Q1 2021 Hannover Rueck SE 1 January Property & Casualty Treaty Renewals Call Transcript

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

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : I've got 2. First 1 on retro. You talked about the 70% of the limit year-on-year and also what appears to be in that session as well from what was just discussed. I guess, any guidance on the relative price year-on-year of your overall retro program? I know you said you didn't have the K session on specifically. What about your overall retro spend? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 03, 2022 / 9:30AM, HNRGn.DE - Q1 2021 Hannover Rueck SE 1 January Property & Casualty Treaty Renewals Call Has that decreased year-on-year absolute or have the higher prices and cost of that entirely eaten into this? And then on the inflation is the second question. You mentioned there that it's on the mid- to long-tail lines. Is there any more specific color you can give specific lines and geography perhaps? And then would you expect this to result in higher absolute reserve buffers or is this to be eaten into by the fact that you just expect an increased level of claims here from inflation?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Okay. And I'm sorry, I think on the inflation as well, really I was looking for on the mid- to long-tail lines as well, any more specific color on those that were strengthened specifically? I know it's different from a pricing perspective.

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : And then perhaps on the retro spend.

Question: Kamran M. Hossain - JPMorgan Chase & Co, Research Division - Analyst : Three questions from me. The first is just on, I guess, on cat budget. It's moved from EUR 1.1 billion to EUR 1.3 billion to now EUR 1.4 billion. How much of that is exposure changes versus the function changes has seen in the for retro probably got something to do with that? And are there any big P&L changes that we should note. The second 1 is just on cyber growth. You've talked about EUR 400 million moving to EUR 550 million next year. Given where rates are on the primary side that would suggest a pretty material reduction in exposure? Maybe you can talk through kind of what EUR 550 million would assume. And the third question is just coming back to inflation. I really can't work out if this is -- you've hit your numbers baking some prudence Hannover Re way or it's an issue that we should really get more worried about across the industry. Can you maybe talk about whether you've actually had any experience or this is just purely assumption changes based on the very cautious Hanover Re way of doing things.

Question: Kamran M. Hossain - JPMorgan Chase & Co, Research Division - Analyst : Just, I guess, the budgets moved from EUR 1.1 billion to 1.3 billion at Q3 and now it's EUR 1.4 billion. I guess the EUR 1.3 billion to EUR 1.4 billion, is that purely kind of exposure changes given the changes in the -- in your own protection? And are there any big P&L changes that we should be aware of?