Target clients are corporates with revenues exceeding USD 750m. Dedicated team, operating platform and legal entities

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Corporte Solutions Agostino Glvgni, CEO Corporte Solutions Investors' Dy, London, 17 April 2012 Introduction Trget clients re corportes with revenues exceeding USD 750m In ddition, selected

1 Corporte Solutions Agostino Glvgni, CEO Corporte Solutions Investors' Dy, London, 17 April 2012 Introduction Trget clients re corportes with revenues exceeding USD 750m In ddition, selected smll/niche corportes Dedicted tem, operting pltform nd legl entities Sme costing, underwriting qulity nd portfolio steering s in P&C Re Investors' Dy Corporte Solutions London, 17 April

2 Strtegy: "Focus on lrge corportes " Corporte Solutions' vlue proposition Commercil insurnce mrket Leding brnd Finncil strength "We re here to sty" Lrge net cpcity Innovtion Supported by Superior underwriting knowledge Disciplined cycle mngement Totl 2011 premium: USD ~640bn Upper mid-sized corportes (USD 750m-2bn revenues) Compelling vlue proposition for ~45% of the mrket 22% 23% Lrge corportes (>USD 2bn revenues); excl. mster policy 55% Rest of the mrket Investors' Dy Corporte Solutions London, 17 April 2012 Source: Swiss Re Economic Reserch & Consulting 3 Strtegy: " s len globl plyer" "Len" Corporte Solutions neither leds mster policies nor focuses on smll corportes, llowing us to operte t competitive cost level "Globl" Corporte Solutions cn ccess risks which re plced loclly, s opposed to only in wholesle centres (minly London, New York, Bermud) Our footprint leverges the Swiss Re Group's office network Investors' Dy Corporte Solutions London, 17 April

3 key fctors differentite Corporte Solutions from competitors Corporte Solutions' vlue proposition Competitive edge 2011 evidence Leding brnd Finncil strength "We re here to sty" Lrge net cpcity

3 3 key fctors differentite Corporte Solutions from competitors Corporte Solutions' vlue proposition Competitive edge 2011 evidence Leding brnd Finncil strength "We re here to sty" Lrge net cpcity Innovtion Supported by Superior underwriting knowledge Disciplined cycle mngement ~300 trnsctions with USD 100m cpcity or more ~30 innovtive trnsctions Strong loss rtio, despite excess nt cts Investors' Dy Corporte Solutions London, 17 April Our mbition: Remin in top qurtile Net combined rtio (2011) 85% ~93% 100% Top performnce qurtile Our mbition is to remin in the top performnce qurtile by: Mintining our disciplined cycle mngement Investing to grow fster thn our competition Globl plyer Wholesle plyer Swiss Re Corporte Solutions Bubble size = Net erned premium Corporte Solutions' bubble = USD 1.9bn 115% -4% 8% ~14% 20% Net premium growth (2010 to 2011) Qurtiles re seprted by verge combined rtio nd verge premium growth rtes Investors' Dy Corporte Solutions London, 17 April

4 Results 2011: Growth nd investment for the future Gross premium USD 2.3 billion USD 2.6 billion Employees ~1 000 ~1 250 ~14% growth in competitive mrket Thereof ~85% front office 1 Footprint 32 offices 41 offices Distribution prtners Trnsctionl reltionship Strtegic greements with top brokers IT pltform Hrmonize nd upgrde Orgnic growth Copenhgen Mimi Pris Settle Tokyo Vncouver UBF Seguros cquisition Belo Horizonte Rio de Jneiro São Pulo 1 Sles, products nd clims Investors' Dy Corporte Solutions London, 17 April nd beyond: More significnt growth nd profit Outlook Gross premium USD 4-5bn by 2015 Employees Footprint Distribution prtners IT pltform 2012: ~ : ~ : 44 offices 2015: ~55 offices Leverge strtegic greements with top brokers Reduced number of pplictions with lower mintennce costs Thereof ~85% front office 1 Orgnic growth Amsterdm Dubi Geno 1 Sles, products nd clims Investors' Dy Corporte Solutions London, 17 April

