Highlights of Swiss Re's Sustainability Approach

Highlights of Swiss Re’s Sustainability approach How we accelerate sustainable progress

May 2020 Table of contents

Swiss Re Group – who Reducing our we are and what we do footprint Slide 3 Slide 51

Approach to Engaging sustainability our people Slide 13 Slide 56

Creating solutions Corporate for sustainability Governance Slide 26 Slide 62

Being a Compensation responsible investor framework Slide 44 Slide 79

Highlights of Swiss Re’s Sustainability approach| May 2020 2 Who we are and what we do?

We make the world more resilient Swiss Re’s success is built on three key differentiation drivers

Reinsurance Corporate Solutions Life Capital

Foundation of our strength with Returning to profitability and Transitioning to a digital increasing earnings power focused on competitive advantages B2B2C player

Client Risk Capital Access Knowledge Strength

Highlights of Swiss Re’s Sustainability approach| May 2020 4 Client Access Swiss Re operates a truly global and diversified Group

Premiums Americas EMEA Asia «We make the EVM1 USD 22bn USD 21bn USD 14bn world more US GAAP2 USD 18bn USD 12bn USD 8bn resilient»

>150 countries

>100 000 P&C clients supported

>175 million Premiums per country1 family members supported through L&H Re USD >3bn USD 0

Swiss Re’s global access to risks and diversified earnings generation is exceptional in the insurance industry

1 EVM premiums and fees, FY 2019 Highlights of Swiss Re’s Sustainability approach| May 2020 5 2 US GAAP net premiums earned (including fee income from policyholders), FY 2019 Risk Knowledge R&D cements Swiss Re as the pre-eminent knowledge company

R&D value driver framework Strategic focus areas Program examples

Business steering Market intelligence Insurance markets and cycle analysis Macroeconomic R&D

Insurance beta Advance Nat Cat risk view Chinese cancer research Capital Efficiency allocation Insurance alpha Nat Cat pricing tools Risk engineering services

Data, solutions, publications Magnum Commer- Risk selection Life Guide cialisation and pricing Process re-engineering Analytics for contract wording Group data integration

500 13 80 R&D FTEs R&D teams R&D programmes

Highlights of Swiss Re’s Sustainability approach| May 2020 6 Capital Strength Group capital position remains industry-leading, also on a Solvency II equivalent basis

Comparison of Group SST / Solvency II ratio1 • SST and Solvency II are both comprehensive economic >260% and risk-based solvency regimes

238% 232% • Due to important differences, Solvency II equivalent ratio is higher for the Swiss Re Group 210% • The Group benefits from peer-leading diversification resulting in superior capital efficiency and attractive capital management actions

Group SST ratio Group Average of Average of • Swiss Re has strong financial flexibility and is well Solvency II reinsurance insurance peers positioned to respond to market shocks and growth equivalent peers Solvency Solvency II ratio II ratio 2 ratio 3 opportunities

1/2020 Year-end 2019

1 Comparison was produced on a best effort basis, with Solvency II ratio estimate for Swiss Re not allowing for any long-term guarantee adjustments 2 Average of Hannover Re, Munich Re, SCOR 3 Average of Allianz, Aviva, AXA, Generali Highlights of Swiss Re’s Sustainability approach| May 2020 7 Reinsurance Corporate Solutions Life Capital

Reinsurance has built up industry-leading competitive advantages

Global scale 15% 11% market share1 for L&H Re market share1 for P&C Re

L&H Re with P&C Re with Direct client access >90% >50% 11% premiums from non-intermediated business avg. Reinsurance ROE in the last >40% 4 High diversification risk diversification 5 years within Reinsurance2

~50% Superior risk knowledge of profit from differentiated business3

We leverage our competitive advantages and maintain our edge through Core, Transactions and Solutions

1 Source: Swiss Re Institute 2 Diversification between P&C, L&H, Financial Market and Credit risks based on shortfall calculation 3 EVM profit – new business, differentiated business: i) preferential terms & conditions, ii) higher share of wallet, and/or iii) private deals (100% share) Highlights of Swiss Re’s Sustainability approach| May 2020 8 4 Average 2015-2019 Reinsurance Corporate Solutions Life Capital

Corporate Solutions has taken actions to restore stability and underwriting profitability Good progress in implementing management actions Strategic priorities

• Significant portfolio pruning While implementing management actions, Corporate Solutions will grow • 12% price increases achieved in 2019 selectively in line with its strategic priorities and 14% further increases in January 2020 • Estimated 2020 combined ratio of 105% supported by pruning actions and rates

Combined ratio target De-commoditise our Grow with Expand through tech- 98% in 2021 core business differentiating assets driven solutions

Access to commercial lines risk pool and to corporate clients remains strategic to Swiss Re Group

Highlights of Swiss Re’s Sustainability approach| May 2020 9 Reinsurance Corporate Solutions Life Capital

Life Capital further accelerated its transition to a dynamically growing, digital B2B2C business

2019 was a pivotal year for Life Capital

Agreement to sell ReAssure with expected positive impact on economic value creation

Transition to a dynamically growing, digital B2B2C business Consistently strong growth in the open book business: • Launching new partnerships • Geographical expansion

• #29 distribution partners (#19 in YE18) and providing • >5% market share1 protection to more than 377 000 costumers globally • 17 % increase in core business gross written premiums • Partnership with IKEA signed in early 2020 • Expansion into US market • Launch of iptiQ P&C business and inclusion of iptiQ L&H ANZ

1 Across Swiss and Dutch markets, determined using GPW compared to available total GPW in the respective Group protection insurance market in Highlights of Swiss Re’s Sustainability approach| May 2020 10 201 Swiss Re continues to focus on our over-the-cycle Group financial targets

Group targets over-the-cycle

Group return on equity Group ENW per share growth2

20 14 13.7% 13.7% 17.0%

12 11.0% 10.8% 10.5% 10.6% 10 10 8.2% 8 Rf + 7.2% 9.4% 9.6% 9.2% 9.4% 9.4% 9.6% 9.3% 10% 10% 10% 10% 10% 10% 10% 10% 700 5.4% 6 bps1 5 4.4% 4 2.5% 1.4% 2 1.0% 0 0 2013 2014 2015 2016 2017 2018 2019 Over- 2013 2014 2015 2016 2017 2018 2019 Over- the-cycle the-cycle target target actual 700 bps above 10y US Govt. bonds actual target

1 700 bps above 10y US Govt. bonds. Management to monitor a basket of rates reflecting Swiss Re’s business mix 2 The 10% ENW per share growth target is calculated as: (current-year closing ENW per share + current-year dividends per share) / (prior-year closing ENW per share + current-year opening balance sheet adjustments per share) Highlights of Swiss Re’s Sustainability approach| May 2020 11 Our capital management priorities remain unchanged

Priority I Priority II

Ensure superior capitalisation Grow the regular dividend at all times and maximise with long-term earnings, and financial flexibility at a minimum maintain it

Capital management priorities

Deploy capital for Repatriate further business growth where excess capital to it meets our strategy and shareholders profitability targets

Priority IV Priority III

Highlights of Swiss Re’s Sustainability approach| May 2020 12 What is Swiss Re’s approach to sustainability?

