Full Year 2020 Assicurazioni Generali SpA Earnings Call (Q&A Session) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : And the fruits have gathered these outstanding results. I could have only a wished for the $0.46 now, anyway. And I have lots of questions, but they're really little ones, apologies. A, could you give us a little bit more an update on Cattolica where we've seen lots and lots of press releases? And the second, I think, Cristiano, you pointed out that the [LEN Funds] report, non-Life was standing good, and I checked, yes, exactly as you said, it's doubled to EUR 1.856 billion. You said, no, it couldn't recur. But my question here really is does that mean that the combined ratio, you reported the 89%, could have been 86%. That seems to be the difference the extra EUR 800 million is equivalent to 3% combined ratio, give or take, I think, question. And on COVID, could you give us a precise breakdown, I think you split Life and non-Life. But I wondered within these, if you could give us a precise breakdown of the impact, frequency, volume effects, whatever, it would really help. And also, if you can maybe say what you think will come on COVID for 2021. And then on my back book deals, I just wonder if you could say which countries, and reading between the lines, so completely wrong probably, but I'm kind of thinking it's most likely initially to come from France. I'm sorry, I had last question, if I may, on asset management. Why did you have net outflows? Giulia Raffo;Head of Investor and Rating Agency Relations Michael, sorry, just to be clear, you managed to sneak 5 questions after all.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : That's right. Yes. Giulia Raffo;Head of Investor and Rating Agency Relations And then your last question is the reason for the outflows in asset management, right?