Assicurazioni Generali SpA Q3 2020 Earnings Call (Q&A Session) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I've got 2 questions, one which is really obvious for the birthrate obvious. So the first one on dividend. So if I look at the screen right now, I see poster is up 3% and I see Generali is down 1%. I'm delayed. So -- and I'm not saying, I mean, it's just the screen in today and who knows what else is happening. But and clearly, to my mind, that POS is paying a dividend Generali isn't, and I was puzzled a little bit when you referred to dividend when you effectively kind of stretched out the dividend hope July '22 payable in 2022 by referring to this EUR 4.5 billion to EUR 5 billion range. So my question is really how likely do you think that the regulator will kind of say, okay, 2020 dividends okay to pay in '21? And how likely is it that anything left over, even your 2019 remaining dividend, they'll kind of keep pushing out and even push out the 2020 dividend? And then a separate question and really simple one. Can you talk a little bit about the Switzerland impact? Are there any more such things in your portfolio? And what is the number you took in Q2 -- Q3?

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : So I suppose the question is really positive allowed, and you're not. That's something which kind of thing . That's why -- which trucks me a little bit.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Okay. Do you think...

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Okay. But you couldn't just name the figures for Q3, would you?

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : So on Switzerland, again, if you could remind us what is the normal run rate for additions to this low interest rate reserve? And then in your opening remarks, you said that liquidity was -- has never been higher at the group level. So I just wondered if you can give us a figure here. And then last question, is there any potential -- so you did the light lovely deal on Generali Leben 2 years ago, I think now. Is there any potential for more such back book deals to kind of optimize your capital further? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. PRELIMINARY NOVEMBER 12, 2020 / 11:00AM, GASI.MI - Q3 2020 Assicurazioni Generali SpA Earnings Call (Q&A Session)

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : And on back book?

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I seem to be holding the line. I'm sorry, so the -- so your 3-year plan, so it's 2021, and I just wondered if you can -- I know it -- with 9 months 2020. But if you can say anything today about the targets particularly the EPS target for them? And then the second question is much more kind of a little granular. In your combined ratio that roughly 89.7%. Can you give a feel for how you've treated the runoffs? Just as a background, I spoke with one of your competitors yesterday, and they've been very conservative on the run off. Because they think that there may be a spike in accidents next year when people start driving again? And I just wondered how you'd looked at it.

Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : That's perfect. And may I just ask a very quick, and it's just a numbers thing on Cattolica. What's the impact on Solvency?