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
: Well done for the lovely results. On the -- some product equity, just 2 figures. If I try to think about the contribution, excluding policyholders, I
wonder if you could give us a figure or give me the figure. I don't know what it would be. And just on the total exposure. I'm looking at your half
year slides, and I see alternative funds at EUR 10 billion. I'm just wondering if that's the exposure to private equity at the moment, which would be
-- it is quite big.
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NOVEMBER 11, 2021 / 11:00AM, GASI.MI - Q3 2021 Assicurazioni Generali SpA Earnings Call
The second question is on Cattolica. So you originally gave a guidance of synergies of EUR 80 million on top of the operating profit, which I think
all the profits, and you have Bloomberg to use consensus on EUR 130-odd million. I just wonder if you can give a feel for how much you've already
booked year-to-date from Cattolica from your 24% stake, et cetera? And in other words, what would be the delta now that you're at 84% full
consolidation?
And then the final question is really a stupid question. You gave the answer to Andrew, but I didn't quite understand. And this is me, I'm really
sorry. The EUR 1 billion left for M&A. Am I right in thinking -- and this is a question, I don't know that this has to be or should be spent by the year-end
that's why it goes to shareholders? Or is it -- was there some kind of more flexibility there?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: And can I just ask 1 follow-up on Cattolica? The EUR 70 million in P&C, I take it that's pretax operating?
Question: Steven Haywood - HSBC, Research Division - Analyst
: Just one question from me. It's on the Italian competition regulator, the AGCM. Has there been any update from them with regards to investigation,
looking between micro-insurance and price comparison websites. Do you have any knowledge about any potential implications? Or is there a time
line when this regulator will come out with some conclusions? And can you remind me which subsidiaries of Generali and Cattolica are included
within this investigation?
Question: Steven Haywood - HSBC, Research Division - Analyst
: Is there anything from Cattolica?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Just one question on private equity. Could you give us the amount invested in private equity? Just the total amount. I was looking at your slides,
and I see a figure of EUR 10 billion for alternative equity, but I'm not sure if that's all private equity.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: That's -- and may I ask a really cheeky follow-up? Do you have a figure for cash at the holding? Or any kind of indication of how the cash upstreaming
is going?
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