2022 FULL-YEAR Investor and Analyst Presentation

Swiss Equity Markets (Web Disclosure) via PUBT

Annual Results 2022

Swiss Re investor and analyst presentation

Zurich, 17 February 2023

Focus areas of Annual Results 2022

FY 2022	Capital	P&C Re	2023 financial
results	actions	renewals	targets

This investor and analyst presentation contains preliminary unaudited financial information for 2022. The audited financial statements for 2022 will be included in	Annual Results 2022	2
our 2022 Annual Report, together with updates on our business and other disclosures

2022 result impacted by significant headwinds

Economic inflation1		Equities mark-to-market	COVID-193	Large nat cat losses
	impact2		above expectations4

USD 1.1bn		USD 0.6bn	USD 0.6bn	USD 0.5bn

2022 reported Group net income

USD 0.5bn

1	Pre-tax impact of economic inflation on underwriting results across P&C Reinsurance (USD 1.0bn) and Corporate Solutions (USD 0.1bn) based on prior-year
	and current-year inflation reserves established in the financial year 2022. Does not include implicit impacts of economic inflation on actual reported claims
2	Pre-taxmark-to-market impact as part of net realised investment losses, across equity securities (net of hedges), private equity, and Principal Investments
3	Pre-taxCOVID-19 losses in L&H Reinsurance, predominantly in Q1 2022	Annual Results 2022	3
4	Pre-taxhigher-than-expected large nat cat losses in P&C Reinsurance, net of favourable prior-year development

Solid Q4 performance across the Group

Swiss Re Group

FY 2022	Q4 2022
key figures	key figures

Net income

(USD m)

1 437
	472
FY 21	FY 22

	757
179
Q4 21	Q4 22

P&C	Combined ratio	102.4%	91.0%

Reinsurance Normalised3	96.9%	98.9%
	combined ratio


L&H	Net income (USD)	416m	195m
Reinsurance

Premium growth1

Retuon investments

+0.9%-0.2%

(+5.1%2) (+5.4%2)

2.0%3.3%

Corporate	Combined ratio	93.1%	93.1%
Solutions


Swiss Re	Retuon equity	2.6%	24.6%
Group

1	Net premiums earned and fee income
2	At constant fx rates
3	Assuming an average large nat cat loss burden and excluding prior-year reserve development. FY and Q4 2022 include current-year inflation reserves of 1.0%pts and 1.8%pts,	Annual Results 2022	4
	respectively, as well as impact from the Ukraine war of 0.8%pts and 0.6%pts, respectively

2022 P&C Reinsurance underwriting result impacted by economic inflation and elevated nat cat losses

P&C Reinsurance - combined ratio

Reported	Normalised1
110%
108%

P&C Reinsurance - nat cat combined ratio

Current accident year		Including prior-year development

106%
104%	102.4%

102%
100%

108%	88%	70%	77%	84%


2018	2019	2020	2021	20222

77%

71%

10-year average

98%				96.9%
96%
94%
92%
90%
2018	2019	2020	2021	2022

Underwriting performance in 2022

Reported combined ratio impacted by higher-than-expected economic inflation (USD 1.0bn3, 4.5%pts), elevated large nat cat losses (USD 0.5bn, 2.4%pts4) and reserves related to the Ukraine war (USD 0.2bn, 0.8%pts)
Normalised combined ratio in 2022 above target of <94%, mostly due to the impact of economic inflation

Assuming an average large nat cat loss burden and excluding (i) prior-year reserve development and (ii) COVID-19 impact in 2020 and 2021; FY 2022 includes impact from the Ukraine war of 0.8%pts
Including prior-year development US GAAP nat cat combined ratio is 78%
Includes prior-year inflation reserves (USD 0.8bn) and current-year inflation reserves (USD 0.2bn) established in the financial year 2022, in the form of incurred but not reported

(IBNR) reserves. Does not include implicit impacts of economic inflation on actual reported claimsAnnual Results 2022 5

4 Higher-than-expected large nat cat losses, net of favourable prior-year development

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Swiss Re Ltd. published this content on 17 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 February 2023 06:00:32 UTC.