Analysts meeting. 4 August 2006 Zurich, Switzerland. Cautionary note on forward-looking statements

Analysts meeting 4 August 2006 Zurich, Switzerland Cautionary note on forward-looking statements Certain statements contained herein are forward-looking. These statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical fact or current fact. Forward-looking statements typically are identified by words or phrases such as "anticipate", "assume", "believe", "continue", "estimate", "expect", "foresee", "intend", "may increase" and "may fluctuate" and similar expressions or by future or conditional verbs such as "will", "should", "would" and "could". These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause Swiss Re's actual results, performance, achievements or prospects to be materially different from any future results, performance, achievements or prospects expressed or implied by such statements. Such factors include, among others: the impact of completed and future investments, acquisitions or dispositions, and any delays, unexpected costs or other issues experienced in connection with any such transaction, including the ility to efficiently and effectively integrate the former GE Insurance Solutions operations into our own; cyclicality of the reinsurance industry; changes in general economic conditions, particularly in our core markets; uncertainties in estimating reserves; the performance of financial markets; expected changes in our investment results as a result of the changed composition of our investment assets or changes in our investment policy; the frequency, severity and development of insured claim events; acts of terrorism and acts of war; mortality and morbidity experience; policy renewal and lapse rates; changes in rating agency policies or practices; the lowering or withdrawal of one or more of the financial strength or credit ratings of one or more of our subsidiaries; changes in levels of interest rates; political risks in the countries in which we operate or in which we insure risks; extraordinary events affecting our clients, such as bankruptcies and liquidations; risks associated with implementing our business strategies; changes in currency exchange rates; changes in laws and regulations, including changes in accounting standards and taxation requirements; and changes in competitive pressures. These factors are not exhaustive. We operate in a continually changing environment and new risks emerge continually. Readers are cautioned not to place undue reliance on forward-looking statements. We undertake no obligation to publicly revise or update any forward-looking statements, whether as a result of new information, future events or otherwise. Slide 2

Agenda Introduction Ann Godbehere Business performance Insurance Solutions summary Jacques Aigrain Catastrophe perils update Strategic direction & Group outlook Slide 3 Executive summary Strong performance in 1H 2006 Net income CHF 1.6 billion, EPS of CHF 4.92 Strong performance across all businesses Continued good investment performance Shareholders equity, ROE Delivering relile performance Slide 4 Shareholders equity up 18% to CHF 27.1 billion including equity funding of CHF 4.2 billion Annualised ROE of 13.9%, up from 13.0% Strong quality of earnings; nil prior year development Consistent underwriting discipline & innovative capital market strategies New talents, markets and clients through Insurance Solutions

Key figures Improved performance across the board in CHF bn unless otherwise stated 1H 2005 1H 2006 Premiums earned 13.2 13.8 Net income 1.4 1.6 Return on investments (annualised) 5.2% 5.3% Combined ratio, trad. P&C business 96.3% 93.0% Combined ratio, incl. Credit Solutions 94.9% 92.7% Return on operating revenues, L&H 9.5% 11.0% Shareholders equity (31.12.05/30.06.06) 22.9 27.1 Return on equity (annualised) 13.0% 13.9% Slide 5 Shareholders equity up 18%, further enhancing book value per share Shareholders equity Book value per share* CHF millions 29 000 27 000 4 239-103 -888 99 27 066 80 70 60 in CHF CAGR: 10.2% 25 000 1 566-776 50 23 000 22 929 40 30 21 000 20 10 19 000 31.12.2005 30.06.2006 Net income Dividends Insurance Solutions financing Unrealised losses on securities, net Cumulative translations adjustments Other 0 2002 2003 2004 2005 1H 2006 53.76 59.64 61.78 73.87 75.55 Slide 6 * based on shares entitled to dividend

Dedicated focus on underwriting discipline Change in Group premiums earned 11 500 12 500 13 500 14 500 Premiums earned Interim 2005, fx adjusted* 13 762 Lower traditional premiums in P&C more than offset with good growth in Credit Solutions and L&H Traditional P&C Credit Solutions Life & Health -172 90 173 Insurance Solutions (21 trading days) adds a well balanced book of P&C (CHF 265m) and L&H (CHF 120m) business Insurance Solutions Non-traditional non-life -338 385 Continued trend of lower demand for non-traditional products Securitisations Premiums earned Interim 2006 13 815-85 Securitisation of life and non-life risks lower premiums by CHF -99m and CHF +14m, respectively Slide 7 * 1H 2005 adjusted for positive fx impact of CHF 587m Prior year development nil in 1H 2006 Prior year reserve development CHF millions 100 0 31 0 Swiss Re has a balanced portfolio reserved well ove mid-point -100-200 -300-224 -255 2005 1H 2005 2H 2005 1H 2006 Late KRW claims notifications of CHF 240m entirely offset with positive development from prior years No adverse development in past 12 months Slide 8 More information provided at the Investors day on 20.11.2006

Investments: 5.3% RoI Continued good investment performance in CHF billions 31.12.05 at 1H06 fx 30.06.06 Change Invested assets (1) 147 32 117 115 Insurance Solutions +26% Growth in invested assets due to Insurance Solutions portfolio Net investment income 1H 2005 1H 2006 2.6 2.8 +7% Net investment income increased due to higher running yield on fixed income portfolio Running yield on fixed income portfolio is 4.7% Rol 1H 2005 1H 2006 5.2% 5.3% Swiss Re continues to deliver steady investment result in volatile markets Realised gains of CHF 314m (1H 2005: CHF 540m) Slide 9 (1) Including cash & cash equivalents, excluding assets held for linked liilities; 2005 assets at 2006 fx rates High quality investment portfolio Swiss Re as of 30.06.06: CHF115bn* Insurance Solutions as of 30.06.06: CHF 32bn* Slide 10 Equities 9% Corporate bonds 15% Municipal bonds 29% Cash 15% Other 5% Other 1% Cash 5% Fixed income excl. corporate bonds 66% Fixed income excl. corporate and municipal bonds 27% Corporate bonds 28% Combined as of 30.06.06: CHF 147bn* Equities 7% Other 4% Corporate bonds 18% Cash 7% Municipal bonds 6% Fixed income excl. corporate and municipal bonds 58% Towards end of June 2006, Swiss Re began to reduce municipal bonds in Insurance Solutions portfolio to improve the overall return * At market values; excl. assets held for linked liilities and reinsurance assets

