Swiss Re – Leading Global Re/insurer Company presentation as of April 2021 Swiss Re – Leading Global Re/insurer Overview and Capital P&C and L&H Corporate Group Strategy Management Reinsurance Solutions page 4 page 17 page 28 page 40 iptiQ Asset Global Re/insurance Sustainability page 50 Management & protection gap page 60 page 54 page 69 Swiss Re Group | Company presentation | April 2021 2 1 A truly global reinsurer … Profitable long-term growth opportunities • Reinsurance market growth of 5-6%3 p.a. 20% • Leading reinsurer in High Growth Markets Group financial 48% • iptiQ 2017-20 GPW CAGR of >80% targets over-the-cycle 32% • Corporate Solutions turnaround ahead of track Financial strength and defensive profile 4 Americas EMEA Asia • Group SST ratio of 215% , within the new target range of RoE ≥ 200–250%4 risk free • Capital strength remains resilient to market movements 2 +700bps … strongly diversified • AA- S&P credit rating, A.M. Best A+, Aa3 Moody’s 7% • Strong diversification benefit 8% 32% • Low investment risk5 ENW6 per share growth Sector-leading capital management +10% p.a. 54% • Dividend CAGR of 8% over 2012-2020 • Disciplined M&A strategy and organic capital deployment P&C Re Corporate Solutions • Share buybacks of USD 4.3bn executed since FY 2015 L&H Re Life Capital 1 2020 net premiums earned by region, incl. fee income 5 90% of credit bonds are investment grade rated 2 2020 Economic Net Worth (ENW) by segment, excl. Group items 6 Economic Net Worth 3 10-year outlook: 5.5% for P&C reinsurance and 4.7% for L&H reinsurance; source: Swiss Re Institute 2020 Swiss Re Group | Company presentation | April 2021 3 4 As of 1/2021 FinancialOverview andhighlights Group Strategy Swiss Re Group | Company presentation | March 2021 4 Swiss Re Group at a glance Swiss Re is a leading and highly diversified global re/insurer, founded in Zurich (Switzerland) in 1863 • Swiss Re Group’s Swiss Solvency Test (SST) ratio for 2020 is 215%1, within the new target range of 200–250% • Financial strength2 of the Swiss Re Group is currently rated: Standard & Poor’s AA- (negative); Moody’s Aa3 (stable); A.M. Best A+ (stable) • Strong performance on sustainability ratings (Member of DJSI World & DJSI Europe, AAA rating from MSCI) Reinsurance Corporate Solutions iptiQ Offers traditional reinsurance products, Commercial insurance arm of the Group A global B2B2C digital insurance platform insurance-based capital market instruments providing risk transfer solutions to large and aimed at both digital and traditional affinity and risk management services globally mid-sized corporations around the world distribution partners through two segments – Property & Casualty and Life & Health 1,2 As of 1/2021 Swiss Re Group | Company presentation | April 2021 5 We aim to operate as ‘One Swiss Re’ Risk Knowledge Client Collaboration A leading global reinsurer Leadership & Access Reinsurance Capital Strength Our People A specialised risk partner with direct Risk Knowledge Client Collaboration Leadership & Access Corporate Solutions Capital Strength access to corporate customers Our People A globally leading digital B2B2C Risk Knowledge Client Collaboration Leadership & Access iptiQ Capital Strength insurance platform Our People A balanced approach to accountability, Risk Knowledge Client Collaboration Leadership & Access Group foundation Capital Strength shared values and strengths Our People Swiss Re Group | Company presentation | April 2021 6 We operate a truly global and diversified Group Premiums Americas EMEA Asia «We make the EVM1 USD 24bn USD 19bn USD 15bn world more US GAAP2 USD 19bn USD 13bn 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 2020 2 US GAAP net premiums earned (including fee income from policyholders), FY 2020 Swiss Re Group | Company presentation | April 2021 7 Swiss Re has generated attractive economic earnings over the last 5 years, despite significant headwinds EVM figures excluding COVID-19 impact 1 4 6 EVM profit USD 465m EVM profit Economic value is created if new business avg. 2016 -2020 total economic return generated USD 157m Total contribution to for shareholders is above avg. 2016 -2020 ENW expected total return Represents total economic return 2 for taking risk (capital costs) EVM profit generated for shareholders USD -1 036m previous years’ (economic earnings) and is key avg. 2016 -2020 element of gross excess capital business 5 Capital cost release, generation 3 debt costs and tax Includes base cost of capital USD 2 735m EVM profit USD 729m (risk-free return and avg. 2016 -2020 USD 2 892m investments avg. 2016 -2020 market risk premium) avg. 2016 -2020 and frictional capital costs Total