Swiss Re Ag · SIX:SREN
Swiss Re — FY2024 Earnings Presentation
38 slides from Swiss Re's earnings presentation, Feb 27, 2025
Slide 1: Annual Results 2024
Annual Results 2024 Swiss Re investor and analyst presentation Zurich, 27 February 2025
Slide 2: Strong result delivery in 2024, partially impacted by decisive reserving actions in P&C Re
Strong result delivery in 2024, partially impacted by decisive reserving actions in P&C Re in the third quarter Swiss Re Group Q4 2024 FY 2024 FY 2024 key figures key figures targets Net income 3 238 P&C (USD m)1 3 141 Reinsurance Combined ratio2 80.9% 89.9% <87% 1 056 Corporate Solutions Combined r
Slide 3: The Group benefited from disciplined underwriting and recurring investment income
The Group benefited from disciplined underwriting and recurring investment income Insurance revenue (USD bn) New business CSM (USD bn) Net income1 (USD bn) 45.6 5.0 43.9 4.3 Insurance service result 19.8 P&C Reinsurance 4.7 19.6 2.9 P&C Reinsurance 3.1 3.2 4.6 Investment result 3.6 16.4 17.1 L&H Rei
Slide 4: Successful outcome achieved in January P&C Re renewals
Successful outcome achieved in January P&C Re renewals Price change1 +2.8% USD bn Higher loss assumptions +4.2% Premium volume change +7.0% 0.9 13.3 12.4 0.4 11.9 • ~53% of treaty business renewed in January -0.5 • 7.0% premium volume increase • 2.8% price increase, with rate increases most pronounc
Slide 5: January renewals outcome reflects unchanged portfolio strategy, centred on property and specialty lines
January 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 Outcome Up for renewal Premium Outcome in January volume change January renewals
Slide 6: Recurring investment income supported by sustained positive interest rate environment
Recurring investment income supported by sustained positive interest rate environment Recurring income yield and reinvestment yield (%) 5.0 4.6% 4.5 4.0 4.6% 4.0% Reinvestment yield 3.5 in Q4 2024 3.0 2.5 Recurring income 2.0 increased by 1.5 USD 0.5bn 1.0 in FY 2024 vs. FY 2023 0.5 0.0 2019 2020 20
Slide 7: Swiss Re maintains a strong capital position
Swiss Re maintains a strong capital position Group SST ratio1 development (USD bn) 284% 261% 269% 257% • Group SST ratio as of 1 January 2025 remains above target range of 200- 215% 223% Target range 232% 250% 200-250% • Decrease of the Group SST ratio since 43.4 43.7 43.0 mid-year 2024 driven by: 4
Slide 8: Proposed dividend of USD 7.35 in line with aspiration to grow dividend per share
Proposed dividend of USD 7.35 in line with aspiration to grow dividend per share by ≥7% per year over the period 2025-2027 Ordinary dividend per share1 (USD) Capital management priorities 1 2 +8% Ensure superior capitalisation Grow the ordinary dividend at all times and maximise with long-term earni
Slide 9: 2025 financial targets reflect positive momentum for all Business Units
2025 financial targets reflect positive momentum for all Business Units 2025 financial targets Multi-year target P&C Reinsurance Reported combined ratio1 <85% Corporate Solutions Reported combined ratio2 <91% >14% Return on equity L&H Reinsurance Net income3 USD ~1.6bn Swiss Re Group Net income USD
Slide 10: Financial highlights
Financial highlights Annual Results 2024 10
Slide 11: Key figures FY 2024
Key figures FY 2024 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation FY 2024 FY 2023 • Insurance revenue 19 770 17 067 8 083 1 334 -656 45 598 43 898 • Insurance service result 1 841 1 533 1 018 -88 4 304 4 685 Combined ratio 89.9% 89.7% • Insura
Slide 12: P&C Reinsurance demonstrated strong underlying underwriting performance, partially offset by reserving actions
