Hannover Ruck SE (HVRRY) Q3 2025 Earnings Call

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WEBVTT 00:00:01.263 -- 00:00:05.970 Good morning, everyone, and welcome to our earnings call on our results for the first 00:00:05.970 -- 00:00:11.698 nine months of 2025. And as usual, our CEO, Clemens Jungstifel, 00:00:11.698 -- 00:00:16.706 and CFO, Christian Emmelingmeyer, will provide a pre-overview 00:00:16.706 -- 00:00:21.132 of the business development so far in 2025. 00:00:21.132 -- 00:00:26.080 And afterwards, Clemens will present the updated outlook for the current year, and as 00:00:26.080 -- 00:00:30.794 usual, will provide an initial guidance for the financial year 2016. 00:00:30.794 -- 00:00:36.020 For the Q&A, we will be joined by Claude Schaefer and Sven Althoff. 00:00:36.020 -- 00:00:38.823 And with that, I hand over to you, Kevin. 00:00:38.823 -- 00:00:42.805 Thank you, Karl, and good morning from Hanover. 00:00:42.848 -- 00:00:47.994 So, on the first slide, the business performance in the first nine months 00:00:47.994 -- 00:00:50.076 was very satisfactory. 00:00:50.076 -- 00:00:55.222 The group net income of 1.96 billion euros reflects 00:00:55.222 -- 00:01:00.243 a strong underlying profitability and additional positive tailwind from 00:01:00.243 -- 00:01:05.531 currency translation and from tax, adding up to more than 400 million 00:01:05.531 -- 00:01:06.993 euros. 00:01:06.993 -- 00:01:12.140 The low tax rate, particularly in the third quarter, is mainly connected to the 00:01:12.140 -- 00:01:17.267 newly enforced change in the German corporate tax, resulting 00:01:17.267 -- 00:01:22.010 in a corresponding release in deferred tax liabilities. 00:01:22.153 -- 00:01:27.359 This not only left us in a comfortable position to increase the group net income 00:01:27.359 -- 00:01:31.845 guidance to around 2.6 billion euros for the full year. 00:01:31....