Business
Swiss Re : Financial information document(hy-2026-slides-presentation)
Swiss Re : Financial information
About this update from Swiss Re Ag
Half-Year 2026 Results Swiss Re investor and analyst presentation Zurich, 6 August 2026 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 by low level of large nat cat claims Corporate Solutions - combined ratio of 86.1%: strong underwriting performance with a low level of large nat cat claims L&H Reinsurance - net income of USD 1.0bn: healthy in-force margins, complemented by favourable experience Investments - ROI of 4.0%: strong recurring investment income Group SST ratio estimated at 264% as of 1 July 2026, above target range of 200-250% Operating cost reduction target raised to USD 500m by 2028 , from USD 300m by 2027 Approximately 60% of the USD 1.5bn share buyback programme executed between March-July 2026 The Group and all Business Units are well on track towards 2026 financial targets Strong Group result driven by contributions from all Business Units 4.0% 4.1% 3.5% 3.8% Return on investments 22.7% 23.0% 20.8% 22.5% Return on equity 9.57 8.71 4.46 4.40 Earnings per share (USD) Q2 2025 Q2 2026 H1 2025 H1 2026 1 320 1 330 2 833 2 605 Swiss Re Group Net income (USD m) 4.5bn 2 833m 1 320m Net income (USD) Swiss Re Group 1.7bn 1 045m 546m Net income (USD) L&H Reinsurance <91% 86.1% 87.0% Combined ratio Corporate Solutions <85% 76.7% 74.0% Combined ratio P&C Reinsurance FY 2026 targets Q2 2026 H1 2026 key figures key figures 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) 0.7 3.7 8.0 8.9 20.9 20.3 3.1 3.6 8.4 8.2 P&C Reinsurance 0.2 0.3 1.6 0.3 0.6 2.2 2.1 2.6 3.0 .6 Insurance service result 2.3 -1.7 -1.2 -1.2 -1.6 2.4 2 3.5 2.8 L&H Reinsurance P&C Reinsurance Investment result H1 2025 1 H1 2026 Corporate Solutions Group Items Consolidation H1 2025 H1 2026 L&H Reinsurance Corporate Solutions Group Items H1 2025 H1 2026 Insurance finance result Financing costs, taxes & other Decline in insurance revenue primarily driven by P&C Re, reflecting overall renewals outcome and cedent volume updates, the non-renewal of Irish Medex business in Corporate Solutions, and the impact from the iptiQ withdrawal, partially offset by favourable FX P&C Re's decline driven by renewals outcome L&H Re's new business subject to inherent variability of transaction activity throughout the year Corporate Solutions' decline in new business reflects more challenging market environment Increase in net income primarily driven by higher underwriting results across the Group's businesses 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 Half-Year 2026 Results 4 Year-to-date P&C Re renewals reflect underwriting discipline in a challenging market; outcome continues to support 2026 combined ratio target Price change 1 -0.2% Higher loss assumptions +4.4% Premium volume change +0.5% USD bn 19.4 1.7 19.5 18.4 -1.0 -0.6 Up for renewal YTD 2 Cancelled/ not placed Renewed Change on renewed New business Outcome YTD renewals % of total 100% -5% 95% -3% +9% 101% Year-to-date renewals ~88% of treaty business renewed • +0.5% gross premium volume increase vs. the business up for renewal -0.2% nominal price decrease, with rate increases in casualty offset by property • +4.4% higher loss assumptions reflect prudent view on inflation and loss model updates -4.6% net price change translates into a ~3.5%pts (~4%pts including impact of change in portfolio mix) higher nominal combined ratio vs. the business up for renewal YTD renewals outcome and sustained portfolio quality in line with P&C Re's combined ratio target of <85% in 2026 June/July renewals Premium volume of USD 4.5bn, +11.0% volume increase vs. the business up for renewal, driven by selective growth in property proportional and specialty lines; volume change flat vs. outcome prior-year June/July renewals -1.2% nominal price change, +4.2% higher loss assumptions, -5.3% net price change Note: Gross premium volume, reflecting treaty business only (excluding facultative business of USD 1.5bn) 1 Price change defined as relative change in premiums net of commissions / claims; price change assumes constant portfolio mix and excludes discounting 2 Delta to YTD outcome as in H1 2025 results presentation driven by multi-year deals and FX