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
: I'm going to ask the same question as Fulin. Okay, you haven't laid your targets for China, but why didn't you raise them for the group? Every other
men were beat. And it's almost like saying, yes, they beat, but Q4 is going to be rubbish. It's not a great message. I'm not exaggerating. I'm trying
to make it more punchy. But any comments on that would be very helpful.
And then the other is a more analytical question. Belgium Non-Life volume is up 9% in, I think, 9 months, you said. I think that's right. How much
of that is pricing? And how do you see the relationship with inflation?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And how does that relate to inflation?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: So 2% to 3% is the inflation in household?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And the pricing is about 4.5%?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And the pricing, you said, is about 4.5%, half of the 9%.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: So those...
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NOVEMBER 10, 2021 / 8:30AM, AGES.BR - Q3 2021 Ageas SA Earnings Call
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Okay...
Question: Steven Haywood - HSBC, Research Division - Analyst
: In your Solvency II, obviously, there was quite a multiple impact from inflation in the quarter. Can you give us more detail here? What is your current
inflation assumption? What does it change from in the quarter? And can you give us a sensitivity related to inflation changes? Or should we just
take today's impact as sort of the sensitivity we should use going forward?
And also, on your asset allocation in your core entities, can you tell us what's changed on the underlying sort of asset management strategy that
you've adopted? How are you re-risking? How much further have you got to go on this? And what are the investments you are moving into? And
also on this, can you explain why this sort of re-risking process has been put into the operational bucket of your operating capital generation and
not into the market bucket for your capital generation process?
And then finally from me, on the interest rate impact in China in the third quarter, obviously, you said that it's going to be about EUR 40 million to
EUR 45 million in the fourth quarter. Can you give us any expectation for interest rate impact in the next year, for the whole full year 2022, please?
Question: Steven Haywood - HSBC, Research Division - Analyst
: Yes, sorry, can...
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NOVEMBER 10, 2021 / 8:30AM, AGES.BR - Q3 2021 Ageas SA Earnings Call
Question: Steven Haywood - HSBC, Research Division - Analyst
: Yes. That's very helpful. And just finally, the Chinese interest rates for next year?
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NOVEMBER 10, 2021 / 8:30AM, AGES.BR - Q3 2021 Ageas SA Earnings Call
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: The -- it's really a question on ESG. So in the U.K., we had this huge conference in Glasgow, and we're all thinking about -- well, we're thinking, and
I'm wondering whether my house will be below water soon. And I'm trying to make it a fun question, but the reality is we've seen AXA, we've seen
Allianz put forward new, improved kind of ESG kind of guidance, particularly on the E side, the environmental. What have you done?
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NOVEMBER 10, 2021 / 8:30AM, AGES.BR - Q3 2021 Ageas SA Earnings Call
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