Slides
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Swiss Re Half - Year 2026 Results Swiss Re investor and analyst presentation Zurich , 6 August 2026
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Half-Year 2026 Results 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 Group SST ratio estimated at 264% as of 1 July 2026, above target range of 200-250% 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> 2 The Group and all Business Units are well on track towards 2026 financial targets Approximately 60% o f t h e U S D 1 . 5 b n share buyback programme executed between March-July 2026 Operating cost reduction target raised to USD 500m by 2028, from USD 300m by 2027
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Half-Year 2026 Results Strong Group result driven by contributions from all Business Units Swiss Re Group Net income (USD) Swiss Re Group Net income (USD m) Return on investments FY 2026 targets <85% 4.5bn Return on equity L&H Reinsurance Net income (USD) 1.7bn Corporate Solutions Combined ratio <91% 4.0%4.1% 22.7%23.0% H1 2026 key figures 76.7% 2 8 3 3 m 1 0 4 5 m 86.1% 3 2 605 2 833 Earnings per share (USD) 9.578.71 H1 2025 H1 2026 P&C Reinsurance Combined ratio Q2 2026 key figures 74.0% 1 3 2 0 m 546m 87.0% 3.5%3.8% 20.8%22.5% 1 330 1 320 4.464.40 Q2 2025 Q2 2026
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Half-Year 2026 Results • 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 -1.2 -1.7 2.3 3.5 -1.2 -1.6 2.4 3.0 2.1 0.2 0.3 1.6 20.3 3.6 8.4 8.2 1.4 0.3 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 Net income (USD bn)New business CSM (USD bn)Insurance revenue (USD bn) 4.5 4.1 4 20.9 0.7 3.7 8.0 8.9 3.1 0.3 0.6 2.2 L&H Reinsurance P&C Reinsurance Group Items Corporate Solutions Consolidation L&H Reinsurance P&C Reinsurance Group Items Corporate Solutions Investment result Insurance service result Financing costs, taxes & other Insurance finance result H1 2025 H1 2026H1 20251 H1 2025 H1 2026H1 2026 • 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 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 2.8 2.6 2.6
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Half-Year 2026 Results 19.4 -1.0 18.4 -0.6 1.7 19.5 Year-to-date P&C Re renewals reflect underwriting discipline in a challenging market; outcome continues to support 2026 combined ratio target USD bn Up for renewal YTD2 Cancelled/ not placed Renewed Change on renewed New business Outcome YTD renewals Premium volume change +0.5% Price change1 -0.2% Higher loss assumptions +4.4% 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) % of total 100% -5% 95% -3% +9% 101% 5 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
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Half-Year 2026 Results • Nat cat Volume change driven by nominal price declines in a challenging market, while underwriting discipline was broadly maintained on terms and structures • Property2 Premium growth in EMEA and Americas driven by new business wins and higher shares • Specialty Volume remained stable, with modest growth in various sublines offset by lower agriculture business in India • Casualty Volume growth driven by nominal price increases Year-to-date P&C Re renewals outcome reflects continued focus on cycle management and portfolio quality Gross premium volume by line of business1 (USD bn) Gross premium volume by region1 (USD bn) 1 Treaty business only 2 Excluding nat cat 6 Up for renewal YTD Premium volume change Outcome YTD renewals Nat cat 4.7 -9% 4.2 Property2 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
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Half-Year 2026 Results 1 2023 and prior as reported under US GAAP 2 From 2024 reinvestment yield includes mortgages and other loans Recurring income yieldReinvestment yield 2019 2020 2021 2022 2023 2024 2025 Q1 2026 Q2 2026 — 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 Recurring investment income supported by higher locked-in yields Recurring income yield and reinvestment yield (%) 5.2% Reinvestment yield in Q2 2026 USD 2bn Recurring income in H1 2026 4.2% Recurring income yield in H1 2026 7 Reinvestment yield2Recurring income yield1