Fixed income Value added with active duration management Interest rates and durations Yields US gvt bonds Duration of portfolios In 1H 2006 yields rose in most major 5.1% 9.0 economies 7.3 7.5 7.6 7.5 7.7 4.8% 8.0 Swiss Re extended duration, especially in the 7.0 total return portfolio 4.5% 6.0 Average running yield on Swiss Re s portfolio 4.2% 4.8 4.4 4.5 5.0 increased from 4.6% to 4.7% 3.9% 4.1 3.8 4.0 Net unrealised gains of CHF 1.9bn at the 3.3 3.6% 3.0 end of 2005 shifted to an unrealised loss of 3.3% CHF 1.7bn at the end of June 2006 2.0 3.0% 1.0 L&H portfolios matched the duration of the liilities and therefore, market movements 2.7% 0.0 had little economic impact Jun 05 Sep 05 Dec 05 Mar 06 Jun 06 Duration total return portfolio (RHS) Duration L&H portfolio (RHS) Insurance Solutions (RHS) 5-year US govt bonds (LHS) Total return portfolios were short duration and therefore economically benefited modestly from increasing interest rates Slide 11 Fixed income Corporate bonds Combined net credit exposure lower than Swiss Re s exposure in Dec 2005 Development of credit exposure CHF 21.0bn 3.1 8.7 7.5 1.7 Gross exposure 31.12.05 CHF17.7bn 3.1 7.4 5.9 1.3 CHF 8.9bn 2.1 4.2 1.7 0.9 CHF 26.6bn 5.2 11.7 7.6 2.1 CHF 20.6bn 4.8 9.5 4.5 1.8 Gross exposure 30.6.06 Insurance Solutions 30.6.06 Gross exposure combined 30.6.06 < BBB BBB A > A Net exposure combined 30.6.06 Overall gross credit exposure as of end of June CHF 26.6bn vs end of 2005 CHF 21.0bn Insurance Solutions added CHF 8.9bn to the gross credit exposure end of June 2006 Net exposure reduced to CHF 20.6bn end of June 2006 by selling credit securities and purchasing default swaps on investment grade indices Reduced credit exposure mainly of A and BBB credits Slide 12

Equities Increased portfolio protection Development of equities in 2006 CHF bn 11 8% 10 7% 9 6% 8 5% 7 4% 6 3% 5 2% 4 1% 3 0% 2-1% 1-2% 0-3% 31.12.2005 1Q 2Q 30.06.2006 Value at cost (LHS) Unrealised gains/losses (LHS) VaR 99% 1yr (LHS) MSCI (RHS) MSCI daily total return gross world, local currency Swiss Re protected its equity exposure through the purchase of put options and the sale of futures Focus was on European stocks. Exposure to Asian equities was tactically lowered, while appetite for US equities has increased, especially in energy, health care and financial stocks Net realised gains of CHF 425m in 1H 2006 (CHF 159m in 1H 2005) Net unrealised gains on balance sheet of CHF 920m at the end of June 2006 (CHF 1 136m as of 31.12.05) Slide 13 Agenda Introduction Ann Godbehere Business performance Insurance Solutions summary Jacques Aigrain Catastrophe perils update Strategic direction & Group outlook Slide 14

Property & Casualty Strong traditional business performance in CHF millions Traditional business 1H 2005 at 1H06 fx 1H 2006 Change Total revenues 8 402 8 773 +4% Premiums earned up 1% Investment result increased 24% due to higher yields and realised gains Operating income 1 349 1 855 +38% Significantly increased underwriting performance (CHF 242m at constant fx rates) P&C, tradit. combined ratio 96.3% 93.0% Strong underwriting performance in line with renewals Prior year development nil Slide 15 July 2006 premium volume exceeds CHF 3bn and renewed portfolio increases 13% July renewals traditional portfolio CHF 2.3bn 140% 120% 100% 80% 60% 40% 20% 0% 100% Total renewle July 2006-5% Pending -26% Cancelled or replaced 69% Renewed 9% Increase on renewal 27% New business/ replacement 5% This represents 13% increase on the renewed block, comprising: Rates 7% 2% Growth in share 3% Exposure change 3% Pending Rate changes are pure improvements of quality of our book Increased loss expectancy and claims inflation are included in exposure growth All renewal figures are estimated and calculated at constant foreign exchange rates CHF 3.1bn 134% 24% 110% Estimated outcome Swiss Re increased premium volume by 10% reflecting strong underwriting conditions Insurance Solutions book contributes 24% ove expectations Rates increased 7% on top of the increased loss expectancy Property proportional rates were flat but non-proportional rates increased strongly Casualty rates remain favourle but are moderately declining; no concessions on terms & conditions Slide 16

Life & Health Continued strong contributor in CHF millions Operating revenues Total L&H business 1H 2005 at 1H06 fx 6 970 7 113 7 359-143 1H 2006 7 043 Change +3% excl. securitisation -316 Securitisations Premiums earned up 4% driven by new life business in US, UK and Asia, and health business in Europe acquired through IS Lower participating gains in Admin Re SM which are reflected in lower claim costs (no impact on result) Operating result 660 774 +17% Excellent claims experience in traditional health and favourle mortality experience and fee-based performance in Admin Re SM Return on op. revenues 9.5% 11.0% Slide 17 Life & Health New traditional business increases IRR to 13.8% CHF millions 1H 2005 1H 2005 1H 2006 at 1H 06 fx rates Capital invested in new traditional business 388 401 407 Capital invested in new Admin Re SM business 57 61 0 Total capital invested in new business 445 462 407 Value added by new business 139 145 171 IRR new business after tax 12.3% 12.3% 13.8% Slide 18 Swiss Re only

Financial Services Continued good underlying performance in CHF millions 1H 2005 at 1H06 fx 1H 2006 Change Total revenues 733 917 +25% Premiums up 15% on strong renewals in Credit Solutions Strong growth of third party AM activities Trading revenues up substantially Operating income 242 160 1H 2005 included large favourle claims settlement agreement in Credit Solutions Underlying performance satisfactory Credit Solutions combined ratio (traditional) Return on revenues (fee business) 69.9% 12.5% 88.3% 13.3% 1H 2005 positively impacted by claims settlement agreement Credit environment still attractive and combined ratio in 1H 2006 excellent Slide 19 Acquisition financing successfully completed and well balanced Components of financing Successful financing completed Internal cash Senior debt USD 1.21bn USD 0.78bn Originally planned equity funding reduced by USD 0.8bn and replaced by internally generated cash Sub debt MCS Equity USD 2.02bn USD 1.32bn USD 3.49bn Well balanced mix of equity and mandatory convertible securities (MCS) of 55% and fixed income securities and internal cash of 45% Total consideration USD 8.82bn Slide 20

