Welcome to the 2024 annual general meeting. I'm very pleased that so many of you have come here today. The meeting today is beginning with a novelty. [Foreign language]. So I will switch to English now. Headphones providing simultaneous translation into German and English are available. Dear shareholders, it is a great honor and pleasure to stand in front of you today as Vice Chair being proposed for election as Chairman of the Board of Directors. Swiss Re has a long history, which started here in Switzerland 160 years ago. Today, Swiss Re stands for a truly global and well-diversified business. We offer risk transfer solution out of 78 office location in 29 countries, and our over 14,000 employees come from 122 different nations. That being said, if elected later today, I would only be the second non-Swiss to become Chairman of the Board, after Charles Simon from Alsace. He was Chairman of Swiss Re from 1919 until 1942. Since joining the company's board of directors seven years ago, my appreciation of Swiss Re has continued to grow, and if elected, I will be proud to dedicate myself fully to the role of chairman. With me on stage today are Christian Mumenthaler, our Group CEO, John Dacey, our Chief Financial Officer, and Felix Horber, our Company Secretary. I would like to extend a warm welcome to the members of the Board of Directors of Swiss Re, and a special welcome goes to Géraldine Matchett, who is nominated for the election as a new member of the Board of Directors. Additionally, I would like to welcome the members of the Group Executive Committee, including Andreas Berger, the designated Group Chief Executive Officer. A warm welcome also to former chairman and members of the Board of Directors, as well as former members of the Group Executive Committee who have joined us today. At the last annual general meeting, you, the shareholders, you elected Proxy Voting Services GmbH as independent proxy. I would like to welcome their representative, Dr. Christoph Aebli. As a representative of our auditor, KPMG Zurich, I would like to welcome Frank Pfaffenzeller, who was one of the lead auditors responsible for the 2023 financial statements. My final words of welcome go to the members of the press. Thank you for joining us. I'm now going to hand over to our Company Secretary, Felix Horber, to take care of a few formalities. I'm going to run you through some formalities and formal announcements. The invitation was published, as required by law, in the Swiss Official Gazette of Commerce on the 18th of March, 2024. The 2023 Annual Report and the 2023 Sustainability Report have been available on the Swiss Re website since March 13, 2024. I hereby declare the orderly convocation and presence of a quorum for the thirteenth Annual General Meeting of Swiss Re Limited. Furthermore, the revised Swiss corporate law, which entered into force on the 1st of January, 2023, provides for a new formality in relation to the independent proxy voting. The independent proxy is required to maintain confidentiality regarding voting and election instructions received from shareholders until the annual general meeting. They can provide Swiss Re with general information about the instructions received, but no earlier than three days prior to the annual general meeting. Additionally, you, as shareholders, have the right to know at the annual general meeting which information the independent proxy has given to Swiss Re. Please see the statement provided by the independent proxy to the chairman of the board of directors on the screen here. Meine Damen und Herren, wir führen auch dieses Jahr- Ladies and gentlemen, we are drawing up a list of speakers this year again. Shareholders who wish to take the floor at the meeting are asked to sign up now with the speakers' assistants at the speakers' desk to your front left. Have your name added to the list and indicate which agenda item and, topic you wish to speak on. Please identify yourself as a shareholder using your voting device. You will then be called when the agenda item is discussed that you wish to speak on. Please state your first name, surname, and place of residence before speaking about the agenda item. There are seats reserved for those who wish to take the floor in the third row, close to the speakers' desk. As mentioned by the chairman, he will address you in English, whereas I will take you through voting and a number of administrative matters in German. You may, of course, ask your questions in German. During the entire proceedings, there'll be interpretation into German or English. Headsets are available in the Hallenstadion foyer. Please choose channel two for translation into German, and interpretation into English will be provided on channel one. As in previous years, we're going to use an electronic system for voting and elections. You were issued one of these devices at check-in. Ladies and gentlemen, many of you are very familiar with how to use the voting device. For voting and elections, you can press one to three buttons. The J button stands for yes, that's for agreement. The N button is for no, for rejection, and the E button is for abstention. If you make a mistake, just press again, making sure to select the correct button this time around. Once you're sure that you have made the correct choice, you will need to confirm your selection with the tick button on the bottom right in order to submit your voice. As confirmation that your vote has been successfully submitted, the message will say, "Wahl registriert," or, "Vote recorded." Now, as in previous years, we shall conduct a test vote to confirm that your devices are working properly. What we will do is a multiple election vote, just as we will have it for election of the board of directors, so that you can re-familiarize yourself with the process. Please vote for your favorite color. Let's proceed to the vote. You will see on your device three proposals. Press Yes, No, or Abstention for each color. Then, use the arrow on the bottom right to scroll to the next page with three more proposals, three more colors. Please remember then to press the tick button to submit your vote. You will now have 20 seconds time to submit your vote. Please bear with us until the votes have been counted. Now you can see the results of the trial vote. Thank you very much. We have seen that the voting devices are working properly. For votes and elections, you will be shown an abridged version of the results. Detailed information about the voting results will appear on the screen. Following the annual general meeting, we will display the results on our website, and they will be listed in the minutes of the annual general meeting. Let me hand back to the chairman at this point. Thank you, Felix. Pursuant to Article 13, paragraph 2 of the Articles of Association, scrutineers have been appointed by the chair of the annual general meeting. Their names are up on the screen now. We will proceed with today's general assembly as follows: First, I will say a few words about the state of the firm. After that, our Group CEO, Christian Mumenthaler, will talk to you about our performance in 2023, and in particular, about our financial results. We will then introduce to you Andreas Berger, the designated Group Chief Executive Officer, who will succeed Christian Mumenthaler as of July 1. After his short speech, a video will be shown, and thereafter, we'll discuss the agenda items listed in the invitation to today's AGM. Would like to draw your attention to the fact that the AGM is being recorded. Minutes are being kept during this meeting. I've assigned this task to Dr. Felix Horber, our company secretary. Dear shareholders, Swiss Re can look back on a successful year. The company achieved all its 2023 financial targets, including generating $3.2 billion in net income. This is a significant increase from the $472 million of 2022. Net premiums earned and fee income rose to a new record of $45 billion. Return on equity was 22.3%. In 2023, total shareholder return per Swiss Re share was 27.9% in U.S. dollar. This means that if you invested $1,000 U.S. dollar in Swiss Re shares at the beginning of the year 2023, and you had reinvested your dividend, you end up with $1,279 U.S. dollar at the end of the year. It was a key goal for the company in 2023 to improve profitability. I am delighted to report that thanks to the hard work and continuous efforts of our management and all of our employees, and a supportive market environment, this key milestone has been reached. Profitability and dividend remain our focus going forward. Numerous factors drove Swiss Re's 2023 performance. Christian Mumenthaler, our Group CEO, will provide a more detailed overview of the group result in a moment. The fact that Swiss Re achieved a good result in uncertain times demonstrates that our business model is intact. Swiss Re continues to provide the sophisticated risk knowledge and peak risk capacity that our clients require to navigate existing and future perils. This makes Swiss Re a valued partner for our client and a source of stability within the broader financial service sector. As I mentioned in my introduction, 2023 also marked the 160th anniversary of Swiss Re's founding. Today, the company continues to be well-placed to deliver on its purpose, making the world more resilient, and that purpose remains highly valid. And indeed, a turbulent world requires both resilient societies and resilient companies. By absorbing large loss and providing relief to our insurance clients, we directly contribute to societal resilience and economic stability. This is what makes reinsurance such a relevant industry and Swiss Re a company that employees are proud to work for. This is even more true as losses from natural catastrophes are growing, as you can see on the slide. In 2023, natural disaster resulted in insured loss of $108 billion, surpassing $100 billion for the 4th consecutive year. Actually, 6 out of the last 7 years were above $100 billion, indicating that this will probably be the new norm. 2023 was also the hottest year on record. In previous year, the total insured loss was driven by a few, but large catastrophes. In 2023, the main drivers was even frequency. There were 142 relevant catastrophes in 2023, a new record. Most were of medium severity, which we define as events resulting in loss between $1 billion and $5 billion. Such more frequent events with low to medium severity are mainly impacting primary insurance companies, while Swiss Re, like many other reinsurers, focuses on less frequent but more severe, so-called peak events. This has enabled us to limit losses from natural catastrophe events to an amount of $1.3 billion in 2023, and to focus on our core mission: partnering with our insurance client to provide sufficient risk transfer capacity at the right price to manage their peak perils and more severe claims, and to recover from them when they do occur. In 2023, the board of directors and group executive committee also worked to further enhance Swiss Re's own resilience and performance. We reorganized our insurance businesses into market-facing units. This bring us closer to clients and makes us more responsive to their evolving risk protection needs. I would like to thank the group executive committee and everyone who has contributed to this positive outcome. Sustainability is another strong driver of our business. It is part of our DNA, and Swiss Re's commitment to sustainability is unwavering.... Implementation of the group's sustainability strategy 2023, 2025 is underway. It rests on two pillars. First, advancing the net zero transition, and second, building societal resilience. On the first pillar, Swiss Re aims to play a role in facilitating the transition to low carbon economies. This includes efforts to de-risk transition projects, for example, by providing reinsurance capacity to renewable energy infrastructure. And while we continue our own efforts to decarbonize, we also support the parallel work of suppliers, clients, and other stakeholders to reduce their emissions. The second pillar of our sustainability strategy is to build societal resilience. A warming planet pose threats to societies and the natural resources we depend on. To protect ourselves against such threats, we need to adapt by taking appropriate measures. Here, Swiss Re has concentrated on helping extend the reach of financial protection for more people. For instance, Swiss Re Institute has worked to identify factors that determine inclusiveness of insurance in global markets. We also support industry efforts to make insurance more available, accessible, and affordable. Extending protection to low and middle income communities is particularly important to strengthen societal resilience. Here, I would like to mention a successful example from Morocco, where the government introduced a two-pillar insurance scheme to enhance the country resilience to natural disaster. On 8th September 