Swiss Re (SREN) AGM 2025 summary

Opening remarks and agenda

• The meeting welcomed shareholders, board members, and new board nominees, confirming proper convening and agenda validity.

• Administrative details included registration for speakers, translation services, and voting procedures.

Financial performance review

• Net income rose to $3.2 billion in 2024, up from $3.1 billion, though below the $3.6 billion target.

• Return on equity reached 15%, surpassing multi-year targets.

• Over $37 billion in claims were paid in 2024, supporting clients through major catastrophe events.

• Investment returns doubled to 4% in 2024, with a Q4 reinvestment yield of 4.6%.

• Property & Casualty Reinsurance net income fell 20% to $1.2 billion; Life & Health Reinsurance met its $1.5 billion target; Corporate Solutions net income rose 26% to $829 million.

Board and executive committee updates

• Morten Hübbe and George Quinn were nominated and elected as new board members, bringing extensive industry experience.

• Farewells were given to Phil Ryan and Sir Paul Tucker, with thanks for their service.

• Anders Malmström was welcomed as the new CFO, succeeding John Dacey, who retired after 12 years.

• Patrick Raaflaub, Group Chief Risk Officer, will retire after 25 years; Kera McDonald was appointed Group Chief Underwriting Officer.