Swiss Re (SREN) AGM 2025 summary

Opening remarks and agenda

• The AGM welcomed shareholders, board members, and key executives, outlining the agenda and voting procedures, with simultaneous translation and video recording provided.

• New board nominees Morten Hübbe and George Quinn were introduced, and the meeting was confirmed as duly convened and able to pass resolutions.

Financial performance review

• Net income rose to $3.2 billion in 2024, up from $3.1 billion in 2023, though slightly below the $3.6 billion target due to increased U.S. liability reserves.

• Return on equity reached 15%, exceeding multi-year targets, and return on investments doubled to 4%.

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

• Over $37 billion in claims were paid in 2024, with global insured natural catastrophe losses exceeding $135 billion.

Board and executive committee updates

• Morten Hübbe and George Quinn were elected as new board members, while Phil Ryan and Sir Paul Tucker retired.

• Anders Malmström was welcomed as the new CFO, and Kera McDonald was appointed Group Chief Underwriting Officer.

• Group Chief Risk Officer Patrick Raaflaub announced his retirement, with succession planning underway.