2023, a powerful earthquake struck western Morocco, affecting over 1 million people. It triggered the catastrophe coverage for the Moroccan Solidarity Fund. Swiss Re quick response and fast payout following the earthquake were instrumental in channeling funds to affected households when they were the most needed. Last but not least, Swiss Re is committed to an environment that encourages personal and professional growth for all employees. Together, we are much more than the sum of our parts, pooling all diverse knowledge, skills, and experience. We are proud to be a highly diverse organization across geographical, cultural, professional, and personal backgrounds. We believe that inclusion is the key to leveraging this diversity and mustering the power of different perspectives. In this context, I'm very happy and proud that our Board composition mirrors this diversity of experience, capabilities, nationalities, and gender. The nomination of Géraldine Matchett for election as a new non-executive and independent member of the Board reflects this approach. With her extensive experience in leading roles at international companies, she will complement the current existing expertise of the Board well. She is a Swiss, British, and French citizen. The topic will be covered in more details under item five, election. As I mentioned earlier, Swiss Re has finished 2023 in a strong position, having met all its targets, delivered $3.2 billion in net income, and benefiting from our extremely strong capitalization. As of January 1, 2024, the Group Swiss Solvency Test ratio was at 306%, materially above the 200-250 target range. These factors support the board of directors' decision to propose an increased dividend of $6.8 per share. This represents a 6% increase over the 2022 dividend. As last year, the dividend will be declared in US dollar, which is Swiss Re Group's reporting currency. However, shareholders will receive their dividends in Swiss franc, converted at the exchange rate of 15th of April, and published on the Swiss Re Group website on the 16th of April, 2024. Let me conclude with some remarks about the current year. Building on the successful 2023, our ambition is to further increase Swiss Re's profitability. In 2024, we continue to emphasize underwriting discipline, which was visible in the successful January renewals. Our focus on cost and strengthening proximity to our clients also remains paramount. Of course, many risks persist. Terrible wars continue, and with them, geopolitical turbulence. The earthquakes on first of January 2024 in Japan, and 10 days ago in Taiwan, reminded us that the biggest threats can materialize without warning. However, we are confident that our businesses are well-positioned. While price levels may have peaked in some areas and interest rate may come down somewhat, overall, reinsurance market conditions remain favorable. On the underwriting side, we continue to strive for risk-adequate pricing across all lines of business. And on the investment side, we continue to benefit from interest rate levels that are higher than a few years ago, when they were close to zero or even negative. These factors support the company's positive earnings momentum, and we reaffirm the 2025 targets announced in December 2023. This includes net profits exceeding $3.6 billion this year. Dear shareholders, our 160th anniversary year is behind us. A milestone like this offers us a chance to reflect on our rich history, but it is also an opportunity to recommit to our enduring core values, including client centricity, integrity, and passion to perform. These core values continue to make Swiss Re a partner of choice for clients around the world, and they underpin a strong sense of purpose for our employees. On behalf of the board, I would like to thank Swiss Re's employees for their contribution to our improved 2023 performance. A special thank you goes to Christian Mumenthaler, who will step down as Group CEO on the thirtieth of June, after eight years in that demanding role. As we announced on the third of April, Andreas Berger will succeed Christian as Group CEO, effective first of July 2024. With the tailwind of having met all financial targets in 2023, a proposed dividend increase, and the positive effects of the reorganization coming through, we believe now is the right moment for the CEO succession. The board has unanimously determined that Andreas Berger is the right person to build on the firm's current momentum and lead Swiss Re into its next phase of development. Andreas will briefly introduce himself after Christian's address. Christian Mumenthaler has spent 25 years at Swiss Re. He became Chief Executive Officer of Insurance in October 2011, and in July 2016, he took over as Group Chief Executive Officer. He steered the company through a period with elevated natural catastrophe activity, an unprecedented low interest rate environment, and the COVID-19 pandemic. During his 8-year tenure, Swiss Re premiums earned and fee income grew from around $30 billion in 2015 to $45 billion in 2023. Group capitalization was also strengthened substantially, as evidenced by the very high current Swiss Solvency Test ratio. Christian is an incredibly dedicated, passionate, and intellectually strong leader who has made an impact also beyond Swiss Re. He will remain in charge until the end of June, and it's therefore way too early to say goodbye. I did not want to miss this opportunity to express in front of you, and on behalf of the entire board of directors, our gratitude and our appreciation for his strong commitment and his contribution to Swiss Re. Before I leave the floor to Christian to talk about Swiss Re performance for 2023, I would also like to thank you, you, our shareholders, for your continued trust and support as we re-emphasize our resolve toward achieving this year's business and financial goals. Thank you. Ladies and gentlemen, dear Jacques, thank you very much for your kind words indeed. I will come back to them at the end of my speech. Dear shareholders, hello, and a warm welcome from me to this annual general meeting. I would like to open today with a more detailed look at Swiss Re's results for the 2023 financial year. After that, I will talk about the market outlook and then close my presentation with a few remarks about the challenges posed by climate change and the sustainable business models. Let's start with the results for the financial year 2023. Jacques de Vaucleroy already told you that we generated a net income of $3.2 billion in 2023, compared with $472 million in the previous year. Our return on equity increased almost tenfold to 22.3%. The results speak for themselves. We have achieved all our financial targets, and in some cases, we even exceeded them. Our hard work has paid off. A number of factors contributed to this strong result, and I would like to highlight three of them. Prices in the reinsurance business rose sharply last year and remain attractive today. They are at a level that we feel is appropriate for the risks we take on our books. This strengthens our earnings power, as do higher interest rates. In the last quarter of 2023, we were able to reinvest our investment at an interest rate of 5%, supporting the overall increase in recurring income of about $800 million in 2023 compared with 2022. Our strict underwriting discipline is another factor that helped drive our high net income. We continue to seek and find profitable business while consistently terminating contracts that do not meet our profitability requirements. For us, and especially for you as shareholders of Swiss Re, the strong net income generated last year has come on the heels of an extended lean period. The last several years were difficult. Without going into too much detail, I would like to briefly look back on that period in order to put the last year's success into context. Like any other industry, the reinsurance business is cyclical. We have just passed from one phase to the next. In the mid-2010s, prices started falling. This development coincided with a period of low interest rates that came in the wake of the financial crisis of 2008 and 2009. The latter had two effects. On the one hand, low interest rates negatively impacted the results of our investment business. On the other hand, they resulted in a flood of capital entering the reinsurance market in search of returns. This alternative capital ended up competing with traditional reinsurers like Swiss Re. Among other things, it absorbed some of the upward pressure on prices following natural disasters, meaning that the prices remained relatively flat. But then the effects of the pandemic, as well as the war in Ukraine and the energy supply bottlenecks, started to fuel inflation. This prompted central banks to finally start raising interest rates, marking the end of a disastrous era of financial repression for savers and investors. Purely speculative alternative capital began to flow out of the reinsurance market, and in the wake of the Hurricane Ian, which resulted in insured losses of $65 billion, reinsurance prices started to rise sharply. So in 2023, we were able to reverse the trend. The renewal round at the beginning of last year was one of the best I have experienced, and the fact that this is happening during Swiss Re's 160th anniversary year makes it even more satisfying. On the 19th of December, 1863, the Canton of Zurich approved the founding of Swiss Re, which was certified by State Secretary and poet Gottfried Keller. Swiss Re was a start-up then. While its first headquarters were located not in the proverbial garage, they were still in a small, dark office in Zurich's Niederdorf district. Since then, Swiss Re has operated in an environment shaped by two world wars, countless other conflicts, a global depression, a severe financial crisis in 2008 and 2009, the Spanish flu, COVID-19, and more recently, an ever-increasing claims burden from natural disasters, and emerged as an industry leader. Even though we only officially started using our "Making the World More Resilient" purpose statement a few years ago, this has in fact been our modus operandi since day one. Each of these events just listed and, I just listed, and every business cycle in the reinsurance industry has passed through, has come with new challenges. Swiss Re has always adapted to these challenges and anticipated change, and we continue to do so. Last year, we streamlined and simplified our corporate structure. We split the property and life insurance reinsurance business into two segments. This enabled us to eliminate an entire management level. We implemented the reorganization very quickly. After announcing it in February, we had already put the most important elements in place by the beginning of June. We already benefited from this reorganization. The leadership team now spends 40% less time in meetings and committees. Our decision paths are shorter. We are able to act faster, and we're closer to our clients, and the feedback we are receiving from them is excellent. At the beginning of my presentation, I talked briefly about the annual result for the overall group. I would now like to turn to the individual business units. Property and Casualty Reinsurance reported a net income of $1.9 billion. This solid result was primarily driven by a robust underwriting performance and disciplined renewals. We strengthened the reserves in the casualty business, but this was more than offset by the simultaneous release of reserves in the property and specialty lines and the strong margins. The combined ratio for the full year was 94.8%, meaning that we met our target of less than 95%. Life and Health Reinsurance reported a net income of $976 million. This is more than double the previous year's figure and is attributable to the diminishing effects of COVID-19. However, active in-force portfolio management and a strong investment performance also contributed to this result. Our business with large corporate clients, which we serve through our corporate solutions arm, reported another very good result in 2023. Net income rose from $486 million in 2022 to $678 million. Disciplined underwriting, steadily increasing portfolio quality, and improved investment result supported this success. Strong growth in new business in property, credit, and surety, as well as accident and health, partially offset reductions in this professional liability lines. At 91.7%, the reported combined ratio significantly outperformed the target of 94%. And finally, I would like to mention Asset Management. In 2023, we achieved a return on investment of 3.4%, up significantly from 2% in 2022. This concludes my more detailed look at our annual results. I would now like to turn to a market outlook. The environment remains changing. The terrible war in Ukraine has entered its third year, and since the brutal attack on Israel last October, heavy fighting in the Gaza Strip has been causing horrific