Ladies and gentlemen, dear shareholders, good morning and welcome to the 2026 Annual General Meeting of Swiss Re. Thank you very much for joining us today. We are pleased to welcome you to a new venue here in Dübendorf. I'm joined on stage by Andreas Berger, our Group Chief Executive Officer, Anders Malmström, our Group Chief Financial Officer, and Marisa Walker, our Group Company Secretary. I would like to extend a warm welcome to our Board of Directors and to Jean-Jacques Henchoz, who has been nominated for election as a new member of the Board of Directors. A special welcome also goes to our Honorary Chairman, Walter Kielholz. Additionally, I would like to welcome the members of the Group Executive Committee.
It is also my pleasure to welcome Christof Helbling and Jean-André Tondury, representing Proxy Voting Services GmbH Zurich, our independent proxy, Frank Pfaffenzeller and Matthias Schiessl, who are representing our auditor, KPMG Zurich, and Markus Müller from the Zurich Altstadt Notary's office. He will certify the resolution on the conversion of shares capital currency under agenda item six, and on the amendments to the articles of association under agenda item seven. I would also like to welcome our scrutineers and thank them for volunteering their time to perform this task. Shareholders who wish to ask questions about individual agenda items are kindly requested to sign up at the speakers' registration desk as early as possible. The desk is located at the front of this hall on your left, and registration is now open.
We kindly ask all speakers to limit their time to a few minutes to allow all shareholders to express themselves and make sure we address all questions efficiently. Simultaneous translation will be provided during the entire AGM. Headphones are available in the entrance of the area. I hope you got this. Please select channel one for German and channel two for English. The meeting minutes are being recorded by our Company Secretary, Marisa Walker. The AGM is also being recorded in both audio and video and broadcast live online. By attending the Annual General Meeting, each participant consents to Swiss Re recording the meeting, including any statements they make, and to publishing and using such recording. The invitation to the AGM was published in the Swiss Official Gazette of Commerce on March 12th, 2026.
The Annual Report 2025, including the Compensation Report and the Sustainability Report, were published on Swiss Re website on the same day. The Annual General Meeting was duly convened and can validly pass the resolution according to today's agenda. Ladies and gentlemen, dear shareholders, I will now take you through Swiss Re major milestone and successes of 2025. We had two key priorities for the year, achieving our Group Net Income target and strengthening the resilience of the company. I'm pleased to say that we delivered on both. Swiss Re achieved a Group Net Income of $4.8 billion against a target of more than $4.4 billion. This is the highest net income in Swiss Re's history, underpinned by a strong underwriting performance in our Property and Casualty businesses and strong investment returns.
In the Life & Health Reinsurance, we conducted a comprehensive review of underperforming segments and took decisive action to enhance the quality of our portfolio. This positions all three businesses, P&C Re, Corporate Solutions, and Life & Health Re to deliver strong, consistent results. The strong performance provides the foundation for attractive capital returns to our shareholders. The Board of Directors is proposing a dividend of $8 per share, an increase of 9% compared to last year, and in line with our growth aspiration of at least 7% per year for the period 2025-2027. In addition to the increased dividend, we have initiated a share buyback program of up to $1.5 billion. This includes $500 million as part of the sustainable annual share buyback program we announced last December. The share buyback reflects both the strength of our operating performance and our robust capital position.
Our group solvency, as measured by the Swiss Solvency Test ratio, is estimated to remain at 250% even after taking into account the impact of the proposed capital repatriation actions. This is at the top end of target range of 200%-250%. With these capital actions, we are returning 80% of our full year 2025 earnings to our shareholders. Ladies and gentlemen, let me now turn to our strategic direction. Last December, we introduced our strategy Build to Lead. At its core is a clear ambition to deliver consistent and sustainable performance. This means sharpening our focus on our core insurance and reinsurance businesses, driven by technical excellence and by close relationship with clients and brokers. At the same time, we are intensifying the use of data and technology.
