Swiss Re Investor Presentation — October 2022

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Swiss Re investor and analyst presentation

Zurich, 28 October 20229M 2022 Results

Reinsurance106.1%9M 2022

1Net premiums earned and fee income

3At constant fxrates

4Assuming an average large nat cat loss burden and excluding prior -year reserve developmentNet income

(+5.0%3)1 19.5%Q3 2022

Solutions93.1% 92.9% Combined ratioNormalised4

Reinsurance221m 219m Net income (USD)

Group-2.1% -13.2% Return on equity2

2Swiss Re GroupThird quarter performance heavily impacted by elevated P&C Reinsurance loss activity,

while L&H Reinsurance and Corporate Solutions delivered strong results9M 2022 Results

9M 18 9M 19 9M 20 9M 21 9M 22

3Combined ratioCorporate Solutions P&C Reinsurance

•9M 2022 reported combined ratio impacted by large nat cat losses

(7.4%pts above expectations), mainly driven by Hurricane Ian

•9M 2022 reported and normalised1combined ratios additionally

affected in Q3 2022 by higher small -to mid -sized claims, mostly

driven by economic inflation

•Unlikely to reach <94% normalised1combined ratio target for 202295%

100%110%120%125%130%

9M 19 9M 18 9M 20 9M 21 9M 22

•9M 2022 reported combined ratio slightly higher compared to 9M

2021, primarily driven by less favourable prior -year development

•elipsLife sale completed with effect from 1 July 2022. Excluding

elipsLife 9M 2022 pro forma2combined ratio of 91.6%

•Well on track to achieve <95% reported combined ratio target for

2022Reported Normalised1

93.1%ReportedCorporate Solutions well on track to achieve its 2022 combined ratio target, while P&C

Re’s result impacted by elevated nat cat losses and higher small -to mid -sized claims