Insurance Solutions Reconciliation of purchased goodwill in USD millions Total consideration to GE 8 818 Net book value at historic values 10 285 Excluded business (1) - 1 870 Asset/liilities retained by GE +627 Purchase accounting before goodwill (2) +121 Historic goodwill eliminated -1 530 Purchased goodwill pre equalisation (3) +1 185 Subtotal 8 818 Slide 21 (1) US Life & Health business (2) Subject to change for full FY 2006 (3) Goodwill pre equalisation reserves 1 185 Equalisation reserve net of tax (moves to equity under US GAAP) 374 Goodwill post equalisation reserves 1 559 Agenda Introduction Ann Godbehere Business performance Insurance Solutions summary Jacques Aigrain Catastrophe perils update Strategic direction & Group outlook Slide 22

Insurance Solutions integration well on track Day 1 execution Swiss Re risk management tools in place Underwriting guidelines & authorities defined Joint approach to client relationships implemented Operations fully coordinated due to strong integration preparation Key ongoing initiatives New growth opportunities being identified Actively pursuing realisation of cost savings Implementing new processes to strengthen organisational efficiency Assessing opportunities to simplify carrier structure Results Attractive growth through retention of high quality business Addition of strong talent, new markets and product lines Strong capitalisation of combined entity Slide 23 Key talent retained Former Insurance Solutions employees 1 st management level 2 nd management level at closing joining Swiss Re at closing joining Swiss Re 13 7 123 102 109 former Insurance Solutions key people of 1 st and 2 nd management level joining Swiss Re Alberto Izaga appointed to Swiss Re s Executive Board as Head of Life & Health Products Swiss Re s 2 nd management level now consists of 87% previous Swiss Re and 13% former Insurance Solutions professionals Slide 24

Restructuring well under way Step 1 Total 485 positions made redundant, including Swiss Re managers, IT positions and agreement with working parties in Germany on social plan Step 2 Further measures to be specified in autumn 2006 with primary effects in 2007 Additional approx. 1 500 positions of combined entity to be reduced Restructuring costs (in CHF millions) 1H 2006 Insurance Solutions (Purchase GAAP) 114 Swiss Re 87 Total 201 Slide 25 Insurance Solutions Acquired business with good profitility 21 days (9.6. 30.6.2006) Non-life Life & Health Premiums earned in CHF 265m 120m Combined ratio 95.8% n.a. Return on operating revenues n.a. 10.9% By unit* L&H reinsurance by LoB* Life & Health Reinsurance; 33% P&C Reinsurance; 47% Health; 72% Life; 28% Primary Commercial Insurance; 20% Slide 26 Insurance Solutions further diversifies Swiss Re s book of business, in particular US regional non-life and European life businesses * Indicative split based on 1H 2006 premiums earned, unaudited

Selective July renewal of Insurance Solutions book with high retention rate July renewals total traditional portfolio Insurance Solutions CHF 0.6bn 120% 100% 80% 60% 40% 20% 0% 100% -7% Total Pending renewle 01.07.2006-29% Cancelled or replaced 64% Renewed 5% Increase on renewal 15% This represents 8% increase on the renewed block, comprising: Rates 3% Growth in share 2% Exposure change 3% New business/ replacement 7% 91% Pending Rate changes are pure improvements of quality of our book Increased loss expectancy and claims inflation are included in exposure growth All renewal figures are estimated and calculated at constant foreign exchange rates CHF 0.55bn Estimated outcome Successful July renewals with lower attrition rate than anticipated Significant volume (CHF 91m) from new clients or replacements Rates increased 3% for July renewals which is dominated by Americas regional proportional business (with less exposure to peak risks) Quality of rate development comparle with Swiss Re but Swiss Re book benefited from strong rate increases for large corporate risks Slide 27 Agenda Introduction Ann Godbehere Business performance Insurance Solutions summary Jacques Aigrain Catastrophe perils update Strategic direction & Group outlook Slide 28

Swiss Re is well-diversified among peak exposures Nat cat business represents approx. 11% of P&C premiums earned Single event claims, 200 year return period as of 30.06.2006 CHF bn 7.0 5.7 6.0 5.0 4.0 3.0 2.0 1.0 0.0 4.5 5.9 4.2 4.2 3.1 3.0 Gross Net Gross Net Gross Net Gross Net Gross Net European Atlantic California Japanese Japanese windstorm hurricane earthquake earthquake typhoons 2.1 1.5 1.9 Swiss Re Insurance Solutions Combined net exposure* Slide 29 * Net of estimated hedging impacts (cat bonds, industry loss warranties, retrocessions) 2006 catastrophe perils pricing is attractive for Swiss Re Natural catastrophe perils for FY 2006 Premiums for claims xs CHF 20m Expected claims xs CHF 20m CHF 1.8bn CHF 1.1bn Figures are for all catastrophe perils inclusive of Insurance Solutions portfolio, on an annualised basis net of estimated hedging impacts (cat bonds, industry loss warranties, retrocessions) Expected claims reflect all impacts of Swiss Re s remodelling of Atlantic hurricane Slide 30

Swiss Re s catastrophe perils hedging has grown further 3 500 3 000 2 500 2 000 1 500 1 000 500 0 in CHF m Jul 99 Jul 00 Jul 01 Jul 02 Jul 03 Jul 04 Jul 05 Jul 06 Insurance Solutions retro Industry loss warranties (ILW) Insurance linked securities (ILS) Swaps Swiss Re retro Swiss Re has used cat bonds (Successor, Arbor, Australis), industry loss warranties, swaps and retrocession to hedge cat risk Slide 31 Improved earnings stility CHF 3.4 billion total nat cat hedging in CHF millions as of 1.7.2005 as of 1.7.2006 Earnings layer protection 0 1 476 Capital layer protection 2 176 1 958 Total layer protection 2 176 3 434 - thereof US hurricane protection 1 039 1 845 Lower layer protection significantly improves Swiss Re s earnings and risk profile going forward Slide 32

