Swiss Re AG · SIX:SREN
Swiss Re — Investor Presentation (2025)
40 slides from Swiss Re's investor presentation, Oct 2, 2025
Slide 1: Swiss Re – Leading Global Re/Insurer
Swiss Re – Leading Global Re/Insurer Company presentation 2025
Slide 2: About us
About us Headquartered in Zurich, Switzerland, where we were founded in Business units 1863, the Swiss Re Group operates through a network of around 70 offices globally. Our approximately 15 000 permanent employees Property & Casualty Reinsurance provide a wide range of technical expertise, enabling
Slide 3: Key messages
Key messages Swiss Re is a truly global and diversified re/insurer Swiss Re is well-positioned and market conditions remain constructive across our businesses We target a Group net income of USD >4.4bn in 2025 (USD +800m vs. 2024 target) We remain committed to our capital management priorities and a
Slide 4: Our business
1 Our business Pages 4 – 15 2 Capital and risk management Pages 16 – 20 3 Sustainability Pages 21 – 28 4 Q1 2025 financial results Pages 29 – 36 Company presentation 2025 4
Slide 5: Our leadership – Group Executive Committee
Our leadership – Group Executive Committee Andreas Berger Urs Baertschi Cathy Desquesses Hermann Geiger Ivan Gonzalez Group Chief Executive Officer Chief Executive Officer Chief Human Resources Officer Group Chief Legal Officer Chief Executive Officer Property & Casualty Re & Head Corporate Services
Slide 6: Swiss Re Group is globally diversified with a strong capital position
Swiss Re Group is globally diversified with a strong capital position Global scale and diversification (insurance revenue1) Health APAC L&H Property Reinsurance 11% 17% 24% 38% P&C 44% USD 46bn Reinsurance Life 27% USD 46bn USD 46bn 50% Americas 12% Specialty 34% EMEA 18% 25% Corporate Solutions Cas
Slide 7: Market conditions remain constructive across our businesses
Market conditions remain constructive across our businesses P&C Reinsurance Corporate Solutions L&H Reinsurance Asset Management Reinsurance pricing remains strong Commercial pricing has peaked Mortality premiums increasing Investment yields remain elevated Worldwide P&C reinsurance market prices (%
Slide 8: Leading P&C Re franchise with global set-up highly appreciated by clients
P&C Re Corporate Solutions L&H Re Investments Leading P&C Re franchise with global set-up highly appreciated by clients P&C Reinsurance market1 50% 40 offices 900 FTEs 170 FTEs Non-brokered P&C Re Underwriting Claims Market Swiss Re Client ranking2 USD ~270bn ~10% #1 P&C Re total market +3% growth p
Slide 9: Global scale, diversification and proprietary modelling are key drivers of nat cat track record
P&C Re Corporate Solutions L&H Re Investments Global scale, diversification and sophisticated proprietary modelling capabilities are key drivers of Swiss Re’s nat cat track record Swiss Re global nat cat book1 Track record of P&C Re nat cat book 100% Nominal combined ratio3 European Earthquake Tropi
Slide 10: Corporate Solutions is a specialised risk partner for medium to large corporates
P&C Re Corporate Solutions L&H Re Investments Corporate Solutions is a specialised risk partner for medium to large corporates Commercial insurance market1 39 offices 150+ jurisdictions 600 FTEs Corporate Solutions covered by network partners Underwriting Non-served segments2 Addressable market Clie
Slide 11: Corporate Solutions’ underwriting portfolio strengthens core and expands differentiated offerings
P&C Re Corporate Solutions L&H Re Investments Corporate Solutions’ underwriting portfolio is focused on strengthening our core business and expanding our differentiated offerings Corporate Solutions strategy CORE DIFFERENTIATED Stay property overweight and casualty underweight Generate resilient ret
Slide 12: L&H Re is a globally diversified franchise with strong client relationships
P&C Re Corporate Solutions L&H Re Investments L&H Re is a globally diversified franchise with strong client relationships L&H Re Reinsurance market1 95% 30 offices 695 FTEs 360 FTEs Direct client L&H Re Market units Underwriting relationships Market Swiss Re Client ranking2 USD ~129bn ~14% #2 total
Slide 13: L&H Re earnings primarily driven by large in-force margins