restatement. Additionally, credit & surety new business moved from P&C Re to Corporate Solutions effective 1 January 2026 (up for renewal volume of USD 0.6bn) Half-Year 2026 Results 5 Year-to-date P&C Re renewals outcome reflects continued focus on cycle management and portfolio quality Gross premium volume by line of business 1 (USD bn) Gross premium volume by region 1 (USD bn) Up for renewal YTD Premium volume change Outcome YTD renewals Nat cat 4.7 -9% 4.2 Property 2 3.5 +8% 3.7 Specialty 4.4 +0% 4.4 Casualty 6.9 +3% 7.1 Total 19.4 +1% 19.5 Up for renewal YTD Premium volume change Outcome YTD renewals Americas 6.8 -1% 6.8 EMEA 7.7 +5% 8.1 APAC 4.9 -5% 4.6 Total 19.4 +1% 19.5 Nat cat Property 2 Specialty Casualty Volume change driven by nominal price declines in a challenging market, while underwriting discipline was broadly maintained on terms and structures Premium growth in EMEA and Americas driven by new business wins and higher shares Volume remained stable, with modest growth in various sublines offset by lower agriculture business in India Volume growth driven by nominal price increases 1 Treaty business only 2 Excluding nat cat Half-Year 2026 Results 6 Recurring investment income supported by higher locked-in yields Recurring income yield and reinvestment yield (%) 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 USD 2bn Recurring income in H1 2026 4.2% Recurring income yield in H1 2026 5.2% Reinvestment yield in Q2 2026 - 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 Recurring income yield 1 Reinvestment yield 2 1 2023 and prior as reported under US GAAP 2 From 2024 reinvestment yield includes mortgages and other loans Half-Year 2026 Results 7 Operating cost reduction target raised to USD 500m by 2028 Operating cost run-rate reduction 1 2024 2025 2026E 2027E 2028E USD ~3.9bn USD >100m USD 300m USD 500m Core costs Cost reduction delivered Well on track to deliver on initial target Increased target, reflecting USD 200m additional cost reduction 1 Net of inflation, excluding FX fluctuations and restructuring effects; operating cost reduction target measured on a run-rate basis, i.e. run-rate reduction of USD 500m by year-end 2028 will be fully reflected in FY 2029 Half-Year 2026 Results 8 Financial highlights Half-Year 2026 Results 9 Key figures H1 2026 USD m, unless otherwise stated P&C Re L&H Re Corporate Solutions Group items Consolidation Total H1 2026 Total 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 finance result -742 -310 -141 -39 -1 231 -1 243 Investment result 1 286 616 306 310 -237 2 281 2 429 Return on investments 3.7 % 4.4 % 3.9 % 1.9 % 4.0 % 4.1 % Net income/loss 1 446 1 045 490 -147 2 833 2 605 Earnings per share (USD) 9.57 8.71 (CHF) 7.52 7.55 Return on equity 22.7 % 23.0 % 30 Jun 2026 31 Dec 2025 Contractual service margin 1 821 16 661 840 216 19 538 19 566 Risk adjustment 1 561 5 763 205 67 7 597 7 568 Shareholders' equity 24 456 25 114 Book value per share (USD) 83.89 85.15 (CHF) 67.67 67.47 Half-Year 2026 Results 10 P&C Re result driven by strong underwriting performance and low nat cat burden Insurance revenue (USD bn) 8.9 3.2 1.9 2.8 3.6 2.6 1.9 0.5 8.2 New business CSM (USD m) 1 567 2 185 Insurance service result (USD m) 102 256 1 399 723 195 1 192 1 821 Combined ratio (%) 75.9 5.2 70.9 81.1 Property 1 568 CSM release 76.7 5.8 Expense ratio 0.6 H1 2025 H1 2026 Casualty Specialty General multiline H1 2025 H1 2026 -189 H1 2025 -289 H1 2026 Changes in RA Experience variance & other New business LC H1 2025 H1 2026 Loss and commission ratio Decline of -7.6% in insurance revenue, mainly driven by overall renewals outcome and cedent volume updates, partially offset by favourable FX. On a net basis, insurance revenue declined by -5.9%, reflecting lower external retrocession New business CSM generation below prior-year period primarily driven by a challenging market environment at January, April and June treaty renewals Increase in insurance service result driven by more favourable experience variance, partially offset by lower CSM release and higher new business LC, both reflecting a challenging market environment Experience variance & other 1 in H1 2026 reflects Current services: positive experience driven by lower-than-expected large nat cat losses Past services: positive