suffering among the civilian population. The war is jeopardizing stability in the region, especially for shipping in the Red Sea. Transcontinental supply chains are under threat. In addition, the U.S. is about to launch into presidential elections that could become the most contentious in the country, the country has seen in recent history. Despite these adversities, the outlook for our sector remains positive. Although interest rates may have already peaked in some places, we continue to benefit from the rate hikes. In January 2024, reinsurance treaty renewals, we achieved a price increase of 9% and a 9% volume increase at the same time. However, due to inflation and updated loss models, we have increased our loss assumptions by 11%, based on a prudent forward-looking view. Our portfolio quality remains very good indeed. For 2024, we have set ourselves a net income target of more than $3.6 billion. Starting this year, we will be using the International Financial Reporting Standards, IFRS, for our accounting. We decided to take the step because IFRS more accurately reflects our earnings and balance sheet strength, and therefore, the value of our company. This applies in particular to long-term lines of business such as life reinsurance. With the help of a few examples, I would now like to focus on the longer term and give you some insights into how we are working to realize our climate and sustainability goals. Let's start with our business. The P&C Re business unit has created a Center of Competence for renewable energies to support clients with decarbonization. The transition is complex and can be fraught with conflicting goals, and often involves difficult trade-offs for our clients across all sectors. However, with our products, our expertise, and our experience in risk management, we are able to support them in this transition. On the investment side, we are continuously reducing our exposure to bonds and shares in companies that continue to generate high levels of greenhouse gas emissions. We have strict multi-year targets in place, and by last year, had reduced the average greenhouse gas emissions for these asset classes by 45% compared with 2018. We are also making good progress in terms of our operational emissions. By 2030, we aim to reduce CO2 emissions from our buildings by 53% compared with the 2018 baseline. We are currently at 45%, so we are in the home stretch. For business air travel, we have reduced CO2 emissions by 64% compared with the 2018 baseline. I'm very proud of the progress we are making in terms of sustainability, and this progress makes me optimistic about our ability as a company to make a substantial contribution to combat global warming. But my optimism is also fueled by what I see in my role as co-chair of the CEO Alliance of Climate Leaders, which is facilitated by the World Economic Forum. Over 120 global companies have joined the alliance, and it is still growing. Member companies commit to disclosing and reducing their CO2 emissions along the entire value chain. In concrete terms, this means they must ensure their customers move in the same direction. To give you an idea of the scale we are talking about here, if the alliance were a country, it would be the world's second biggest emitter of CO2, directly behind China. So if the alliance systematically reduces its emissions and ensures, at the same time, that its customers do the same, the impact will be enormous. In other words, the private sector is making progress on climate protection, and that makes me confident about the future. Just a few more words before I close, ladies and gentlemen. This is my last annual general meeting as Group CEO of Swiss Re. I would therefore like to take this opportunity to thank you, our valued shareholders, for your support and loyalty over the eight years that I have had the honor of leading this company.... In 2023, we were finally able to once again deliver a result we can be pleased with. These were not easy years, but I am pleased that we were able to ride out the storm and are in a much better situation now with higher interest rates, higher reinsurance prices, and a lower cost ratio. It has been a great privilege to lead Swiss Re for so long. I have had the opportunity to work for this fantastic company for 25 years. During that time, I have had countless inspiring discussions with clients, gained an incredibly broad range of experience, and gotten to know many wonderful and competent colleagues and employees. The talent rallying behind Swiss Re and its mission is hugely impressive, and being part of that mission, and for such a long time, is something I have always found very, very rewarding indeed. That is why it is my turn to thank you. To you, Jacques, for our good and inspiring collaboration over the past year. I look forward to continuing to work with you until my departure. My heartfelt thanks also goes to my colleagues on the Group Executive Committee. We have helped the company advance and progress in the last year. This was a demanding and challenging task, especially in 2023, because in addition to the day-to-day business, we also had to manage the reorganization. And finally, my sincere thanks goes to all employees of Swiss Re, because ultimately it is their dedication and hard work that enabled Swiss Re to deliver on its promise. It is time for me to start a new chapter and leave the leadership of Swiss Re in new, capable hands. I'm happy that we have found someone from within the company to become my successor. Andreas, a fascinating and inspiring job lies in store for you. I wish you and all the Swiss Re, all of Swiss Re, the best of luck. Thank you very much for your time. Thank you very much, Christian, for your remarks. I would now like to say a few words of introduction about Andreas Berger, our designated CEO. Andreas joined Swiss Re in 2019 as Chief Executive Officer, Corporate Solutions, and a member of the Group Executive Committee. Before that, he held leadership position at Boston Consulting Group, Gerling, and Allianz. After five years with Swiss Re, he looks back on a convincing track record, evidenced by the successful turnaround of the business unit Corporate Solutions he has led. He has demonstrated a strong focus on execution, while at the same time innovating the business with data analytics-based solution. He will carry forward a culture of performance and achievements and strong leadership values. On behalf of the Board of Directors, as well and on your behalf, I wish him a lot of success in the new role. I would like to invite Andreas to introduce himself, please. Thank you for giving me the opportunity to present myself to you, shareholders. I would like to repeat what I said on the day of announcement of the change of CEOs. The management or leadership of Swiss Re, taking it, taking it over from Christian Mumenthaler on July 1, 2024, is not only a special task for me, but it is truly a great honor for me. Swiss Re is a very special business and company I've known always. Swiss Re, the Swiss Re Institute's study, sigma, was my companion throughout my entire career. I always appreciate very much this knowledge company. Dear Christian, thank you very much for having brought me to Swiss Re in 2019. Ever since, I've become aware that Swiss Re truly is a special company for me. Now, I can take over as the CEO at the point in time when the business is well set up, the company is well set up, and this is due to my colleagues from the executive committee and all the employees, and I will expand on this success together with them, and that will be my agenda. It's a commitment to me, to the outside world, and to the world inside. After the five years in the executive committee, I feel well prepared. I have around 30 years of business experience, especially in the primary insurance business. I know what needs our customers have, and I know especially what they appreciate about Swiss Re. Reinsurance is a global business. I have worked in various continents, in Brazil, São Paulo and Rio de Janeiro, in South Africa, Johannesburg and Cape Town, the United Kingdom in London, and in Germany, Cologne and Munich, until finally I ended up working here in Zurich and was well received here in Zurich. But it was not only my professional life, but also my origins that go to show that I have always been curious about the world. I was born in Kigali, Rwanda, and grew up there, and then spent my teenage years in Portugal and Germany, and then went to Paris for some of my studying time. This enabled me to get together with clients, with colleagues, with investors, and people from politics and social life, and to communicate them within their cultural context, and to speak their language, which facilitates a lot. In the months to come, I'm going to travel a lot and have a lot of talks with customers, which is especially important to me, with colleagues, with investors, with regulators, with analysts, and I will listen attentively to what I'm going to be told, and I'm looking forward to this. The Swiss shareholders here have always remained loyal to Swiss Re. I hope that we, my colleagues on the executive committee and the entire company indeed, will make sure in future that you will remain loyal to us. It is up to me and my colleagues, and I repeated, and it's a commitment to me to the outside world, and it's a commitment to the inside world to live up to this claim. Thank you very much. Thank you, Andreas. It's time now for a short video. We will show you two innovative solutions provided by Swiss Re. The first is the Sustainability Compass. This analytical tool enables our customer to monitor their portfolios more closely for risk from extreme weather events, and plan the risk transfer needs in a tailored manner. The second is the Centre of Competence for Renewable Energy. The center addresses the growing demand for insurance coverage in the renewable energy market. The video is in English. You can listen to a simultaneous translation in German on your device. Let's watch the video. In 2023, Swiss Re further invested in developing innovative solutions and products to help clients getting ahead of risks. One solution, called Sustainability Compass, was born from the deep engagement with our corporate clients and their need to better prepare for shocks caused by extreme weather. We realized that clients need a way to analyze the risks of severe weather events, but that they currently lack the means of adequately informing themselves, and that's how we created Sustainability Compass. With Sustainability Compass, clients can analyze the likelihood of extreme weather events and how it may impact their company's facilities or operations. For example, if you're building a new offshore wind farm or setting up a new production site, you don't want to wait for a big hurricane or for a flood to know how your asset is exposed. By better understanding these risks and how they could impact their business, clients can put mitigation measures into place. They can, for example, move away the production facilities from very exposed areas. They can set up flood protection barriers, or also predict potential supply chain interruptions. The first step in the process is for clients to upload their data in the RDS platform. This will then create one single source of information for all of the users and the digital representation of their assets. This is then combined with our data provider's analytical capabilities, so for example, Swiss Re's climate risk scores or natural catastrophe models. The tool can simulate various future hazard risk scenarios related to climate change, such as heavy storms, sea level rise, and wildfires across locations. Clients can then visualize hotspots or development of key perils in the digital twin of their assets, which helps them to predict severe weather events. With this precise virtual representation of their assets, they can then analyze and stress-test their asset portfolio. Another innovative project was launched by Swiss Re's P&C Re. The Center of Competence for Renewable Energy addresses the rapidly growing energy market, which generates an increased need for insurance. Reinsurers, like Swiss Re, have a fundamental role to play in providing cover that allows stabilization of the cash flow. That means protecting for lack of wind for wind farms, lack of sun for the solar panels, and lack of water for the hydro dams. The Center of Competence is formed by a collective of experts with extensive risk insight, expertise, and capacity to help clients protect and evolve their energy portfolios. The idea of the Center of Competence came after a long brainstorming. We wanted to find the right way to help our clients, serving their needs, and supporting them in their existing network in the various locations. The majority of renewable energy will always be onshore. However, the large investments we see at the moment are in the scale of billions for each