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Predict. Prepare. Protect. 2018 Business Report 2018 Key Highlights

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Predict. Prepare. Protect. 2018 Business Report 2018 Key Highlights Predict. Prepare. Protect. 2018 Business Report 2018 Key highlights Expanding our global footprint Throughout 2018, Swiss Re took steps Net premiums and fees earned by business segment, 2018 to strengthen its position in Asia in Total: USD 34.5 billion particular. In January, it launched its regional headquarters in Singapore and appointed a new regional Board of Directors. 47% P&C Reinsurance 37% L&H Reinsurance 11% Corporate Solutions % 5 Life Capital Net income (USD millions) 2018 421 2017 331 2016 3558 2015 4597 2014 3500 Shareholders’ equity (USD millions) 2018 27930 2017 34124 2016 35634 2015 33517 2014 35930 More information online: reports.swissre.com Seeking out new risk pools In 2018, Swiss Re explored new potential risk pools, including research into new financial risks, algorithmic risk to business processing and various emerging cyber risks. Financial strength ratings S t a n d a r d & Po o r ’s AA– stable (as of 24.10.2018) Moody’s Aa3 stable (as of 19.12.2017) A.M. Best Strengthens A+ commitment to stable promoting sustainability (as of 13.12.2018) Swiss Re continued and deepened its commitment to implementing Proposed regular dividend policies that minimise sustainability per share for 2018 (CHF) risks. As of July 2018, the company ceased providing re/insurance to businesses with more than 30% exposure to thermal coal across all 5 . 6 0 lines of business. (CHF 5.00 for 2017) Driving transformation 24 Business Report Leveraging risk knowledge to make the world more resilient. Climate change: Contents The year in review The new normal Business Units at a glance 2 Message from the Chairman 4 Statement from the Group CEO 10 28 Market review 16 How re/insurance works 18 Our strategy 20 Predict. Prepare. Protect. Driving transformation 24 Climate change: The new normal 28 Enabling positive lives 32 Our people and culture 36 Board of Directors 38 Group Executive Committee 39 Financial highlights 40 Enabling positive Cautionary note 41 lives Contacts 43 32 Business report Predict. Prepare. Protect. As a risk knowledge company, we predict how events may impact communities across the globe, and help our clients prepare by creating risk mitigating solutions that make the world more resilient. Swiss Re 2018 Business Report 1 Business Units at a glance Business Units at a glance Working across diversified insurance risks and businesses to maximise shareholder value. 2018 16.1 2018 370 547* BUSINESS NET2018 PREMIUMS EARNED 16.1 2018NET INCOME 370 RETURN RETURN OPERATING UNIT AND2017 FEE INCOME (USD BILLIONS)16.7 2017(USD MILLIONS)–413 ON EQUITY ON EQUITY* PERFORMANCE 547* 20182017 16.116.7 20172018 –413 370 2018 16,1 2018 37000 Reinsurance Proper ty & Casualty 547* 00 547* 2018 16,1 2018 37000 Reinsurance provides clients and 20182017 16.116.7 20172018 –413 37000 20182017 16,7 20172018 –413 3.7% 5.4% 1 0 4 . 0 % brokers with reinsurance products, 00 547* 547* (2017 –3.5%) Combined ratio insurance-based capital market 20182017 16,116,7 20172018 –413 37000 (2017 111.5%) instruments and risk management 20182017 16.712.8 20172018 –413 761 00 547* services. Reinsurance operates 829* 2018 12.8 2018 761 20182017 16,116,712.8 20172018 –413 761 370 globally through two segments – 20182017 12.0 20182017 001092 Life & Health 829* Property & Casualty and Life & Health. 00 547* 20182017 12.012.8 20182017 761 1092 20182017 16,712,8 20172018 –413 761 11.1% 12.1% 9.4% 829* (2017 15.3%) Net operating margin 829* (2017 13.1%) 20182017 12.012,8 20182017 761 1092 20182017 12,012.8 20182017 761 1092 829* 829* 20182017 12,012,8 20182017 761 1092 Corporate Solutions 20182017 12.03.9 20182017 1–092405 829* –387* Corporate Solutions provides risk 2018 3.9 2018 –405 – 1 9 . 4 % – 1 8 . 5 % 1 1 7 . 5 % 20182017 12,03.9 20182017 1–092405 transfer solutions to large and mid-sized 20182017 3.712,8 20182017 761 –741 (2017 –32.2%) Combined ratio –387* corporations around the world. Its 829* (2017 133.4%) innovative, highly customised products 20182017 3.73.9 20182017 ––405741 20182017 12,03,9 20182017 1–092405 and standard insurance covers help –387* to make businesses more resilient, –387* 20182017 3.73,9 20182017 ––405741 while its industry-leading claims service 20182017 3,73.9 20182017 ––405741 –387* provides additional peace of mind. –387* 20182017 3,73,9 20182017 ––405741 20182017 3.71.6 20182017 23 –741 –387* 17* Life Capital 20182017 3,71.6 20182017 23 –741 20182017 1.4 3,9 20182017 –405161 17* Life Capital manages closed and –387* 0.4% 0.3% 818m open life and health insurance books. 20182017 1.4 1.6 20182017 23 161 (2017 2.2%) Gross cash generation 20182017 3,71,6 20182017 23 –741 It provides alternative access to 17* (2017 USD 998m) the life and health risk pool, helping 17* 20182017 1.4 1,6 20182017 23 161 to generate stable returns and seize 20182017 1,4 1.6 20182017 23 161 17* attractive new opportunities. 