Swiss Re Ltd.

This report does not constitute a rating action. Overview Key strengths Key risks A leading position in property/casualty (P/C) and life reinsurance markets with a renowned brand. Exposure to natural catastrophe risks, bringing volatility to capital and earnings, in common with peers. Diversified product suite across P/C and life reinsurance that bolsters the competitive position. Continued capital market volatility and further geopolitical uncertainties could weigh on both insurance and investment results. Expected to maintain capital under our risk-based capital model at the 99.99% level, and a healthy regulatory solvency ratio, over the next two to three years. S&P Global Ratings expects Swiss Re (the group) to maintain its position among the top global reinsurers, benefiting from diversified business operations. In

...Swiss Re will remain one of the dominant players in the global reinsurance sector. S&P Global Ratings expects Swiss Re (the group) to maintain its position among the top global reinsurers, benefiting from diversified business operations. In 2024, 43.4% of insurance revenue came from P/C reinsurance (P&C Re), 37.4% from life and health reinsurance (L&H Re), and 17.7% from Corporate Solutions (P/C business). The group is highly diversified and will remain a significant global player present in all major markets. It currently generates about 49.5% of its insurance revenue in the Americas; 33.9% in Europe, the Middle East, and Africa; and 16.6% in Asia-Pacific. We expect Swiss Re to continue to report robust results over 2025-2026, demonstrating the improvements it has made across its book. We expect Swiss Re to continue to report robust results over 2025-2026, demonstrating its underwriting discipline and the supportive market conditions in many of its lines. Swiss Re reported net income of...

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