Matthias Weber, Group Chief Underwriting Officer

Vontobel Summer Conference

Matthias Weber, Group Chief Underwriting Officer Interlaken, 11 June 2014

Vontobel | Summer Conference | 11 June 2014

Agenda

Introduction to Swiss Re

Outlook and Q&A

2

Growth opportunities

2

Drivers of outperformance


Swiss Re is a global operator, with over 60 offices in more than 20 countries

Swiss Re has both a superior capital rating1 and 150 years of experience in providing reinsurance solutions for our clients

A long history of paying claims is valued by clients; during 2012 we paid claims originating from a 1950 P&C contract and a 1951 L&H contract

This track record provides Swiss Re with preferential access to long tail business, such as Casualty

Differentiated through history

Swiss Re's charter of foundation, 1863

1 S&P: AA-, stable outlook; Moody's: Aa3, stable outlook; AM Best A+, stable outlook. Ratings as at 31 January 2014

3


Swiss Re is broadly diversified By geography and product line

Net premiums earned1 2013 (USD 28.8 bn)

… and by business segment:

Swiss Re benefits from geographic and business mix diversification and has the ability to reallocate capital to achieve profitable growth

Europe Asia (incl. Middle East /Africa)

39% 21%

1 Includes fee income from policyholders

11.5 11.3 6.0

by region (in USD bn)

Americas

40%

P&C Re 50%

L&H Re 35%

Corporate Solutions

10%

Admin Re® 5%

4


YTD 2014 renewals (January – April)

Treaty portfolio volume

Up for renewalYTD 2014

Estimatedoutcome

USD 11.2bn USD 11.2bn

• Successful April renewals in a challenging environment; wrote attractive new Casualty business in the US

• YTD risk adjusted price quality2 remains at 107%

5

P&C Reinsurance: 2014 renewals Overall price quality remains at an attractive level

January 2014 treaty renewals1

Up for renewal1 Jan 2014

Estimatedoutcome

Up for renewal1 April 2014

Estimatedoutcome

April 2014 treaty renewals

1 January 2014 numbers have been restated with current fx rates 2 Swiss Re's risk adjusted price quality provides an economic view on price quality, ie includes rate and exposure changes, claims inflation and interest rates

USD 9.8bn USD 9.6bn

USD 1.4bn USD 1.6bn

-2%

+14%

Vontobel | Summer Conference | 11 June 2014 6

1 Excluding nat cat

• Continue to allocate capital to lines with the most favourable risk adjusted returns • Property Cat rates softening significantly for all markets (Swiss Re wrote less nat cat business,

but still at attractive levels) • Casualty book is further growing at profitable terms in all three regions • High Growth Markets volume stable with slightly improved risk adjusted price quality

P&C Reinsurance: 2014 renewals Portfolio weighting by line of business and region

Gross premium volume, treaty portfolio

Estimated outcome YTD April

43%

25%

19%

13% CasualtyNat CatPropertySpecialty

46%

22%

32% EMEAAmericasAsia

1 1

Up for renewal YTD April

By line of business

By region

34%

28%

25%

13%

45%

26%

29%


89.7 87.8

105.2

123.1

2010 2011 2012 2013 … 2015E

6.6 7.7

11.9 13.0

3.6

9.7

2010 2011 2012 2013 Q12014

… 2015E

Group financial targets On track

in USD2

ROE 700 bps above risk free average over 5 years (2011-2015)

3

7.3 8.0

3

= reported EPS

= EPS @10% avg. annual growth (base: 2010), adjusted for special dividends1

EPS growth 10% average annual growth rate, adjusted for special dividends1

8.4

1 EPS CAGR of 10% has been adjusted to 5% for 2014 to account for the distribution of excess capital through the special dividend of USD 1.6bn in April 2014. Methodology is in line with the approach taken for the special dividend of USD 1.5bn paid in April 2013

2 Assumes constant foreign exchange rate 3 Excl. CPCI 4 Cumulative dividends included in ENW per share were translated from CHF to USD using the fx rate of the dividend payment date; dividends included for 2011: USD

