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P&C P&C Reserving Reserving 213 213 Development of claim of claim ratios ratios by line by line of business of business

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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 4 5 6 1 11 15 43 45 P&C Reserving 213 Page 3

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 266-271 of Swiss Re's 213 Financial Report, which are incorporated herein by reference. P&C Reserving 213 Page 4

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

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

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 6 + 15 = 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 56 + 15 = 71. Inception today P&C Reserving 213 Page 7

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

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

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 2 15 1 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. 5 3.3 4.7 7.6 4.2 4.8 3.3 2.5 3.5 4. 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

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 31.12.213 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 213 45 167 Less P-GAAP (84) Less deferred expense on retroactive reinsurance (56) Net unpaid claims and claims adjustment expenses 44 37 (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

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 23 24 25 26 (1) 27 28 29 21 211 212 213 38 71 42 546 42 97 61 645 62 59 56 156 52 86 48 816 48 253 46 819 45 167 1 later 41 24 41 23 44 312 63 564 59 516 57 379 51 97 46 67 47 244 45 769 2 s later 4 245 42 469 45 631 61 32 61 91 55 376 49 228 45 438 46 162 3 s later 42 91 44 115 43 743 62 484 6 146 53 981 48 11 45 25 4 s later 43 831 42 67 44 572 62 113 58 995 53 13 48 35 5 s later 42 683 43 395 43 652 61 329 58 145 53 134 6 s later 43 266 43 684 43 187 6 716 58 37 7 s later 43 78 43 215 42 747 61 9 8 s later 43 245 43 51 43 54 9 s later 43 154 43 346 1 s later 43 415 (4 75) ( 81) ( 148) 636 3 689 3 22 4 51 3 611 2 91 1 5-12.2% -1.9% -.3% 1. 5.9% 5.4% 7.8% 7.4% 4.3% 2.2% (2 76) 268 2 461 2 938 3 86 2 773 3 915 3 754 2 334 1 189-7.1%.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

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 23 24 25 26 (1) 27 28 29 21 211 212 213 38 71 42 546 42 97 61 645 62 59 56 156 52 86 48 816 48 253 46 819 45 167 1 later 7 57 8 144 8 396 1 196 11 21 1 217 8 5 7 899 7 962 9 269 2 s later 13 7 13 345 14 979 18 918 18 154 16 484 14 168 12 53 14 154 3 s later 17 211 18 59 19 867 24 529 23 34 21 21 17 842 16 954 4 s later 21 197 22 124 23 27 28 725 27 37 24 257 21 796 5 s later 24 716 24 532 25 419 32 88 29 822 27 866 6 s later 26 87 26 45 27 474 34 527 33 126 7 s later 28 392 28 814 28 698 37 562 8 s later 3 316 29 95 3 527 9 s later 31 298 31 61 1 s later 32 921 (1) Note that the increase from 26 is driven by the acquisition of GEIS. P&C Reserving 213 Page 13

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-24 41 79 42 15 42 226 43 321 44 15 43 65 43 33 43 488 43 65 42 924 43 137 (2 58) 24 1 844 1 69 9 479 9 146 8 948 8 721 8 7 8 69 8 68 8 628 2 216 25 11 879 11 55 1 999 1 685 1 73 9 923 9 963 9 678 9 68 2 199 26 (1) 28 262 28 277 28 498 28 55 28 14 27 768 27 544 27 46 82 27 1 22 9 969 9 376 9 449 9 93 8 848 8 768 1 254 28 9 483 9 652 9 448 9 23 9 56 8 9 583 29 8 894 8 234 7 766 7 636 7 489 1 45 21 7 683 7 472 7 354 7 193 49 211 1 95 1 88 1 34 61 212 (2) 9 351 9 117 233 213 1 766 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. 7 726 (1 799) 5 927 P&C Reserving 213 Page 14

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

Scope Walk from displayed reserves to booked reserves The reserves are shown on treaty years 1998-213 for long-tailed lines and on treaty years 22-213 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) 38.9 31.2 7.7 Other traditional business incl. reserves for prior treaty years (excl. US Asbestos & Environmental) 7.4 5. 2.5 U.S. Asbestos & Environmental 2.2 1.8.5 Total Traditional Business 48.6 37.9 1.7 Non-traditional business 2. 1.6.4 Unallocated Loss Adjustment Expense.9.7.2 Total Gross Nominal P&C 51.4 4.2 11.3 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

Swiss Re Group 156 168 18 192 1998 11'956 42% 85% 12% 16% 115% 12 124% 128% 128% 131% 132% 133% 134% 135% 135% 135% 1999 13'121 4 99% 116% 131% 141% 147% 151% 156% 157% 16 16 161% 161% 162% 162% 2 15'421 33% 74% 97% 111% 119% 125% 13 133% 134% 136% 139% 138% 138% 138% 21 17'759 57% 78% 93% 12% 18% 113% 117% 12 12 12 12 121% 121% 22 17'594 1 45% 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% 211 12'691 19% 54% 63% 212 15'545 13% 48% 213 9'46 156 168 18 192 1998 11'956 13% 46% 67% 8 89% 98% 15% 11 114% 119% 121% 123% 125% 126% 128% 129% 1999 13'121 4% 51% 78% 97% 111% 12 128% 134% 139% 143% 146% 149% 152% 153% 154% 2 15'421 5% 32% 55% 71% 85% 94% 12% 19% 114% 118% 123% 126% 128% 13 21 17'759 9% 34% 54% 69% 79% 85% 96% 13% 16% 11 111% 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% 6 29 11'53 6% 3 45% 52% 56% 21 1'416 4% 28% 46% 56% 211 12'691 6% 3 47% 6% 33% 212 15'545 213 9'46 23% 8% 1998 137% 129% 6% 3% 1999 166% 154% 8% 4% 2 142% 13 8% 4% 21 125% 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% 211 78% 47% 16% 15% 212 76% 33% 15% 28% 213 69% 8% 15% 46% Smooth development across aggregated lines of business. The high ultimate claims ratios for 1998-21 are due to the "soft" market conditions at the time, as well as specific claims such as September 11, 21. 25 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. 12 1 8 6 4 2 18 16 14 12 1 8 6 4 2 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 26 25 Written 24 18' 16' 14' 12' 1' 8' 6' 4' 2' P&C Reserving 213 Page 17

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% 12 25 24 5'25 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% 4 4 4 27 4'92 17% 5 53% 53% 53% 53% 53% 1 21 28 4'923 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 7'527 213 4'981 15% 48% 24% 8 6 4 213 212 211 29 28 27 26 24 2 22 5'188 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% 12 12 26 5' 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% 5 212 7'527 6% 32% 213 4'981 6% 14 12 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 8'4 7'2 22 55% 55% 23 46% 46% 24 79% 78% 25 122% 12 1% 26 4 39% 1% 27 53% 52% 1% 28 55% 53% 2% 29 65% 62% 3% 21 94% 71% 18% 4% 211 71% 5 18% 3% 212 61% 32% 16% 13% 213 57% 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. 1 8 6 4 2 22 23 24 25 26 27 28 29 21 211 212 213 6' 4'8 3'6 2'4 1'2 Written P&C Reserving 213 Page 18

