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
: What a great investor day and it's really nice. So most of the (inaudible) was nice and short. So I only have really 2 questions. First one is on the cash.
What was the cash position now? You alluded many times it was bigger, et cetera. And I just wondered what the figure is.
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NOVEMBER 18, 2020 / 8:00AM, GASI.MI - Assicurazioni Generali SpA Investor Day
And then you have this -- the Life spreads, the, I think, 186 bps in 2019, up from 156 bps in the asset liability management. You spoke a lot about
the investment side and you kind of alluded to the liability management. Does that actually mean transforming bits of the back book? And how
much has been done and how much can still be done?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Can I just ask, the 20 bps that you mentioned, is this before or after the extra investment in real assets?
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NOVEMBER 18, 2020 / 8:00AM, GASI.MI - Assicurazioni Generali SpA Investor Day
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Three questions. The first one is Frdric gave this lovely answer on the life back books, but I just wondered if you can also give a figure in terms of
the life liabilities which have been affected so far?
The second is really kind of applauds how quick and how good you are at integrating your acquisitions, and that really is remarkable and you
highlighted the success with Cattolica as well. And I just wondered if you can maybe mention if there's a kind of secret recipe. Is there kind of secret
Zoom team, which descend on these companies or something? Just to appreciate that when the next deal comes, we then we'll be able to say
how quickly the profits will come out.
And then the last one, which is probably very boring. You gave full answer last week on the regulatory risk on dividends, which was lovely. And I
just wonder if there's any update and particularly if your regulators have seen your lovely stress on stress charts and is now -- we can be a bit more
confident about the 2019 and 2020 dividends.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: The life -- just the amount.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Just the total figure of the liabilities, which have been sold. So Banca Generali, the total figure with 5 deals. And I just wondered how much that is
in terms of total life funds.
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