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: Kamran Hossain - RBC Capital Markets, Research Division - Analyst
: Just wanted to ask about the Life & Health business. You've pulled out, I guess, for the first half that South Africa was a major part of the claims that
you saw in the life business. Could you maybe talk about how this is weighted Q1 versus Q2? Because you didn't specifically call out just South
Africa in Q1, but you did it the first half. Just eyeballing a chart of kind of cover death in the first half of the year. It was pretty bad at the being of
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AUGUST 05, 2021 / 8:30AM, HNRGn.DE - Half Year 2021 Hannover Rueck SE Earnings Call
Q1, and it didn't really tick up until right at the end of Q2. So just interested in whether there's any late reporting factors or something else going
on there? And I guess, given the U.S. component of the life claims in Q2 is about EUR 50 million, I think, just kind of back on envelope. Is that a
reasonable number for us to pencil in for the third quarter?
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: Two quick ones. One long term, just thinking about the reserve redundancy. It's very good to see this going up year-on-year despite the tough
2020 backdrop. I didn't quite get the answer there relating to how I should think about cover at year-end and how that influences year-on-year. Is
this blurring the number? Or could you just give me a quick follow-up answer on that, if that's possible? And how do you think about this number?
Do you tend to view it as the absolute number, so the 1.5% or as a percentage of net reserves when considering adequacy yourselves when looking
at the business. And then a bit more shorter term. I guess, is there any more information you can provide on the European flood loss, anything to
do with industry loss assumptions, how you derive your estimate and whether there's any assumption of retro attaching? And perhaps as an
extension to that, is there any aggregate protection you have in place that would therefore be more likely to be utilized should the remainder of
the years increased activity?
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: And a word on capital consumption.
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