Swiss Re Ag · SIX:SREN
Swiss Re — Q2 2010 Earnings Presentation
12 slides from Swiss Re's earnings presentation, Aug 5, 2010
Slide 1: Second Quarter 2010 results
a Second Quarter 2010 results Analyst and investor conference call Zurich, 05 August 2010
Slide 2: Today's agenda
Today’s agenda a Introduction Susan Holliday, Head IR Business performance George Quinn, CFO Summary and outlook Stefan Lippe, CEO Questions & answers Second Quarter results 2010 2
Slide 3: Introduction
a Introduction Susan Holliday, Head IR Second Quarter results 2010 3
Slide 4: Business performance: Q2 2010 Highlights
a Business performance George Quinn, CFO Second Quarter results 2010 4 Q2 2010 Highlights Strong performance despite high level of claims a Q2 2010 net income of USD 812m (vs loss of USD 342m in Q2 2009) – Annualised RoE of 13.4% in the quarter Shareholders' equity increased by USD 1.3bn to USD
Slide 5: Key figures and Property & Casualty
Key figures a USD, unless otherwise stated Q2 2009 Q2 2010 Group net income1 -0.3bn 0.8bn P&C combined ratio 89.4% 102.0% Return on equity -7.4% 13.4% Earnings per share (USD) -1.01 2.37 (CHF) -1.13 2.56 Q1 2010 Q2 2010 Shareholders’ equity2 26.2bn 27.5bn Book value per share (USD)3 68.6
Slide 6: Property & Casualty and Life & Health
Property & Casualty Underwriting result impacted by earthquake Chile increase and Deepwater Horizon a P&C traditional combined ratios %, premiums and operating income in USD m Operating Q2 2009 Q2 2010 Main drivers of change Premiums income Property 67.7% 94.1% Q2 2009 benefited from good nat cat
Slide 7: Asset Management
Asset Management Strong returns helped by lower interest rates a Operating income1 Return on Investments Total return2 USD m % % +160% +5.3pts. +10.8pts. 13.2% 1 229 5.8% 2.4% 472 Q2 2009 Q2 2010 Q2 2009 0.5% Q2 2010 Q2 2009 Q2 2010 AM investment portfolio of RoI of 2.9% for rates, 5.9% for To
Slide 8: Group items and Shareholders' equity Q2 2010
Group items Increase in income driven by investment gains and FX a USD m Q2 2009 Q2 2010 Change Operating income/loss -833 195 n.a. Change driven by net realised gains / losses Realised gains in Q2 2010 of USD 0.5bn, largely driven by USD 0.2bn m-t-m gains on assets designated as trading and USD
Slide 9: Summary and outlook: July 2010 renewals
a Summary and outlook Stefan Lippe, CEO Second Quarter results 2010 14 July 2010 renewals Price adequacy maintained by cycle management a Total treaty portfolio USD 1.9bn USD 1.9bn 100% 8% 80% 100% 34% -1% 23% 96% 60% 40% 66% 20% 0% Total Cancelled Renewed Decrease New Pending Estimated renewable or
Slide 10: July 2010 renewals and Summary and outlook
July 2010 renewals Portfolio optimised to maintain price adequacy a Successful July renewal in an increasingly competitive environment where market rates continue to decline Rate increases confined to local markets and loss affected programmes e.g. Chile earthquake, offshore energy risks in the
Slide 11: Questions & answers; Corporate calendar & contacts
a Questions & answers Second Quarter results 2010 18 Corporate calendar & contacts a Corporate calendar 13 September 2010 Investors and Media meeting Monte Carlo 04 November 2010 Third Quarter 2010 results Conference call 17 February 2011 Annual Results 2010 Zurich Investor Relations contacts Hotlin
Slide 12: Cautionary note on forward-looking statements
Cautionary note on forward-looking statements a Certain statements and illustrations contained herein are forward-looking. These statements and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a histor