Swiss Re AG ($SREN)

Ladies and gentlemen, dear shareholders, good morning, and welcome to the 2026 Annual General Meeting of Swiss Re. Thank you very much for joining us today. We are pleased to welcome you to a new venue here in Dubendorf. I'm joined on stage by Andreas Berger, our Group Chief Executive Officer; Anders Malmstrom, our Group Chief Financial Officer, and Marisa Walker, our Group Company Secretary. I would like to extend a warm welcome to our Board of Directors and to Jean-Jacques Henchoz, who has been nominated for election as a new member of the Board of Directors. A special welcome also goes to our Honorary Chairman, Walter Kielholz. Additionally, I would like to welcome the members of the Group Executive Committee. It is also my pleasure to welcome Christof Helbling and Gian Andri Tondury, representing Proxy Voting Services GmbH Zurich, our independent proxy; Frank Pfaffenzeller and Matthias Schiessl, who are representing our auditor, KPMG Zurich; and Markus Muller-Smit from the Zurich Altstadt notary office. He will certify the resolution on the conversion of shares capital currency under agenda Item 6 and on the amendments to the Articles of Association under agenda Item 7. I would also like to welcome our scrutineers and thank them for volunteering their time to perform this task. Shareholders who wish to ask questions about individual agenda items are kindly requested to sign up at the speakers' registration desk as early as possible. The desk is located at the front of this hall on your left and registration is now open. We kindly ask all speakers to limit their time to a few minutes to allow all shareholders to express themselves and make sure we address all questions efficiently. Simultaneous translation will be provided during the entire AGM. Headphones are available in the entrance of the area. I hope you got this. Please select channel 1 for German and Channel 2 for English. The meeting minutes are being recorded by our Company Secretary, Marisa Walker. The AGM is also being recorded in both audio and video, and broadcast live online. By attending the Annual General Meeting, each participant consents to Swiss Re recording the meeting, including any statements they make and to publishing and using such recording. The invitation to the AGM was published in the Swiss Official Gazette of Commerce on March 12, '26. The annual report 2025, including the compensation report and the sustainability report were published on Swiss Re website on the same day. The Annual General Meeting was duly convened and can validly pass the resolution according to today's agenda. Ladies and gentlemen, dear shareholders, I will now take you through Swiss Re major milestone and successes of 2025. We had 2 key priorities for the year: achieving our group net income target and strengthening the resilience of the company. I'm pleased to say that we delivered on both. Swiss Re achieved a group net income of $4.8 billion against a target of more than $4.4 billion. This is the highest net income in Swiss Re's history, underpinned by a strong underwriting performance in our Property & Casualty businesses and strong investment returns. In the Life & Health Reinsurance, we conducted a comprehensive review of underperforming segments and took decisive action to enhance the quality of our portfolio. This positions all 3 businesses, P&C Re, Corporate Solutions and Life & Health Re to deliver strong, consistent results. The strong performance provides the foundation for attractive capital returns to our shareholders. The Board of Directors is proposing a dividend of USD 8 per share, an increase of 9% compared to last year and in line with our growth aspiration of at least 7% per year for the period 2025 to 2027. In addition to the increased dividend, we have initiated a share buyback program of up to $1.5 billion. This includes $500 million as part of the sustainable annual share buyback program we announced last December. The share buyback reflects both the strength of our operating performance and our robust capital position. Our group solvency as measured by the Swiss Solvency Test ratio is estimated to remain at 250% even after taking into account the impact of the proposed capital repatriation actions. This is at the top end of target range of 200% to 250%. With these capital actions, we are returning 80% of our full year 2025 earnings to our shareholders. Ladies and gentlemen, let me now turn to our strategic direction. Last December, we introduced our strategy Built to Lead. At its core is a clear ambition to deliver consistent and