Assicurazioni Generali SpA Q1 2021 Earnings Call (Q&A Session) Transcript

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

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Three quick questions. The first one is on the Life back-book deals. I just wondered if you could say what's in the outlook, where you can talk a little bit about how big this could be or the time -- potential timing. The second is on the fabulous growth in capital generation, so EUR 1.5 billion. If I annualize that, I get to EUR 6 billion. And I think last year, you had EUR 4 billion, so that's a 50% increase. And I just wondered if multiplying by 4 is the right way to look at it. Or maybe there's some unusually good trends in Q1 I should kind of try and normalize. And the third one, maybe going back to Farooq's question on deals versus buybacks. The sense I had from your answer is that deals essentially are a little bit more attractive because they diversify your business mix and your cash flow, whereas buybacks, as you said, just increase the size of the cake for each remaining holder. But if you could maybe give -- provide more of a feel. It's just that we're so close now to the end of your 3-year period, and there's still over half of the capital you'd originally allocated to deals. It seems a little bit more likely than before.

Question: Steven Haywood - HSBC, Research Division - Analyst : Two questions from me. The first one is on internal models. Under Solvency II, do you have any more plans to adopt any more past internal models this year or in the future? And what could be the potential benefits of these? And then secondly, am I right in hearing previously that you were discussing on the P&C that there is around, especially the motor business, 4% claims inflation and that the market -- Italian motor market is seeing 4% pricing reductions? So you're getting an 8 percentage point delta on the future going forward. Is this correct? And is there any mitigating factors to think about here?

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Just 2. One is maybe the figure on private equity, the gains, I think, or the extra profits included in Q1 2020. And then on the answer you just gave, which I thought is really interesting, but maybe I'm a bit slow and I couldn't quite follow all the moving parts. Are you saying that although there is kind of pricing or margin pressure in MTPL, this is more than offset by the actions in the -- or your diversification effort in the other parts of motors like kasko and other things? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MAY 18, 2021 / 10:00AM, GASI.MI - Q1 2021 Assicurazioni Generali SpA Earnings Call (Q&A Session)

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Private equity, private equity.