Swiss Re AG (0QL6) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning or good afternoon. Welcome to Swiss Re's half-year 2025 results 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, so thank you for that. Before our Group CFO, Anders Malmström, walks you through the details of our half-year results, I'd like to start with some scene setting and brief remarks. Today, we're pleased to report a strong net income of $2.6 billion for the first half of 2025, resulting in an annualized ROE of 23%. All of our three business units delivered their fair share, and we also benefited from a solid investment result. The main driver of the fact that we were able to achieve around 60% of our full year net income target of more than $4.4 billion has been the strong underwriting contribution of our P&C businesses. Here, we benefited from relatively quiet second quarter with respect to large losses after a tough start to the year as we all know. Large losses in the second quarter were modest across P&C RE and Corporate Solutions, coming in below $150 million, entirely from main man-made events. This means that we did not consume our NADCAT budget in the second quarter. While this explains the Stronghold Mark Ratio results, we did allocate a reserve for current year losses that may not have the losses that may not have been reported to us yet by the time we closed the quarter, thereby adding an increased level of resilience to our P&C units for the second half of the year. Our P&C reserves remain resilient. The positive nominal reserving result for the first half amounted to around $300 million...