Swiss Re delivers a strong underlying business performance and maintains its industry-leading capital strength

• Group net loss narrowed to USD 691 million for the first nine months of 2020 as Swiss Re achieved net income of USD 444 million in Q3
• Excluding COVID-19 claims and reserves of USD 3.0 billion (pre-tax), Group net income amounted to USD 1.6 billion for the nine-month period
• Swiss Re maintains a very strong capital position with a Group Swiss Solvency Test (SST) ratio of 223% as of 1 July 2020
• Strong return on investments (ROI) of 3.4% as Swiss Re continues to successfully navigate global market volatility
• Property & Casualty Reinsurance (P&C Re) nine-month net loss of USD 201 million after a strong Q3 performance; excluding COVID-19 impact, net income of USD 1.0 billion, return on equity (ROE) of 15.5%
• Life & Health Reinsurance (L&H Re) nine-month net income of USD 72 million; excluding COVID-19 losses, net income of USD 620 million and return on equity (ROE) of [9.7]%
• Corporate Solutions net loss of USD 323 million for the first nine months; excluding COVID-19 impact, net income of USD 211 million and ROE of 12.3%, normalised combined ratio ahead of the estimate for 2020
• Life Capital successfully closes ReAssure sale in the third quarter, delivering a cash dividend of USD 1.5 billion to the Group

Swiss Re reported a Group net loss for the first nine months of 2020 that narrowed to USD 691 million from USD 1.1 billion reported for the first half of the year when the Group made significant additions to its COVID-19 loss reserves. This result reflects a strong performance in the third quarter, with Group net income of USD 444 million. Reinsurance increased its net premiums earned in the nine-month period, driven by improved market conditions and demand for large transactions. Corporate Solutions continued the successful execution of its turnaround plan. The closing of the ReAssure sale to Phoenix Group Holdings plc resulted in a USD 1.5 billion dividend to the Group. Swiss Re maintained its industry-leading capital position, with a Group SST ratio of 223% as of 1 July 2020.

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