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 makes the group, like its peers, vulnerable to volatility in capital and earnings. Diversified product suite across P/C and life reinsurance that bolsters the group’s competitive position. Continued capital market volatility and further geopolitical uncertainty 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 years. Swiss Re will remain a dominant player in the global reinsurance sector, in our view. S&P Global Ratings expects Swiss Re
