Independence criteria of the Board of Directors of Swiss Re Ltd

In line with the provisions of the Bylaws, at least three-quarters of the members of the Board of Directors must be independent. Swiss Re defines independence in line with best practice corporate governance standards. To be considered independent a Board member may not be and may not have been in the past three years, employed as a member of the Group Executive Committee, or by any subsidiary of the Swiss Re Group or may not have a material relationship with any part of the Swiss Re Group (either directly or as a partner, director or shareholder of an organisation that has a material relationship with the Swiss Re Group) other than serving as an independent board member in any subsidiary. In addition, the Board agrees on other criteria that disqualify a Board member from being considered independent, taking into consideration provisions of applicable law, regulations and best practice.