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 had 3 questions. One is on PFAS. The other one is related, which is on reserves. And the last one is a bit of a niggly question, I'm afraid, on Laya.
So on PFAS, the forever chemicals, I did kind of try and prepare the ground a little bit. And I think I got an answer, but I'd like a more -- a better
answer. How much have you set aside? Or how do you see this issue?
To just recap 3M, I think, announced a EUR 3 billion settlement, bits of the DuPont Empire, Nelson announcing settlements and our chemicals
analyst was thinking, well, maybe in total, it will cost the industry, EUR 120 billion, but nobody knows how much the insurers will pay.
On the reserving, you said you added more, which is great. But (inaudible) it only goes from 198% to 199%. And I just wonder if you can give a little
bit more color on the reserving strength. I'm sorry you've got lots of data you could share. And on the Laya numbers, it's a bit niggly, but EUR 650
million only buys you the shell, if you like, so there's no premiums in there. If you add in the premiums, how much extra capital do you have to put
to work in that? Sorry.
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