swiss re - analysts meeting 2002
TRANSCRIPT
Analysts’ meeting
10 April 2002
Zurich, Switzerland
Investments
Giuseppe Benelli
Chief Investment Officer
Analysts' meeting
10.04.2002
Page 49
Investments2001 headlines
� Further acquisition of life businesses in the US, whichstrongly added to Swiss Re’s investments in USD fixedincome securities
� Gradual increase of equity exposure, by purchases onmarket dips and by not renewing hedges
� Reduction of duration of North American bond portfolioas interest rates were expected to bottom out
� Increase of USD hedge against CHF in the first half of2001, when valuation rose again, and closed profitablyin Q4 2001
Analysts' meeting
10.04.2002
Page 50
Asset growth and allocation
7366Balance sheet values 86 90 99
at balance sheet values
74%
58%60%
62%69%
19%
38%36%
34%26%
7%
4%4%
4% 5%
0
10
20
30
40
50
60
70
80
90
100
1997 1998 1999 2000 2001
Otherinvestments
Shares
Fixed income
investments
Investments CHF billions 1)
7668Market values 88 92 101
1) Not incl. other interest-bearing assets (2001 approx. CHF 14 billion)
Analysts' meeting
10.04.2002
Page 51
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%
Investment result
CHF millions
Analysts' meeting
10.04.2002