What happened? Swiss Re has reported its Q4 2024 results. The company has delivered another strong update, further building credibility and comfort with the company''s underwriting turnaround. The company has beat consensus net income for Q4 by 12%, supported by a very strong performance on large losses, again. The DPS has grown by 8%, slightly ahead of the company''s guidance of 7% DPS growth. The 2025 guidance remains unchanged. The 1.1 renewals provide further comfort in this guidance. The company has reported a 7% growth in premiums at the 1.1 renewals, supported by 2.8% nominal price increases. The company has reported risk adjusted pricing of -1.5%, roughly in line with peers. Post discounting, this is expected to be net neutral on the combined ratio. The losses from the California wildfires are anticipated to be less than $700m. This is slightly below our assumed loss of $800 - 850m and ahead of the Q1 nat cat budget of $400m. BNPP Exane View: This is another solid update from Swiss Re as the company continues to build credibility and confidence in its underwriting strategy and stability of earnings. The low large burdens in Q4 from Hurricane Milton and California Wildfires are once again striking. This highlights the success of the underwriting efforts the company has made in recent years. The ''normalised'' earnings point to a net income of ~ $5bn, if experience variances are set to nil. This suggests significant prudence in the company''s $4.4bn net income guidance for 2025. On the renewals, we welcome Swiss Re''s growth, something which has been somewhat lacking in recent years. The company''s risk adjusted rate increases are consistent with peers. The company remains focused on growing in concentrated areas. The majority of the growth has come in non-Nat Cat exposed Property business, which grew 28% at renewal. Finally, Swiss Re has increased its dividend per share to $7.35, an 8% increase yoy. This may be disappointing to some...