Swiss Re (SREN) investor relations material

Strategic overview and business model

• Operates globally with around 15,000 employees and 70 offices, structured into Property & Casualty Reinsurance, Life & Health Reinsurance, and Corporate Solutions business units.

• Focuses on diversification across business lines, regions, and products, maintaining a strong AA- credit rating and a 250% Group SST ratio as of January 2026.

• Aims to make the world more resilient, leveraging proprietary risk models and advanced data and AI capabilities.

• Targets long-term franchise growth in a constructive market environment, with sustainability as a core strategic priority.

Financial performance and targets

• Achieved record FY 2025 net income of USD 4.76bn, exceeding the target of USD 4.4bn, driven by strong underwriting profits.

• P&C Reinsurance and Corporate Solutions both delivered combined ratios below targets (79.4% and 86.5% respectively), while L&H Reinsurance missed its net income target due to portfolio review impacts.

• Investment portfolio of USD 111.5bn generated a 4.0% ROI in 2025, supported by recurring income and realised gains.

• 2026 targets include Group net income of USD 4.5bn, P&C Re combined ratio <85%, Corporate Solutions combined ratio <91%, and L&H Re net income of USD 1.7bn.

Capital management and solvency

• Proposed 2026 dividend of USD 8.00 per share (9% increase), with a sustainable annual share buyback program starting at USD 500m.

• Maintains a strong capital position with a Group SST ratio at the top end of the 200-250% target range.

• Debt leverage improved to 15% due to higher shareholders’ equity and refinancing of subordinated debt.

• Capital is resilient to market volatility and large losses, with robust SST ratio sensitivities to various stress scenarios.