contribution to ENW forms the basis for Swiss Re’s attractive capital management actions Swiss Re Group | Company presentation | April 2021 8 Swiss Re’s total shareholder return is best tracked by economic net worth (ENW) developments ENW per share growth vs. total shareholder return1 ENW per share vs. share price development 130 250% 130120 120 200% 110 110 100 150% 100 90 90 100% 80 80 70 70 50% 60 60 50 0% 502014 2015 2016 2017 2018 2019 2020 2006 2008 2010 2012 2014 2016 2018 2020 2014 2015 2016 2017 2018 2019 2020 ENW per share growth2 Total shareholder return Swiss Re share price (USD) ENW per share (USD) EVM results represent the market relevant information aligned with total return to shareholders 1 Reflects share price development and dividends paid in USD; indexed at year-end 2006 and shown on a cumulative basis to 26 February 2021 2 Calculated as: (current-year closing ENW per share + current-year dividends per share) / (prior-year closing ENW per share + current-year Swiss Re Group | Company presentation | April 2021 9 opening balance sheet adjustments per share); shown on a cumulative basis and indexed from 29 December 2006 Swiss Re’s capital repatriation remains peer-leading Dividends and share buyback per share (CHF, CAGR in %) +8% 9.20 8.65 8.70 8.25 8.00 7.90 7.50 4.20 3.10 6.50 3.40 4.40 3.30 0.601 5.90 4.15 4.00 1 3.00 5.60 5.90 4.85 5.00 4.25 4.60 3.50 3.85 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Ordinary dividends Special dividends and share repurchases Swiss Re maintained its very strong capital position and is well positioned to respond to market opportunities while continuing to focus on its capital management priorities 1 The 0.60 CHF per share for 2020 reflects the last portion of the 2019/2020 share buyback completed in February 2020 Swiss Re Group | Company presentation | April 2021 10 We monetise our R&D capabilities, cementing Swiss Re as the leading knowledge company R&D value driver framework Strategic focus areas Project examples Business steering R&D for UW priorities Key perils risk views and pricing tools Risk engineering services Insurance beta Flood risk solutions Rapid Damage Assessments Capital Efficiency allocation Market intelligence Insurance markets and cycle analysis Macroeconomic R&D Data, (automated) solutions Magnum, Life Guide, Commer- Risk selection Engineering digital, SwifteRe 2.0 cialisation and pricing Process re-engineering Group data integration 550 9 focussed R&D teams and ~100 2021 R&D FTEs R&D programmes 6 Group- and BU-clustered activities Swiss Re Group | Company presentation | April 2021 11 Our strategy offers more than traditional risk transfer sigma research SONAR New emerging risks insights SwiftRe® Surety Client Portal Magnum Ex Tool CatNet® MPL for explosions PUMA FacEasy Engineering underwriting PULSE Online risk management Public sector Traditional risk Large and complex risk transfer transfer transactions Swiss Re Group | Company presentation | April 2021 12 … although the COVID-19 crisis significantly impacts the risk landscape Key impact on re/insurance industry Swiss Re response Maintain strong balance sheet and proactively Significant uncertainty on ultimate losses establish appropriate COVID-19 reserves Continue to develop and promote Insurance protection gap further increased COVID-19 public-private partnership solutions Text Increasing re/insurance demand with Reinforce commitment to our digital B2B2C accelerated shift to digital channels platform iptiQ Unprecedented low interest rates expected Increase focus on underwriting margins and to remain for longer gradual strategic asset allocation repositioning Swiss Re Group | Company presentation | April 2021 13 Swiss Re’s reported US GAAP COVID-19 losses continue to reflect high levels of IBNR Swiss Re’s reported COVID-19 losses in FY 2020 (USD m, pre-tax) 503 3 879 3 879 IBNR Paid & case reserves 912 24% Q4 251 59% 11% Q3 1 398 53% Q2 815 41% 12% Q1 Event cancellation Business interruption Credit & surety Mortality1 Other lines1 Total1 1 P&C Re 411 1 104 53 - 342 1 910 L&H Re - - - 889 110 999 Corporate 404 294 198 - 47 943 Solutions Swiss Re maintains a consistent approach to booking expected COVID-19 related losses 1 Life Capital reported USD 27m of COVID-19 losses in FY 2020, thereof USD 23m related to mortality and USD 4m to other lines Swiss Re Group | Company presentation | April 2021 14 Remaining COVID-19 losses are estimated at USD <0.5bn across P&C Reinsurance and Corporate Solutions in 2021 Pre-tax US GAAP Best estimate of pre-tax losses booked in US GAAP losses1 in FY 2020 (USD) FY 2021 (USD) • Corporate Solutions has limited exposure in 2021 as book