5 Our expecttion: Low teen ROE in "norml" yers Corporte Solutions expects to chieve low teen RoE (10-15%) in yers with "norml" nt ct experience nd current modest investment yields However, the following ccounting distortions will depress initil RoEs: GEIS cquisition mortistion ("unwind of discount" effect) Investment return ssocited with historic reserves remining in Reinsurnce Business Unit due to prior intr-group cessions ~(0.9%) ~(5.7%) 2011 ~(0.4%) ~(0.5%) 2015 No need for dditionl cpitl to support plnned orgnic growth (incl. expiry of Berkshire Hthwy quot shre trety) Note: Corporte Solutions ROE impct clcultion includes dditionl USD 0.5bn in equity, representing the estimted cpitl necessry to hold historic reserves which remined in Reinsurnce business unit due to prior intr-group retrocessions Investors' Dy Corporte Solutions London, 17 April Key messges Strong vlue proposition nd solid pltform upon which to build Ambition to grow book to USD 4-5bn by 2015 Subject to rigorous cycle mngement nd portfolio steering Expecttion to deliver low teen ROE (10-15%) in yers with "norml" nt ct experience nd current modest investment yields Investors' Dy Corporte Solutions London, 17 April

6 Appendix 11 Portfolio evolution Lines of business Regions Clients % 10% 25% 35% 7% 8% 20% 65% 25% 25% 50% 15% Trget % 10% 35% 30% 10% 50% 40% 45% 25% 10% Property & multilines Specilty 1 Credit & surety Csulty & helth North Americ Ltin Americ Asi Pcific Europe & Middle Est Lrge corportes Mid-sized corportes Smll corportes 1 Engineering, Mrine, Avition nd Spce 2 Approx. segmenttion of clients bsed on revenues in USD; lrge: revenues >2bn; mid-sized: <2bn, >250m; smll: <250m Investors' Dy Corporte Solutions London, 17 April

7 Delivering on our vlue proposition Exmples of lrge trnsctions Line of business Cpcity deployed 1 Trnsction fetures Spce USD ~300m 5-yer progrm for 4 stellite lunches in 2013/2014 nd orbit opertions until 2018/2019 Privte plcement with differentil terms for Corporte Solutions Engineering USD ~300m Petrochemicl construction project in Sudi Arbi Corporte Solutions chieved led position due to notble technicl input nd trck record with the broker nd the client Differentil terms for Corporte Solutions despite high competition Csulty USD ~100m Generl Libility cover for lrge Americn utility compny Led position in 2 of the 7 lyers of the progrm 1 All figures re for Corporte Solutions' shre for the full cover period (including multi-yer trnsctions) Investors' Dy Corporte Solutions London, 17 April Delivering on our vlue proposition Exmples of innovtive / customised trnsctions Line of business Cpcity deployed 1 Trnsction fetures Energy USD ~150m 3-yer cover combining onshore/offshore energy, power nd mrine for the client's fcilities world-wide Customised solution in line with the specific needs, risk retention ppetite nd budget of the client's cptive Trde Finnce USD ~250m Cover provided vi n Asin Development Bnk (ADB) progrm iming t fostering imports nd exports in the frontier economies Pioneering del - First time tht ADB is offsetting trde finnce risk with privte insurer Agriculture USD ~30m First 're yield index' bsed del closed in South Afric Solution providing insurnce coverge ginst shortfll in crop production (minly drought driven) 1 All figures re for Corporte Solutions' shre for the full cover period (including multi-yer trnsctions) Investors' Dy Corporte Solutions London, 17 April