sustainable performance. This means sharpening our focus on our core insurance and reinsurance businesses, driven by technical excellence and by close relationship with clients and brokers. At the same time, we are intensifying the use of data and technology. By leveraging our risk expertise and expanding our AI capabilities, we are enforcing our technical excellence, enhancing execution and ensuring we remain adaptable in a rapidly changing risk landscape. This ensures that we remain well positioned to fulfill our core whole building resilience as a shock absorber against peak risk while providing critical data-driven insights. At the heart of everything we do is our purpose, making the world more resilient. This brings me to sustainability, which is an integral part of our refreshed group strategy Built to Lead. I'm pleased to say that we achieved all our externally communicated sustainability targets in 2025. And our sustainability efforts continue to be recognized with MSCI once again rating Swiss Re AAA, its highest rating under its ESG rating methodology. Our 2 sustainability ambitions were reaffirmed as part of the 2026, 2028 Group Sustainability Strategy update, which was guided by the updated Group Materiality Assessment 2025. The first ambition, building societal resilience is anchored in our focus on enhancing disaster resilience as well as improving access to Life & Health Insurance protection. This is strongly aligned with the priorities in our core businesses. By developing innovative insurance solution with our clients, partnering with governments and leveraging data and supporting adaptation to evolving risk, we aim to expand the pool of people, businesses and countries that have access to insurance protection. The second ambition reflects our long-term commitment to achieving group-wide net zero greenhouse gas emissions by 2050, in line with Swiss legal requirements. We presented our climate transition plan last year and continue working towards our interim climate targets. We follow a transition approach that seeks to jointly transition with our clients, investees and vendors in all sectors. We encourage and support them in the transition to net zero. Swiss Re's action in the net zero transition and the prioritization over time depends on various external factors such as availability of robust methodologies and reliable data. In addition, we are dependent on supportive public policies at the pace at which the real economy makes this transition. This is critical as we cannot do this alone. We recognize that some stakeholders would prefer us to move faster, while others advocate for a more gradual transition. Such differing expectation are natural in a transition of this scale. We remain confident in our climate transition plan and are committed to its execution. Before concluding, let me briefly touch on developments at the Board level. We are pleased to propose the election of Jean-Jacques Hencho to the Board of Directors. Jean-Jacques brings outstanding reinsurance expertise, strategic thinking and proven leadership skills, having served as CEO of Hannover Re and previously holding senior positions at Swiss Re. Jean-Jacques will briefly introduce himself when we get to the point of the elections. I would also like to thank Larry Zimpleman, who is not standing for reelection to the Board of Directors for his 8 outstanding years of dedication and valuable contributions to the group. Let me conclude with a brief outlook. As we look at developments around the world, it is clear that risk remains elevated. The ongoing war in the Middle East has introduced significant new uncertainties and as a reminder of how quickly the risk landscape can evolve. Risks today are Intrinsically interconnected and can have consequences in areas where we might not initially expect them. We are monitoring these developments closely and remain vigilant. Against this backdrop, Swiss Re remains committed to supporting our clients and partners across business, government and society in understanding and mitigating emerging risk and in enabling swift recovery when they materialize. Your continued trust and support are essential as we pursue our purpose, making the world more resilient. For that, I thank you sincerely. I will now hand over to Andreas Berger, who will provide a more detailed review of our business unit performance in 2025. Before that, I invite you to watch a short video highlighting Swiss Re's strategic approach and how we aim to shape the future of our industry. Thank you for your attention, [Foreign Language] [Presentation]

