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1 P&C P&C Reserving Reserving Development of claim of claim ratios ratios by line by line of business of business

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3 Table of Contents Introduction P&C Reserving Basics P&C Reserving at Swiss Re: Governance and process Split of traditional reserves by line of business Loss development tables Claims ratio development tables Corporate calendar and contacts Cautionary note on forward-looking statements P&C Reserving 213 Page 3

4 Introduction This 213 P&C Reserving Workbook (the "Workbook") is provided by Swiss Re for informational purposes only. The information in the Workbook is current only as of 31 December 213. Swiss Re is under no obligation to, and does not intend to, update or revise any of the information included in this Workbook or referred to in this Workbook, whether as a result of new information, future events or otherwise, even when such new information has been reflected in any report or other document published by Swiss Re or any of its business units. Although the information in this Workbook is critical for estimating loss reserve requirements, they are not the only considerations used by Swiss Re to establish its reserves. The information in this year s Workbook is broader in scope than in prior years. An introductory section describing basic reserving techniques and a high level view of Swiss Re's reserving processes and governance have been added. The format of the split of the year-end reserves by line of business and the format of the loss development tables remain unchanged. The last section shows the claims ratio development tables for all major lines of business. Additional treaty years are now available for long-tailed lines. Finally the paid triangles are now also available for all lines of business. Please see the cautionary note on forward-looking statements on page 45 of this Workbook and the note on risk factors on pages of Swiss Re's 213 Financial Report, which are incorporated herein by reference. P&C Reserving 213 Page 4

5 P&C Reserving Basics From initial expected loss to actual experience At the centre of the P&C reserve calculation is the estimation of the ultimate value, i.e. the value of losses that Swiss Re has to eventually pay to fulfil all contractual obligations. Initial reserving is determined at the time of writing the business. Subsequently, initial loss estimates are replaced by actual loss experience; ultimate loss estimates are periodically updated. For most underwriting years reserving is based on a weighted average between the initial loss estimate and a projected ultimate loss estimate based on the emerging claims experience, where the ultimate loss is defined as the sum of paid claims to date and the case reserves and additional (1). Favourable/adverse development of loss reserves can have multiple causes: bias in the initial loss ratios, unfulfilled implied assumptions behind reserving methodology, commutations, premiums. The next two pages illustrate this process and explain various acronyms used in the reinsurance industry. (1) are defined as reserves for claims relating to insured events that have occurred but that have not yet been reported (or not enough reported). P&C Reserving 213 Page 5

6 P&C Reserving Basics Expected Loss versus Claims experience The claims reported by the cedents are aggregated by treaty year into homogeneous risk groups. This aggregation is the level at which actuarial techniques (described below) are applied. The Expected Loss (ELR) is determined at pricing and indicates for each contract the expected losses over the premium charged for that business. Multiplying this ELR by the premium charged yields the ultimate loss estimate for this ELR method. In contrast to the ELR method, the Chain Ladder method relies on emerging claims experience and estimates ultimate losses by relying on average past claims development. The next page shows further methods. Pricing assumption (Expected Loss ) Expected claims development at pricing Actual development to date Inception today Updated expected claims development according to average of the earlier years (Chain Ladder method) Time Claims must develop at this rate in future if ELR is the correct estimate Expected ultimate level unchanged, at the Expected Loss (ELR) New expected ultimate level using the Chain Ladder method P&C Reserving 213 Page 6

7 P&C Reserving Basics Methods that combine ELR and claims experience Reserving actuaries often use a combination of methods when reserving a specific portfolio by applying a certain degree of judgment. It is common practice to rely on the most recent treaty years on the ELR method and to gradually switch to using claims experience when claims emerge. Expected Loss Bornhuetter-Ferguson (B-F) (allows only for developments which have emerged until today red arrows) Benktander (mix of B-F and Chain Ladder) ELR Chain Ladder Example (ct'd. from previous page) The B-F reserve estimate is the original expected claims (8), multiplied by the remaining expected development (.75, as pricing expected 25% of the total claims to have been reported so far). Thus the B-F reserve is 8.75 = 6, so that the B-F ultimate estimate is = 75. The Benktander reserve estimate is found by taking a weighted average: 25% of the Chain Ladder (45) plus 75% of the B-F (6) to give an estimate of just over 56. The Benktander ultimate is then = 71. Inception today P&C Reserving 213 Page 7

8 P&C Reserving at Swiss Re Process Swiss Re follows US-GAAP accounting rules and calculates reserves on a best estimate basis. This is done by using a centralized reserving platform with consistent processes and controls across all business units and regions. are not discounted. For traditional reinsurance and direct insurance which represent the majority of the business written by Swiss Re, the best estimate reserves are calculated using standard actuarial methods as described on the previous pages. Reserving for Non-Traditional business, such as retroactive deals or deposit accounted deals, is carried out on a deal by deal basis according to each deal's specifications. For large events which are sudden and unexpected a separate process combines the knowledge of all relevant areas of expertise in estimating the initial ultimate loss. Reserving for Asbestos and Environmental (A&E) claims is based on benchmarks which are reassessed annually. Reserving for claims subject to periodic payments depending on survival, such as Workers' Compensation, or Motor Liability, is performed separately and depends on the level of information provided by our cedents. Loss triangles are not the only source of information used to estimate reserves. Other information such as current market conditions, changes in portfolio composition and additional expert judgment is also used. P&C Reserving 213 Page 8

9 P&C Reserving at Swiss Re Governance The reserving process is performed quarterly by local reserving teams for each business unit and region. The local process requires that each portfolio is fully reviewed at least once a year. In a quarter where no full review is carried out, an analysis to compare actual with expected reported claims movements is performed. The Regional Reserving Committees (RRCs) and Group Reserving Committee (GRC) review the assumption changes proposed by local teams and sign off on the reserves. Local Reserving Actuaries set assumptions produce results with local control process (e.g. peer reviews) discuss results with local management and Group Regional Reserving Committees (RRC) approval bodies for the setting of actuarial assumptions and reserves 4 voting members per committee from senior management representing the main functions Group Reserving Committee (GRC) oversees the decisions of the RRC approves certain Group level assumptions 4 voting members from the Group Executive Committee In addition, a second line of defense control is carried out on a quarterly basis by an internal team, which performs an independent reserve review on a higher level of aggregation which provides assurance to the board of directors on the overall adequacy of the reserves. P&C Reserving 213 Page 9

10 Swiss Re s reserves for traditional business Total traditional gross reserves: USD 48.6 bn as of 31 December 213, 49% reserve Reserve reported by the cedent based on actual, notified claims and excluding any allowance for unreported claims. The case reserve includes additional case reserve (ACR). An ACR is a reserve created in respect of known claims where the claim reserve as assessed by Swiss Re Claims Management is different from the reserve reported by the cedent. USD bn Split of total traditional gross reserves between case reserves and by main line of business 1.7 reserves Reserve for claims relating to insured events that have occurred but that have not yet been reported (or not enough reported) as of the date of the relevant financial statements Property Liability Motor Acc & Health Other "Liability" also includes reserves for Asbestos and Environmental. "Other" includes all Specialty lines. and reserves are shown to one decimal place. P&C Reserving 213 Page 1

11 Introductory note to loss development tables The loss development tables on pages 12 and 13 contain nominal figures and are net of retrocession, after the Adverse Development Cover ("ADC") (1). The accident year view table on page 14 contains nominal figures and is net of retrocession. As the ADC cannot be attributed to any individual accident year, it has been omitted from the triangle. The accident year view of the loss development table is an approximate conversion of the triangle provided on page 12 by using the foreign exchange rate across the various reporting periods. The following table shows a reconciliation of the net claim reserves of the reporting year 213 as shown on p.12,13 (top right corner of the triangles) to the total net reserves shown in the 213 Annual Report (p.182): USDm Net claims reserves reporting year Less P-GAAP (84) Less deferred expense on retroactive reinsurance (56) Net unpaid claims and claims adjustment expenses (1) In 29 Swiss Re effected an adverse development cover with the Berkshire-Hathaway group to protect most losses occurring on or before 31 December 28. As a result of favourable development since that time, this cover is now valued at its minimum commutation value. P&C Reserving 213 Page 11

12 Loss development table Net claim reserves and re-estimates Original reporting year Claim reserves as at 31 Dec Cumulative payments since original reporting year, plus current reserves, net of the ADC Surplus / (deficiency) Per cent of original reserves Excluding Foreign Exchange: Surplus / (deficiency) Per cent of original reserves (1) later s later s later s later s later s later s later s later s later s later (4 75) ( 81) ( 148) % -1.9% -.3% % 5.4% 7.8% 7.4% 4.3% 2.2% (2 76) %.6% 5.7% 4.8% 6.2% 4.9% 7.5% 7.7% 4.8% 2.5% (1) Note that the increase from 26 is driven by the acquisition of General Electric Insurance Solutions ("GEIS"). P&C Reserving 213 Page 12