experience, reflecting releases across short-tail lines, partially offset by reserve additions for long-tail lines and potential inflationary impacts of the ongoing Middle East conflict, both in IBNR form Discounting benefit on incurred claims of ~12%pts in H1 2026 On track to achieve full-year 2026 combined ratio target of <85% 1 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 169m (i.e. USD >20m, nominal, net of USD 7m reinstatement premiums) related to H1 2026 events vs. H1 2026 budget of USD 836m Half-Year 2026 Results 11 Corporate Solutions continued to deliver strong underwriting performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 0.8 1.5 1.5 0.9 1.3 1.4 3.7 3.6 Property Casualty Specialty 262 Assumed 550 201 -349 Ceded 515 657 451 16 65 -17 578 193 66 404 CSM release Changes in RA -85 Experience variance & other New business LC 88.2 86.1 63.6 59.9 26.2 24.6 Expense ratio Loss ratio -395 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Growth in targeted lines and favourable FX offset the majority of the impact of the previously announced non-renewal of the Irish Medex business 1 New business CSM generation below prior-year period reflecting a more challenging market environment in some lines of business, partially offset by the inclusion of P&C Re's credit & surety business from 2026 onwards. As with prior year, new business CSM impacted by seasonality of reinsurance programme, which largely incepts in Q1, while assumed business incepts throughout the year Increase in insurance service result driven by more favourable experience variance, partially offset by higher new business LC (due to A&H, mostly incepting in Q1) Experience variance & other in H1 2026 reflects Current services: negative experience primarily driven by an allowance for expected claims seasonality, partially offset by lower-than-expected nat cat losses Past services: positive experience, reflecting reserve releases partially offset by reserve additions for potential inflationary impacts of the ongoing Middle East conflict Discounting benefit on incurred claims of ~4%pts in H1 2026 On track to achieve full-year 2026 combined ratio target of <91% 1 Impact of USD -0.3bn in H1 2026 vs. H1 2025 Note: Large nat cat losses of USD 31m (i.e. USD >10m, nominal) related to H1 2026 events, below half-year expectation Half-Year 2026 Results 12 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) 8.0 1.3 1.8 4.7 H1 2025 1 8.4 1.6 2.0 4.6 H1 2026 Mortality Health Longevity Other 569 338 H1 2025 H1 2026 931 277 833 -151 -27 H1 2025 1 167 269 758 -36 H1 2026 1 158 CSM release Changes in RA Experience variance & other New business LC 865 931 8 65 811 H1 2025 1 1 158 H1 2026 Insurance service result -310 -419 616 -334 -543 1 045 Investment result Insurance finance result Financing costs, taxes & other Insurance revenue increased vs. prior year, driven by favourable FX and a higher contribution from longevity business New business CSM generation decline driven mainly by lower transaction activity. New business continues to be generated primarily in mortality, led by the US, and health contributions across EMEA and APAC Increase in insurance service result driven by favourable experience variance, particularly from US mortality, partly offset by lower CSM release (in line with full-year guidance of ~8-9%) Investment result is impacted by higher insurance related losses, largely offset in other income Financing costs, taxes and other improved, supported by higher other income (mainly due to movements on non-risk transfer contracts, with an offset in investment result) On track to achieve full-year 2026 net income target of USD 1.7bn L&H Re maintains a robust CSM balance CSM development (USD m) 338 250 49 -758 -134 16 917 16 661 31 Dec 2025 1 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 currencies Investment performance driven by strong recurring income Asset allocation 1 (USD bn) Investment result for ROI breakdown (USD m) 111.5 108.8 RIY 4.1% 4.2% 42.6 7.8 6.9 13.0 41.8 12.1 Equities and alternatives Mortgages and other loans ROI 4.1% 2 149 4.0% 2 155 Credit bonds 27 153 66 64 Investment gains/losses Other NII 46.8 42.2 Government bonds 1 969 Recurring income 4.1 2.9 31 Dec 2025 30 Jun 2026 Cash and cash equivalents 2 024 