Property - Reinsurance 14 Reported as % of s - Latest ten years 22 4'23 16% 6 6 59% 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% 12 25 25 4'426 44% 112% 12 12 119% 118% 118% 118% 118% 26 4'115 1 38% 43% 43% 42% 42% 42% 42% 1 21 27 4'283 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% 7 212 6'711 213 4'46 16% 49% 24% 8 6 4 213 212 211 29 28 27 26 24 2 22 4'23 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% 4 4 41% 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% 14 12 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 8'4 7'2 22 58% 57% 23 46% 46% 24 72% 72% 25 118% 116% 1% 26 42% 41% 1% 27 54% 53% 1% 28 56% 54% 2% 29 68% 64% 3% 21 97% 74% 19% 4% 211 73% 51% 19% 3% 212 62% 34% 15% 13% 213 58% 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. 1 8 6 4 2 22 23 24 25 26 27 28 29 21 211 212 213 6' 4'8 3'6 2'4 1'2 Written P&C Reserving 213 Page 19

Property - Corporate Solutions 16 Reported as % of s - Latest ten years 22 958 23% 39% 43% 46% 46% 45% 45% 45% 45% 45% 45% 45% 23 923 19% 43% 47% 46% 46% 46% 47% 46% 46% 46% 46% 14 25 24 91 54% 1 113% 113% 111% 112% 111% 111% 111% 111% 25 837 94% 14 143% 145% 143% 143% 142% 142% 142% 12 26 884 14% 3 34% 34% 33% 33% 33% 33% 24 27 619 1 39% 43% 47% 47% 47% 45% 28 49 21% 47% 51% 49% 48% 48% 1 29 52 11% 35% 41% 4 41% 21 545 8% 61% 63% 62% 8 211 659 1 45% 57% 212 817 213 521 9% 4 17% 6 4 213 212 211 21 29 28 27 2 26 22 958 11% 28% 37% 42% 44% 44% 44% 45% 45% 45% 45% 45% 23 923 7% 24% 35% 41% 43% 45% 46% 46% 46% 46% 46% 24 91 15% 56% 83% 98% 15% 18% 18% 11 11 11 25 837 18% 78% 12 133% 14 141% 141% 141% 141% 26 884 5% 18% 27% 31% 32% 33% 33% 33% 27 619 5% 26% 37% 41% 43% 45% 45% 28 49 7% 33% 45% 47% 47% 48% 29 52 3% 22% 35% 38% 39% 21 545 2% 24% 43% 49% 211 659 4% 2 45% 212 817 2% 22% 213 521 7% 16 14 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1'6 1'4 22 45% 45% 23 46% 46% 24 111% 11 25 142% 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. 12 1 8 6 4 1'2 1' 8 6 4 21 63% 49% 12% 1% 211 58% 45% 12% 1% 2 2 212 57% 22% 18% 18% 213 49% 7% 11% 31% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 2

Liability - total 156 168 18 192 1998 2'942 18% 39% 63% 79% 15% 125% 135% 146% 153% 156% 159% 161% 164% 165% 166% 165% 1999 3'217 18% 37% 57% 94% 123% 141% 154% 173% 177% 183% 182% 184% 186% 188% 189% 2 3'839 33% 42% 7 14% 129% 15 163% 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% 6 29 1'836 5% 25% 4 55% 61% 21 1'716 7% 24% 38% 5 211 1'775 4% 18% 29% 212 2'134 3% 17% 213 1'67 156 168 18 192 1998 2'942 1% 11% 29% 46% 63% 82% 99% 19% 121% 129% 135% 14 143% 149% 152% 155% 1999 3'217-19% 5% 2 45% 71% 9 17% 122% 136% 146% 154% 16 167% 17 173% 2 3'839-3% 6% 27% 51% 77% 96% 115% 133% 143% 155% 162% 17 175% 178% 21 4'488 4% 11% 23% 4 55% 7 83% 11% 11 121% 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% 4 26 3'262 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 2'134 213 1'67 9% 1% 1998 169% 155% 1 4% 1999 196% 173% 16% 8% 2 195% 178% 1 6% 21 151% 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% 3 21 92% 29% 21% 43% 211 86% 14% 15% 57% 212 87% 7% 9% 7 213 82% 1% 7% 73% The development period of Liability business is much longer than for Property business. years 1998-21 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 24. 12 1 8 6 4 2 25 2 15 1 5 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27 26, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 25 Written 24 6' 4'8 3'6 2'4 1'2 P&C Reserving 213 Page 21

Liability - Reinsurance 156 168 18 192 1998 1'689 28% 48% 71% 84% 111% 127% 138% 151% 159% 162% 166% 17 175% 177% 178% 177% 1999 1'994 25% 4 57% 85% 111% 13 144% 156% 162% 168% 168% 17 172% 176% 176% 2 2'453 48% 49% 76% 16% 13 15 163% 171% 176% 182% 185% 187% 187% 189% 21 2'828 61% 41% 56% 78% 92% 18% 12 127% 128% 129% 13 131% 13 22 2'946 2% 2 32% 62% 59% 64% 68% 72% 73% 71% 72% 72% 23 2'947 3% 18% 26% 33% 42% 45% 46% 46% 49% 5 5 24 2'861 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% 213 74 156 168 18 192 1998 1'689 4% 14% 29% 44% 6 77% 92% 11% 118% 128% 137% 142% 147% 153% 158% 162% 1999 1'994-32% 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 1'473 213 74 11% 2% 1998 181% 162% 15% 4% 1999 183% 159% 17% 7% 2 195% 176% 13% 6% 21 136% 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% 27 7 41% 13% 16% 28 87% 35% 28% 23% 29 94% 34% 26% 33% 21 93% 24% 23% 46% 211 92% 14% 17% 6 212 89% 8% 1 7 213 85% 2% 9% 73% The development period of Liability business is much longer than for Property business. years 1998-21 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 24. 12 1 8 6 4 2 25 2 15 1 5 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27 26, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 25 Written 24 5' 4' 3' 2' 1' P&C Reserving 213 Page 22