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Half-Year 2026 Results Operating cost run-rate reduction1 Operating cost reduction target raised to USD 500m by 2028 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 8 20252024 2028E2027E2026E USD 500m Increased target, reflecting USD 200m additional cost reduction USD ~3.9bn USD >100m Cost reduction delivered USD 300m Well on track to deliver on initial target Core costs
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Half-Year 2026 Results Financial highlights 9
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Half-Year 2026 Results Key figures H1 2026 10 Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 8 2 4 1 8 4 2 0 3 6 1 4 266 -277 2 0 2 6 4 2 0 9 4 7 1 8 2 1 1 1 5 8 578 -93 3 4 6 4 3 0 0 3 76.7 % 86.1 % -742 -310 -141 -39 - 1 2 3 1 - 1 2 4 3 1 2 8 6 616 306 310 -237 2 2 8 1 2 4 2 9 3.7 % 4.4 % 3.9 % 1.9 % 4.0 % 4.1 % 1 4 4 6 1 0 4 5 490 -147 2 8 3 3 2 6 0 5 (USD) 9.57 8.71 (CHF) 7.52 7.55 22.7 % 23.0 % 30 Jun 2026 31 Dec 2025 1 8 2 1 1 6 6 6 1 840 216 1 9 5 3 8 1 9 5 6 6 1 5 6 1 5 7 6 3 205 67 7 5 9 7 7 5 6 8 2 4 4 5 6 2 5 1 1 4 (USD) 83.89 85.15 (CHF) 67.67 67.47 USD m, unless otherwise stated • Insurance revenue • Insurance service result Combined ratio • Insurance finance result • Investment result Return on investments • Net income/loss • Earnings per share • Return on equity • Contractual service margin • Risk adjustment • Shareholders' equity • Book value per share
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Half-Year 2026 Results • 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 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 Large man-made losses of USD 129m (i.e. USD >20m, nominal) related to H1 2026 events, below half-year expectation 723 -289 195 1 192 102-189 256 1 399 • 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 & other1 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% CSM release P&C Re result driven by strong underwriting performance and low nat cat burden Insurance revenue (USD bn) Insurance service result (USD m)New business CSM (USD m) 0.0 Combined ratio (%) 11 8.9 0.6 1.9 2.8 3.6 8.2 0.5 1.9 2.6 3.2 2 185 1 567 81.1 75.9 5.2 76.7 70.9 5.8 Changes in RA New business LC Experience variance & other Expense ratio Loss and commission ratio Property Casualty Specialty General multiline H1 2025 H1 2026 H1 2026 H1 2026 H1 2026H1 2025 H1 2025 H1 2025 1 568 1 821
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Half-Year 2026 Results 657 -395 550 -349 -85 193 66 404 -176516 451 • Growth in targeted lines and favourable FX offset the majority of the impact of the previously announced non-renewal of the Irish Medex business1 • 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 Property Corporate Solutions continued to deliver strong underwriting performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) 0.7 0.7 Combined ratio (%) 12 88.2 63.6 24.6 86.1 59.9 26.2 Casualty Specialty CSM release Changes in RA New business LC Experience variance & other Assumed Ceded Expense ratio Loss ratio H1 2025H1 2025 H1 2025 H1 2025 H1 2026 H1 2026 H1 2026 H1 2026 • 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% 3.7 0.8 1.5 1.5 3.6 0.9 1.3 1.4 201 262 515 578 1 Impact of U S D - 0 . 3 b n i n H 1 2 0 2 6 v s . H 1 2 0 2 5 Note: Large nat cat losses of USD 31m (i.e. USD >10m, nominal) related to H1 2026 events, below half-year expectation Large man-made losses of USD 81m (i.e. USD >10m, nominal) related to H1 2026 events, below half-year expectation