US onshore hurricane Exposure and protection of Swiss Re 0.8% USD125bn Loss probility Industry loss 15% USD18bn 0% 50% 100% Substantial protection exists throughout the risk spectrum Protection is twofold: low attaching protection against severe earnings volatility through ILS, ILW and retrocession medium to high attaching hedging for capital protection through ILS, retrocession and risk swaps Slide 33 Hedging* Loss for Swiss Re * Data includes assumptions out the basis risk between inwards indemnity covers and outwards hedging based on parametric or market loss triggers. Agenda Introduction Ann Godbehere Business performance Insurance Solutions summary Jacques Aigrain Catastrophe perils update Strategic direction & Group outlook Slide 34

1H 2006 Strong underlying performance across all businesses Overall net income up 16% vs 1H 2005 Total combined ratio of traditional non-life business at 92.7% Underlying portfolio profitility increased as a result of attractive rates and tighter terms & conditions introduced in previous years L&H continued strong contributor Good investment performance with ROI of 5.3% Acquisition of Insurance Solutions completed on 9 June 2006 Operational expense savings still to come Slide 35 Strategic direction overview (I) Aspiration To be the leading force in the risk transfer industry, combining professional resources and skills with customer focus to deliver economic profit growth Strategic direction Building blocks Generate economic profit growth Reduce earnings volatility Deliverles Best in class customer service Slide 36 Enlarge market scope Foundation of success Advance organisational excellence Attractive shareholder returns

Strategic direction overview (II) Generate economic profit growth through Intelligent cycle management and efficient capital allocation Reduce earnings volatility through Our capital markets expertise, scale and diversification Enlarge market scope through Organic and transaction-related activities to address the needs of our clients Advance organisational excellence through Efficient processes, innovative skills and professional expertise Slide 37 Based on quality of Swiss Re s business, strong underlying performance from all businesses anticipated for FY 2006 EPS growth and ROE targets over the cycle reconfirmed Earnings per share and Group targets over the cycle in CHF Swiss Re confident for the future Underwriting discipline and focus on business quality 5.48 8.00 4.68 4.92 Over the cycle targets: EPS growth 10% ROE 13% Legacy issues Yield on assets Insurance Solutions integration and synergies 2003 2004 2005 1H 2006 Growth opportunities in niches, specialties and client reach Slide 38

Corporate calendar 11 September 2006 Analysts meeting, Monte Carlo 20 November 2006 Investors day, Rüschlikon 13 February 2007 Renewals conference call 1 March 2007 Annual results 2006, Analysts meeting Slide 39 Appendix Slide 40

Group income statement Earnings up 11% at constant fx rates CHF millions 1H2005 1H 2005 at 1H 2006 Change 1H 2006 fx Revenues Premiums earned 13 175 13 762 13 815 0% Net investment income 2 517 2 644 2 836 7% Net realised investment gains 521 540 314-42% Trading revenues 158 166 144-13% Other revenues 117 123 143 16% Total revenues 16 488 17 235 17 252 0% Expenses Claims and claim adjustment expenses -5 702-5 945-5 468-8% Life and health benefits -4 654-4 913-4 731-4% Acquisition costs -2 700-2 811-2 953 5% Amortisation of goodwill -133-140 -147 5% Other operating costs and expenses -1 446-1 486-1 892 27% Total expenses -14 635-15 295-15 191 0% Income before income tax expense 1 853 1 940 2 061 6% Income tax expense -500-523 -495-5% Net income 1 353 1 417 1 566 11% Slide 41 Earnings per share in CHF Basic 4.37 4.58 4.92 7% Diluted 4.18 4.37 4.62 6% 1H 2006 by segment Insurance Solutions CHF millions Property & Life & Financial Life & Casualty Health Services Other Non-life Health Total Revenues Premiums earned 7 562 5 334 534 265 120 13 815 Net investment income 1 089 1 574 65 37 63 8 2 836 Net real. investment gains 357 84 10-109 -4-24 314 Trading revenues -42 199-57 144 Fees, commissions & other 27 109 7 143 Total revenues 9 037 6 992 917-122 324 104 17 252 Expenses Claims & claims adj. exp.; life and health benefits -5 081-4 644-233 -154-87 -10 199 Acquisition costs -1 618-1 072-184 -60-19 -2 953 Amortisation of goodwill -147-147 Other op. costs & expenses -511-439 -340-554 -40-8 -1 892 Total expenses -7 210-6 155-757 -701-254 -114-15 191 Operating income 1 827 837 160-823 70-10 2 061 Combined ratio, trad. business 92.9% 95.8% Return on op. revenues 11.0%* 10.9% Combined ratio (Credit Solutions, trad.) 88.3% Slide 42 * excl. non-participating net realised gains of CHF 77m

Group premiums split traditional Total Admin Non-life Securiti- CHF millions P&C Cred. Sol. Non-life L&H traditional Re SM non-trad sation Total 1H 05 premiums earned 7 100 405 7 505 4 075 11 580 1 005 718-128 13 175 FX impact 278 10 288 215 503 52 40-8 587 Premiums 1H 05 at 1H 06 rates 7 378 415 7 793 4 290 12 083 1 057 758-136 13 762 Growth from Swiss Re -172 62-110 198 88-25 -310-85 -332 Growth from IS 265-265 120 385 - - - 385 1H 06 premiums earned 7 471 477 7 948 4 608 12 556 1 032 448-221 13 815 Published growth 5% 18% 6% 13% 8% 3% -38% 73% 5% Total growth (constant fx) 1% 15% 2% 7% 4% -2% -41% 63% 0% Slide 43 Swiss Re s effective capital management Senior financial debt Hybrid capital Shareholders' equity Hybrid to total capital Senior financial debt to total capital CHF billions 40 35 30 3.3 25 3.8 20 15 22.6 10 5 2.2 3.5 16.7 1.4 3.4 18.5 1.1 *) 4.2 19.2 0.7 *) 5.2 22.9 1.2 *) 8.1 27.1 35% 30% 25% 20% 15% 10% 5% Swiss Re s value proposition includes commitment to prudent capital management At the same time financial flexibility and capital efficiency will continue to improve over time 0 2001 2002 2003 2004 2005 1H 2006 Hybrid / total capital 12.8% 15.5% 14.4% 17.4% 18.0% 22.3% Senior debt / total capital 11.0% 9.9% 6.2% 4.3% 2.4% 3.4% 0% IS financing mix includes USD 2bn of hybrid capital Slide 44 *) Incl. mandatory convertibles of CHF 1 044m in 2004, CHF 1 000m in 2005 and CHF 609m in first half 2006, respectively, which received full equity credit from Moody s and S&P; accounted for as senior debt in financial statements

