In the diagram above, the financial strength rating applies to the core operating subsidiaries of Swiss Re Ltd. Extremely strong competitive position built on market leadership, long-standing reputation, and wide distribution networks across both life and non-life reinsurance. Innovative product offerings, along with excess capital buffers, which enable Swiss Re Ltd. (Swiss Re) to provide global clients with bespoke solutions and differentiated terms and conditions. Diversified product portfolio, which, combined with a global footprint, partially insulates Swiss Re from competitive pressures in individual markets. Extremely strong capital and earnings, supported by capital adequacy well in excess of our 'AAA' benchmark. Significant exposure to large risks, such as natural catastrophes. However, Swiss Re's potential for material volatility in its capital and