H1 2025 H1 2026 Equities and alternatives decreased, primarily reflecting a net reduction of temporary, fully hedged listed equity funding positions as well as real estate disposals in Switzerland in Q1 2026 Mortgages and other loans increased, reflecting net deployments into infrastructure and commercial mortgage loans Credit bonds increased due to net purchases, partially offset by mark-to-market losses Government bonds decreased, primarily due to net sales of US sovereign bonds, with the proceeds reinvested into other asset classes ROI of 4.0% for H1 2026 reflects strong recurring income Recurring income increased due to higher locked-in yields as well as an increased allocation to spread products Reinvestment yield of 5.2% in Q2 2026 Investment gains in H1 2026 primarily reflect real estate disposals in Q1, partially offset by the decline in private equity valuations in Q2, while prior-year period benefited from the sale of stake in Definity Financial Change in expected credit losses and impairments in H1 2026 of USD -24m 1 Reflects fair value of investment portfolio, excludes securities lending, repurchase agreements and derivatives Half-Year 2026 Results 15 Appendix Half-Year 2026 Results 16 Financial statements Q2 2026 Income statement USD m 4 156 4 198 1 933 85 -141 10 230 10 542 -2 933 -3 551 -1 436 -198 62 -8 056 -8 463 1 222 647 497 -113 -79 2 174 2 079 -216 -124 -477 2 141 -674 -573 19 84 272 0 -61 313 227 -196 -40 -205 2 79 -361 -346 1 026 607 292 -111 0 1 814 1 733 Insurance revenue Insurance service expense Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025 Insurance service result before reinsurance contracts held Allocation of reinsurance premiums Amounts recoverable from reinsurers for incurred claims Net income/expenses from reinsurance contracts held Insurance service result Finance income/expenses from insurance contracts issued -373 -140 -127 -14 28 -626 -623 Finance income/expenses from reinsurance contracts held 10 2 56 0 -28 40 35 Insurance finance result -364 -138 -70 -14 0 -586 -588 Net investment income 645 380 142 49 -126 1 090 1 079 Investment gains/losses -152 -90 -8 82 0 -168 83 Investment result 493 290 134 131 -126 922 1 162 Other income 28 113 15 116 -112 161 57 Other expenses -159 -104 -56 -223 112 -430 -479 Financing costs -144 -68 -22 -28 126 -137 -130 Income/loss before income tax expense/benefit 881 700 292 -130 0 1 743 1 755 Income tax expense/benefit -189 -154 -64 -16 0 -423 -425 Net income/loss 692 546 228 -145 0 1 320 1 330 Thereof Net income/loss attributable to non-controlling interests -2 0 -4 0 0 -6 1 Net income/loss attributable to common shareholders 693 546 232 -145 0 1 326 1 329 Financial statements H1 2026 Income statement USD m 8 241 8 420 3 614 266 -277 20 264 20 947 -6 062 -7 192 -2 532 -361 62 -16 085 -17 466 2 178 1 228 1 083 -95 -216 4 179 3 481 -431 -235 -902 2 279 -1 287 -1 195 73 165 397 0 -63 573 717 -357 -69 -505 2 216 -714 -478 1 821 1 158 578 -93 0 3 464 3 003 Insurance revenue Insurance service expense Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 Insurance service result before reinsurance contracts held Allocation of reinsurance premiums Amounts recoverable from reinsurers for incurred claims Net income/expenses from reinsurance contracts held Insurance service result Finance income/expenses from insurance contracts issued -760 -313 -250 -39 57 -1 303 -1 308 Finance income/expenses from reinsurance contracts held 18 3 109 0 -57 72 65 Insurance finance result -742 -310 -141 -39 0 -1 231 -1 243 Net investment income 1 287 759 284 84 -237 2 177 2 095 Investment gains/losses -1 -143 22 226 0 104 334 Investment result 1 286 616 306 310 -237 2 281 2 429 Other income 49 224 22 231 -224 303 146 Other expenses -304 -221 -103 -463 224 -867 -854 Financing costs -269 -136 -34 -50 237 -252 -244 Income/loss before income tax expense/benefit 1 842 1 331 628 -103 0 3 698 3 237 Income tax expense/benefit -396 -286 -138 -44 0 -865 -632 Net income/loss 1 446 1 045 490 -147 0 2 833 2 605 Thereof Net income/loss attributable to non-controlling interests 0 0 2 0 0 2 9 Net income/loss attributable to common shareholders 1 446 1 045 488 -147 0 2 831 2 596 Shareholders' equity 24 456 25 114 Perpetual capital instruments 444 444 Non-controlling interests 