Swiss Re's CEO Discusses Q1 2012 Results - Earnings Call Transcript

Swiss Re (SWCEY.PK)

Q1 2012 Earnings Conference Call

May 4, 2012 15:00 ET

Executives

Eric Schuh – Head, Investor Relations

George Quinn – Chief Financial Officer

Analysts

Spencer Horgan – Deutsche Bank

Andrew Ritchie – Autonomous

William Hawkins – KBW

Michael Huttner – JPMorgan

Thomas Seidl – Sanford Bernstein

Andrew Broadfield – Barclays

Stefan Schuermann – Vontobel

Frank Kopfinger – Cheuvreux

Vinit Malhotra – Goldman Sachs

Maciej Wasilewicz – Morgan Stanley

Jean-Francois Tremblay – RBC

Fabrizio Croce – Kepler

Presentation

Eric Schuh – Head, Investor Relations

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Good afternoon and good morning everybody and from Swiss Re side welcome to our First Quarter 2012 Results Conference Call. So, in Q3 last year, we have changed the format of our quarterly results calls. The new format contains a video presentation by the CFO, which is available on our website at 7 AM and the call that we are having now that focuses solely on Q&A.

I am here with our CFO, George Quinn who will give you some opening remarks before we turn to the Q&A. George?

George Quinn – Chief Financial Officer

Thanks, Eric and good morning or good afternoon to you on the phones. I’ll keep this really quite short. So, as you’ve seen from the figures we reported this morning, we've had a good start to 2012. We have strong performance across all of our segments albeit one that's only boosted by an absence of natural catastrophes and some realized gains, but nonetheless, our underlying performance for the quarter is strong.

I particularly want to pick out and highlight the renewal today. We have taken the strength of our client franchise, our capital and underwriting strength and combining them to achieve an excellent outcome on the April 1 renewal. As again, you've seen this morning we've got substantial improvement in margins and significant growth, as you would expect to see against this backdrop of rising prices. There are some challenges that we’ve yet to face, but there is no doubt in my mind that the firm has headed in the right direction and the results did further evidence that we’re headed in the right direction as far as our financial targets are concerned.

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