Matthias Weber. New York, 8 June 2011
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1 2011 Globl l Finncil i Services Investor Conference Mtthis Weber Hed Property & Specilty, Member of Group Mngement Bord New York, 8 June 2011
2 Swiss Re is brodly diversified by geogrphy nd product line Premiums erned (USD 20.6 billion) by region (in USD bn) nd by product line: P&C nontrditionl 3.0 Specilty 2% Life 13% 29% Life & Helth 47% Americs Europe Asi 44% (incl. Middle Est /Afric) 41% 15% Property & Csulty Property 22% Csulty 16% Admin Re 8% Helth 10% 53% Swiss Re benefits from geogrphic nd business mix diversifiction nd hs the bility to rellocte cpitl to chieve profitble growth Combines ccumulted expertise of over 147 yers nd continuing reserch with widely recognised strong trck record of innovtion 1 Includes fee income from policyholders Deutsche Bnk 2011 Globl FS Conference New York, 8 June
3 Swiss Re's priorities Build on wht we re good t Outperform our peers Reinsurnce Admin Re Asset Mngement Smrt expnsion Corporte Solutions Longevity Emerging Mrkets The leding plyer in the wholesle re/insurnce industry Deutsche Bnk 2011 Globl FS Conference New York, 8 June
4 Q Highlights High level of nturl ctstrophes Net loss USD 0.7bn vs net income USD 0.2bn in Q P&C combined rtio 163.7% Nt cts ccount for 89.4% pts Combined rtio djusted for norml expected level of nt cts nd reserve development 90.1% L&H impcted by less fvourble mortlity Strong Asset Mngement performnce RoI 40% 4.0% Book vlue per shre CHF (USD 71.26) vs book vlue per shre of CHF (USD 74.02) t end December 2010 Deutsche Bnk 2011 Globl FS Conference New York, 8 June
5 Outlook Expect to benefit from improving mrket conditions To dte, 2011 hs seen very high h level l of nturl ctstrophes Nt ct events expected to ccelerte mrket hrdening Renewls show continued growth nd underwriting qulity Good result in AM, portfolio in line with sset lloction mid-term pln Underlying business demonstrtes progress towrds 5 yer finncil trgets Our mrket position nd cpitl strength re competitive dvntge Deutsche Bnk 2011 Globl FS Conference New York, 8 June
6 Corporte clendr & contcts Corporte clendr 04 August 2011 Second Qurter 2011 results Conference cll 12 September 2011 Investors nd Medi meeting Monte Crlo 03 November 2011 Third Qurter 2011 results Conference cll 09 December 2011 Investors' Dy Investor Reltions contcts Hotline E-mil Eric Schuh Ross Wlker Chris Menth Simone Lieberherr Simone Fessler Deutsche Bnk 2011 Globl FS Conference New York, 8 June
7 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, performnce, chievements or prospects to be mterilly different from ny future results, performnce, chievements or prospects expressed or implied by such sttements. Such fctors include, mong others: further instbility ffecting the globl finncil system nd developments relted uncertinties in estimting reserves; thereto; uncertinties in estimting future clims for purposes of finncil reporting, chnges in globl economic conditions; prticulrly with respect to lrge nturl ctstrophes, s significnt Swiss Re s bility to mintin sufficient liquidity nd ccess to cpitl mrkets, uncertinties my be involved in estimting losses from such events nd including sufficient liquidity to cover potentil recpture of reinsurnce preliminry estimtes my be subject to chnge s new informtion becomes greements, erly clls of debt or debt-like rrngements nd collterl clls under vilble; derivtive contrcts due to ctul or perceived deteriortion of Swiss Re s finncil the frequency, severity nd development of insured clim events; strength; cts of terrorism nd cts of wr; 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; mortlity nd morbidity 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, nd regultory or legl ctions; chnges in ccounting stndrds; possible inbility to relise mounts on sles of securities i on Swiss Re s blnce sheet equivlent to its mrk-to-mrket vlues recorded for ccounting purposes; significnt investments, cquisitions or dispositions, nd ny delys, unexpected costs or other issues experienced in connection with ny such the outcome of tx udits, the bility to relise tx loss crryforwrds nd the trnsctions, including, in the cse of cquisitions, issues rising in connection bility to relise deferred tx ssets (including by reson of the mix of ernings in with integrting cquired opertions; jurisdiction or deemed chnge of control), which could negtively impct future ernings; chnging levels of competition; the possibility tht hedging rrngements my not be effective; opertionl fctors, including the efficcy of risk mngement nd other internl procedures in mnging g the foregoing g risks; nd the lowering or loss of finncil i strength th or other rtings of one or more of the compnies in the Swiss Re group or developments dversely ffecting the bility to chllenges in implementtion, dverse responses of counterprties, regultors chieve improved rtings; or rting gencies, or other issues rising from, or otherwise relting to, the chnges in Swiss Re's corporte structure. the cycliclity of the reinsurnce industry; 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. Deutsche Bnk 2011 Globl FS Conference New York, 8 June