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Half-Year 2026 Results -310 -419 616 1 158 -334 -543 811 931 167 -36 269 758 • 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 8.4 1.6 2.0 4.6 Other L&H Re result reflects resilient in-force margins and favourable experience Net income (USD m)Insurance revenue (USD bn) New business CSM (USD m) 2.5 1.0 • 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 Insurance service result (USD m) 13 8.0 1.3 1.8 4.7 569 338 -151 -27 277 833 Mortality Health Longevity CSM release New business LC Experience variance & other Insurance service result Investment result Insurance finance result Financing costs, taxes & other Changes in RA H1 2025 H1 20251 H1 20251 H1 2026 H1 2026 H1 2026 H1 2026H1 20251 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 931 1 158 865 865 1 045
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Half-Year 2026 Results L&H Re maintains a robust CSM balance • Other driven mainly by currency translation impacts due to strengthening of US dollar against other currencies CSM development (USD m) 14 338 250 -758 49 -134 31 Dec 2025 New business CSM Interest accretion CSM release Change in assumptions Other 30 Jun 2026 1 6 9 1 7 1 6 6 6 1 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 1
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Half-Year 2026 Results 2 155 2 024 Investment performance driven by strong recurring income • 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 Asset allocation1 (USD bn) • 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 Investment result for ROI breakdown (USD m) 1 Reflects fair value of investment portfolio, excludes securities lending, repurchase agreements and derivatives 15 111.5 2.9 46.8 41.8 6.9 13.0 108.8 4.1 42.2 42.6 7.8 12.1 2 149 1 969 RIY 4.1% 4.0%Equities and alternatives Mortgages and other loans Government bonds Credit bonds Cash and cash equivalents Investment gains/losses Recurring income Other NII 31 Dec 2025 30 Jun 2026 4.2% 4.1% H1 2025 H1 2026 6615327 ROI 64
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Half-Year 2026 Results Appendix 16
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Half-Year 2026 Results Financial statements Q2 2026 Income statement 17 USD m Insurance revenue Insurance service expense 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 Finance income/expenses from reinsurance contracts held Insurance finance result Net investment income Investment gains/losses Investment result Other income Other expenses Financing costs Income/loss before income tax expense/benefit Income tax expense/benefit Net income/loss Thereof Net income/loss attributable to non-controlling interests Net income/loss attributable to common shareholders Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025 4 1 5 6 4 1 9 8 1 9 3 3 85 -141 1 0 2 3 0 1 0 5 4 2 - 2 9 3 3 - 3 5 5 1 - 1 4 3 6 -198 62 - 8 0 5 6 - 8 4 6 3 1 2 2 2 647 497 -113 -79 2 1 7 4 2 0 7 9 -216 -124 -477 2 141 -674 -573 19 84 272 0 -61 313 227 -196 -40 -205 2 79 -361 -346 1 0 2 6 607 292 -111 0 1 8 1 4 1 7 3 3 -373 -140 -127 -14 28 -626 -623 10 2 56 0 -28 40 35 -364 -138 -70 -14 0 -586 -588 645 380 142 49 -126 1 0 9 0 1 0 7 9 -152 -90 -8 82 0 -168 83 493 290 134 131 -126 922 1 1 6 2 28 113 15 116 -112 161 57 -159 -104 -56 -223 112 -430 -479 -144 -68 -22 -28 126 -137 -130 881 700 292 -130 0 1 7 4 3 1 7 5 5 -189 -154 -64 -16 0 -423 -425 692 546 228 -145 0 1 3 2 0 1 3 3 0 -2 0 -4 0 0 -6 1 693 546 232 -145 0 1 3 2 6 1 3 2 9
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Half-Year 2026 Results Financial statements H1 2026 Income statement 18 USD m Insurance revenue Insurance service expense 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 Finance income/expenses from reinsurance contracts held Insurance finance result Net investment income Investment gains/losses Investment result Other income Other expenses Financing costs Income/loss before income tax expense/benefit Income tax expense/benefit Net income/loss Thereof Net income/loss attributable to non-controlling interests Net income/loss attributable to common shareholders Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 8 2 