Swiss Re AG (0QL6) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning or good afternoon. Welcome to Swiss Re's nine-month 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 Andrea Berger, Group CEO. Please go ahead. Thank you very much, and good morning or good afternoon to all of you. I appreciate that you're taking the time today to listen to us and also to engage into a hopefully very vivid Q&A. Before our group CFO, Anders Malmström, walks you through the details of our nine-month results, I'd like to start with some brief remarks as usual. After another strong quarter with a profit of $1.4 billion, we're pleased to report an net income of $4 billion for the first nine months of 2025, corresponding to an annualized return on equity of 22.5%. This puts us very well on track for our full year net income target of more than 4.4 billion US dollars. We benefited from exceptionally strong P&C results in the third quarter, helped by a low burden of large claims. These amounted to around 200 million US dollars in the quarter, well below expectations across P&C REIT and corporate solutions. The result of the second consecutive benign large loss is that both our P&C units are tracking well ahead of their respective targets. This is the principal reason why we're in such a good position at this point in the year. You've heard me stress our two key priorities, and they are unchanged. deliver on the more than $4.4 billion U.S. group net income targets, and secondly, increase the group's overall resilience to improve long-term delivery. Now on resilience. This journey started with a complete turnaround of corporate solutions and the implementation of a new reserving philosophy, which we subsequently extended to a P&C RE two years ago. We...