1. Analysts’ meeting
10 April 2002
Zurich, Switzerland

2. Investments
Giuseppe Benelli
Chief Investment Officer
Analysts' meeting
10.04.2002

3. Investments
2001 headlines
Further acquisition of life businesses in the US, which
strongly added to Swiss Re’s investments in USD fixed
income securities
Gradual increase of equity exposure, by purchases on
market dips and by not renewing hedges
Reduction of duration of North American bond portfolio
as interest rates were expected to bottom out
Increase of USD hedge against CHF in the first half of
2001, when valuation rose again, and closed profitably
in Q4 2001
Analysts' meeting
10.04.2002
Page 49

4. Asset growth and allocation
Balance sheet values 66 73 86 90 99
Market values 68 76 88 92 101
Investments CHF billions 1)
at balance sheet values
100
4% 5% 7%
90
80 19%
4%
4% 26%
70 34%
60
Other 36%
investments 50 38%
40
74%
Shares 30 69%
62%
20 60%
58%
Fixed income 10
investments 0
Analysts' meeting
10.04.2002 1997 1998 1999 2000 2001
Page 50 1) Not incl. other interest-bearing assets (2001 approx. CHF 14 billion)

5. Investment result
CHF millions 2000 2001
Net investment income 5 014 6 113
Net realised investment gains 4 275 2 665
Management expenses -212 -348
Total 9 077 8 430
Return on investments 9.7% 8.0%
Analysts' meeting
10.04.2002
Page 51