Hannover Ruck SE (HVRRY) Q1 2025 Earnings Call

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WEBVTT 00:00:01.364 -- 00:00:06.069 Well, good morning, everyone, and welcome to our earnings call 00:00:06.069 -- 00:00:11.392 on the first quarter results of 2025. Today's 00:00:11.574 -- 00:00:16.639 speakers are Clemens Jungstorfer, our news CEO, and for the 00:00:16.639 -- 00:00:21.844 first time, Christian Helmeningmeier, our CFO. 00:00:21.844 -- 00:00:27.330 For the Q&A, we are joined by Sven Althoff and Claude Schaefer, 00:00:27.330 -- 00:00:31.182 as in the past. And with that, I hand over to you, Clemens. 00:00:31.182 -- 00:00:35.027 Thank you, Karl, and good morning from Hanover. 00:00:35.027 -- 00:00:40.494 I'm pleased to report that we got off to a very solid start in 2025, despite 00:00:40.494 -- 00:00:45.020 a significant impact from large losses in P&C reinsurance 00:00:45.020 -- 00:00:50.146 against the backdrop of absorbing the losses from the LA wildfires with 00:00:50.146 -- 00:00:55.573 an impact of $631 million. This is very satisfying and highlights 00:00:55.573 -- 00:00:59.768 the resilience of our diversified earnings generation. 00:00:59.768 -- 00:01:04.793 With group net income of $480 million, we also remain in a 00:01:04.793 -- 00:01:10.479 position to confirm our full-year target of around $2.4 billion. 00:01:10.479 -- 00:01:16.005 The strong underlying profitability and the further strengthened balance sheet gives 00:01:16.005 -- 00:01:21.611 me considerable confidence to be even better positioned in potentially volatile 00:01:21.611 -- 00:01:23.233 times. 00:01:23.233 -- 00:01:28.158 In P&C, re-revenue increased by 5.1%, 00:01:28.158 -- 00:01:34.136 adjusted for FX The reported growth number is affected by a refinement 00:01:34.136 -- 00:01:38.502 in the calculation for the non-distinct investment component. 00:01:38.502 -- 00:01:43.50...