Swiss Re announces Group CEO transition

Swiss Re Ltd / Key word(s): Personnel Swiss Re announces Group CEO transition 03-Apr-2024 / 07:00 CET/CEST Release of an ad hoc announcement pursuant to Art. 53 LR The issuer is solely responsible for the content of this announcement. Ad hoc announcement pursuant to Article 53 LR

• Board of Directors appointed Andreas Berger as Group CEO, effective 1 July 2024
• Christian Mumenthaler to hand over role after eight years as Group CEO and 25 years with Swiss Re

Zurich, 3 April 2024 – Swiss Re announced today that Andreas Berger will become Group Chief Executive Officer effective 1 July 2024, taking over from Christian Mumenthaler, who will step down.

Jacques de Vaucleroy, Swiss Re's Vice Chairman of the Board of Directors, said: "The Board unanimously determined that Andreas Berger is the right person to build on the firm's current momentum and lead Swiss Re into the next phase of its development. After five years with Swiss Re, he looks back on a convincing track record, underscored by the successful turnaround of the Corporate Solutions Business Unit he has led. He has demonstrated a strong focus on execution while at the same time innovating the business with data analytics-based solutions. He will carry forward a culture of performance and achievements and strong leadership values. The Board’s thorough succession planning process has resulted in the appointment of an outstanding candidate for the role of Group CEO while it has also demonstrated the strength and depth of Swiss Re's leadership talent."

He continued: “Christian Mumenthaler steered the company through a period with elevated natural catastrophe activity, an unprecedented low interest rate environment and the COVID-19 pandemic. During his eight-year tenure, Swiss Re's premiums earned and fee income grew from around USD 30 billion in 2015 to USD 45 billion in 2023 and Group capitalisation was also strengthened substantially, as evidenced by the increased Swiss Solvency Test ratio. With the tailwind of delivering on all 2023 financial targets, a dividend increase, and the positive effects of Group reorganisation coming through, now is the right moment for CEO succession. Christian is an incredibly dedicated, passionate, and intellectually strong leader who has made an impact, also beyond Swiss Re. On behalf of the Board, I want to express gratitude and appreciation for his strong commitment and his contributions to the success of the firm. We wish him all the best."