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: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Congratulations on the good numbers. I have a couple of questions on the operations side to begin and then a little bit on the rights issue. If I may
start on the action Non-Life performance, the DKK 64 million of one-offs and then DKK 25 million of runoffs in Q2, I guess, weather ended up being
a little bit better at the end of June versus your guidance. So that basically gives me around 2 percentage points of improvement to your combined
ratio, which is also what you're lowering your combined ratio target for, for this year. So the question really being, how should we interpret this
versus the June guidance upgrade? I guess it means first that the summer has been largely as expected. And secondly, it doesn't really seem to
indicate any major changes to the outlook versus what you saw a couple of months back. Is that sort of correctly interpreted?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Then on the growth in the Non-Life, I mean, premiums in private down again in Q2 and the same kind of happened in Q1. I understand your
comments on the reopening and the sales process going into second half. But if I compare with the target that you have for growth next year, it
seems very much like corporate is delivering as we could have hoped or expected, but premiums in the private side, of course, much, much less.
So how should we look at the growth target for next year? Will that be completely dominated by the corporate or should we expect the Sydbank
and the other agreements to sort of mean that private will contribute their share of the growth?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: All right. That's very clear. A couple of questions on the transaction. I hope that's okay. First, you mentioned, Rasmus, the Codan first half figures,
which look pretty solid. First, do you have any more insights than just the announcement that came from them or is it basically just you commenting
on the press release yesterday? And how does that compare to sort of the base case in your business model when you made the offer earlier this
year? Just a little bit of a comment on that, please.
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: That's very helpful. If I look at your Slide 5 in today's presentation, I note that, first of all, that you moved your Q3 reporting date 1 week forward. I
guess that's because you want to get the transaction done as soon as possible. But then I see that you will have to wait for anti-trust approval before
you will actually do the rights issue. So just wondering why do you want to move that 1 week forward?
And secondly, could you comment a bit on what are sort of the -- what the deal is subject to, because I think I seem to be getting a little bit different
communication from you and the seller in terms of what sort of clauses you have in terms of this agreement, whether you are still legally bound
to actually acquire the asset even if the antitrust turned down the deal? So a little bit of comment on that too, please?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Just one because what theoretically -- I agree that there shouldn't be any major issues with the antitrust, but theoretically, assuming that they turn
down, so basically you won't be able to merge the 2 companies, would you still legally be required to actually buy the asset or will you be out of
that deal, so to speak?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: That was very clear. And then my final question, basically, Rasmus, you said something about Life investigating the strategic options, I guess, you
referred to the June announcement, but you didn't give us much more than that. Could you just give us a little bit more flavor on what has happened
since June on that part?
Question: Asbj°rn Nicholas M°rk - Danske Bank A/S, Research Division - Analyst
: Congratulations on the good numbers.
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