Swiss Re AG (0QL6) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning or good afternoon. Welcome to Swiss Re's first quarter 2025 key financial data conference call. Please note that today's conference call is being recorded. At this time, I would like to turn the conference over to Andreas Berger, Group CEO. Please go ahead. Thank you very much and good morning or good afternoon to all of you. I appreciate you taking the time to join us today. Before our Group CFO, our new Group CFO actually for his first time under his master in walks you through the details of our Q1 results, I'd like to start with some brief introductory remarks. We have achieved a good start to the year, delivering a first quarter net income of $1.3 billion and a return on equity of 22%. All business units contributed to this result, also helped by strong investment returns, and this gives us a very good base as we approach the rest of the year. Our financial results were achieved against the backdrop of a quarter that featured significant large losses on the P&C side. Across P&C RE and corporate solutions, large losses amounted to 900 million US dollars, with the LA wildfires contributing around two thirds of that total number, consistent with a preliminary estimate of below 700 million US dollars we provided to you with our full year results in February of this year. Large man-made claims totaled 300 million US dollars in the quarter, which is above average. Despite these impacts, PNCRE and Corporate Solutions produced resilient bottom line results, which also include positive nominal reserving result of just below 200 million US dollars. This is a clear sign of increased resilience, and that's exactly what we strive for I'm happy with the outcome also of the April renewals in P&C RE. The results are consistent with those of the January renewals. Ye...