individual offshore wind farm, and that's where Swiss Re can provide its value, given the strong interaction between marine underwriters, engineering underwriters, and energy underwriters. New technology, complex projects, and even the impact of climate change can leave gaps in risk knowledge and underwriting data. We are very active now in battery storage, supporting for small-scale hydro dams, and we are expanding the technologies where the center can help. Solar photovoltaic is another area of huge interest. ... More than 50% of the electricity coming from renewable energies will eventually come from photovoltaic. Simply put, through risk knowledge and tailored solutions, Swiss Re is protecting and enabling investments in green energy, paving the way for a more sustainable future. Ladies and gentlemen, we have now calculated the attendance figures for today's meeting, which I'm going to ask Felix Horber to share with us. At 2:15, the situation was as follows: number of voting shares, 168,885,108. Shares represented in total, 114,719,596, which accounts for 61.4% of the shares entitled to vote. We have 1,276 shareholders present, representing 1,768,841 votes. Pursuant to Article 689F, Paragraph 2 of the Swiss Code of Obligations, I am notifying the following proxy voting. The independent proxy represents 112,950,755 votes. So much about the attendance figures. Let's now turn to the agenda items. We will address the agenda items relating to the past financial year first, and then those relating to the current and the next financial year, 2024 and 2025, after. Pursuant to Article 12, Paragraph 2 of our Articles of Association, the Annual General Meeting will make its decision based on the majority of votes validly cast. The number of votes in favor must exceed the sum of the number of votes against and the abstentions. Therefore, if you press the abstention button, the effect is the same as a vote against. Now, ladies and gentlemen, we start with agenda 1, annual report, including Management Report, Annual and Consolidated Financial Statements for the year 2023. The annual report, including the Management Report and the Annual and Consolidated Financial Statements, are to be approved under this agenda item. There will also be a consultative vote on the Compensation Report 2023 and on Swiss Re 2023 sustainability report. The Group CEO has already commented on the financial year 2023. The annual financial statement 2023, and the consolidated financial statement 2023, which are to be approved collectively with the annual report, have been audited and approved by the Statutory Auditor, KPMG. The board of directors has taken note of the detailed commentaries provided by the Statutory Auditor. I would like to take the opportunity now to thank the auditors at KPMG for their work. A copy of the reports of the Statutory Auditor for the annual general meeting can be found on page 135-137, 240-245, and 259-262 of the Financial Report. The reports did not contain any qualification or reservations. The Statutory Auditor did not have any additional remarks. Together with the Statutory Auditor, the board of directors propose that the annual report, including the management report, and the annual financial statements of the Swiss Re Group for the financial year 2023, to be approved. Like in previous years, the board of directors submits the compensation report 2023 for a consultative vote. The compensation report was prepared in accordance with regulatory and corporate governance requirements and audited by the Statutory Auditor. In accordance with the Swiss Re Articles of Association, the board of directors is also submitting the Swiss Re 2023 sustainability report for a consultative vote. Swiss Re has published a sustainability report for many years. In this year's report, Swiss Re provides comprehensive information about its group sustainability strategy, as well as accomplishment and targets in this regard. The sustainability report fully complies with the new Swiss legal requirements. Before I open for comments on agenda items 1.1, 1.2, and 1.3, I would like to remind you that you need to register on the list of speakers if you want to comment on an agenda item. If you have not yet done so, I would ask you to do so now, and this applies for all agenda items. During this session, you will have the opportunity to express your view about both the compensation report, agenda item 1.1, the sustainability report, agenda item 1.2, as well as the annual report and the annual and consolidated financial statement 2023, which is agenda item 1.3. After this session, the three votes will take place in succession. So let's open for comments on agenda item 1.1, 1.2, and 1.3. There are several speakers that have registered for these items. I ask the speakers to please keep their comment brief and to the point. We'll now hear the individual speakers, one after the other. We will respond to all comments afterwards. I don't see— The first speaker, he said. Yeah. The first speaker is Mr. Fritz Peter. I cannot see him, but the floor is yours. Good evening. I'm Fritz Peter from Winkel. I'm Fritz Peter from Winkel, and I speak on behalf of Actares, the shareholder association for more corporate responsibility. We're the proxy advisor for ethically driven private persons from all of Switzerland. Honorary chairman, vice chairman, ladies and gentlemen, if on Wednesday afternoon you were here as well, you will already know my introductory remarks, and in the interest of transparency, I can assure you that what I'm saying was not written by artificial intelligence. Of course, I cannot repeat the same joke at the beginning, but whoops, I've done it nevertheless. I think true artificial intelligence wouldn't have made this mistake, would it? Swiss Re, in 2023, found its way back to financial success. As the Vice Chairman and the CEO have already mentioned, all financial targets have been met, and at 306%, the Group Swiss Solvency Test ratio exceeds the 200%-200% target range. This speaks for a sound financial basis that bodes well for a leading reinsurers. I would like to congratulate and thank all the employees, the management, and the Board of Directors. Now, regarding sustainability and climate, there are positive news to be reported on once more. CEO Christian Mumenthaler, in the annual report in 2021, wrote that, "The commitment to net zero emissions by 2050 and the definition of specific climate goals were important first steps. What had to be follow was deeds, action." That's the end of the quote. Two years later, we can note that he and Swiss Re have delivered. Of course, Actares would expect continuous further improvement. What is key will be fast validation of the objectives by the Science Based Targets initiative as soon as it has published its standards. Please don't use the full 24 months that are available for execution. The transition plan that is expected to be introduced in the first quarter of 2025, mightn't it be introduced a lot earlier? Actares welcomes the disclosure of emissions both from investments and from the insurance business. This accounts for the largest part of the emissions of the company. However, there are significant gaps still. For instance, the absolute level of emissions from treasury bonds and from treaty reinsurance. Some of the objectives were achieved or have been achieved earlier on. For instance, in the field of green bonds, where Actares expects Swiss Re to set new and more ambitious targets. Now, for total compensation 2023 of the CEO, the sustainability goals had an influence of around 5%. Shouldn't this share be a little higher? And shouldn't it include more than qualitative components, also quantitative components, to be effective? Today, we're going to vote on the sustainability report for the first time. Actares is pleased to recommend to say yes to it. However, we regret that this is only a consultative vote. A binding vote would be an expression of best practice and would be preferable as such. As always, Actares has to recommend rejection of all motions of the board of directors with regard to compensation. Now, finally, I have two questions on behalf of Actares. Mr. Vice Chairman, can you assure that the reduction targets of the Science Based Targets initiative will be supported for validation to the initiative as soon as the standard is published? The vote on the sustainability report is a consultative one. It's hardly probable that it will be declined. What are the reasons why it isn't a binding vote? Wouldn't it be helpful for your reputation to have a binding vote on it? Thank you very much for your kind answers. At the same time, as the CEO, I'm going to take my farewell from this stage. Thank you, Mr. Mumenthaler, for successful 25 years you've spent with Swiss Re, and for your future, I wish you all the best. And thank you, ladies and gentlemen, for your kind attention in the past 8 years. Thank you very much. Thank you, Mr. Peter, and thank you for your support and for your question. We now move to Mr. Ulf Dahlmann, the next speaker. Ladies and gentlemen, I'm Ulf Dahlmann from Heidelberg in Germany. I have a request. I'm one of the few who read the 288 pages of the annual report. Now, with regard to sustainability, I... my mobile phone is running out of battery, and I will need a plug at some point in time if we all want to be up to date. So perhaps if you could provide for that in future, that would be helpful. Now, on the major events, we had a nice year, 2023, because there were few major events. However, I would assume if climate change is going to continue along the same lines, and we as citizens, we don't seem to be ready to change significantly so that we could prevent climate change. I would assume that the major events are going to rise in numbers, and we were lucky to have only minor, events. But what would the situation be if the major events, get more frequent? Can this be absorbed by the increases in premium? Now, looking at the figures very precisely, I would say the past year was not so good because of the cost ratio, because we lowered the cost, but primarily because we had to pay less for losses. So what do I have to expect? We, we were lucky in 2023 and 2024 up to now, as far as major, events is concerned, but, New York just had an earthquake. What if there is a major earthquake in Ankara or San Francisco? They're all to be expected, so there is an enormous risk. How quickly will we be losing money rather than making money? That's my question, and I would appreciate your answers. Thank you very much. Thank you. Thank you, Mr. Dahlmann, for your question. The next speaker is Andreas von Angerer. The floor is yours. Good afternoon. I hope you can understand me well. I was already here two days ago with Zurich, and there were some problems, perhaps, one reason why the chairman wasn't able to respond to my question. Good afternoon. I'm Andreas von Angerer. I'm the head of impact of Inyova. Again, we're a digital asset manager providing personalized investment portfolios for private investors. In these portfolios, we have Swiss Re's position as a very popular one, and I'm representing more than 8,000 clients here who are direct owners of Swiss Re Group. Our clients invest in the long term and according to their values, and over the past few months, we were informed by them that they have a problem with the fact that Swiss Re continues to invest in fossil energies and reinsures fossil energies. We would like to use this opportunity to tell you that, against other companies, Swiss Re is showing excellent performance, and we're really pleased to see that you are a pioneer in very important areas, and you continue to be a pioneer. We got the same impression from talks with your sustainability team, with your... with our investors, so I'd like to thank you for this. But in general, I think Swiss Re still has a long way to go to make a proper contribution to stop the climate crisis, particularly when it comes to reinsuring oil and gas infrastructure and in the treaty business. This is very, very urgent indeed, because we, as investors, also see the financial risks involved with the climate crisis, particular for reinsurers like Swiss Re. More frequent and more expensive losses, and a shrinking market because more and more parts of this world will become uninsurable. At the same time, the insurance industry can play an important part in fighting the climate crisis. It can become a catalyst for sustainable solutions by taking the right decisions as to what you insure and what you choose not to insure. We saw it with coal, didn't we? The construction of new coal-fired power plants went down by 80% once the big first primary insurance implemented their directive on no longer insuring coal activities. So my question to you is: Do you see a similar scenario in the mid and downstream parts of oil and gas exploration? What role can Swiss Re play here? And could you perhaps also