Swiss Re AG (0QL6) Q2 2025 Earnings Call

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WEBVTT 00:00:00.740 -- 00:00:06.047 Good morning or good afternoon. Welcome to Swiss Re's half-year 2025 results conference 00:00:06.047 -- 00:00:10.033 call. Please note that today's conference call is being recorded. 00:00:10.033 -- 00:00:14.479 At this time, I would like to turn the conference over to Andreas Berger, Group CEO. 00:00:14.479 -- 00:00:16.322 Please go ahead. 00:00:16.322 -- 00:00:20.167 Thank you very much, and good morning or good afternoon to all of you. 00:00:20.167 -- 00:00:22.791 I appreciate 00:00:22.791 -- 00:00:26.476 you taking the time to join us today, so thank you for that. 00:00:26.476 -- 00:00:31.336 Before our Group CFO, Anders Malmström, walks you through the details of our half-year 00:00:31.336 -- 00:00:36.783 results, I'd like to start with some scene setting and brief 00:00:36.783 -- 00:00:38.783 remarks. 00:00:39.146 -- 00:00:44.734 Today, we're pleased to report a strong net income of $2.6 billion 00:00:44.734 -- 00:00:49.800 for the first half of 2025, resulting in an annualized ROE 00:00:49.800 -- 00:00:52.624 of 23%. All 00:00:52.624 -- 00:00:57.210 of our three business units delivered their fair share, and 00:00:57.210 -- 00:01:02.165 we also benefited from a solid investment result. 00:01:02.165 -- 00:01:07.292 The main driver of the fact that we were able to achieve around 60% of our full 00:01:07.292 -- 00:01:12.720 year net income target of more than $4.4 billion has been the strong 00:01:12.720 -- 00:01:16.485 underwriting contribution of our P&C businesses. 00:01:16.485 -- 00:01:21.512 Here, we benefited from relatively quiet second quarter with 00:01:21.512 -- 00:01:24.396 respect to large losses 00:01:24.396 -- 00:01:29.502 after a tough start to the year as we all know. 00:01:29.502 -- 00:01:34.828 Large losses in...