance reve
Slide 25: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2024 13 December Management Dialogue 2024 London 2025 27 February Annual Results 2024 Conference call 13 March Publication of Annual Report 2024 11 April 161st Annual General Meeting Zurich 16 May Q1 2025 Results Conference call Investor Relations c
Slide 26: 9M 2024 Results
(in) Swiss Re 9M 2024 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
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