The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: The -- I have 2 questions. One is on the buyback. Given the planned starts next year, right? Can you say anything about buyback this year? And the
second is on the fourth country fourth leg. Can you explain it a bit more? I wasn't sure sorry, [let me fix on] -- I wasn't sure whether you -- it was --
I couldn't make out whether you're going to go into a developed market or non developed markets in Europe or less developed market. Maybe
you can give a little bit more insights on what you see as your fourth leg in Europe?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Just a very quick follow-up question on the -- well, two. One on the EUR 1.2 billion, I think you said at the beginning, you were going to talk more
about it. And maybe you have already, I don't know. And the other one is on the tax on the -- sorry, I flipped the camera on, sorry, apologies. On
the tax, so the benefit of the Reinsurance, as I remember it, is the -- you used up some of the tax losses, which have been created in the past. And
I just wondered how much are they part of your thinking here? Maybe you can give us a figure because I think the missing number we're kind of
-- we're thinking about is that Reinsurance is becoming a big profit earner here?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: It was -- I think -- I'm sorry, maybe I was a bit confused at the beginning. I think it was the cash position.
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