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 M. Hossain - JPMorgan Chase & Co, Research Division - Analyst
: Two questions for me. The first one is just thinking about the combined ratio guidance for the year. I think it's pleasing to say that you'll do everything
you can to hit the kind of guidance of 95% and below. When I look at kind of what happened in the quarter, you clearly had property, and I think
there were a lot of headlines around Turkey and clearly, there was a big loss, but it looks more to me like the casualty (inaudible) the source of the
issue rather than property, if you ex out Turkey from property, your combined ratio is something like 55%. Can you maybe talk a little bit -- in a
little detail around what's going on in casualty? How one-off the kind of additions in -- I think you talked about motor and liability are and to what
extent that's behind you?
The second question is on CorSo. As you said, you had an excellent quarter. The problem seemed well kind of so far in the rearview mirror now.
How long do you think margins can keep going? Do you think actually the (inaudible) reinsurance cycle will help CorSo a little bit?
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: Can you hear me?
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MAY 04, 2023 / 12:00PM, SRENH.S - Q1 2023 Swiss Re AG Earnings Call
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: Okay. Great. The first one is a quick one. Can you [verify] the change in the combined ratio calculation regarding the interest on funds withheld is
already accounted for in your better than 95% combined ratio target? Or would that now mean 90% -- better than 94.4% for example, if that's the
run rate? And the second one is, is there any possibility you can break out that PYD between the classes even into very, very round double or
triple-digit numbers? I'm wondering if there's any uptick in risk arising from social inflation that appears to be popping up as a key word again for
many actuaries.
Question: Tryfonas Spyrou - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I just have one question on Life Health and sorry to come back to this. I appreciate there could be some lingering COVID impact and how -- as you
do demos on the slide, the excess mortality has come down a lot in Q1 almost back to pre-COVID levels. On the other hand, it looks like the flu
season in the U.S. has ended unusually early in December last year. So I'm just trying to understand any other factors are keeping the results
addressed in Q1. And I guess how comfortable do you feel the $900 million run rate for the year?
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