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: Delphine Lee - JPMorgan Chase & Co, Research Division - Analyst
: Yes, Delphine Lee from JPMorgan. Just 2 questions. First of all, to come back on capital, you had an increased P2R as of 1st of January 2019. Since
then, you've done a lot of progress on capital. What are the conditions for that reversal or improvement? Is it the completion of your delevering
program? Or I mean what are the key milestones you have to achieve to get that relief even without using Article 104? And related to that, I mean,
if you get this relief at some point in the future and also in the context of CRD5, what level of capital would you be -- would you feel comfortable
running at? I mean if you look at it in an absolute level, what kind of buffer on the [FDA]. I mean if you could give us a little bit of color, that would
be helpful.
The second question is just going back to your [ROTE target, which now you're now committing to 9% to 10% for 2020. Sort of what has changed
in the environment? It's just mostly rates or is there anything else that you want to tag, I mean? Because you've revised your French retail guidance
already last year so I'm just wondering, the past couple of quarters, what has changed to lead to this change?
Question: Pierre Chedeville - CIC Market Solutions (ESN), Research Division - Analyst
: One question regarding the P&C. You mentioned in your slide that you had an increase in your P&C claims this quarter. Could you give more color
on that increase? And regarding the global reinsurance business, what is your policy regarding future development and particularly towards SMEs?
Do you have any ideas on what particular types of customers and your franchise in insurance in France and Europe?
Regarding Lyxor, as far as I understand, you developed particularly this year in active management more than in passive management and particularly
in terms of net inflows. Maybe I'm wrong, but it's what I understood through some articles I read. Do you confirm this? And if it's the case, how do
REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us
consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies.
FEBRUARY 06, 2020 / 2:30PM, SOGN.PA - Full Year 2019 Societe Generale SA Earnings Call
you see this active management development within Lyxor in the framework of your partnership or future new partnership, I would say, with
Amundi, what is exactly -- what are you doing exactly in this area?
And as I am in France and not invited in the different -- this year, I will ask a third question, if you may. What is your view regarding mortgage in
terms of production this year, increase in production compared to your mutualist peers. Do you feel that you are losing some market share here
or not?
|
