Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (0KFE) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the quarterly statement as of March 31st, 2025 of Munich Re. I'm Moritz, the Chorus Call Operator. I would like to remind you that all participants will be in a listen-only mode and the conference has been recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Christian Becker-Husson. Please go ahead, sir. Thank you, Moritz, and welcome to everyone joining us this morning for our Q1 earnings call with our CFO, Christoph Jureka. Same procedure as every quarter. Christoph will start with a short statement. Then we will go right into Q&A, as always. Christoph, please go ahead. Thank you, Christian. Good morning, everybody, also from my side. Big pleasure to be able to talk a bit about our Q1. And as Christian said, just a few introductory remarks, and then we can go into the questions right away. Q1 was the quarter with quite some volatility in the sector's core insurance business and also capital market returns. While our underlying technical profitability continues to be very strong overall, high large losses, fair value changes in the investment result, and significant currency movement affected our net earnings. By contrast, Ergo and LIFE reposted earnings in line or above expectation. Altogether, we present a resilient result of 1.1 billion euros, which is testament to the broad diversification of earnings drivers in our business and once again demonstrates the effectiveness of our strategy to continuously expand the earnings contribution of less volatile businesses....