3.1 (CHF 2.75), 2012: USD 6.4 (CHF 3.00, or USD 3.3, in addition to the 2011 dividend), 2013: USD 14.5 (CHF 7.50, or USD 8.05, in addition to the 2011 and 2012 dividends)

7

9.2 9.6

13.4 13.7 14.9

2010 2011 2012 2013 Q12014

… avg.2011-2015E

in %

= reported ROE

= 700 bps above US Gov 5 years

8.5 7.8 8.2

= reported ENWPS including cumulative dividends in USD4

144.5

= ENWPS @ 10% avg. annual growth (base: 2010)

ENW per share growth plus dividends 10% avg. annual growth rate over 5 years

in USD2

8.6

2.2

98.7 108.5

119.4

Delivering the 2011-2015 financial targets remains Swiss Re's top priority


Agenda

8 8


Outlook and Q&A




Swiss Re's strength in underwriting P&C premium and underwriting profit comparison

9

Underwriting profit = GAAP premiums earned - claims and claims adjustment expenses - acquisition costs - other expenses Top 8 reinsurers include: Swiss Re, Munich Re, Hannover Re, PartnerRe, SCOR, General Re, Everest Re, Transatlantic Re/Alleghany Source: Swiss Re Economic Research and Consulting

Average premium share of 23%

Average profit share of 42%

Swiss Re’s P&C premium and underwriting profit share vs top reinsurers

In 2011, the u/w result was highly negative for the industry due to extraordinary natural cat losses the low share in the u/w loss is therefore positive for Swiss Re

0%

10%

20%

30%

40%

50%

60%

2006 2007 2008 2009 2010 2011 2012 2013

Premiums U/W profit (turquoise = loss)


Strategic underwriting priorities Build sustainable competitive advantage

Portfolio steering Steer risk to maximise absolute economic profit, subject to risk appetite, regulatory and balance sheet restrictions

Risk selection

Outperform in an inefficient and in-transparent market

Innovation, large and structured transactions

Focus on tailored large lines which often come with better economics than open market placements


Differentiated through knowledge, expertise and solutions

Magnum e-Underwriting tool – Leading edge automated underwriting engine fully adaptable for clients needs

– 30 implementations across 16 countries in 10 languages with over 2.5 million cases underwritten annually

Global Learning and Development Framework – Offering 95 interactive e-learning and tailored training seminars in each

territory with nearly 3 000 users

Global Claims and Underwriting Manuals – Global Underwriting Manual (Lifeguide) is consistently ranked as the leading

underwriting manual world wide, available in 73 countries, in 11 languages and has over 1 million page hits every month

– Global Claims Manual (ClaimsGuide) is a cutting-edge claims management tool, providing global regional and product specific support

CatNet® online natural hazard information and mapping system for clients – Data is combined with Google Maps™ and satellite imagery

– Facilitates assessment of natural hazard exposure for local and regional risk

11


Agenda

12 12


Outlook and Q&A




Natural catastrophe protection gap

13


Large protection gap between insured and economic natural catastrophe losses world-wide

14

Catastrophe related losses

Note: Insured losses plus uninsured losses = total or economic losses Source: Swiss Re's sigma catastrophe database

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

50

100

150

200

250

300

350

400

450

2005 2006 2007 2008 2009 2010 2011 2012 2013E

Insured losses Uninsured losses Uninsured losses % of total losses

in USD billion, at 2013 prices

14


Increase in largest industry loss scenarios per region

Demand for nat cat insurance expected to increase on average by approx. 50% in mature markets and 100% in HGM by 2020

Demand for natural catastrophe capacity will continue to increase

15

2012 vs. 2020E EQ: Earthquake (500 yrs) TC/WS: Tropical Cyclones/Winter Storms (100 yrs); TC includes storm surge FL: River Flood (250 yrs)

15


Urbanisation trends and infrastructure growth

16


38.66

32.94

28.40

26.56

24.58

23.57

23.17

22.91

22.63

20.19

Tokyo

Delhi

Shanghai

Mumbai (Bombay)

