Financial information document(9m-2026-slides-presentation)

‌9M 2026 Results

Swiss Re investor and analyst presentation Zurich, 5 November 2026

9M 2026 results: Group net income of USD 4.2bn, EPS of USD 14.17 and ROE of 22.5%, driven by strong contributions from all Business Units and supported by solid investment result

• P&C Reinsurance - combined ratio of 77.3%: strong underwriting result, supported by lower-than-expected large nat cat losses

• Corporate Solutions - combined ratio of 86.4%: consistent underwriting performance and lower-than-expected large nat cat losses

• L&H Reinsurance - net income of USD 1.5bn: resilient in-force margins, complemented by favourable experience

• Investments - ROI of 4.0%: strong recurring investment income

Group SST ratio estimated at 259% as of 1 October 2026, above target range of 200-250%

Approximately 95% of the USD 1.5bn share buyback programme executed between March-October 2026

The Group and all Business Units are well on track towards 2026 financial targets

4.0%

4.1%

4.0%

4.1%

Return on

investments

22.5%

22.5%

22.0%

22.7%

Return on

equity

14.17

13.24

4.60

4.53

Earnings per

share (USD)

Q3 2025 Q3 2026 9M 2025 9M 2026

1 339

1 432

4 173

4 037

Swiss Re Group

Net income

(USD m)

4.5bn

4 173m

1 339m

Net income (USD)

Swiss Re

Group

1.7bn

1 527m

482m

Net income (USD)

L&H

Reinsurance

<91%

86.4%

87.0%

Combined ratio

Corporate

Solutions

<85%

77.3%

78.3%

Combined ratio

P&C

Reinsurance

FY 2026

targets

Q3 2026 9M 2026

key figures key figures

Insurance revenue (USD bn)

New business CSM (USD bn)

Net income (USD bn)

0.5

0.8

2.5

5.7

12.0

14.0

32.0

31.2

3.9

5.5

12.9

12.8

P&C Reinsurance

2.8

Insurance service result

0.4

0.5

1.8

4

4.0 .0

4.2

L&H Reinsurance

P&C Reinsurance

Investment result

0.9

9M 20251

9M 2026

Corporate Solutions Group Items Consolidation

9M 2025 9M 2026

L&H Reinsurance

Corporate Solutions Group Items

-2.4

3.6

9M 2025 9M 2026

Insurance finance result Financing costs, taxes & other

1 Comparative information for 2025 has been revised to reflect the reallocation of certain reinsurance transactions in run-off from L&H Reinsurance to Group items. These relate to primary insurance businesses that were formerly part of the dissolved Life Capital Business Segment

9M 2026 Results 4

Recurring income yield and reinvestment yield (%)

6.0

5.5

5.0

4.5

4.0

3.5

3.0

2.5

2.0

1.5

1.0

0.5

-

2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Q3 2026

Recurring income yield1 Reinvestment yield2

1 2023 and prior as reported under US GAAP

2 From 2024 reinvestment yield includes mortgages and other loans

9M 2026 Results 5

9M 2026 Results 6

U

9M 2026 Results 7

Insurance revenue (USD bn)

4.2

5.8

2.9

5.2

3.8

2.9

14.0

New business CSM (USD m)

1 838

2 494

Insurance service result (USD m)

Combined ratio (%)

1.1

12.8

Property

Casualty

-265

Specialty General multiline

2 899

2 739

549

380

CSM release

Changes in RA1

Experience variance & other New business LC

77.6

77.3

5.1

5.7

Expense ratio

Loss and commission ratio

9M 2025 9M 2026

9M 2025

9M 2026

9M 2025

9M 2026

9M 2025

9M 2026

1 Changes in RA includes a benefit from parameter updates of USD 170m in 9M 2025 and USD 34m in 9M 2026

2 Net impact of cedent volume updates (comprising of premium variance and corresponding change in claims) is considered in this presentation within current services

Note: Large nat cat losses of USD 640m (i.e. USD >20m, nominal, net of USD 28m reinstatement premiums) related to 9M 2026 events vs. 9M 2026 budget of USD 1 609m Large man-made losses of USD 301m (i.e. USD >20m, nominal) related to 9M 2026 events, above nine-month expectation

9M 2026 Results 8

Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%)

5.7

2.1

2.3

1.9

2.2

5.5

Property

Casualty

Specialty

500

Assumed

418

-461

Ceded

832

668

78

111

-25

559

99

325

-120

863

CSM release

Changes in RA

Experience variance & other New business LC

87.1

86.4

26.0

24.5

Expense ratio

Loss ratio

-531

9M 2025

9M 2026

9M 2025

9M 2026

9M 2025

9M 2026

9M 2025

9M 2026

1 Impact of USD -0.4bn in 9M 2026 vs. 9M 2025

Note: Large nat cat losses of USD 54m (i.e. USD >10m, nominal) related to 9M 2026 events, below nine-month expectation

Large man-made losses of USD 219m (i.e. USD >10m, nominal) related to 9M 2026 events, broadly in line with nine-month expectation

9M 2026 Results 9

Insurance revenue (USD bn)