Return on equity increased to 13.9% CHF millions 1H 2005 1H 2006 Net income 1 353 1 566 Opening equity 19 177 22 929 ½ net income 677 783 Dividend payment 1) -137-281 Change in CTA 2) -1 792-888 Time weighted equity issue/repurchase 3 765 Base equity 21 506 23 308 Return on equity (annualised) 13.0% 13.9% Slide 45 1) Time weighted 2) CTA = Currency Translation Adjustments Operating cash flows lower reflecting claims payments for 2005 storms CHF millions 1H 2005 1H 2006 Cash flows provided (used) by operating activities 2 220 965 Cash flows provided (used) by investing activities -4 754 82 Cash flows provided (used) by financing activities -680 3 454 Effect of foreign currency translation 529-228 Reclassification to Financial Services assets -2 451 Change in cash and cash equivalents -2 685 1 822 Cash and cash equivalents as of 1 January 9 504 8 126 Cash and cash equivalents as of 30 June 6 819 9 948 Slide 46

Good return on investments of 5.3% Good investment return despite challenging market conditions achieved by means of managing credit risk, protecting equity down-side risk and prudently realising capital gains Swiss GAAP Swiss GAAP M-t-m M-t-m CHF millions 1H 2005 1H 2006 1H 2005 1H 2006 Net investment income 2 517 2 836 2 524 2 842 thereof: Insurance Solutions --- 71 --- 71 Net realised investment gains 521 314 1 943-3 313 thereof: Insurance Solutions --- -28 --- -273 (1) (1) Total 3 038 3 150 4 467-470 ROI (2) 5.2% 5.3% 7.6% -0.6% Slide 47 (1) Under mark-to-market valuation, also reflects total change in unrealised gains and losses (2) Return on investments calculated by using average foreign exchange rates and Swiss Re stand alone (excl. Insurance Solutions) Return on investments calculation CHF millions 1H 2005 avg fx 1H 2006 avg fx Investment result (as defined in income statement) 3 038 3 150 Adjustments 1) -112-69 Investment result (investment return target base) 2 926 3 081 Investments (as defined in the balance sheet) 119 010 155 844 Adjustments 2) -15 691-49 698 Net cash deposits with ceding companies 3) 7 701 4 381 Net cash equivalents 4) 4 614 3 827 Net reinsurance assets 5) -2 698-1 821 Invested assets (investment return target base) 112 936 112 533 Opening balance sheet invested assets 111 512 117 883 Turnover 884-2 560 Opening balance sheet + 1/2 turnover 111 954 116 603 Return on investments 5.2% 5.3% Slide 48 1) Income from current cash accounts, Insurance Solutions, participating business and other adjustments 2) Separate account business, assets held for linked liilities, derivative financial instruments with negative replacement values and amortised goodwill, Insurance Solutions, participating business and other adjustments 3) Cash deposits with ceding companies less cash deposits withheld from retrocessionaires 4) Deposits with credit institutions below 3 months less amounts owed to credit institutions 5) Receivles related to deposit accounting contracts less payles related to deposit accounting contracts

Net investment income grew 7% Net investment income increased 7% to CHF 2.8 billion, as Swiss Re invested in higher yielding bonds CHF millions 1H 2005 1H 2005 1H 2006 Change @ 06 fx Fixed income 2 159 2 277 2 501 11% Equities 113 114 159 39% Other asset classes 572 592 551-7% Gross investment income 2 844 2 983 3 211 8% Investment expenses -327-339 -375 11% Thereof: Internal management expenses -77-78 -82 5% Interest credited on securitisations -53-57 -126 221% Net investment income 2 517 2 644 2 836 7% Slide 49 Net realised gains of CHF 0.3bn Net realised gains were CHF 0.3 bn in 2006, reflecting Swiss Re s prudent investment approach which continued to produce significant realised gains in volatile markets CHF millions 1H 04 1H 05 1H 06 Change Realised investment gains 690 582 347-235 Fixed income 71 281-70 -351 Equities 486 225 450 225 Other 133 76-33 -109 Net impairments -31-61 -33 28 Fixed income -24-12 -22-10 Equities 3-66 -25 41 Other -10 17 14-3 Total net realised investment gains 659 521 314-207 Slide 50

Net unrealised gains on and off balance sheet Net unrealised gains decreased in 1H 06 reflecting rising interest rates. This has little economic impact as fixed income securities backing L&H are duration matched and actually slightly short of target duration for total return portfolios CHF m, pre-tax 31 December 2005 31.12.2005 at 1H 2006 fx rates 30 June 2006 4 154 211 894 1 913* On B/S: 115 Off B/S: 96 Off B/S 4 040 202 895 1 836* On B/S: 107 Off B/S: 95 Off B/S 447 366 882 On B/S: 138 Off B/S: 228 Off B/S 1 136 1 256 On B/S 1 107 1 221 On B/S 920 1 201 On B/S -120 Unreal. gains/ losses on equities -114 Unreal. gains/ losses on equities -1 721-281 Off B/S Slide 51 Equities Fixed income Real estate Other Swiss Re successfully adjusted durations as interest rates rose Average fixed income investments (CHF bn) (1) Fixed income avg running yield (2) Duration (years) 31.12. 30.06. 2005 1H06 2005 1H06 2005 2006 L&H managed to yield 40 41 5.8% 5.7% 7.6 7.7 Total return portfolios 49 49 3.6% 3.9% 4.1 4.8 US 23 24 3.6% 4.1% 4.8 5.6 Rest of the world 26 25 3.5% 3.6% 3.4 4.0 Total Swiss Re stand alone 89 90 4.6% 4.7% 5.7 6.1 Insurance Solutions --- 28 --- 4.8% --- 4.4 Average yield (US treasury 5y) 4.0% 4.7% Slide 52 (1) Calculated using average foreign exchange rates (2) Weighted average Swiss GAAP gross investment income, in local currency

