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: Kamran Hossain - RBC Capital Markets, Research Division - Analyst
: I mean, just following on from Andrew's question about the, I guess, COVID and the all clear on the P&C side. Let me ask it in a slightly different
way. Is it reasonable to assume that more than half the losses would have happened in kind of Q1 or a large proportion of the $500 million you
had kind of flagging for P&C would have happened in Q1, therefore, it's unlikely that you do hit $0.5 billion for the year? So that's the first question.
And the second question is just on, I guess, the life reinsurance business. Clearly, the picture in the U.S. and the U.K. was dire in Q1, but seems to
be getting a lot better. Once those issues really go away, once death slow down, I guess they have, do we stop worrying about COVID as an issue
for the life business? Or is there something that could surprise us elsewhere? Any thoughts on that would be really helpful.
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APRIL 30, 2021 / 12:00PM, SRENH.S - Q1 2021 Swiss Re AG Earnings Call
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: Can we get a bit more color perhaps on how the net written premiums have developed at this stage? You mentioned at the full year you're looking
at using more retro. So should we expect the reduction at the net level to be a bit worse, I guess, than the 3% year-to-date on the gross level? And
should we expect to see any more material volume reductions at later in your -- like January? Or is April more of the one that we should run off
going forward as a baseline?
And then perhaps thinking about April renewals, can we get a bit more color on what made up that growth, which lines, which countries? And
how much of it was the regular premium? I think you mentioned just then that there was the odd one-off transaction, perhaps just trying to -- first,
to get a run rate on regular volume growth within that would be great.
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