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
: I'm sorry, if I repeat, I didn't start with the call. Just 3 questions. First one is on the U.K. strategy. The second one is on Reinsurance cash flow. And
the last one is on total cash flow.
So U.K. strategy, you've been shrinking your business pretty much continuously since I started following. So you -- I think you sold the Tesco business.
You sold the renewals to, I think, AXA in Commercial lines. And now you folded the business into Europe. It's kind of almost disappeared for us.
Does it mean that should you make a decision to sell the business, this would be less of an issue for you?
The second is on Reinsurance cash. So EUR 743 million is the free cash flow, the cash upstreamed at the half year. My -- speaking to your very, very
wonderful IR, EUR 750 million could be the figure for the full year. But my understanding is the Reinsurance cash is quarterly. So does that imply
that you don't expect any profit from Reinsurance in the second half?
And then the -- in terms of the total cash, I think you said -- so the dividend guidance effectively lifted, but their free cash isn't. And I'm just wondering,
can you maybe reconcile those 2? Is the -- you're raising the dividend because you're more confident on the free cash without changing the number
or because you're not doing buybacks, so that leaves you more cash for dividends. It's -- the answer I hope for is, of course, that you think there
will be more cash to come upstream.
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AUGUST 10, 2022 / 7:30AM, AGES.BR - Half Year 2022 Ageas SA Earnings Call
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Does it mean that I can put a higher number for the EUR 743 million because maybe the Reinsurance would make EUR 15 million a quarter?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes. So EUR 743 million is the cash upstreamed at the half year. If I assume that Reinsurance can do EUR 15 million, 1-5, a quarter, then I would end
the year somewhere around EUR 770 million, EUR 780 million?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Once a year.
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