Swiss Re AG (0QL6) Q3 2025 Earnings Call

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WEBVTT 00:00:00.301 -- 00:00:05.748 Good morning or good afternoon. Welcome to Swiss Re's nine-month 2025 results conference 00:00:05.748 -- 00:00:09.834 call. Please note that today's conference call is being recorded. 00:00:09.834 -- 00:00:14.260 At this time, I would like to turn the conference over to Andrea Berger, Group CEO. 00:00:14.260 -- 00:00:16.403 Please go ahead. 00:00:16.403 -- 00:00:20.128 Thank you very much, and good morning or good afternoon to all of you. 00:00:20.128 -- 00:00:25.254 I appreciate that you're taking the time today to listen 00:00:25.254 -- 00:00:30.220 to us and also to engage into a hopefully very vivid Q&A. 00:00:30.220 -- 00:00:34.966 Before our group CFO, Anders Malmström, walks you through the details of our nine-month 00:00:34.966 -- 00:00:39.251 results, I'd like to start with some brief remarks as usual. 00:00:39.251 -- 00:00:41.251 After 00:00:41.333 -- 00:00:47.000 another strong quarter with a profit of $1.4 billion, we're 00:00:47.000 -- 00:00:52.526 pleased to report an net income of $4 billion for the first nine months 00:00:52.526 -- 00:00:54.669 of 2025, 00:00:54.669 -- 00:00:59.733 corresponding to an annualized return on equity of 22.5%. 00:01:00.882 -- 00:01:05.886 This puts us very well on track for our full year net income target of more than 00:01:05.886 -- 00:01:09.488 4.4 billion US dollars. 00:01:09.770 -- 00:01:14.914 We benefited from exceptionally strong P&C results in the third quarter, 00:01:14.914 -- 00:01:18.837 helped by a low burden of large claims. 00:01:18.837 -- 00:01:24.102 These amounted to around 200 million US dollars in the quarter, well below expectations 00:01:24.102 -- 00:01:27.705 across P&C REIT and corporate solutions. 00:01:27.705 -- 00:01:33.016 The result of the second consecutive b...