P&C Re Corporate Solutions L&H Re Investments L&H Re earnings primarily driven by large in-force margins L&H Re Contractual Service Margin (CSM) and Risk Adjustment (RA) by region, YE 2024 Americas EMEA Asia USD ~17.4bn 9.3 CSM ~8% CSM amortisation1 4.6 3.5 3.4 1.5 USD ~5.9bn 0.8 RA CSM RA CSM RA CS
Slide 14: Investment portfolio well positioned to contribute to Group net income
P&C Re Corporate Solutions L&H Re Investments Investment portfolio well positioned to consistently contribute to Group net income Investment portfolio positioning Recurring income yield and reinvestment yield USD 107bn Recurring income yield1 Reinvestment yield2 USD 104bn 10% 10% Equities and altern
Slide 15: 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 P&C Reinsurance Reported combined ratio1 <85% Corporate Solutions Reported combined ratio2 <91% >14% Return on equity target L&H Reinsurance Net income3 USD ~1.6bn Swiss Re Group Net income USD
Slide 16: Capital and risk management
1 Our business Pages 4 – 15 2 Capital and risk management Pages 16 – 20 3 Sustainability Pages 21 – 28 4 Q1 2025 financial results Pages 29 – 36 Company presentation 2025 16
Slide 17: Committed to capital management priorities and ordinary dividend growth of ≥7%
We remain committed to our capital management priorities and aim to grow the ordinary dividend per share by ≥7% per year in 2025 to 2027 Capital management priorities Ordinary dividend (year paid) 7.35 Ensure superior capitalisation at all times 1 6.80 and maximise financial flexibility 6.40 5.90 5.
Slide 18: Swiss Re maintains a strong capital position and ratings
Swiss Re maintains a strong capital position and ratings Group SST ratio1 development (USD bn) Ratings 261% 269% 257% 215% 223% Target range 232% 200-250% AA- Standard & Poor’s Stable 43.4 43.7 41.9 41.5 40.9 40.3 Aa3 Moody’s Stable 18.0 19.3 19.4 15.7 16.2 15.7 A+ A.M. Best 1/2020 1/2021 1/2022 1/2
Slide 19: Group capital is resilient to financial market volatility and large insurance losses
Group capital is resilient to financial market volatility and large insurance losses Financial market sensitivities Insurance stresses Resulting estimated Group SST ratio 1/20251 Resulting estimated Group SST ratio 1/20251,2 Equity markets (-25%) 255% 1 in 200-year Atlantic hurricane 214% (USD 6.1bn
Slide 20: Our prudent approach to leverage further enhances financial flexibility
Our prudent approach to leverage further enhances financial flexibility Group available capital and leverage (USD bn) Upcoming debt maturities (USD bn) 18% 16% 1.7 Leverage ratio1 1.5 0.3 46.2 44.5 1.5 1.2 Senior debt 6.7 Senior debt 5.7 Subordinated debt2 Subordinated debt3 1.2 0.3 17.5 15.7 CSM ne
Slide 21: Sustainability
1 Our business Pages 4 – 15 2 Capital and risk management Pages 16 – 20 3 Sustainability Pages 21 – 28 4 Q1 2025 financial results Pages 29 – 36 Company presentation 2025 21
Slide 22: Swiss Re remains committed to delivering on the Group Sustainability Strategy
Swiss Re remains committed to delivering on the Group Sustainability Strategy 2023-2025 The Group Sustainability Strategy aims to create long term value by focussing on two sustainability ambitions: advancing the net- zero transition and building societal resilience, which are closely linked to Swis
Slide 23: Committed to net-zero greenhouse gas emissions across its business by 2050
Net-zero transition Building societal resilience Swiss Re is committed to achieving net-zero greenhouse gas emissions across its business by 2050 Swiss Re implements its climate strategy to decarbonise its activities and tap into related business opportunities while managing physical and transition
Slide 24: Climate transition approach centered on decarbonisation strategy
Net-zero transition Building societal resilience Swiss Re’s climate transition approach is centered around a decarbonisation strategy, complemented by carbon removal and transition-enabling activities Swiss Re’s actions within its value chain… …and beyond Carbon removal Prioritisation criteria Decar
Slide 25: Decarbonisation strategy
Net-zero transition Building societal resilience Actions under the decarbonisation strategy and carbon removal approach reach across underwriting, investments and operations Underwriting Investments Operations Jointly transition: transition alongside existing clients, investees and vendors Engage wi
