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Annual Results 2018 Swiss Re Investor and Analyst Presentation Zurich, 21 February 2019

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Annual Results 2018 Swiss Re Investor and Analyst Presentation Zurich, 21 February 2019 Annual Results 2018 Swiss Re investor and analyst presentation Zurich, 21 February 2019 Annual Results 2018 Focus areas of Annual Results 2018 Earnings in Strong Life Capital Capital Leadership in context renewals transition actions sustainability Annual Results 2018 2 Group net income significantly impacted by large losses and recent change in US GAAP accounting guidance on equity securities Impact2 on Swiss Re’s 2018 results: 4th highest annual market insured losses (USD bn)1 2017 150 2011 143 ~USD 1bn higher claims 2005 140 from large losses vs. expectations 2018 81 Nat cat Man-made USD 421m reported Worst equity markets in 10 years Group net income MSCI World MSCI China ~USD 600m negative impact from recent change in US GAAP -9% -20% accounting guidance in 2018 in 2018 1 Historic losses adjusted for inflation Annual Results 2018 3 2 Pre-tax Second consecutive year with significantly higher than expected large losses Group ROE 700bps above 10yr US govt. bonds Group Net Income Impact of change in US GAAP accounting guidance • After benign nat cat loss years from 2012-2016 the USD bn insurance industry 4.6 14% experienced two elevated 4.4 loss years 4.2 12% 4.0 • Estimated claims from 10% multiple nat cat and man- 3.8 made disasters for Swiss Re 3.6 8% amounted to USD 3.0bn in 3.4 2018 6% 1.0 0.8 4% 0.6 0.4 2% 0.2 0.0 0% 2012 2013 2014 2015 2016 2017 2018 Annual Results 2018 4 BU review: more positive outlook after a challenging year 2019 2018 performance outlook • Underlying performance slightly below expectations P&C Return on equity • Cost discipline supported by productivity measures Reinsurance 3.7% • Positive outlook due to improving price trend • ROE in line with target range L&H Return on equity • Strong growth driven by large transactions continued Reinsurance 11.1% • Asia and transactions remain key drivers for profitable growth • Disappointing underwriting results Corporate Return on equity • 2018: 3% price increases; 2019: positive momentum to continue Solutions -19.4% • Ongoing portfolio management actions and further pruning in 2019 • GCG at upper end of target range; ROE below target Gross cash generation Life Capital USD 818m • ReAssure IPO preparation continues • Dynamic open book growth continues Annual Results 2018 5 Addressing Corporate Solutions underperformance Drivers of underperformance Actions taken • Difficult market environment: man- • Portfolio pruning started in 2017, made losses above expectations continued in 2018 and and price improvements not yet intensifying in 2019 sufficient after years of decline • Continued focus on productivity • Higher net exposures led to large Business update to single event losses • Higher prices already be provided with experienced and expecting more Half-year 2019 • Unfavourable PYD related to structure1 and business mix Results • Reinsurance programme (Excess Layers and overweight adjusted but to be revisited US) • High cost ratio because of on- • New experienced CEO to start in going investments and continued March 2019 lack of scale Progress has been made and we will continue to address Corporate Solutions underperformance Corporate Solutions remains core to Swiss Re and we continue to see long-term attractive potential in the business 1 Positive development on Corporate Solutions historical loss reserves remaining in Reinsurance Annual Results 2018 6 Strong outcome of January renewals for P&C Reinsurance (USD bn) +19% Price change1 +1% 10.0 P&C Reinsurance renewals Exposure change +18% • Volume up 19% YTD – 8.4 2.5 14% driven by transactions, 5% from growth in core 1.4 7.0 0.5 business • Price quality up 1%; renewals dominated by non loss affected regions • Further price improvements expected in forthcoming renewals this year • 2019 combined ratio estimate2 of 98%, reflecting Total renewable Cancelled Renewed Increase on New business Estimated price changes and scale 1 January renewable outcome effects % of total 100% -17% 83% +6% +30% 119% 1 Price change defined as change in discounted premiums net of commissions / discounted expected claims; price change is adjusted for portfolio mix effects Annual Results 2018 7 2 Assuming an average large loss burden January renewals for P&C Reinsurance supported by growth in Nat Cat and short-tail Casualty business Gross premium volume by line of business1 (USD bn) Gross premium volume by region1 (USD bn) Up for Premium Estimated Price Up for Premium Estimated renewal Jan change outcome Jan change renewal Jan change outcome Jan Nat Cat 1.2 +22% 1.5 Americas 2.3 +54% 3.6 2 Property 1.9 -9% 1.7 EMEA 4.2 +5% 4.4 Specialty 1.4 +7% 1.5 Asia 1.9 +7% 2.0 Casualty 4.0 +35% 5.4 Total 8.4 +19% 10.0 Total 8.4 +19% 10.0 +1% • Economic capital deployed increased by 20%: +36% for non-proportional Property Nat Cat business and +27% for Casualty • Increase in Nat Cat business driven by growth in the US • Casualty growth driven by large transactions, particularly in US SME market with short duration, low volatility and good performance track record • Underwriting discipline maintained across all lines of business and regions 1 Treaty portfolio Annual Results 2018 8 2 Excluding Nat Cat Life Capital transformation from closed book consolidator to dynamic primary B2B2C business in motion ReAssure developments in 2018… …complemented by open book evolution 2019 outlook Focus on # new policies ReAssure IPO preparation # iptiQ written in iptiQ elipsLife premium distribution 120k volume (USD m) partners 450 Enhancing access Exceptional GCG: USD 818m 19 to risk pools in 2018 MS&AD stake increased to 25% 300 60k with iptiQ platform 5 IPO preparations continued 150 in 2016 2 Scale-up of New Chairman and new CEO appointed 0 in 2014 0 elipsLife platform 2009 2014 2018 2014 2016 2018 Annual Results 2018 9 Swiss Re proposes attractive capital management actions Regular dividend per share (CHF) +12% +3% 12% regular dividend per share increase 5.60 4.85 5.00 Rebasing supported by long-term economic earnings and sustainable capital generation 2017 2018 20191 Share buy-back programme (CHF bn) New share buy-back programme1 consistent with Swiss Re’s capital management priorities • Up to CHF 1bn with no commencement pre-conditions 1.00 1.00 1.00 • Up to CHF 1bn contingent on 2019 Group excess capital development, e.g. 1.00 increase as a result of successful reduction of Swiss Re’s holding in ReAssure 2017/18 2018/19 2019/201 to below 50% Very strong Group capitalisation, with Swiss Re’s Group SST ratio comfortably above the 220% target level 1 Subject to AGM 2019 approval; commencement of share repurchases subject to Board approval and legal and regulatory requirements being satisfied Annual Results 2018 10 Swiss Re maintains leadership in sustainability Key actions in 2018 Close to Responsible • Early mover in switching to ESG benchmarks in equity and credit markets investing • USD 1.6bn of green bonds as of end FY 2018 100% assets considering ESG criteria Sustainable • Implemented thermal coal policy – 30% investment threshold extended to underwriting ~3 400 underwriting • Active in all renewable energy re/insurance and “lead market” for offshore wind risks wind and solar farms insured • First county-level earthquake parametric cover in China Innovative 96 • Largest sovereign-sponsored cat bond issued by the World Bank in Latin America solutions number of (sub-)sovereigns • Flood insurance for homeowners in Florida, based on proprietary flood model advised on climate risk resilience Recognised • Externally recognised: AAA-rating in MSCI ESG assessment and top 3 in DJSI leadership • Active participation in European and global expert groups More public-private partnerships are crucial to strengthen resilience and mitigate effect of climate change For further information on sustainability at Swiss Re please visit http://media.swissre.com/documents/Swiss_Re_ESG_Highlights.pdf Annual Results 2018 11 Financial highlights Annual Results 2018 12 Key figures Corporate Total Total USD m, unless otherwise stated P&C Re L&H Re Solutions Life Capital Group items FY 2018 FY 2017 • Premiums earned and fee income 16 095 12 835 3 925 1 606 - 34 461 33 705 • Net income/loss 370 761 -405 23 -328 421 331 • Return on investments 2.4% 3.7% 2.1% 3.3% -1.5% 2.8% 3.9% • Return on equity 3.7% 11.1% -19.4% 0.4% -6.0% 1.4% 1.0% • Combined ratio 104.0% - 117.5% - - • Earnings per share (USD) 1.37 1.03 (CHF) 1.34 1.02 • Common shareholders' equity1 9 483 6 274 1 795 5 113 5 265 27 930 33 374 of which unrealised gains -65 786 -60 1 215 26 1 902 4 744 • Book value per common share (USD) 93.09 106.09 (CHF) 91.72 103.37 Key figures excluding impact of change in US GAAP accounting guidance • Net income/loss excluding accounting change impact 2 547 829 -387 17 -112 894 • Return on investments excluding accounting change impact 2 2.9% 3.9% 2.2% 3.3% 2.9% 3.3% • Return on equity excluding accounting change impact 2 5.4% 12.1% -18.5% 0.3% -2.0% 2.9% 1 Excluding contingent capital instruments (nil as of 31 December 2018 and USD 750m in L&H Re as of 31 December 2017); basis for ROE and BVPS calculations Annual Results 2018 13 2 Excluding estimated impact of the change in US GAAP accounting guidance on recognition and measurement of financial instruments, effective for the Group as of 1 January 2018 P&C Reinsurance Impacted by several large nat cat and man-made losses Annual Results 2018 14 P&C Reinsurance impacted by several large nat cat and man-made losses Net premiums earned Net operating margin1 (%) Combined ratio (%) 111.5 104.0 +5.6pts 4.3 93.5 2.9 83.8 83.7 80.7 85.7 USD 16.1bn 8.9 7.8 2012 2013 2014 2015 2016 2017 2018 in 2018 -3.9 -6.4 • Net impact of large nat cat events in 2018 5.0%pts above -6.3 expectations.
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