Swiss Re (SREN) Deutsche Bank Virtual Investor Conference summary

Performance and 2026 priorities

• 9M 2026 net income was $4.037bn, representing more than 90% of the full-year ambition; the $4.5bn FY target remains on track.

• 9M P&C Re and Corporate Solutions combined ratios were 77.3% and 86.4%, respectively, against FY targets of <85% and <91%; L&H Re net income was $1.7bn with 22.5% ROE.

• Cost savings target raised from $300m by 2027 to $500m by 2028, net of inflation and investment; delivery is on track.

• Long-term multi-year ROE ambition is above 14%.

Strategy and market conditions

• Refreshed Built to lead strategy focuses on amplifying core businesses, reimagining the value chain with AI, and developing talent and execution.

• Three core businesses target an ~$800bn market; priorities are disciplined growth in healthy-margin areas, underwriting discipline, margin over top-line growth, and efficient capital management.

• Global market premiums are expected to grow 4%-5% annually amid strong risk-transfer demand, while selected P&C lines face more competitive pricing.

• AI supports claims review and cost control, risk modeling and NatCat research, with a broader aim to rethink processes across the value chain.

Business unit positions

• P&C Re has ~10% market share in a market forecast to grow ~4% nominally annually; portfolio mix has shifted toward property, NatCat and specialty, with lower casualty exposure, especially U.S. liability.

• NatCat is the largest risk pool, with a 67% average combined ratio over the past 10 years.

• Corporate Solutions serves medium and large corporates across 150+ jurisdictions; its ~$350bn market is forecast to grow ~5% annually over five years. Growth areas include Credit & Surety, accident and health, and International Programs.

• L&H Re has 14% share of a ~$130bn market, ranks first with target clients, writes 90% directly, and has ~$16.7bn in-force CSM.

• Franchise credentials include leading P&C and L&H positions, top-tier specialty presence, #3 in Alternative Risk Transfer, and Life Guide ranked #1 in its global study.