Through our Group Sustainability Strategy, we aim to reinforce our efforts to make the world more resilient and sustainable, thus helping to maintain our competitiveness, today and in future Swiss Re has a long tradition of sustainability and reinforces this with further ambitious steps towards net-zero emissions Signing of More details on slide 19 Adopted FSB TCFD recommendations Net-zero Signing of Obtain 100% GHG Reduced investing Reduced providing of power in thermal re/insurance emissions First sustainability- from renewable coal companies to thermal coal related publication sources in operations

2003 2009 2015 2017 2019 2023 2050

1979 2007/08 2012 2016 2018 2020 2030

100% GHG Formal Commitment to Shift of Commitments Stop providing Net-zero neutral Sustainable Business investment portfolio to UN re/insurance GHG Risk Framework developed to follow ESG Climate Action to most carbon-intensive investment benchmarks Summit oil & gas production emissions across entire business

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Highlights of Swiss Re’s Sustainability approach| May 2020 18 In 2019, Swiss Re made a public commitment to reach net-zero emissions by 2050 across our whole business

Present focus on reduction Future: saying yes to <2°C means yes to carbon removal

We become a credible e.g. thermal partner to access new risk Re/insurance coal policy UN Business Ambition for 1.5°C pledge pools, ...

e.g. green … asset classes… Asset Management bonds Net-zero Asset Owner Alliance

e.g. flight … and buy removal credits Operations reduction Net-zero operations

Today 2030 2050 Read more online

Swiss Re supports the worldwide reduction of greenhouse gas emissions and contributes to the goal of limiting global warming to 1.5°C above pre-industrial levels

Highlights of Swiss Re’s Sustainability approach| May 2020 19 Building on our successful track record, we decided to further strengthen our efforts and developed an enhanced Group Sustainability Strategy

More details on next slide Through our enhanced Group Sustainability Strategy, we aim to reinforce our efforts to make the world more resilient and sustainable

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Highlights of Swiss Re’s Sustainability approach| May 2020 20 Our sustainability ambitions cover areas where we have significant positive impact to support sustainability and strengthen resilience

Ambition Mitigating climate risk Building societal Driving affordable and advancing the resilience insurance with digital energy transition solutions

Key 2019 • Weather-related nat cat protection • 219 000 beneficiaries of L&H • Continued engagement with key achievements insurance through partnership with stakeholders on embracing • 120 (sub-)sovereigns advised on Women's World Banking opportunities offered by climate risk resilience and USD 10 digitalisation in a responsible and billion in protection offered • Insurance protection to smallholder ethical way farmers against various natural perils • Further involvement in offshore wind farm projects in France and Asia

• Revised oil and gas policy Links to UN SDGs

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Highlights of Swiss Re’s Sustainability approach| May 2020 21 Climate change continues to be an essential element in our enhanced Group Sustainability Strategy and thus we developed a Climate Action Plan

3 key objectives Examples Key 2019 achievements

• Insurance for peak perils (eg tropical Leading risk transfer products on cyclones) USD 10 bn • Insurance coverage for secondary Total amount of climate physical climate risk perils (eg extreme precipitation, heat protection offered to waves, droughts) (sub-)sovereigns

Leading provider of re/insurance • Sustainable energy and infrastructure solutions (eg renewables such as wind >4 000 solutions for low-carbon transition and solar power) Wind and solar farms insured opportunities

• Partnering with cedents/insurers, Partnering to develop scalable corporate clients and public sector >300 clients solutions to mitigate and adapt to Dialogue engagements with Solutions supporting the transition to a • clients on thermal coal climate change low-carbon energy systems

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Highlights of Swiss Re’s Sustainability approach| May 2020 22 Climate-related Financial Disclosures (TCFD) provide a foundation for investors to assess and price climate-related risk and opportunities

Offer consistent and effective financial disclosures allowing investors and other stakeholders to appropriately assess climate risks faced by companies and to take appropriate action

Four pillars of the Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD)

Governance Strategy Risk Management Metrics and targets

Swiss Re’s Board and Group Executive Swiss Re regularly assesses the actual Sound risk management, underwriting teams are fully engaged on climate and potential impacts of climate-related and asset management lie at the core We use a number of metrics and risks and opportunities. The Board risks and opportunities on our of the re/insurance business; we use targets to assess and manage relevant oversees the implementation and business, strategy and financial our existing processes and instruments climate-related risks and opportunities execution of Swiss Re’s Climate Action planning to address climate-related risks Plan

Swiss Re is an active member of the TCFD, helped develop voluntary recommendations on climate-risk reporting, Active member is involved in shaping future guidance and disclosure requirements

Full reporting Swiss Re voluntarily reports across all TCFD recommendations, early adopter, initiating reporting already in 2016

Read more online Highlights of Swiss Re’s Sustainability approach| May 2020 23 Selection of Swiss Re’s most important sustainability-related memberships and commitments

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Highlights of Swiss Re’s Sustainability approach| May 2020 24 Selection of sustainability-related index listings and ratings

MSCI AAA rating Dow Jones Sustainability Bloomberg Gender-Equality (July 2019) Indices, Bronze Class Index

Ethibel Sustainability Index Euronext Vigeo Index: FTSE4Good Global Index (ESI), Excellence Global Europe 120

ISS QualityScore, Environmental, Social & Governance ISS ESG Prime

Highlights of Swiss Re’s Sustainability approach| May 2020 25 What sustainable solutions does Swiss Re offer?

We focus on mitigating climate risk and advancing the energy transition, building societal resilience, and driving affordable insurance with digital solutions to advance access to insurance Building on recent efforts, we focus on three overarching 2030 sustainability ambitions defined in our Group Sustainability Strategy

Mitigating climate risk Building societal Driving affordable and advancing the resilience insurance with digital energy transition solutions

Solution type

Climate risk • Selected examples of climate risk resilience solutions, addressing both physical resilience and transition risks More details on • Includes nat cat solutions supported by proprietary modeling, climate mitigation slides 28-32 and adaptation and energy solutions

Public sector • Selected examples of public sector solutions, supporting resilient economies More details on and mitigating current and emerging risks slides 33-36 • Includes supportive partnerships, nat cat and other peril solutions

Digital • Selected examples of digital solutions advancing insurance access, reducing More details on slides 37-43 costs and increasing efficiency for customers • Includes digital platforms, smart analytics, parametric and cyber solutions

Highlights of Swiss Re’s Sustainability approach| May 2020 27 Swiss Re has a unique approach to nat cat underwriting; utilising proprietary modelling with rapid feedback loops

In-house models Experts Integrated and transparent risk management • State-of-the-art 190+ perils models, • 40+ scientists and experts in natural • Seamless integration of risk unparalleled worldwide coverage sciences and statistics quantification and portfolio steering • Rapid feedback loops post event, • Boutique sized R&D: holistic model • Portfolio steering based on integrated incorporating learnings and latest experts, close to Underwriting risk view across entire value chain scientific information in risk views and • Track record of solid costing UW decision-making accuracy: robust alignment of • Main risk trends (urban development, expected claims vs loss experience socio-economic impact and climate across various time periods change acceleration) factored in modelling

Highlights of Swiss Re’s Sustainability approach| May 2020 28 Our proprietary probabilistic natural catastrophe model allows us to adapt to an ever-evolving nat cat risk landscape

ImportImport anyany EncodeEncode HazardHazard Insurance What is the portfolioportfolio geographygeography && loss hurricane vulnerabilityvulnerability simulation activity in the next 5-10 years?

How to model rainfall/flooding

Severity, Loss Severity, (Harvey)? Return period

We employ We develop the Business knows We employ natural software in- best (client engineers & scientists & house - know-how) follow science collaborate actuaries

Highlights of Swiss Re’s Sustainability approach| May 2020 29 Selected solutions designed to advance the climate transition and adapt to physical risks Supporting sustainable Tackling the US flood energy solutions insurance protection gap More details on next slide

• As sustainable energy projects increase in scale and complexity, so • Across the globe, the risk of flooding is increasing; on average it do the risks associated with them. Innovative risk transfer solutions affects more people worldwide than any other type of natural help reduce these risks and drive investment in the sector catastrophe because flooding can occur practically anywhere.