comment specifically on the challenges in the treaty business? Thank you very much. Thank you very much. André Chuffart is the next speaker. The floor is yours. [Foreign language] [Foreign language] [Foreign language] [Foreign language] Thank you. [Foreign language]. OK, now it's time. I don't think there's any other speaker. Thank you to the four one and we'll try to address the questions. I have to say that some were more comments than questions. Let's come to the first, the question about science target. Yes, Swiss Re has signed up to the Science Based Targets initiative, the so-called SBTi, and the necessary commitment to the United Nations Business Ambition for the 1.5 degree pledge. And so we are a member of the Expert Advisory Group, and this is helping us to advance the work. We can confirm that after the SBTi has published its investing and underwriting target guidelines, we have 24 months for to get this target validated. So that's the nutshell question. Is there anything you want to add on, on this? Yeah, [Foreign language], also- Thank you very much for your comments. I think we are very close with SBTI. I met with the CEO several times. It's a small NGO which is quite overtaxed by what it's doing. The standards for reinsurers have been postponed several times over. They were announced for the end of the year. We're trying to help. We're part of the expert group ourselves, and as soon as we have the targets, we will speed things up. 24 months is the deadline. I can't speak on behalf of my successor, but I'm sure we will, as a company, speed things up. I think Q1 will probably be too ambitious, but rest assured that we will continue to go down the SBTI line and try and do the best we can and implement it. Thank you, Christian. Regarding the question about the consultative voting on the sustainability report, the Swiss Code of Obligations does not specify whether the vote is consultative or binding. However, under Swiss corporate law, the board of directors is ultimately responsible for the strategy, including the sustainability strategy. It is therefore to the board of directors to decide on the content of the sustainability report, and therefore, that the consultative vote has been introduced for this AGM, an approach which is confirmed by and seen in other companies. There was another question from Mr. Dahlmann on larger events, and can the industry and Swiss Re deal with larger, more frequent large events? Christian, I think this is probably for you. Yeah. Mr. Dahlmann, this is the tricky thing about being a reinsurer. We have a team of 50 scientists, and they've been working with models to simulate natural disasters for over 30 years in order to identify the hot spots around the world. We have to admit that even scientists find it hard to anticipate non-linear events such as natural disasters. Some models were changed in the wake of major loss events, not before. Now, losses went up with regard to smaller events, wildfire, bushfires, minor floods that are usually not covered by reinsurers, but what concerns us the most are big events like hurricanes, et cetera. One factor that plays into our hands is the fact that we renew our business every year and have to think about the proper prices, and if nothing happens for a long time, prices tend to go down. If there are frequent events, prices tend to go up. This is not a scientific decision. This is just an empirical decision, a business decision, but it's becoming more and more difficult in some areas. Absolutely. Think about flood risks. I don't know whether such events can still be insured. There are questions that we need to address in the future, but for most regions around the world, risks can be insured. That's what our experts think. It just will become more expensive to insure these risks. This sort of price increase is just natural. It's the first time that we price in the cost of the natural, developments of climate change. It's firing back into the economy. Now, what about large events? It's, of course, part of our overall philosophy. We have risk models. We try to identify how frequent major events are, and we are some sort of shock absorber, and there will be a major event every other year. That's not a mistake. It's not a problem. It's by design. It's part of our business. It's part of our contribution to society. Of course, it would be a problem if it this were to happen every year, then something would be wrong. If we look back over the past ten or indeed five years, we were profitable in this business, despite the fact that there were some, quite a few major events. So, your question is really the $64,000 question, and this is what makes us professionals. We need to master this task. We need to manage these risks, and we believe our level of profitability is strong, and we continue to be operational in this business. But volatility is part and parcel of our business and can always increase. Thank you, Christian. We move to the next topic, which was on fossil fuels. Let me introduce the response, and I will pass again the mic to Christian. You know, we've been actively addressing sustainability risk opportunities for the last 20 years. For example, we addressed... we issued a coal policy already in 2018, and we also target exiting from thermal and coal by 2030 for OECD and by 2040 for the rest of the world. Christian, can you be more specific on oil and gas? Thank you very much for this question. We are committed to the net zero path, which means - 50% by 2030, and then there's Scope 1, 2, and 3. In Scope 1 is our own operations, our facilities, our infrastructure, and we're on a very good track there. Scope 2 concerns energy that we source. We are at 100% green energy around the world, so there we've turned our business around. But 95% of our footprint is in Scope 3, outside the company, in other words, and there are two big blocks, investments and the reinsurance business. As for investments, the situation is as follows: there are methods by now to measure the intensity or the size of the footprint, which makes it easier for us to identify where we need to reduce our, our exposure, and you heard it before, we are at -45%, which of course, doesn't really create major value. What creates major value is to discuss with companies, the bonds, the foreign bonds we're talking about, and we tell them, "We can only invest in you if our clients follow the same path in general." So that's the long-term vision, but you talked about the most difficult one, the reinsurance business itself, where we sign direct risks. We can measure it, as with CorSo. I, I think we have a leverage, and we can measure it. I'm not, I don't fear we can't do that. We can identify the clients that have the worst track record. The challenge is to accompany them on the net zero track. If it's an oil and gas company, if we feel they can do it, too, they can measure it, it would be great. It would be good to keep the clients. What isn't okay is to have clients that say, "We're not on this path. We're not going to change. We're not going to make headway." At one point or another, we will have to terminate the business relationship with them and can no longer underwrite the risk. The treaty business is the most difficult one, the most challenging one. We have a primary insurer. We insure the primary, the business of a primary insurer, and there, the data is tricky to get. There are no accepted methods. They need to be developed, first of all, how to measure that risk, and secondly is to that it is difficult to obtain the data. Our clients do not supply the underlying, the data on the underlying risk. This will have to change over the next few years. Currently, it's a difficult challenge. We can only guess what the risk is and what the contribution of oil and gas is, and because we can't measure it, because we can't define a clear path, we've got to resort to other means and other ways and exclude, make exclusions. It's not a measurement, but we just hope that it helps. As for coal, you quite rightly put it, we excluded some clients in the OECD states in, by 2030, in 2040. By 2040, for the non-OECD states, we'll certainly tighten the screw and become more stringent. As for other energy sources, if we see a lack of progress, but the big progress will only materialize once we can measure the burden or the emissions, as is the case with the asset side. What it's important is to stay in touch with our clients and keep motivating them to go for the transition. So there's still a long way to go. It's a big challenge still we need to address. Perhaps there are also exaggerated expectations as to what we can do, what the methods can achieve, but the momentum is significant. So it's only a matter of a few years until we have the measures available, and I hope very clearly, very obviously, where we show. Thank you, Christian. Let's move to the fourth speaker. Merci, Monsieur, pour vos, pour vos questions. I will answer to the first one, and I will ask Christian, because he's on the floor, instead of Andreas, to respond to the second one. Regarding the change and why is there not already an appointment for the successor of Andreas Berger, I think one element which is you forgot to mention, which is this transition will take place on the first of July and not as of today or tomorrow. It means that we have still three months where Christian Mumenthaler remains the CEO of the... He remains the Group CEO, and Andreas Berger remains the CEO of Corso. The position will be, will have to be filled on the first of July, and that's the plan that we have. Christian, regarding the second question. Well, [Foreign language]. [Foreign language] Merci, Christian. Thank you very much to the speakers. Thank you, Christian. You provided most of the answers. That concludes the comments on agenda items 1.1, 1.2, and 1.3. It's now time to move on the votes on these agenda items. First of all, under our agenda item 11, we will hold a consultative vote on the 2023 compensation report. You can use your vote to indicate whether you approve the compensation report as printed on pages 104 to 134 of the 2023 financial report. This vote is of consultative nature, meaning that it is not legally binding, but the result will, of course, be carefully taken into consideration by the Board of Directors. Moving on to the vote, the Board of Directors recommends that the 2023 compensation report contained in the financial report be accepted. If you agree to the motion, press the Yes button. If you reject it, press the No button, and if you wish to abstain from voting, press the Abstention button. If you make a mistake, just... Press again, making sure to select the correct button. Please don't forget, you need to press the tick button to submit your vote. You now have 10 seconds time to submit your vote. Bear with us for a few moments until the results have been established. I herewith note that you have agreed the board's motion under item 1.1 at a share of yes votes of 90.5%. Thank you very much. Moving on to the second vote under the next agenda item, 1.2, we are going to hold a consultative vote, as we heard, on the 2023 sustainability report. You can use your vote to indicate whether you approve the 2023 sustainability report. This vote is also of consultative nature, meaning it is not legally binding on the board of directors. Nevertheless, the result will be carefully taken into consideration as well by the board of directors. The 2023 sustainability report has been subject to a limited assurance audit by our auditor, KPMG. Now, let's proceed to the vote. The board of directors recommends that the 2023 sustainability report be accepted. If you agree to the motion, press the yes button. If you reject it, press the no button. If you wish to abstain from voting, press the abstention button. Don't forget again to press the tick button to submit your vote at the end of the process. You now have 10 seconds time to cast your vote. I herewith note that you have approved the board's motion on the 2023 sustainability report under item 1.2. The share of yes votes is 98.6%. Thank you very much for your support. This brings us to the third vote. The board of directors proposes that the annual report, including the management report and the annual and consolidated financial statements for the 2023 financial year, be approved. You now have, again, 10 seconds to cast your vote. I herewith note that you have approved the board's motion under item 1.3, with a share of yes votes of 99.2%. Thank you very much. Well, now we move to the agenda item 2 on the allocation of disposable profits. The detailed figures and the proposed allocation of disposable profit can be found on page four and five of the invitation to today's Annual General Meeting. This concerns the disposable profit of Swiss Re Limited, the holding company of Swiss Re Group, in which you hold a direct stake. These profits amounts to $1,193 million. The proposed