Stle high quality asset allocation Swiss Re s overall gross asset allocation* remained almost unchanged at constant fx rates Balance sheet of which assets held for linked liilities Market values of which assets held for linked liilities 118 13 121 13 Swiss Re stand alone 138 15 141 15 132 15 135 15 130 15 130 15 IS 32 0 32 0 Combined 162 15 162 15 Balance sheet values * 160 (CHF billions) 14% 6% 140 1% 3% 6% 85% 7% 120 4% 7% 5% 9% 7% 3% 5% 100 4% 7% 8% 80 5% Cash and cash equivalents 60 Other investments 40 82% 83% 83% 82% 84% Equities 20 Fixed income 0 2004 2005 2005 at 30.06.06 30.06.06 30.06.06 2006 fx Slide 53 * Excluding assets held for linked liilities and reinsurance assets High credit quality of corporate bonds 92% rated investment grade Swiss Re, 30.6.06 Credit quality of corporate bonds combined as of 30.6.06 BBB 34% (2005: 36%) CHF 17.7bn Below BBB 6% (2005: 7%) AAA 9% (2005: 8%) AA 9% (2005: 7%) A 42% (2005: 42%) Below BBB 8% AAA 8% AA 11% Insurance Solutions, 30.6.06 BBB 29% Below BBB 10% AAA 6% BBB 19% AA 17% A 44% CHF 8.9bn A 48% Combined: CHF 26.6 bn (gross exposure) Slide 54

Already high credit quality of corporate bond portfolio increased Overall credit quality in Swiss Re s portfolio remained high with 92% of corporate bonds rated investment grade However, Swiss Re took a proactive approach to the management of credit exposures by selling credit securities, reinvesting in US treasuries, agency bonds and mortgages and by purchasing default swaps on investment grade indices Rating split of corporates (market values), CHF millions Slide 55 31.12.2005 Swiss Re stand alone Gross IS Gross 30.06.2006 Combined Gross AAA 1 663 7.9% 1 534 548 2 082 7.8% 2 033 9.9% AA 1 473 7.0% 1 560 1 514 3 074 11.6% 2 717 13.1% A 8 748 41.8% 7 417 4 233 11 650 43.9% 9 540 46.3% BBB 7 462 35.6% 5 910 1 733 7 643 28.8% 4 517 21.9% BB 828 4.0% 602 188 790 3.0% 588 2.9% B 551 2.6% 422 152 574 2.1% 466 2.3% CCC 89 0.4% 144 8 152 0.6% 143 0.7% NR 143 0.7% 71 517 588 2.2% 588 2.9% Total 20 957 100% 17 660 8 893 26 553 100% 20 592 100% Net Property & Casualty Earnings up 46% at constant fx rates CHF millions 1H 2005 1H 2005 1H 2006 Change at 1H 06 fx Revenues Premiums earned 7 747 8 061 7 827-3% Net investment income 900 939 1 152 23% Net realised investment gains/losses 230 236 353 50% Trading revenues, fees & commissions 15 17 29 71% Total revenues 8 892 9 253 9 361 1% Expenses Claims and claim adjustment expenses -5 593-5 835-5 235-10% Acquisition costs -1 598-1 663-1 678 1% Other operating costs and expenses -445-455 -551 21% Total expenses -7 636-7 953-7 464-6% Operating income 1 256 1 300 1 897 46% Slide 56 Traditional business only Claims ratio in % 70.4 70.5 65.9 Acquisition cost ratio in % 20.3 20.3 20.0 Administration expense ratio in % 5.6 5.5 7.1 Combined ratio in % 96.3 96.3 93.0

Combined ratios P&C trad. business Prior year development nil 6% 12% Premium split of trad business by LoB Total: CHF 7 436m (3) 18% Property Motor Specialty 27% 37% Liility Accident 1H 2005 (1) 1H 2006 Main drivers of change Property 71.9% 85.5% Liility 129.5% 101.9% Motor 100.3% 93.7% Accident 86.7% 110.5% Specialty (2) 90.9% 89.2% Total 96.3% 93.0% Continued good experience; 2005 reflects reserve releases & positive developments on large claims Strong improvement in development from prior years Reserve releases in 2006 with steady underlying performance Adverse development mainly in US and the writing of large proportional contract Continued good underlying performance with positive development in both years Strong underlying performance Slide 57 (1) 1H 2005 combined ratios adjusted for move of Risk Solutions to P&C (2) Specialty includes marine, engineering, multilines and other (3) Including retroceded premiums for securitisations of CHF -35m P&C traditional business Prior year development nil Late reported claims from 2005 storms of CHF 240m offset with positive development of CHF 240m from prior years 1H 2006 KRW Prior year Underlying impact develop. combined ratio Property 85.5% 7.2% -7.1% 85.4% Liility 101.9% 2.0% -0.4% 100.3% Motor 93.7% 0.0% -6.9% 100.6% Accident 110.5% 0.0% 20.1% 90.4% Specialty (1) 89.2% 0.3% -4.2% 93.1% Total 93.0% 3.2% -3.2% 93.0% Slide 58 (1) Specialty includes marine, engineering, multilines and other

Property & Casualty Demand for non-traditional products reduced in CHF millions Non-traditional business 1H 2005 at 1H06 fx 1H 2006 Change Total revenues 851 588-31% Decrease in total revenues reflects lower client demand Operating income -49 42 Improved performance driven by investment income Slide 59 Property & Casualty Shift to property non-traditional reduced Premiums earned by line of business 100% 80% 60% 40% 20% 0% 9% 5% 18% 12% 26% 3% 17% 12% 26% 32% 35% 1H 2005 1H 2006 Property Liility Motor Specialty Accident Non-traditional 5% Increase in property reflects strong price increases in nat cat Non-traditional business reduced due to continuing lower demand for nontraditional products 1H 2006 includes IS premiums of CHF 265m Slide 60 Premiums earned (CHF m) 7 747 7 827

Property & Casualty Product split reflects higher rates in non-proportional property Premiums by type of business (treaty year) 100% 80% 60% 40% 20% 24% 21% 31% 34% 45% 45% Increase in nonproportional business shows strong property market Lower facultative volume due to pressure on rates in the direct markets 0% 2005 2006 Slide 61 Proportional Non-proportional Facultative Based on treaty year premiums (2006 estimated), traditional business only Year to date volume exceeds CHF 13bn and renewed portfolio increases 8% YTD renewals traditional portfolio CHF 13.0bn 120% 100% 80% 60% 40% 20% 0% 100% Total renewle YTD 2006-1% Pending -20% Cancelled or replaced 79% Renewed 6% Increase on renewal Rate changes are pure improvements of quality of our book 15% 1% This represents 8% increase on the renewed block, comprising: Rates 2% Growth in share 3% Exposure change 3% New business/ replacement Pending Increased loss expectancy and claims inflation are included in exposure growth All renewal figures are estimated and calculated at constant foreign exchange rates CHF 13.6bn 105% 101% Estimated outcome 4% Premium volume of Swiss Re book renewed to date increased by 1% despite higher client retentions and shifts to higher layers Insurance Solution book which renewed in July added CHF 550m of premium (=4%) Slide 62

