Swiss Re announces successful completion of ReAssure sale; maintains very strong capital position despite significant addition to COVID-19 loss reserves

• Swiss Re received GBP 1.2 billion and 13.3% stake in Phoenix Group Holdings plc as part of the ReAssure sale
• Swiss Re maintains its very strong capital position, with Group Swiss Solvency Test (SST) ratio above the target level of 220%
• Claims and reserves related to COVID-19 of USD 2.5 billion across the Group, resulting in a net loss of approximately USD 1.1 billion in
the first half of 2020
• Group net income, excluding COVID-19 claims and reserves, of approximately USD 0.9 billion in the first half of 2020

Swiss Re announced today the completion of the sale of its subsidiary ReAssure Group plc to Phoenix Group Holdings plc following the receipt of all required regulatory and antitrust approvals. The sale has bolstered Swiss Re’s capital position, which remains very strong despite significant claims and reserves related to the COVID-19 crisis, totalling USD 2.5 billion before tax in the first half of 2020.

Swiss Re maintains its industry-leading capital position, with the Group SST ratio above the target level of 220% as of 1 July 2020, including the impact from the sale of ReAssure and COVID-19 losses. As part of the sale, Swiss Re received a cash payment of GBP 1.2 billion and shares in Phoenix representing a 13.3% stake. Christopher Minter, Head of Principal Investments and Acquisitions at Swiss Re, will join the Board of Phoenix.

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