[Foreign Language]

Thank you, Andreas. Our Company Secretary will now address some formality and administrative matters.

[Foreign Language]

Thank you, Marisa. It's time now to proceed with the first item on the agenda, the approval of the financial and nonfinancial reporting for 2025. This item is divided in 3 subitems. Each subitem requires a vote. Agenda Item 1.1 is the approval of the annual report 2025 and the annual and the consolidated financial statements for the year 2025. The group CEO has commented on the financial year 2025. The annual financial statements and the consolidated financial statements for 2025 have been audited by our auditor, KPMG. The audit report contain no qualification or reservation. The auditor has not had any additional remarks and recommends approval by this Annual General Meeting. The Board of Directors recommends that the annual report 2025, the annual and the consolidated financial statements for the financial year 2025 be approved. Under agenda item 1.2, the Board of Directors is presenting the compensation report 2025 for a nonbinding consultative vote. The compensation report 2025 and the KPMG audit report can be found in the annual report 2025. The Board of Directors also recommend that the compensation report 2025 be accepted. Under agenda Item 1.3, the Board of Directors is submitting Swiss Re Sustainability Report 2025 for a nonbinding consultative vote. These reports provide comprehensive information about Swiss Re's Group Sustainability Strategy accomplishments and targets. It includes a climate transition plan, meets all Swiss legal requirements and has been independently reviewed by KPMG for the limited assurance conclusion. The Sustainability Report 2025 and the KPMG report review can be found in the Annual Report 2025. The Board of Directors recommends that the Sustainability Report 2025 be accepted. Before I open for questions, I would like to remind anyone who would like to ask a question to register at the registration desk. And please keep your question short and concise. We will first hear all of the speakers and then address the question afterwards. Does anyone have a question about the agenda items 1.1 to 1.3?

[Foreign Language] If you wish, I tell you in English. It's too early young man. [Foreign Language]

Thank you, [ Mr. Grobe ]. I call now Mr. Fritz Peter from Actares.

[Foreign Language]

You will respond at the end or...?

We will respond after we receive all the questions. Thank you very much. I'm now calling Nora Scheel from Campax, please.

The Tragedy on Swiss Re's Horizon. Here, Mr. Berger. I'm speaking as a representative of the NGO Campax as well as a member of the Insure Our Future network. You recently spoke publicly with NBIM CEO, Nicolai Tangen. When asked about rising insurer losses due to extreme weather catastrophes, you made some remarks about global warming that really worried us. I quote, "People refer always to climate. That's one aspect that complicates things, but the main aspect is population growth." However, research suggests that more than 1/3 of insured weather losses in the last decade were attributable to climate change. Mr. Berger, it seems that you were promoted to help stabilize profits. But if your industry's profit boosting measures involve drastic actions to reduce exposure to the persistent economic losses, insurance was created to help society absorb, we must ask, what will you do in 5 or 15 years' time? What business will Swiss Re have left in a burning underwater world? Swiss Re warned in its annual reporting fine print that climate change may render certain properties exposed to extreme weather events uninsurable as storms like the wildfires in Los Angeles and the deadly floods in Texas make the costs unviable for many. The tragedy here, Mr. Berger, is that when faced with our overwhelming evidence you state Swiss Re has known about for so long, you seem to evoke the same tactic that Mark Carney once opted for. Facing the foreseen tragedy on our fast-approaching horizon, instead of leveraging your deep understanding to advocate for an effective necessary changing, of course, you opt instead for short-term optimization of your own risk underwriting. Speaking not to investors, but to the public, you said it yourself. The data shows clearly that the frequency and severity, not only of extreme heat, but also natural catastrophes in general is increasing. We need to all come together. It's not one party alone that can solve the problem. What are you doing, Mr. Berger, not only to get these losses of your balance sheet, but to protect the planetary viability your successor will need for Swiss Re to survive?

I'm now calling Mr. Peter Bosshard also from Campax.

As an international climate campaigner, I have followed the climate policies of Swiss Re since the 1990s. And I have generally had a good impression of your company. In 2018, Swiss Re was the first reinsurer to stop insuring new coal projects. In 2022, Swiss Re was the second reinsurer to stop or to limit underwriting new oil and gas fields just after Jean-Jacques Hencho's Hannover Re. And in all the climate rankings, which we have published, Swiss Re ranked among the top contenders. So congratulations. Now the latest frontier of the fossil fuel transition is liquefied gas or LNG. If we continue to build, finance and insure lots of new LNG terminals, we will lock the world into decades more of gas dependency. Swiss Re was Built to Lead. And so my question is, when will Swiss Re end underwriting new LNG terminals? You have at least 4 good reasons to do so. First, climate change. Gas produces less emissions than coal when it's burned. But if we also consider the leakage from extracting, transporting and liquefying gas, LNG has even more serious climate impact than coal. Second, economics. Last year, the average cost of solar power with battery storage was $25 per megawatt hour. The average cost of gas from -- of electricity from gas power plants was $38, about half as much more. And while the cost of solar power and batteries continues to drop, the cost of gas is holding steady or even spiking. Third, energy security. The main sources of LNG are Russia, the United States and the Middle East. And gas supply from any of these regions can be stopped at the moment's notice. This is not resilient, and it is not the case for wind and solar energy. And finally, shareholder value. Many financial analysts look at climate leadership as an indicator of farsighted management. In 2020, for example, Societe Generale increased their target price for Swiss Re shares by 5% because your company had done so well in our climate ranking. That was a $1 billion bonus for climate leadership. In spite of this, Swiss Re has so far not shown any leadership when it comes to LNG. For the first time, Munich Re was the first reinsurer to limit their support for new LNG terminals under their new CEOs in January. We are still waiting for a response from Swiss Re. Ladies and gentlemen, Swiss Re was Built to Lead. And this includes ending support for new LNG terminals, which are not a responsible option in today's environment. So again, my question, when will Swiss Re stop underwriting new LNG terminals? Thank you for your attention.

