Slides
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9M 2026 Results Swiss Re investor and analyst presentation Zurich, 5 November 2026 9M 2026 Results
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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 Group SST ratio estimated at 259% as of 1 October 2026, above target range of 200-250% P&C Reinsurance – combined ratio of 77.3%: strong underwriting result, supported by lower-than-expected large nat cat losses> > Corporate Solutions – combined ratio of 86.4%: consistent underwriting performance and lower-than-expected large nat cat losses > L&H Reinsurance – net income of USD 1.5bn: resilient 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 95% o f t h e U S D 1 . 5 b n share buyback programme executed between March-October 2026
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9M 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% 22.5%22.5% 9M 2026 key figures 77.3% 4 1 7 3 m 1 5 2 7 m 86.4% 3 4 037 4 173 Earnings per share (USD) 14.1713.24 9M 2025 9M 2026 P&C Reinsurance Combined ratio Q3 2026 key figures 78.3% 1 3 3 9 m 482m 87.0% 4.0%4.1% 22.0%22.7% 1 432 1 339 4.604.53 Q3 2025 Q3 2026
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9M 2026 Results 4.2 4.0 4.0 • P&C Re's decline driven by renewals outcome • L&H Re's decline reflects fewer large transactions and a more selective approach to new business • Corporate Solutions' decline reflects more competitive market environment • Increase in net income primarily driven by higher underwriting result in L&H Re, partially offset by lower investment gains -1.8 -2.5 3.3 5.1 -1.9 -2.4 3.6 4.8 2.8 0.4 0.5 1.8 31.2 5.5 12.9 12.8 1.4 0.3 Lower insurance revenue and new business margins reflect competitive P&C market conditions; increased insurance service result mainly driven by L&H Re Net income (USD bn)New business CSM (USD bn)Insurance revenue (USD bn) 4.5 4.1 4 32.0 0.9 5.7 12.0 14.0 3.9 0.5 0.8 2.5 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 9M 2025 9M 20269M 20251 9M 2025 9M 20269M 2026 • Decline in insurance revenue primarily driven by P&C Re, reflecting overall renewals outcome and cedent volume updates, and impact from the iptiQ withdrawal in Group Items. This was partially offset by favourable FX and L&H Re, mainly due to new longevity business 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
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9M 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 Q3 2026 — 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 Recurring investment income benefits from higher reinvestment yield Recurring income yield and reinvestment yield (%) 5.6% Reinvestment yield in Q3 2026 USD 3.1bn Recurring income in 9M 2026 4.2% Recurring income yield in 9M 2026 5 Reinvestment yield2Recurring income yield1
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9M 2026 Results Financial highlights 6
