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
: Fantastic. And I think very strong results. And I actually have 3 questions, but anyway, I'll ask some and you can say, well, we will only take 2. The
first 1 is, so you've got EUR 1.5 interim dividend. So we have no feel for what the dividend for the full year could be. Can you talk a little bit about
that, please? The second one is Health in Portugal. That seems to be a challenge. And I just wondered how long it will continue to be a challenge
and normally in insurance, we think in terms of fee. So as I said growth, it's completely resolved. This feels still like we're on the second kind of path,
if you like. And then the third one is on real estate. The gains in Belgium clearly are mainly from real estate. And I just wondered if you can give us
a feel for how that is progressing in terms of valuations and deals and whatever?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I had 2. The first one is on the China dividend risk. When I was -- when I hear that the FinMin kind of delays dividend payments, my heart did a little
beat lightly. So if you can talk a little bit about that because clearly, that it is a big part of your cash inflows. And the other one, I remember the
dinner in London, you mentioned a little bit about growing your reinsurance business. And I'm sure there are slides on this. But maybe you can
explain a little bit of what has happened?
Question: Steven Haywood - HSBC, Research Division - Analyst
: Firstly, on the net operating profit guidance for 2023. At the top of the range, EUR 1.2 billion is obviously double what you achieved in the first half
of this year. So considering at the top of the range, are you expecting some headwinds in the second half of this year versus the first half net
operating profit? I would have expected more positive capital gains to come in the second half in Belgium. And then obviously, other business
developments positive to come through in the second half. So I was expecting a higher outlook for your net operating profit guidance. And secondly,
on the combined ratio target of 95%, part of the Impact24 plan. Considering, I think this is at the consolidated entities and you've achieved 90.5%.
Should we possibly consider revising that 95% combined ratio target? Or should we potentially apply it to the whole group and not just the
consolidated entities? I wonder if you could give your thoughts on the combined ratio target going forwards?
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