57 181 Total equity 24 958 25 739 Total liabilities and equity 132 845 134 007 Financial statements H1 2026 Balance sheet USD m P&C Re L&H Re Corporate 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 11 205 812 0 84 817 88 469 Equity investments 394 153 17 306 0 870 876 Mortgages and other loans 2 457 6 414 321 986 -2 197 7 980 7 085 Investment property 2 024 526 1 0 0 2 550 2 648 Other invested assets 9 070 551 309 258 -803 9 385 9 672 Insurance contracts issued that are assets 1 228 2 696 218 239 -956 3 426 3 314 Reinsurance contracts held that are assets 4 039 316 6 535 0 -3 540 7 350 7 128 Goodwill and other intangible assets 1 912 1 797 277 23 0 4 009 4 020 Income taxes recoverable 209 461 139 48 0 857 793 Deferred tax assets 1 719 1 312 202 1 230 -2 721 1 741 1 758 Other assets 18 327 11 871 3 453 9 531 -37 252 5 929 5 370 Assets held for sale 0 0 0 0 0 0 131 Total assets 90 497 52 443 23 587 13 785 -47 468 132 845 134 007 Insurance contracts issued that are liabilities 48 268 21 651 14 627 3 428 -3 661 84 314 86 471 Reinsurance contracts held that are liabilities 3 523 232 894 3 -834 3 819 4 039 Short-term debt 163 309 0 0 -163 309 295 Long-term debt 5 256 3 903 743 814 -2 034 8 681 8 242 Income taxes payable 522 142 170 224 0 1 058 848 Deferred tax liabilities 1 233 3 264 722 383 -2 721 2 881 2 800 Other liabilities 21 249 15 294 1 892 6 445 -38 054 6 825 5 423 Liabilities held for sale 0 0 0 0 0 0 151 Total liabilities 80 214 44 794 19 050 11 297 -47 468 107 887 108 269 Financial statements H1 2026 Shareholders' equity development and ROE calculation Shareholders' equity development , USD m Total 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/losses on investments -583 Change in finance income/expenses from re/insurance contracts 364 Other -230 Shareholders' equity at 30 June 2026 24 456 ROE calculation , USD m unless otherwise stated Net income attributable to common shareholders (A) 2 831 Coupon on perpetual capital instruments (B) -18 Gains/losses from redemption of perpetual capital instruments (C) 0 Net income attributable to common shareholders after impact of perpetual capital instruments (D = A + B + C) 2 814 Average shareholders' equity (E) 24 785 ROE H1 2026 (= D annualised / E) 22.7 % Shares outstanding 1 , millions As at 30 June 2026 291.5 Weighted average 294.0 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 Half-Year 2026 Results 20 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) -2 933 -3 284 -6 062 -7 088 Amounts recoverable from reinsurers for incurred claims (E) 19 80 73 354 Insurance service expense (net) (F = D + E) -2 914 -3 204 -5 989 -6 734 Combined ratio (= -F / C) 74.0 % 76.3 % 76.7 % 81.1 % Corporate Solutions USD m, unless otherwise stated Q2 2026 Q2 2025 H1 2026 H1 2025 Insurance revenue (A) 1 933 1 990 3 614 3 749 Insurance service expense (B) -1 436 -1 500 -2 532 -2 835 Allocation of reinsurance premiums (C) -477 -393 -902 -733 Amounts recoverable from reinsurers for incurred claims (D) 272 178 397 334 Non-directly attributable expenses (E) -40 -36 -75 -72 Combined ratio (= -(B + C + D + E) / A) 87.0 % 88.0 % 86.1 % 88.2 % Half-Year 2026 Results 21 Investments ROI Q2 2026 USD m, unless otherwise stated Corporate Total Total 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 ROI 1 46 0 -3 0 0 44 51 Less investment gains/losses not included in ROI 1 -6 -115 -7 0 0 -128 -43 Less investment gains/losses from foreign exchange 0 0 0 85 0 85 151 Investment result for ROI 452 404 144 47 -126 922 1 003 Recurring income 520 380 125 20 -22 1 023 1 018 Fixed income securities 840 840 Equity investments 1 2 Mortgages and other loans 114 114 Investment property 64 61 Other invested assets 3 1 Other investment income 135 33 26 34 -109 119 110 Investment expenses -56 -32 -6 -5 5 -94 -100 Net investment income for ROI 599 380 145 49 -126 1 047 1 028 Change in expected credit losses and impairments -4 -3 0 0 0 -7 -17 Change in fair value -118 3 -3 -3 0 -120 -13 Disposal gains/losses -25 24 2 0 0 2 5 Investment gains/losses for ROI -146 24 -1 -3 0 -125 -25 Average invested assets 2 64 652 36 093 15 288 8 495 -18 319 106 209 106 804 ROI 2.8 % 4.5 % 3.8 % 2.2 % 3.5 % 3.8 % Investments ROI H1 2026 USD m, unless otherwise stated Corporate Total Total 