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9M 2026 Results Key figures 9M 2026 7 Corporate Total Total P&C Re L&H Re Solutions Group items Consolidation 9M 2026 9M 2025 1 2 7 7 6 1 2 8 9 1 5 4 9 3 395 -360 3 1 1 9 5 3 1 9 9 9 2 7 3 9 1 6 4 0 863 -110 5 1 3 2 4 7 7 7 77.3 % 86.4 % - 1 1 1 5 -451 -215 -52 - 1 8 3 2 - 1 8 6 3 1 9 2 1 967 440 363 -365 3 3 2 6 3 5 6 6 3.7 % 4.5 % 3.9 % 2.0 % 4.0 % 4.1 % 2 1 6 0 1 5 2 7 714 -228 4 1 7 3 4 0 3 7 (USD) 14.17 13.24 (CHF) 11.26 11.18 22.5 % 22.5 % 30 Sep 2026 31 Dec 2025 1 5 4 8 1 6 5 8 5 922 210 1 9 2 6 5 1 9 5 6 6 1 3 9 7 5 1 9 7 209 61 6 8 6 3 7 5 6 8 2 3 9 9 8 2 5 1 1 4 (USD) 83.33 85.15 (CHF) 69.56 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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9M 2026 Results 1 Changes in RA includes a benefit from parameter updates of USD 170m in 9M 2025 and USD 34m in 9M 2026 2 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 640m (i.e. USD >20m, nominal, net of USD 28m reinstatement premiums) related to 9M 2026 events vs. 9M 2026 budget of USD 1 609m Large man-made losses of USD 301m (i.e. USD >20m, nominal) related to 9M 2026 events, above nine-month expectation • Decrease in insurance service result driven by competitive pricing environment, resulting in lower CSM release and a higher new business LC, partially offset by more favourable experience variance • Experience variance & other2 in 9M 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 ~11.5%pts in 9M 2026 • On track to achieve full-year 2026 combined ratio target of <85% 2 739 2 899 • Decline of -8.6% 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 -6.9%, reflecting lower external retrocession • New business CSM generation below prior-year period primarily driven by a competitive year-to-date renewals environment 1 024 -379 380 1 714 549 -265 549 2 065 CSM release P&C Re result driven by strong underwriting performance and low nat cat experience Insurance revenue (USD bn) Insurance service result (USD m)New business CSM (USD m) 0.0 Combined ratio (%) 8 14.0 1.1 2.9 4.2 5.8 12.8 0.8 2.9 3.8 5.2 2 494 1 838 77.6 72.5 5.1 77.3 71.6 5.7 Changes in RA1 New business LC Experience variance & other Expense ratio Loss and commission ratio Property Casualty Specialty General multiline 9M 2025 9M 2026 9M 2026 9M 2026 9M 20269M 2025 9M 2025 9M 2025
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9M 2026 Results 832 863 500 418 1 032 -531 879 -461 -120 325 99 559 -25 111 78 668 • 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 competitive market environment in some lines of business, partially offset by the inclusion of P&C Re’s credit & surety business from 2026 onwards Property Corporate Solutions continued to deliver consistent underwriting performance Insurance revenue (USD bn) New business CSM (USD m) Insurance service result (USD m) 0.7 0.7 Combined ratio (%) 9 87.1 62.6 24.5 86.4 60.4 26.0 Casualty Specialty CSM release Changes in RA New business LC Experience variance & other Assumed Ceded Expense ratio Loss ratio 9M 20259M 2025 9M 2025 9M 2025 9M 2026 9M 2026 9M 2026 9M 2026 • Increase in insurance service result driven by more favourable experience variance, partially offset by lower CSM release and higher new business LC (mainly due to A&H, mostly incepting in Q1) • Experience variance & other in 9M 2026 reflects ◦ Current services: neutral experience driven by lower-than-expected large nat cat losses, largely offset by an allowance for expected claims seasonality ◦ 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 ~4.5%pts in 9M 2026 • On track to achieve full-year 2026 combined ratio target of <91% 5.7 1.2 2.1 2.3 5.5 1.3 1.9 2.2 1 I m p a c t o f U S D - 0 . 4 b n i n 9 M 2 0 2 6 v s . 9 M 2 0 2 5 Note: Large nat cat losses of USD 54m (i.e. USD >10m, nominal) related to 9M 2026 events, below nine-month expectation Large man-made losses of USD 219m (i.e. USD >10m, nominal) related to 9M 2026 events, broadly in line with nine-month expectation