• Solution example: cover provided to wind farm in the North Sea, to • Solution example: flood insurance model allows for policy pricing provide compensation for material damage and loss of profit, both according to individual risk exposure (building location, construction during the construction phase and first three years of the farm's type and insured value), enabling our clients – insurers in the US – to operational phase (producing 309 megawatts at peak for approx. provide a more affordable product to homeowners 285 000 households)

Innovative solutions for renewable energy Protection against natural catastrophes and projects help drive the transition to a extreme weather events (climate adaptation) low-carbon energy system (climate mitigation)

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Swiss Re is considered a “lead market” for offshore wind risks

Highlights of Swiss Re’s Sustainability approach| May 2020 31 Climate change impacts extend to L&H

Swiss Re analyses the impacts of climate change on L&H We expect the impacts to be relevant for the industry The most pronounced risks from climate change affecting human health stem from heatwaves and vector-borne diseases Read more online in our SONAR report, identifying new, changing and not-yet envisioned risks that the re/insurance industry needs to have on its radar

Property Supply-chain interruption Marine Agriculture Fishery Casualty Workplace accidents Life Health Insurance market growth Highlights of Swiss Re’s Sustainability approach| May 2020 32 In the context of disasters and shocks to a country, insurance can help to save lives, speed up recovery and reduce long-term impact on the economy

ECONOMIC SOCIETAL GEOPOLITICAL TECHNOLOGICAL ENVIRONMENTAL Governments • Fiscal crises • Water crises • Interstate conflict • Cyber attacks • Extreme weather • Financial mechanism • Infectious disease • Regional/global • Critical information events are exposed failure spread governance failure infrastructure • Mitigation/adaptation • Asset bubbles in major • Large-scale involuntary • Terrorist attacks breakdown failure to manifold economies migration • National governance • Data fraud/theft • Natural disasters risks… • Un/der-employment • Food crises failure • Adverse consequences • Biodiversity loss & • Critical infrastructure • Profound social • State collapse/crisis of advances ecosystems collapse failure instability • Man-made • Energy price shock • Urban planning failure environmental disasters

Flood, Thailand (2011) Drought, Kenya (2017) 33% loss insured <1% loss insured … and only a Total loss Total loss 12% of GDP 15% of GDP small portion USD52bn USD1bn of catastrophe 70% risks are uninsured economic losses caused by Earthquake, Chile (2010) Hurricane Irma, USA (2017) 27% loss insured 45% loss insured insured natural catastrophes Total loss Total loss over the past decade 9% of GDP <1% of GDP USD34bn USD67bn

Source: sigma explorer Highlights of Swiss Re’s Sustainability approach| May 2020 33 Swiss Re Public Sector Solutions is dedicated to helping governments at all levels to strengthen their resilience strategies Florida United Turkey Egypt Bangladesh United States Hurricane risk Kingdom Earthquake Hospital cash Flood insurance • 1st team in the Flood risk Flood risk pool reinsurance industry Caribbean Hurricane, earthquake Heilongjiang to be fully dedicated and excess rainfall risk Multiperil disaster risk to the public sector Louisiana Beijing Hurricane risk Agricultural risk • +570 bound California/Utah Vietnam transactions since Earthquake risk Agriculture yield cover 2011 demonstrate Guangdong the need for the Typhoon/rainfall covers we offer Philippines Mesoamerican Coral Reef Earthquake and • Global footprint Protection of reef damage tropical cyclone risk following a storm providing tailored Pacific Islands support to the Mexico Earthquake and Earthquake/hurricane tropical cyclone risk specific needs of our and livestock risk public sector clients Guatemala Nat cat business • Always at the interruption risk Pacific Alliance forefront, we are a Agriculture (CHL, COL, MEX, PER) Drought pioneer in emerging Earthquake risk Hurricane and industrialized Uruguay African Risk Kenya India Thailand Flood markets Energy production shortfalls Capacity Livestock Weather Crop due to drought Government drought insurance insurance insurance Earthquake insurance pool for farmers Health Highlights of Swiss Re’s Sustainability approach| May 2020 34 Selected case studies

Pacific Alliance Kenya Livestock Health microinsurance Insurance Program Egypt • Chile, Colombia, Peru and • Droughts are responsible for • Micro-entrepreneurs, such as Mexico are highly exposed to ~75% of livestock deaths in the low-income women working in earthquake risk. They suffered Greater Horn of Africa region, the informal sector, often lack devastating losses to lives and leaving herders destitute insurance protection against loss property in recent past • Through satellite imagery, we of income due to illness • The World Bank has issued the can assesses the state of • In 2018, we started to help largest-ever sovereign grazing conditions. Should expand a pioneering health

sponsored catastrophe bond. conditions deteriorate beyond a microinsurance program that Insurance concept Insurance Swiss Re is proud to have pre-defined level, a lump sum targets this protection gap in assisted in the structuring and payment allows herders to Egypt placement provide feed and water to their livestock • The bond helps Pacific Alliance • In 2017, six counties suffered • By the end of 2019, the program members to recover faster from drought triggering the program. covered ~219’000 customers major earthquakes and protect The government paid out USD and during the year the cover

their economic development. It ~5.3m to 14’000 pastoral was expanded to additional Benefits reduces the pressure on public households. It is estimated that family members budgets and taxpayers’ pockets the funds helped save 70’000 livestock, which sustain ~100’000 people

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Highlights of Swiss Re’s Sustainability approach| May 2020 35 Swiss Re’s partnership commitments…

… to the United Nations … with Women’s World Banking bn • Efforts to expand insurance covers for • In 2018, Swiss Re helped expand a USD 10 natural catastrophes and weather 2 million pioneering health microinsurance volatility (e.g. drought or excessive programme to address protection gap in Total amount of climate rainfall) Customers globally to Egypt protection offered to • Partnering with public-sector clients benefit from partnership • Our partnership will aim to replicate sovereigns and sub- (especially national and regional by the end of 2020 insurance schemes, similar to that in sovereigns governments) increases effectiveness to Egypt, in additional countries. In 2019, since 2014 develop solutions the focus was on building the necessary • 2020 target achieved already in 2019 foundation to scale and replicate this insurance solution in the future Read more online Read more online

Highlights of Swiss Re’s Sustainability approach| May 2020 36 2/3 Swiss Re is at the forefront of digital people innovation, leveraging new worldwide have technology to extend its insurance ~1 100 mobile device access offering digital innovation use cases across Key objectives of providing digital solutions: insurance value chain • Provide accessible and affordable cover for more risk types, across all income levels and with efficient claims handling, and thus contribute to closing the protection gap • Smart analytics and devices enhance risk knowledge and advise on risk prevention, 26 improvement, mitigation and crisis management countries where Swiss • Integrate ethical aspects into digital business and Re’s Magnum solutions to manage risks of digital societies platform is available Read more online

HighlightsHighlights of Swiss of Swiss Re’s Re’sSustainabilitySustainability approach approach | May| May 2020 2020 37 We strengthen our connection to clients by commercialising our digital platforms Digital platforms have become a significant business facilitator for Swiss Re USD bn 3.0 > USD 2.7bn > 800 1 2.5 attributable EVM premiums clients onboarded iptiQ 2.0 Corporate Solutions

1.5 P&C Re Solutions

1.0 L&H Re Solutions (Magnum) 0.5

0.0 2014 2015 2016 2017 2018 2019

Swift Magnum Magnum iptiQ iptiQ Cat Stork Telematics IPA Magnum iptiQ Re® mobile Pure L&H EMEA L&H US Server (parametric) Platform platform Go P&C

1 EVM premiums and fees, FY 2019 Highlights of Swiss Re’s Sustainability approach| May 2020 38 iptiQ narrows the protection gap by offering simple, streamlined digital solutions at an affordable price

• iptiQ’s overriding goal is to offer simple, streamlined, 377 000 digital solutions that remove traditional hurdles to inforce policies purchasing protection and thereby protecting a larger in 2019 29 amount of people (up from 175 Distribution 000 in 2018) partners in • iptiQ works in partnership with trusted brands and offers 2019 numerous easy-to-understand protection products (up from 19 in with clear and transparent pricing 2018)

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Highlights of Swiss Re’s Sustainability approach| May 2020 39 Selected examples of innovative platform solutions utilising digital technology

Magnum Go SwiftRe PULSE Client Portal

• Online, user-friendly, automated life • Online tool providing facultative • Online platform for clients and insurance underwriting solution reinsurance in real-time to clients brokers of Corporate Solutions • Ensures data security, reduces • Quick and automated access to • Monitor and manage insurance operating costs, increases medium-sized single risks or facilities programmes in real-time accessibility • One-stop-shop for clients to handle • One-stop-shop to review policy, track • Delivers instant underwriting premiums, claims, financial accounting premium payments, submit loss decisions to customers • Transparency over entire own portfolio notifications, risk improvements, etc.

