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Swiss Re Half - Year 2026 Results Swiss Re Media Conference 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 and ROE of 22.7%, driven by strong contributions from all Business Units and supported by solid investment result 2 The Group and all Business Units are well on track towards 2026 financial targets Operating cost reduction target raised to USD 500m by 2028, from USD 300m by 2027 Swiss Re supported clients by paying out USD 17.7bn of claims in the first half of 2026 Disciplined P&C Re June and July 2026 renewals, with nominal price decrease of 1.2% Group SST ratio estimated at 264% as of 1 July 2026, above target range of 200–250%
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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 (%) 3 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 • 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 4 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 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 (%) 5 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) 6 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 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 Outlook 8 Artificial intelligence is amplifying the expertise of our people, enabling us to deliver greater value to clients Swiss Re is on a very good track towards its financial targets We are investing in underwriting excellence, financial strength, data, technology and AI to further strengthen our capabilities The role of re/insurance in helping businesses and societies build resilience is becoming increasingly important
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Half-Year 2026 Results 1 This number includes internal and external users (contractors), with an adoption rate of ~80% among internal users Moving from individual use cases to end-to-end transformation 1 7 0 0 A I a g e n t s c r e a t e d b y e m p l o y e e s , supporting adoption and productivity for day-to-day tasks ~ 1 4 0 0 0 u s e r s of Swiss Re's data and technology platform1 ~80% of colleagues report confidence using AI productivity tools Building a leading AI-powered re/insurer 9 Scaling AI adoption across Swiss Re Building AI fluency and capabilities to amplify Swiss Re's expertise at scale Transforming how we create value Combining AI with deep risk expertise, proprietary data and the judgement of our people Group-wide programme anchored in Group strategy and sponsored at GEC level Large-scale transformation initiatives embedding AI into core processes across underwriting, claims and operations Scalable AI delivery model accelerating high-value use cases from idea to production AI strategy built on clear human accountability, expert oversight and responsible standards Swiss Re enables thousands of experts to use AI across core re/insurance workflows
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Half-Year 2026 Results Corporate calendar 2026 5 November Nine-month 2026 results Conference call 4 December Financial targets 2027 Conference call 2027 26 February Full-year 2026 results Conference call 12 March Publication of Annual Report 2026 14 April 163rd Annual General Meeting Zurich Corporate calendar and contact 10 Contact For any further questions, please contact the Media Relations team at Media_Relations@swissre.com or +41 43 285 71 71
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Half-Year 2026 Results 11
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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. 12
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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 13