Swiss Re AG · SIX:SREN
Swiss Re — 9M 2026 Earnings Presentation
28 slides from Swiss Re's earnings presentation, Nov 5, 2026
Slide 1: 9M 2026 Results
9M 2026 Results Swiss Re investor and analyst presentation Zurich, 5 November 2026 9M 2026 Results
Slide 2: Financial highlights from 9M 2026 results
Financial highlights from 9M 2026 results 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, suppor
Slide 3: Strong Group result driven by contributions from all Business Units
Strong Group result driven by contributions from all Business Units Swiss Re Group Q3 2026 9M 2026 FY 2026 Net income key figures key figures targets (USD m) 4 037 4 173 P&C Combined ratio 78.3% 77.3% <85% Reinsurance 1 432 1 339 Corporate Combined ratio 87.0% 86.4% <91% Solutions Q3 2025 Q3 2026 9M
Slide 4: Lower insurance revenue and new business margins reflect competitive P&C market conditions
Lower insurance revenue and new business margins reflect competitive P&C market conditions; increased insurance service result mainly driven by L&H Re Insurance revenue (USD bn) New business CSM (USD bn) Net income (USD bn) 32.0 3.9 31.2 4.5 14.0 12.8 4.8 P&C Reinsurance 2.8 5.1 Insurance service re
Slide 5: Recurring investment income benefits from higher reinvestment yield
Recurring investment income benefits from higher reinvestment yield Recurring income yield and reinvestment yield (%) 6.0 5.5 USD 3.1bn 5.0 Recurring income 4.5 in 9M 2026 4.0 3.5 4.2% 3.0 Recurring income yield in 9M 2026 2.5 2.0 1.5 5.6% 1.0 Reinvestment yield in Q3 2026 0.5 — 2019 2020 2021 2022
Slide 6: Financial highlights
Financial highlights 9M 2026 Results 6
Slide 7: Key figures 9M 2026
Key figures 9M 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation 9M 2026 9M 2025 • Insurance revenue 12 776 12 891 5 493 395 -360 31 195 31 999 • Insurance service result 2 739 1 640 863 -110 5 132 4 777 Combined ratio 77.3 % 86.4 % • Insuran
Slide 8: P&C Re result driven by strong underwriting performance and low nat cat experience
P&C Re result driven by strong underwriting performance and low nat cat experience Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 14.0 2 494 12.8 2 899 2 739 77.6 77.3 5.1 5.7 Expense ratio 5.8 1 838 1 714 CSM release 2 065 5.2 Property 380 Ch
Slide 9: Corporate Solutions continued to deliver consistent underwriting performance
Corporate Solutions continued to deliver consistent underwriting performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) Combined ratio (%) 5.7 87.1 86.4 5.5 0.7 863 832 24.5 26.0 Expense ratio 2.3 2.2 Property Assumed 559 CSM release 500 1 032 879 418 0.7 66
Slide 10: L&H Re result reflects resilient in-force margins and favourable experience
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) 12.9 833 1 640 12.0 Insurance service 1 053 1 640 result 1 053 1 292 1 126 CSM release 1 527 7.1 Mortality 7.1 1 065 1 0
Slide 11: L&H Re maintains a robust CSM balance
L&H Re maintains a robust CSM balance 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 • Other driven mainly by currency translation impacts due to strengthening of US dollar against oth
Slide 12: Investment performance driven by strong recurring income
Investment performance driven by strong recurring income Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 111.5 RIY 4.1% 4.2% 107.3 13.0 ROI 4.1% 4.0% 11.3 Equities and alternatives 6.9 8.2 Mortgages and other loans 3 245 3 196 190 59 52 82 Investment gains/losses 41.8 41.2 Oth
Slide 13: Appendix
Appendix 9M 2026 Results 13
Slide 14: Financial statements Q3 2026
Financial statements Q3 2026 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation Q3 2026 Q3 2025 Insurance revenue 4 535 4 471 1 879 129 -82 10 931 11 052 Insurance service expense -3 368 -3 964 -1 688 -146 89 -9 077 -8 755 Insurance service result before r
