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
: Okay. And I have 3 questions, 1 on the numbers. And I'm really sorry, I didn't follow the -- precisely the answer you gave to Will on the claims and
the impact in nonlife because I came up with a negative figure in total, and clearly, it's a positive EUR 87 million. So I just wondered if you could
help me on that.
And then you talked about the cash position and can you update a little bit on what it is? And what the cash flow you see for the whole of the year,
given your target of the mid-teen, I think, over EUR 7 billion over 3 years.
And then the last point, I just wondered if you could talk a little bit more about Cattolica. I noticed you mentioned it as both a financial and a
strategic investment. And I just wondered if you could kind of give on industrial investment, give a kind of feeling where exactly it lies. Is it part of
your budget of around EUR 4 billion of deals? And how do you see it developing?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Can you talk a little bit about the cash flows? Because obviously, the regulators has been...
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I'm almost your age.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And the position in cash now, you're saying it's higher than in Q1, even after paying that first tranche of the dividend?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And is there any -- given your position in Italy, which is quite large, would the regulator -- is there a potential risk that the regulator says, "Oh, you
can influence a bigger share -- part of the market now."
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Just on the solvency, I was hoping solvency would be up versus Q1. It's actually down. And I was trying to work out the moving parts. It's in other.
And I know you have this thing about the adjustment of the bank, which I think is cost about 1%. But other for me was a delta of 3%. And I just
wondered if there's something here which I've missed.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes, yes, that's lovely. And Generali shares, how much is that?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Sorry, the Generali shares, how much is that, please?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay. How much will that be?
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