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: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Congratulations on such lovely news and everything, lovely news. And I had lots of little questions. So on the buyback, I think you said many times,
disciplined capital management, et cetera. But is this a one-off, this huge lump of EUR 1.7 billion? Or was there kind of thinking that you could do
more? On the life deals, can you give any kind of clue or hint what reasons or what size we might be looking at?
And then on the -- on COVID, you -- or I think AXA XL released EUR 600 million at the half year reserves. And I think you don't look at reserves at
the 9-month stage, but you must have some kind of thinking. Is there -- given how COVID claims in P&C are kind of running off, is there room for
more releases at some stage?
And my last question, I'm really greedy here, is in the 214%, what is the number for the operating capital generation?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I'll keep it really brief. On motor, I asked a colleague who's had an accident, and the issue is in the cost of the spare parts. It's really difficult to get
a hold of. So the period of hired cars, incredibly expensive, is not a few days. It's more like a few weeks. I just wonder if that's in your numbers already
and your thinking.
And the second is you made this lovely new commitment on ESG on the 28th of October, which is wonderful. I just wonder, is there a cost to this?
Or how do you think -- how do we think of it in terms of money?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Yes. Sorry about that. I was just saying, is the cost of merchant's claims insurance going up because it's not the cost of the spare parts but the delay
in getting them? And while there's a delay, then the policyholder gets a hired car, and that's the expensive bit.
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