Swiss Re Investor Presentation — July 2021

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Half-year 2021 Results

Swiss Re media conference presentation

Zurich, 30 July 2021

Half-year 2021 Results

Focus areas of half -year 2021 results Half-year 2021 Results

3Portfolio actions in P&C Reinsurance and Corporate Solutions'

turnaround delivered strong H1 2021 results

1Net premiums earned and fee income, H1 2020 includes ReAssure business

3Gross premiums written; 2020 transaction business excludedSwiss Re Group

Net income/loss (USD m)

•COVID -19 impact of USD 870m (pre -tax) in H1 2021

•Net income excl. COVID -19 of USD 1.7bn in H1 2021,

up from USD 0.9bn in H1 20203.2%

Return on investments2

Return on equity2+7.6%

excl. COVID -19-3.7%

excl. COVID -19H1 2021 key figures H1 2021 segment viewHalf-year 2021 Results

FY 16 FY 17 FY 18 FY 19 FY 20 H1 21

4Strong underwriting performance of both P&C businesses, supported

by portfolio actions taken Combined ratioCorporate Solutions –combined ratio P&C Reinsurance –combined ratio

•On track to achieve <95% normalised combined ratio estimate1

•Positive impact of portfolio mix changes, rate increases and reduced

exposure to secondary perils 115%

100%120%125%130%135%

FY 18 FY 16 FY 17 FY 19 FY 20 H1 21

1Assuming an average large nat cat loss burden and excluding (i) prior -year reserve development and (ii) COVID -19 impacts;

2019 adjusted for impact of ADC between Corporate Solutions and P&C Reinsurance as well as the restructuring costs in Corpora teSolutions•On track to achieve <97% normalised combined ratio estimate1

•Positive impact from decisive management actions started in 2019

and continued rate increases (+13% in H1 2021)Reported Normalised1Normalised1Reported