Hannover Ruck SE (HVRRY) Q2 2025 Earnings Call

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WEBVTT 00:00:00.487 -- 00:00:05.573 Good morning, everyone, and welcome to our earnings call on behalf of Results 2025. 00:00:05.573 -- 00:00:10.680 Today's speakers are Clement Jungstöpfer, our CEO, and Christian 00:00:10.680 -- 00:00:16.167 Hemmeling-Meyer, the CFO of Hannover Re. For the Q&A, they will be joined by Claude Schäfer 00:00:16.167 -- 00:00:19.931 and Sven Aalto. With that, I hand over to you, Clement. 00:00:19.931 -- 00:00:20.993 Thank you, Axel. 00:00:20.993 -- 00:00:23.356 Good morning from Hannover. 00:00:23.356 -- 00:00:29.804 So I'm pleased to report that the business performance in the first half of 2025 leaves 00:00:29.804 -- 00:00:35.751 us very well positioned to deliver on our profit target for the full year. 00:00:35.751 -- 00:00:41.019 The group net income of 1.3 billion euros reflects a strong 00:00:41.019 -- 00:00:43.083 underlying profitability 00:00:43.083 -- 00:00:48.711 and additional positive effects from currency translation and from tax. 00:00:48.711 -- 00:00:54.140 As we had not planned for such positive effects to be explicit, this 00:00:54.140 -- 00:00:59.556 left us in a very comfortable position where we could use the extra level of profits 00:00:59.556 -- 00:01:03.641 to further strengthen our company's balance sheet. 00:01:03.641 -- 00:01:08.087 We have added additional prudency to our P&C reserves. 00:01:08.087 -- 00:01:09.969 We've taken 00:01:09.969 -- 00:01:15.136 a more cautious view on certain pockets in our life and health portfolio, 00:01:15.136 -- 00:01:19.061 and we have realized some losses in our fixed income portfolio. 00:01:19.061 -- 00:01:25.368 All of this improves our already strong capability to manage volatility, 00:01:25.368 -- 00:01:31.997 deliver on targets, and to pay a steadily increasing dividend. 00...