Liability - Corporate Solutions 156 168 18 192 1998 1'253 5% 26% 52% 73% 97% 123% 131% 139% 145% 148% 15 148% 149% 149% 15 149% 1999 1'223 7% 32% 57% 19% 143% 159% 17 21% 22% 29% 25% 27% 27% 27% 21 2 1'386 6% 29% 59% 11% 125% 15 164% 179% 18 185% 19 192% 193% 189% 21 1'66 5% 26% 53% 85% 16% 122% 142% 153% 155% 154% 163% 169% 17 22 1'85 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% 27 835 3% 2 34% 6 64% 66% 68% 28 668 3% 18% 33% 4 43% 53% 29 53 3% 27% 43% 53% 6 21 539 8% 28% 45% 55% 211 556 2% 14% 23% 212 661 2% 12% 213 363 156 168 18 192 1998 1'253-1% 8% 28% 49% 68% 88% 17% 119% 126% 131% 134% 136% 138% 144% 145% 145% 1999 1'223 1% 11% 32% 62% 94% 115% 133% 147% 159% 17 179% 184% 191% 194% 196% 2 1'386 2% 1 3 59% 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% 27 835 5% 2 3 5 54% 62% 28 668 1% 5% 13% 21% 28% 44% 29 53 1% 6% 24% 36% 45% 21 539 1% 9% 27% 37% 211 556 1% 5% 13% 5% 212 661 213 363 3% 1% 1998 152% 145% 3% 4% 1999 218% 196% 14% 9% 2 196% 183% 6% 7% 21 176% 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% 21 9 37% 18% 35% 211 74% 13% 11% 5 212 82% 5% 8% 7 213 76% 1% 3% 73% The development period of Liability business is much longer than for Property business. years 1998-21 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. 12 1 8 6 4 2 25 2 15 1 5 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 21 was affected by a gas explosion in California, as well as by the Deepwater-Horizon loss. 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 27 26, 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

Motor - total 156 168 18 192 1998 2'42 52% 96% 19% 11 117% 118% 12 121% 121% 122% 123% 123% 124% 124% 124% 125% 1999 2'377 36% 13% 117% 126% 13 131% 133% 133% 132% 134% 134% 134% 134% 134% 134% 2 2'823 31% 91% 13% 18% 113% 11 11 111% 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% 9 9 89% 91% 23 2'37 17% 72% 75% 78% 8 8 81% 8 8 81% 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 1'368 156 168 18 192 1998 2'42 22% 58% 75% 84% 92% 97% 11% 15% 17% 19% 111% 112% 113% 114% 115% 116% 1999 2'377 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% 8 23 2'37 13% 4 49% 55% 6 63% 65% 67% 68% 69% 69% 24 2'78 11% 4 5 57% 61% 63% 66% 68% 7 71% 25 1'667 1 34% 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 2'893 213 1'368 33% 18% 1998 128% 116% 9% 3% 1999 137% 127% 7% 3% 2 115% 17% 6% 2% 21 1 88% 9% 4% 22 96% 8 11% 5% 23 89% 69% 12% 7% 24 9 71% 12% 7% 25 84% 62% 13% 9% 26 88% 63% 15% 1 27 92% 72% 13% 8% 28 94% 74% 13% 8% 29 97% 73% 14% 11% 21 97% 62% 16% 2 211 98% 72% 13% 13% 212 1 51% 15% 35% 213 98% 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 1998-21 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. 12 1 8 6 4 2 16 14 12 1 8 6 4 2 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27 26, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 25 Written 24 4' 3'5 3' 2'5 2' 1'5 1' 5 P&C Reserving 213 Page 24

Motor - Reinsurance 156 168 18 192 1998 1'738 56% 11% 112% 112% 118% 118% 12 121% 122% 122% 123% 124% 124% 124% 124% 125% 1999 2'62 38% 18% 12 129% 132% 132% 135% 135% 133% 135% 136% 136% 136% 136% 136% 2 2'552 32% 9 15% 19% 113% 11 11 11 112% 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 1'367 156 168 18 192 1998 1'738 23% 6 77% 84% 91% 95% 1 13% 15% 17% 19% 111% 113% 114% 115% 115% 1999 2'62 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% 7 24 1'878 12% 42% 52% 58% 61% 63% 66% 68% 7 71% 25 1'545 1 35% 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 2'89 213 1'367 33% 18% 1998 129% 115% 1 4% 1999 14 128% 8% 3% 2 115% 16% 7% 2% 21 1 87% 9% 4% 22 99% 82% 12% 5% 23 92% 7 14% 8% 24 91% 71% 13% 8% 25 84% 61% 14% 1 26 88% 62% 15% 1 27 93% 72% 13% 8% 28 95% 74% 13% 8% 29 97% 73% 14% 11% 21 97% 62% 16% 2 211 98% 72% 13% 13% 212 1 51% 15% 35% 213 98% 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 1998-21 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. 12 1 8 6 4 2 16 14 12 1 8 6 4 2 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 26 25 Written 24 4' 3'5 3' 2'5 2' 1'5 1' 5 P&C Reserving 213 Page 25

Motor - Corporate Solutions 156 168 18 192 1998 34 27% 73% 89% 1 112% 116% 119% 12 119% 12 12 12 12 121% 12 121% 1999 315 23% 72% 94% 18% 116% 12 12 123% 123% 123% 122% 122% 122% 122% 122% 2 27 22% 12% 87% 1 16% 11 112% 115% 115% 117% 116% 116% 117% 117% 21 262 22% 61% 8 9 97% 1 12% 12% 11% 11% 12% 12% 12% 22 179 1 27% 42% 48% 52% 55% 57% 58% 59% 59% 59% 59% 23 22 1 31% 45% 59% 64% 65% 68% 68% 67% 67% 67% 24 2 15% 35% 52% 6 65% 69% 71% 72% 73% 74% 25 121 13% 36% 54% 64% 66% 66% 68% 69% 73% 26 81 26% 47% 63% 71% 79% 84% 85% 86% 27 35 24% 64% 67% 71% 69% 68% 68% 28 17 7% 33% 45% 51% 52% 54% 29 13 9% 35% 38% 42% 42% 21 3 23% 68% 79% 76% 211 4 17% 62% 6 212 3 19% 68% 213 1 156 168 18 192 1998 34 14% 49% 67% 82% 96% 14% 18% 113% 115% 117% 117% 118% 119% 119% 119% 119% 1999 315 5% 45% 71% 91% 13% 112% 115% 118% 119% 12 121% 121% 121% 121% 122% 2 27 1 4 64% 82% 94% 12% 16% 11 111% 113% 113% 115% 116% 116% 21 262 11% 36% 56% 71% 84% 91% 96% 98% 99% 99% 1 1 1 22 179 3% 13% 28% 38% 47% 51% 54% 56% 58% 58% 58% 59% 23 22 3% 16% 28% 46% 56% 61% 65% 66% 66% 66% 66% 24 2 6% 2 36% 49% 59% 63% 67% 67% 71% 72% 25 121 6% 18% 35% 51% 59% 62% 65% 67% 73% 26 81 6% 19% 43% 6 72% 77% 81% 82% 27 35 8% 34% 52% 61% 67% 68% 68% 28 17 4% 2 33% 4 43% 47% 29 13 4% 25% 31% 33% 37% 21 3 12% 47% 7 7 211 4 13% 53% 55% 13% 52% 212 3 213 1 42% 3 1998 122% 119% 1% 1% 1999 123% 122% 1% 2 119% 116% 1% 2% 21 13% 1 2% 1% 22 6 59% 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% 28 6 47% 6% 6% 29 47% 37% 5% 5% 21 17% 7 6% 31% 211 99% 55% 5% 39% 212 118% 52% 16% 51% 213 78% 3 12% 37% The high ultimate claims ratios for 1998-21 is due to the "soft" market conditions at the time. The premium volume has significantly decreased over the last ten years. 14 12 1 8 6 4 2 14 12 1 8 6 4 2 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 26 25 Written 24 35 3 25 2 15 1 5 P&C Reserving 213 Page 26

