Report of the statutory auditor

Report of the statutory auditor to the General Meeting on the Compensation Report 2016

We have audited Compensation decisions for members of governing bodies of the accompanying Compensation Report included in this 2016 Financial Report of Swiss Re Ltd (the Company) for the year ended 31 December 2016.

Board of Directors’ responsibility

The Board of Directors is responsible for the preparation and overall fair presentation of the Compensation Report in accordance with Swiss law and the Ordinance against Excessive Compensation at Public Corporations (the Ordinance). The Board of Directors is also responsible for designing the compensation framework and defining individual compensation packages.

Auditor’s responsibility

Our responsibility is to express an opinion on the accompanying Compensation Report. We conducted our audit in accordance with Swiss Auditing Standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Compensation Report complies with Swiss law and Articles 14 to 16 of the Ordinance.

An audit involves performing procedures to obtain audit evidence on the disclosures made in the Compensation Report with regard to compensation, loans and credits in accordance with Articles 14 to 16 of the Ordinance. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatements in the Compensation Report, whether due to fraud or error. This audit also includes evaluating the reasonableness of the methods applied to value components of compensation, as well as assessing the overall presentation of the Compensation Report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the Compensation Report included in the 2016 Financial Report of the Company for the year ended 31 December 2016 complies with Swiss law and Articles 14 to 16 of the Ordinance.

PricewaterhouseCoopers Ltd

Alex Finn
Audit expert
Auditor in charge

Bret Griffin

Zurich, 15 March 2017