The following is excerpted from the question-and-answer section of the transcript.
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Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I admire you because presenting in the middle of COVID and with the background of difficult earnings is not easy. They asked the question on
solvency. I had one on cash and then one -- I had one on disposal and the regulators. So on solvency, 18 to 22, that's the one target which really is
clearly above what you had before, 15 to 20. And yet your solvency, you're effectively saying your solvency will stay flat.
So, a, I'm wondering where does the extra solvency generation comes from because it's not reflected in the IFRS. They're more or less, you say, the
same target. But -- and also what you're doing within AXA solvency because it's clearly not going out as the dividend path is the same. So it's EUR
3 billion a year. I'm willing to share it with you, if you like.
The second is on the regulators. So yesterday, we heard from -- and management said that nothing will change in 2021. So no accelerator from
you, but still Dutch regulator is saying everything on a case by case. The Italian regulator is saying that as well. How likely is it that the French
regulator will allow you to do your capital management plans, which clearly I'm assuming you want to pay your 2020 dividend, but it's not clear
that the regulator will really allow it?
And the third one is on cash. So on cash, you said 2021 will be lower. You're clearly most on the numbers, but I'm really grateful you gave it. And
if you could at least say if it's a 2 or 3 in the big figure. And also, if Switzerland, is there still upstreaming from Switzerland? And also, what happened
to the difference between cash upstreaming and holding costs? Because if you just do the cash upstreaming of EUR 14 billion, you deduct EUR 11
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Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Fantastic. These are really little questions. First one is on AXA Life Europe. If you can give us an update what's happening there.
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