Swiss Re AG (OTCPK:SSREY) Q1 2025 Earnings Conference Call May 16, 2025 8:00 AM ET
Company Participants
Thomas Bohun – Head Group Reporting and IR
Andreas Berger – Group CEO
Anders Malmstrom – Group CFO
Conference Call Participants
Kamran Hossain – JPMorgan
Andrew Baker – Goldman Sachs
Will Hardcastle – UBS
Iain Pearce – BNP Paribas Exane
Michael Huttner – Berenberg
Ivan Bokhmat – Barclays
James Shuck – Citi
Shanti Kang – Bank of America
Faizan Lakhani – HSBC
Vinit Malhotra – Mediobanca
Operator
Good morning or good afternoon. Welcome to Swiss Re’s First Quarter 2025 Key Financial Data 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.
Andreas Berger
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 — our new Group CFO actually for his first time Anders Malmström walks you through the details of our Q1 results, I’d like to start with some brief introductory remarks. We have achieved a good start to the year, delivering a first quarter net income of $1.3 billion and a return on equity of 22%. All business units contributed to this result, also helped by strong investment returns. And this gives us a very good base as we approach the rest of the year.
Our financial results were achieved against the backdrop of a quarter that featured significant large losses on the P&C side. Across P&C Re and Corporate Solutions, large losses amounted to $900 million with the LA wildfires contributing around two-thirds of that total number, consistent with the preliminary estimate of below $700 million we provided to you with our full year results in
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