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Q4 2018 Swiss Re AG Earnings Call (Q&A) Transcript
Good morning or good afternoon, welcome to Swiss Re's Annual Results 2018 Conference Call. (Operator Instructions) At this time, I would like to turn the conference over to Christian Mumenthaler, group CEO. please go ahead.
Thank you very much, good morning and good afternoon, everybody and welcome to our 2018 Annual Results Q&A call. I'm here with John Dacey, our group CFO; and Edouard Schmid, our group Chief Underwriting Officer; and Philippe Brahin, our Head of Investor Relations. Before we go to Q&A, there are several remarks I'd like to make to put today's reported information into context. There are 2 main factors, which over proportionally impacted Swiss Re in 2018.
First, we experienced elevated large losses in our P&C segments and absorbed USD 3 billion in large claims. This is in the context of 2018 being the fourth costliest year for the insurance industry. The second factor was the underperformance of global equity markets and the impact that had with the new U.S. GAAP accounting
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