8 Cutionry note on forwrd-looking sttements Certin sttements nd illustrtions contined herein re forwrd-looking. These sttements nd illustrtions provide current expecttions of future events bsed on certin ssumptions nd include ny sttement tht does not directly relte to historicl fct or current fct. Forwrd-looking sttements typiclly re identified by words or phrses such s nticipte, ssume, believe, continue, estimte, expect, foresee, intend, my increse nd my fluctute nd similr expressions or by future or conditionl verbs such s will, should, would nd could. These forwrd-looking sttements involve known nd unknown risks, uncertinties nd other fctors, which my cuse Swiss Re s ctul results of opertions, finncil condition, solvency rtios, liquidity position or prospects to be mterilly different from ny future results of opertions, finncil condition, solvency rtios, liquidity position or prospects expressed or implied by such sttements. Such fctors include, mong others: further instbility ffecting the globl finncil system nd developments relted thereto, including s result of concerns over, or dverse developments relting to, sovereign debt of euro re countries; further deteriortion in globl economic conditions; Swiss Re s bility to mintin sufficient liquidity nd ccess to cpitl mrkets, including sufficient liquidity to cover potentil recpture of reinsurnce greements, erly clls of debt or debt-like rrngements nd collterl clls due to ctul or perceived deteriortion of Swiss Re s finncil strength or otherwise; the effect of mrket conditions, including the globl equity nd credit mrkets, nd the level nd voltility of equity prices, interest rtes, credit spreds, currency vlues nd other mrket indices, on Swiss Re s investment ssets; chnges in Swiss Re s investment result s result of chnges in its investment policy or the chnged composition of its investment ssets, nd the impct of the timing of ny such chnges reltive to chnges in mrket conditions; uncertinties in vluing credit defult swps nd other credit-relted instruments; possible inbility to relise mounts on sles of securities on Swiss Re s blnce sheet equivlent to their mrk-to-mrket vlues recorded for ccounting purposes; the outcome of tx udits, the bility to relise tx loss crryforwrds nd the bility to relise deferred tx ssets (including by reson of the mix of ernings in jurisdiction or deemed chnge of control), which could negtively impct future ernings; the possibility tht Swiss Re s hedging rrngements my not be effective; the lowering or loss of finncil strength or other rtings of Swiss Re compnies, nd developments dversely ffecting Swiss Re s bility to chieve improved rtings; the cycliclity of the reinsurnce industry; uncertinties in estimting reserves; uncertinties in estimting future clims for purposes of finncil reporting, prticulrly with respect to lrge nturl ctstrophes, s significnt uncertinties my be involved in estimting losses from such events nd preliminry estimtes my be subject to chnge s new informtion becomes vilble; the frequency, severity nd development of insured clim events; cts of terrorism nd cts of wr; mortlity, morbidity nd longevity experience; policy renewl nd lpse rtes; extrordinry events ffecting Swiss Re s clients nd other counterprties, such s bnkruptcies, liquidtions nd other credit-relted events; current, pending nd future legisltion nd regultion ffecting Swiss Re or its ceding compnies; legl ctions or regultory investigtions or ctions, including those in respect of industry requirements or business conduct rules of generl pplicbility; chnges in economic theory or principles; significnt investments, cquisitions or dispositions, nd ny delys, unexpected costs or other issues experienced in connection with ny such trnsctions; chnging levels of competition; opertionl fctors, including the efficcy of risk mngement nd other internl procedures in mnging the foregoing risks; nd chllenges in implementtion, dverse responses from counterprties, regultors or rting gencies, or other issues rising from, or otherwise relting to, the chnges in Swiss Re's corporte structure. These fctors re not exhustive. Swiss Re opertes in continully chnging environment nd new risks emerge continully. Reders re cutioned not to plce undue relince on forwrd-looking sttements. Swiss Re undertkes no obligtion to publicly revise or updte ny forwrd-looking sttements, whether s result of new informtion, future events or otherwise. This communiction is not intended to be recommendtion to buy, sell or hold securities nd does not constitute n offer for the sle of, or the solicittion of n offer to buy, securities in ny jurisdiction, including the United Sttes. Any such offer will only be mde by mens of prospectus or offering memorndum, nd in complince with pplicble securities lws. Investors' Dy Corporte Solutions London, 17 April

9 Admin Re Dvid J. Blumer, Chirmn Admin Re Investors' Dy, London, 17 April 2012 Admin Re Introduction Over the pst 18 months, Admin Re hs undergone n extensive trnsformtion progrm, where the business ws reviewed thoroughly to identify how to increse shreholder vlue nd deliver on opertionl excellence As result of this progrm, infrstructure hs been improved nd portfolio mngement ctions re underwy As of Jnury 2012, Admin Re opertes s fully functionl, stnd-lone business unit of Swiss Re Admin Re 's trnsformtion will continue until yer-end 2012; the two primry res of focus re: Portfolio steering/mngement to optimise cpitl usge nd returns Mngement ctions to increse profitbility nd efficiency Investors' Dy Admin Re London, 17 April

10 Admin Re Key figures USD million Net income Shreholders' equity Return on equity 4.9% 5.0% Gross csh genertion Inclusion of investment return from corresponding ssets improves profitbility net income is positively impcted by numerous one off items Low interest rtes nd unrelised gins inflte shreholders' equity in 2011 Performnce impcted by strtegic relignment costs nd unfvorble mrket conditions 2010 impcted by unfvourble ssumption chnges nd mrket conditions Both yers shown fter the impct of recpture of internl retrocession Csh genertion will be used to repy debt nd to py dividends to Group 1 Sum of the chnge in vilble cpitl resources, locl regultory requirements nd cpitl mngement requirements of life compnies Investors' Dy Admin Re London, 17 April Historicl performnce Current expecttions below originl pricing 15% US IRR (ll trnsctions to 31 Dec 2011, 12 yers) 10% 5% 0% 15% 10% 5% 0% 12.3% Originl pricing 12.9% Originl pricing -6.3% Estimted investment performnce -2.6% Estimted investment performnce 1.4% -2.8% 1 Mortlity/Morbidity includes impcts from longevity nd persistency chnges 2 Other includes impcts from operting expense vrinces nd pricing methodology chnges 4.6% Mortlity/ Morbidity1 Other2 Current expecttions -1.6% 1 2 UK IRR (ll trnsctions to 31 Dec 2011, 7 yers) -1.3% % Mortlity/ Morbidity Other Current expecttions Overll, Admin Re hs been impcted by exceptionl mrket conditions nd chnges in mortlity US IRR decrese driven by deteriortion in investment performnce due to the decline in yields nd credit losses following the mrket turn in 2008 UK IRR decline is minly mrket driven together with dverse mortlity nd longevity performnce Investors' Dy Admin Re London, 17 April