Slide 15: Financial statements 9M 2026
Financial statements 9M 2026 Income statement Corporate Total Total USD m P&C Re L&H Re Solutions Group items Consolidation 9M 2026 9M 2025 Insurance revenue 12 776 12 891 5 493 395 -360 31 195 31 999 Insurance service expense -9 430 -11 157 -4 220 -507 151 -25 162 -26 221 Insurance service result b
Slide 16: Financial statements 9M 2026
Financial statements 9M 2026 Balance sheet Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Sep 2026 31 Dec 2025 Cash and cash equivalents 2 519 1 213 1 321 342 0 5 395 2 743 Investments 59 645 30 513 11 964 4 087 -2 805 103 404 108 750 Fixed income securities 45 866 22 781 11 11
Slide 17: Financial statements 9M 2026
Financial statements 9M 2026 Shareholders' equity development and ROE calculation Total Shareholders' equity development, USD m 9M 2026 Shareholders' equity at 31 December 2025 25 114 Net income attributable to common shareholders 4 167 Dividends -2 357 Share buyback -1 303 Change in unrealised gain
Slide 18: Combined ratio calculations
Combined ratio calculations P&C Reinsurance USD m, unless otherwise stated Q3 2026 Q3 2025 9M 2026 9M 2025 Insurance revenue (A) 4 535 5 059 12 776 13 975 Allocation of reinsurance premiums (B) -298 -417 -729 -1 032 Insurance revenue (net) (C = A + B) 4 237 4 642 12 047 12 943 Insurance service expe
Slide 19: Investments
Investments ROI Q3 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation Q3 2026 Q3 2025 Investment result per income statement 635 351 134 53 -129 1 045 1 136 Less net investment income not included in ROI1 40 0 -3 0 0 38 57 Less investment gain
Slide 20: Investments
Investments ROI 9M 2026 Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Group items Consolidation 9M 2026 9M 2025 Investment result per income statement 1 921 967 440 363 -365 3 326 3 566 Less net investment income not included in ROI1 131 0 -6 0 0 124 157 Less investmen
Slide 21: Investments
Investments Breakdown of fixed income securities as of 30 September 2026 Fixed income securities Government Credit Government Credit Credit % bonds bonds Total % bonds bonds Total % bonds AAA 13 10 11 <1 year 33 7 20 Financials 29 AA 61 5 33 1-5 years 22 41 31 Non-cyclical consumer goods & services
Slide 22: Investments
Investments Breakdown of selected asset classes as of 30 September 2026 Mortgages and loans Equity and alternative investments Investment property % of fair value USD m % of fair value Infrastructure debt 65 Listed equity 838 Switzerland 54 Commercial mortgage loans 24 Listed equity - FVPL 393 Germa
Slide 23: Capital position and leverage
Capital position and leverage Group SST ratio1 IFRS available capital and leverage Upcoming debt maturities3 (USD bn) (USD bn) 15% 17% 259% Leverage ratio2 257% Senior debt Subordinated debt 250% 47.9 47.0 1.2 0.9 Senior debt 1.6 6.2 6.9 Subordinated debt 0.3 Target range 15.4 1.1 200-250% 15.2 CSM
Slide 24: Glossary
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) Corpo
Slide 25: Corporate calendar and contacts
Corporate calendar and contacts Corporate calendar 2026 4 Dec Financial Targets 2027 Conference call 2027 26 Feb Annual Results 2026 Conference call 12 Mar Publication of Annual Report 2026 14 Apr 163rd Annual General Meeting Zurich 5 May Q1 2027 Results Conference call Investor Relations contacts T
Slide 26: 9M 2026 Results
9M 2026 Results 26
Slide 27: Cautionary note on forward-looking statements and disclaimer
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 do
Slide 28: Legal notice
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