Swiss Re estimates Hurricane Ian claims at approximately USD 1.3 billion

Ad hoc announcement pursuant to Article 53 LR

• Swiss Re expects Q3 2022 Group net loss of approximately USD 0.5 billion
• Swiss Re unlikely to meet its 2022 Group return on equity (ROE) target of 10% but maintains its 2024 profitability goals¹
• Swiss Re on track to meet its 2022 targets in Life & Health Reinsurance (L&H Re) and Corporate Solutions, but unlikely to achieve Property & Casualty Reinsurance (P&C Re) normalised² combined ratio goal
• Very strong capital position maintained, with Group Swiss Solvency Test (SST) ratio of 274% as of 1 July 2022

Swiss Re estimates its preliminary claims from Hurricane Ian at approximately USD 1.3 billion³, resulting in an expected Group net loss of approximately USD 0.5 billion for the third quarter of 2022. While the 2022 target of 10% Group ROE is unlikely to be reached given the impact from natural catastrophes, the Ukraine war and financial market volatility, the Group remains confident in the mid-term outlook and committed to its 2024 profitability goals.

Hurricane Ian made landfall in western Florida on 28 September 2022 as a category 4 hurricane. With sustained wind speeds of about 150 miles per hour (240 km/h), Ian was one of the strongest hurricanes to ever make landfall in the US, subjecting the affected region not only to extreme winds but also storm surges and torrential rain. Swiss Re estimates the preliminary total insured market loss from Hurricane Ian at USD 50–65 billion⁴.

The foregoing estimates are subject to uncertainty and may need to be subsequently adjusted as the claims notification and assessment process continues.

L&H Re and Corporate Solutions remain on track to achieve their respective 2022 targets of approximately USD 300 million net income and a reported combined ratio of less than 95%. P&C Re's reported and normalised combined ratios were affected in the third quarter by an increase in small- to mid-sized claims, partly driven by economic inflation. As a result, the business is unlikely to reach its normalised combined ratio target of less than 94% in 2022.

Swiss Re maintains its very strong capital position, with Group SST ratio of 274% as of 1 July 2022. This allows Swiss Re to pursue profitable opportunities in a hardening reinsurance market, while remaining committed to its capital management priorities.

The Group's results for the third quarter will be announced on 28 October 2022.

¹ Please see disclosure related to the April 2022 Investors' Day for details on the 2024 targets.

² Normalised combined ratio assumes average large natural catastrophe losses and excludes prior-year reserve development.

³ Net of retrocessions and before tax.

⁴ Including National Flood Insurance Program (NFIP).

The Swiss Re Group is one of the world's leading providers of reinsurance, insurance and other forms of insurance-based risk transfer, working to make the world more resilient. It anticipates and manages risk – from natural catastrophes to climate change, from ageing populations to cyber crime. The aim of the Swiss Re Group is to enable society to thrive and progress, creating new opportunities and solutions for its clients. Headquartered in Zurich, Switzerland, where it was founded in 1863, the Swiss Re Group operates through a network of around 80 offices globally.

This press release is not an offer to buy or sell or a solicitation of an offer to buy or sell any interest in a fund or any other SRILIAC trading strategy or investment product. An investment in any SRILIAC managed product entails a high degree of risk and investors could lose all or a portion of their investment.

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. Further information on forward looking statements can be found in the Legal Notice section.