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
: This is remarkably efficient. I'm not efficient, but you are. The -- I have 3 questions. I'll do them really quickly in case I get cut off or something by
my picture. France, what's the profit starting point of -- what I really want to know what's the profit for 2021. And it sounds funny, but France's
results are fantastic, right? Almost flat in a difficult environment. But in there, I counted -- and I may be wrong, EUR 0.3 billion of COVID kind of
benefit, a frequency less business interruption, other stuff, maybe I'm wrong. So that would be my first question.
The second is on AXA XL. Scott, you gave us a figure for 2021, the rate rises of 12%. But of course, you don't have a EUR 4 billion or EUR 4 billion
and change of commercial lines, you got over twice that. So there's over twice that benefit to come. And I just wonder, does it mean that we should
put in for 2022, EUR 1.7 billion. So EUR 500 million on top.
And then the last one is on cash. So we have EUR 4.8 billion remitted for 2020. And I really like this, I'm really lazy here. Then you can say what's
what we should expect for 2021? Is it up or down and kind of order of magnitude? So it's really lazy, I'm sorry.
Question: Kamran Hossain - RBC Capital Markets, Research Division - Analyst
: The first question is about P&C overall. Would it be fair to say that 2021 should have a net benefit from COVID? As you said, COVID is mainly a
commercial lines risk. That's kind of gone away or is behind you, but Personal lines' frequency should continue, especially in Q1.
And the second question is, can you talk about how you're protecting against kind of secondary perils or in the money perils at XL? My understanding
is that availability of cover here fell away pretty sharply at the January renewals. But any kind of color or comfort on that would be really helpful.
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FEBRUARY 25, 2021 / 10:00AM, AXAF.PA - Full Year 2020 AXA SA Earnings Presentation
Question: Kamran Hossain - RBC Capital Markets, Research Division - Analyst
: So I mean, I think on [Texas] final kind of snowstorms, et cetera.
Question: Kamran Hossain - RBC Capital Markets, Research Division - Analyst
: The question was more angled towards kind of secondary peril reinsurance protection and the availability of that still, especially for XL. It's unmodeled
perils, things similar to the Texas snowstorm that maybe wouldn't be in people's models, it wouldn't be a focus, and whether you've been able to
buy protection for those kind of events, which have been a scourge for the industry in the last 3 or 4 years?
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FEBRUARY 25, 2021 / 10:00AM, AXAF.PA - Full Year 2020 AXA SA Earnings Presentation
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