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Highlights of Swiss Re’s Sustainability approach| May 2020 40 Swiss Re combines smart analytics and devices to enhance data-driven risk knowledge

Advanced risk knowledge through Advise on risk prevention, mitigation internal and external data sources and crisis management based on

Goals Goals data insights

Creation of Digital Market Center using Microsoft’s Powered by Microsoft’s automative data data analytics and Artificial Intelligence (AI) capabilities, Swiss Re will be able to develop a capabilities will help to develop next-generation, deeper analysis of risks. For example, better

large-scale tools to transform the way the insurance understanding automative risks enables insurers to Microsoft industry predicts and manages risks design new motor insurance products, such as pay-

Solution example: example: Solution as-you-drive covers

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Highlights of Swiss Re’s Sustainability approach| May 2020 41 Selected examples of parametric solutions, supporting fast and simplified claims payments

Windstorm insurance Nat cat and agricultural cover Business insurance • Innovative windstorm insurance for • Increasing resilience of farmers in • “Quake Assist” improves resilience 14 000 solar panels in Connecticut, Shaanxi province, China of small and medium-sized US, using a parametric trigger • Solution covers drought, excessive businesses in California, US • Client-tailored solution rain and heavy rainfall in areas, • Offers coverage for earthquake- • Supports mitigation of hurricane where poverty remains a particular related business interruptions risk causing damage to rooftop solar concern • Fast, simplified claims payments panels • Quick payouts to the Agriculture based on parametric triggers (incl. • Fast payment process Bureau, who uses the funds to initiate earthquake magnitude and distance recovery efforts from epicenter)

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Highlights of Swiss Re’s Sustainability approach| May 2020 42 Cyber reinsurance solutions support state-of-the-art cyber risk management

Improvements in technology and connectivity have caused the risk landscape to rapidly evolve, giving rise to exposures not traditionally considered by the insurance industry. Swiss Re supports insurers on the path to improved cyber 67% risk management growth in cyber security breaches in past 5 years1 Solution example: “Decrypt”, a holistic cyber solution • Helps insurers to identify, quantify and manage their cyber risk exposure, including embedded, silent, and affirmative cyber risks USD 25bn estimated cyber • Single, flexible, end-to-end solution offering insurance market protection against the aggregation of cyber in 20232 losses across different lines of business

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1 Source: Accenture 2 Source: Swiss Re Institute HighlightsHighlights of Swiss of Swiss Re’s Re’sSustainabilitySustainability approach approach | May| May 2020 2020 43 How does Swiss Re invest responsibly in practice?

We integrate ESG criteria across our investment portfolio. Our approach is based on three strategic cornerstones: Enhancement, Inclusion and Exclusion Swiss Re’s responsible investing strategy is built on three cornerstones

We integrate Environmental, Enhancement Inclusion Exclusion Social, and Governance (ESG) criteria along our investment process aiming to generate higher risk-adjusted returns over the long term ESG benchmarks Thematic investments Sustainability risk and criteria gfsadfdffg assessments ESG integration focused on Positive and direct real-world Risk avoidance based on ESG risks and opportunities impact supporting a internal Sustainable Business USD 134.5bn specific purpose Risk Framework investment portfolio

Monitoring/ Manager Mandate Benchmark Stewardship ~100% reporting selection assets considering ESG criteria Read more online Highlights of Swiss Re’s Sustainability approach| May 2020 45 In 2019 we further strengthened our responsible investing strategy, contributing to our Group vision Co-founder of Net-Zero Asset Owner Alliance1

Enhancement Inclusion Exclusion

Thought Leadership ESG benchmarks adopted in 2017

Further improvement Green, social & Introduction of new of portfolio’s ESG sustainability bonds of absolute threshold for profile throughout the USD 1.9bn coal mining year companies and power New target of utility generators Part of USD 4bn to be Committed to net-zero PRI 2019 GHG emissions by achieved by end of 2050 2024 Leaders’ Group

1 UN-convened Net-Zero Asset Owner Alliance

Highlights of Swiss Re’s Sustainability approach| May 2020 46 Swiss Re integrates ESG across all asset classes

Enhancement Inclusion Exclusion ESG makes economic sense: improved risk-adjusted return ESG benchmarks Thematic Sustainability risk and criteria investments assessments Information ratio (risk-adjusted return) May 2014 – December 2019 Govt bonds

Credit 0.81

Listed equities 0.88 Private equity 0.5 0.6 0.7 0.8 0.9

Real US Corp Int. Sustainability US Corp Int. estate (Traditional) (ESG BB+)

Legend: Level of ESG integration per asset class Source: Barclays, Swiss Re

Highlights of Swiss Re’s Sustainability approach| May 2020 47 Our thematic investments support the SDGs1

Inclusion focuses on investment opportunities, stemming from transitioning to a more sustainable world

Thematic investments should therefore serve a specific purpose, while targeting to achieve market returns

1 Sustainable Development Goals Highlights of Swiss Re’s Sustainability approach| May 2020 48 Our responsible investing approach supports the transition towards a low-carbon economy

Swiss Re’s Carbon Footprint Green investments1 Weighted average carbon intensity CO tn / USD m revenue 2 Infrastructure loan book 369 34% 285 Sustainable 252 242 198 share 168 161 91 82 51 Real estate 28% 2015 2016 2017 2018 2019 Green share Corporate Credit Portfolio Equity Portfolio

• Portfolio optimisation drives the continued reduction of carbon intensity of our corporate Green bonds credit and listed equities portfolio USD 1.8bn • In our 2019 Financial Report (TCFD2 disclosure), we provide further information on our Green share climate change-related investment risk exposure.

1 As of 31December 2019 Highlights of Swiss Re’s Sustainability approach| May 2020 49 2 Task-force on Climate-related Financial Disclosures Swiss Re encourages close collaboration among industry participants to enable broad-based ESG adoption

Engage with regulators and Thought leader in industry Promote dialogue on policy makers associations and alliances Swiss Re’s ESG approach

Member of the technical expert group on sustainable finance

Highlights of Swiss Re’s Sustainability approach| May 2020 50 What does Swiss Re do about our own footprint?

We want to lead by example and work to minimise the environmental impact of our operations. Bringing our CO2 emissions to net-zero and reducing energy consumption are key targets across the Group Bringing our CO2 emissions to net-zero and reducing energy consumption are key targets across the Group

Credibly green: 14001:2015 >50% Environmental • Corporate Real Estate and Services (CRES) has an Environmental Swiss Re employees are Management Management System in place, certified acc. to ISO14001 since 2015 working in green offices System and • 60% energy efficiency increase since 2003 green labels

Tackling • More than 50% emission reductions per employee were achieved since 2003 Net-zero pioneer: 100 emissions: through Swiss Re’s GHG Neutral Programme (2003-2020) Tonnes of negative CO 2 Greenhouse Do our best, emissions secured in the • In 2019, Swiss Re committed to net-zero emissions in our operations by world’s first carbon Neutral and 2030. We will further curb emissions and compensate any remaining Remove the rest removal marketplace CO2NetZero emissions through carbon removal under the new CO2NetZero Programme

Engaging our • Swiss Re’s pioneering COyou2 programme supports our employees in 3 436 employees: tackling their own carbon emissions COyou2 subsidies were COyou2 • The programme provides our employees access to subsidies for a range of granted to our staff in Programme 2019 emission-cutting investments in their private lives

Highlights of Swiss Re’s Sustainability approach| May 2020 52 We want to lead by example and work to minimise the environmental impact of our operations

92% Founding • Swiss Re and IKEA co-founded the Climate Group’s RE100 Initiative in 2014 94% member of the • To date, 235 companies have committed to going “100% renewable”, Renewable power used RE100 in 2019 including numerous Fortune Global 500 companies initiative • Swiss Re committed to sourcing 100% renewable power by 2020

