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: Kamran Mark Hossain - JPMorgan Chase & Co, Research Division - Analyst
: I've got 2 questions. The first one is on, I guess, the underlying combined ratio that you've alluded to, not just this quarter but in the previous
quarter as well. Is there any reason why the 86% to 89% shouldn't be the kind of starting point for next year for 2024?
The second question is on retrocession use of it. I think at the beginning of this year, you tactically made the decision to use a bit more retro in
some ways to reward the market standing behind you and to position ourselves for future years. When you think about retro going into 2024,
would you expect as a proportion of kind of, I guess, revenues at this stage, would you expect it to be more or less or any change on that front?
Just I'm interested in any thoughts on that.
Question: Tryfonas Spyrou - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: So one of them is on the potential write-downs you mentioned, I think, real estate in Q4. I think there was a slight change of tone. I think you
previously mentioned private equity will be something that could potentially be coming through. So I don't know if you can share any comments
as to what do you expect between the 2? And then if you don't see any sort of updates coming through this year, would you look to book them
this year, given that it's within your guidance, so we look to roll them over for next year's guidance.
And the second one is just on the buffer again. So you mentioned the risk adjustment is EUR 800 million thing. How should we think about that in
conjunction with the buffers? I guess, do you view this as settings? And/or is any risk just mean something that could be released later on I just to
understand how should we think about them and how you think about them internally.
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: First one is, any potential prudence in the limited retro protection that you've assumed in Q3 losses, just looking at Slide 20, '21? What is it just a
function the losses that we've had in the locations they've been? I think sometimes you've mentioned you booked some loss of gross and net the
same as they've been quite recent events. I was wondering if that's the case here.
The second one is just a high level, how is your view on this EUR 1.7 billion P&C reserve after being the desired landing point now changed? Or is
it still the same? I guess, those comments about potential more balance sheet strength filled in the year-end. I'm wondering if that's in other balance
sheet areas.
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