By leveraging our risk expertise and expanding our AI capabilities, we are reinforcing our technical excellence, enhancing execution, and ensuring we remain adaptable in a rapidly changing risk landscape. This ensures that we remain well-positioned to fulfill our core role, building resilience as a shock absorber against peak risk while providing critical data-driven insights. At the heart of everything we do is our purpose, making the world more resilient. This brings me to sustainability, which is an integral part of our refreshed Group strategy, Build to Lead. I'm pleased to say that we achieved all our externally communicated sustainability targets in 2025, and our sustainability efforts continue to be recognized with MSCI once again rating Swiss Re AAA, its highest rating, under its ESG rating methodology.
Our two sustainability ambitions were reaffirmed as part of the 2026-2028 Group Sustainability Strategy update, which was guided by the updated Group Materiality Assessment 2025. The first ambition, building societal resilience, is anchored in our focus on enhancing disaster resilience as well as improving access to life and health insurance protection. This is strongly aligned with the priorities in our core businesses. By developing innovative insurance solution with our clients, partnering with governments, and leveraging data and supporting adaptation to evolving risk, we aim to expand the pool of people, businesses, and countries that have access to insurance protection. The second ambition reflects our long-term commitment to achieving Group-wide Net Zero greenhouse gas emissions by 2050, in line with Swiss legal requirements. We presented our Climate Transition Plan last year and continue working towards our interim climate targets.
We follow a transition approach that seeks to jointly transition with our clients, investees, and vendors in all sectors. We encourage and support them in the transition to Net Zero. Swiss Re's action in the Net Zero transition and the prioritization over time depend on various external factors, such as availability of robust methodologies and reliable data. In addition, we are dependent on supportive public policies at the pace at which the real economy makes this transition. This is critical as we cannot do this alone. We recognize that some stakeholders would prefer us to move faster while others advocate for a more gradual transition. Such differing expectation are natural in a transition of this scale. We remain confident in our Climate Transition Plan and are committed to its execution. Before concluding, let me briefly touch on developments at the Board level.
We are pleased to propose the election of Jean-Jacques Henchoz to the Board of Directors. Jean-Jacques brings outstanding insurance expertise, strategic thinking, and proven leadership skills, having served as CEO of Hannover Re and previously holding senior positions at Swiss Re. Jean-Jacques will briefly introduce himself when we get to the point of the elections. I would also like to thank Larry Zimpleman, who is not standing for re-election to the Board of Directors, for his eight outstanding years of dedication and valuable contributions to the Group. Let me conclude with a brief outlook. As we look at developments around the world, it is clear that risk remains elevated. The ongoing war in the Middle East has introduced significant new uncertainties and is a reminder of how quickly the risk landscape can evolve.
Risks today are increasingly interconnected and can have consequences in areas where we might not initially expect them. We are monitoring these developments closely and remain vigilant against this backdrop.
Swiss Re remains committed to supporting our client and partners across business, government and society in understanding and mitigating emerging risk and in enabling swift recovery when they materialize. Your continued trust and support are essential as we pursue our purpose, making the world more resilient. For that, I thank you sincerely. I will now hand over to Andreas Berger, who will provide a more detailed review of our business units' performance in 2025. Before that, I invite you to watch a short video highlighting Swiss Re's strategic approach and how we aim to shape the future of our industry. Thank you for your attention. [Foreign language].
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Thank you, Andreas. Our Company Secretary will now address some formality and administrative matters.
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Thank you, Marisa. It is time now to proceed with the first item on the agenda, the approval of the financial and non-financial reporting for 2025. This item is divided in three sub-items. Each sub-item requires a vote. Agenda item 1.1 is the approval of the Annual Report 2025 and the Annual and the Consolidated Financial Statements for the year 2025. The Group CEO has commented on the financial year 2025. The Annual Financial Statements and the Consolidated Financial Statements for 2025 have been audited by our auditor, KPMG. The audit reports contain no qualification or reservation. The auditor has not had any additional remarks and recommends approval by this Annual General Meeting. The Board of Directors recommends that the Annual Report 2025, the Annual and the Consolidated Financial Statement for the financial year 2025 be approved.
