Swiss Re Investor Presentation — August 2018

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resilient.Half-year 2018 Results

Investor and analyst presentation

Zurich, 3 August 2018

Half-year 2018 Results

•Swiss Re benefits from strong improvement in P&C underwriting performance and reports Group net income of USD 1.0bn;

•Estimated adverse pre -tax impact of USD 265m due to new US GAAP accounting guidance; absent this change, Group net

income of USD 1.2bn and ROE of 7.7%

•P&C Reinsurance improves underwriting profitability and enhances portfolio through year -to-date renewals; ROE 14.5%

•L&H Reinsurance continues to grow and deliver strong results; ROE 1 1.5%

•Corporate Solutions benefits from a moderately improving market environment with gross premiums written1up 18.5%; ROE

•Life Capital delivers exceptional gross cash generation and distributes dividend of USD 1.1bn to the Group; ROE 1.1%

•Swiss Re to explore potential Initial Public Offering (IPO) of its UK closed book business ReAssure in 2019

•Group investment result impacted by change in US GAAP accounting guidance while running yield remains stable at 2.9%

•Book value per share of USD 97.92 (CHF 97.21), after distributing USD 2.3bn to shareholders through dividends and share

buy-backs; execution of ongoing public share buy -back programme is on track Swiss Re delivers solid results in the first half of 2018

21Gross premiums written include premiums for insurance in derivative form, net of internal fronting for the Reinsurance Busine ssUnitHalf-year 2018 Results

31Excluding the estimated impact of the new US GAAP guidance on recognition and measurement of financial instruments which was effective for the Group as of 1 January 2018

2Excluding contingent capital instruments (USD 750m in L&H Re); basis for ROE and BVPS calculations