Strong Q3 23 profit compared to a loss last year

• The net result swung from a loss of $442m for Q3 22 to a profit of $1.02bn for Q3 23 • The segments participated in the lower claims and higher interest rates • RoI increased from 1.6% for 9M 23 to 3.5% for 9M 23 • Management confirmed the full year profit target of more than $3bn for FY2023

Good H1 23 figures in line with expectations

• Net profit rose from weak $157m for H1 22 to $1.45bn for H1 23 • RoI was up to 2.8% for H1 23 compared to 1.2% for H1 22 • P&C achieved successful July renewal • Management confirmed the full year profit target of above $3bn for FY2023

Good start in FY2023, return to profit

• Net premiums earned rose by 4% to $11.1bn for Q1 23 • RoI improved from 0.7% for Q1 22 to 2.8% for Q1 23 • The net result swung from a loss of $248m for Q1 22 to a profit of $643m for Q1 23 • Treaty premium volumes increased by 5% in the April renewals

Another disappointing profit report in 2022 and promises for a better future

• Net profit attributable to shareholders decreased by 67% to $472m for 2022 compared to 2021. EPS was only CHF1.63 for FY2022 compared to CHF4.52 for FY2021 • Management proposes a dividend of CHF6.40 per share for FY2022 after CHF5.90 for FY2021. • Swiss Re renewed $10.2bn in premium volume on 1 January 2023, representing an increase of 13%. • Swiss Re targets net income of more than $3bn for 2023 and RoE of 14% for 2024

Profit warning for Q3 22 and FY2022

• Swiss Re estimates its preliminary claims from Hurricane Ian at approximately $1.3bn in Q3 22 • Expected Group net loss of approximately $0.5bn for Q3 22 • ROE target of 10% for 2022 is unlikely to be reached

Solid H1 22 figures, 12% price increase in July renewals

• Net profit declined by 85% to $157m for H1 22 but Q2 22 profit was $405m • RoI was down to 1.2% for H1 22 compared to 3.2% for H1 21 due to listed equity losses of $426m • P&C achieved a price increase of 12% in July renewal • Shareholders´ equity declined by 37% in H1 22, mainly due to $7.5bn of unrealised investment losses.

Spluttering start to FY2022 impacted by Covid, large losses and Ukraine

• Net premiums earned rose by 4% to $10.6bn • Impact of the COVID-19 on the underwriting result of the group was $524m for Q1 22 • Net result was a loss of $248m for Q1 22 compared to a profit of $333m for Q1 21 • Treaty premium volumes increased by 15% in the April renewals

Return to profit in 2021 but below expectations, new RoE targets

• Net result increased from a loss of $878m for 2020 to a profit of $1.44bn for 2021. • Management proposed an unchanged dividend of CHF5.90 per share for FY2021. • Swiss Re renewed $8.9bn in premium volume on 1 January 2022, representing an increase of 6%. • Swiss Re announced a new group RoE target of 10% for 2022 and 14% for 2024

Good 9M 21 figures still burdened by (lower) COVID-19 claims

• Net premiums earned rose by 6% for 9M 21. • Net result was a profit of $1.26bn for 9M 21 compared to a loss of $691m for 9M 20. • COVID-19-related claims and reserves declined from $3.0bn for 9M 20 to $1.27bn for 9M 21. • Net income of $212m for Q3 21 was above consensus expectations of a loss of $81m.

Profit swing of above $2bn in H1 21 due to lower COVID-19 claims

• Net result was a profit of $1.05bn for H1 21 compared to a loss of $1.13bn for H1 20. • Impact of the COVID-19 crisis on the underwriting result of the group was $870m for H1 21 compared to $2.5bn for H1 20. • Treaty premium remained largely stable but the price improved by a nominal 4% in the July renewals. • Shareholders´ equity declined by 12% in H1 21, mainly due to $2.5bn unrealised investment losses.

Good start in FY2021 despite COVID-19 claims

• Net premiums earned rose by 7% to $10.2bn • Impact of the COVID-19 crisis on the underwriting result of the group was $643m for Q1 21. • Net result was a profit of $333m for Q1 21 compared to a loss of $225m for Q1 20 • Treaty premium volumes increased by 20% in the April renewals

Again disappointing results in FY2020 below expectations

Net loss was $878m for 2020 and higher than consensus expectations. Management proposed an unchanged dividend of CHF5.90 per share for FY2020. Swiss Re renewed $7.8bn in premium volume on 1 January 2021, representing a decrease of 11%.

9M 20 loss but profit for Q3 owing to lower Covid-19 claims

• Net premiums earned rose by 6% for 9M 20. • Net result attributable to shareholders was a loss of $691m for 9M 20 compared to net income of $1.34bn for 9M 19. • COVID-19-related claims and reserves rose from $2.5bn for H1 20 to $3.0bn for 9M 20. • Net income of $444m for Q3 20 was above consensus expectations of $248m.

Big loss in H1 20 due to COVID-19 provisions

• COVID-19-related claims and reserves rose from $0.5bn for Q1 20 to $2.5bn for H1 20 • Net loss of c.$1.1bn for H1 20 compared to a net profit of $953m for H1 19 • Closing of ReAssure sale pushed the SST ratio above the target level of 220%, despite the significant claims and reserves set up in H1 20

Bad start in FY2020 with a considerable loss

• Net premiums earned rose by 7% to $9.6bn • $476m claims for cancelled or postponed events and a mark-to-market charge of $251m pre-tax due to the decline in the Phoenix share price. • Net result was a loss of $225m for Q1 20 • Treaty premium volumes increased by 4% in the April renewals

Morning Note – 22 April 2024

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