Swiss Re Investor Presentation — February 2019

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Swiss Re investor and analyst presentation

Zurich, 21 February 2019

context Focus areas of Annual Results 2018

renewalsLife Capital

actionsLeadership in

Group net income~USD 1bn higher claims

from large losses vs. expectations

~USD 600m negative impact

from recent change in US GAAP

accounting guidance2018150 2017

1404thhighest annual market insured losses

Worst equity markets in 10 yearsGroup net income significantly impacted by large losses and recent

change in US GAAP accounting guidance on equity securities

3MSCI World MSCI China

in 2018 in 2018Impact2on Swiss Re’s 2018 results:

1Historic losses adjusted for inflation

2Pre-taxAnnual Results 2018

40%2%4%6%8%10%12%14%

2014 201 7 201 2 2013 2016 2015 2018Group ROE 700bps above 10yr US govt. bonds

Group Net Income Impact of change in US GAAP accounting guidanceSecond consecutive year with significantly higher than expected large

•After benign nat cat loss

years from 201 2 -2016 the

experienced two elevated

•Estimated claims from

multiple nat cat and man -

made disasters for Swiss Re

amounted to USD 3.0bn in

2018USD bnAnnual Results 2018

Life Capital•Underlying performance slightly below expectations

•Cost discipline supported by productivity measures

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