• Swiss Re’s sources renewable energy from additional plants where possible 4.5MW Buying impactful Wind power secured for green power: − E.g. our own power plant at Swiss Re Americas' headquarters in Armonk AMERICAS offices own PV plants, completed in 2017, generating 60% of the buildings' power needs through our first virtual − E.g. our first virtual power purchase agreement (vPPA) with a wind farm in PPA virtual PPA the US, partnering with Apple, Akamai and Etsy, operational since Nov 2019

35% Driving Swiss Re’s key vendors sustainability in • The platform allows us to monitor and support our vendors’ sustainability are included in EcoVadis our supply chain: performance platform in 2019 EcoVadis • Goal: Swiss Re’s major vendors (Tier 1 and Tier 2) are in EcoVadis by 2020 platform

Highlights of Swiss Re’s Sustainability approach| May 2020 53 Swiss Re commits to net-zero emissions in our operations by 2030

• Net-zero emissions means that for

every tonne of CO2 that cannot be reduced yet, another tonne needs to be removed from the atmosphere and stored permanently through so- called carbon removal technologies

• To reach net-zero emissions by 2030, Swiss Re will “do our best” to reduce emissions: group-wide travel reduction target of at least 15% in 2020

• Any emissions that we cannot reduce yet, we will compensate through carbon removal: “Remove the rest”

Source: IPCC SR15 P4, 2018 Highlights of Swiss Re’s Sustainability approach| May 2020 54 Swiss Re moves away from conventional carbon offsetting and starts supporting carbon removal projects in line with our net-zero ambition

• Prior to 2003: it was not possible • 2003-2020: Swiss Re pioneered the • 2021-2030: Swiss Re will pioneer to compensate emissions concept of emissions compensation at a emissions compensation through carbon time carbon markets did not even exist removal certificates • Going forward, compensation through • Early 2019, we secured a batch of 100

emission avoidance certificates (‘carbon tonnes of negative CO2 emissions in the offsetting’) is incompatible with a net-zero world’s first auction for carbon removal emissions target certificates (www.puro.earth)

Source: IPCC SR15 P4, 2018 Highlights of Swiss Re’s Sustainability approach| May 2020 55 How does Swiss Re engage our people?

We are an organisation where diverse talents come together globally to apply fresh perspectives and knowledge to make the world more resilient We offer our employees meaningful work with a clear purpose in an attractive, flexible and inclusive work environment where everyone can contribute

Lead and develop Empower and Drive the business Build for the future collaborate

• In our People Strategy, we put • We empower and enable our • Our employees work hard to • We embrace and build a a strong focus on developing people to make decisions and fulfil our vision of making the diverse workforce that brings our leaders, our leadership drive performance world more resilient, and we together the best of multiple pipeline and our employees hold each other accountable generations, cultures, skill at all levels • Our Own the Way You Work for performance in this sets and thinking programme is an integral part context • In addition, we offer various of the Swiss Re culture • Our aim is for our employees programmes to young adults • The way we have evolved our to live a flexible, inclusive and moving into the workforce, • Applying agile methods will approach to managing open culture where all the most prominent being our further improve the way we performance and, perspectives are valued. award-winning can empower our people and consequently, reward our graduates@swissre enable them to collaborate people supports this programme even more • We ensure reward is fair and competitive

Highlights of Swiss Re’s Sustainability approach| May 2020 57 Selected external acknowledgements

TheJobCrowd Award NASSCOM award

Bloomberg Gender-Equality The graduates@swissre Index 2020 Our Global Business Solution programme has won for the Centre Bangalore was fourth year in a row the award recognised for “Excellence in –1st place in the category Learning & Skills “Banking & Finance” Development” at the Swiss Re included as an index NASSCOM Global Capability member for the second year Centres Conclave in a row, which underscores our strong commitment to demonstrated a commitment to equality and advancing women in the workplace.

Highlights of Swiss Re’s Sustainability approach| May 2020 58 At Swiss Re, we embrace and build a diverse workforce that brings together the best of multiple generations, cultures, skill sets and thinking

• Swiss Re’s People Strategy key aspiration is to attract and engage talented Workplace split by region employees from different backgrounds by providing a flexible, inclusive and open culture where dialogue and different perspectives are valued - our inclusive culture enables Swiss Re to truly live its “smarter together” brand Americas EMEA APAC promise

• Since 2013, Own the Way You Work, programme gives managers and 22.2% 62.1% 15.7% employees autonomy to decide how, when and where work is carried out

• We aim to prevent stereotyping of individuals based on any dimension of diversity; training sessions that specifically address feedback discussions or recruiting include content and nudges on how to ensure fair and unbiased dialogue and decision-making. Swiss Re employs people with diverse backgrounds • Employee Engagement Survey 2019: 68% of our employees say that we have from 115 nations, in over 80 offices and an environment that is open to and inclusive of individual differences. more than 30 countries1

A commitment to inclusiveness is therefore fundamental to our organisational performance and to reaching the goals set out in our People Strategy

1 53% of employees are represented by an independent trade union or covered by collective bargaining agreements Highlights of Swiss Re’s Sustainability approach| May 2020 59 We believe that increasing gender balance in leadership is a strategic imperative critical to our future business success

In 2019, we: • Established and regularly measure gender diversity metrics ‐ Gender Promotion Ratio1 was established in 2017 as a goal for the Group Executive Committee (GEC) in order to hold senior leaders accountable for making progress ‐ Female joiners rate has been introduced • Successfully completed our global female sponsorship initiative designed to enable high-potential female talent to reach their career aspirations. Over 60 women were paired up with an executive sponsor, including all GEC members. ‐ Results were very encouraging and we are now following up on the career steps of these women as part of our overall talent pipeline and will integrate the concept of sponsorship into our talent development programmes. • Ensured gender-equal nominations to our senior talent development program “Explorer” • Addressed gender pay gap and created transparency on Equal Pay ‐ Statistical analysis conducted in 2018 and 2019 by a leading consultancy does not indicate a statistically significant risk of gender bias at Swiss Re 2017 2018 2019 Total workforce 47.3 47.9 48.4 Executive/senior management positions2 23.3 24.5 26.7 All management positions3 33.3 34.2 35.4

We recognise that women continue to be underrepresented at executive/senior management levels; our Group Executive Committee members are committed to driving this change, and closely monitor the talent flows in their respective units and locations to actively improve the situation

1 The goal measures whether the ratio of female promotions into middle management and above is equal to or higher than the ratio of females in the "donor pool" below 2 “Executive/senior management positions” comprises the management levels of Director/Senior Vice President upwards Highlights of Swiss Re’s Sustainability approach| May 2020 60 3 “All management positions” refers to Vice President and above We can only unleash the motivation and creativity of our employees if they can all be who they are and feel included Tackling Inclusive Equal benefits Together with Understanding discrimination environment Pride network and guidance

Aligned with the UN Celebrated reaching Equalised our leave Our growing Together Launched training Standards of Conduct for ‘embassy’ level in creating a (parental & bereavement), with Pride global network journeys with content Business against LGBTI safe and inclusive working gift and insured (medical, comprises over 1000 focusing on understanding discrimination, that we environment for all our death & critical illness) LGBTI+ employees and LGBTI+ and guidance on signed in 2018, we LGBTI+ employees benefits for our employees allies and has active allyship available for all our continue to provide and their partners: all of chapters in Australia, employees on the D&I support for our LGBTI+ these benefits now extend Brazil, Canada, Germany, channel in our staff to LGBTI+ partners as well India, Mexico, Slovakia, LearningOne platform as unmarried heterosexual Switzerland, the UK and partners across our the US. locations globally – for the few locations where a significant cultural or legal barrier still exists, we continue to work on solutions

Highlights of Swiss Re’s Sustainability approach| May 2020 61 How does Swiss Re ensures good corporate governance and compliance?

“We are in a constant dialogue with our shareholders and incorporate their valuable feedback into our governance framework.”