Under agenda item 1.2, the Board of Directors is presenting the Compensation Report 2025 for a non-binding consultative vote. The Compensation Report 2025 and the KPMG Audit Report can be found in the Annual Report 2025. The Board of Directors also recommends that the Compensation Report 2025 be accepted. Under agenda item 1.3, the Board of Directors is submitting Swiss Re Sustainability Report 2025 for a non-binding consultative vote. This report provides comprehensive information about Swiss Re Group's sustainability strategy, accomplishments, and targets. It includes a Climate Transition Plan, meets all Swiss legal requirements, and has been independently reviewed by KPMG for the limited assurance conclusion. The Sustainability Report 2025 and the KPMG Review can be found in the Annual Report 2025. The Board of Directors recommends that the Sustainability Report 2025 be accepted.
Before I open for questions, I would like to remind anyone who would like to ask a question to register at the registration desk. Please keep your question short and concise. We will first hear all of the speakers and then address the question afterwards. Does anyone have a question about the agenda items 1.1-1.3?
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Thank you, Mr. Grob. I call now Mr. Fritz Peter from Actares.
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We will respond after we received all the questions. Thank you very much. I'm now calling Nora Scheel from Campax, please.
The tragedy on Swiss Re's horizon. Dear Mr. Berger, I'm speaking as a representative of the NGO Campax as well as a member of the Insure Our Future Network. You recently spoke publicly with NBIM CEO Nicolai Tangen. When asked about rising insurer losses due to extreme weather catastrophes, you made some remarks about global warming that really worried us. I quote, people refer always to climate. That's one aspect that complicates things, but the main aspect is population growth. However, research suggests that more than one third of insured weather losses in the last decade were attributable to climate change. Mr. Berger, it seems that you were promoted to help stabilize profits. If your industry's profit-boosting measures involve drastic actions to reduce exposure to the persistent economic losses insurance was created to help society absorb, we must ask, what will you do in five or 15 years' time?
What business will Swiss Re have left in a burning underwater world? Swiss Re warned in its annual reporting fine print that climate change may render certain properties exposed to extreme weather events uninsurable, as storms like the wildfires in Los Angeles and the deadly floods in Texas make the costs unviable for many. The tragedy here, Mr. Berger, is that when faced with overwhelming evidence you state Swiss Re has known about for so long, you seem to invoke the same tactic that Mark Carney once opted for. Facing the foreseen tragedy on our fast-approaching horizon, instead of leveraging your deep understanding to advocate for an effective, necessary changing of course, you opt instead for short-term optimization of your own risk underwriting.
Speaking not to investors, but to the public, you said it yourself. The data shows clearly that the frequency and severity, not only of extreme heat, but also natural catastrophes in general, is increasing. We need to all come together. It's not one party alone that can solve the problem. What are you doing, Mr. Berger, not only to get these losses off your balance sheet, but to protect the planetary viability your successor will need for Swiss Re to survive? Thank you.
Thank you for your question. I'm now calling Mr. Peter Bosshard, also from Campax.
Good morning.
Good morning.
As an international climate campaigner, I have followed the climate policies of Swiss Re since the 1990s, and I have generally had a good impression of your company. In 2018, Swiss Re was the first reinsurer to stop insuring new coal projects. In 2022, Swiss Re was the second reinsurer to stop or to limit underwriting new oil and gas fields just after Jean-Jacques Henchoz Hannover Re. In all the climate rankings which we have published, Swiss Re ranked among the top contenders. Congratulations. Now, the latest frontier of the fossil fuel transition is liquefied gas or LNG. If we continue to build, finance and insure lots of new LNG terminals, we will lock the world into decades more of gas dependency. Swiss Re was built to lead. My question is, when will Swiss Re end underwriting new LNG terminals?