13 Loss development table and Loss Adjustment Expenses Original reporting year Claim reserves as at 31 Dec Cumulative and LAE in respect of original reported loss reserves (1) later s later s later s later s later s later s later s later s later s later (1) Note that the increase from 26 is driven by the acquisition of GEIS. P&C Reserving 213 Page 13

14 Estimated net accident year view Accident Development to end 213 Ultimate Claims, at 31 December 213 exchange rates Accident Expected Claims at end of year 1 later 2 s later 3 s later 4 s later 5 s later 6 s later 7 s later 8 s later 9 s later 1 s later Surplus / (Deficiency) Pre (2 58) (1) (2) Total ADC, cumulative impact Total net of ADC (1) Note that the increase on Accident year 26 is driven by the acquisition of GEIS. (2) There was no impact from the ADC since the end of 211 beyond the effects of exchange rate movements (1 799) P&C Reserving 213 Page 14

15 Introductory note to claims ratio development tables All business is on a gross basis before external retrocession and before intra-group reinsurance between Reinsurance and Corporate Solutions. Monetary amounts are in US dollars, other currencies having been converted using foreign exchange rates as at 31 December 213. Contracts are grouped by treaty year based on the date of first exposure. Contracts covering more than one year are also classified into the treaty year consistent with the first year of exposure. premiums are net of commission. This differs from published accounts where premiums are gross of commission. premiums for treaty year 213 appear lower than prior years because only part of the treaty year premium is earned at the end of calendar year 213. This is why the 213 reported and paid ratios look higher than the historically observed ratios. reserves are cedant reported reserves plus any ACR as assessed by Swiss Re Claims Management. Reported claims are the sum of paid claims and case reserves including ACR. At the end of each curve there is a point that represents the estimated ultimate claims ratio. The difference between this point and the latest reported claim is the carried. The ultimate loss ratio is the sum of reported claims (including ACR) and, divided by the earned premium (which is net of commission). P&C Reserving 213 Page 15

16 Scope Walk from displayed reserves to booked reserves The reserves are shown on treaty years for long-tailed lines and on treaty years for short-tailed lines, and represent approx. 76% of the Total Gross Nominal P&C (excl. P-GAAP adjustments) of Swiss Re Group at year-end 213. USD bn Group Reinsurance Corporate Solutions for business illustrated (1) Other traditional business incl. reserves for prior treaty years (excl. US Asbestos & Environmental) U.S. Asbestos & Environmental Total Traditional Business Non-traditional business Unallocated Loss Adjustment Expense Total Gross Nominal P&C P-GAAP Adjustment for acquired reserves (2) -1.1 Total Gross held (3) 5.4 (1) The figures in the table are shown to one decimal place. (2) The P-GAAP adjustment has not been allocated as it relates to the acquisition of GEIS in 26. (3) This figure can be found on page 182 in the 213 Annual Report. P&C Reserving 213 Page 16

17 Swiss Re Group '956 42% 85% 12% 16% 115% % 128% 128% 131% 132% 133% 134% 135% 135% 135% ' % 116% 131% 141% 147% 151% 156% 157% % 161% 162% 162% 2 15'421 33% 74% 97% 111% 119% 125% % 134% 136% 139% 138% 138% 138% 21 17'759 57% 78% 93% 12% 18% 113% 117% % 121% 22 17' % 54% 62% 63% 65% 67% 68% 68% 68% 68% 69% 23 17'41 9% 35% 43% 48% 51% 52% 53% 53% 54% 54% 54% 24 16'756 15% 49% 58% 62% 64% 66% 67% 67% 68% 68% 25 15'762 25% 69% 79% 82% 85% 86% 87% 87% 88% 26 14'279 8% 36% 45% 5 52% 54% 54% 54% 27 13'34 11% 42% 54% 58% 6 62% 63% 28 12'44 16% 52% 63% 66% 68% 69% 29 11'53 16% 51% 6 64% 66% 21 1'416 14% 56% 7 74% '691 19% 54% 63% '545 13% 48% 213 9' '956 13% 46% 67% 8 89% 98% 15% % 119% 121% 123% 125% 126% 128% 129% '121 4% 51% 78% 97% 111% % 134% 139% 143% 146% 149% 152% 153% 154% 2 15'421 5% 32% 55% 71% 85% 94% 12% 19% 114% 118% 123% 126% 128% '759 9% 34% 54% 69% 79% 85% 96% 13% 16% % 112% 114% 22 17'594 5% 24% 36% 43% 48% 52% 55% 57% 59% 61% 62% 63% 23 17'41 3% 18% 28% 34% 38% 41% 44% 45% 47% 48% 48% 24 16'756 4% 26% 39% 47% 52% 56% 59% 61% 62% 63% 25 15'762 5% 35% 55% 65% 73% 77% 79% 81% 83% 26 14'279 2% 18% 3 37% 41% 45% 47% 48% 27 13'34 4% 24% 38% 45% 5 53% 56% 28 12'44 4% 3 45% 52% 57% '53 6% 3 45% 52% 56% 21 1'416 4% 28% 46% 56% '691 6% 3 47% 6% 33% ' '46 23% 8% % 129% 6% 3% % 154% 8% 4% 2 142% 13 8% 4% % 114% 8% 4% 22 72% 63% 6% 3% 23 58% 48% 6% 3% 24 72% 63% 5% 4% 25 92% 83% 6% 4% 26 59% 48% 6% 5% 27 69% 56% 7% 7% 28 76% 6 9% 7% 29 74% 56% 1 8% 21 88% 56% 17% 14% % 47% 16% 15% % 33% 15% 28% % 8% 15% 46% Smooth development across aggregated lines of business. The high ultimate claims ratios for are due to the "soft" market conditions at the time, as well as specific claims such as September 11, was affected by hurricanes Katrina, Rita and Wilma. 21 and 211 are mainly impacted by the natural catastrophes in the Far East (earthquake and tsunami in Japan, Thai and Australian floods, earthquakes in New Zealand). The increase in premium in 211 is driven by large China contracts, whereas the increase in premium in 212 is partly driven by a large European deal Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 18' 16' 14' 12' 1' 8' 6' 4' 2' P&C Reserving 213 Page 17

18 Property - total 14 Reported as % of s - Latest ten years 22 5'188 17% 56% 57% 57% 57% 56% 56% 56% 56% 56% 55% 55% 23 5'179 14% 39% 47% 47% 47% 47% 46% 46% 46% 46% 46% '25 31% 72% 8 79% 79% 8 79% 79% 79% 79% 25 5'264 52% 116% 124% 124% 123% 122% 122% 121% 121% 26 5' 1 37% 41% 41% 41% '92 17% 5 53% 53% 53% 53% 53% '923 21% 51% 55% 55% 55% 55% 29 5'82 22% 61% 65% 64% 65% 21 4'899 19% 76% 89% 89% 211 6'19 29% 62% 68% 212 7' '981 15% 48% 24% '188 8% 35% 47% 51% 54% 54% 55% 55% 55% 55% 55% 55% 23 5'179 3% 22% 34% 42% 43% 45% 45% 45% 45% 46% 46% 24 5'25 7% 43% 63% 71% 75% 77% 77% 78% 78% 78% 25 5'264 8% 65% 98% 19% 116% 118% 119% ' 3% 22% 34% 37% 39% 39% 39% 39% 27 4'92 5% 31% 43% 47% 49% 51% 52% 28 4'923 4% 34% 46% 5 52% 53% 29 5'82 8% 37% 55% 6 62% 21 4'899 5% 36% 59% 71% 211 6'19 7% 33% '527 6% 32% 213 4'981 6% , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 8'4 7' % 55% 23 46% 46% 24 79% 78% % 12 1% % 1% 27 53% 52% 1% 28 55% 53% 2% 29 65% 62% 3% 21 94% 71% 18% 4% % 5 18% 3% % 32% 16% 13% % 6% 17% 33% Property business tends to develop quickly towards the expected ultimate. The absolute level is dependent on large losses. The high ultimate claim ratio for 25 is due to hurricanes Katrina, Rita and Wilma. Hedging activities, particularly in 25, reduced the impact of claims but are not reflected in this table, which is gross of retrocession and excludes impacts from Insurance-Linked Securities and Industry Loss Warranties. 21 and 211 are mainly impacted by the natural catastrophes in the Far East (earthquake and tsunami in Japan, Thai and Australian floods, earthquakes in New Zealand). The rise in the premium in 212 is partly driven by a large European deal, as well as by several large quota-share deals ' 4'8 3'6 2'4 1'2 Written P&C Reserving 213 Page 18