Thank you, Mr. Bosshard for your question. I'm now calling [ Ines Zangger ] on the podium.

[Foreign Language]

Thank you very much. I'm now calling on stage [ Mr. Christian Alther ].

[Foreign Language]

It seems that Mr. [ Grobe ] wants to ask a second question.

[Foreign Language]

Thank you very much for your question. Are there any more questions? Good. We'll now proceed with the answers to the question, and we will take it in the same order. I will put -- we'll start with [ Mr. Grobe ]. Timing early morning, 9:30, we take your remark into consideration. There are practical reasons starting early allows everybody to get back on time in the afternoon. So I think we will never find the right -- the timing, which is fine for everybody. We choose it for a lot of practical consideration, among which we have other meetings the same day. The location, I hope you like the location. I find it very good. We are not changing every year. We have been for many years in the previous location. And if everything is happening well today, this is clearly a place which we believe is modern, well suited for the requirements of an AGM of this size. And therefore, we feel that -- we hope also that you feel that it's a very good place. You had also a question on dividend and my proposal is to have our CFO responding on that part.

[Foreign Language]

Thank you. Thank you, Anders, sorry. We come back to you, Andreas now with the questions from Mr. Peter and there are questions and sub-questions. First question is on the investment in emission-intensive activities, then we have deforestation and geopolitics. So could you address these 3 parts, please?

[Foreign Language]

Thank you. Andreas, could you also comment on the question on geopolitics and war?

Yes. [Foreign Language]

Thank you very much, Andreas. I propose we move to the next question, the one of Nora Scheel which was directly addressed to you, I think.

Yes. [Foreign Language]

Thank you. Thank you very much. We come to the next question from Mr. Bosshard about underwriting new LNG terminals.

So [Foreign Language]

Thank you very much. The next question was the impact on human rights and the health of local people.

Yes.

For you also Andreas.

[Foreign Language]

Thank you. The next was from Mr. [ Alther ] on biodiversity.

Yes. [Foreign Language]

Thank you, Andreas. I think that we have provided an answer to all questions about agenda Items 11, 12 and 13. Thank you very much for the questions again. And we will now proceed with the vote on these 3 agenda items.

[Foreign Language] [Voting]

[Foreign Language]

Thank you very much. We can now proceed to agenda Item #2, appropriation of available earnings. The figures and the proposed appropriation of available earnings for 2025 can be found in the invitation to today's Annual General Meeting on Page 3. This is about the available earnings of Swiss Re Limited, the holding company of the Swiss Re Group. According to the statutory accounts, the available earnings of Swiss Re Limited amount to CHF 1.698 billion. The Board of Directors proposed allocating these available earnings to the voluntary profit reserves. Following this allocation, the voluntary profit reserve will amount to CHF 16.992 billion. The proposed dividend payment will be paid out of the voluntary profit reserves. The Board of Directors recommends a gross ordinary dividend of USD 8 per share distributed to shareholders. The dividend will be paid in Swiss franc, converted at the applicable U.S. dollar exchange rate as of April 13. The exchange rate will be published on the Swiss Re website on the ex-dividend date, which is April 14. In its report to shareholders, the auditor confirmed that the Board of Directors motion regarding the appropriation of available earnings compliance with the statutory regulation and the Articles of Association. Let's open the Q&A. Does anyone have a question about Item 2? I don't see anybody moving. It means that we can now proceed with the vote.