You have at least four good reasons to do so. First, climate change. Gas produces less emissions than coal when it's burned. If we also consider the leakage from extracting, transporting and liquefying gas, LNG has even more serious climate impacts than coal. Second, economics. Last year, the average cost of solar power with battery storage was $25 / MWh. The average cost of electricity from gas power plants was $38, about half as much more. While the cost of solar power and batteries continues to drop, the cost of gas is holding steady or even spiking. Third, energy security. The main sources of LNG are Russia, the U.S., and the Middle East. Gas supply from any of these regions can be stopped at the moment's notice.
This is not resilient and it is not the case for wind and solar energy. Finally, shareholder value. Many financial analysts look at climate leadership as an indicator of far-sighted management. In 2020, for example, Societe Generale increased their target price for Swiss Re shares by 5% because your company had done so well in our climate ranking. That was a billion-dollar bonus for climate leadership. In spite of this, Swiss Re has so far not shown any leadership when it comes to LNG. For the first time, Munich Re was the first reinsurer to limit their support for new LNG terminals under their new CEOs in January. We are still waiting for a response from Swiss Re. Ladies and gentlemen, Swiss Re was Built to Lead. This includes ending support for new LNG terminals, which are not a responsible option in today's environment.
Again, my question, when will Swiss Re stop underwriting new LNG terminals? Thank you for your attention.
Thank you, Mr. Bosshard, for your question. I'm now calling Ines Zangger on the podium.
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Thank you. Thank you very much. I'm now calling on stage Mr. Christian Altherr.
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Good. It seems that Mr. Grob wants to ask a second question.
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Thank you very much for your question. Are there any more question? Good. We'll now proceed with the answers to the question and we will take it in the same order. We'll start with Mr. Grob. You know, timing early morning, 9:30 A.M. We take your remark into consideration. There are practical reasons. Starting early allows everybody to get back on time in the afternoon. I think we will never find the timing which is fine for everybody. We choose it for a lot of practical consideration, among which we have other meetings the same day. The location. I hope you like the location. I find it very good. We are not changing every year.
We've been for many years in the previous location and if everything is happening well today, this is clearly a place which we believe is modern, well suited for the requirements of an AGM of this size. Therefore we hope also that you feel that it's a very good place. You had also a question on dividend and my proposal is to have our CFO responding on that part.
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Thank you, Andreas. Anders, sorry. We come back to you, Andreas, now with the questions from Mr. Peter. There are questions and sub-questions. First question is on the investment in emission-intensive activities. We have deforestation and geopolitics. Could you address these three parts, please?
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Thank you. Andreas, could you also comment on the question on geopolitics and war?
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Thank you very much, Andreas. I propose we move to the next question, the one of Nora Scheel, which was directly addressed to you, I think.
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Thank you. Thank you very much. We come to the next question from Mr. Bosshard about underwriting new energy terminals.
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Thank you very much. The next question was the impact on human rights and the health of local people.
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For you also, Andreas.
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Thank you. The next one was from Mr. Altherr on biodiversity.
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Thank you, Andreas. I think that we have provided the answers to all questions about agenda Item 1.1.2, and 1.3. Thank you very much for the question again. We will now proceed with the vote on these three agenda items.
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Thank you very much. We can now proceed to agenda item number 2, Appropriation of Available Earnings. The figures and the proposed appropriation of available earnings for 2025 can be found in the invitation to today's Annual General Meeting on page three. This is about the available earnings of Swiss Re Ltd, the holding company of the Swiss Re Group. According to the statutory accounts, the available earnings of Swiss Re Ltd amount to $1,698,000,000. The Board of Directors propose allocating these available earnings to the voluntary profit reserves. Following this allocation, the voluntary profit reserve will amount to $16,992,000,000. The proposed dividend payment will be paid out of the voluntary profit reserves. The Board of Directors recommends a gross ordinary dividend of $8 per share distributed to shareholders.