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 ROI 1 91 0 -4 0 0 87 99 Less investment gains/losses not included in ROI 1 -14 -185 9 0 0 -191 -9 Less investment gains/losses from foreign exchange 0 0 0 230 0 230 190 Investment result for ROI 1 210 801 301 80 -237 2 155 2 149 Recurring income 1 039 748 243 41 -45 2 024 1 969 Fixed income securities 1 679 1 641 Equity investments 2 2 Mortgages and other loans 211 203 Investment property 129 121 Other invested assets 4 2 Other investment income 271 69 57 51 -202 245 211 Investment expenses -113 -57 -12 -8 11 -179 -184 Net investment income for ROI 1 196 759 288 84 -237 2 091 1 996 Change in expected credit losses and impairments -12 -10 -1 0 0 -24 -15 Change in fair value -71 1 1 -4 0 -74 14 Disposal gains/losses 97 51 14 0 0 162 154 Investment gains/losses for ROI 13 42 13 -4 0 64 153 Average invested assets 2 65 009 36 184 15 360 8 267 -17 948 106 872 105 318 ROI 3.7 % 4.4 % 3.9 % 1.9 % 4.0 % 4.1 % Investments Breakdown of fixed income securities as of 30 June 2026 32 7 20 21 40 31 8 31 20 15 11 13 24 10 17 Fixed income securities % Government bonds Credit bonds Total % Government bonds Credit bonds Total % Credit bonds AAA 13 9 11 <1 year Financials 30 AA 62 5 33 1-5 years Non-cyclical consumer goods & services 17 A 15 32 23 5-10 years Cyclical consumer goods & services 13 BBB 7 46 26 10-20 years Securitised products 12 <> 3 3 3 20+ years ABS/MBS 5 Not rated 0 2 1 Other securitised products 7 Cat bonds 0 3 2 USD m Utilities 7 Total 42 208 42 609 84 817 Information technology 6 Resources 5 Catastrophe bonds 3 Other 8 USD m Total 42 609 United States 40 61 51 United Kingdom 8 7 8 Canada 8 7 7 France 8 3 5 Australia 5 4 4 Germany 5 1 3 Japan 3 2 3 Netherlands 1 3 2 Other 22 12 17 USD m 42 208 42 609 84 817 Total Half-Year 2026 Results 24 Investments Breakdown of selected asset classes as of 30 June 2026 Listed equity 1 658 Listed equity - FVPL 1 1 269 Listed equity - OCI option 389 Private equity 4 004 Private equity funds - FVPL 2 3 664 Unlisted equity - OCI option 265 Other 76 Associates 526 Investment property 5 956 Total 12 144 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Infrastructure debt 65 Switzerland 54 Commercial mortgage loans 25 Germany 22 Direct lending 10 United States 14 United Kingdom 4 USD m Other 5 Carrying value 7 980 Fair value 7 803 % of fair value Residential 47 Office 37 Industrial 16 USD m Carrying value 2 550 Fair value 5 956 1 Includes temporary allocation of USD ~1bn in a fully hedged listed equity funding position 2 Includes unlisted equity of USD +17m Half-Year 2026 Results 25 Capital position and leverage Group SST ratio 1 IFRS available capital and leverage (USD bn) Upcoming debt maturities 4 (USD bn) 264% 15% 16% Leverage ratio 3 Senior debt Subordinated debt 257% 250% Target range 200-250% 47.9 47.8 Senior debt Subordinated debt 0.9 7.0 15.4 15.4 24.5 25.1 1.2 6.2 CSM net of tax Shareholders' equity 1.6 1.3 0.6 0.2 0.3 1.1 1.1 0.8 1/2025 1/2026 7/2026 31 Dec 2025 30 Jun 2026 2027 2028 2029 2030 Group SST ratio estimated at 264% as of 1 July 2026, above target range of 200-250% Estimated increase of 14%pts compared to 1 January 2026, mainly driven by underwriting and investment contributions, as well as the temporary impact of 5%pts 2 related to the issuance of subordinated debt to partially refinance redemptions in 2027 Debt leverage temporarily increased in H1 2026, due to the issuance of EUR 750m subordinated debt to partially refinance redemptions in 2027 of USD 1.3bn. Adjusted for the redemptions already refinanced, the pro forma leverage ratio is 15% Senior leverage to be reduced by not replacing maturing instruments 1 Estimated Group SST ratio as of 1 July 2026. The SST ratio is filed with FINMA periodically and is subject to review 2 Temporary benefit not expected to be reflected in the Group SST ratio as of 1 October 2026 3 (Senior debt + subordinated debt) / (shareholders' equity + 100% CSM net of tax + senior debt + subordinated debt), excluding non-recourse positions 4 Notional, referring to next call date for subordinated debt, which is subject to FINMA approval Half-Year 2026 Results 26 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) 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, current and past