Accident & Health - total 156 168 18 192 1998 831 49% 87% 98% 1 15% 111% 122% 128% 13 132% 135% 14 15 153% 152% 153% 1999 1'68 31% 74% 94% 18% 117% 122% 129% 135% 139% 143% 148% 158% 16 161% 163% 2 1'73 26% 69% 92% 16% 114% 119% 128% 13 136% 141% 152% 155% 156% 156% 21 1'434 44% 74% 93% 96% 12% 18% 19% 11 115% 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% 26 939 15% 57% 67% 67% 68% 7 72% 72% 27 882 8% 41% 49% 52% 57% 61% 65% 28 538 9% 53% 63% 65% 67% 68% 29 487 1 5 61% 65% 68% 21 344 11% 52% 62% 64% 211 357 17% 57% 67% 212 788 2 62% 213 32 212 788 213 32 22% 156 168 18 192 1998 831 23% 56% 72% 81% 88% 92% 11% 16% 18% 111% 114% 118% 124% 127% 134% 136% 1999 1'68 16% 42% 59% 77% 87% 91% 98% 14% 11 115% 119% 127% 133% 136% 138% 2 1'73 12% 37% 56% 68% 75% 82% 9 95% 11% 17% 118% 123% 129% 131% 21 1'434 1 34% 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% 26 939 4% 27% 41% 47% 53% 56% 58% 59% 27 882 3% 2 32% 38% 45% 49% 53% 28 538 4% 28% 43% 53% 57% 6 29 487 5% 31% 45% 53% 57% 21 344 6% 35% 48% 53% 211 357 5 11% 39% 17% 51% 13% 1998 168% 136% 17% 15% 1999 18 138% 24% 18% 2 175% 131% 25% 19% 21 15 14% 23% 23% 22 97% 67% 15% 15% 23 8 59% 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% 211 88% 5 17% 21% 212 95% 51% 1 33% 213 86% 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 1998-21 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. 12 1 8 6 4 2 2 18 16 14 12 1 8 6 4 2 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 26 25 Written 24 2' 1'8 1'6 1'4 1'2 1' 8 6 4 2 P&C Reserving 213 Page 27

Accident & Health - Reinsurance 156 168 18 192 1998 438 42% 82% 99% 1 17% 113% 128% 135% 135% 136% 137% 142% 15 154% 15 149% 1999 579 22% 67% 97% 18% 117% 12 128% 132% 135% 139% 141% 146% 148% 148% 148% 2 737 21% 67% 91% 112% 12 125% 136% 134% 141% 145% 155% 159% 156% 157% 21 675 62% 8 99% 99% 15% 11 18% 15% 11 112% 117% 115% 116% 22 614 8% 61% 65% 68% 68% 79% 79% 72% 75% 77% 77% 78% 23 53 6% 49% 49% 5 5 51% 56% 51% 5 5 5 24 464 6% 54% 54% 57% 57% 57% 58% 58% 58% 58% 25 64 2% 46% 55% 56% 57% 59% 6 61% 62% 26 536 5% 47% 55% 56% 56% 58% 6 6 27 466 6% 44% 51% 5 51% 53% 54% 28 352 6% 47% 55% 57% 58% 59% 29 331 6% 42% 54% 6 63% 21 25 8% 44% 55% 58% 211 231 11% 48% 59% 212 662 19% 58% 213 188 156 168 18 192 1998 438 1 39% 61% 75% 86% 94% 17% 112% 114% 118% 119% 123% 126% 129% 138% 14 1999 579 4% 25% 49% 68% 81% 84% 92% 11% 16% 112% 115% 119% 127% 129% 131% 2 737 4% 22% 42% 54% 62% 69% 81% 87% 96% 12% 18% 118% 126% 129% 21 675 2% 22% 37% 46% 54% 59% 67% 7 73% 76% 86% 9 93% 22 614 2% 16% 26% 32% 37% 39% 42% 45% 48% 53% 55% 57% 23 53 1% 18% 26% 32% 36% 38% 4 41% 43% 43% 44% 24 464 2% 22% 3 37% 39% 42% 45% 48% 49% 5 25 64-1% 15% 27% 35% 41% 45% 47% 48% 5 26 536 1% 17% 31% 38% 45% 48% 5 52% 27 466 2% 15% 27% 32% 38% 39% 41% 28 352 1% 16% 31% 43% 47% 49% 29 331 2% 2 35% 44% 49% 21 25 2% 2 36% 43% 211 231 2% 2 33% 16% 45% 212 662 213 188 15% 3% 1998 156% 14 9% 7% 1999 157% 131% 17% 9% 2 173% 129% 28% 16% 21 134% 93% 24% 18% 22 94% 57% 21% 16% 23 61% 44% 7% 1 24 67% 5 8% 9% 25 72% 5 12% 1 26 69% 52% 8% 9% 27 74% 41% 13% 19% 28 78% 49% 9% 2 29 84% 49% 14% 21% 21 84% 43% 15% 26% 211 91% 33% 25% 32% 212 95% 45% 12% 37% 213 86% 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 1998-21 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. 12 1 8 6 4 2 2 18 16 14 12 1 8 6 4 2 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 26 25 Written 24 8 7 6 5 4 3 2 1 P&C Reserving 213 Page 28