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9M 2026 Results 1 053 Insurance revenue (USD bn) 1 527 1 065 1 065 1 640 -451 -629 967 1 640 -498 -698 1 207 1 053 143 -40 411 1 126 • Increase in insurance service result mainly driven by favourable experience variance, particularly from US mortality • CSM release in line with full-year guidance of ~8-9% • Investment result impacted by higher insurance-related losses, largely offset by corresponding gains in other income • Financing costs, taxes & 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 12.9 2.4 3.0 7.1 Other Net income (USD m) L&H Re result reflects resilient in-force margins and favourable experience New business CSM (USD m) 2.5 1.0 • Increase in insurance revenue primarily driven by favourable FX and contributions from new longevity business • New business CSM generation below prior-year period reflecting fewer large transactions and a more selective approach to new business, particularly in APAC. 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) 10 12.0 2.0 2.7 7.1 833 488 -625 -34 421 1 292 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 9M 2025 9M 20251 9M 20251 9M 2026 9M 2026 9M 2026 9M 20269M 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
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9M 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) 11 488 374 -1 126 52 -121 31 Dec 2025 New business CSM Interest accretion CSM release Change in assumptions Other 30 Sep 2026 1 6 9 1 7 1 6 5 8 5 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
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9M 2026 Results • Equities and alternatives decreased, primarily reflecting the unwind of temporary, fully hedged listed equity funding positions as well as real estate disposals in Q1 2026 • Mortgages and other loans increased, reflecting net deployments into infrastructure and commercial mortgage loans, partially offset by mark-to-market losses • Credit bonds decreased as purchases were more than offset by mark-to-market losses • Government bonds decreased, reflecting net sales to fund reinvestment into other asset classes, as well as mark-to-market losses • Cash and cash equivalents increased, reflecting higher allocation to US short-term investments 3 196 3 061 Investment performance driven by strong recurring income • ROI of 4.0% for 9M 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 5.6% in Q3 2026 • Investment gains in 9M 2026 primarily reflect real estate disposals in Q1 while the prior-year period benefited from the sale of a stake in Definity Financial and a higher contribution from private equity • Change in expected credit losses and impairments in 9M 2026 of USD -38m Asset allocation1 (USD bn) Investment result for ROI breakdown (USD m) 1 Reflects fair value of investment portfolio, excludes securities lending, repurchase agreements and derivatives 12 111.5 2.9 46.8 41.8 6.9 13.0 107.3 5.5 41.0 41.2 8.2 11.3 3 245 2 996 RIY 4.1% 4.0%Equities and alternatives Mortgages and other loans Credit bonds Cash and cash equivalents Investment gains/losses Government bonds Recurring income Other NII 31 Dec 2025 30 Sep 2026 4.2% 4.1% 9M 2025 9M 2026 82190 59 ROI 52