[Foreign Language] [Voting]

[Foreign Language]

Thank you, ladies and gentlemen. The dividend will be paid from the 16th of April onwards after deduction of 35% for Swiss Federal withholding tax. It will be distributed to all shareholders who hold shares on the 13th of April 2026. Shares will be traded ex dividend starting on the 14th of April 2026. We'll now move on to agenda Item 3, discharge of the members of the Board of Directors. The Board of Directors recommend that all members of the Board of Directors who were in office during the 2025 financial year be discharged for the financial year 2025. Does anyone have a question about this agenda item? I don't see anybody. There are no speakers registered for this item. It allows us to move immediately to the vote.

[Foreign Language] [Voting]

[Foreign Language]

Ladies and gentlemen, on behalf of the entire Board of Directors, I thank you for the trust you have placed in us. We will now move on to agenda item 4 is about the election of the Board of Directors, the independent proxy and the auditor. The General Meeting of Shareholders is responsible for electing each member of the Board of Directors, the Chairman of the Board of Directors, the members of the Compensation Committee, the independent proxy and the auditor. We will begin with the elections of the member of the Board of Directors and the Chairman of the Board of Directors. As I previously mentioned, Larry Zimpleman is not standing for reelection. The Board of Directors recommend the individual reelection of 11 current members as well as the election of 1 new member of the Board of Directors, each of them for 1 term of office until the completion of the next AGM. I am also standing for reelection as Chairman of the Board. You can find all our biographies on the Swiss Re website. On behalf of the Board of Directors, I am pleased to propose the election of Jean-Jacques Henchoz as new Board member. I already mentioned his extensive experience and deep expertise at the beginning of this meeting. Before the vote, I would like to give Jean-Jacques Henchoz the opportunity to introduce himself. Jean-Jacques, the floor is yours.

[Foreign Language]

Thank you, Jean-Jacques. Ladies and gentlemen, let's start the Q&A. There are no speakers registered, but does anybody in the room want to take the floor? I don't see anybody. So let's then proceed now with the election.

[Foreign Language] [Voting]

[Foreign Language]

Thank you, and congratulations to all my colleagues of the Board of Directors on the election and especially our new Board member, Jean-Jacques Henchoz. Gentlemen, it's an honor to have the opportunity to continue serving as Chairman of the Board of Directors. I appreciate your support and trust. This concludes the election to the Board of Directors under agenda Item 4.1. We can now proceed with agenda Item 4.2, which covers the election of members to the Compensation Committee. The Board of Directors recommends the individual reelection of the 4 current members of the Compensation Committee, each for 1 term of office until the completion of the next AGM. You can find the biographies of these candidates on the Swiss Re website and the Board of Directors recommends that you vote in favor of the 4 candidates. I don't see any questions. There are no questions registered. This is allowing us to proceed to vote on the candidates.

[Foreign Language] [Voting]

[Foreign Language]

Ladies and gentlemen, thank you also, and congratulations to my 4 colleagues on the election to the Compensation Committee. This concludes our Board-related election. We'll now proceed to the next item on the agenda, which is the reelection of the independent proxy. The Board of Directors recommends that proxy voting service, GmbH be reelected as the independent proxy for a 1-year term of office until completion of the next AGM. Proxy voting service has served as independent proxy for many years and has performed this task competently and to the satisfaction of our shareholders. I don't think that there is any question about this agenda item. This allows us to proceed to the voting.

[Foreign Language] [Voting]

[Foreign Language]

Congratulations to proxy voting service on this reelection. Let's move to agenda Item 4.4, the reelection of the auditor. The Board of Directors recommends that KPMG be reelected for another 1-year term of office as auditor for the financial year 2027. KPMG has confirmed to the Audit Committee that it complies with the relevant independent criteria and is available for reelection. Let's open for questions. But here again, I think that there are no questions, nobody did register. Perfect. Thank you very much. Let's proceed to the voting.