Slide 26: Two-pillar strategy for building societal resilience
Net-zero transition Building societal resilience Swiss Re pursues a two-pillar strategy for building societal resilience through its core business Strategic framework Enhancing societal resilience by building commercial opportunities while maintaining and exploring the boundaries of insurability for
Slide 27: Business offerings across three societal levels
Net-zero transition Building societal resilience Business offerings across three societal levels enhance disaster resilience and foster financial inclusion Fostering financial inclusion Enhancing disaster resilience 1 by reducing the natural catastrophe protection gap 2 by increasing availability, a
Slide 28: Swiss Re scored highly in leading sustainability ratings
Swiss Re scored highly in leading sustainability ratings Sustainability ratings1 MSCI2 CDP Climate Change Morningstar Sustainalytics3 As of 2024, Swiss Re AG received an As of February 2025, Swiss Re received As of January 2025, Swiss Re AG MSCI ESG Rating of AAA a CDP Climate Change B score receive
Slide 29: Q1 2025 financial results
1 Our business Pages 4 – 15 2 Capital and risk management Pages 16 – 20 3 Sustainability Pages 21 – 28 4 Q1 2025 financial results Pages 29 – 36 Company presentation 2025 29
Slide 30: Strong Group result driven by contributions from all Business Units
Strong Group result driven by contributions from all Business Units Swiss Re Group Q1 2025 FY 2025 key figures targets Net income1 P&C (USD m) 1 275 Reinsurance Combined ratio 86.0% <85% 1 096 Corporate Solutions Combined ratio 88.4% <91% Q1 2024 Q1 2025 L&H Reinsurance Net income (USD) 439m ~1.6bn
Slide 31: Key figures Q1 2025
Key figures Q1 2025 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q1 2025 Q1 2024 • Insurance revenue 4 465 4 055 1 759 301 -175 10 405 11 676 • Insurance service result 575 456 240 -1 1 270 1 352 Combined ratio 86.0% 88.4% • Insurance finance
Slide 32: P&C Reinsurance delivered resilient underwriting performance
P&C Reinsurance delivered resilient underwriting performance, despite large loss activity Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 5.0 1 442 1 408 84.7 86.0 4.5 4.9 5.1 Expense ratio 2.0 704 953 1.8 Property 575 710 CSM release Loss and
Slide 33: Corporate Solutions maintained performance with strong first quarter
Corporate Solutions maintained performance with strong first quarter Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 1.8 1.8 89.9 88.4 240 25.0 0.7 213 25.5 Expense ratio 0.7 Property 287 294 Assumed 258 196 CSM release -16 -21 Changes in RA 0.
Slide 34: L&H Reinsurance reported solid first quarter result
L&H Reinsurance reported solid first quarter result Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Net income (USD m) 4.8 392 4.1 344 Insurance service 456 434 456 3.0 4341 result 2.5 Mortality 423 432 CSM release 439 412 409 427 Investment result Changes in ris
Slide 35: L&H Re new business CSM and interest accretion ahead of CSM release
L&H Reinsurance new business CSM and interest accretion ahead of CSM release CSM development (USD m) 129 344 -432 -14 131 17 585 17 427 31 Dec 2024 New business CSM Interest accretion CSM release Change in assumptions Others 31 Mar 2025 • ‘Others’ driven by currency translation impacts due to streng
Slide 36: Investment result reflects strong recurring income and investment gains
Investment result reflects strong recurring income and benefit from investment gains Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 108.6 104.3 RIY 3.9% 4.1% 10.4 Equities and alternatives 10.4 ROI 4.0% 4.4% 6.1 Mortgages and other loans 5.8 1 146 40.5 Credit bonds 1 059 40.0
Slide 37: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2025 14 Aug H1 2025 Results Conference call 14 Nov 9M 2025 Results Conference call 5 Dec Management Dialogue London 2026 27 Feb Annual Results 2025 Conference call 12 Mar Publication of Annual Report 2025 Investor Relations contacts Hotline E-mail +
Slide 38: Company presentation 2025
Company presentation 2025
Slide 39: 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 40: 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