19 Property - Reinsurance 14 Reported as % of s - Latest ten years 22 4'23 16% % 59% 58% 58% 58% 58% 58% 58% 58% 23 4'256 13% 38% 48% 47% 47% 47% 46% 46% 46% 46% 46% 24 4'348 26% 66% 73% 72% 73% 73% 73% 73% 72% 72% '426 44% 112% % 118% 118% 118% 118% 26 4' % 43% 43% 42% 42% 42% 42% '283 19% 51% 54% 54% 54% 54% 54% 28 4'432 21% 52% 56% 56% 56% 55% 29 4'581 24% 64% 68% 67% 67% 21 4'353 21% 78% 93% 93% 211 5'361 31% 65% ' '46 16% 49% 24% '23 8% 36% 5 54% 56% 57% 57% 57% 57% 57% 57% 57% 23 4'256 2% 22% 34% 42% 44% 45% 45% 45% 45% 46% 46% 24 4'348 5% 4 58% 65% 68% 7 71% 71% 72% 72% 25 4'426 7% 63% 93% 15% 112% 114% 115% 116% 116% 26 4'115 2% 22% 35% 39% % 41% 27 4'283 5% 32% 44% 48% 5 52% 53% 28 4'432 4% 35% 46% 51% 53% 54% 29 4'581 9% 39% 57% 62% 64% 21 4'353 6% 38% 61% 74% 211 5'361 7% 34% 51% 212 6'711 6% 34% 213 4'46 6% , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 8'4 7' % 57% 23 46% 46% 24 72% 72% % 116% 1% 26 42% 41% 1% 27 54% 53% 1% 28 56% 54% 2% 29 68% 64% 3% 21 97% 74% 19% 4% % 51% 19% 3% % 34% 15% 13% % 6% 18% 33% Property business tends to develop quickly towards the expected ultimate. The absolute level is dependent on large losses. The high ultimate claim ratio for 25 is due to hurricanes Katrina, Rita and Wilma. Hedging activities, particularly in 25, reduced the impact of claims but are not reflected in this table, which is gross of retrocession and excludes impacts from Insurance-Linked Securities and Industry Loss Warranties. 21 and 211 are mainly impacted by the natural catastrophes in the Far East (earthquake and tsunami in Japan, Thai and Australian floods, earthquakes in New Zealand). The rise in the premium in 212 is partly driven by a large European deal, as well as by several large quota-share deals ' 4'8 3'6 2'4 1'2 Written P&C Reserving 213 Page 19

20 Property - Corporate Solutions 16 Reported as % of s - Latest ten years % 39% 43% 46% 46% 45% 45% 45% 45% 45% 45% 45% % 43% 47% 46% 46% 46% 47% 46% 46% 46% 46% % 1 113% 113% 111% 112% 111% 111% 111% 111% % % 145% 143% 143% 142% 142% 142% % 3 34% 34% 33% 33% 33% 33% % 43% 47% 47% 47% 45% % 47% 51% 49% 48% 48% % 35% 41% 4 41% % 61% 63% 62% % 57% % 4 17% % 28% 37% 42% 44% 44% 44% 45% 45% 45% 45% 45% % 24% 35% 41% 43% 45% 46% 46% 46% 46% 46% % 56% 83% 98% 15% 18% 18% % 78% % % 141% 141% 141% % 18% 27% 31% 32% 33% 33% 33% % 26% 37% 41% 43% 45% 45% % 33% 45% 47% 47% 48% % 22% 35% 38% 39% % 24% 43% 49% % 2 45% % 22% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1'6 1' % 45% 23 46% 46% % % 141% 26 33% 33% 27 46% 45% 1% 28 48% 48% 29 41% 39% 2% Property business tends to develop quickly towards the expected ultimate. The absolute level is dependent on large losses. 24 is impacted by the US hurricanes Frances, Ivan, Jeanne, Charley. The US hurricanes Katrina, Rita and Wilma affect both treaty years 24 and 25. Hedging activities, particularly in 25, reduced the impact of claims but are not reflected in this table, which is gross of retrocession and excludes impacts from Insurance-Linked Securities and Industry Loss Warranties '2 1' % 49% 12% 1% % 45% 12% 1% % 22% 18% 18% % 7% 11% 31% Written P&C Reserving 213 Page 2

21 Liability - total '942 18% 39% 63% 79% 15% 125% 135% 146% 153% 156% 159% 161% 164% 165% 166% 165% '217 18% 37% 57% 94% 123% 141% 154% 173% 177% 183% 182% 184% 186% 188% 189% 2 3'839 33% 42% 7 14% 129% % 174% 177% 183% 187% 189% 189% 189% 21 4'488 41% 35% 55% 81% 97% 113% 128% 136% 138% 138% 142% 145% 145% 22 4'751 3% 19% 33% 58% 6 66% 71% 75% 75% 76% 76% 76% 23 4'956 2% 16% 24% 35% 43% 47% 48% 49% 52% 52% 53% 24 4'574 4% 21% 31% 39% 45% 48% 5 53% 54% 55% 25 3'755 2% 17% 26% 33% 39% 41% 44% 44% 47% 26 3'262 4% 21% 28% 39% 46% 52% 52% 53% 27 2'79 4% 23% 37% 48% 53% 57% 58% 28 2'12 5% 25% 39% 48% 52% '836 5% 25% 4 55% 61% 21 1'716 7% 24% 38% '775 4% 18% 29% 212 2'134 3% 17% 213 1' '942 1% 11% 29% 46% 63% 82% 99% 19% 121% 129% 135% % 149% 152% 155% '217-19% 5% 2 45% 71% 9 17% 122% 136% 146% 154% % % 2 3'839-3% 6% 27% 51% 77% 96% 115% 133% 143% 155% 162% % 178% 21 4'488 4% 11% 23% 4 55% 7 83% 11% % 124% 127% 132% 22 4'751 1% 5% 13% 23% 31% 41% 49% 55% 6 63% 65% 67% 23 4'956 1% 4% 9% 16% 22% 28% 32% 36% 39% 41% 43% 24 4'574 5% 12% 19% 27% 34% 39% 43% 46% 48% 25 3'755 4% 9% 15% 23% 29% 33% 36% '262 4% 1 18% 25% 36% 41% 44% 27 2'79 1% 5% 15% 24% 36% 42% 48% 28 2'12 1% 6% 14% 21% 28% 38% 29 1'836 2% 9% 18% 3 37% 21 1'716 2% 8% 19% 29% 211 1'775 1% 6% 14% 1% 7% 212 2' '67 9% 1% % 155% 1 4% % 173% 16% 8% 2 195% 178% 1 6% % 132% 13% 6% 22 81% 67% 9% 5% 23 58% 43% 1 6% 24 62% 48% 7% 7% 25 55% 4 7% 8% 26 65% 44% 9% 12% 27 76% 48% 11% 18% 28 83% 38% 22% 23% 29 91% 37% 23% % 29% 21% 43% % 14% 15% 57% % 7% 9% % 1% 7% 73% The development period of Liability business is much longer than for Property business. years were part of the "soft" market and were hit by a number of very significant liability claims such as pharmaceutical, financial institutions, D&O and medical malpractice, now reaching maturity. year 28 was affected by claims arising from medical malpractice covers, as well as the Australian bushfires. 29 was hit by large pharmaceutical claims in France and in the US. 29 is in addition impacted by the Deepwater-Horizon loss, as well as 21. Swiss Re has reduced its Liability portfolio through cycle management actions starting in Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 6' 4'8 3'6 2'4 1'2 P&C Reserving 213 Page 21