P&C Reinsurance demonstrated strong underlying underwriting performance, partially offset by decisive reserving actions taken in Q3 2024 Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio1 (%) 19.6 19.8 2 851 89.9 85.0 4.8 Expense ratio2 8.1 Property
Slide 13: Corporate Solutions outperformed combined ratio target
Corporate Solutions outperformed combined ratio target Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio2 (%) 8.1 91.0 7.6 89.7 1 018 Expense 24.3 3.3 Property 831 ratio3 959 845 CSM release 1 684 Assumed 1.7 Specialty Changes in RA 65.4 Loss ratio (
Slide 14: L&H Reinsurance delivered on net income target of USD 1.5bn
L&H Reinsurance delivered on net income target of USD 1.5bn Insurance revenue (USD bn) New business CSM (USD m) Insurance service result2 (USD m) Net income (USD m) 17.1 1 077 16.4 Insurance 1 533 1 533 service 1 328 result 1 779 CSM release3 1 328 1 532 1 441 Investment 1 574 1 748 result Changes i
Slide 15: L&H Reinsurance CSM balance impacted by assumption updates in Q4 2024
L&H Reinsurance CSM balance impacted by assumption updates in Q4 2024 CSM development (USD m) 584 1 077 -1 779 -1 285 -623 19 453 17 427 31 Dec 20231 New business CSM Interest accretion CSM release2 Change in assumptions Others2 31 Dec 2024 • New business CSM driven by all regions, with the highest
Slide 16: Investment result reflected strong recurring income
Investment result reflected strong recurring income Asset allocation1 (USD bn) Recurring income yield (RIY) and ROI (%) 107.0 104.3 RIY 3.5 4.0 10.8 10.4 5.6 ROI 4.0 0.0 Investment gains/losses 5.8 0.3 Other NII (inc. expenses) Equities and alternatives 3.2 42.3 40.0 Mortgages and other loans Credit
Slide 17: Additional information on Q4 2024 / FY 2024
Additional information on Q4 2024 / FY 2024 Annual Results 2024 17
Slide 18: Financial statements Q4 2024
Financial statements Q4 2024 Income statement Corporate Total USD m P&C Re L&H Re Solutions Group items Consolidation Q4 2024 Insurance revenue 4 793 4 512 2 291 444 -153 11 887 Insurance service expense -3 596 -4 210 -1 830 -453 30 -10 059 Insurance service result before reinsurance contracts held
Slide 19: Financial statements FY 2024
Financial statements FY 2024 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation FY 2024 FY 2023 Insurance revenue 19 770 17 067 8 083 1 334 -656 45 598 43 898 Insurance service expense -16 793 -15 044 -6 271 -1 422 393 -39 137 -37 429 Insurance service res
Slide 20: Financial statements FY 2024
Financial statements FY 2024 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 31 Dec 2024 31 Dec 2023 Cash and cash equivalents 1 649 1 335 713 436 0 4 133 4 555 Investments 61 902 32 410 10 415 2 597 -5 479 101 845 104 476 Fixed income securities 47 339 25 866 9 873 5
Slide 21: Financial statements FY 2024
Financial statements FY 2024 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m FY 2024 Shareholders' equity at 31 December 2023 20 471 Net income attributable to common shareholders 3 241 Dividends -1 978 Change in unrealised gains/losses on investmen
Slide 22: Investments
Investments ROI Q4 2024 Corporate Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q4 2024 Investment result per income statement 641 444 138 18 -145 1 096 Less net investment income not included in ROI1 56 - -3 - - 53 Less investment gains/losses not included i
Slide 23: Investments
Investments ROI FY 2024 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation FY 2024 FY 2023 Investment result per income statement 2 618 1 748 574 310 -699 4 551 3 572 Less net investment income not included in ROI1 206 -5 -10 - - 191 148 Less inves
Slide 24: Investments