Ciudad de México (Mexico City)

New York-Newark

São Paulo

Dhaka

Beijing

Karachi

Population in millions (2025)

Urbanisation provides an opportunity: By 2025, 7 of the world's top 10 megacities will be in Asia

Source: United Nations Department of Economic and Social Affairs, Population Division, Population Estimates and Projections Section

Urbanisation will create opportunities in Nat Cat and infrastructure insurance

17


Large mortality protection gap

18 18


The mortality protection gap Life insurance opportunities for closing

Asia – Pacific: Mortality protection gap per working person with dependents:

USDk

0

100

200

Pro

tect

ion

need

ed

Income to maintain living standard

Mortality protection gap

Pro

tect

ion

in p

lace

Net financial assets / savings

Relevant life insurance

19

Source: Swiss Re

Vontobel | Summer Conference | 11 June 2014 20 20

High growth markets


Non-life premium growth is expected to remain stable at around 8% in 2014

– emerging Asia will maintain stable strong growth at above 10%

– the absence of one-off factors (eg multi-year contracts) will drag on the growth of Latin America

– CEE is expecting a slow recovery

Stabilising growth in non-life High Growth Markets with strongest growth rates

-5%

0%

5%

10%

15%

20%

25%

Emerging Asia Middle Eastand North

Africa

Latin America Central andEasternEurope

Sub-SaharanAfrica

Advancedmarkets

2010 2011 2012 2013E 2014F 2015F

Real premium growth rate for non-life insurance by region, 2010 to 2015F

Source: Swiss Re Economic Research & Consulting

21


-15%

-10%

-5%

0%

5%

10%

15%

20%

Emerging Asia Middle Eastand North

Africa

Latin America Central andEasternEurope

Sub-SaharanAfrica

Advancedmarkets

2010 2011 2012 2013E 2014F 2015F

Real premium growth rate for life insurance by region, 2010 to 2015F

Source: Swiss Re Economic Research & Consulting

Real growth of life insurance premiums in emerging markets is expected to accelerate to 8.5% in 2014 from 6.2% in 2013, supported by

– a further recovery of China and India

– sustained strong performance of most Latin American markets

– an expected rebound in CEE

Sustained low interest rates will continue to drag on profitability

22

Life insurance in High Growth Markets is improving


Reinsurance: organic growth, partnerships eg with local market reinsurers

Corporate Solutions: organic growth, new offices, acquisitions

Lines of business with particular HGM angle:

– Nat Cat

– Agro

– Infrastructure

– Health and medical

– Solvency relief

Direct investments, eg into HGM (re)insurers

Stronger diversity of employee base

2012 HGMs 15% of Swiss Re Group premiums1, ~11% of profits2

2015E HGMs 20-25% of Swiss Re Group premiums1

2020E (re)insurance market opportunity: Estimated premium pool of USD >100bn in reinsurance and USD ~2 000bn in primary insurance

Actions for profitable growth in the HGMs Dedicated strategies across all lines of business

1 Gross earned premiums for the Swiss Re Group across all business units 2 Pre-tax profits after cost of capital

HGM initiatives

23


Agenda

24 24


Outlook and Q&A




• Keep growing regular dividends and profitable business

• Redeploy additional USD 3bn of excess capital @11% ROE by 2015

• 2011-15 financial targets remain our top priority

Performance and capital management

• Maintain industry leading underwriting track record

• Productivity emphasis to control management expenses

• Continue to re-direct capital and talent to High Growth Markets Group strategy

• L&H Re: deliver on fixing pre-2004 US issues, grow new business, demonstrate progress towards 2015 ROE target of 10-12%

• Admin Re®: continue operational transformation, selective UK growth to enhance UK franchise

Perform in L&H

Priorities for the Group CEO in 2014 Focus on strategy execution

25

Outperform our peers in P&C

• P&C Re: strict focus on risk selection and portfolio management; differentiate through knowledge, expertise and services

• Corporate Solutions: deliver on our commitment of continuing profitable growth, with particular focus on High Growth Markets


