Half Year 2022 Hannover Rueck SE Earnings Call Transcript

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

Question: Kamran M. Hossain - JPMorgan Chase & Co, Research Division - Analyst : Two questions for me. The first one is, I guess, the claims that you booked relation to the war in the second quarter. Can you maybe just give us a view on whether this is your ultimate kind of view of the losses or the claims from the conflict? Because it seems like you're taking a slightly different approach from some of your peers that seems far more precautionary than some of them? The second question is on, I guess, COVID and kind of credit reserves within that. How much of the COVID credit reserves do you have left? And I think you mentioned IBNR of 37% left for COVID. What are the triggers left for further releases because it does feel like we're a pretty long way down the line on this?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Two questions on reserves and PYD. And look, I fully recognize you're coming from a very strong starting point. Trying to understand the comment you made there on inflation in bonds benefits and the reserves in PYD, you sort of linked those 2. Presumably, you're buying these bonds because you'd expect the liabilities to go up. At the moment, we're seeing the benefit on the P&L investments coming through. But am I right, no adverse movement on the P&L from the liability uplift? Or are you offsetting? I'm not sure I fully understood what you said. And then on the second part, there's lots of moving parts on this PYD. There's the drought uplift. Does the other cats you mentioned that have been inflated from prior years and then somewhat offset by the COVID release. Was all of this filtered through P&L? Or do you think there's some buffers being absorbed?

Question: Teik L. Goh - RBC Capital Markets, Research Division - Analyst : Two questions, please. The first one, there is 2 parts to it. So the first part is, could you maybe share your view on profile of nat cat losses at an industry level in the first half? So a couple of your peers have indicated an above-average experience. Is that a view that you share as well? And are there any abnormalities that you'd like to point out? The second part is on your own experience, it looks like you were running below budget for the first half. Were there any benefits from things like enforcing higher retention in deductibles and also indexation clauses? The second question is just a short one. What are you seeing on ceding commissions across the main lines of business?

Question: Teik L. Goh - RBC Capital Markets, Research Division - Analyst : No. That's really helpful. And I guess just it's actually the second part of the first question. I mean, were there any benefits from things like higher retention and deductibles from your treaty and also indexation classes in the first half cat experience?