Walter B. Kielholz, Chairman of the Board of Directors Swiss Re Governance Framework

AGM Swiss Re Ltd

Board of Directors

Chairman Chairman’s and Governance Nomination Audit Committee Committee Committee Compensation Finance and Risk Investment Committee Committee Committee Group Executive Committee

Group CEO

Group level Group Functions & Legal BU CEOs Regional Presidents

Swiss Reinsurance Company Ltd Swiss Re Corporate Solutions Ltd Swiss Re Life Capital Ltd BU level BU Reinsurance BU Corporate Solutions BU Life Capital

AGM AGM AGM Board of Directors Board of Directors Board of Directors Executive Committee Executive Committee Executive Committee

Highlights of Swiss Re’s Sustainability approach| May 2020 63 Responsibilities of Board Committees

Chairman’s & Governance Committee (CGC, 5 members) Audit Committee (AC, 4 members) • Advisor to the Chairman • Integrity of financial statements • Corporate Governance • Compliance with legal and regulatory requirements • Planning and coordination of Board work • External Auditor’s qualifications, independence and performance • Succession planning • Performance of internal audit function • Oversees annual performance assessment and self-assessment for Board and Group EC • Monitors financial reporting process and system of internal control

Nomination Committee (NC, 4 members) Finance & Risk Committee (FRC, 5 members) • Assists the Board of Directors in its responsibility to select, nominate and appoint • Annual review of Group Risk Policy Board members • Risk Reports and business risk reviews • NC evaluates nomination proposals for the Board members, the Chairman and the • Regular review of Risk Control Framework and important risk exposures members of the Compensation Committee AGM • Review of critical underwriting standards and principles used in internal risk Swiss Re Ltd measurement Compensation Committee (CC, 4 members) Investment Committee (IC, 6 members) • Compensation strategy, principles and governance • Strategic asset allocation • Establishment of compensation plans Board of Directors • Monthly investment performance • Oversight on compensation at Board and Group EC level • Tactical asset allocation • Risk analysis methodology and valuation Chairman’s and Governance Nomination Audit Committee Committee Committee

Compensation Finance and Risk Investment Committee Committee Committee

Read more online Group Executive Committee

Highlights of Swiss Re’s Sustainability approach| May 2020 64 Swiss Re’s governance documents Harmonised principles and procedures

Ensure Foster sustainability transparency

AoA and quality assessment of the Group’s Bylaws organisation AGM Key governance SRL and business Committee requirements Group level Board of DirectorsCharters throughout the Group BU level Articles of Association (AoA)

Bylaws Foster transparency and Committee Charters quality assessment of the Group’s Ensure efficient organisation and and consistent business governance across the Group

Highlights of Swiss Re’s Sustainability approach| May 2020 65 Swiss Re’s Code of Conduct

• We believe we can only accomplish sustainable success if our stakeholders recognise us as a trustworthy partner that pursues legitimate goals using legitimate means • Swiss Re’s Code of Conduct provides key principles that guide Swiss Re in making responsible decisions and achieving results using the highest ethical standards • Swiss Re’s Code of Conduct is built on the five Swiss Re Corporate Values: − Integrity − Team Spirit − Passion to Perform − Agility − Client Centricity • The Corporate Values are put in action by the Leadership and Personal Imperatives

Highlights of Swiss Re’s Sustainability approach| May 2020 66 Subsidiary governance principles throughout the Group

The Corporate Governance Guidelines…

• implement a consistent Group-wide governance framework

• harmonise the governance principles and processes across the Group

• ensure an efficient and consistent approach to corporate governance across the Group

• introduce a customised governance approach taking into account the size, the nature and the complexity of the Group’s legal entities when applying governance standards and requirements

Highlights of Swiss Re’s Sustainability approach| May 2020 67 Succession planning is of high relevance to the Board of Directors

• Board succession planning is a regular key item on the agenda of the Board of Directors. The Board regularly analyses its composition to confirm that its members’ qualifications, skills and experience correspond to the Board’s need and requirements

• The Board of Directors nominates candidates for election by the AGM, ensuring that the Board retains an adequate size and well-balanced composition

• As determined by applicable law, a Board member may not have any management or executive function within the Swiss Re Group (dual board system in Switzerland)

Highlights of Swiss Re’s Sustainability approach| May 2020 68 Board members’ qualifications, skills and diversity

The Board of Directors needs to secure the necessary In addition to the skill sets and competencies of the Board qualifications, skills and diversity to perform all required members, the principles of gender and age diversity, inclusion, responsibilities nationality and regional representation play an important role in the composition of the Board of Directors

Gender diversity Regional representation

1 3 1 1 6 2 10 2 Female Male USA/Canada UK Europe Asia Switzerland Africa Read more online Under Swiss Company Law the determination of the composition of the Board of Directors is a shared responsibility of both the AGM and the Board of Directors

Highlights of Swiss Re’s Sustainability approach| May 2020 69 The members of the Board of Directors must annually confirm that they meet, in addition to other requirements, the following criteria

1. The director must not have been employed by the company in any capacity within the last five years

2. The director must not accept or have a family member who accepts any payments from the company or any parent or subsidiary of the company in excess of USD 120k during the current fiscal year or any of the past three fiscal years

3. The director must not be a family member of an individual who is, or during the past three years was employed by the company or by a subsidiary of the company in any capacity

4. The director must not be (and must not be affiliated with a company that is) an adviser or consultant to the company or a member of the company’s senior management

5. The director must not be affiliated with a significant customer or supplier of the company

6. The director must have no personal services contract(s) with the company or a member of the company’s senior management

7. The director must not be affiliated with a not-for-profit entity that receives significant contributions from the company

8. The director must not have been a partner or employee of the company’s external auditor during the past three years

9. The director must not have any other conflict of interest that the Board itself determines to mean they cannot be considered independent

Highlights of Swiss Re’s Sustainability approach| May 2020 70 Corporate governance continues to evolve towards increased transparency and accountability of companies to stakeholders

Swiss Re has formulated an enhanced Group Sustainability Transparent and comprehensive disclosure of the Group’s Strategy. This supports Swiss Re in maintaining its position as governance structure and governance processes is a leading re/insurer, being a responsible company and indispensable to support the assessment of the quality of the achieving a long-term competitive advantage Group’s organisation and business conduct

Measuring a company’s corporate governance based on The Board of Directors closely monitors Swiss and global environmental, social and governance (ESG) criteria is corporate governance developments and considers relevant gaining importance studies and surveys. It regularly assesses Swiss Re’s governance against regulatory developments, relevant best practice standards and new stakeholder demands

Highlights of Swiss Re’s Sustainability approach| May 2020 71 Swiss Re’s corporate governance adheres to key corporate governance standards

…adheres to the SIX …is in line with the …conforms to the Swiss …complies with the Swiss Exchange's principles of the Swiss regulator’s (FINMA) applicable local rules

Re’s Directive on Code of Best Practice provisions on and regulations in all Information Relating to for Corporate corporate governance, jurisdictions where we

Corporate Governance Governance (Swiss risk management and conduct business Swiss Swiss Code) internal control system

at insurers Corporate Governance… Corporate

Highlights of Swiss Re’s Sustainability approach| May 2020 72 Swiss Re Tax Transparency Reporting

Regulatory Standards

Sustainability Reporting

Our Advantage

Swiss Re does not use tax havens; less than 0.1% of revenues generated in tax haven countries

Read more online

Highlights of Swiss Re’s Sustainability approach| May 2020 73 Ongoing and concerted efforts to foster a strong security culture and ensure an effective and efficient cyber risk and defence system

Since the threat landscape is constantly … we remain committed to work on changing and evolving… making Swiss Re cyber-resilient!