22 Liability - Reinsurance '689 28% 48% 71% 84% 111% 127% 138% 151% 159% 162% 166% % 177% 178% 177% '994 25% 4 57% 85% 111% % 156% 162% 168% 168% % 176% 176% 2 2'453 48% 49% 76% 16% % 171% 176% 182% 185% 187% 187% 189% 21 2'828 61% 41% 56% 78% 92% 18% % 128% 129% % '946 2% 2 32% 62% 59% 64% 68% 72% 73% 71% 72% 72% 23 2'947 3% 18% 26% 33% 42% 45% 46% 46% 49% '861 5% 26% 35% 44% 49% 52% 53% 55% 56% 57% 25 2'622 2% 18% 27% 32% 39% 41% 43% 44% 45% 26 2'174 4% 24% 31% 43% 48% 54% 54% 56% 27 1'874 5% 24% 38% 43% 48% 54% 54% 28 1'434 5% 28% 42% 51% 57% 63% 29 1'36 6% 24% 39% 55% 61% 21 1'177 6% 22% 34% 47% 211 1'219 5% 2 32% 212 1'473 4% 19% '689 4% 14% 29% 44% 6 77% 92% 11% 118% 128% 137% 142% 147% 153% 158% 162% '994-32% 1% 12% 34% 57% 75% 91% 17% 122% 132% 139% 145% 152% 156% 159% 2 2'453-6% 4% 26% 47% 72% 9 17% 126% 136% 147% 156% 164% 171% 176% 21 2'828 6% 13% 21% 37% 5 63% 75% 87% 96% 18% 113% 115% 119% 22 2'946 1% 5% 1 17% 25% 34% 43% 49% 54% 58% 59% 61% 23 2'947 1% 4% 8% 14% 19% 24% 28% 32% 34% 36% 38% 24 2'861 5% 12% 19% 27% 34% 4 44% 47% 49% 25 2'622 3% 8% 13% 2 27% 31% 34% 36% 26 2'174 5% 1 18% 25% 36% 4 44% 27 1'874 1% 5% 12% 21% 29% 36% 41% 28 1'434 1% 7% 15% 21% 28% 35% 29 1'36 3% 11% 16% 28% 34% 21 1'177 2% 8% 16% 24% 211 1'219 2% 7% 14% 1% 8% 212 1' % 2% % 162% 15% 4% % 159% 17% 7% 2 195% 176% 13% 6% % 119% 11% 6% 22 77% 61% 11% 5% 23 56% 38% 12% 6% 24 64% 49% 8% 7% 25 54% 36% 9% 9% 26 69% 44% 12% 13% % 13% 16% 28 87% 35% 28% 23% 29 94% 34% 26% 33% 21 93% 24% 23% 46% % 14% 17% % 8% % 2% 9% 73% The development period of Liability business is much longer than for Property business. years were part of the "soft" market and were hit by a number of very significant liability claims such as pharmaceutical, financial institutions, D&O and medical malpractice, now reaching maturity. year 28 was affected by claims arising from medical malpractice covers, as well as the Australian bushfires. 29 was hit by large pharmaceutical claims in France and in the US. 29 is in addition impacted by the Deepwater-Horizon loss, as well as 21. Swiss Re has reduced its Liability portfolio through cycle management actions starting in Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 5' 4' 3' 2' 1' P&C Reserving 213 Page 22

23 Liability - Corporate Solutions '253 5% 26% 52% 73% 97% 123% 131% 139% 145% 148% % 149% 149% % '223 7% 32% 57% 19% 143% 159% 17 21% 22% 29% 25% 27% 27% 27% '386 6% 29% 59% 11% 125% % 179% % % 193% 189% 21 1'66 5% 26% 53% 85% 16% 122% 142% 153% 155% 154% 163% 169% '85 3% 18% 35% 51% 62% 68% 76% 8 79% 83% 83% 83% 23 2'9 2% 13% 22% 39% 45% 51% 52% 54% 56% 56% 57% 24 1'713 2% 13% 24% 31% 38% 41% 45% 48% 5 51% 25 1'133 2% 15% 26% 33% 38% 41% 44% 45% 51% 26 1'88 3% 14% 22% 31% 41% 46% 48% 48% % 2 34% 6 64% 66% 68% % 18% 33% 4 43% 53% % 27% 43% 53% % 28% 45% 55% % 14% 23% % 12% '253-1% 8% 28% 49% 68% 88% 17% 119% 126% 131% 134% 136% 138% 144% 145% 145% '223 1% 11% 32% 62% 94% 115% 133% 147% 159% % 184% 191% 194% 196% 2 1'386 2% % 87% 17% 129% 147% 156% 168% 173% 179% 181% 183% 21 1'66 8% 27% 45% 64% 82% 97% 125% 133% 142% 145% 147% 154% 22 1'85 1% 7% 18% 31% 41% 53% 6 65% 7 73% 75% 76% 23 2'9 5% 11% 2 27% 34% 39% 43% 47% 48% 49% 24 1'713 4% 12% 21% 28% 33% 37% 4 44% 46% 25 1'133 5% 11% 2 28% 35% 38% 4 47% 26 1'88 4% 11% 18% 23% 37% 42% 45% % % 62% % 5% 13% 21% 28% 44% % 6% 24% 36% 45% % 9% 27% 37% % 5% 13% 5% % 1% % 145% 3% 4% % 196% 14% 9% 2 196% 183% 6% 7% % 154% 16% 5% 22 88% 76% 7% 5% 23 61% 49% 8% 4% 24 59% 46% 6% 7% 25 56% 47% 4% 5% 26 57% 45% 3% 9% 27 91% 62% 6% 23% 28 76% 44% 9% 23% 29 84% 45% 15% 25% % 18% 35% % 13% 11% % 5% 8% % 1% 3% 73% The development period of Liability business is much longer than for Property business. years were part of the "soft" market and were hit by a number of very significant liability claims such as pharmaceutical, financial institutions, D&O and medical malpractice, now reaching maturity. On treaty year 28, the increase in reported losses in calendar year 213 is driven by the explosion of a food processing plant in the US, whereas the increase in paid losses in calendar year 213 is driven by losses from the liquidity crisis. 29 was hit by large pharmaceutical claims in France and in the US Reported as % of s - Latest ten years was affected by a gas explosion in California, as well as by the Deepwater-Horizon loss , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 25 Written 24 2'5 2' 1'5 1' 5 P&C Reserving 213 Page 23

24 Motor - total '42 52% 96% 19% % 118% % 121% 122% 123% 123% 124% 124% 124% 125% '377 36% 13% 117% 126% % 133% 133% 132% 134% 134% 134% 134% 134% 134% 2 2'823 31% 91% 13% 18% 113% % 112% 112% 112% 112% 113% 113% 21 2'463 33% 77% 87% 92% 95% 95% 96% 96% 96% 96% 96% 96% 97% 22 1'957 17% 79% 84% 87% 88% 88% 89% 89% % 91% 23 2'37 17% 72% 75% 78% % % 82% 24 2'78 17% 7 75% 8 81% 81% 82% 82% 82% 83% 25 1'667 17% 62% 68% 69% 71% 71% 71% 71% 75% 26 1'437 5% 6 71% 74% 76% 77% 76% 78% 27 1'62 13% 69% 81% 82% 83% 84% 85% 28 1'591 23% 72% 81% 83% 85% 86% 29 1'639 21% 69% 81% 85% 86% 21 1'284 14% 62% 74% 78% 211 2'28 18% 71% 85% 212 2'893 14% 65% 213 1' '42 22% 58% 75% 84% 92% 97% 11% 15% 17% 19% 111% 112% 113% 114% 115% 116% '377 15% 6 81% 95% 12% 18% 112% 115% 117% 122% 123% 125% 125% 126% 127% 2 2'823 7% 45% 67% 78% 88% 94% 97% 99% 12% 13% 14% 15% 16% 17% 21 2'463 11% 44% 57% 65% 72% 76% 79% 82% 83% 85% 86% 87% 88% 22 1'957 12% 44% 57% 63% 68% 7 73% 75% 76% 78% 79% '37 13% 4 49% 55% 6 63% 65% 67% 68% 69% 69% 24 2'78 11% % 61% 63% 66% 68% 7 71% 25 1' % 43% 49% 53% 56% 58% 6 62% 26 1'437-1% 32% 46% 52% 56% 59% 61% 63% 27 1'62 8% 44% 6 64% 68% 7 72% 28 1'591 14% 49% 62% 68% 71% 74% 29 1'639 12% 47% 64% 7 73% 21 1'284 9% 41% 53% 62% 211 2'28 9% 5 72% 1 51% 212 2' '368 33% 18% % 116% 9% 3% % 127% 7% 3% 2 115% 17% 6% 2% % 9% 4% 22 96% 8 11% 5% 23 89% 69% 12% 7% % 12% 7% 25 84% 62% 13% 9% 26 88% 63% 15% % 72% 13% 8% 28 94% 74% 13% 8% 29 97% 73% 14% 11% 21 97% 62% 16% % 72% 13% 13% % 15% 35% % 18% 14% 65% Motor includes property damage and proportional treaty business, which develop quickly, and non-proportional business, which tends to develop more slowly. On the older years, provisions reflect the very long run-off of non-proportional claims, especially in France, Germany and the UK. The high ultimate claims ratios for is due to the "soft" market conditions at the time. for UK business have been increased due to growing numbers of "Periodical Payment Orders" (PPO) settlements. Written premium has increased on treaty year 211 due to new quota share contracts in China, and on treaty year 212 due to a large European deal Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 4' 3'5 3' 2'5 2' 1'5 1' 5 P&C Reserving 213 Page 24

