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 M. Hossain - JPMorgan Chase & Co, Research Division - Analyst
: Two questions for me. The one is on the combined ratio target in P&C Re, where you've moved to this reported basis rather than a normalized
basis. Just in that change, is this a song you've got more confidence overall in delivery or rechange the way that you're doing things.
I just think about kind of cars when you move from having a normalized ratio to a reported ratio suddenly it felt a little bit more robust. And there
I say there's probably few opportunities to give excuses for lighting the target. So just interested in the thinking around where you've moved from
normalize to reported in P&C Re.
The second question is on the economic uplift to profitability from the 1st of January renewals, which I think you said was USD 0.8 billion. It's around
half of the book. What do you expect for the remainder of the year to bring in terms of market conditions? Should we expect something similar?
Or is it just a little bit too early to tell?
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: I'm afraid part of my question is quite numbers-based now. We're not getting that financial review pack. So on the reserve development, can you
separate the Q4 reserve by line of business. So just a Q4 part between motor property and liability that would be growth. And just on the flat
premium Americas, it's really helpful comes as on the exposure discussion you've just done there, overall.
Can you maybe get some color specifically on the Americas because we've got flat premium here. I'm wondering if there's exposure reduction or
it's just where you're operating has resulted in same exposure, better price for black premium? That would be helpful.
Question: Teik L. Goh - RBC Capital Markets, Research Division - Analyst
: Two questions, please. The first one is on the loss model updates. Can you say what kinds of risks were the updates for? And if it's possible to split
the 30% between inflation and the model updates? And my second question is just going back to the SST. Did the loss assumption changes impact
SST at all? And can you say what amount of premium growth for capital usage for 2023, you pursue within this 280%, please?
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FEBRUARY 17, 2023 / 12:30PM, SRENH.S - Q4 2022 Swiss Re AG Earnings Call
Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst
: Two quick ones. Can you give the NatCat price increase stand-alone annual possible? And the second one, you mentioned a more cautious approach
to cyber in January. I guess just a bit more color on what's driving the more cautious approach.
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