Münchener Rückversicherungs-Gesellschaft Aktiengesellschaft in München (0KFE) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and welcome to Munich Re's analyst and investor call on our full year 2025 earnings. As announced, today's speakers are Christoph Jureka, our CEO, and Andrew Buchanan, CFO of Munich Re Group. Both gentlemen will start with their main messages before we go into Q&A, and it's now my pleasure to hand it over to Christoph. Thank you, Christian, and good morning also from my side. Let me briefly recap our ambition 2025, which concluded last year. It has been a great success marked by strong progress year after year. Over the five-year period, we more than doubled our net earnings. We also significantly increased our return on equity to 18.3%, an exceptional result compared with industry peers and clearly above our cost of capital. This success was primarily driven by disciplined underwriting and active investment management based on our strong client orientation and the excellent capabilities of our employees and business partners worldwide. We created substantial value for our shareholders who participated in this success to a significant extent. Dividend per share growth was even higher than the increase in earnings per share. Ultimately, both metrics grew at nearly four times the pledged 5% per year. And what's more, we remain very comfortably capitalized despite materially increased capital returns. And this gives us considerable strategic flexibility as we embark on our new multi-year strategy, Ambition 2030. In short, Ambition 2025 successfully accomplished. We over-delivered on all targets by closing with another record year for Munich Re. And thanks to strong operating performance across all segments and a pleasing investment return, We even exceeded our profit target for the fifth consecutive year. Net earnings increased by almost 8% to 6....