Accident & Health - Corporate Solutions 156 168 18 192 1998 392 57% 93% 98% 1 13% 19% 116% 12 124% 128% 132% 138% 151% 152% 155% 157% 1999 489 42% 81% 91% 19% 117% 125% 13 138% 142% 147% 155% 171% 174% 177% 179% 2 966 3 7 92% 12% 19% 114% 122% 126% 131% 137% 15 152% 155% 156% 21 759 29% 69% 87% 93% 99% 17% 11 115% 119% 125% 13 134% 136% 22 961 16% 57% 75% 71% 74% 75% 78% 78% 8 82% 83% 84% 23 845 16% 41% 65% 7 71% 73% 76% 77% 78% 79% 8 24 561 29% 53% 65% 69% 69% 7 72% 74% 74% 75% 25 511 33% 58% 65% 69% 72% 74% 76% 77% 79% 26 43 29% 71% 83% 82% 84% 86% 87% 89% 27 416 9% 38% 48% 55% 63% 7 76% 28 187 15% 66% 77% 8 83% 84% 29 156 17% 65% 74% 76% 78% 21 94 18% 75% 8 8 211 126 28% 74% 82% 212 126 23% 82% 213 132 156 168 18 192 1998 392 38% 74% 84% 86% 89% 9 95% 99% 11% 14% 19% 113% 122% 125% 128% 132% 1999 489 3 62% 71% 86% 93% 99% 16% 18% 114% 118% 124% 137% 14 144% 147% 2 966 18% 49% 67% 78% 85% 92% 97% 11% 16% 11 125% 128% 131% 133% 21 759 18% 45% 6 7 77% 83% 87% 92% 97% 14% 18% 111% 114% 22 961 8% 4 53% 55% 58% 6 64% 67% 68% 7 72% 74% 23 845 4% 27% 44% 49% 54% 57% 61% 62% 65% 67% 69% 24 561 13% 34% 42% 5 53% 56% 58% 6 62% 63% 25 511 14% 36% 46% 52% 58% 6 63% 65% 67% 26 43 7% 39% 54% 59% 63% 66% 68% 7 27 416 4% 26% 37% 45% 53% 59% 66% 28 187 9% 5 66% 72% 76% 79% 29 156 12% 55% 67% 71% 73% 21 94 16% 74% 8 8 211 126 27% 74% 81% 22% 82% 212 126 213 132 31% 29% 1998 182% 132% 26% 25% 1999 27% 147% 32% 28% 2 178% 133% 23% 21% 21 164% 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% 211 83% 81% 2% 212 96% 82% 14% 213 86% 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 1998-21 is due to the "soft" market conditions at the time. 12 1 8 6 4 2 25 2 15 1 5 213 Reported as % of s - Latest ten years 212 211 21 36 48 6 72 84 96 18 12 29 28 27, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1998 1999 2 21 22 23 24 25 26 27 28 29 21 211 212 213 26 25 Written 24 1'25 1' 75 5 25 P&C Reserving 213 Page 29

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% 25 951 7% 3 41% 48% 49% 5 49% 49% 48% 1 28 26 713 5% 36% 56% 61% 62% 61% 59% 59% 27 64 8% 41% 54% 58% 6 6 61% 8 212 28 644 2% 56% 8 94% 95% 93% 29 59 3% 38% 5 51% 5 21 567 6% 34% 48% 46% 211 46 1 36% 43% 212 418 213 136 1 49% 24% 6 4 213 211 21 29 27 26 25 24 2 22 1'21 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% 25 951 2% 13% 26% 36% 39% 42% 42% 44% 44% 26 713 4% 18% 36% 46% 49% 51% 52% 55% 27 64 2% 25% 37% 42% 47% 49% 52% 28 644 1% 22% 41% 55% 68% 75% 29 59 1% 21% 33% 41% 44% 21 567 2% 18% 32% 39% 211 46 3% 24% 34% 212 418 4% 32% 213 136 13% 12 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1'8 22 37% 36% 1% 23 27% 26% 1% 24 38% 37% 1% 25 48% 44% 4% 26 58% 55% 4% -1% 27 6 52% 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. 1 8 6 4 1'5 1'2 9 6 28 96% 75% 18% 3% 29 52% 44% 6% 2% 21 54% 39% 7% 8% 2 3 211 55% 34% 9% 12% 212 81% 32% 17% 33% 213 64% 13% 11% 4 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 3

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% 23 868 3% 2 28% 29% 3 31% 31% 3 3 3 29% 24 828 3% 24% 34% 37% 39% 39% 39% 39% 39% 39% 1 25 719 7% 32% 45% 54% 54% 55% 55% 55% 54% 26 533 3% 36% 61% 68% 7 68% 66% 64% 27 411 4% 4 57% 61% 63% 63% 65% 28 49 3% 34% 58% 69% 71% 69% 8 212 28 29 332 2% 49% 65% 66% 64% 21 328 7% 32% 44% 4 211 292 11% 4 48% 6 213 211 21 29 27 26 25 212 233 213 64 1 42% 9% 4 24 2 22 1'2 1% 15% 23% 27% 31% 32% 33% 35% 35% 36% 36% 36% 23 868 1% 1 17% 21% 24% 26% 26% 27% 27% 28% 28% 24 828 2% 15% 24% 28% 32% 34% 35% 36% 37% 37% 25 719 2% 14% 28% 39% 42% 46% 46% 48% 49% 26 533 2% 17% 39% 49% 54% 56% 57% 6 27 411 2% 21% 35% 41% 46% 49% 52% 28 49 1% 15% 28% 36% 43% 49% 29 332 1% 27% 42% 53% 57% 21 328 1% 17% 3 33% 211 292 2% 27% 36% 212 233 4% 21% 213 64 4% 1 9 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2' 1'8 22 37% 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. 8 7 6 5 4 1'6 1'4 1'2 1' 8 27 62% 52% 13% -3% 28 73% 49% 2 3% 3 6 29 64% 57% 7% 2 4 21 51% 33% 7% 11% 211 62% 36% 12% 14% 1 2 212 75% 21% 2 33% 213 51% 4% 5% 42% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 31

Aviation & Space - Corporate Solutions 16 Reported as % of s - Latest ten years 22 28 14% 25% 38% 38% 38% 38% 38% 37% 37% 37% 37% 37% 23 242 2% 17% 22% 26% 24% 24% 23% 23% 22% 21% 21% 24 26 5% 31% 36% 38% 39% 38% 38% 38% 37% 37% 14 28 25 231 8% 24% 27% 31% 32% 33% 32% 31% 31% 12 26 18 9% 33% 41% 42% 4 41% 41% 41% 27 228 16% 43% 49% 52% 54% 53% 55% 28 235 2% 96% 117% 139% 137% 135% 29 177 4% 18% 22% 23% 25% 21 24 5% 36% 53% 54% 211 168 9% 29% 34% 212 185 213 72 1 58% 37% 1 8 6 4 2 213 212 211 21 29 27 26 25 24 22 28 1% 19% 34% 35% 36% 36% 36% 37% 36% 36% 36% 36% 23 242 1% 7% 13% 16% 19% 2 2 2 2 2 2 24 26 4% 25% 29% 31% 34% 35% 36% 36% 36% 36% 25 231 3% 1 19% 26% 28% 29% 29% 29% 29% 26 18 8% 21% 3 35% 36% 37% 39% 39% 27 228 4% 33% 4 45% 48% 5 52% 28 235 1% 35% 63% 88% 113% 12 29 177 2% 9% 15% 18% 21% 21 24 3% 18% 34% 47% 211 168 5% 18% 29% 212 185 4% 46% 213 72 21% 16 14 36 48 6 72 84 96 18 12, 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. 12 3 22 37% 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. 1 8 25 2 26 41% 39% 2% 6 15 27 57% 52% 3% 2% 28 136% 12 15% 1% 29 3 21% 4% 5% 4 1 21 58% 47% 7% 4% 211 44% 29% 5% 9% 2 5 212 9 46% 12% 32% 213 75% 21% 16% 37% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 32