Investments Breakdown of fixed income securities as of 31 December 2024 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % bonds AAA 10 9 9 <1 year 30 9 20 Financials 32 AA 66 5 37 1-5 years 23 45 34 Non-cyclical consumer goods & services 17
Slide 25: Investments
Investments Breakdown of selected asset classes as of 31 December 2024 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Commercial mortgage loans 28 Equities 904 Switzerland 51 Infrastructure debt 59 Equities FV PL 125 Germany 22 Direct
Slide 26: Insurance revenue by business segment
Insurance revenue by business segment Portfolio split by region and line of business (% of 2024 insurance revenue) P&C Reinsurance Corporate Solutions L&H Reinsurance 9% 18% 19% Americas Americas Americas 48% EMEA 48% EMEA EMEA 51% APAC APAC APAC 43% 34% 30% Property 8% Liability 6% 13% Motor 11% 1%
Slide 27: Insurance revenue by market
Insurance revenue by market Total Total USD m Life & Health Non-Life FY 2024 FY 2023 United States 7 807 10 416 18 223 17 827 United Kingdom 2 395 2 070 4 465 4 122 China 683 1 135 1 818 1 904 Australia 863 937 1 800 1 489 Germany 40 1 489 1 529 1 343 Canada 848 674 1 522 1 507 Ireland 241 1 198 1 4
Slide 28: Recap of P&C Re's reserving actions in Q3 2024
Recap of P&C Re’s reserving actions in Q3 2024 Positioning of overall P&C reserves within our best estimate range1 As of end Q3 2024 illustrative • Following a comprehensive reserve review, P&C Re significantly strengthened its US liability reserves by adding USD 2.45bn2 in Q3 Mid-point 2024, result
Slide 29: Overview of proposed capital management actions
Overview of proposed capital management actions • The Board of Directors will propose to the 2025 AGM: − Ordinary dividend of USD 7.35 per share − Renewal of the capital band expiring at the 2025 AGM: − upper limit of 85 million shares, as per the current capital band − lower limit of 31.7 million s
Slide 30: FY 2023 comparative information
FY 2023 comparative information Annual Results 2024 30
Slide 31: Financial statements FY 2023
Financial statements FY 2023 Income statement Corporate Total USD m P&C Re L&H Re Solutions Group items Consolidation FY 2023 Insurance revenue 19 590 16 437 7 556 981 -666 43 898 Insurance service expense -15 509 -15 119 -5 813 -1 190 202 -37 429 Insurance service result before reinsurance contract
Slide 32: Financial statements FY 2023
Financial statements FY 2023 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 31 Dec 2023 1 Jan 2023 Cash and cash equivalents 2 313 819 823 600 0 4 555 4 053 Investments 63 575 34 461 10 119 3 262 -6 941 104 476 100 320 Fixed income securities 47 647 28 123 9 497 670
Slide 33: Financial statements FY 2023
Financial statements FY 2023 Shareholders’ equity development and ROE calculation Total Shareholders’ equity development, USD m FY 2023 Shareholders' equity at 1 January 2023 17 051 Net income attributable to common shareholders 3 111 Dividends -1 850 Change in unrealised gains/losses on investments
Slide 34: Glossary
Glossary CSM Contractual service margin, gross of tax, unless otherwise stated Earnings per share Net income attributable to common shareholders after impact of perpetual capital instruments / weighted average shares outstanding Expense ratio P&C Reinsurance: directly attributable expenses / insuran
Slide 35: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2025 13 March Publication of Annual Report 2024 11 April 161st Annual General Meeting Zurich 16 May Q1 2025 Results Conference call 14 Aug H1 2025 Results Conference call 14 Nov 9M 2025 Results Conference call Investor Relations contacts Hotline E-m
Slide 36: Annual Results 2024
(in) Swiss Re Annual Results 2024 36
Slide 37: 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 38: 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