25 Motor - Reinsurance '738 56% 11% 112% 112% 118% 118% % 122% 122% 123% 124% 124% 124% 124% 125% '62 38% 18% % 132% 132% 135% 135% 133% 135% 136% 136% 136% 136% 136% 2 2'552 32% 9 15% 19% 113% % 112% 112% 112% 113% 113% 21 2'21 34% 79% 88% 92% 95% 94% 95% 95% 95% 95% 95% 95% 96% 22 1'778 18% 84% 88% 91% 92% 92% 92% 92% 93% 93% 93% 94% 23 1'817 18% 77% 79% 81% 82% 82% 82% 82% 82% 82% 84% 24 1'878 17% 74% 77% 82% 82% 83% 83% 83% 83% 84% 25 1'545 17% 64% 69% 7 71% 72% 72% 71% 75% 26 1'356 3% 61% 71% 75% 75% 76% 76% 77% 27 1'566 13% 69% 81% 82% 83% 84% 85% 28 1'574 23% 72% 82% 84% 85% 87% 29 1'626 21% 69% 82% 85% 87% 21 1'281 14% 62% 74% 78% 211 2'24 18% 71% 85% 212 2'89 14% 65% 213 1' '738 23% 6 77% 84% 91% 95% 1 13% 15% 17% 19% 111% 113% 114% 115% 115% '62 16% 62% 82% 95% 12% 17% 112% 114% 117% 122% 124% 125% 126% 127% 128% 2 2'552 6% 45% 68% 78% 88% 93% 96% 98% 11% 12% 13% 14% 15% 16% 21 2'21 11% 45% 57% 64% 7 74% 77% 8 82% 83% 85% 86% 87% 22 1'778 13% 47% 6 66% 7 72% 75% 77% 78% 8 81% 82% 23 1'817 14% 43% 52% 56% 6 63% 65% 67% 68% 69% '878 12% 42% 52% 58% 61% 63% 66% 68% 7 71% 25 1' % 44% 49% 52% 55% 57% 59% 61% 26 1'356-2% 32% 46% 51% 55% 58% 6 62% 27 1'566 8% 44% 6 64% 68% 7 72% 28 1'574 14% 5 62% 68% 71% 74% 29 1'626 12% 47% 64% 7 73% 21 1'281 9% 41% 53% 62% 211 2'24 9% 5 72% 1 51% 212 2' '367 33% 18% % 115% 1 4% % 8% 3% 2 115% 16% 7% 2% % 9% 4% 22 99% 82% 12% 5% 23 92% 7 14% 8% 24 91% 71% 13% 8% 25 84% 61% 14% % 62% 15% % 72% 13% 8% 28 95% 74% 13% 8% 29 97% 73% 14% 11% 21 97% 62% 16% % 72% 13% 13% % 15% 35% % 18% 14% 65% Motor includes property damage and proportional treaty business, which develop quickly, and non-proportional business, which tends to develop more slowly. On the older years, provisions reflect the very long run-off of non-proportional claims, especially in France, Germany and the UK. The high ultimate claims ratios for is due to the "soft" market conditions at the time. for UK business have been increased due to growing numbers of "Periodical Payment Orders" (PPO) settlements. Written premium has increased in 211 due to new quota share contracts in China, and on treaty year 212 due to a large European deal Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 4' 3'5 3' 2'5 2' 1'5 1' 5 P&C Reserving 213 Page 25

26 Motor - Corporate Solutions % 73% 89% 1 112% 116% 119% % % % % 72% 94% 18% 116% % 123% 123% 122% 122% 122% 122% 122% % 12% 87% 1 16% % 115% 115% 117% 116% 116% 117% 117% % 61% % 1 12% 12% 11% 11% 12% 12% 12% % 42% 48% 52% 55% 57% 58% 59% 59% 59% 59% % 45% 59% 64% 65% 68% 68% 67% 67% 67% % 35% 52% 6 65% 69% 71% 72% 73% 74% % 36% 54% 64% 66% 66% 68% 69% 73% % 47% 63% 71% 79% 84% 85% 86% % 64% 67% 71% 69% 68% 68% % 33% 45% 51% 52% 54% % 35% 38% 42% 42% % 68% 79% 76% % 62% % 68% % 49% 67% 82% 96% 14% 18% 113% 115% 117% 117% 118% 119% 119% 119% 119% % 45% 71% 91% 13% 112% 115% 118% 119% % 121% 121% 121% 122% % 82% 94% 12% 16% % 113% 113% 115% 116% 116% % 36% 56% 71% 84% 91% 96% 98% 99% 99% % 13% 28% 38% 47% 51% 54% 56% 58% 58% 58% 59% % 16% 28% 46% 56% 61% 65% 66% 66% 66% 66% % 2 36% 49% 59% 63% 67% 67% 71% 72% % 18% 35% 51% 59% 62% 65% 67% 73% % 19% 43% 6 72% 77% 81% 82% % 34% 52% 61% 67% 68% 68% % 2 33% 4 43% 47% % 25% 31% 33% 37% % 47% % 53% 55% 13% 52% % % 119% 1% 1% % 122% 1% 2 119% 116% 1% 2% 21 13% 1 2% 1% % 1% 23 67% 66% 1% 1% 24 75% 72% 2% 1% 25 74% 73% 1% 1% 26 87% 82% 4% 2% 27 71% 68% 1% 2% % 6% 6% 29 47% 37% 5% 5% 21 17% 7 6% 31% % 55% 5% 39% % 52% 16% 51% % 3 12% 37% The high ultimate claims ratios for is due to the "soft" market conditions at the time. The premium volume has significantly decreased over the last ten years Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written P&C Reserving 213 Page 26

27 Accident & Health - total % 87% 98% 1 15% 111% 122% 128% % 135% % 152% 153% '68 31% 74% 94% 18% 117% 122% 129% 135% 139% 143% 148% 158% % 163% 2 1'73 26% 69% 92% 16% 114% 119% 128% % 141% 152% 155% 156% 156% 21 1'434 44% 74% 93% 96% 12% 18% 19% % 119% 124% 125% 127% 22 1'575 13% 59% 71% 7 72% 76% 78% 76% 78% 8 81% 82% 23 1'348 13% 44% 59% 62% 63% 64% 68% 67% 68% 68% 69% 24 1'24 18% 54% 6 63% 64% 64% 66% 67% 67% 68% 25 1'151 16% 51% 59% 62% 64% 66% 67% 68% 69% % 57% 67% 67% 68% 7 72% 72% % 41% 49% 52% 57% 61% 65% % 53% 63% 65% 67% 68% % 65% 68% % 52% 62% 64% % 57% 67% % % % 56% 72% 81% 88% 92% 11% 16% 18% 111% 114% 118% 124% 127% 134% 136% '68 16% 42% 59% 77% 87% 91% 98% 14% % 119% 127% 133% 136% 138% 2 1'73 12% 37% 56% 68% 75% 82% 9 95% 11% 17% 118% 123% 129% 131% 21 1' % 49% 59% 66% 71% 78% 81% 86% 91% 97% 11% 14% 22 1'575 6% 3 43% 46% 5 52% 56% 58% 61% 63% 65% 67% 23 1'348 3% 24% 37% 43% 47% 5 53% 54% 56% 58% 59% 24 1'24 8% 29% 37% 44% 47% 5 53% 55% 56% 57% 25 1'151 6% 24% 36% 43% 48% 52% 54% 56% 58% % 27% 41% 47% 53% 56% 58% 59% % 2 32% 38% 45% 49% 53% % 28% 43% 53% 57% % 31% 45% 53% 57% % 35% 48% 53% % 39% 17% 51% 13% % 136% 17% 15% % 24% 18% 2 175% 131% 25% 19% % 23% 23% 22 97% 67% 15% 15% % 1 11% 24 81% 57% 1 14% 25 83% 58% 12% 14% 26 84% 59% 13% 11% 27 81% 53% 12% 16% 28 83% 6 8% 15% 29 84% 57% 11% 16% 21 83% 53% 11% 19% % 5 17% 21% % 51% 1 33% % 13% 8% 64% This line of business is dominated by US workers compensation business, which includes long-term bodily injury claims, and is the driver for the high on older treaty years. Since the reserves are not discounted, significant amounts of investment income will add to future profits during the run-off of these reserves. The high ultimate claims ratios for is due to the "soft" market conditions at the time. The increase in premium on treaty year 212 is driven by a large European deal Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 2' 1'8 1'6 1'4 1'2 1' P&C Reserving 213 Page 27

