Strong net income in the middle of large losses

• Net income: USD 1.3 billion in the first quarter of 2025.

• Equity return: 22% for Q1 2025.

• Big losses: USD 900 million in P&C, where La forest fires contribute around two thirds.

• Insurance income: $ 10.4 billion in the first quarter of 2025, compared to $ 11.7 billion last year.

• Life & health re net income: USD 439 million in the first quarter of 2025.

• Administrator cost acceptance target: On the right way for at least $ 100 million in 2025.

• Combined ratio – P&C Re: 86% in Q1 2025.

• Combined ratio – corporate solutions: 88.4% in Q1 2025.

• Investment return (ROI): 4.4% in Q1 2025.

• Tax rate: 14% in the first quarter of 2025.

• SST ratio: Estimated at 254% for Q1 2025.

Appearance date: May 16, 2025

You can find the complete copy of the earnings call in the complete earnings call.

• Swiss Really reported on a strong start to 2025 with a net profit of 1.3 billion USD and an equity return of 22%.

• All business units contributed positively to the results that were supported by strong system returns.

• Despite a modest net price change of negative 1.5%, the company achieved a volume growth of 6% at P&C Re.

• Life & Health achieved a solid net income of $ 439 million, just above the Pro Rata goal.

• Swiss Reall (SSREF) is on the right track to reduce the cost of the run by at least $ 100 million this year and to contribute to a $ 300 million target by 2027.

• The segments P&C Re and Corporate Solutions were faced with significant major losses of $ 900 million, mainly due to the forest fires in LA.

• Insurance income for the group went back to USD $ 10.4 billion in the previous year, which is partly due to non -decreasing IFRS transition effects.

• The P&C -Re segment recorded a decline in the CSM release, which were driven by careful initial loss picks and slightly lower edges.

• The macroeconomic environment remains uncertain, with potential risks of increased inflation and persistent customs situations.

• Corporate Solutions stood in the quarter with artificial requirements of higher than expected artificial claims of $ 150 million.

Q: Can you give insights into the reserve publication and whether this reflects a new normality, or is it just a reaction to volatility, like the forest fires from LA? A: Anders Malmstrom, group CFO: The reserve publication shows the resistance in our reserves. While we are guiding for neutral development, publication shows the strength of our reserves. The volatility of events such as the LA forest fires is managed and we expect similar resistance.

Q: The release of Life & Health Re CSM was higher than expected. Can you explain the drivers and future expectations? A: Anders Malmstrom, group CFO: The higher CSM release in Q1 is more likely to be due to volatility than to a trend. We maintain the instructions of an average CSM publication of 8% that can be expected in the future.