dividend is declared in US dollar, which is Swiss Re reporting currency. The board of directors proposed to distribute to shareholders a dividend of $6.80 per share. The dividend will be paid from voluntary profit reserve, with the board of directors proposing to allocate the disposable profit of Swiss Re Limited of $1,193 million to the voluntary profit reserves. The dividend will be paid in Swiss franc, based on the exchange rate with the US dollar on fifteenth of April 2024. The exchange rate will be published on the Swiss Re website on the ex-dividend day, which is the sixteenth of April 2024. The statutory auditor, in its report to shareholders, confirmed that the board of directors' motion regarding the allocation of disposable profit complies with the statutory regulation and the articles of association. Let's open for comments on agenda item two. I invite Mr. Walter Borchardt to have the word. ... Esteemed participants, the board of directors, with its resolution to pay the dividend in U.S. dollars in 2022 taken in 2022, and to define the exchange rate upon its own discretion, as compared to the year of 2022, when the dividend was no less than CHF 60 million. And over and beyond that, with the unequal treatment of various groups of stakeholders, there is another CHF 20 million to the detriment of the shareholders. So the board of directors has reduced the capacity from. The dividend will be connected to exchange rate risks now, and such a connection, it is not provided for by the articles of association or the law, the Swiss Company Law or Swiss Code of Obligations. Article 688 says that, "The shareholders cannot be obliged to do more or serve more than the amount paid to... for the share." The end of the quote. The board's decision is actually restricting shareholders' rights. We, shareholders, are aware that the company we've invested in is denominated or is making its business in a different currency, so an implicit currency risk has to be borne. But this decision by the board of directors is changing this. The shareholder for the proposed dividend is explicitly taking on an exchange rate risk without ever having been asked whether they wish to do so. The dividend is announced in denominated in US dollars, and there's no definition of the exchange rate. The change will only be fixed following the annual general meeting. The Federal Law on Direct Federal Tax does a better job of defining that, and I quote: "If the financial statements are denominated in a foreign currency, the taxable net income is to be converted into Swiss francs on the basis of the average exchange rate of the tax period." For five members of the board of directors, by the way, the who have board mandates in other companies of the Swiss Re Group, the fees are being converted today on the basis of average exchange rate. Which means to me that what applies to the board of directors should also apply to the shareholders. And finally, why is it that there is unequal treatment between various stakeholders and shareholders? The tax authority defined the average exchange rate for the 2022 reporting period at 96.48 cents per US dollar. And for the shareholders, the exchange rate following the annual general meeting was, in 2022, was 88.75875 cents per US dollar. The aggregate difference amounts to CHF 20 million on the shares entitled to receive dividend. KPMG, the auditor, audited the adequacy of financial statements and allocation of profits and approved it without reservations. What about the principle of equal treatment and compliance with the Swiss Code of Obligations? Has that been audited? So I call upon the board of directors to answer the following questions, and explain how the board of directors wishes to better respect the property of the shareholders in future, to treat all stakeholders equally in line with the law and the articles of association and in a fair and transparent manner. Now, my questions are the following: How does the board of directors justify, taking into account, Code of Obligations 680, paragraph one, the connecting the payment of dividend with the currency risk? And the same question goes to KPMG, the auditor. Second, how does the board of directors weight the property right of shareholders under the principle of good faith, and compared to its own discretion of paying a dividend in a foreign currency and with an arbitrary point of time of defining the exchange rate? Thirdly, is there anything against introducing an average exchange rate to convert the US dollar Swiss francs dividend rate? Fourth, what is the board of directors going to do about the unequal treatment of stakeholders? And finally, and fifthly, and lastly, the dividend proposal of the board of directors, will it in future again be denominated in U.S. dollars rather than Swiss francs? Now, you can answer the questions in a shareholder's letter within the next period of time. Thank you very much. Thank you. I don't see... Yes. There is Monsieur André Chuffart. The floor is yours. [Foreign language] [Foreign language]. I don't see any other speaker, so let's respond. I think we will respond mostly in writing to the first speaker. Nevertheless, perhaps we can address one more time the question of the broader question of the dividend. I want to repeat, the dividend is declared in U.S. dollar and is paid in Swiss franc. But John, can you provide a little bit more details? John Dacey, CFO, will give a bit more background in this matter. Jacques, I'm happy to. First of all, let me reiterate, we are cognizant of the importance of our Swiss shareholder base and grateful for your continued ownership of the Swiss Re shares. The major part of our business is, in fact, denominated in US dollars, and it's one of the reasons that our accounts are prepared in US dollars, because our earnings, the premium volumes, the net income of the group is largely derived by US dollar positions. In that context, paying a dividend or denominating the dividend in US dollars is by far the safest way for us to be sure that we can fulfill our capital agendas of trying to at least maintain, where possible, increase that dividend year on year. And this year, for the first year, we've been able to show a material increase in the dividend in U.S. dollars, consistent with the earnings that we received or that we managed for the entire year of 2023. I recognize that in the dividend that was paid last year, those of you who watch year-over-year, the difference in the Swiss francs received in the dividend actually saw a decline. I would expect, depending on where exchange rates are between today at noon and tomorrow, or Monday afternoon at the close of business, that you will see a material increase in the Swiss francs that you receive year-on-year, consistent with the increase that we saw or that we've planned for the U.S. dollars. In this case, you're right, there is an element of foreign exchange risk, but we don't think it's in the interest of shareholders for Swiss Re to pay, and that's what we had been doing in the past, to pay to hedge that risk, to reduce it, so we could pay a fixed Swiss Re amount at the end of the annual general meeting. Therefore, our intention would be to continue to identify the dividends in US dollars, to pay the dividends in Swiss francs, and I would expect that as we're able to continue to increase the earnings, you saw Christian mention that our objective is to increase from the target of 3.0 to 3.6, that our capital policies of looking to, where possible, increase the dividend, should flow into whatever currency we would determine. So over time, I think this problem resolves itself. In any one year, it may be a bit of an issue. I'm firmly of the belief that the decision that was made a year ago by the board to switch to a US dollar-denominated dividend was within the authorities and consistent with the Swiss corporate law. But to your specific questions, I'm sure our... Together with our lawyers, we can provide a specific response that I think would explain that in some detail. So why don't I stop there, Jacques? Thank you very much, John. Regarding the second speaker, this was not really a remarks that were associated with the motion that we have on voting. Let me say the following, is that we're very attached that all generations that have been, that are and have been with Swiss Re are 3 to 12. We have, for the moment at least, no difficulty to recruit and to retain our people in Switzerland on the country. Swiss Re continue to enjoy a very positive reputation. We are very sensitive to that, I would say, competitive landscape and making sure that we are a competitive employer and a good employer, and, we take note of your remarks. Ladies and gentlemen, just, thank you to the two speakers for the remark. I think it's time now to come to the vote, and Felix, I give you the floor. The board of directors proposes to distribute a dividend of $6.80, converted into Swiss francs on the fifteenth of April, 2024, based on an exchange rate calculated up to 5 decimal places and published on the Swiss Re Group website on the ex-dividend day, sixteenth of April, 2024. The dividend will be paid from voluntary profit reserves. Accordingly, the board of directors proposes to allocate the disposable profit of Swiss Re Limited of around CHF 1.2 billion to voluntary profit reserves, as explained on pages 4 and 5 of the invitation to the annual general meeting. You now have 10 seconds to submit your vote. I can confirm that you have approved the Board of Directors' motion to distribute a dividend of $6.80 per share, calculated on the 15th of April, 2024, and paid out in Swiss francs, and the further allocation of disposable profit with a 99.26% share of votes in favor. Thank you. The dividend will be paid free of charge after the deduction of the thirty-five percent Swiss federal withholding tax on the eighteenth of April, 2024, to all shareholders who possess shares on the fifteenth of April, 2024, or to the respective custodian banks. From the sixteenth of April, the shares will be traded ex dividend. Let's now move to agenda item 3, approval of the aggregate amount of viable short-term compensation for the members of the Group Executive Committee for the financial years 2023. You, as shareholders, cast a binding and separate vote each year on the compensation for the members of the Board of Directors and the Group Executive Committee. In preparing this motion for the annual general meeting, the Board of Directors has been supported by the Compensation Committee, led by Jay Ralph. As in previous years, three separate votes will be held. The first one concerns the aggregate amount of viable short-term compensation for the Group Executive Committee for the proceeding completed financial year, so the year 2023. This vote will take place under this agenda item 3. The second vote concerns the maximum aggregate amount of compensation for the members of the Board of Directors for the term of office commencing after the AGM 2024, 2025. This vote will take place under agenda item 6.1. The third vote concerns the maximum aggregate amount of fixed compensation and the variable long-term compensation for the members of the Group Executive Committee for the next financial year, so 2025, and this vote will take place under item 6.2. Detailed information on compensation and the various components thereof can be found in our compensation report, which is included in the 2023 financial report. First, regarding the proposed variable short-term compensation for the member of the Group Executive Committee for the financial years 2023. The proposal to approve a variable short-term compensation amount of CHF 14,961,616 for the member of the Group Executive Committee reflect the Swiss Re Group's excellent business result for 2023 according to US GAAP and economic performance. The proposed aggregate amount comprise the aggregate annual performance incentive for all 14 members of the Group Executive Committee who were in office in the 2023 financial year, where applicable, pro rata for the period during which they performed their role. Further details on this proposed compensation are explained on page 6 and 7 of the invitation to the annual general meeting. I don't see that there is any request for comments. We can therefore immediately come to the vote. Felix? The Board of Directors proposes that the shareholders approve an aggregate amount of variable short-term compensation for the members of the Group Executive Committee for the preceding completed financial year, 2023, of CHF 14,961,616. You now have 10 seconds to submit your vote. I can confirm that you have approved the aggregate amount of variable short-term compensation for the members of the Group Executive Committee for 2023, with a 93.5% share of votes in favor. Very much. We now come to the last agenda item relating to the year 2023, 2023. It is agenda item 4, discharge of the members of the Board of Directors. The