28 Accident & Health - Reinsurance % 82% 99% 1 17% 113% 128% 135% 135% 136% 137% 142% % % % 67% 97% 18% 117% % 132% 135% 139% 141% 146% 148% 148% 148% % 67% 91% 112% % 136% 134% 141% 145% 155% 159% 156% 157% % 8 99% 99% 15% 11 18% 15% % 117% 115% 116% % 61% 65% 68% 68% 79% 79% 72% 75% 77% 77% 78% % 49% 49% % 56% 51% % 54% 54% 57% 57% 57% 58% 58% 58% 58% % 46% 55% 56% 57% 59% 6 61% 62% % 47% 55% 56% 56% 58% % 44% 51% 5 51% 53% 54% % 47% 55% 57% 58% 59% % 42% 54% 6 63% % 44% 55% 58% % 48% 59% % 58% % 61% 75% 86% 94% 17% 112% 114% 118% 119% 123% 126% 129% 138% % 25% 49% 68% 81% 84% 92% 11% 16% 112% 115% 119% 127% 129% 131% % 22% 42% 54% 62% 69% 81% 87% 96% 12% 18% 118% 126% 129% % 22% 37% 46% 54% 59% 67% 7 73% 76% 86% 9 93% % 16% 26% 32% 37% 39% 42% 45% 48% 53% 55% 57% % 18% 26% 32% 36% 38% 4 41% 43% 43% 44% % 22% 3 37% 39% 42% 45% 48% 49% % 15% 27% 35% 41% 45% 47% 48% % 17% 31% 38% 45% 48% 5 52% % 15% 27% 32% 38% 39% 41% % 16% 31% 43% 47% 49% % 2 35% 44% 49% % 2 36% 43% % 2 33% 16% 45% % 3% % 14 9% 7% % 131% 17% 9% 2 173% 129% 28% 16% % 93% 24% 18% 22 94% 57% 21% 16% 23 61% 44% 7% % 5 8% 9% 25 72% 5 12% % 52% 8% 9% 27 74% 41% 13% 19% 28 78% 49% 9% % 49% 14% 21% 21 84% 43% 15% 26% % 33% 25% 32% % 45% 12% 37% % 3% 13% 71% This line of business is dominated by US workers compensation business, which includes long-term bodily injury claims, and is the driver for the high on older treaty years. Since the reserves are not discounted, significant amounts of investment income will add to future profits during the run-off of these reserves. The high ultimate claims ratios for is due to the "soft" market conditions at the time. The increase in premium on treaty year 212 is driven by a large European deal Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written P&C Reserving 213 Page 28

29 Accident & Health - Corporate Solutions % 93% 98% 1 13% 19% 116% % 128% 132% 138% 151% 152% 155% 157% % 81% 91% 19% 117% 125% % 142% 147% 155% 171% 174% 177% 179% % 12% 19% 114% 122% 126% 131% 137% % 155% 156% % 69% 87% 93% 99% 17% % 119% 125% % 136% % 57% 75% 71% 74% 75% 78% 78% 8 82% 83% 84% % 41% 65% 7 71% 73% 76% 77% 78% 79% % 53% 65% 69% 69% 7 72% 74% 74% 75% % 58% 65% 69% 72% 74% 76% 77% 79% % 71% 83% 82% 84% 86% 87% 89% % 38% 48% 55% 63% 7 76% % 66% 77% 8 83% 84% % 65% 74% 76% 78% % 75% % 74% 82% % 82% % 74% 84% 86% 89% 9 95% 99% 11% 14% 19% 113% 122% 125% 128% 132% % 71% 86% 93% 99% 16% 18% 114% 118% 124% 137% % 147% % 49% 67% 78% 85% 92% 97% 11% 16% % 128% 131% 133% % 45% % 83% 87% 92% 97% 14% 18% 111% 114% % 4 53% 55% 58% 6 64% 67% 68% 7 72% 74% % 27% 44% 49% 54% 57% 61% 62% 65% 67% 69% % 34% 42% 5 53% 56% 58% 6 62% 63% % 36% 46% 52% 58% 6 63% 65% 67% % 39% 54% 59% 63% 66% 68% % 26% 37% 45% 53% 59% 66% % 5 66% 72% 76% 79% % 55% 67% 71% 73% % 74% % 74% 81% 22% 82% % 29% % 132% 26% 25% % 147% 32% 28% 2 178% 133% 23% 21% % 114% 22% 28% 22 98% 74% 11% 14% 23 91% 69% 11% 11% 24 93% 63% 12% 18% 25 98% 67% 11% 19% 26 14% 7 19% 15% 27 89% 66% 1 13% 28 92% 79% 5% 7% 29 84% 73% 5% 6% 21 81% 8 1% % 81% 2% % 82% 14% % 29% 2% 55% This line of business is dominated by US workers compensation business, which includes long-term bodily injury claims, and is the driver for the high on older treaty years. 27 & prior years (and more predominantly 26) are impacted by the proportional Accident & Health fronted business in run-off since 28. Since the reserves are not discounted, significant amounts of investment income will add to future profits during the run-off of these reserves. The high ultimate claims ratios for is due to the "soft" market conditions at the time Reported as % of s - Latest ten years , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale Written 24 1'25 1' P&C Reserving 213 Page 29

30 Aviation & Space - total 12 Reported as % of s - Latest ten years 22 1'21 4% 26% 36% 37% 39% 38% 38% 37% 38% 37% 37% 37% 23 1'11 2% 2 27% 28% 29% 29% 29% 29% 28% 28% 28% 24 1'88 4% 25% 34% 37% 39% 39% 39% 39% 38% 38% % 3 41% 48% 49% 5 49% 49% 48% % 36% 56% 61% 62% 61% 59% 59% % 41% 54% 58% % % 56% 8 94% 95% 93% % 38% 5 51% % 34% 48% 46% % 43% % 24% '21 1% 15% 25% 28% 31% 33% 34% 35% 36% 36% 36% 36% 23 1'11 1% 9% 16% 2 23% 24% 25% 26% 26% 26% 26% 24 1'88 2% 18% 25% 29% 33% 34% 35% 36% 36% 37% % 13% 26% 36% 39% 42% 42% 44% 44% % 18% 36% 46% 49% 51% 52% 55% % 25% 37% 42% 47% 49% 52% % 22% 41% 55% 68% 75% % 21% 33% 41% 44% % 18% 32% 39% % 24% 34% % 32% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1' % 36% 1% 23 27% 26% 1% 24 38% 37% 1% 25 48% 44% 4% 26 58% 55% 4% -1% % 1-2% Most annual renewals for airlines take place in October or November. Therefore it was treaty year 28 rather than 29 that was impacted by the Air France loss (flight AF 447). 28 is also hit by a satellite loss. year 212 was hit by a plane crash and a satellite loss '5 1' % 75% 18% 3% 29 52% 44% 6% 2% 21 54% 39% 7% 8% % 34% 9% 12% % 32% 17% 33% % 13% 11% Written P&C Reserving 213 Page 3

31 Aviation & Space - Reinsurance 12 Reported as % of s - Latest ten years 22 1'2 2% 26% 36% 37% 39% 38% 38% 38% 38% 38% 37% 37% % 2 28% 29% 3 31% 31% % % 24% 34% 37% 39% 39% 39% 39% 39% 39% % 32% 45% 54% 54% 55% 55% 55% 54% % 36% 61% 68% 7 68% 66% 64% % 4 57% 61% 63% 63% 65% % 34% 58% 69% 71% 69% % 49% 65% 66% 64% % 32% 44% % 4 48% % 9% '2 1% 15% 23% 27% 31% 32% 33% 35% 35% 36% 36% 36% % 1 17% 21% 24% 26% 26% 27% 27% 28% 28% % 15% 24% 28% 32% 34% 35% 36% 37% 37% % 14% 28% 39% 42% 46% 46% 48% 49% % 17% 39% 49% 54% 56% 57% % 21% 35% 41% 46% 49% 52% % 15% 28% 36% 43% 49% % 27% 42% 53% 57% % 17% 3 33% % 27% 36% % 21% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2' 1' % 36% 1% 23 29% 28% 2% 24 38% 37% 1% 25 53% 49% 5% -1% 26 63% 6 5% -1% Most annual renewals for airlines take place in October or November. Therefore it was treaty year 28 rather than 29 that was impacted by the Air France loss (flight AF 447). year 212 was hit by a plane crash '6 1'4 1'2 1' % 52% 13% -3% 28 73% 49% 2 3% % 57% 7% % 33% 7% 11% % 36% 12% 14% % 21% 2 33% % 4% 5% 42% Written P&C Reserving 213 Page 31