Strong emphasis on lines of business producing the highest returns YTD renewals incl. Insurance Solutions CHF m Property Property Liility Motor Specialty Credit Total proportional non-proportional Solutions Growth -10% 23% -9% -6% 4% 11% 1% Premiums expiring 2 415 2 525 3 220 1 880 2 585 830 13 455 Premiums 2006 2 175 3 105 2 920 1 760 2 700 925 13 585 Split of renewed book Swiss Re s focus on disciplined underwriting led to cancellations in liility and motor Total: CHF 13.6bn Property proportional 16% Property non-proportional 23% Liility 21% Motor 13% Specialty 20% Credit Solutions 7% Slide 63 6% growth on the combined book in July renewals July renewals incl. Insurance Solutions CHF m Europe Americas Asia Globals & Credit Total Large Risks Solutions Growth -17% 8% -7% 16% 0% 6% Premiums expiring 205 1 495 335 815 20 2 870 Premiums 2006 170 1 610 310 945 20 3 055 Split of renewed book Premium volume for the block of business which was up for renewal in July has increased by 6% Rate adequacy for July renewals increased from Total: CHF 3.1bn 107% to 119% Europe 5% Americas 53% Asia 10% Globals & Large Risks 31% Credit Solutions 1% Top-line growth and profitility strongly influenced by Cat book in Americas and Globals Lower premium volume in Asia is due to cancellations of unattractive proportional property accounts in Australia and South-East Asia Slide 64

Catastrophe rates drive overall growth of 6% July renewals incl. Insurance Solutions CHF m Property Property Liility Motor Specialty Credit Total proportional non-proportional Solutions Growth -28% 36% 2% -10% 18% 0% 6% Premiums expiring 510 725 1 210 100 305 20 2 870 Premiums 2006 365 985 1 235 90 360 20 3 055 Split of renewed book Total: CHF 3.1bn Property proportional 12% Property non-proportional 32% Liility 40% Motor 3% Specialty 12% Credit Solutions 1% Strong shift from proportional to non-proportional property Non-proportional property which is mostly cat business shows impact of rate increases Increase in Specialty is mainly coming from engineering (Americas, Globals) and marine (Europe, Americas) Slide 65 Pricing adjusted favourly in 2006 Catastrophe excess of loss treaties Nat cat perils prices have continued to increase sharply through 1 July renewals, pulling up overall price levels Annual risk-adjusted premium level change in % 60% Market index 200 40% 150 20% 100 0% 50 Slide 66-20% 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006e Global CAMARES rel. change in% Global market index (RHS) Global/National CAMARES rel. change in% Global/National market index (RHS) Source: CAMARES; Swiss Re s cat market research analyses the profitility of cat programmes in the 13 largest markets 0

USD 950m Successor cat bond A very positive market response Successor is a follow-up to Swiss Re s Pioneer and Arbor programmes protects Swiss Re s four peak nat cat risks: Atlantic hurricane, Europe windstorm, California earthquake and Japan earthquake includes protection against lower-layer earnings volatility events as well as higherlayer capital events provides Swiss Re full flexibility, with additional issuance possible at any time Covered perils Multiperil USD 264.65m Euro Wind USD 232.38m US Wind USD 202.00m CA EQ USD 47.50m Japan EQ USD 203.47m Pricing convergence: Swiss Re s July 1 Atlantic hurricane reinsurance prices were ove Successor financing costs Total = USD 950m Slide 67 Life & Health Operating result up 17% at constant fx rates to CHF 774m Slide 68 CHF millions 1H 2005 1H 2005 1H 2006 Change at 1H 06 fx Revenues Premiums earned 4 998 5 260 5 454 4% Net investment income 1 575 1 661 1 582-5% Participating realised investment gains 48 49 7-86% Operating revenues 6 621 6 970 7 043 1% Non-participating realised investment gains 206 216 53-75% Total revenues 6 827 7 186 7 096-1% Expenses Claims and claim adjustment expenses; life and health benefits -4 654-4 912-4 731-4% Acquisition costs -964-1 007-1 091 8% Other operating costs and expenses -375-391 -447 14% Total expenses -5 993-6 310-6 269-1% Operating income 834 876 827-6% Operating result, excl. non-participating realised investment gains 628 660 774 17% Management expense ratio in % 5.7 5.6 6.3 Return on operating revenues in % 9.5 9.5 11.0

Life & Health Premium growth of 4% driven by traditional business and Insurance Solutions Premiums in CHF millions Premiums 1H 2005, fx adjusted Traditional business 4 500 5 000 5 500 6 000 5 260 198 Strong growth in life business in Europe and Asia and satisfactory in US Good growth in Accident & Health in Asia Admin ReSM Insurance Solutions -25 120 Admin Re SM reflects normal run-off of portfolio Sub-total Securitisations 5 553 +6% -99 Impact of securitisations CHF -186m in 1H 2006 compared to CHF -87m in 1H 2005 Premiums 1H 2006 5 454 +4% Slide 69 * 1H 2005 adjusted for positive fx impact of CHF 262m Life & Health Operating result increased 17% mainly driven by increase of Admin Re SM result Operating result in CHF millions Operating result 2005, fx adjusted Traditional L&H Admin ReSM Insurance Solutions 550 650 750 850 660 36 83 14 L&H strong and stle contributor Good claims experience and fee-based performance in the Admin Re SM business Growth and very good claims experience in the traditional health business, traditional life in line with expected Subtotal Securitisations 793 +20% -19 Full six month impact of the two successful life profit securitisations completed in 2005 Operating result 1H 2006 774 +17% Slide 70 * 1H 2005 operating result adjusted for positive fx impact of CHF 32m

Life & Health Traditional L&H result up 10% in CHF millions Traditional L&H business 1H 2005 at 1H 06 fx 1H 2006 Change Operating revenues 5 058 5 377 +6% Premiums up 7% driven by new traditional life business in the US, UK and Asia, and traditional health business in Europe acquired through Insurance Solutions Operating result 505 555 +10% Excellent claims experience in traditional health; traditional life mortality in line with expectations Return on op. revenues 10.0% 10.3% Slide 71 Life & Health Admin Re SM profitility up strongly in CHF millions Operating revenues Admin Re SM 1H 2005 at 1H06 fx 1H 2006 1 912 1 666 2 055 1 982-143 -316 Change -4% excl. securitisation Securitisation Lower participating gains (1H 2006: CHF 7m, 1H 2005: CHF 49m at constant fx rates) which are reflected in lower claims costs Operating result 155 167-12 219 250-31 +50% excl. securitisation Securitisation Good mortality experience and good feebased performance Return on op. revenues 8.2% 13.1% 1H 2005 included CHF -19m accelerated amortisation of PVFP which was more than offset in realised gains but lowered 1H 2005 return on revenues Slide 72