8 Importnt notice for holders of Swiss Re securities The bility of Swiss Re shreholders who re not resident in Switzerlnd to ccept the exchnge offer (the Exchnge Offer for Swiss Re shres ( Swiss Re Shres ) in return for shres ( HoldCo Shres ) of Swiss Re Ltd ( HoldCo ) my be ffected by the lws of the relevnt jurisdictions in which they re locted or of which they re citizens. The Exchnge Offer is not being mde, directly or indirectly, in or into ny jurisdiction outside Switzerlnd where to do so would violte the lws of tht jurisdiction or would require the preprtion of prospectus or registrtion or other qulifiction of the HoldCo Shres. This presenttion is not n offer of securities for sle, or the solicittion of n offer to cquire securities, in ny jurisdiction, including the United Sttes. Informtion for U.S. Shreholders nd U.S. ADS Holders The HoldCo Shres hve not been, nd will not be, registered under the U.S. Securities Act of 1933, s mended (the Securities Act ) or under the securities lw of ny stte or other jurisdiction of the United Sttes. The HoldCo Shres my not be offered, sold or delivered, directly or indirectly, in or into the United Sttes, except pursunt to n pplicble exemption from, or in trnsction not subject to, the registrtion requirements of the Securities Act. Accordingly, unless HoldCo is stisfied, in its sole discretion, tht HoldCo Shres cn be offered, sold or delivered to shreholder in the United Sttes pursunt to n pplicble exemption from, or in trnsction not subject to, the registrtion requirements of the Securities Act, shreholder in the United Sttes tht vlidly ccepts the Exchnge Offer will receive, in lieu of HoldCo Shres to which it would otherwise be entitled under the terms of the Exchnge Offer, the net csh proceeds of the sle of such HoldCo Shres. The Exchnge Offer is subject to Regultion 14E of the U.S. Securities Exchnge Act of 1934, s mended. The Exchnge Offer is mde in respect of the securities of Swiss compny, nd is subject to Swiss disclosure requirements. The receipt of csh considertion under the Exchnge Offer by U.S. shreholder my be txble trnsction for U.S. federl income tx purposes nd my be txble trnsction under pplicble U.S. stte nd locl, s well s foreign nd other, tx lws. Europen Economic Are; United Kingdom In the Europen Economic Are, the Exchnge Offer nd documents or other mterils in reltion to the HoldCo Shres re only ddressed to, nd re only directed t, (i) qulified investors in relevnt member stte within the mening of Article 2(1)(e) of the Prospectus Directive, s dopted in the relevnt member stte, nd (ii) persons who hold, nd will tender, the equivlent of t lest 50,000 worth of Swiss Re Shres (collectively, permitted prticipnts ). These documents my not be cted or relied upon by persons in the EEA who re not permitted prticipnts. With reference to the U.K. Finncil i Services nd Mrkets Act 2000 (Finncil i Promotion) Order 2005, s mended (the Order ), the Exchnge Offer nd ny mterils in reltion to the HoldCo Shres re only directed t persons in the United Kingdom tht re () investment professionls flling within Article 19(5) of the Order or who fll within Article 49(2)() to (d) of the Order; (b) holders of Swiss Re Shres t the time of communiction of the Exchnge Offer nd such mterils; or (c) persons to whom they my otherwise lwfully be communicted (collectively, relevnt persons ). In the United Kingdom, the HoldCo Shres re only vilble to, nd the Exchnge Offer my only be ccepted by, relevnt persons who re lso permitted prticipnts, nd s such, ny investment or investment ctivity to which this presenttion reltes is vilble only to, nd my be relied upon only by, relevnt persons who re lso permitted prticipnts. Informtion for Shreholders h in Hong Kong This presenttion does not constitute n offer, solicittion or invittion to the public in Hong Kong to purchse HoldCo Shres. No steps hve been tken to register prospectus in Hong Kong nd the contents of this presenttion hve not been reviewed by ny regultory uthority in Hong Kong. Unless permitted to do so by the securities lws of Hong Kong, no person my issue or hve in its possession this presenttion or ny other informtion, dvertisement or document relting to the HoldCo Shres, whether in Hong Kong or elsewhere tht is directed t, or the contents of which re likely to be ccessed or red by, the public in Hong Kong other thn with respect to the HoldCo Shres tht re intended to be disposed of only to () Professionl Investors within the mening of the Securities nd Futures Ordinnce (CAP. 571) of Hong Kong nd (b) qulifying persons within the mening of the Compnies Ordinnce (CAP. 32), nd ny rules mde thereunder. You re dvised to exercise cution in reltion to the disposition of the HoldCo Shres. Deutsche Bnk 2011 Globl FS Conference New York, 8 June
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