New business CSM (USD m)

Insurance service result (USD m)

Net income (USD m)

2.0

2.7

7.1

12.0

12.9

2.4

3.0

7.1

Mortality

833

1 053

1 640

411

CSM release

Changes in RA

421

1 065

1 207

1 053

1 065

Insurance service result

1 527

967

Investment result

9M 20251

Health

Longevity Other

9M 2026

488

9M 2025

9M 2026

-625

9M 20251

143

-40

9M 2026

Experience variance & other New business LC

-698

9M 20251

-629

9M 2026

Insurance finance result

Financing costs, taxes & other

CSM development (USD m)

374

488

52

-1 126

-121

16 917

16 585

1

31 Dec 2025 New business CSM Interest accretion CSM release Change in assumptions Other 30 Sep 2026

Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m)

111.5

41.8

6.9

13.0

107.3

RIY 4.1%

4.2%

41.0

41.2

8.2

11.3

Equities and alternatives Mortgages and other loans

Credit bonds

ROI

4.1%

3 245

190 59

4.0%

3 196

52 82

Investment gains/losses Other NII

46.8

Government bonds

2 996

3 061

Recurring income

2.9

5.5

Cash and cash equivalents

31 Dec 2025 30 Sep 2026 9M 2025 9M 2026

1 Reflects fair value of investment portfolio, excludes securities lending, repurchase agreements and derivatives

9M 2026 Results 12

9M 2026 Results 13

USD m

Insurance revenue Insurance service expense

USD m

Insurance revenue Insurance service expense

Total 9M 2026

Shares outstanding1, millions

1 Shares outstanding is the number of shares eligible for dividends and is used for the book value per share and earnings per share calculations

9M 2026 Results 17

9M 2026 Results 18

USD m, unless otherwise stated

P&C Re L&H Re Solutions Group items Consolidation Q3 2026 Q3 2025

USD m, unless otherwise stated

P&C Re L&H Re Solutions Group items Consolidation 9M 2026 9M 2025

Fixed income securities

USD m

Total

9M 2026 Results 21

Mortgages and loans

Equity and alternative investments

Investment property

1 Includes unlisted equity of USD +18m

9M 2026 Results 22

Group SST ratio1

IFRS available capital and leverage (USD bn)

Upcoming debt maturities3 (USD bn)

250%

257%

259%

15% 17%

Leverage ratio2

Senior debt

Subordinated debt

Target range 200-250%

47.9

47.0

Senior debt Subordinated debt

CSM net of tax

Shareholders' equity

1.6

0.2

0.3

1.1

0.8

15.2

0.9

6.9

15.4

1.2

6.2

1/2025 1/2026 10/2026

31 Dec 2025

30 Sep 2026

2027

2028 2029

2030

1 Estimated Group SST ratio as of 1 October 2026. The SST ratio is filed with FINMA periodically and is subject to review

2 (Senior debt + subordinated debt) / (shareholders' equity + 100% CSM net of tax + senior debt + subordinated debt), excluding non-recourse positions

3 Notional, referring to next call date for subordinated debt, which is subject to FINMA approval

9M 2026 Results 23

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) Corporate Solutions: (insurance service expense + allocation of reinsurance premiums + amounts recoverable from reinsurers for incurred claims + non-directly attributable expenses) / insurance revenue

Changes in RA Changes in risk adjustment related to current and past services, net of reinsurance

CSM Contractual service margin, net of reinsurance

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 / (insurance revenue + allocation of reinsurance premiums)

Corporate Solutions: (directly attributable expenses + commissions + non-directly attributable expenses) / insurance revenue

Reflects financing costs, other income, other expenses, and income tax expense/benefit

FVPL All fair value changes are recognised in profit or loss in the period they arise

New business CSM Reflects the CSM from new business written in the respective period, net of reinsurance

New business LC New business loss component, net of reinsurance

NII Net investment income

Non-directly attributable expenses used for Corporate Solutions' combined ratio calculation are part of 'Other expenses' and exclude items such as expense components related to IFRS 9 and IFRS 15, restructuring and M&A expenses as well as amortisation of intangible assets

OCI Fair value changes are recognised in other comprehensive income and for equity securities the gains or losses are not recycled to the income statement on disposal

RA Risk adjustment, net of reinsurance

Reinvestment yield Weighted average yield at the date of acquisition (based on carrying value) of investments with a maturity of one year or more across fixed income securities (excluding catastrophe bonds), mortgages and other loans

RIY Recurring income yield = recurring income / average invested assets related to recurring income generation (carrying value)

ROE Return on equity = net income attributable to common shareholders after impact of perpetual capital instruments / average shareholders' equity; annualised

ROI Return on investments = investment result related to asset management activities / average invested assets related to asset management activities (carrying value); annualised

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Forward-looking statements typically are identified by words or phrases such as "anticipate", "target", "aim", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend" and similar expressions, or by future or conditional verbs such as "will", "may", "should", "would" and "could". These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re's (the "Group") actual results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects to be materially different from any expected or assumed results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects expressed or implied by such statements or cause the Group to not achieve its published targets. Such factors include, among others:

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