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: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: I guess slightly following on from that. First of all, we're thinking about Germany and Italy motor premium specifically, you made a statement that
they've reduced year-on-year. I guess some color on the respective markets, differentiating back on what's price driven, what's volume driven,
whether it's been particularly aggressive competition and then perhaps overlaying it with inflation discussions on those specific markets. And
secondly, just regarding geographies and which lines of business, I guess from a high-level view, where would we -- where should we be most
concerned by inflationary pressures to your business, whether it's from the perspective as to pass through to customers or from a back book
perspective?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I have 2 questions. The first one is on asset management. And I just wondered if you could give us the 2021 figures, which we can use as a starting
point as it were, the full year. And including in them, maybe the performance fee figure, which was in there last year. And then the second question
is on the cash at holding. I know you only give it once a year, but because solvency is up so strongly, I kind of keep thinking there's probably more
here than there was at the year-end. I think it was EUR 4.1 billion. And then the last one is a bit philosophical, so I'm not sure if it's very valid. But if
I imagine high inflations, you have to raise pricing for that, so need more capital because capital in non-Life is a little bit linked to premiums. Does
it mean that higher inflation actually indirectly hit solvency, not just the direct effect of higher cost?
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MAY 19, 2022 / 10:00AM, GASI.MI - Q1 2022 Assicurazioni Generali SpA Earnings Presentation
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