Operator

Ladies and gentlemen, welcome to the Munich Re quarterly statement as at 31st March 2026 conference call and live webcast. I am Sergen, the Chorus Call operator. [Operator Instructions]. The conference is being recorded. [Operator Instructions] The conference must not be recorded for publication or broadcast.

At this time, it's my pleasure to hand over to Christian Becker-Hussong, Head of Investor & Rating Agency Relations. Please go ahead, sir.

Christian Becker-Hussong
Head of Investor & Rating Agency Relations

Thank you very much, and hello, everyone. A warm welcome to Munich Re's Q1 earnings call. Thanks for joining this morning. I'm here with Andrew Buchanan, our CFO, and Andrew will kick it off with a short introduction, as always. Afterwards, we will go right into Q&A. Andrew, please go ahead.

Andrew Buchanan
CFO & Member of Management Board

Thank you very much, Christian, and good morning, everybody. Munich Re made a strong start to the year, delivering a pleasing net result of EUR 1.7 billion in the first quarter. This performance underscores the group's resilience amid elevated