11 Admin Re strtegy Three res of focus Portfolio steering Mngement ctions Acquisitions Pursue ctive portfolio mngement, e.g. relese cpitl by divesting inefficient nd cpitl intensive books Active mngement of the in-force book to optimize cpitl utilistion nd returns Estblished scenrio frmework for mngement of existing book s well s new trnsctions Increse profitbility by pursuing ctive cost mngement nd increse cpitl efficiency Yield enhncement strtegies on the sset book Continuous reinvestment nd upgrde of systems nd infrstructure s well s relignment of key processes Embrk on opportunities to cquire businesses in line with Admin Re 's stringent prerequisites (mrket cycle is positive nd opportunities re expected to emerge over coming yers) All dels must stisfy suite of internl hurdle rtes which include IRR, EVM profit mrgin nd Group RoE hurdles Investors' Dy Admin Re London, 17 April Portfolio steering New frmework introduced As key element of Admin Re 's strtegy, Portfolio Steering, focuses on consistent nd systemtic portfolio mngement nd vlue extrction The new mngement tem hs introduced comprehensive scenrio frmework pproch to both mnge the existing portfolio (vlue extrction) nd ssess the impct of potentil new trnsctions nd divestitures 1. Metrics: Csh Production, Cpitl productivity, Economic Vlue, US GAAP ROE 2. Views: ggregte, region, block, product nd trnsction 3. Scenrios: bse, mortlity, longevity, lpse, investment nd expense stresses 4. Time: qurterly snpshots of the portfolio 5. Concentrtion risk: dominnt risk fctors 6. "Wht if" nlysis of specific scenrios Additionl ssessment of cquisitions nd divestitures include: Experience with similr trnsctions to identify key drivers of csh production, economic vlue nd US GAAP Cpitl implictions nd diversifiction impct of portfolios, both current nd trgets Risk profile/concentrtion risk impct nlysis for ech risk fctor nd cross multiple dimensions to ssess cross effects Investors' Dy Admin Re London, 17 April

12 Mngement ctions Improving performnce Portfolio mngement: divesting inefficient or cpitl intensive products or books of business Asset mngement: djust investment strtegy nd dd higher yielding ssets within medium-term investment pln Cpitl nd tx mngement: optimise cpitl usge cross the business nd relise tx benefits Active mngement of risk fctors: ctively mnge nd hedge risk exposure, further reduce voltility of csh flow production Opertionl efficiency nd cost mngement: relise (cost) efficiencies by systemticlly chllenging ll spects of the ggregted business Further upside potentil from Solvency II implementtion fter 2014 Investors' Dy Admin Re London, 17 April Mngement ctions impct Gross csh genertion expected to increse Gross Csh Genertion (GCG), USD millions 1,250 Bse cse Cpitl nd tx mgt Opertionl efficiency & cost mgt Active portfolio mgt. Mngement ctions ,530-1,650 Aspirtion (incl. mgt. ctions) Substntil cumultive Gross Csh Genertion ("GCG") over 5 yer period, indentified levers trgeted to deliver dditionl GCG of pprox. $280m to $400m Csh to be used to fund plnned debt repyments nd dividends to Group Cpitl relief through sttutory reserving releses rising out of Prt VII trnsfer of ALICO business expected in Tx losses rose from internl business trnsfers in Mngement ctions tken nd plnned in likely to ensure tht csh tx benefits will rise in from these losses (dditionl benefits expected beyond 2016) Opertionl efficiency nd cost mngement driven improved opertionl set up nd IT infrstructure Investors' Dy Admin Re London, 17 April

13 Admin Re Summry 2011 ws yer of trnsition, where Admin Re ws estblished s stnd-lone operting business unit; significnt investment ws mde in IT infrstructure nd processes to support stnd-lone opertion to ensure opertionl excellence Trnsformtion progrm provided much clrity on wht res of the business need ddressing nd wht opportunities re vilble In 2011, the first cquisition in two nd hlf yers ws completed Focus for 2012 on portfolio steering/mngement s well s mngement ctions Admin Re is open to exploring profitble, new opportunities nd to ttrcting third-prty cpitl As well-structured business with newly estblished mngement tem, Admin Re is repositioned to confidently compete in the closed life book mrket Admin Re remins core to Swiss Re Investors' Dy Admin Re London, 17 April