[Foreign Language] [Voting]

[Foreign Language]

Congratulations to KPMG on its reelection. Now that we have concluded on all elections, we'll move to agenda Item 5 for the approval of compensation. Details about our compensation system and compensation paid can be found in the compensation report 2025, which is an integral part of the annual report. We will be holding 3 votes under this agenda item. The first vote concerns the maximum aggregate amount of compensation for the members of the Board of Directors for the 1-year term of office starting after this AGM. The second vote concerns the aggregate amount of variable short-term compensation for the members of the Group Executive Committee for the past financial year 2025. And the third vote concerns the maximum aggregate amount of fixed compensation and variable long-term compensation for the members of the Group Executive Committee for the financial year 2027. I will now briefly explain the 3 motions. Members of the Board of Directors received only fixed compensation. The Board of Directors recommends that shareholders approve a maximum aggregate amount of CHF 8.6 million for the members of the Board of Directors for the next term of office until the next AGM. Under item -- agenda Item 5.2, the Board of Directors recommends the approval of an aggregate amount of variable short-term compensation for the member of the Group Executive Committee for the past financial year 2025, amounting to CHF 11,936,254. The proposed aggregate variable short-term compensation amount reflects Swiss Re Group IFRS performance. The proposed aggregate amount include a total annual performance incentive for 13 members of the Group Executive Committee who were in office in 2025 pro rata where applicable. Under agenda Item 5.3, the Board of Directors recommends the approval of a maximum aggregate amount of fixed compensation and variable long-term compensation of CHF 31 million for the members of the Group Executive Committee for the financial year 2027. The fixed compensation for the members of the group EC consists of a base salary allowance, regular employee pension contribution, any matching shares granted under the company's global share participation plan and additional benefits. The variable long-term compensation for the members of the group EC, if any, will be granted in the first half of the financial year 2027. The maximum aggregate amount considers the value of the award at grant. The effective amount to be paid or granted to the member of the Group Executive Committee for the financial year 2027 will be disclosed in the compensation report 2027. More details on all these 3 compensation motions can be found in the invitation to the AGM. The Board of Directors recommends approving all 3 motions. Let's open for questions. Here also, we don't have any speaker who has presented itself. This is allowing us to proceed with the voting.

[Foreign Language] [Voting]

[Foreign Language]

Thank you, ladies and gentlemen. This brings us to the next item on our agenda, which is Item 6, conversion of share capital currency and amendments to the Articles of Association. The revised Swiss corporate law which entered into force on January 1, 2023, allows the company share capital to be maintained in selected foreign currencies. The Board of Directors proposed to convert the share capital currency from Swiss franc to U.S. dollar. This aligns the share capital with the currency that is material to the company's business activities and reduces operational complexity. This conversion will take place in 2 steps. First, under agenda Item 6.1, the Board of Directors proposed to slightly reduce the share capital in Swiss franc so that we have a own nominal value per share of USD 0.12 after the conversion. These steps is purely for practical reasons and is intended to make the second step under agenda Item 6.2 easier. The reduction amount will be allocated to the legal capital reserve. This will leave the total equity completely unchanged. Second, under agenda Item 6.2, the Board of Directors proposed to convert the share capital currency into U.S. dollar with a nominal value per share of USD 0.12. Please note that this will not affect the share capital reported under IFRS, and it will not affect the total number of registered shares in both the consolidated and stand-alone financial statements. Agenda Items 6.1 and 6.2 are conditional on one another and will only be implemented if both are approved by the shareholders and concurrently implemented by the Board of Directors. Before I open the discussion on agenda Item 6.1, the ordinary reduction of the share capital by reducing the nominal value per share, I would like to note that on March 2, 2026, the call to creditors was published in the Swiss Official Gazette of Commerce. No creditors have come forward. KPMG Limited Zurich has prepared a special audit report dated from the 7th of April 2026, confirming that all claims of Swiss Re Limited creditors are covered despite the share capital reduction. Thank you to Mr. Frank Pfaffenzeller and Schiessl who are here today for KPMG for their work in this regard. We are now open for questions on agenda Item 6.1. No speakers have registered, I think. Yes, nobody is showing. Thank you very much for that. So let's vote on this agenda item or we will vote on the 2 other...