The dividend will be paid in Swiss franc, converted at the applicable U.S. dollar exchange rate as of April 13. The exchange rate will be published on the Swiss Re website on the ex-dividend date, which is April 14. In its report to shareholders, the Auditor confirmed that the Board of Directors motion regarding the appropriation of available earnings complies with the statutory regulation and the articles of association. Let's open the Q&A. Does anyone have a question about item two? I don't see anybody moving. It means that we can now proceed with the vote.
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Thank you, ladies and gentlemen. The dividend will be paid from the 16th of April onwards after a deduction of 35% for Swiss Federal Withholding Tax. It will be distributed to all shareholders who hold shares on the 13th of April 2026. Shares will be traded ex-dividends starting on the 14th of April 2026. We'll now move on to agenda item three, Discharge of the members of the Board of Directors. The Board of Directors recommend that all members of the Board of Directors who were in office during the 2025 financial year be discharged for the financial year 2025. Does anyone have a question about this agenda item? I don't see anybody. There are no speakers registered for this item. It allows us to move immediately to the vote.
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Ladies and gentlemen, on behalf of the entire Board of Directors, I thank you for the trust you have placed in us. We will now move on to agenda item four. It is about the election of the Board of Directors, the Independent Proxy and the Auditor. The General Meeting of Shareholders is responsible for electing each Member of the Board of Directors, the Chairman of the Board of Directors, the Members of the Compensation Committee, the Independent Proxy and the Auditor. We will begin with the elections of the Member of the Board of Directors and the Chairman of the Board of Directors. As I previously mentioned, Larry Zimpleman is not standing for re-election.
The Board of Directors recommends the individual re-election of 11 current members, as well as the election of one new member of the Board of Directors, each of them for one term of office until the completion of the next AGM. I am also standing for re-election as Chairman of the Board. You can find all our biographies on the Swiss Re website. On behalf of the Board of Directors, I am pleased to propose the election of Jean-Jacques Henchoz as new Board member. I already mentioned his extensive experience and deep expertise at the beginning of this meeting. Before the vote, I would like to give Jean-Jacques Henchoz the opportunity to introduce himself. Jean-Jacques, the floor is yours.
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Thank you, Jean-Jacques. Ladies and gentlemen, let's start the Q&A. There are no speakers registered, but does anybody in the room want to take the floor? I don't see anybody. Let's then proceed now with the election.
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Thank you and congratulations to all my colleagues of the Board on the items on the election and especially our new Board Member, Jean-Jacques Henchoz. Thank you, ladies and gentlemen. It's an honor to have the opportunity to continue serving as Chairman of the Board of Directors. I appreciate your support and trust. This concludes the election to the Board of Directors under agenda item 4.1. We can now proceed with agenda item 4.2, which covers the election of members to the Compensation Committee. The Board of Directors recommends the individual reelection of the four current members of the Compensation Committee, each for one term of office until the completion of the next AGM. You can find the biographies of these candidates on the Swiss Re website, and the Board of Directors recommends that you vote in favor of the four candidates.
I don't see any questions. There are no questions registered. This is allowing us to proceed to vote on the candidates.
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Ladies and gentlemen, thank you also and congratulations to my four colleagues on the election to the Compensation Committee. This concludes our Board-related election. We will now proceed to the next item on the agenda, which is the reelection of the independent proxy. The Board of Directors recommends that Proxy Voting Service GmbH be reelected as the independent proxy for a one-year term of office until completion of the next AGM. Proxy Voting Service has served as independent proxy for many years and has performed this task competently and to the satisfaction of our shareholders. I don't think that there is any question about this agenda item. This allows us to proceed to the voting.
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Congratulations to Proxy Voting Services on this re-election. Let's move to agenda item 4.4, the re-election of the Auditor. The Board of Directors recommends that KPMG be re-elected for another one-year term of office as Auditor for the financial year 2027. KPMG has confirmed to the Audit Committee that it complies with the relevant independence criteria and is available for re-election. Let's open for questions. Here again, I think that there are no questions. Nobody did register. Perfect. Thank you very much. Let's proceed to the voting.