CSM Contractual service margin 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 Financing costs, taxes & other 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 NII Net investment income Non-directly attributable expenses 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 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 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 14 Apr Publication of Annual Report 2026 163rd Annual General Meeting Zurich Investor Relations contacts Telephone E-mail +41 43 285 4444 [email protected] Thomas Bohun Nicole Cooke Marcel Fuchs +41 43 285 8118 +41 43 285 8722 +41 43 285 3611 Franz-Joseph Studt +41 43 285 2048 Martijn Tielens +41 43 285 2620 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 does not directly relate to a historical fact or current fact. 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: macro-economic events or developments including the risk of a global economic downturn, deglobalisation, fragmentation of markets, changes in inflation rates, increased volatility of, and/or disruption in, global capital, credit, foreign exchange and other markets and their impact on the respective prices, interest and exchange rates and other benchmarks of such markets; elevated geopolitical risks or tensions, including global political or domestic instability, which may consist of conflicts arising in and between, or otherwise impacting, countries that are operationally and/or financially material to the Group or significant elections that may result in domestic and/or regional political tensions as well as contributing to or causing macro-economic events or developments as described above; the frequency, severity and development of, and losses associated with, insured claim events, particularly natural catastrophes, human-made disasters, pandemics, liability excess inflation, acts of terrorism or acts of war, including developments or escalation of ongoing conflicts or wars and any associated governmental and other measures such as sanctions, expropriations and seizures of assets as well as the economic consequences of the foregoing; the Group's ability to adhere to standards related to the environment, climate change, social issues, employment (such as inclusion), respect for human rights, and governance. These are often referred to by expressions such as sustainability, environmental, social and governance ("ESG"), and corporate social responsibility ("CSR"). The Group's ability to fully achieve goals, targets, ambitions or stakeholder expectations related to CSR, ESG and/or sustainability matters and ability to adapt to the evolving expectations of investors, shareholders, business partners, or third parties, including regulators and public authorities, as well as CSR, ESG and/or sustainability recommendations, standards, norms, metrics or regulatory requirements; the Group's ability to achieve its strategic objectives; legal actions or regulatory investigations or actions, the intensity and frequency of which may increase; the Group's dependence on third parties, including reinsurers, external investment managers, and other service providers; the Group's ability to attract, retain and train highly skilled and technically qualified employees at the senior management level as well as in key operational roles; the effects of business disruption due to terrorist attacks, cyberattacks, natural catastrophes, public health emergencies, hostilities or other events; central bank, regulatory or governmental intervention in the financial markets, trade wars or other tariffs and protectionist measures relating to international trade and cross-border service arrangements, adverse geopolitical events, domestic political upheavals or other developments that adversely impact global economic conditions; mortality, morbidity and longevity experience; the Group's ability to maintain sufficient liquidity and access to capital markets, including sufficient liquidity to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and collateral calls due to actual or perceived deterioration of the Group's financial strength or otherwise; the Group's ability to realise amounts on sales of securities on the Group's balance sheet equivalent to their values recorded for accounting