Hannover Rueck SE Q4 2023 Earnings Press Conference Transcript

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

Question: Tryfonas Spyrou - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Thank you for the additional color on the Life and Health re moving parts. I was wondering maybe you can give a little bit more on (inaudible) has driven the change sort of the last component, the minus EUR 260 million charge in that? Just a little bit more color. And I guess, looking ahead, -- how should we square the EUR 850 million target in reinsurance service results in Life and Health re. I think if you take the midpoint of your guidance on CSM and risk adjustment amortization will get to around EUR 920 million. Is anything that we should expect to offset this? It looks like this is coming up quite strongly. And then the other question I had is on the health store from Italy. It looks like your loss has more than doubled since Q3. I was wondering if you can comment on what the industry loss estimate, you base that on. I guess the reason I ask is because it appears the industry estimate is now even bigger, more than sort of EUR 5 billion. My thinking was that your Q4 -- your new loss estimate could also be reflective of the new sort of new industry data loss figure.

Question: Tryfonas Spyrou - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : That was really helpful. Just maybe a quick follow-up. Do you expect to get any coverage on the metro side from this, given that it's so much bigger or is there any recovery is expected?

Question: William Fraser Hardcastle - UBS Investment Bank, Research Division - Analyst : Afternoon, everyone. On Slide 17, you highlighted the spread of owned funds over and above the 200%. That's stating supporting future business growth. Think the surplus over 200% is about EUR 5 billion. I guess I'm trying to now understand how high you want that threshold? And if we think about losses that would be needed to get anywhere close, it feels unlikely. Just trying to understand what further business growth really means to you. And secondly, you've mentioned most lines saw favorable development. I guess just a little bit of added color here, stripping out anything in terms of the Bermuda tax recycling on lines of business would be helpful, particularly how liability lines developed year-on-year would be great.

Question: Kamran Mark Hossain - JPMorgan Chase & Co, Research Division - Analyst : Two questions from me. The first one is just on the kind of thinking behind the reserve resiliency and adding more to kind of more recent years. You're very well reserved more that -- kind of around EUR 2 billion overall. But when I think about the use of it, you could have rest if you had allocated more to kind of later or older years. You've got to recognize more in rates agency capital, which I think is more of a constraint. Just interested in like the thought process behind that? The second question is just on kind of dividend and it's kind of also playing to the kind of question that Will asked earlier. What's the mindset on the dividend? What are the actual constraints on paying out? It feels like at the moment, you've got very high returns. You've got mass acceptance on the balance sheet. What the stocks you're paying out a little bit more? And should we assume for next year dividend, it's at least in line with the earnings growth that you suggested year-on-year.