Board of Directors proposes that the members of the Board of Directors be discharged for the financial year 2023. It also proposes that Renato Fassbind and Susan Wagner be discharged. They were members of the Board of Directors until the 2023 annual general meeting. The Board of Directors also propose that Sergio Ermotti be discharged. He was chairman of the Swiss Re Board of Directors until the 13th of April, 2023. I propose that you decide on the discharge of the members of the Board of Directors with one single vote, and I take your silence as a sign of consent. I don't see any requests for comments, which is then allowing us to immediately come to the vote. Felix, back to you. The members of the Board of Directors and the Group Executive Committee, as members of the governing bodies and their representatives, are not permitted to participate in the decision on their discharge, not even by abstaining. As these individuals are not permitted to cast a vote, the number of votes cast and the quorum for the vote on this item will be slightly lower. The Board of Directors proposes that the members of the Board of Directors be discharged for the 2023 financial year. You now have 10 seconds to cast your vote. I can confirm that you have voted to discharge the Board of Directors for the financial year with 98.16% of votes in favor. Thank you. Ladies and gentlemen, on behalf of the whole Board of Directors, I would like to thank you for the support and the trust that you have placed in us. We can now move to the agenda items relating to the 24 and 25 financial years. We've indeed completed all agenda items. To the financial years 2023. The first is agenda item 5, election. Under our articles of association, you, as shareholders, individually elect all members of the Board of Directors, the Chairman of the Board of Directors, the members of the Compensation Committee, the independent proxy and the statutory auditor, and this every year. We will start with the election relating to the Board of Directors first. The board of directors propose the eleven existing members for re-election and one new member for election to the board of directors for a term of office of one year in each case. The following persons are proposed for re-election as directors. In addition to myself, Karen Gavan, Vanessa Lau, Joachim Oechslin, Deanna Ong, Jay Ralph, Jörg Reinhardt, Philip Ryan, Pia Tischhauser, Sir Paul Tucker, and Larry Zimpleman. I am delighted to also put myself forward for election as new chairman of the board of directors. And last but not least, we will also be electing a new member of the board of directors. As I already said in my introductory remarks, the proposal to elect Géraldine Matchett as board member reflects our desire to have board members with strong individual qualities, competencies, and experience, but who are also sufficiently complementary to the existing board members. We consider, among others, factors such as nationality, regional exposure, gender, industry specialization, functional experience in area, like for example, risk management, HR, sustainability. The nomination of Géraldine Matchett for election as a new non-executive and independent member of the board reflects this approach. As I've said already, with her extensive experience in leading role at international companies, as well as in sustainability topics, she will complement the existing expertise of the board. I would now like to ask Géraldine Matchett to introduce herself. The floor is yours. Thank you very much, Mr. Chairman. Dear Swiss Re shareholders, my name is Géraldine Matchett, and it is a pleasure to introduce myself to you today. For simplified translation, I will speak in English, even though I come from Suisse romande. While my professional journey has enabled me to develop a lot of skills that are very relevant in the context of a role on the board of Swiss Re, which I will come back to in a moment, I would actually like to start by explaining why I actually care about this company. And the answer to that question has a lot to do with the fact that I am a geographer and that I am Swiss. Indeed, ever since completing my studies in geography and a master's in sustainable development at the University of Cambridge, I've always thought of the world as one interconnected place. It is physically interconnected, as we know with the global weather patterns these days and goods going all over the world. It is economically interconnected, thinking here, for instance, of trade surpluses and deficits for each and every country, and it is geopolitically interconnected. Now, it's been my passion my whole life to think about how these forces come together and shape our future. Swiss Re is one of the very few companies in the world that operates exactly at that intersection and makes it its business to figure out what is gonna happen for all of our interests. Also, I have to say that being Swiss, I'm very proud of the long history of this company, how over the years it has developed, it has grown, it has become the reference in its industry, and it has delivered huge value. By doing this, very much delivering on its purpose of making our world more resilient, and do we need that? Now, that is my motivation. And to conclude, it goes without saying that should you choose to elect me today, I would be honored to serve on the board of Swiss Re. Motivation is one thing, but what do I bring to the board should you choose to elect me? Well, to answer that question, let me say just a few words about my professional journey. Over the last 10 years, I have worked for DSM-Firmenich up until September last year, and during that period, I acted as Group Chief Financial Officer, and, on early 2020, just before the pandemic, I became the company's co-CEO. Now, for those of you who may not realize, but DSM-Firmenich is a new, listed corporation in Switzerland, following the merger of Royal DSM that came from the Netherlands, and of course, another very proudly Swiss company, Firmenich. It is a company that operates in health, nutrition, and well-being, with an annual turnover of about EUR 12 billion, and with its 35,000 colleagues around the world, tries through science and innovation and biotechnology to help us all of us live longer, healthier lives. Now, prior to DSM-Firmenich, I worked for another 10 years for the SGS Group based in Geneva. Now, SGS, very much like Swiss Re, is a truly global company with operations in pretty much every country in the world, and is intimately integrated in global trade. And lastly, before that, I started my career in the big accounting firms, KPMG and Deloitte. Today, I serve on boards. I am on the board of the ABB Group here in Zurich, and have been for the last six years, since 2018. In addition, I am being proposed as a new board member for Nestlé in the coming days. I also serve for a couple of smaller organizations, one called FCLTGlobal, that looks at how capital markets can help drive real long-term value creation, and also with the IMD Business School in Lausanne. To summarize, should you choose to support my election today, I do hope to bring to the board a combination of skills. On the one hand, broad leadership skills as a former CEO of a sizable and very international listed corporation, but also very concrete, tangible skills related to my 15 years as a group financial officer of listed corporation, be it finance, risk management, and sustainability. And with this, I thank you for your time and your attention. Thank you, Géraldine. Ladies and gentlemen, we've provided you with a brief introduction to all candidates for the board of directors in the invitation to today's annual general meeting. The curriculum vitae can also be found in the Corporate Governance ReporS, which is part of the financial report and on our website. Are there any speaker? I don't see. No? If there are none, let's immediately move, Felix, to the voting. No, no, we have- We have one? Page sixty-one. Okay, yes. But there is somebody. Herr Präsident, meine Damen und Herren. Mr. Chairman, ladies and gentlemen, I'm Walter Grob from Bern. I'm very impressed about the show from the lady just some seconds ago. I'm really impressed, but there is still one thing I'm wondering: How do you manage to get three passports? Where did you do your military or civil service? That's the question you leave open, and give us some words about your family background. This interests us. I'm thanking you in advance. Thank you. Thank you very much. What I do propose is that, you know, we organize an encounter at the end of this meeting so that Géraldine can respond to all of this question, but thank you for the support for her candidacy. Ladies and gentlemen, we will now start with the individual election. You will vote on my election first, and for this vote, I'm happy to give the floor to the lead independent director of the board of directors, Jörg Reinhardt. Jörg, the floor is yours. Dear shareholders, board of directors proposes Jacques de Vaucleroy for re-election as member of the board of directors and election of the chairman of the board of directors. Jacques de Vaucleroy was first elected at the 2017 annual general meeting to Swiss Re's board of directors. In April 2023, he was appointed vice chairman of the board of directors. Since May 1, 2023, Jacques has been leading the board of directors in this capacity after Sergio Ermotti stepped down as chairman at the end of April 2023. He has proven to be a highly competent chairman of the board, in my opinion. Thanks to his long-standing experience in leading positions at ING and AXA, and as the chairman and board member at various other companies, Jacques possesses in-depth knowledge of the financial and insurance businesses. Jacques has the best qualifications for the position of the chairman of the board of directors. Dear shareholders, I therefore recommend you, on behalf of the entire board of directors, to re-elect Jacques de Vaucleroy as a member of the board of directors and elect him as the chairman of the board of directors in the same vote. This brings us to the vote on this election. The board of directors proposes, under item five one one, that Jacques de Vaucleroy be re-elected as a member of the board of directors and be elected as the chairman of the board of directors, each for a one-year term of office until completion of the next annual general meeting.... You now have the infamous ten seconds time, not ten minutes, ten seconds time to cast your vote. Please. Now, the results are available. I herewith note that you have elected Jacques de Vaucleroy at a share of yes votes of 94%. Yes, please, go ahead. The Annual General Meeting has therefore elected Jacques de Vaucleroy as a member of the Board of Directors and its chairman. Warmest congratulations, Jacques. I'll hand the floor back to you, Jacques. Thank you, dear shareholders, and thank you very much for your, for your support and for placing your trust in me. I'm delighted to be given this opportunity, and be assured of my commitment for the role. We now come to the election of the other members of the board of directors, Felix. As we have heard before, all the remaining 10 current members are standing for re-election. One member is standing for election. You will elect each member individually, but we're going to vote on all candidates in one go, in a multiple election vote. We will then present all the results collectively. As there are 11 elections, it's going to take a moment for the votes to be established and for us to be able to see the results. On your voting device, you will soon see the names of the proposed candidates. Cast your vote for each person by pressing yes, no, or abstention. Use the arrow on the bottom right to scroll to the next page with more names. At the end, a list will appear with all the names and your choices. If you wish to amend something, press the arrow on the bottom left, and this will take you back to the previous page, pages with the relevant names. Simply press the correct button to change your vote for a specific candidate. Please, at the end of the day, confirm that you have finished voting using the tick at the bottom right. Now, let's proceed to the elections. The board of directors proposes that all candidates be elected to the board of directors for a one-year term of office each, until completion of the next annual general meeting. You now have 60 seconds time to cast your vote. Now, here are the results for the first 6 candidates. All of them have been elected at vast majorities. On to the next page, and again, you're seeing the further 5 candidates who've been elected at large majorities. Congratulations to all members of the board. Congratulations to all colleagues for their election, and in particular to you, Géraldine, for being elected as the new board member. With his re-election to the board of directors, Jörg Reinhardt will become the new vice chairman following the