Life & Health Premiums earned by region 100% 11% 7% 8% 9% 9% 80% 30% 23% 25% 24% 25% 60% 17% 13% 13% 17% 16% 40% 20% 42% 57% 54% 50% 50% Slide 73 0% 2002 2003 2004 2005 1H 2006 North America traditional SM Admin Re Europe Rest of World CHF millions Premiums earned Historic fx 11 275 10 229 10 205 10 512 5 454 Constant fx 10 006 10 078 10 482 10 753 5 454 Summary balance sheet Assets as of 30.06.2006 CHF millions 31.12.2005 30.06.2006 of which Change at Change at Ins. Solutions historic fx constant fx Investments 114 915 137 165 27 425 19% 25% Assets held for linked liilities 14 656 15 056 96 3% 3% Cash & cash equivalents 8 126 9 948 4 664 22% 26% Reinsurance assets 38 481 52 598 15 226 37% 44% PVFP/DAC/Goodwill 14 650 16 980 2 970 16% 22% Financial Services assets 23 498 28 418 2 451 21% 28% Other assets 4 821 7 287 1 690 51% 55% Total assets 219 147 267 452 54 522 22% 28% Slide 74

Summary balance sheet Assets as of 30.06.2006 CHF millions 31.12.2005 30.06.2006 of which Change at Change at Ins. Solutions historic fx constant fx Claims & benefit reserves 120 851 147 805 33 200 22% 28% of which equalisation reserves 569 1 330 760 Provisions for linked liilities 14 692 15 150 90 3% 3% Reinsurance liilities 22 557 30 145 7 176 34% 41% Debt 6 867 10 123 47% 51% Financial Services liilities 23 487 28 016 2 232 19% 25% Other liilities 7 764 9 147 1 018 18% 20% Shareholders equity 22 929 27 066 18% 20% Total liilities & equity 219 147 267 452 22% 27% Net assets 10 806 Total 54 522 Slide 75 Insurance Solutions investment portfolio as of 30.06.2006 Investments by original currency (note 2 in Financial Statements of Interim Report 2006) CHF millions USD EUR GBP CAD CHF Other Total* Fixed-inc. securities 16 092 3 293 4 584 1 632 120 1 369 27 090 Equity securities 15 63 78 Mortgages/oth. loans 23 23 Assets held f. linked li. 96 96 Other 81 53 90 10 234 Total 16 196 3 361 4 770 1 632 120 1 442 27 521 Slide 76 *Excluding cash and cash equivalents of CHF 4.4bn

Insurance Solutions Income statement Swiss Re Insurance Swiss Re 1H 2005 Swiss Re Solutions Total CHF millions 1H 2005 at 1H 06 fx 1H 2006 1H 2006 1H 2006 Revenues Premiums earned 13 175 13 762 13 430 385 13 815 Net investment income 2 517 2 644 2 765 71 2 836 Net realised investment gains 521 540 342-28 314 Trading revenues 158 166 153-9 144 Other revenues 117 123 143 143 Total revenues 16 488 17 235 16 833 419 17 252 Expenses Claims & claims adj. expenses -5 702-5 945-5 314-154 -5 468 Life & health benefits -4 654-4 913-4 644-87 -4 731 Acquisition costs -2 700-2 811-2 874-79 -2 953 Amortisation of goodwill -133-140 -147-147 Oth. operating costs & expenses -1 446-1 486-1 844-48 -1 892 Total expenses -14 635-15 295-14 823-368 -15 191 Operating income 1 853 1 940 2 010 51 2 061 Income tax expense -500-523 -482-12 -495 Net income after tax 1 353 1 417 1 528 39 1 566 Slide 77 Insurance Solutions 21 days only Income statement Life & CHF millions Non-life Health Total Revenues Premiums earned 265 120 385 Net investment income 63 8 71 Net real. investment gains -4-24 -28 Total revenues 324 104 428 Expenses Claims & claims adj. expenses; life and health benefits -154-87 -241 Acquisition costs -60-19 -79 Other operating costs & expenses -40-8 -48 Total expenses -254-114 -368 Slide 78 Operating income 70-10 60 Non-life combined ratio, traditional 95.8% Return on operating revenues 10.9%

Insurance Solutions split by unit and lines of business (LoB) 2005 Split of Insurance Solutions net premiums earned; total of USD 5.66bn in 2005* By unit P&C reinsurance by LoB L&H reinsurance by LoB Life & Health Reinsurance; 27% Inwards retro; 2% Specialty; 31% Inwards retro; 4% Property; 34% Life; 31% Primary Commercial Insurance*; 17% Aquired runoff business; 3% P&C Reinsurance; 50% Accident; 4% Motor; 8% Liility; 19% Health; 69% Insurance Solutions further diversifies Swiss Re s book of business, in particular US regional non-life and European life businesses Slide 79 * excl. net premiums earned for Med Pro of USD 255m Exchange rates Geographic gross premiums written 1H 2006 split in main currencies Other 15% CAD 3% GBP 7% EUR 28% USD 47% Average rates USD/CHF EUR/CHF GPB/CHF CAD/CHF Interim 2005 1.20 1.55 2.25 0.97 Factual 2005 1.24 1.55 2.26 1.03 Interim 2006 1.27 1.56 2.27 1.12 Change Interim 2005/Interim 2006 5.83% 0.65% 0.89% 15.46% Change Factual 2005/Interim 2006 2.42% 0.65% 0.44% 8.74% Closing rates USD/CHF EUR/CHF GPB/CHF CAD/CHF Interim 2005 1.28 1.55 2.30 1.05 Factual 2005 1.32 1.55 2.26 1.13 Interim 2006 1.23 1.57 2.27 1.10 Change Interim 2005/Interim 2006-3.91% 1.29% -1.30% 4.76% Change Factual 2005/Interim 2006-6.82% 1.29% 0.44% -2.65% Slide 80

Investor Relations contacts Zurich: hotline +41 43 285 4444 Susan Holliday +41 43 285 6516 Andreas Leu +41 43 285 5603 Kathrin Schriber +41 43 285 2298 New York Gloria Vogel +1 914 828 8078 e-mail: investor_relations@swissre.com Slide 81