Swiss Re Investor Presentation — June 2018

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Swiss Re’s strategy, capital management

Overview and Group strategy

Business Units strategy

Capital managementToday’s agenda

Overview and Group strategy

31% 21%16.1 10.5 7.1

Swiss Re is well diversified across geographic regions and business segments

Net premiums earned1

Swiss Re benefits from geographic as well as business mix diversification and has the ability to reallocate capital to achiev e profitable growthby region (in USD bn, 201 7)

1USD 33.7bn as at 31 December 2017; includes fee income from policyholders; does not reflect the exposure to HGMs through Principal Investments (PI)

2 Based on additional pro rata net premiums from Principal Investments (PI) including FWD Group ( 14.8%), New China Life (2.5%) and SulAmérica (14.9%)

3Share of Swiss Re Group’s Economic Net Worth deployed across Business Units (excl. Group Items), 31 December 2017of which

HGMs incl. PI2: ~5% ~ 3% ~ 15% ≈23%Economic Net Worth3

by business segment (in %, 201 7)

Based on three differentiation drivers we have built leading insurance businesses

reinsurer•Top 2 global

reinsurerCorporate Solutions

•Top 5 -10 in Excess Layer market

•Growing in Primary Lead segmentLife Capital

•Leading UK life & pension

•Leading L&H B2B2C platforms in

core marketsP&C Reinsurance L&H Reinsurance

•#1 global reinsurer in H igh Growth Markets

We are committed to our over -the-cycle Group financial targets

Group targets over -the-cycle

actual 700 bps above 10y US Govt. bonds13.4% 13.7%

2014 2012 2013 2015 2017 2016 Over -the-

2013 2012 2014 2015 2016 2017 Over -the-