17* 20182017 1,4 1,6 20182017 23 161 20182017 1.434.5 20182017 421 161 17* 894* Group 20182017 1,434.5 20182017 421 161 20182017 33.71,6 20182017 23 331 894* (After consolidation) 17* 1 . 4 % 2.9% 2.9% 20182017 33.734.5 20182017 331421 (2017 1.0%) Net operating margin 20182017 33.734,5 20182017 331421 2017 1,4 2017 161 (2017 2.8%) 894* 894* 2018 20182017 33.734,5 20182017 331421 20182017 33,734.5 20182017 331421 894* 894* * For reference only, excludes the impact of the new20182017 US Generally Accepted Accounting33,734,5 Principles (GAAP)20182017 guidance on 331recognition421 and measurement of financial instruments, which was 2017effective for the Group as of 1 January33.7 2018 and was2017 not retroactively331 applied. 894* 2 Swiss Re 2018 Business Report 20182017 33,734,5 20182017 331421 894* 2017 33,7 2017 331 BUSINESS NET PREMIUMS EARNED NET INCOME RETURN RETURN OPERATING DIVERSIFIED UNIT AND FEE INCOME (USD BILLIONS) (USD MILLIONS) ON EQUITY ON EQUITY* PERFORMANCE AND GLOBAL Net premiums earned and Reinsurance Proper ty & Casualty fee income by business Reinsurance provides clients and segments 3.7% 5.4% 1 0 4 . 0 % (Total USD 34.5 billion) brokers with reinsurance products, (2017 –3.5%) Combined ratio insurance-based capital market (2017 111.5%) 47% P&C Reinsurance instruments and risk management 37% L&H Reinsurance services. Reinsurance operates 11% Corporate Solutions globally through two segments – % 5 Life Capital Property & Casualty and Life & Health. Life & Health 11.1% 12.1% 9.4% (2017 15.3%) Net operating margin (2017 13.1%) Corporate Solutions Corporate Solutions provides risk – 1 9 . 4 % – 1 8 . 5 % 1 1 7 . 5 % transfer solutions to large and mid-sized (2017 –32.2%) Combined ratio corporations around the world. Its (2017 133.4%) innovative, highly customised products and standard insurance covers help Net premiums earned to make businesses more resilient, and fee income by region while its industry-leading claims service (Total USD 34.5 billion) provides additional peace of mind. 47% Americas % 32 EMEA Life Capital 21% Asia-Pacific Life Capital manages closed and 0.4% 0.3% 818m open life and health insurance books. (2017 2.2%) Gross cash generation It provides alternative access to (2017 USD 998m) the life and health risk pool, helping to generate stable returns and seize attractive new opportunities. Group (After consolidation) 1 . 4 % 2.9% 2.9% (2017 1.0%) Net operating margin (2017 2.8%) Swiss Re 2018 Business Report 3 Message from the Chairman Strategic capital allocation is at the heart of what we do at Swiss Re Dear shareholders, We are living in uncertain times and events on the world stage are increasingly providing cause for concern – at many levels. From an economic perspective, conditions may change to the extent that we could be confronted with an end to the remarkably long cycle of global growth we are currently experiencing. Moreover, we are likely nearing a time when the phase of extremely cheap money cannot continue without the risk of unintended consequences and politically unacceptable redistributive effects. On a geopolitical level, we have seen an increase in the intensity of conflict. Many observers are predicting the end of the post-war Walter B. Kielholz order and a fundamental shift in Chairman of the Board of Directors global power structures. 4 Swiss Re 2018 Business Report We are facing the question of whether Our insurance activities generate high Europe’s geopolitical position of power, volumes of cash flow, which we invest in “ The imminent which it has held for centuries, is now financial assets. This results in substantial changes on the world reaching an end, with the possibility investment risk on our balance sheet, of liberal globalisation – which has to which we must also allocate capital. stage will require benefited us greatly – increasingly close analysis and giving way to trade and regulatory Depending on the assessment of overall protectionism. risk, we hold a higher or lower level of rapid adaptation. overall capital, we use more or less debt I believe we are very This dubious political development is to finance our activities, and the share of playing out against a backdrop of highly liquid – and therefore low-yield – well prepared for remarkable technological and scientific financial assets in our balance sheet is these changes and progress, which is occurring at an greater or smaller. We base our decisions unprecedented pace. Such progress on the Swiss Solvency Test (SST) we are, therefore, undoubtedly simplifies a wide range solvency capital requirements stipulated of tasks, particularly in business, but by the regulator; we also adhere to looking to the future it also polarises society and is clearly rating requirements issued by the rating with confidence.” a source of “angst” for many people.
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