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Congratulations to KPMG on its re-election. Now that we have concluded on all election, we will move to Agenda Item five for the approval of compensation. Details about our compensation system and compensation paid can be found in the Compensation Report 2025, which is an integral part of the Annual Report. We will be holding three votes under this agenda item. The first vote concerns the maximum aggregate amount of compensation for the members of the Board of Directors for the one-year term of office starting after this AGM. The second vote concerns the aggregate amount of variable short-term compensation for the members of the Group Executive Committee for the past financial year 2025. The third vote concerns the maximum aggregate amount of fixed compensation and variable long-term compensation for the members of the Group Executive Committee for the financial year 2027.
I will now briefly explain the three motions. Members of the Board of Directors received only fixed compensation. The Board of Directors recommends that shareholders approve a maximum aggregate amount of CHF 8.6 million for the members of the Board of Directors for the next term of office until the next AGM. Under agenda item 5.2, the Board of Directors recommends the approval of an aggregate amount of variable short-term compensation for the member of the Group Executive Committee for the past financial year 2025, amounting to CHF 11,936,254. The proposed aggregate variable short-term compensation amount reflects Swiss Re Group IFRS performance. The proposed aggregate amounts include the total annual performance incentive for 13 members of the Group Executive Committee who were in office in 2025, pro rata where applicable.
Under agenda item 5.3, the Board of Directors recommends the approval of a maximum aggregate amount of fixed compensation and variable long-term compensation of CHF 31 million for the members of the Group Executive Committee for the financial year 2027. The fixed compensation for the members of the Group EC consists of a base salary, allowance, regular employer pension contribution, any matching shares granted under the company's Global Share Participation Plan, and additional benefits. The variable long-term compensation for the members of the Group EC, if any, will be granted in the first half of the financial year 2027. The maximum aggregate amount considers the value of the award at grant. The effective amounts to be paid or granted to the member of the Group Executive Committee for the financial year 2027 will be disclosed in the Compensation Report 2027.
More details on all these three compensation motions can be found in the invitation to the AGM. The Board of Directors recommends approving all three motions. Let's open for question. Here also, we don't have any speaker who has presented itself. This is allowing us to proceed with the voting.
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Thank you, ladies and gentlemen. This brings us to the next item on our agenda, which is item 6, conversion of share capital currency and amendments to the Articles of Association. The revised Swiss corporate law, which entered into force on January 1st, 2023, allows a company share capital to be maintained in selected foreign currencies. The Board of Directors proposed to convert the share capital currency from Swiss franc to U.S. dollar. This aligns the share capital with the currency that is material to the company's business activities and reduces operational complexity. This conversion will take place in two steps. First, under agenda item 6.1, the Board of Directors proposed to slightly reduce the share capital in Swiss franc so that we have a round nominal value per share of $0.12 after the conversion.
This step is purely for practical reason and is intended to make the second step under agenda item 6.2 easier. The reduction amount will be allocated to the legal capital reserve. This will leave the total equity completely unchanged. Second, under agenda item 6.2, the Board of Directors proposed to convert the share capital currency into U.S. dollar with a nominal value per share of $0.12. Please note that this will not affect the share capital reported under IFRS, and it will not affect the total number of registered shares in both the consolidated and stand-alone financial statements. Agenda item 6.1 and 6.2 are conditional on one another and will only be implemented if both are approved by the shareholders and concurrently implemented by the Board of Directors.
Before I open the discussion on agenda item 6.1, the ordinary reduction of the share capital by reducing the nominal value per share, I would like to note that on March 2nd, 2026, the call to creditors was published in the Swiss Official Gazette of Commerce. No creditors have come forward. KPMG AG Zurich has prepared a special audit report dated from the 7th of April 2026, confirming that all claims of Swiss Re Ltd creditors are covered despite the share capital reduction. Thank you to Mr. Pfaffenzeller and Schiessl, who are here today for KPMG for their work in this regard. We are now open for question on agenda item 6.1. No speakers have registered, I think. Yes, nobody is showing. Thank you very much for that. Let's vote on this agenda item. We will vote on the two at the same time?