14 Q&A Investors' Dy Admin Re London, 17 April Cutionry note on forwrd-looking sttements Certin sttements nd illustrtions contined herein re forwrd-looking. These sttements nd illustrtions provide current expecttions of future events bsed on certin ssumptions nd include ny sttement tht does not directly relte to historicl fct or current fct. Forwrd-looking sttements typiclly re identified by words or phrses such s nticipte, ssume, believe, continue, estimte, expect, foresee, intend, my increse nd my fluctute nd similr expressions or by future or conditionl verbs such s will, should, would nd could. These forwrd-looking sttements involve known nd unknown risks, uncertinties nd other fctors, which my cuse Swiss Re s ctul results of opertions, finncil condition, solvency rtios, liquidity position or prospects to be mterilly different from ny future results of opertions, finncil condition, solvency rtios, liquidity position or prospects expressed or implied by such sttements. Such fctors include, mong others: further instbility ffecting the globl finncil system nd developments relted thereto, including s result of concerns over, or dverse developments relting to, sovereign debt of euro re countries; further deteriortion in globl economic conditions; Swiss Re s bility to mintin sufficient liquidity nd ccess to cpitl mrkets, including sufficient liquidity to cover potentil recpture of reinsurnce greements, erly clls of debt or debt-like rrngements nd collterl clls due to ctul or perceived deteriortion of Swiss Re s finncil strength or otherwise; the effect of mrket conditions, including the globl equity nd credit mrkets, nd the level nd voltility of equity prices, interest rtes, credit spreds, currency vlues nd other mrket indices, on Swiss Re s investment ssets; chnges in Swiss Re s investment result s result of chnges in its investment policy or the chnged composition of its investment ssets, nd the impct of the timing of ny such chnges reltive to chnges in mrket conditions; uncertinties in vluing credit defult swps nd other credit-relted instruments; possible inbility to relise mounts on sles of securities on Swiss Re s blnce sheet equivlent to their mrk-to-mrket vlues recorded for ccounting purposes; the outcome of tx udits, the bility to relise tx loss crryforwrds nd the bility to relise deferred tx ssets (including by reson of the mix of ernings in jurisdiction or deemed chnge of control), which could negtively impct future ernings; the possibility tht Swiss Re s hedging rrngements my not be effective; the lowering or loss of finncil strength or other rtings of Swiss Re compnies, nd developments dversely ffecting Swiss Re s bility to chieve improved rtings; the cycliclity of the reinsurnce industry; uncertinties in estimting reserves; uncertinties in estimting future clims for purposes of finncil reporting, prticulrly with respect to lrge nturl ctstrophes, s significnt uncertinties my be involved in estimting losses from such events nd preliminry estimtes my be subject to chnge s new informtion becomes vilble; the frequency, severity nd development of insured clim events; cts of terrorism nd cts of wr; mortlity, morbidity nd longevity experience; policy renewl nd lpse rtes; extrordinry events ffecting Swiss Re s clients nd other counterprties, such s bnkruptcies, liquidtions nd other credit-relted events; current, pending nd future legisltion nd regultion ffecting Swiss Re or its ceding compnies; legl ctions or regultory investigtions or ctions, including those in respect of industry requirements or business conduct rules of generl pplicbility; chnges in economic theory or principles; significnt investments, cquisitions or dispositions, nd ny delys, unexpected costs or other issues experienced in connection with ny such trnsctions; chnging levels of competition; opertionl fctors, including the efficcy of risk mngement nd other internl procedures in mnging the foregoing risks; nd chllenges in implementtion, dverse responses from counterprties, regultors or rting gencies, or other issues rising from, or otherwise relting to, the chnges in Swiss Re's corporte structure. These fctors re not exhustive. Swiss Re opertes in continully chnging environment nd new risks emerge continully. Reders re cutioned not to plce undue relince on forwrd-looking sttements. Swiss Re undertkes no obligtion to publicly revise or updte ny forwrd-looking sttements, whether s result of new informtion, future events or otherwise. This communiction is not intended to be recommendtion to buy, sell or hold securities nd does not constitute n offer for the sle of, or the solicittion of n offer to buy, securities in ny jurisdiction, including the United Sttes. Any such offer will only be mde by mens of prospectus or offering memorndum, nd in complince with pplicble securities lws. Investors' Dy Admin Re London, 17 April

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