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9M 2026 Results Appendix 13
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9M 2026 Results Financial statements Q3 2026 Income statement 14 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 Q3 2026 Q3 2025 4 5 3 5 4 4 7 1 1 8 7 9 129 -82 1 0 9 3 1 1 1 0 5 2 - 3 3 6 8 - 3 9 6 4 - 1 6 8 8 -146 89 - 9 0 7 7 - 8 7 5 5 1 1 6 7 507 191 -17 7 1 8 5 4 2 2 9 7 -298 -174 -459 0 114 -817 -761 48 149 554 0 -120 630 238 -250 -25 95 0 -7 -187 -523 917 482 285 -17 0 1 6 6 8 1 7 7 5 -384 -142 -129 -13 25 -644 -662 11 1 56 0 -25 43 41 -373 -141 -74 -13 0 -601 -621 640 389 149 41 -129 1 0 9 0 1 1 1 6 -5 -38 -15 12 0 -46 20 635 351 134 53 -129 1 0 4 5 1 1 3 6 23 90 4 91 -93 115 126 -128 -110 -52 -228 93 -425 -398 -166 -70 -11 -19 129 -137 -123 909 602 287 -133 0 1 6 6 5 1 8 9 6 -195 -120 -63 52 0 -326 -464 714 482 224 -81 0 1 3 3 9 1 4 3 2 0 0 3 0 0 3 4 714 482 221 -81 0 1 3 3 6 1 4 2 8
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9M 2026 Results Financial statements 9M 2026 Income statement 15 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 9M 2026 9M 2025 1 2 7 7 6 1 2 8 9 1 5 4 9 3 395 -360 3 1 1 9 5 3 1 9 9 9 - 9 4 3 0 - 1 1 1 5 7 - 4 2 2 0 -507 151 - 2 5 1 6 2 - 2 6 2 2 1 3 3 4 6 1 7 3 4 1 2 7 3 -112 -209 6 0 3 3 5 7 7 8 -729 -408 - 1 3 6 1 2 393 - 2 1 0 4 - 1 9 5 6 121 314 951 0 -184 1 2 0 3 955 -607 -94 -410 2 209 -901 - 1 0 0 1 2 7 3 9 1 6 4 0 863 -110 0 5 1 3 2 4 7 7 7 - 1 1 4 4 -455 -379 -52 82 - 1 9 4 7 - 1 9 7 0 29 4 164 0 -82 115 106 - 1 1 1 5 -451 -215 -52 0 - 1 8 3 2 - 1 8 6 3 1 9 2 7 1 1 4 8 433 125 -365 3 2 6 8 3 2 1 2 -6 -181 7 238 0 58 354 1 9 2 1 967 440 363 -365 3 3 2 6 3 5 6 6 72 314 26 322 -317 418 273 -431 -332 -154 -690 317 - 1 2 9 1 - 1 2 5 3 -435 -205 -45 -69 365 -389 -367 2 7 5 1 1 9 3 3 915 -237 0 5 3 6 3 5 1 3 3 -592 -406 -201 8 0 - 1 1 9 1 - 1 0 9 6 2 1 6 0 1 5 2 7 714 -228 0 4 1 7 3 4 0 3 7 0 0 5 0 0 5 13 2 1 6 0 1 5 2 7 709 -228 0 4 1 6 7 4 0 2 4
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9M 2026 Results Financial statements 9M 2026 Balance sheet 16 Corporate USD m P&C Re L&H Re Solutions Group items Consolidation 30 Sep 2026 31 Dec 2025 Cash and cash equivalents 2 5 1 9 1 2 1 3 1 3 2 1 342 0 5 3 9 5 2 7 4 3 Investments 5 9 6 4 5 3 0 5 1 3 1 1 9 6 4 4 0 8 7 - 2 8 0 5 1 0 3 4 0 4 1 0 8 7 5 0 Fixed income securities 4 5 8 6 6 2 2 7 8 1 1 1 1 1 7 2 5 0 3 0 8 2 2 6 7 8 8 4 6 9 Equity investments 511 158 18 357 0 1 0 4 5 876 Mortgages and other loans 2 5 9 1 6 4 4 0 464 979 - 1 9 4 2 8 5 3 2 7 0 8 5 Investment property 2 0 0 7 526 1 0 0 2 5 3 3 2 6 4 8 Other invested assets 8 6 7 0 609 364 249 -864 9 0 2 8 9 6 7 2 Insurance contracts issued that are assets 1 1 1 3 2 4 9 9 224 232 -891 3 1 7 7 3 3 1 4 Reinsurance contracts held that are assets 3 9 3 4 405 6 7 8 6 0 - 3 3 9 2 7 7 3 3 7 1 2 8 Goodwill and other intangible assets 1 9 1 1 1 7 9 7 358 18 0 4 0 8 4 4 0 2 0 Income taxes recoverable 147 475 160 41 0 824 793 Deferred tax assets 1 6 8 6 1 4 2 5 227 1 3 5 3 - 2 9 2 5 1 7 6 7 1 7 5 8 Other assets 1 8 2 9 7 1 2 9 1 4 3 2 3 1 7 2 9 9 - 3 6 2 7 1 5 4 7 0 5 3 7 0 Assets held for sale 0 0 0 0 0 0 131 Total assets 8 9 2 5 2 5 1 2 4 2 2 4 2 7 2 1 3 3 7 3 - 4 6 2 8 5 1 3 1 8 5 4 1 3 4 0 0 7 Insurance contracts issued that are liabilities 4 6 6 1 7 2 1 1 2 1 1 5 1 2 4 3 1 7 2 - 3 5 1 3 8 2 5 2 2 8 6 4 7 1 Reinsurance contracts held that are liabilities 3 6 4 4 261 864 3 -771 