Hannover Rueck SE Q3 2021 Earnings Call Transcript

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

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Just a quick follow-up on that. So essentially on the fronting business, is what you're saying, the difference between the gross and net, obviously, on the flood is bigger versus Ida? Is that because there's greater fronting on European business, is that what you're saying there?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Okay. So quite the opposite of what I was saying. So effectively, your retro kicked in far stronger on your own account from the floods than it has on Ida. Is there anything why that's happening? Is there specific reasons?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Okay. Sorry. I'll go to my actual questions now. What benefit did the reinstatement premium have in Q3 for P&C? And is this already factored in when you provide the 2022 outlook for, say, greater than 5% and perhaps any quantification of what that impact is? And the second one is -- You've touched on there on the 2022 guidance, no material COVID-19 impact in life and health. Just for clarity, it sounds like you're not assuming it's 0, but certainly less than something like EUR 100 million. Is that a very fair assumption?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : And just on that pandemic retro cover. It sounds like you feel very confident that will pay out now. Is that because Q3 losses for excess mortality came in ahead of your expectations that it's effectively giving you greater certainty that it will kick in. Is that how we should read that?