32 Aviation & Space - Corporate Solutions 16 Reported as % of s - Latest ten years % 25% 38% 38% 38% 38% 38% 37% 37% 37% 37% 37% % 17% 22% 26% 24% 24% 23% 23% 22% 21% 21% % 31% 36% 38% 39% 38% 38% 38% 37% 37% % 24% 27% 31% 32% 33% 32% 31% 31% % 33% 41% 42% 4 41% 41% 41% % 43% 49% 52% 54% 53% 55% % 96% 117% 139% 137% 135% % 18% 22% 23% 25% % 36% 53% 54% % 29% 34% % 37% % 19% 34% 35% 36% 36% 36% 37% 36% 36% 36% 36% % 7% 13% 16% 19% % 25% 29% 31% 34% 35% 36% 36% 36% 36% % 1 19% 26% 28% 29% 29% 29% 29% % 21% 3 35% 36% 37% 39% 39% % 33% 4 45% 48% 5 52% % 35% 63% 88% 113% % 9% 15% 18% 21% % 18% 34% 47% % 18% 29% % 46% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 4 35 Most annual renewals for airlines take place in October or November % 36% 23 21% 2 1% 24 37% 36% 1% 25 31% 29% 2% Therefore it was treaty year 28 rather than 29 that was impacted by the Air France loss (flight AF 447). 28 is also hit by a satellite loss. year 212 was hit by a satellite loss % 39% 2% % 52% 3% 2% % 12 15% 1% % 4% 5% % 47% 7% 4% % 29% 5% 9% % 12% 32% % 21% 16% 37% Written P&C Reserving 213 Page 32

33 Engineering - total 12 Reported as % of s - Latest ten years % 31% 44% 52% 6 61% 61% 62% 63% 64% 64% 65% % 24% 34% 41% 45% 47% 49% 49% 49% 49% 49% % 24% 33% 42% 47% 47% 48% 49% 49% % 22% 33% 39% 43% 45% 46% 47% 51% % 22% 35% 42% 46% 48% % 22% 36% 45% 51% 56% 58% % 29% 47% 52% 59% 63% % 3 42% 55% 63% % 29% 45% 58% % 3 51% % 42% 13% % 15% 26% 36% 41% 48% 52% 54% 55% 58% 59% % 11% 21% 28% 32% 36% 39% 41% 42% 43% 43% % 2 26% 32% 36% 39% 42% 42% 43% % 9% 18% 24% 3 34% 37% 4 44% % 9% 19% 27% 33% 38% 4 42% % 1 21% 29% 35% 42% 48% % 13% 26% 36% 44% % 12% 25% 34% 41% % 14% 28% 37% % 13% 27% % 15% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1' % 6 5% 3% 23 51% 43% 5% 3% 24 55% 43% 7% 5% 25 58% 44% 7% 7% % 8% % 48% 1 9% 28 74% 5 13% 11% Engineering includes both short-term risks and longer term risks such as project risks and construction guarantees. As a result, claims can arise several years into the development pattern. Because premium is earned over several years, such claims are often offset by increases in earned premium. years are impacted by the water damage at a power station in Russia % 41% 22% 12% % 37% 21% 17% % 27% 24% 27% % 15% 27% 44% % 1 67% Written P&C Reserving 213 Page 33

34 Engineering Reinsurance 12 Reported as % of s - Latest ten years % 36% 49% 55% 59% 62% 61% 63% 63% 64% 65% 66% % 26% 35% 42% 46% 48% 51% 51% 51% 52% 51% % 27% 37% 46% 51% 52% 53% 54% 54% 55% % 23% 35% 42% 45% 48% 49% 5 51% % 23% 36% 44% 48% 5 53% 52% % 23% 37% 47% 53% 57% 59% % 27% 45% 51% 59% 62% % 31% 44% 58% 66% % 28% 44% 58% % 28% 49% % 4 13% % 17% % 5 52% 54% 55% 58% 59% % 12% 22% 29% 34% 37% 4 42% 44% 45% 45% % 23% 29% 36% 4 43% 46% 46% 47% % % 33% 36% 4 42% 44% % 9% 2 28% 34% 39% 42% 44% % 11% 22% 31% 37% 43% 49% % 13% 25% 35% 43% 49% % 12% 26% 36% 43% % 13% 27% 36% % 11% 25% % 15% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1' % 6 6% 3% 23 54% 45% 6% 3% % 8% 6% 25 59% 44% 7% 8% 26 63% 44% 9% % 49% 1 9% 28 74% 49% 14% 12% Engineering includes both short-term risks and longer term risks such as project risks and construction guarantees. As a result, claims can arise several years into the development pattern. Because premium is earned over several years, such claims are often offset by increases in earned premium. years are impacted by the water damage at a power station in Russia % 43% 23% 13% % 36% 22% 18% % 25% 25% 28% % 15% 25% 46% % 3% 11% 65% Written P&C Reserving 213 Page 34

35 Engineering - Corporate Solutions 14 Reported as % of s - Latest ten years % 14% 26% 4 64% 59% 6 61% 62% 62% 62% 62% % 17% 28% 34% 4 41% 37% 36% 36% 36% 34% % 11% 17% 24% 28% 26% 26% 25% 28% 28% % 9% 16% 2 28% 27% 29% 3 53% % 12% 17% 19% 24% 28% 28% 27% % 8% 19% 22% 25% 4 39% % 116% 93% 77% 76% % 23% 21% 23% % 34% 51% 55% % 5 73% % 54% 6% % 6% 11% 23% 28% 43% 48% 53% 56% 57% 59% % 18% 24% 25% 28% 32% 33% 33% 34% 34% % 8% 11% 15% 21% 23% 24% 26% 26% % 2% 6% 9% 15% 19% 2 24% 49% % 6% 12% 15% 18% 21% 22% 25% % 3% 6% 14% 18% 24% 35% % 29% 56% 83% 73% 73% % 1 14% 16% % 34% 52% % 24% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale % 6 3% 4% 23 35% 34% 1% 1% % 2% 3% 25 55% 49% 3% 2% 26 29% 25% 2% 2% 27 41% 35% 5% 2% 28 78% 73% 2% 2% 29 29% 16% 7% 6% 21 62% 52% 4% 7% % 5 23% 16% Engineering includes both short-term risks and longer term risks such as project risks and construction guarantees. As a result, claims can arise several years into the development pattern. Because premium is earned over several years, such claims are often offset by increases in earned premium. The increase on reported losses on treaty year 27 in calendar year 212 is driven by reserves strengthening for one big claim. This line of business is particularly affected by data migration. In particular, the decrease of the reported losses on treaty year 28 relates to the migration of one big claim % 15% 39% 25% % 6% 83% Written P&C Reserving 213 Page 35

36 Marine - total 22 1'143 8% 45% 65% 69% 7 69% 69% 7 69% 68% 68% 68% 23 1'133 8% 39% 52% 56% 58% 59% 59% 59% 59% 59% 58% 2 18 Reported as % of s - Latest ten years '58 15% 66% 88% 94% 96% 96% 96% 96% 95% 95% '179 38% 145% 178% 183% 183% 184% 185% 186% 184% 26 1'29 8% 35% 51% 57% 59% 59% 6 59% % 44% 66% 7 69% 68% 67% % 83% 98% 11% 12% 12% % 43% 6 65% 65% % 51% 72% 79% % 61% 76% % 72% 33% '143 4% 26% 46% 55% 61% 64% 65% 66% 66% 67% 67% 67% 23 1'133 4% 19% 35% 43% 5 53% 55% 56% 57% 57% 57% 24 1'58 3% 36% 59% 74% 81% 86% 89% 91% 92% 92% 25 1'179 3% 58% 116% % 169% 173% 176% 179% 26 1'29 2% 18% 34% 43% 48% 51% 52% 54% % 22% 45% 53% 57% 61% 63% % 37% 7 84% 93% 95% % 23% 39% 47% 52% % 24% 46% 55% % 32% 58% % 41% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2' 1' % 67% 1% 23 58% 57% 1% 24 95% 92% 3% % 179% 5% 26 59% 54% 5% 27 69% 63% 5% 2% 28 13% 95% 6% 1% The marine portfolio is often affected by natural catastrophes, including hurricanes in 24, 25 and and 211 were impacted by the recent large natural catastrophes in the Far East, and 212 is hit by hurricane Sandy and by the grounding of Costa Concordia. The high reported and paid loss ratios on treaty year 213 is driven by the MOL Comfort loss. The reported loss ratio is also driven by a refinery loss '6 1'4 1'2 1' % 52% 13% 2% % 55% 25% 6% % 58% 18% 7% % 31% 18% % 11% 22% 44% Written P&C Reserving 213 Page 36