AGM, in addition to his role as lead independent director. Congratulations also. Ladies and gentlemen, that concludes the election to the board of directors on the agenda, item 5.1. We now come to agenda item 5.2. Under this agenda item, you, the shareholders, will elect the member of the Compensation Committee. All members of the board of directors are eligible for election. The board of directors itself will then appoint the chair of the board of the Compensation Committee at its constituting meeting. The Board proposed that the following members of the Board of Directors be re-elected to the Compensation Committee: Jay Ralph, Karen Gavan, Deanna Ong, and Jörg Reinhardt. These individuals have already successfully fulfilled this role for Swiss Re in the past. They are thoroughly familiar with our compensation policy and the applicable principles. The members who have been proposed for election to the Compensation Committee were also briefly introduced in the invitation to today's Annual General Meeting. As already mentioned, a detailed CV for each of these individuals can also be found in the Corporate Governance Report, which is included in the financial report 2023, and on our website. The Board of Directors is confident that it has proposed highly qualified candidates for election to the Compensation Committee. I don't think that we have any remarks, which allows us then to move directly to the election for the Compensation Committee. Again, the four members of the Compensation Committee, but all four members stand for re-election, and we're going to collect them in to elect them individually, but in one vote. Following the votes, we shall announce to you all the results collectively. The Board of Directors proposes to elect the proposed candidates for a one-year term of office until completion of the next Annual General Meeting as members of the Compensation Committee. You now have 20 seconds time to cast your vote. I herewith note that you have re-elected the proposed candidates and large majorities as members of the Compensation Committee. Dear colleagues, congratulations for your election to the Compensation Committee. Ladies and gentlemen, that concludes the election relating to the Board of Directors. We now come to the next agenda item, which is the re-election of the independent proxy. The Board of Directors propose that Proxy Voting Services GmbH, Zurich, be re-elected as the independent proxy for a further year. Proxy Voting Services GmbH, Zurich, has been elected as independent proxy by the AGM since 2014, and has performed this task competently. Proxy Voting Services GmbH has fulfilled this mandate in previous year to the satisfaction of our shareholders. Its Managing Director, Dr. Aebli, is independent and is experienced in that role and very familiar with the associated procedure. As there are no requests for comments, we will immediately come to the re-election. The Board of Directors proposes that Proxy Voting Services GmbH of Zurich be re-elected as independent proxy for a term of office of one year until completion of the next Annual General Meeting. You now have 10 seconds to cast your vote. I herewith note that you have re-elected Proxy Voting Services GmbH at a share of yes votes of 99.5%. Thank you. Congratulations to Proxy Voting Services GmbH for its re-election. It allows us to move to the agenda item 5.4, which is the re-election of the auditor. The Board of Directors recommends KPMG Zurich be appointed for a further one-year term as auditor. The auditor reviews the annual financial statements and the consolidated financial statements, and act as auditor for the holding company, Swiss Re Limited, and as auditor for the group. The AGM 2020 elected KPMG Zurich as the new auditor for Swiss Re Group for the financial year starting on the first of January 2021, and re-elected it in the years that followed. KPMG meets Swiss Re high requirements and has confirmed to the audit committee that it complies with the relevant independence criteria. As I don't see any request for remarks, I propose that we move to the vote. The Board of Directors proposes that KPMG Zurich be re-elected as auditor for a term of office of one year for the financial year 2025. You now have 10 seconds to submit your vote. I herewith note that you have re-elected KPMG Zurich at a share of yes votes of 99.2%. Congratulations to KPMG for its re-election. Super, huh? This concludes the election part of the AGM. We now come to agenda item six, approval of future compensation for the Board of Directors and the Group Executive Committee. Under agenda item three, you voted on the variable short-term compensation for the Group Executive Committee for the year 2023. Under this agenda item six, you will vote, as we have heard, on the motions regarding compensation for the Board of Directors and the Group Executive Committee for the financial years 2024 and 2025. First, I will explain both motions to you, then we will hold one discussion session on both, and this will be followed by two individual votes. First, as regards the compensation for the Board of Directors. Members of the Board of Directors receive only fixed compensation. They receive neither variable nor performance-based compensation. Under agenda item 6.1, the Board of Directors propose that the shareholders approve a maximum aggregate amount of compensation for the member of the Board of Directors for the next term of office until the Annual General Meeting 2025 of CHF 9 million. This amount is 200,000 lower than the amount approved last year by the Annual General Meeting as aggregate compensation for the members of the Board of Directors. Details of the compensation actually paid are listed on the compensation report on page 117 of the 2023 financial report. This proposed maximum aggregate amount assumes that all 12 proposed individuals are elected as members of the Board of Directors, which happened. The proposed maximum aggregate amount reflects the change in the fee structure and the composition of the Board of Directors. The compensation of the board members of the Board of Directors is further explained in detail in the compensation report on page 116. Now, we move to the compensation of the Group Executive Committee. Under agenda item 6.2, the Board of Directors propose that the shareholders approve a maximum aggregate amount of fixed compensation and variable long-term compensation of CHF 29 million for the 11 members of the Group Executive Committee for the financial years 2025. The amount proposed is CHF 4 million lower than that was approved by the Annual General Meeting of last year. The fixed compensation of the Group EC is explained in further detail in the compensation report on page 126 of the 2023 financial report. Fixed compensation consists primarily of a base salary, allowance, employer pension contribution, and any matching shares granted under the company's global share participation plan. The variable long-term compensation of the Group Executive Committee is further explained in the same compensation report on pages 129-131. The effective amounts to be paid or granted to the members of the Group Executive Committee for the 2025 financial years are to be indicated in the 2025 compensation report. They will be, of course, subject to a consultative vote at the 2026 Annual General Meeting. Further explanation on all these motions from the Board of Directors on compensation can be found in the invitation to this AGM on pages 14-17. I will now open the floor for comments. I think there's, there is one request from Fritz Peter. The floor is yours. I'm sorry to keep you waiting for one or two minutes. I'm speaking as a private person, not on behalf of Actares, and I would like to come back to André Chuffart, my long-term Swiss Re colleague. He asked as to whether the current chairman of the board of directors is aware of the compensation for inflation pensioners of Swiss Re have got for, from 2007 to today. Unfortunately, this answer hasn't been provided, and I would like to follow up on that. I would like to repeat it. And by the way, I would like to congratulate Mrs. Matchett for her free speech delivered freely. Mr. Chuffart also had a good idea he didn't present. As a long-term head of the pension scheme for the Zurich Insurance employees, I know why the pension scheme, the, will hardly pay compensation for inflation. So I, I'm not preempting on the answer that will be given by the chairman, but there is an alternative proposal and a specific question related to it. Dear board of directors, dear executive committee, don't you... Wouldn't you like to think about whether the pensioners with modest pensions shouldn't be getting a voluntary compensation for inflation from Swiss Re resources? One would have to distinguish between people who've taken out capital and have a lower pension as a result of that. Perhaps it would mean some work to do, but as a matter of fact, people who have modest pensions, even if 20 years ago they had high conversion rates that are no longer justified today, they find it difficult today to pay their bills. It would be a nice gesture of solidarity, the company that is doing very well, a nice gesture to former employees who are struggling a little bit. Thank you very much. ... Thank you, Mr. Peter. I hope I will not shock anybody. In addition to being very weak in German, I don't know the answer to the question. Having said that, you know, more importantly, the Swiss Re pension fund is managed by its own board of directors. Swiss Re retirees get treated according to the respective pension fund regulation. There is no connection with the compensation of current employees, and what is happening in the pension fund. We will verify the inflation adjustments since 2007, and we will provide back response to the two speakers in that respect. Thank you very much again for your intervention, that we take very seriously. If there are no other remarks, it allow us to come to the voting. We now come to the first vote, the vote on the proposed aggregate compensation for members of the Board of Directors. Felix? The Board of Directors proposes that shareholders approve a maximum aggregate amount of compensation for the members of the Board of Directors for the next term of office until the annual general meeting in 2025 of CHF 9 million. You now have 10 seconds time to cast your vote. I herewith note that you have approved the maximum aggregate amount of compensation for the members of the Board of Directors for the next term of office, with a share of yes votes of 83.2%. Thank you for your approval. We now come to the vote on the fixed compensation and variable long-term compensation for the members of the Group Executive Committee for the financial years 2025. The Board of Directors proposes that the shareholders approve a maximum aggregate amount of fixed compensation and variable long-term compensation of $29 million for the members of the Group Executive Committee for the 2025 financial year. You now have 10 seconds time to cast your vote. I note that you have approved the proposed aggregate amount, maximum aggregate amount of fixed and long-term variable compensation for the members of the Executive Committee for the 2025 financial year, with a share of yes votes of 83.7%. Thank you very much for your approval. And so, ladies and gentlemen, I think we are slowly but surely reaching the end of this meeting. We've addressed all the agenda items. I want to thank you all for the real support on all the motions. I want to thank all the speakers for the observation and the remarks. We have some to-dos, and we will do that. We will, as promised, respond in writing to some of the questions we have left unanswered today. I'd like to seize this moment to express my... and one last time today, my gratitude to Christian. And, you know, as I've said, as we want him to continue to work until the end of June, this is not the moment to be too extensive in farewell. But at the same time, I want to recognize that this is the last time that he will be as group CEO in this AGM. This is also the last AGM for Felix Horber, our company secretary. He has been in this role for 17 years. It means that this is his 18th AGM, and on behalf of the Board of Directors and of the shareholders, I would like to thank him for his excellent work throughout the time, and wishing him the best for the next chapter of his life. Our next Annual General Meeting will take place on Friday, the 11th of April, 2025, so put that in your calendars. The minutes of the AGM of today will be published shortly on our website. Please don't take your voting device and your headphones at home, and leave it on your chairs. We have a few refreshments on the back. Please join us there. And again, thank you again for being here. Thank you again for your support, and I bring this AGM, this Annual General Meeting 2024, to a close. I wish you a lovely and sunny evening in Zurich.