Swiss Re AG

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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. added to the current and prior year reserves in P&C RE, continued to increase initial loss assumptions well in excess of economic inflation, and applied the uncertainty load on new business across the Swiss RE Group. In addition, we achieved more than U.S. dollars, 100 million of cost savings in 2025. Therefore, we're well on track to deliver our targeted 300 million U.S. dollars reduction in the operating cost run rate by 2027. Finsiri and Corporate Solutions achieved an excellent result, supported by strong underwriting performance and lower than expected large claims. Finsiri achieved a combined ratio of 79.4%, well within its target of below 85%, while Corporate Solutions delivered a combined ratio of 86.5%, comfortably meeting its target of below 91%. Just as a reminder, the 86.5% combined ratio for Corp Solutions is calculated on a different basis than that of P&C RE, reflecting a gross revenue view and including all expenses on a like-for-like basis, Corporate solutions combined ratio would have been 80%. These outcomes reflect the actions we have taken in recent years to build the highest quality portfolio we've ever had in both P&C businesses. And against this backdrop, we entered the renewal for January 2026. The outcome was in line with expectations, with no real surprises. We executed on our priorities, first, to lead with confidence in segments where we have differentiating value propositions. Secondly, to actively manage our subportfolios to respond to the more competitive market, including prioritizing sustainable structures. And third, to grow together with our clients by offering solutions that address challenging concentration risks. While demand increased, competition intensified, especially in NatCat. Although clients selectively increased retentions, the three selectively or successfully, I should say, preserved our share of wallet. Casualty prices were up, but we remained cautious even as our repositioning actions are complete. We expect similar conditions in the upcoming renewals, always obviously subject to loss activity. What does that mean in terms of numbers? On volume, we renewed treaty contracts representing $12.4 billion U.S. dollars of gross premium in line with the business up for renewal. Overall nominal pricing was broadly flat. with mid-single-digit improvements in casualty offset by similar declines in property, particularly for NAPCAT covers. The gross premium volume developments mirror this divergence. At the same time, based on a prudent view on inflation and updated loss models, we increased loss assumptions by 4.6%, resulting in a net price decrease or 4.3 percent. Importantly, and I repeat importantly, terms and conditions remain stable. In addition, we reduced our external retro for NatCat at the 1.1 renewals as flagged already at the management dialogue in December, thereby increasing our NatCat exposures. Now turning to life and health read. In 2025, We completed the review of underperforming portfolios and took targeted actions to address related sources of volatility. The assumptions updates booked in the fourth quarter that impacted the insurance service result and CSM balance are in line with our guidance provided at the management dialogue. Despite all these actions, Life and Health III delivered a net income of 1.3 billion U.S. dollars for the full year. As a consequence, Life & Health 3 is on a much stronger footing with clearer visibility on earnings delivery. This gives us confidence in achieving the increased net income target of 1.7 billion U.S. dollars for 2026 and in Life & Health 3's ability to be the stable earnings provider to the group, covering the majority of our ordinary dividend. Our earnings were underpinned by a strong investments contribution, with a return on investments of 4% and a recurring income yield of 4.2%, providing an important and stable contribution to our earnings. We've also made substantial progress on our decision to withdraw from IPTQ, with all remaining parts now being either sold or to be placed into runoff in due course. Looking ahead, we confirmed the financial targets we communicated at our management dialogue in December. For 2026, we're targeting a group net income of 4.5 billion U.S. dollars, reflecting our confidence in the resilience of our business units, discipline underwriting, and active cycle management. In closing, I would really like to thank our employees for their strong commitment and hard work throughout the year 2025. I'd like to thank our clients and partners for their continued trust. And you, I'd like to thank you, our investors and analysts, for your engagement and support. Now with that, I'll hand over to Anders to you for a closer look at the financial details. of the 2025 results.