4 0 0 2 4 0 3 9 Short-term debt 956 299 0 793 -956 1 0 9 2 295 Long-term debt 4 3 8 4 3 6 3 7 744 22 -986 7 8 0 1 8 2 4 2 Income taxes payable 381 137 169 207 0 895 848 Deferred tax liabilities 1 2 8 8 3 4 1 2 797 382 - 2 9 2 5 2 9 5 5 2 8 0 0 Other liabilities 2 1 7 2 3 1 4 9 7 8 1 8 7 8 6 6 3 7 - 3 7 1 3 5 8 0 8 2 5 4 2 3 Liabilities held for sale 0 0 0 0 0 0 151 Total liabilities 7 8 9 9 3 4 3 8 4 5 1 9 5 7 7 1 1 2 1 7 - 4 6 2 8 5 1 0 7 3 4 8 1 0 8 2 6 9 Shareholders’ equity 2 3 9 9 8 2 5 1 1 4 Perpetual capital instruments 444 444 Non-controlling interests 63 181 Total equity 2 4 5 0 6 2 5 7 3 9 Total liabilities and equity 1 3 1 8 5 4 1 3 4 0 0 7
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9M 2026 Results Financial statements 9M 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 17 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 September 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 9M 2026 (= D annualised / E) Shares outstanding1, millions As at 30 September 2026 Weighted average Total 9M 2026 2 5 1 1 4 4 1 6 7 - 2 3 5 7 - 1 3 0 3 - 2 5 8 8 1 7 2 7 -761 2 3 9 9 8 4 1 6 7 -20 0 4 1 4 7 2 4 5 5 6 22.5 % 288.0 292.6
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9M 2026 Results Combined ratio calculations 18 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) Q3 2026 Q3 2025 4 5 3 5 5 0 5 9 -298 -417 4 2 3 7 4 6 4 2 - 3 3 6 8 - 3 3 1 7 48 6 - 3 3 2 0 - 3 3 1 1 78.3 % 71.3 % Q3 2026 Q3 2025 1 8 7 9 1 9 3 8 - 1 6 8 8 - 1 3 6 9 -459 -477 554 224 -40 -26 87.0 % 85.0 % 9M 2026 9M 2025 1 2 7 7 6 1 3 9 7 5 -729 - 1 0 3 2 1 2 0 4 7 1 2 9 4 3 - 9 4 3 0 - 1 0 4 0 5 121 360 - 9 3 0 8 - 1 0 0 4 4 77.3 % 77.6 % 9M 2026 9M 2025 5 4 9 3 5 6 8 7 - 4 2 2 0 - 4 2 0 4 - 1 3 6 1 - 1 2 1 0 951 559 -116 -98 86.4 % 87.1 %
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9M 2026 Results Investments ROI Q3 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 19 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 Q3 2026 Q3 2025 635 351 134 53 -129 1 0 4 5 1 1 3 6 40 0 -3 0 0 38 57 24 -56 -13 0 0 -45 3 0 0 0 11 0 11 -19 571 407 150 42 -129 1 0 4 1 1 0 9 5 523 380 132 25 -22 1 0 3 7 1 0 2 7 848 861 2 1 126 102 61 62 0 1 132 35 26 21 -112 101 119 -55 -26 -6 -4 5 -85 -87 600 389 152 41 -129 1 0 5 3 1 0 5 9 -13 -1 0 0 0 -15 -10 46 -2 4 1 0 50 45 -62 21 -6 0 0 -47 1 -29 18 -2 1 0 -12 36 6 3 3 6 4 3 5 0 1 3 1 5 0 8 4 8 5 6 2 - 1 7 2 4 1 1 0 4 7 8 2 1 0 8 0 1 5 3.6 % 4.7 % 4.0 % 2.0 % 4.0 % 4.1 %
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9M 2026 Results Investments ROI 9M 2026 20 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 9M 2026 9M 2025 1 9 2 1 967 440 363 -365 3 3 2 6 3 5 6 6 131 0 -6 0 0 124 157 10 -241 -4 0 0 -236 -7 0 0 0 242 0 242 171 1 7 8 0 1 2 0 8 451 122 -365 3 1 9 6 3 2 4 5 1 5 6 1 1 1 2 8 375 65 -68 3 0 6 1 2 9 9 6 2 5 2 7 2 5 0 2 4 3 337 305 190 183 4 3 402 104 83 72 -314 346 330 -168 -83 -18 -12 17 -264 -271 1 7 9 6 1 1 4 8 440 125 -365 3 1 4 3 3 0 5 5 -26 -11 -1 0 0 -38 -25 -25 -1 5 -3 0 -24 59 35 72 8 0 0 115 155 -16 60 11 -3 0 52 190 6 4 3 2 2 3 5 6 7 3 1 5 3 2 5 8 1 5 8 - 1 7 2 6 9 1 0 6 2 0 8 1 0 6 0 0 3 3.7 % 4.5 % 3.9 % 2.0 % 4.0 % 4.1 % 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