Engineering - total 12 Reported as % of s - Latest ten years 22 92 6% 31% 44% 52% 6 61% 61% 62% 63% 64% 64% 65% 23 89 4% 24% 34% 41% 45% 47% 49% 49% 49% 49% 49% 24 981 4% 24% 33% 42% 47% 47% 48% 49% 49% 5 1 25 929 4% 22% 33% 39% 43% 45% 46% 47% 51% 26 878 3% 22% 35% 42% 46% 48% 5 5 27 83 3% 22% 36% 45% 51% 56% 58% 28 648 7% 29% 47% 52% 59% 63% 29 568 5% 3 42% 55% 63% 21 472 5% 29% 45% 58% 211 544 6% 3 51% 8 6 213 212 211 21 29 28 27 26 25 24 212 55 213 299 6% 42% 13% 4 2 22 92 1% 15% 26% 36% 41% 48% 52% 54% 55% 58% 59% 6 23 89 1% 11% 21% 28% 32% 36% 39% 41% 42% 43% 43% 24 981 11% 2 26% 32% 36% 39% 42% 42% 43% 25 929 1% 9% 18% 24% 3 34% 37% 4 44% 26 878 1% 9% 19% 27% 33% 38% 4 42% 27 83 1% 1 21% 29% 35% 42% 48% 28 648 2% 13% 26% 36% 44% 5 29 568 1% 12% 25% 34% 41% 21 472 1% 14% 28% 37% 211 544 1% 13% 27% 212 55 1% 15% 213 299 2% 1 9 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1' 9 22 68% 6 5% 3% 23 51% 43% 5% 3% 24 55% 43% 7% 5% 25 58% 44% 7% 7% 26 6 42% 8% 1 27 66% 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 211-213 are impacted by the water damage at a power station in Russia. 8 7 6 5 4 3 8 7 6 5 4 3 29 75% 41% 22% 12% 2 2 21 75% 37% 21% 17% 211 78% 27% 24% 27% 1 1 212 86% 15% 27% 44% 213 8 2% 1 67% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 33

Engineering Reinsurance 12 Reported as % of s - Latest ten years 22 716 6% 36% 49% 55% 59% 62% 61% 63% 63% 64% 65% 66% 23 749 3% 26% 35% 42% 46% 48% 51% 51% 51% 52% 51% 24 798 5% 27% 37% 46% 51% 52% 53% 54% 54% 55% 1 25 83 4% 23% 35% 42% 45% 48% 49% 5 51% 26 798 3% 23% 36% 44% 48% 5 53% 52% 27 739 3% 23% 37% 47% 53% 57% 59% 28 626 5% 27% 45% 51% 59% 62% 29 525 6% 31% 44% 58% 66% 21 437 5% 28% 44% 58% 8 6 213 212 211 21 29 28 27 26 25 24 211 496 6% 28% 49% 212 45 213 271 6% 4 13% 4 2 22 716 1% 17% 3 4 44% 5 52% 54% 55% 58% 59% 6 23 749 1% 12% 22% 29% 34% 37% 4 42% 44% 45% 45% 24 798 13% 23% 29% 36% 4 43% 46% 46% 47% 25 83 1% 1 2 26% 33% 36% 4 42% 44% 26 798 1% 9% 2 28% 34% 39% 42% 44% 27 739 1% 11% 22% 31% 37% 43% 49% 28 626 1% 13% 25% 35% 43% 49% 29 525 1% 12% 26% 36% 43% 21 437 1% 13% 27% 36% 211 496 1% 11% 25% 212 45 2% 15% 213 271 3% 1 9 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1' 9 22 68% 6 6% 3% 23 54% 45% 6% 3% 24 6 47% 8% 6% 25 59% 44% 7% 8% 26 63% 44% 9% 1 27 69% 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 211-213 are impacted by the water damage at a power station in Russia. 8 7 6 5 4 3 8 7 6 5 4 3 29 79% 43% 23% 13% 2 2 21 76% 36% 22% 18% 211 77% 25% 25% 28% 1 1 212 86% 15% 25% 46% 213 79% 3% 11% 65% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 34

Engineering - Corporate Solutions 14 Reported as % of s - Latest ten years 22 186 6% 14% 26% 4 64% 59% 6 61% 62% 62% 62% 62% 23 141 6% 17% 28% 34% 4 41% 37% 36% 36% 36% 34% 12 24 183 2% 11% 17% 24% 28% 26% 26% 25% 28% 28% 25 126 2% 9% 16% 2 28% 27% 29% 3 53% 26 79 4% 12% 17% 19% 24% 28% 28% 27% 1 27 64 2% 8% 19% 22% 25% 4 39% 28 21 7 84% 116% 93% 77% 76% 29 43 16% 23% 21% 23% 8 213 212 211 28 21 34 5% 34% 51% 55% 211 47 6% 5 73% 212 55 213 28 5% 54% 6% 6 4 21 27 25 2 29 26 24 22 186 1% 6% 11% 23% 28% 43% 48% 53% 56% 57% 59% 6 23 141 7% 18% 24% 25% 28% 32% 33% 33% 34% 34% 24 183 3% 8% 11% 15% 21% 23% 24% 26% 26% 25 126 1% 2% 6% 9% 15% 19% 2 24% 49% 26 79 3% 6% 12% 15% 18% 21% 22% 25% 27 64 1% 3% 6% 14% 18% 24% 35% 28 21 23% 29% 56% 83% 73% 73% 29 43 5% 1 14% 16% 21 34 19% 34% 52% 211 47 3% 24% 5 212 55 15% 213 28 1 9 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2 18 22 66% 6 3% 4% 23 35% 34% 1% 1% 24 3 26% 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% 211 89% 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. 8 7 6 5 4 3 2 1 16 14 12 1 8 6 4 2 212 79% 15% 39% 25% 213 89% 6% 83% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 35

