Swiss Re AG Investors Day 2020 Transcript

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

Question: Kamran Hossain - RBC Capital Markets, Research Division - Analyst : Sorry about that. The -- yes. So big picture question for Christian. I guess in the last few years, you focused on divesting ReAssure, fixing CorSo, what's your #1 priority at the moment? You did mention fixing during your session, but what's your #1 priority there? And the second question, I guess, thinking very long-term about iptiQ. It definitely feels like there's a different pool of investors between insurance and what is perceived to be tech. What's intensive for iptiQ? Kind of (inaudible) kind of spin-off in the future, you kind of realize that $2 billion? Or is this developing economic value or earnings going forward?

Question: Kamran Hossain - RBC Capital Markets, Research Division - Analyst : Two questions. The first one is just around nat cat. So, I guess there's some indication that some secondary perils, especially, have increased all your expectation of losses there. What do you think the outlook is for nat cat ratios? I know you've kind of given us a steer on the overall combined, but what's the expectation there? And the second question, maybe a longer-term question. When you think about Swiss Re, I mean, we've heard about, one, Swiss Re moving people around the business, which I think makes for excellent kind of careers and kind of motivated staff within the company. But what does that do to underwriting expertise? Do you think that kind of career paths need to change in that respect to develop kind of deeper expertise? Or is that kind of already thought through? Any kind of color on that would be really very interesting.