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Yes. Recommendation. Apologies. Let me read the recommendation. The Board of Directors proposed to reduce the share capital of Swiss Re Ltd as set out in the invitation to today's meeting and to allocate the reduction amount to the legal capital reserve. The implementation of this resolution is contingent upon the concurrent implementation of the share capital currency conversion proposed under agenda item 6.2.
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Thank you very much. I ask the Notary, Mr. Müller-Schmidt, to certify the result of the vote on agenda item 6.1. We now move to agenda item 6.2, the change of the share capital currency. As explained, the Board of Directors propose to convert the share capital currency from Swiss franc to U.S. dollar to align it with the currency that is material to the company's business activities. For accounting and reporting purpose, the conversion will have retroactive effect from January 1st, 2026, and will be based on the LSEG Data & Analytics closing spot rate as of December 31st, 2025. The total share capital reported in the consolidated and standalone financial statements of Swiss Re Ltd will remain unchanged. Because Article 3, paragraph 1, and Article 3A, paragraph 1 of the Articles of Association currently refer to nominal values denominated in Swiss franc, those reference will be amended accordingly.
If approved, the Board of Directors will implement the currency conversion and amend the Articles of Association accordingly. This will be done at the same time as the capital reduction under agenda item 6.1. I now open the floor for question. I don't see anybody moving. This allow us to move on to the vote. The Board of Directors propose, first, to convert Swiss Re Ltd share capital currency from Swiss franc to U.S. dollars, second, to authorize the Board of Directors to implement this change with effect from January 1st, 2026, and to apply the conversion exchange rate as of December 31st, 2025, and third, to authorize the Board of Directors to amend the reference to the currency in the Articles of Association as set out in the invitation to today's meeting.
The implementation of this resolution is contingent upon the concurrent execution of the capital reduction approved under agenda item 6.1. Marisa, please.
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Thank you. I ask the notary also here, Mr. Müller-Schmidt, to certify the result of agenda item 6.2. As I mentioned already several times, the implementation of this resolution is subject to the concurrent implementation of the capital reduction by the board of directors approved under agenda item 6.1. Since we have approved the agenda item 6.1 and 6.2, we can now proceed to our final agenda item, which is agenda item 7, the renewal and the extension of the capital band. Under Swiss law, the authorization for a capital band expires if the General Meeting of shareholders resolve to reduce the share capital or to change the share capital currency during its term. As both the reduction of the share capital and the conversion of the share capital currency have just been approved today, Swiss Re Ltd's existing capital band has automatically expired.
The Board of Directors wishes to keep the capital band to maintain financial flexibility and believes this is in the best interest of the company. The Board, therefore, propose to renew it for two years. The conversion from Swiss franc to U.S. dollar will be made on a 1-to-1 basis, and the parameters of the capital band will remain the same as under the capital band that just expired. Shareholders will therefore grant the same authorization as in the past. The new capital band will be valid until April 10th of the year 2028. We are now open for questions on this agenda item seven. No speakers have registered. Let's move then on the vote.
The Board of Directors propose first to renew Swiss Re Ltd capital band as reflected in the invitation to this meeting, and second, to amend and supplement Article 3C of the Articles of Association as reflected in the invitation. Marisa, please.
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Thank you. I ask the Notary, Mr. Müller-Schmidt , to certify the result of agenda item 7. Ladies and gentlemen, thank you for your very strong support. We have now addressed all the agenda item of this year Annual General Meeting. The next AGM of Swiss Re Ltd is scheduled for Wednesday, April 14, 2027. The minutes of today's meeting will be available shortly on our Swiss Re website. This concludes our 2026 Annual General Meeting. Thank you for being here. Thank you for your support. Thank you for your voting. If you wish, take some of the pastries that are still left after the breakfast of this morning. Please don't leave with your voting device. Leave them and the headphones on your chairs. I wish you a very pleasant day and thank you again.