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 25 24 1'58 15% 66% 88% 94% 96% 96% 96% 96% 95% 95% 16 25 1'179 38% 145% 178% 183% 183% 184% 185% 186% 184% 26 1'29 8% 35% 51% 57% 59% 59% 6 59% 14 27 848 9% 44% 66% 7 69% 68% 67% 28 87 27% 83% 98% 11% 12% 12% 12 29 716 12% 43% 6 65% 65% 21 67 11% 51% 72% 79% 211 689 13% 61% 76% 212 83 213 582 18% 72% 33% 1 8 6 213 212 211 21 29 28 27 26 24 4 2 22 1'143 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% 14 161% 169% 173% 176% 179% 26 1'29 2% 18% 34% 43% 48% 51% 52% 54% 27 848 2% 22% 45% 53% 57% 61% 63% 28 87 3% 37% 7 84% 93% 95% 29 716 2% 23% 39% 47% 52% 21 67 4% 24% 46% 55% 211 689 4% 32% 58% 212 83 6% 41% 213 582 11% 2 18 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2' 1'8 22 68% 67% 1% 23 58% 57% 1% 24 95% 92% 3% 25 184% 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 28. 21 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. 16 14 12 1 8 6 1'6 1'4 1'2 1' 8 6 29 66% 52% 13% 2% 4 4 21 85% 55% 25% 6% 211 82% 58% 18% 7% 2 2 212 9 41% 31% 18% 213 77% 11% 22% 44% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 36

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 25 24 966 14% 65% 86% 91% 93% 93% 94% 93% 92% 92% 16 25 1'85 34% 147% 181% 185% 184% 185% 186% 187% 186% 26 894 8% 38% 56% 61% 64% 63% 63% 63% 14 27 721 11% 48% 72% 77% 75% 73% 73% 28 669 11% 69% 84% 85% 86% 87% 12 29 544 13% 46% 63% 69% 69% 21 485 11% 56% 78% 87% 211 573 12% 58% 74% 212 648 213 476 2 81% 32% 1 8 6 213 212 211 21 29 28 27 26 24 4 2 22 1'78 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% 24 966 3% 34% 56% 7 77% 83% 85% 88% 88% 88% 25 1'85 3% 6 12 145% 162% 17 174% 177% 18 26 894 2% 2 36% 46% 51% 54% 56% 57% 27 721 3% 24% 48% 57% 61% 65% 67% 28 669 2% 29% 58% 69% 78% 8 29 544 3% 25% 41% 48% 54% 21 485 5% 27% 5 59% 211 573 4% 29% 55% 212 648 7% 46% 213 476 1 2 18 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2' 1'8 22 67% 66% 1% 23 58% 56% 1% 24 92% 88% 3% 25 186% 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 28. 21 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. 16 14 12 1 8 6 1'6 1'4 1'2 1' 8 6 29 7 54% 14% 1% 4 4 21 94% 59% 29% 6% 211 81% 55% 19% 7% 2 2 212 1 46% 35% 2 213 74% 1 22% 42% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 37

Marine - Corporate Solutions 2 Reported as % of s - Latest ten years 22 65 7% 32% 58% 69% 81% 8 82% 81% 81% 81% 82% 82% 23 92 5% 29% 42% 62% 67% 66% 66% 66% 66% 66% 66% 24 92 26% 85% 118% 125% 13 128% 128% 128% 127% 127% 18 16 28 25 25 94 89% 124% 147% 163% 166% 167% 166% 166% 167% 26 135 3% 15% 22% 28% 3 34% 36% 33% 14 27 127 2% 27% 32% 34% 37% 37% 37% 28 138 19% 147% 166% 177% 176% 173% 12 24 29 172 8% 35% 48% 52% 52% 21 123 1 33% 46% 48% 211 116 2 77% 83% 212 155 213 16 1 34% 38% 1 8 6 4 2 213 212 211 21 29 27 26 22 65 4% 17% 38% 56% 66% 75% 79% 79% 81% 81% 82% 82% 23 92 2% 16% 29% 47% 61% 64% 64% 65% 66% 66% 66% 24 92 3% 52% 89% 114% 119% 122% 126% 126% 127% 127% 25 94 7% 39% 68% 87% 156% 162% 163% 164% 166% 26 135 5% 14% 2 23% 26% 28% 33% 27 127 1% 11% 26% 29% 32% 33% 36% 28 138 9% 76% 13 159% 165% 168% 29 172 1% 16% 33% 41% 45% 21 123 2% 13% 31% 39% 211 116 8% 51% 69% 212 155 5% 2 213 16 17% 2 18 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 2 18 22 82% 82% 23 66% 66% 24 127% 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. 16 14 12 1 16 14 12 1 25 166% 166% -1% 26 33% 33% 8 8 27 49% 36% 1% 12% 28 173% 168% 4% 6 6 29 54% 45% 7% 2% 4 4 21 52% 39% 9% 4% 211 89% 69% 14% 6% 2 2 212 47% 2 15% 12% 213 89% 17% 22% 51% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 38

Credit & Surety - total 14 Reported as % of s - Latest ten years 22 771 1 62% 75% 78% 82% 83% 82% 83% 84% 84% 82% 82% 23 699 4% 41% 53% 52% 53% 57% 61% 6 6 59% 6 24 642 3% 33% 4 45% 48% 61% 64% 64% 64% 65% 12 28 25 71 8% 29% 4 45% 66% 68% 69% 69% 71% 26 757 8% 33% 49% 7 74% 76% 77% 78% 1 27 27 81 1 38% 79% 88% 91% 98% 11% 28 735 8% 7 13% 16% 111% 114% 29 615 9% 47% 47% 48% 5 21 399 1% 21% 35% 39% 211 498 9% 31% 4 212 396 213 248 6% 28% 14% 8 6 4 213 212 211 21 29 26 25 24 2 22 771 9% 3 53% 61% 65% 69% 72% 73% 74% 75% 75% 76% 23 699 1% 2 38% 4 43% 46% 49% 5 51% 51% 52% 24 642 1% 17% 32% 38% 42% 55% 58% 59% 6 61% 25 71 1% 15% 32% 38% 62% 64% 65% 66% 67% 26 757 1% 19% 39% 64% 68% 7 72% 73% 27 81 1% 19% 7 81% 86% 91% 93% 28 735 1% 49% 93% 99% 13% 15% 29 615 2% 26% 39% 43% 46% 21 399 13% 29% 35% 211 498 1% 19% 35% 212 396 1% 17% 213 248 3% 14 12 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 1'4 1'2 22 83% 76% 6% 1% 23 6 52% 8% 1% years 27-8 were hit by many claims from Spain. years 24-7 include losses from Legacy credit business. 1 8 1' 8 24 65% 61% 4% 25 71% 67% 4% 1% 26 79% 73% 4% 1% 6 6 27 15% 93% 8% 4% 28 118% 15% 8% 4% 4 4 29 57% 46% 4% 6% 21 46% 35% 4% 8% 2 2 211 49% 35% 5% 9% 212 49% 17% 11% 2 213 49% 3% 12% 35% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 39