4 1 8 4 2 0 3 6 1 4 266 -277 2 0 2 6 4 2 0 9 4 7 - 6 0 6 2 - 7 1 9 2 - 2 5 3 2 -361 62 - 1 6 0 8 5 - 1 7 4 6 6 2 1 7 8 1 2 2 8 1 0 8 3 -95 -216 4 1 7 9 3 4 8 1 -431 -235 -902 2 279 - 1 2 8 7 - 1 1 9 5 73 165 397 0 -63 573 717 -357 -69 -505 2 216 -714 -478 1 8 2 1 1 1 5 8 578 -93 0 3 4 6 4 3 0 0 3 -760 -313 -250 -39 57 - 1 3 0 3 - 1 3 0 8 18 3 109 0 -57 72 65 -742 -310 -141 -39 0 - 1 2 3 1 - 1 2 4 3 1 2 8 7 759 284 84 -237 2 1 7 7 2 0 9 5 -1 -143 22 226 0 104 334 1 2 8 6 616 306 310 -237 2 2 8 1 2 4 2 9 49 224 22 231 -224 303 146 -304 -221 -103 -463 224 -867 -854 -269 -136 -34 -50 237 -252 -244 1 8 4 2 1 3 3 1 628 -103 0 3 6 9 8 3 2 3 7 -396 -286 -138 -44 0 -865 -632 1 4 4 6 1 0 4 5 490 -147 0 2 8 3 3 2 6 0 5 0 0 2 0 0 2 9 1 4 4 6 1 0 4 5 488 -147 0 2 8 3 1 2 5 9 6
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Half-Year 2026 Results Financial statements H1 2026 Balance sheet 19 Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Jun 2026 31 Dec 2025 Cash and cash equivalents 1 9 7 8 687 911 354 0 3 9 3 0 2 7 4 3 Investments 6 1 0 8 6 3 3 3 0 1 1 1 8 5 3 2 3 6 2 - 2 9 9 9 1 0 5 6 0 2 1 0 8 7 5 0 Fixed income securities 4 7 1 4 2 2 5 6 5 7 1 1 2 0 5 812 0 8 4 8 1 7 8 8 4 6 9 Equity investments 394 153 17 306 0 870 876 Mortgages and other loans 2 4 5 7 6 4 1 4 321 986 - 2 1 9 7 7 9 8 0 7 0 8 5 Investment property 2 0 2 4 526 1 0 0 2 5 5 0 2 6 4 8 Other invested assets 9 0 7 0 551 309 258 -803 9 3 8 5 9 6 7 2 Insurance contracts issued that are assets 1 2 2 8 2 6 9 6 218 239 -956 3 4 2 6 3 3 1 4 Reinsurance contracts held that are assets 4 0 3 9 316 6 5 3 5 0 - 3 5 4 0 7 3 5 0 7 1 2 8 Goodwill and other intangible assets 1 9 1 2 1 7 9 7 277 23 0 4 0 0 9 4 0 2 0 Income taxes recoverable 209 461 139 48 0 857 793 Deferred tax assets 1 7 1 9 1 3 1 2 202 1 2 3 0 - 2 7 2 1 1 7 4 1 1 7 5 8 Other assets 1 8 3 2 7 1 1 8 7 1 3 4 5 3 9 5 3 1 - 3 7 2 5 2 5 9 2 9 5 3 7 0 Assets held for sale 0 0 0 0 0 0 131 Total assets 9 0 4 9 7 5 2 4 4 3 2 3 5 8 7 1 3 7 8 5 - 4 7 4 6 8 1 3 2 8 4 5 1 3 4 0 0 7 Insurance contracts issued that are liabilities 4 8 2 6 8 2 1 6 5 1 1 4 6 2 7 3 4 2 8 - 3 6 6 1 8 4 3 1 4 8 6 4 7 1 Reinsurance contracts held that are liabilities 3 5 2 3 232 894 3 -834 3 8 1 9 4 0 3 9 Short-term debt 163 309 0 0 -163 309 295 Long-term debt 5 2 5 6 3 9 0 3 743 814 - 2 0 3 4 8 6 8 1 8 2 4 2 Income taxes payable 522 142 170 224 0 1 0 5 8 848 Deferred tax liabilities 1 2 3 3 3 2 6 4 722 383 - 2 7 2 1 2 8 8 1 2 8 0 0 Other liabilities 2 1 2 4 9 1 5 2 9 4 1 8 9 2 6 4 4 5 - 3 8 0 5 4 6 8 2 5 5 4 2 3 Liabilities held for sale 0 0 0 0 0 0 151 Total liabilities 8 0 2 1 4 4 4 7 9 4 1 9 0 5 0 1 1 2 9 7 - 4 7 4 6 8 1 0 7 8 8 7 1 0 8 2 6 9 Shareholders’ equity 2 4 4 5 6 2 5 1 1 4 Perpetual capital instruments 444 444 Non-controlling interests 57 181 Total equity 2 4 9 5 8 2 5 7 3 9 Total liabilities and equity 1 3 2 8 4 5 1 3 4 0 0 7
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Half-Year 2026 Results Financial statements H1 2026 Shareholders' equity development and ROE calculation 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 20 Shareholders' equity development, USD m Shareholders' equity at 31 December 2025 Net income attributable to common shareholders Dividends Share buyback Change in unrealised gains/losses on investments Change in finance income/expenses from re/insurance contracts Other Shareholders' equity at 30 June 2026 ROE calculation, USD m unless otherwise stated Net income attributable to common shareholders (A) Coupon on perpetual capital instruments (B) Gains/losses from redemption of perpetual capital instruments (C) Net income attributable to common shareholders after impact of perpetual capital instruments (D = A + B + C) Average shareholders' equity (E) ROE H1 2026 (= D annualised / E) Shares outstanding1, millions As at 30 June 2026 Weighted average Total H1 2026 2 5 1 1 4 2 8 3 1 - 2 3 5 7 -683 -583 364 -230 2 4 4 5 6 2 8 3 1 -18 0 2 8 1 4 2 4 7 8 5 22.7 % 291.5 294.0