[Foreign Language]

The Board recommendation. -- apologies. The Board of Directors, let me read the recommendation. The Board of Directors proposed to reduce the share capital of Swiss Re Limited as set out in the invitation to today's meeting and to allocate the reduction amount to the legal capital reserve. The implementation of this resolution is contingent upon the concurrent implementation of the share capital currency conversion proposed under agenda Item 62. Marisa?

[Foreign Language] [Voting]

[Foreign Language]

Thank you very much. I ask the notary, Mr. Muller-Smit, to certify the results of agenda -- of the vote on agenda Item 6.1. We now move to agenda Item 6.2, the change of the share capital currency. As explained, the Board of Directors proposed to convert the share capital currency from Swiss franc to U.S. dollar to align it with the currency that is material to the company's business activities. For accounting and reporting purpose, the conversion will have retroactive effect from January 1, 2026, and will be based on the ICA Data Services London closing spot rate as of December 31, 2025. The total share capital reported in the consolidated and stand-alone financial statements of Swiss Re Limited will remain unchanged. Because Article 3, Paragraph 1 and Article 3A Paragraph 1 of the Articles of Association currently refer to nominal values denominated in Swiss franc, those reference will be amended accordingly. If approved, the Board of Directors will implement the currency conversion and amend the Articles of Association accordingly. This will be done at the same time as the capital reduction under agenda Item 6.1. I now open the floor for questions. I don't see anybody moving. This allows us to move on to the vote. The Board of Directors propose first to convert Swiss Re limited share capital currency from Swiss franc to U.S. dollars. Second, to authorize the Board of Directors to implement this change with effect from January 1, 2026, and to apply the conversion exchange rate as of December 31, 2025. And third, to authorize the Board of Directors to amend the reference to the currency in the Articles of Association as set out in the invitation to today's meeting. The implementation of this resolution is contingent upon the concurrent execution of the capital reduction approved under agenda Item 6.1. Marisa, please.

[Foreign Language] [Voting]

[Foreign Language]

[Audio Gap] of this resolution 6.1. Since we have approved the agenda Items 6.1 and 6.2, we can now proceed to a final agenda item, which is agenda Item 7, the renewal and the extension of the capital band. Under Swiss law, the authorization for a capital band expires if the General Meeting of Shareholders resolved to reduce the share capital or to change the share capital currency during its term. As both the reduction of the share capital and the conversion of the share capital currency have just been approved today, Swiss Re Limited's existing capital band has automatically expired. The Board of Directors wishes to keep the capital band to maintain financial flexibility and believes this is in the best interest of the company. The Board, therefore, proposed to renew it for 2 years. The conversion from Swiss franc to U.S. dollar will be made on a one-to-one basis and the parameters of the capital band will remain the same as under the capital band that just expired. Shareholders will, therefore, grant the same authorization as in the past. The new capital band will be valid until April 10 of the year 2028. We are now open for questions on this agenda item 7. No speakers have registered. Let's move then on the vote. The Board of Directors proposed first, to renew Swiss Re Limited capital band as reflected in the invitation today's meeting; and second, to amend and supplement Article 3C of the Article of Association as reflected in the invitation. Marisa, please.

[Foreign Language] [Voting]

[Foreign Language]

Thank you. Ask the notary, Mr. Muller-Smit to certify the results of agenda Item 7. Ladies and gentlemen, thank you for your very strong support. We have now addressed all the agenda items of this year's Annual General Meeting. The next AGM of Swiss Re Limited is scheduled for Wednesday, April 14, 2027. The minutes of today's meeting will be available shortly on our Swiss Re website. This concludes our 2026 Annual General Meeting. Thank you for being here. Thank you for your support. Thank you for your voting. If you wish, take some of the pastry that are still left after the breakfast of this morning. And please don't leave with your voting device, leave them and the headphones, leave them on your chairs. I wish you a very pleasant day, and thank you again.