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
: Fantastic. And well done for delivering in clearly difficult environment. And I have 3 questions. One is on aggregate reinsurance, the second is on
net inflows. And the third is maybe that the comment in the press release, which I saw, which I didn't understand, it's towards the tail end, Page 8,
near the bottom, the Board of Directors approved the policy, et cetera, et cetera.
So on the aggregate, could you give us a feel for what the current aggregate is? And of course, I'm assuming it is attaching now and how that could
be renewed next year? This is the aggregate reinsurance.
The second is on net inflows. I just wondered if you could actually give us the figures because your commentary is very good, but I get confused
so easily. I'd be really interested in just having the quarter net inflows in Q1, Q2, Q3 for Italy and maybe a feel for October and how you see the rest.
I assume you have a line of sight now to breaking even. And then, of course, this comment on the Board strategy, I'm not quite clear.
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Just on the net inflows. I'm really sorry, I'm sort of stupid. You mentioned this figure of EUR 500 million, and I don't know whether it means a lesser
decline or positive. So on France, if I look at the half year, you had minus EUR 916 million at the half year. So if I take your comment on the EUR 500
million, that would mean that France is now minus EUR 400 million, so there's a EUR 500 million net inflow, whereas in Italy, the trend is continuing
negative and there's not much change here. Is that how I can interpret this?
Question: Michael Igor Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Absolutely. And then I'm going to be really cheeky. Does the data in October show any more normalization? Could you comment on that? And
what I would -- the answer I would love to hear is to hear you say and on the 16th of January, whenever, we will be positive.
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