As part of Swiss Re’s dedicated three-year Cyber Defence 265% Sophisticated malicious software attacks that infiltrate the memory (ie fileless attacks) growth since Programme 2020, we achieved the following key outcomes, 20181 which have improved SR’s security posture: 1. Improved ability to respond to, handle and investigate Organisations report experiencing phishing attacks 94% large-scale cyber-attacks and data breaches. in the last year2 2. Identified Swiss Re's critical information, the company's information crown jewels, and raised the bar for attackers Organisations seeing an increase of business email attempting to get hold of them. 67% 2 compromise 3. Raised our security incident detection capabilities to a new level to reduce the discovery time and potential impact of cyber attacks. 30% Internal threat actors increase in the Financial and Insurance sector from 2016 to 20183 4. Enhanced Swiss Re's security culture across all organisational levels by shaping employees' behavior.

1 Trend Micro reporting 2 Mimecast, The State of Email Security Report 2019 3 Verizon, Data Breach Investigations Reports 2017 and 2019 Highlights of Swiss Re’s Sustainability approach| May 2020 74 Swiss Re develop digital best practices, integrate digital ethics and provide solutions to manage risks associated with a digital society

Actively promote digitalisation across the Swiss Re has started to develop our own ethical guidance to enable swift digitalisation, while re/insurance value chain ensuring that we maintain customers’ trust, differentiate our services, and safeguard our to enhance value reputation as a leading re/insurance company. provided to customers

Use of artificial Swiss Re seek to improve understanding, create awareness and proactively address ethical intelligence and digital challenges surrounding digital transformation. We actively engage on the topic of digital ethics: personal data raises • Provide feedback to consultations and regulatory questionnaires ethical concerns • Participate in industry groups and regulatory expert groups regarding fairness, Swiss Re representative appointed to EIOPA’s1 consultative expert group for digital ethics inclusion, hardship and solidarity. Various • Contribute to studies and reports regulators around the “Between Solidarity and Personalization – Dealing with Ethical and Legal Big Data world identify the need Challenges in the Insurance Industry” conducted by researchers at the University of Zurich for regulations on the and the University of Applied Sciences HTW Chur topic of big data and “Promoting Responsible Artificial Intelligence in Insurance” published by the Geneva digital responsibility Association

Read more online

1 European Insurance and Occupational Pension Authority Highlights of Swiss Re’s Sustainability approach| May 2020 75 Data Protection and Privacy Compliance at Swiss Re

Swiss Re has a comprehensive, global data protection compliance framework…

… includes policies, standards, information security measures, appointed Data Protection Officers, training and awareness programmes and business-relevant procedures

... fulfills our responsibilities to protect personal data

… addresses privacy rights in compliance with data protection and privacy laws and regulations around the world

… is applicable to all of Swiss Re's entities worldwide

In 2019, Swiss Re received no complaints concerning breaches of customer privacy

Highlights of Swiss Re’s Sustainability approach| May 2020 76 Preventing Bribery and Corruption at Swiss Re

Swiss Re instituted a global bribery and corruption compliance framework in order to give effect to our prohibition on all forms of bribery and corruption

Implementation Responsibility Application Structure

• Key Compliance risks are • Compliance function has • The Compliance Framework • Policy standards and addressed throughout the primary operational applies to every full or part processes Compliance Framework responsibility for the time Swiss Re employee Compliance Framework • Tools and technology to track, • One of these key risks is • It also applies to everyone record and provide bribery and corruption • Executive responsibility lies working for or on behalf of information with the Group Audit Swiss Re Committee, Group Executive • Assurance, investigations and Committee and Board of • It also applies to our business reporting Directors partners including contractors, outsourced • Training and awareness • Group Internal Audit has providers and agents responsibility for providing an independent assurance function

Highlights of Swiss Re’s Sustainability approach| May 2020 77 Building resilient societies is at the core of the Swiss Re Foundation

Key 2019 figures Focus areas Total commitments by focus area CHF 7m Access to health and income Total commitments opportunities 33% We ease access to healthcare and viable income 18 opportunities in underserved communities No of projects we kicked off* Innovation for societal resilience 55 We fund research that sheds light on what drives resilient Ongoing projects* societies and support worthy causes near Swiss Re locations 1 769 50% No of Swiss Re volunteers Natural hazard and climate risk management 17% 17 859 We support people in preparing for, preventing and bouncing Swiss Re employee volunteering hours back from catastrophes and coping with climate risk

Read more online

* Ongoing projects over CHF 30 000 as of end 2019 Highlights of Swiss Re’s Sustainability approach| May 2020 78 Swiss Re is proud of its customer satisfaction levels, and continues to ensure clients remain at the centre of the business

Latest Business Capability Index Client Advocacy Score (CAS)2 and Swiss Re’s Net Promotor Score (NPS) (BCI)1 ranking – Global insurers BCI ranking development development

#1 P&C Reinsurance P&C 2016 2017 2018 2019 results released August 2019 CAS (score) 45 42 42 51

BCI (rank) #1 #1 #1 #1 2019 P&C and L&H 2012 2014 2016 2018

NPS (score) 36 41 47 42 #2 L&H Reinsurance L&H 2015 2016 2017 20183 results released September 2019 CAS (score) 12 3 8 5

BCI (rank) #2 #2 #2 #2 2018

Swiss Re aims to maintain, and wherever possible, improve its already high levels of customer satisfaction.

1 Business Capability Index (BCI) is a proprietary methodology of NMG Consulting designed to provide insight into a reinsurer’s competitive positioning. 2 Client Advocacy Score (CAS) is NMG Consulting’s methodology to measure likelihood to recommend. Highlights of Swiss Re’s Sustainability approach| May 2020 79 3 2019 L&H results report expected in Q3 2020. What is Swiss Re's compensation framework?

A balanced and sustainable performance-oriented framework, aligning the interests of employees and shareholders Compensation framework based on clear principles and is governed by the Board of Directors (BoD)

A culture of sustainable high performance with a clear focus on risk-adjusted financial results

A clear link between Incentives supporting compensation, business compliance, sound and results and individual controlled risk-taking, and contribution, recognising the duty to act in the both what was achieved and customer’s best interests Compensation how it was achieved principles

Attract, motivate and Alignment of employees’ retain the qualified interests with those of talent the Group needs Swiss Re’s shareholders to succeed globally and society at large

Highlights of Swiss Re’s Sustainability approach| May 2020 81 Compensation framework designed to promote sustainable long-term performance Total compensation

Deferred compensation

Relates to business performance

Group Executive Committee (Group EC) Base Cash Annual Deferred API Leadership Salary Performance (VAI2) Performance 1 Member of BU EC or Group Managing Director (GMD) Incentive Plan (API) (LPP) Member of BU EC1 or Managing Director (MD)

Director

Vice President

Assistant Vice President

Associate

The level of compensation at risk and the amount of deferral increases with seniority

1 Business Unit Executive Committee 2 Value Alignment Incentive Highlights of Swiss Re’s Sustainability approach| May 2020 82 Risk alignment of Group EC compensation

• For senior executives and in particular the All employees Group EC Group CEO Group EC, a substantial portion of compensation is "at risk", i.e. in the form of variable and performance-related incentives • Members of the Group EC are expected to own Swiss Re shares in the amount of 2 times their annual base salary (3 times annual base salary for the Group CEO) in order to increase the alignment of the interests of senior management and shareholders 78% Base salary 31% Base salary 26% Base salary 17% Cash API1 19% Cash API1 19% Cash API1 • Compensation is periodically reviewed against 2% VAI1 16% VAI1 19% VAI1 3% LPP1 34% LPP1 36% LPP1 relevant market data

1 Variable/performance related, whereby VAI and LPP are deferred

Read more online

Highlights of Swiss Re’s Sustainability approach| May 2020 83 Attribution of Group income to key stakeholders

• The table shows the attribution of Group income to key stakeholders (employees, government and shareholders) • Typically in years where there has been a relatively benign natural catastrophe environment, variable compensation pay-outs have been positive but not excessive • The Group’s 2019 financial performance was below target, as shown in US GAAP and EVM results; combined with strong qualitative performance, this resulted in variable compensation payouts that are below target Read more online levels but proportionate given the need to carefully manage key talent retention risk

Highlights of Swiss Re’s Sustainability approach| May 2020 84 Financial results and qualitative criteria are basis to determine variable compensation pool