37 Marine - Reinsurance 22 1'78 8% 46% 66% 69% 69% 69% 69% 69% 68% 68% 67% 67% 23 1'41 8% 4 53% 55% 58% 58% 58% 58% 58% 58% 58% 2 18 Reported as % of s - Latest ten years % 65% 86% 91% 93% 93% 94% 93% 92% 92% '85 34% 147% 181% 185% 184% 185% 186% 187% 186% % 38% 56% 61% 64% 63% 63% 63% % 48% 72% 77% 75% 73% 73% % 69% 84% 85% 86% 87% % 46% 63% 69% 69% % 56% 78% 87% % 58% 74% % 32% '78 4% 27% 47% 55% 61% 63% 64% 66% 66% 66% 66% 66% 23 1'41 4% 2 36% 43% 49% 52% 54% 55% 56% 56% 56% % 34% 56% 7 77% 83% 85% 88% 88% 88% 25 1'85 3% % 162% % 177% % 2 36% 46% 51% 54% 56% 57% % 24% 48% 57% 61% 65% 67% % 29% 58% 69% 78% % 25% 41% 48% 54% % 27% 5 59% % 29% 55% % 46% , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2' 1' % 66% 1% 23 58% 56% 1% 24 92% 88% 3% % 18 6% 26 63% 57% 6% 27 73% 67% 6% 28 88% 8 7% 1% The marine portfolio is often affected by natural catastrophes, including hurricanes in 24, 25 and and 211 were impacted by the recent large natural catastrophes in the Far East, and 212 is hit by hurricane Sandy and by the grounding of Costa Concordia. The high reported and paid loss ratios on treaty year 213 is driven is driven by the MOL Comfort loss. The reported loss ratio is also driven by a refinery loss '6 1'4 1'2 1' % 14% 1% % 59% 29% 6% % 55% 19% 7% % 35% % 1 22% 42% Written P&C Reserving 213 Page 37

38 Marine - Corporate Solutions 2 Reported as % of s - Latest ten years % 32% 58% 69% 81% 8 82% 81% 81% 81% 82% 82% % 29% 42% 62% 67% 66% 66% 66% 66% 66% 66% % 85% 118% 125% % 128% 128% 127% 127% % 124% 147% 163% 166% 167% 166% 166% 167% % 15% 22% 28% 3 34% 36% 33% % 27% 32% 34% 37% 37% 37% % 147% 166% 177% 176% 173% % 35% 48% 52% 52% % 46% 48% % 83% % 38% % 17% 38% 56% 66% 75% 79% 79% 81% 81% 82% 82% % 16% 29% 47% 61% 64% 64% 65% 66% 66% 66% % 52% 89% 114% 119% 122% 126% 126% 127% 127% % 39% 68% 87% 156% 162% 163% 164% 166% % 14% 2 23% 26% 28% 33% % 11% 26% 29% 32% 33% 36% % 76% % 165% 168% % 16% 33% 41% 45% % 13% 31% 39% % 51% 69% % % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale % 82% 23 66% 66% % 127% The marine portfolio is often affected by natural catastrophes, including hurricanes in 24, 25 and 28. year 211 was impacted by the recent large natural catastrophes in the Far East. year 213 is hit by several larger claims % 166% -1% 26 33% 33% % 36% 1% 12% % 168% 4% % 45% 7% 2% % 39% 9% 4% % 69% 14% 6% % 2 15% 12% % 17% 22% 51% Written P&C Reserving 213 Page 38

39 Credit & Surety - total 14 Reported as % of s - Latest ten years % 75% 78% 82% 83% 82% 83% 84% 84% 82% 82% % 41% 53% 52% 53% 57% 61% % % 33% 4 45% 48% 61% 64% 64% 64% 65% % 29% 4 45% 66% 68% 69% 69% 71% % 33% 49% 7 74% 76% 77% 78% % 79% 88% 91% 98% 11% % 7 13% 16% 111% 114% % 47% 47% 48% % 21% 35% 39% % 31% % 28% 14% % 3 53% 61% 65% 69% 72% 73% 74% 75% 75% 76% % 2 38% 4 43% 46% 49% 5 51% 51% 52% % 17% 32% 38% 42% 55% 58% 59% 6 61% % 15% 32% 38% 62% 64% 65% 66% 67% % 19% 39% 64% 68% 7 72% 73% % 19% 7 81% 86% 91% 93% % 49% 93% 99% 13% 15% % 26% 39% 43% 46% % 29% 35% % 19% 35% % 17% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1'4 1' % 76% 6% 1% % 8% 1% years 27-8 were hit by many claims from Spain. years 24-7 include losses from Legacy credit business ' % 61% 4% 25 71% 67% 4% 1% 26 79% 73% 4% 1% % 93% 8% 4% % 15% 8% 4% % 46% 4% 6% 21 46% 35% 4% 8% % 35% 5% 9% % 17% 11% % 3% 12% 35% Written P&C Reserving 213 Page 39

40 Credit & Surety - Reinsurance 16 Reported as % of s - Latest ten years % 67% 8 82% 86% 87% 86% 87% 88% 88% 86% 86% % 5 62% 6 62% 66% 71% % % 39% 46% 52% 54% 71% 74% 75% 75% 75% % 35% 47% 53% 78% 81% 82% 82% 83% % 38% 55% 79% 82% 85% 85% 86% % 44% 92% 12% 16% 113% 114% % 121% 123% 126% % 52% 53% 56% % 27% 44% 49% % 42% 55% % 22% % 3 55% 62% 66% 7 74% 75% 77% 77% 78% 79% % 25% 43% 47% 5 53% 58% 59% 59% 59% 61% % 2 38% 43% 46% 63% 67% 68% 69% % 18% 38% 45% 73% 77% 77% 78% 79% % 21% 44% 71% 76% 78% 79% 81% % 21% 81% 94% 99% 14% 16% % 53% 14% 111% 115% 118% % 29% 43% 47% 51% % 37% 44% % 23% 46% % 26% % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale % 79% 8% 1% years 27-8 were hit by many claims from Spain. years 24-7 include losses from Legacy credit business % 61% 9% 1% 24 75% 7 5% % 79% 5% 1% 26 87% 81% 5% 1% % 16% 7% 4% % 118% 12% 5% 29 61% 51% 5% 6% % 44% 5% 9% % 46% 9% 12% % 26% 17% 22% % 4% 18% 46% Written P&C Reserving 213 Page 4

41 Credit & Surety - Corporate Solutions 12 Reported as % of s - Latest ten years % 43% 53% 61% 63% 67% 66% 64% 65% 65% 65% 64% % 3% 15% 14% 15% 15% 16% 17% 15% 16% 15% % 1 19% 22% 28% 29% 3 29% 29% 29% % 4% 8% 11% 13% 13% 14% 14% 16% % 5% 14% 19% 25% 23% 28% 29% % 15% 2 21% 27% 39% % 17% 42% % % 13% 24% 27% 27% % 21% 22% % 12% 14% % 6% 1% % 33% 47% 54% 58% 64% 64% 64% 64% 64% 64% 64% % -1% 15% 1 11% 13% 14% 15% 15% 15% 15% % 8% 13% 18% 25% 27% 28% 28% 28% 29% % 3% 7% 9% 12% 13% 14% 14% 16% % 11% 22% 26% 26% 3 31% % 14% 21% 21% 26% 29% % 57% 56% 63% 62% % 12% 23% 26% 27% % % 15% % 5% , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 35 3 The negative case reserves for 26 and 28 are due to outstanding subrogation % 64% 1% 23 16% 15% % 1% 25 17% 16% 1% 26 31% 31% -2% 1% % 29% 1 3% 28 61% 62% -4% 3% % 27% 8% 21 28% 2 2% 6% % -1% 6% 2% 5% 2% 18% % 1% 17% Written P&C Reserving 213 Page 41

42 Various other lines & multi-lines 12 Reported as % of s - Latest ten years % 27% 29% 39% 45% 46% 45% 45% 45% 45% 45% 45% % 13% 14% 16% % 21% 21% 21% 21% % 13% 25% 28% 25% 25% 22% 22% 22% % 54% 72% 65% 64% 65% 65% 64% 65% % 48% 59% 58% 58% 59% 59% 59% % 6% 12% 12% 12% 12% 12% % 23% 29% 29% 26% 25% % 15% 22% 22% 26% % 36% 49% % 4 45% % 1% % 21% 22% 36% 44% 45% 44% 44% 44% 44% 44% 44% % 7% 8% 11% 17% 19% 19% 19% 2 19% % 5% 17% 18% 19% 19% 21% 2 21% % 35% 54% 11% 62% 63% 64% 64% 64% % 34% 51% 55% 56% 58% 58% 58% % 5% % 11% 15% 15% 17% 17% % 12% 17% 18% 22% % 21% 42% 43% % 26% 37% % % , Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale % 44% 1% 23 21% 2 1% 1% % 21% 1% 1% % 64% 1% 26 59% 58% 1% % 1 1% 28 26% 17% 8% 1% % 22% 4% 1% % 43% 7% 1% % 37% 8% 23% % 1% 2% 22% % 1% 45% Written P&C Reserving 213 Page 42

43 Corporate calendar & contacts Corporate calendar November Third Quarter 214 results Conference call February Annual Results 214 Conference call 18 March Publication of Annual Report 214 and EVM April 151 st Annual General Meeting Zurich Investor Relations contacts Hotline Investor_Relations@swissre.com Eric Schuh Ross Walker Chris Menth Simone Lieberherr Simone Fessler P&C Reserving 213 Page 43

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