Credit & Surety - Reinsurance 16 Reported as % of s - Latest ten years 22 625 6% 67% 8 82% 86% 87% 86% 87% 88% 88% 86% 86% 23 567 6% 5 62% 6 62% 66% 71% 7 7 69% 7 24 496 3% 39% 46% 52% 54% 71% 74% 75% 75% 75% 14 28 25 574 9% 35% 47% 53% 78% 81% 82% 82% 83% 26 643 9% 38% 55% 79% 82% 85% 85% 86% 12 27 27 666 12% 44% 92% 12% 16% 113% 114% 28 569 1 86% 121% 123% 126% 13 29 51 1 54% 52% 53% 56% 21 241 2% 27% 44% 49% 211 316 13% 42% 55% 212 234 213 156 1 44% 22% 1 8 6 213 212 211 21 29 26 25 24 4 2 22 625 4% 3 55% 62% 66% 7 74% 75% 77% 77% 78% 79% 23 567 2% 25% 43% 47% 5 53% 58% 59% 59% 59% 61% 24 496 1% 2 38% 43% 46% 63% 67% 68% 69% 7 25 574 1% 18% 38% 45% 73% 77% 77% 78% 79% 26 643 1% 21% 44% 71% 76% 78% 79% 81% 27 666 1% 21% 81% 94% 99% 14% 16% 28 569 2% 53% 14% 111% 115% 118% 29 51 2% 29% 43% 47% 51% 21 241 15% 37% 44% 211 316 2% 23% 46% 212 234 2% 26% 213 156 4% 16 14 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 8 7 22 87% 79% 8% 1% years 27-8 were hit by many claims from Spain. years 24-7 include losses from Legacy credit business. 12 1 6 5 23 71% 61% 9% 1% 24 75% 7 5% 8 4 25 84% 79% 5% 1% 26 87% 81% 5% 1% 6 3 27 117% 16% 7% 4% 28 135% 118% 12% 5% 29 61% 51% 5% 6% 4 2 21 58% 44% 5% 9% 211 67% 46% 9% 12% 2 1 212 65% 26% 17% 22% 213 68% 4% 18% 46% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 4

Credit & Surety - Corporate Solutions 12 Reported as % of s - Latest ten years 22 146 31% 43% 53% 61% 63% 67% 66% 64% 65% 65% 65% 64% 23 132-5% 3% 15% 14% 15% 15% 16% 17% 15% 16% 15% 24 146 4% 1 19% 22% 28% 29% 3 29% 29% 29% 1 25 135 1% 4% 8% 11% 13% 13% 14% 14% 16% 26 114 1% 5% 14% 19% 25% 23% 28% 29% 27 135 7% 15% 2 21% 27% 39% 8 28 165 1% 17% 42% 5 6 58% 29 114 4% 13% 24% 27% 27% 21 158 13% 21% 22% 6 28 211 183 1% 12% 14% 212 162 213 91 1% 6% 1% 4 2 213 212 211 21 29 27 26 25 24 22 146 29% 33% 47% 54% 58% 64% 64% 64% 64% 64% 64% 64% 23 132-3% -1% 15% 1 11% 13% 14% 15% 15% 15% 15% 24 146 1% 8% 13% 18% 25% 27% 28% 28% 28% 29% 25 135 1% 3% 7% 9% 12% 13% 14% 14% 16% 26 114 4% 11% 22% 26% 26% 3 31% 27 135 8% 14% 21% 21% 26% 29% 28 165 32% 57% 56% 63% 62% 29 114 5% 12% 23% 26% 27% 21 158 1 18% 2 211 183 11% 15% 212 162 1% 5% 213 91 7 6 36 48 6 72 84 96 18 12, 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. 5 25 22 65% 64% 1% 23 16% 15% 4 2 24 3 29% 1% 25 17% 16% 1% 26 31% 31% -2% 1% 3 15 27 42% 29% 1 3% 28 61% 62% -4% 3% 2 1 29 35% 27% 8% 21 28% 2 2% 6% 1 5 211 2 15% -1% 6% 2% 5% 2% 18% 213 18% 1% 17% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 41

Various other lines & multi-lines 12 Reported as % of s - Latest ten years 22 96 14% 27% 29% 39% 45% 46% 45% 45% 45% 45% 45% 45% 23 49 1% 13% 14% 16% 2 2 21% 21% 21% 21% 21% 24 61 12% 13% 25% 28% 25% 25% 22% 22% 22% 1 25 157 21% 54% 72% 65% 64% 65% 65% 64% 65% 26 265 9% 48% 59% 58% 58% 59% 59% 59% 27 154 1% 6% 12% 12% 12% 12% 12% 8 28 56 2% 23% 29% 29% 26% 25% 29 51 4% 15% 22% 22% 26% 21 128 11% 36% 49% 5 6 211 26 25 211 141 2% 4 45% 212 82 213 45 3% 1% 4 213 21 2 212 29 28 27 24 22 96 14% 21% 22% 36% 44% 45% 44% 44% 44% 44% 44% 44% 23 49 1% 7% 8% 11% 17% 19% 19% 19% 2 19% 2 24 61 4% 5% 17% 18% 19% 19% 21% 2 21% 25 157 8% 35% 54% 11% 62% 63% 64% 64% 64% 26 265 3% 34% 51% 55% 56% 58% 58% 58% 27 154 3% 5% 1 1 1 1 28 56 1% 11% 15% 15% 17% 17% 29 51 3% 12% 17% 18% 22% 21 128 5% 21% 42% 43% 211 141 2% 26% 37% 212 82 1% 213 45 1% 1 9 36 48 6 72 84 96 18 12, Incurred and Ultimate Loss - Left Hand Scale and Written - Right Hand Scale 5 45 8 7 4 35 22 45% 44% 1% 23 21% 2 1% 1% 6 3 24 23% 21% 1% 1% 5 25 25 65% 64% 1% 26 59% 58% 1% 4 2 27 12% 1 1% 28 26% 17% 8% 1% 3 15 29 27% 22% 4% 1% 2 1 21 51% 43% 7% 1% 211 68% 37% 8% 23% 1 5 212 26% 1% 2% 22% 213 46% 1% 45% 22 23 24 25 26 27 28 29 21 211 212 213 Written P&C Reserving 213 Page 42

Corporate calendar & contacts Corporate calendar 214 7 November Third Quarter 214 results Conference call 215 19 February Annual Results 214 Conference call 18 March Publication of Annual Report 214 and EVM 214 21 April 151 st Annual General Meeting Zurich Investor Relations contacts Hotline E-mail +41 43 285 4444 Investor_Relations@swissre.com Eric Schuh Ross Walker Chris Menth +41 43 285 478 +41 43 285 2243 +41 43 285 3878 Simone Lieberherr Simone Fessler +41 43 285 419 +41 43 285 7299 P&C Reserving 213 Page 43