Investor Relations contacts Hotline E-mail +41 43 285 4444 [email protected] Eric Schuh Ross Walker Chris Menth +41 43 285 4708 +41 43 285 2243 +41 43 285 3878

Simone Lieberherr Simone Fessler +41 43 285 4190 +41 43 285 7299

Corporate calendar & contacts

Corporate calendar 3 July 2014 Investors' Day London 6 August 2014 Second Quarter 2014 results Conference call 7 November 2014 Third Quarter 2014 results Conference call 19 February 2015 Annual Results Conference call

26



Cautionary note on forward-looking statements

Certain statements and illustrations contained herein are forward-looking. These statements (including as to plans objectives, targets and trends) and illustrations provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Forward-looking statements typically are identified by words or phrases such as “anticipate“, “assume“, “believe“, “continue“, “estimate“, “expect“, “foresee“, “intend“, “may increase“ and “may fluctuate“ and similar expressions or by future or conditional verbs such as “will“, “should“, “would“ and “could“. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re’s actual results of operations, financial condition, solvency ratios, liquidity position or prospects to be materially different from any future results of operations, financial condition, solvency ratios, liquidity position or prospects expressed or implied by such statements or cause Swiss Re to not achieve its published targets. Such factors include, among others: • further instability affecting the global financial system and developments related

thereto; • deterioration in global economic conditions; • Swiss Re’s ability to maintain sufficient liquidity and access to capital markets,

including sufficient liquidity to cover potential recapture of reinsurance agreements, early calls of debt or debt-like arrangements and collateral calls due to actual or perceived deterioration of Swiss Re’s financial strength or otherwise;

• the effect of market conditions, including the global equity and credit markets, and the level and volatility of equity prices, interest rates, credit spreads, currency values and other market indices, on Swiss Re’s investment assets;

• changes in Swiss Re’s investment result as a result of changes in its investment policy or the changed composition of its investment assets, and the impact of the timing of any such changes relative to changes in market conditions;

• uncertainties in valuing credit default swaps and other credit-related instruments; • possible inability to realise amounts on sales of securities on Swiss Re’s balance

sheet equivalent to their mark-to-market values recorded for accounting purposes; • the outcome of tax audits, the ability to realise tax loss carryforwards and the

ability to realise deferred tax assets (including by reason of the mix of earnings in a jurisdiction or deemed change of control), which could negatively impact future earnings;

• the possibility that Swiss Re’s hedging arrangements may not be effective; • the lowering or loss of one of the financial strength or other ratings of one or more

Swiss Re companies, and developments adversely affecting Swiss Re’s ability to achieve improved ratings;

• the cyclicality of the reinsurance industry; • uncertainties in estimating reserves; • uncertainties in estimating future claims for purposes of financial reporting,

particularly with respect to large natural catastrophes, as significant uncertainties may be involved in estimating losses from such events and preliminary estimates may be subject to change as new information becomes available;

• the frequency, severity and development of insured claim events; • acts of terrorism and acts of war; • mortality, morbidity and longevity experience; • policy renewal and lapse rates; • extraordinary events affecting Swiss Re’s clients and other counterparties,

such as bankruptcies, liquidations and other credit-related events; • current, pending and future legislation and regulation affecting Swiss Re or its

ceding companies, and the interpretation of legislation or regulations by regulators;

• legal actions or regulatory investigations or actions, including those in respect of industry requirements or business conduct rules of general applicability;

• changes in accounting standards; • significant investments, acquisitions or dispositions, and any delays,

unexpected costs or other issues experienced in connection with any such transactions;

• changing levels of competition; and • operational factors, including the efficacy of risk management and other

internal procedures in managing the foregoing risks.

These factors are not exhaustive. Swiss Re operates in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. Swiss Re undertakes no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. This communication is not intended to be a recommendation to buy, sell or hold securities and does not constitute an offer for the sale of, or the solicitation of an offer to buy, securities in any jurisdiction, including the United States. Any such offer will only be made by means of a prospectus or offering memorandum, and in compliance with applicable securities laws.

28

Documents

Matthias Weber, Group Chief Underwriting Officer