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: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: The disclosure is amazing, it's lovely. What is the normalized capital generation, you said or what is the outlook? You said it will be very strong. I
just looked at up, last year was a very nice EUR 3.8 billion. I wonder if you can give a feel for that.
And pricing. You spoke a lot about non-motor pricing helping out as to offset the kind of claims inflation impact in motor. Can you give a little bit
more of a feel for what's happening in motor? I think Unipol had said that in November, they raised by 5%, in February by 10%. Just to give a little
bit of background, obviously, you wouldn't come on peers.
On real estate, you've given a huge amount of clarity. Do I take it that there's actually 0 movement through the -- in terms of valuation and so that
things are stable there.
And then finally, is a really tricky question. I think, Cristiano, at full year, you gave us an update on the cash holding, saying that he was ahead in
March of the figure of the year-end and really quite strong. And I just wondered if there's any kind of update for.
Question: Steven Haywood - HSBC, Research Division - Analyst
: Three questions from me. Can you tell us what your combined ratio target is now on an undiscounted basis? I guess the 92% below combined ratio
target, then you add on the additional 2 percentage points that you were talking about earlier, Cristiano, to get to below 94%. And if we look at
the first quarter combined ratio of 93.8% on an undiscounted basis, add on a bit of normalized nat cats, maybe it's slightly above 94%. Is this the
right way to think about what your combined ratio target could be going forward?
Second question on the discounting in the P&C. Do you think about broadly matching the assets with the P&C liabilities so that the discounting in
the combined ratio is offset broadly by the unwind of the finance expenses coming from the investments?
And then finally from me, on price increases in P&C, particularly on the motor side. Could you be a little specific about what can you quantify the
price increases that you're putting through in Italy, Germany and France, please, on the motor business?
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