Swiss Re Investor Presentation — May 2024

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First Quarter 2024 Results

Swiss Re investor and analyst presentation

Zurich, 16 May 2024First Quarter 2024 Results

Reinsurance84.7% <87% Combined ratio1

Solutions89.9% <93% Combined ratio2

Reinsurance41 2m ~1.5bn Net income (USD)

Group1 092m >3.6bn Net income (USD)Strong Q1 2024 results, focus on achieving full -year financial targets

1-Insurance service expense (net) / insurance revenue (net)

2-(Insurance service expense (gross) + reinsurance result + non -directly attributable expenses) / insurance revenue (gross)Net income

investments4.0%First Quarter 2024 Results

Favourable contributions from insurance and investment activities

3Group net income (USD bn) New business CSM (USD bn) Insurance revenue (USD bn)

1Including other income/expensesQ1 2024

•Q1 2024 result reflects continued underwriting

discipline, improved price adequacy in both P&C

businesses, a strong investment return, and

effective management of operating expenses•New business CSM driven by P&C Re, given

attractive margins achieved at January 2024

renewals, and robust contribution from L&H Re

•Corporate Solutions impacted by seasonality of

reinsurance program, which largely incepts in Q1,

while new business incepts throughout the year•Insurance revenue supported by strong margins

across both P&C businesses

•L&H Re’s contribution reflects accelerated

earnings recognition and reset of best estimate

liabilities under IFRS 1 7Q1 2024 Q1 20245.0

-0.8Insurance service result

Insurance finance resultInvestment result

Financing costs, taxes & other11.1 1.4

Corporate SolutionsFirst Quarter 2024 ResultsFinancial highlights