Hannover Ruck SE (HVRRY) Q1 2026 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:04.276 Good morning, everyone. Welcome to our earnings call on our results for the first quarter 00:00:04.276 -- 00:00:06.158 of 2026. Today's 00:00:06.158 -- 00:00:12.104 speakers are Clemens Jungkirchel, our CEO, and Tristan Hamelin-Majadis, CEO of Hanovery. 00:00:12.104 -- 00:00:15.548 For the Q&A, they will be joined by George Hever and Sven Althoff. 00:00:15.548 -- 00:00:18.411 With that, I'll hand over to you, Clemens. 00:00:18.411 -- 00:00:22.093 Thank you, Axel, and good morning from Hanover. 00:00:22.275 -- 00:00:27.561 So, let's dive into it. I think it's fair to say that we had a strong 00:00:27.561 -- 00:00:30.457 start into the year 2026. 00:00:30.457 -- 00:00:32.780 We've seen a continuation 00:00:32.780 -- 00:00:36.526 of the positive trends from recent quarters. 00:00:36.526 -- 00:00:42.695 Underlying profitability was very pleasing in both business groups, 00:00:42.695 -- 00:00:47.802 and the balance sheet and the resilience of Hanna-Marie have clearly 00:00:47.802 -- 00:00:49.905 been further strengthened. 00:00:49.905 -- 00:00:55.453 This will support sustainable earnings growth and will help to manage 00:00:55.453 -- 00:00:58.414 volatility going forward. 00:00:58.823 -- 00:01:03.629 We are operating in an unstable geopolitical environment. 00:01:03.629 -- 00:01:09.196 The Iran war, with its severe implications for people across the region, 00:01:09.196 -- 00:01:11.719 as well as for global economies, 00:01:11.719 -- 00:01:15.524 is contributing to elevated uncertainty. 00:01:15.524 -- 00:01:21.872 The impact on insurance and reinsurance from these ongoing events also remains 00:01:21.872 -- 00:01:23.647 uncertain. 00:01:23.647 -- 00:01:28.956 As it is not yet possible to come up with reliable estimates, we have not ye...