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9M 2026 Results Investments Breakdown of fixed income securities as of 30 September 2026 Fixed income securities 21 % 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 10 11 61 5 33 16 31 24 7 45 26 3 4 3 0 2 1 0 3 2 Government bonds Credit bonds Total 33 7 20 22 41 31 8 31 20 14 11 13 23 11 17 4 1 0 1 8 4 1 2 4 9 8 2 2 6 7 Credit bonds 29 16 13 12 4 7 7 7 5 3 8 4 1 2 4 9 39 61 50 8 7 8 8 7 7 8 3 6 5 4 4 5 1 3 4 2 3 1 3 2 22 12 17 United States United Kingdom Canada France Australia Germany Japan Netherlands Other USD m Total 4 1 0 1 8 4 1 2 4 9 8 2 2 6 7
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9M 2026 Results Investments Breakdown of selected asset classes as of 30 September 2026 Investment propertyEquity and alternative investmentsMortgages and loans 22 % 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 24 10 8 5 3 2 8 1 6 5 54 22 15 4 5 47 36 17 2 5 3 3 5 8 6 6 USD m Listed equity Listed equity - FVPL Listed equity - OCI option Private equity Private equity funds - FVPL 1 Unlisted equity - OCI option Other Associates Investment property Total 838 393 446 4 1 7 2 3 7 8 5 281 106 447 5 8 6 6 1 1 3 2 4 1 Includes unlisted equity of USD +18m
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9M 2026 Results 257% 250% 259% 1/2025 1/2026 10/2026 Senior debt Target range 200-250% Group SST ratio1 • Group SST ratio estimated at 259% as of 1 October 2026, above target range of 200-250% • Estimated increase of 9%pts compared to 1 January 2026, mainly driven by underwriting and investment income, partially offset by dividend accrual 31 Dec 2025 • Debt leverage temporarily increased due to the issuance of EUR 750m subordinated debt in April 2026 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 • USD 1.0bn 10-year subordinated note issuance facility established in Q3 2026 (off-balance sheet, not included in Group SST ratio nor leverage ratio until it is drawn) 30 Sep 2026 15% 17% Leverage ratio2 Senior debt Subordinated debt CSM net of tax Shareholders' equity 2027 IFRS available capital and leverage (USD bn) Upcoming debt maturities3 (USD bn) 47.9 25.1 15.4 6.2 1.2 47.0 24.0 15.2 6.9 0.9 1.6 1.3 0.3 Subordinated debt 2028 2029 1.1 1.1 0.8 0.6 0.2 2030 23 Capital position and leverage 1 Estimated Group SST ratio as of 1 October 2026. The SST ratio is filed with FINMA periodically and is subject to review 2 (Senior debt + subordinated debt) / (shareholders’ equity + 100% CSM net of tax + senior debt + subordinated debt), excluding non-recourse positions 3 Notional, referring to next call date for subordinated debt, which is subject to FINMA approval
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9M 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 related to current and past services, net of reinsurance CSM Contractual service margin, net of reinsurance 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, net of reinsurance 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, net of reinsurance 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 24
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9M 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 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 Corporate calendar and contacts 25
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9M 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 document 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. 27
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9M 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 28