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: Trevor Moss - MF Global - Analyst
: Good afternoon gentlemen. It's Trevor Moss from MF Global here. It's been common across the results we've seen from other insurers so far to give
a conglomerate solvency ratio complete with sensitivities. I'm rather surprised you haven't talked about that given, I think, it's probably well north
than most peers, particularly all of those beginning with A. I would please request that you would give that ratio and some sensitivities to equity
markets and interest rates, and how it's moved over time especially over the last six months, please.
Question: Nick Holmes - Lehman Brothers - Analyst
: Thank you very much. Yes, I have three questions. First one is, can you give us a bit more detail about the reasons for the $49 million reserve
strengthening in life insurance, and also how confident are you about your reserves going forward?
Second question is, you gave us your Solvency I ratio coverage. I wondered if you had an idea of what you Solvency II coverage could be.
And then last question is, wondered if you could update us on how the preparations are going for your JV with Sony Life in Japan to sell variable
annuities. Thank you.
Question: Nick Holmes - Lehman Brothers - Analyst
: -- (inaudible) Darryl is still there, can I just ask when was the last review that you did on that book? How long ago was it?
Question: Nick Holmes - Lehman Brothers - Analyst
: But you think the deterioration has happened in the last two quarters? I'm just wondering when the last proper review was done?
Question: Nick Holmes - Lehman Brothers - Analyst
: Fine, okay, thank you very much.
Question: Nick Holmes - Lehman Brothers - Analyst
: So will the first sales take place, do you expect, in Q4?
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