Swiss Re AG (0QL6) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Anyone who wishes to ask a question during the conference may press star and 1 on the touch-tone telephone. You will hear a tone to confirm that you've entered the queue. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use only hands as well asking a question. Please hold the line. The conference will begin shortly. Thank you. Good morning or good afternoon. Welcome to Swiss Re's Annual Results 2025 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 Berge, 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, Anders Malmström, We'll walk you through the detailed numbers. I'd like to start with some brief remarks as usual. It was a good day. 2025 has been a successful year for Swiss Re, but also for all key stakeholders, our clients and partners, our investors, but also our employees. We have two priorities. First, delivering on our group net income. and second, increasing the resilience of Swiss Re to improve the consistency of earnings delivery over time. In 2025, we delivered against both priorities, also allowing us to increase our capital repatriation to shareholders. We achieved a record group net income of $4.8 billion against our target of more than $4.4 billion U.S., and an ROE of 20%. This result reflects disciplined underwriting, strong recurring investment income, and low burden of large losses outside of the first quarter last year. At the same time, and this is equally important, we further strengthened the resilience of the group. We completed the life and health re-portfolio review. a...