Muenchener Rueckversicherungs Gesellschaft AG in Muenchen Investor Day Transcript

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

Question: Kamran Hossain - RBC Capital Markets, Research Division - Analyst : Two questions for me. The first one is just on the plan overall. I guess looking at the track record you've got on delivering targets, yes, ERGO, the 2016 plan and also the kind of group 2018 onwards plan, you've got a good record of delivery. What's your confidence in this new ambition 2025 plan versus those plans? Is this more of a stretch or is this -- do you have the same degree of confidence? And the second question is, I think it's around pricing a little bit. I guess you're giving out messages of growth and balance sheet deployment here. Is this the right time to be making those messages ahead of what should be a very good [one more], hopefully? I'm not sure that's maybe a question for the second part, but I thought I'll ask anyway now. Joachim Wenning - Mnnchener Rnckversicherungs-Gesellschaft Aktiengesellschaft in Mnnchen - Chairman of the Management Board Kamran, this is Joachim. I would say your question with regard to the confidence in the future growth, you referred to ERGO starting for -- in 2016, but certainly also reinsurance. I would just suggest, wait to the -- for the second half of this session, listen to the business strategies of ERGO and how the future growth is substantiated by ERGO strategies and the same for the reinsurance strategy. So I back you just a couple of minutes of patience for this. The second question, Kamran, if you can just repeat that because I hardly could hear or understand, and I'm sorry for that.