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Half-Year 2026 Results Combined ratio calculations 21 P&C Reinsurance USD m, unless otherwise stated Insurance revenue (A) Allocation of reinsurance premiums (B) Insurance revenue (net) (C = A + B) Insurance service expense (D) Amounts recoverable from reinsurers for incurred claims (E) Insurance service expense (net) (F = D + E) Combined ratio (= -F / C) Corporate Solutions USD m, unless otherwise stated Insurance revenue (A) Insurance service expense (B) Allocation of reinsurance premiums (C) Amounts recoverable from reinsurers for incurred claims (D) Non-directly attributable expenses (E) Combined ratio (= -(B + C + D + E) / A) Q2 2026 Q2 2025 4 1 5 6 4 4 5 1 -216 -254 3 9 4 0 4 1 9 7 - 2 9 3 3 - 3 2 8 4 19 80 - 2 9 1 4 - 3 2 0 4 74.0 % 76.3 % Q2 2026 Q2 2025 1 9 3 3 1 9 9 0 - 1 4 3 6 - 1 5 0 0 -477 -393 272 178 -40 -36 87.0 % 88.0 % H1 2026 H1 2025 8 2 4 1 8 9 1 6 -431 -614 7 8 1 0 8 3 0 2 - 6 0 6 2 - 7 0 8 8 73 354 - 5 9 8 9 - 6 7 3 4 76.7 % 81.1 % H1 2026 H1 2025 3 6 1 4 3 7 4 9 - 2 5 3 2 - 2 8 3 5 -902 -733 397 334 -75 -72 86.1 % 88.2 %
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Half-Year 2026 Results Investments ROI Q2 2026 1 Excluded from basis for ROI: catastrophe bonds and insurance-related derivatives 2 Reflects carrying value of investment portfolio, excludes catastrophe bonds, insurance-related instruments and FX derivatives 22 USD m, unless otherwise stated Investment result per income statement Less net investment income not included in ROI1 Less investment gains/losses not included in ROI1 Less investment gains/losses from foreign exchange Investment result for ROI Recurring income Fixed income securities Equity investments Mortgages and other loans Investment property Other invested assets Other investment income Investment expenses Net investment income for ROI Change in expected credit losses and impairments Change in fair value Disposal gains/losses Investment gains/losses for ROI Average invested assets2 ROI Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation Q2 2026 Q2 2025 493 290 134 131 -126 922 1 1 6 2 46 0 -3 0 0 44 51 -6 -115 -7 0 0 -128 -43 0 0 0 85 0 85 151 452 404 144 47 -126 922 1 0 0 3 520 380 125 20 -22 1 0 2 3 1 0 1 8 840 840 1 2 114 114 64 61 3 1 135 33 26 34 -109 119 110 -56 -32 -6 -5 5 -94 -100 599 380 145 49 -126 1 0 4 7 1 0 2 8 -4 -3 0 0 0 -7 -17 -118 3 -3 -3 0 -120 -13 -25 24 2 0 0 2 5 -146 24 -1 -3 0 -125 -25 6 4 6 5 2 3 6 0 9 3 1 5 2 8 8 8 4 9 5 - 1 8 3 1 9 1 0 6 2 0 9 1 0 6 8 0 4 2.8 % 4.5 % 3.8 % 2.2 % 3.5 % 3.8 %
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Half-Year 2026 Results Investments ROI H1 2026 1 Excluded from basis for ROI: catastrophe bonds and insurance-related derivatives 2 Reflects carrying value of investment portfolio, excludes catastrophe bonds, insurance-related instruments and FX derivatives 23 USD m, unless otherwise stated Investment result per income statement Less net investment income not included in ROI1 Less investment gains/losses not included in ROI1 Less investment gains/losses from foreign exchange Investment result for ROI Recurring income Fixed income securities Equity investments Mortgages and other loans Investment property Other invested assets Other investment income Investment expenses Net investment income for ROI Change in expected credit losses and impairments Change in fair value Disposal gains/losses Investment gains/losses for ROI Average invested assets2 ROI Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation H1 2026 H1 2025 1 2 8 6 616 306 310 -237 2 2 8 1 2 4 2 9 91 0 -4 0 0 87 99 -14 -185 9 0 0 -191 -9 0 0 0 230 0 230 190 1 2 1 0 801 301 80 -237 2 1 5 5 2 1 4 9 1 0 3 9 748 243 41 -45 2 0 2 4 1 9 6 9 1 6 7 9 1 6 4 1 2 2 211 203 129 121 4 2 271 69 57 51 -202 245 211 -113 -57 -12 -8 11 -179 -184 1 1 9 6 759 288 84 -237 2 0 9 1 1 9 9 6 -12 -10 -1 0 0 -24 -15 -71 1 1 -4 0 -74 14 97 51 14 0 0 162 154 13 42 13 -4 0 64 153 6 5 0 0 9 3 6 1 8 4 1 5 3 6 0 8 2 6 7 - 1 7 9 4 8 1 0 6 8 7 2 1 0 5 3 1 8 3.7 % 4.4 % 3.9 % 1.9 % 4.0 % 4.1 %