• Three-step process based on business performance; creating a clear and transparent link between business performance and compensation • Sustainability aspects are considered within the five qualitative assessment dimensions (step 2 of the funding process). As of performance year 2020, Sustainability will become a separate qualitative assessment dimension. • The Compensation Committee and BoD review the preliminary Group API pool considering a number of different perspectives including pay for Read more online performance linkage, reasonableness in the market context and the proportionality of value sharing among employees and shareholders

Highlights of Swiss Re’s Sustainability approach| May 2020 85 Leadership Performance Plan (LPP) focuses on shareholder value creation

• Incentive for senior management to create successful and sustainable company performance over the long-term • For Group EC, select members of BU ECs and GMDs the plan duration is five years • Forfeiture conditions apply for the full three-year performance period; clawback provisions apply • Performance condition for Restricted Share Units (RSUs) is ROE with a linear vesting line; for Performance Share Units (PSUs) it is relative Total Shareholder Return (TSR) measured over

Read more online three years • The LPP will change as of 2020 in view of strengthening the focus on growth in terms of operating value as an incentive driver (see page 128 of the 2019 Financial report for details)

Highlights of Swiss Re’s Sustainability approach| May 2020 86 Swiss Re has consistently received strong support from shareholders on its compensation approach

Aggregate amount of variable Maximum aggregate amount Maximum aggregate amount short-term compensation for of fixed/variable long-term of compensation for members Compensation Report members of the Group EC for compensation for members of of the Board of Directors for the prior Financial Year (FY) the Group EC for following FY term of office between AGMs

% Consultative Vote Binding Vote Binding Vote Binding Vote 100 90 80 70 60 50 40 30 20 10 0 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 2016 2017 2018 2019 ForFOR Against Abstain

Shareholders continue to ▪ Outcomes for Swiss Re in all compensation votes since AGM 2015 are positive strongly support Swiss Re's ▪ Shareholders and key Proxy Advisor Agencies continue to endorse the overall compensation framework approach to compensation and pay decisions

Highlights of Swiss Re’s Sustainability approach| May 2020 87 2019 Compensation Report was further enhanced to provide greater transparency and clarity in specific areas

Enhanced performance Enhanced VAI and disclosure LPP disclosure

• Included disclosure on granted vs realised • Disclosed LPP RSU and PSU performance compensation 2019 for the Group CEO outcomes against targets • Included commentary on discretion applied in • Included illustrative examples of granted vs. determining the Group API pool realised compensation for both VAI and LPP • Disclosed minimum and maximum ratios of variable • Added an ‘outlook’ on upcoming LPP changes in compensation in percentage of fixed compensation 2020 for the Group EC

Highlights of Swiss Re’s Sustainability approach| May 2020 88 Find out more about Sustainability at Swiss Re

Sustainability Report 2019 TCFD1 disclosures 2019 Financial Report 2019

1 Task Force on Climate-related Financial Disclosures Highlights of Swiss Re’s Sustainability approach| May 2020 89 Cautionary note on forward-looking statements

Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans, objectives, targets, and trends) and illustrations 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”, “assume”, “believe”, “continue”, “estimate”, “expect”, “foresee”, “intend”, “may increase”, “may fluctuate” and similar expressions, or by future or conditional verbs such as “will”, “should”, “would” and “could”. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the Group’s actual results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects to be materially different from any future results of operations, financial condition, solvency ratios, capital or liquidity positions or prospects expressed or implied by such statements or cause Swiss Re to not achieve its published targets. Such factors include, among others: • the frequency, severity and development of insured claim events, particularly natural catastrophes, man- • legal actions or regulatory investigations or actions, including in respect of industry requirements or made disasters, pandemics, acts of terrorism or acts of war; business conduct rules of general applicability; • mortality, morbidity and longevity experience; • the outcome of tax audits, the ability to realize tax loss carryforwards and the ability to realize deferred tax • the cyclicality of the reinsurance sector; assets (including by reason of the mix of earnings in a jurisdiction or deemed change of control), which • central bank intervention in the financial markets, trade wars or other protectionist measures relating to could negatively impact future earnings, and the overall impact of changes in tax regimes on the Group’s international trade arrangements, adverse geopolitical events, domestic political upheavals or other business model; developments that adversely impact global economic conditions; • changes in accounting estimates or assumptions that affect reported amounts of assets, liabilities, revenues • increased volatility of, and/or disruption in, global capital and credit markets; or expenses, including contingent assets and liabilities; • the Group’s ability to maintain sufficient liquidity and access to capital markets, including sufficient liquidity • changes in accounting standards, practices or policies; to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and • strengthening or weakening of foreign currencies; collateral calls due to actual or perceived deterioration of the Group’s financial strength or otherwise; • reforms of, or other potential changes to, benchmark reference rates; • the Group’s inability to realize amounts on sales of securities on the Group’s balance sheet equivalent to • failure of the Group’s hedging arrangements to be effective; their values recorded for accounting purposes; • significant investments, acquisitions or dispositions, and any delays, unforeseen liabilities or other costs, • the Group’s inability to generate sufficient investment income from its investment portfolio, including as a lower-than-expected benefits, impairments, ratings action or other issues experienced in connection with result of fluctuations in the equity and fixed income markets, the composition of the investment portfolio or any such transactions; otherwise; • extraordinary events affecting the Group’s clients and other counterparties, such as bankruptcies, • changes in legislation and regulation, or the interpretations thereof by regulators and courts, affecting the liquidations and other credit-related events; Group or its ceding companies, including as a result of comprehensive reform or shifts away from • changing levels of competition; multilateral approaches to regulation of global operations; • the effects of business disruption due to terrorist attacks, cyberattacks, natural catastrophes, public health • the lowering or loss of one of the financial strength or other ratings of one or more companies in the Group, emergencies, hostilities or other events; and developments adversely affecting its ability to achieve improved ratings; • limitations on the ability of the Group’s subsidiaries to pay dividends or make other distributions; and • uncertainties in estimating reserves, including differences between actual claims experience and • operational factors, including the efficacy of risk management and other internal procedures in anticipating underwriting and reserving assumptions; and managing the foregoing risks. • policy renewal and lapse rates; • uncertainties in estimating future claims for purposes of financial reporting, particularly with respect to large natural catastrophes and certain large man-made losses, as significant uncertainties may be involved in estimating losses from such events and preliminary estimates may be subject to change as new information becomes available; These factors are not exhaustive. Swiss Re operates in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. Swiss Re 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. Highlights of Swiss Re’s Sustainability approach| May 2020 90 Corporate calendar & contacts

Corporate calendar

2020 31 July H1 2020 Results Conference call 30 October 9M 2020 Key Financial Data Conference call

Investor Relations contacts Sustainability Team contacts

Hotline E-mail E-mail +41 43 285 4444 [email protected] [email protected]

Philippe Brahin Daniel Bischof Zuzanna Prabucka Martin Weymann Thierry Corti +41 43 285 7212 +41 43 285 46 35 +41 43 285 48 56 +41 43 285 95 55 +41 43 285 75 63 Olivia Brindle Marcel Fuchs Deborah Gillott +41 43 285 64 37 +41 43 285 36 11 +41 43 285 25 15

Highlights of Swiss Re’s Sustainability approach| May 2020 91 Highlights of Swiss Re’s Sustainability approach| May 2020 92 Legal notice

©2020 Swiss Re. All rights reserved. You may use this presentation for private or internal purposes but note that any copyright or other proprietary notices must not be removed. You are not permitted to create any modifications or derivative works of this presentation, or to use it for commercial or other public purposes, without the prior written permission of Swiss Re.

The information and opinions contained in the presentation are provided as at the date of the presentation and may change. Although the information used was taken from reliable sources, Swiss Re does not accept any responsibility for its accuracy or comprehensiveness or its updating. All liability for the accuracy and completeness of the information or for any damage or loss resulting from its use is expressly excluded.

Highlights of Swiss Re’s Sustainability approach| May 2020 93