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 Mark Hossain - JPMorgan Chase & Co, Research Division - Analyst
: Just two questions from me. The first one is on the combined ratio, where you've obviously talked about 91% to 92% mainly right range for -- in
2023. But on an underlying basis, you're running well below that. Obviously, I understand the reserving side, the desire to increase the buffer or
the resilience of the reserves this year. What's actually moving into 2024 and saying, actually we've done that, we've managed to go through the
year we've increased the reserve buffer? Will it stops you moving the combined ratio next year to 88% to 89%. Is there anything technically the
stock you? And also anything like philosophically, would you rather have like a smoother earnings trajectory than that?
The second question is on U.S. liability trends. So last week, one of your peers talked about maybe things being slightly worse than they'd anticipated.
What is your experience so far at the moment? Are you seeing similar trends? And kind of should we be concerned about this?
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: It's just one actually. Just trying to understand the -- there was a sizable buffer rebuild that you discussed at Q1. I'm just trying to get an understanding
of Q2. I guess I'm trying to understand, you talked about that discount rate (inaudible) effectively benefit not being taken. Should we think about
that, therefore, a buffer rebuild and also the cat budget not being consumed, should we also think about that? Is that how you're thinking about
it? Or is that cap budget component just too early in the year to consider?
Question: Tryfonas Spyrou - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I just got one question or maybe two on life and health. We -- I guess I was just wondering, what are the assumptions you changed for U.K. longevity
that resulted in a strong contribution to the CSM? And just to confirm my understanding on how this works, given the update in assumptions?
Does it mean there will be less contribution going forward from positive experience earnings, but rather it would come from amortization of a
larger CSM stock?
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AUGUST 09, 2023 / 7:30AM, HNRGn.DE - Q2 2023 Hannover Rueck SE Earnings Call
And I guess related to that, it looks like you're almost sort of 70% there when it comes to the life and health EBIT target versus the full year. Is there
any reason you haven't updated your guidance there?
Question: Tryfonas Spyrou - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: But does that suggest that the one-offs in any way reverse in the second half of the year, right?
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