purposes; the Group's ability to generate sufficient investment income from its investment portfolio; changes in legislation and regulation or the interpretations thereof by regulators and courts, affecting the Group or its ceding companies or the markets in which they are operating; matters negatively affecting the reputation of the Group, its board of directors or its management; the lowering, loss, giving up of, or the decision not to participate in one of the financial strength or other ratings of one or more companies in the Group, and developments adversely affecting its ability to achieve improved ratings; uncertainties in estimating reserves, including differences between actual claims experience and underwriting and reserving assumptions; changes in our policy renewal and lapse rates and their impact on the Group's business; developments, litigation, or regulatory changes relating to the use of artificial intelligence ("AI") by the Group or third-party vendors, including risks around data quality, explainability, fairness, privacy, cybersecurity, intellectual property, overstating AI capabilities, reliability and effectiveness of AI systems, data or third-party dependency, failings in human oversight or expertise, adoption or integration, and the Group's ability to implement and govern AI responsibly and in line with evolving legal, ethical and technological standards; the outcome of tax audits, the ability to realise tax loss carryforwards and deferred tax assets (including by reason of the mix of earnings in a jurisdiction or deemed change of control), which could negatively impact future earnings, and the overall impact of changes in tax regimes on the Group's business model; changes in accounting estimates or assumptions that affect reported amounts of assets, liabilities, revenues or expenses, including contingent assets and liabilities as well as changes in accounting standards, practices or policies, including the Group's recent adoption of IFRS; failure of the Group's hedging arrangements to be effective; significant investments, acquisitions or dispositions, and any delays, unforeseen liabilities or other costs, lower-than expected benefits, impairments, ratings action or other issues experienced in connection with any such transactions; extraordinary events affecting the Group's clients and other counterparties, such as bankruptcies, liquidations and other credit-related events; changing levels of competition in the markets and geographies in which the Group competes; and limitations on the ability of the Group's subsidiaries to pay dividends or make other distributions. These factors are not exhaustive. The Group operates in a constantly changing environment and new risks may emerge accordingly. You are cautioned not to place undue reliance on forward-looking statements. The Group undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. This communication is not intended to be a recommendation to buy, sell or hold securities and does not constitute an offer for the sale of, or the solicitation of an offer to buy, securities in any jurisdiction, including the United States. Any such offer will only be made by means of a prospectus or offering memorandum, and in compliance with applicable securities laws. 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 document, or distribute or use it for commercial or other public purposes, without the prior written permission of Swiss Re. The information and opinions contained in this document are provided as at the date of the document and may change at any time and without notice. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for its accuracy or comprehensiveness and shall not be liable for any loss or damage arising in connection with its use, accuracy, or comprehensiveness, nor is it under any obligation to update it. Under no circumstances shall Swiss Re or its Group companies be liable for any financial and/or consequential loss relating to this document. This document and its contents are not directed to, or intended for use by, any person or entity in any jurisdiction where such distribution, publication or use would be unlawful or where it would require licences or authorisations that have not been obtained. Half-Year 2026 Results