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Half-Year 2026 Results Investments Breakdown of fixed income securities as of 30 June 2026 Fixed income securities 24 % AAA AA A BBB <BBB Not rated Cat bonds % Financials Non-cyclical consumer goods & services Cyclical consumer goods & services Securitised products ABS/MBS Other securitised products Utilities Information technology Resources Catastrophe bonds Other USD m Total % <1 year 1-5 years 5-10 years 10-20 years 20+ years USD m Total Government bonds Credit bonds Total 13 9 11 62 5 33 15 32 23 7 46 26 3 3 3 0 2 1 0 3 2 Government bonds Credit bonds Total 32 7 20 21 40 31 8 31 20 15 11 13 24 10 17 4 2 2 0 8 4 2 6 0 9 8 4 8 1 7 Credit bonds 30 17 13 12 5 7 7 6 5 3 8 4 2 6 0 9 40 61 51 8 7 8 8 7 7 8 3 5 5 4 4 5 1 3 3 2 3 1 3 2 22 12 17 United States United Kingdom Canada France Australia Germany Japan Netherlands Other USD m Total 4 2 2 0 8 4 2 6 0 9 8 4 8 1 7
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Half-Year 2026 Results Investments Breakdown of selected asset classes as of 30 June 2026 Investment propertyEquity and alternative investmentsMortgages and loans 25 % of fair value Switzerland Germany United States United Kingdom Other % of fair value Residential Office Industrial USD m Carrying value Fair value % of fair value Infrastructure debt Commercial mortgage loans Direct lending USD m Carrying value Fair value 65 25 10 7 9 8 0 7 8 0 3 54 22 14 4 5 47 37 16 2 5 5 0 5 9 5 6 USD m Listed equity Listed equity - FVPL 1 Listed equity - OCI option Private equity Private equity funds - FVPL 2 Unlisted equity - OCI option Other Associates Investment property Total 1 6 5 8 1 2 6 9 389 4 0 0 4 3 6 6 4 265 76 526 5 9 5 6 1 2 1 4 4 1 Includes temporary allocation of USD ~1bn in a fully hedged listed equity funding position 2 Includes unlisted equity of USD +17m
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Half-Year 2026 Results 257% 250% 264% 1/2025 1/2026 7/2026 Senior debt Target range 200-250% Group SST ratio1 • 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%pts2 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 31 Dec 2025 30 Jun 2026 15% 16% Leverage ratio3 Senior debt Subordinated debt CSM net of tax Shareholders' equity 2027 IFRS available capital and leverage (USD bn) Upcoming debt maturities4 (USD bn) Capital position and leverage 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 47.9 25.1 15.4 6.2 1.2 47.8 24.5 15.4 7.0 0.9 1.6 1.3 0.3 Subordinated debt 2028 2029 1.1 1.1 0.8 0.6 0.2 2030 26
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Half-Year 2026 Results 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 R e t u r n o n e q u i t y = n e t i n c o m e a t t r i b u t a b l e t o c o m m o n s h a r e h o l d e r s a f t e r i m p a c t o f p e r p e t u a l c a p i t a l i n s t r u m e n t s / a v e r a g e s h a r e h o l d e r s ' e q u i t y ; a n n u a l i s e d ROI Return on investments = investment result related to asset management activities / average invested assets related to asset management activities (carrying value); annualised 27
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Half-Year 2026 Results Investor Relations contacts Telephone E-mail +41 43 285 4444 Investor_Relations@swissre.com Thomas Bohun Nicole Cooke Marcel Fuchs +41 43 285 8118 +41 43 285 8722 +41 43 285 3611 Franz-Joseph Studt Martijn Tielens +41 43 285 2048 +41 43 285 2620 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 Publication of Annual Report 2026 14 Apr 163rd Annual General Meeting Zurich Corporate calendar and contacts 28
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Half-Year 2026 Results 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. 30
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Half-Year 2026 Results ©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. Legal notice 31