Swiss Re AG Investors Day Transcript

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

Question: Kamran M. Hossain - JPMorgan Chase & Co, Research Division - Analyst : It's Kamran Hossain from JPMorgan. So 2 areas of discussion. The first one is on life reinsurance. I found the nat cat 10-year decade track record of profit is really interesting. What would that look like for mortality, given kind of what's happened in the last couple of years? And then I guess on Life Re in general, I guess, we can see from the results of the industry over the last kind of 20 years, when it goes wrong, it goes wrong for a very long time. So why are high returns not being demanded by the industry? Or is it just the current reporting regime completely the wrong one to look at it through? And the second question, a simple clarification. I think at the beginning, you said 10% ROE. You're kind of happy with that. You've got 30 people looking at what's going on in kind of various parts of the world. I just want to clarify that based on everything you know, 10% still seems okay or it's just -- we'll come back to it next quarter.

Question: Kamran M. Hossain - JPMorgan Chase & Co, Research Division - Analyst : Kamran Hossain from JPMorgan. Two questions. The first one, just thinking about the dividend, hopefully, we get through this year, next year and the year after with kind of normal levels or kind of benign levels of loss. And I guess there will be kind of decisions to make around the dividend. You've talked about growing it in line with kind of underlying or kind of long-term levels of kind of earnings growth. But at the same time, we set out a kind of 14% ROE up from something like maybe like 12 underlying this year when you ex out COVID. So what's the right kind of ballpark for us to think about the long-term earnings growth of Swiss Re and then maybe how that plays into the dividend? And the second question, I don't know whether this will be a shorter answer than the first one. But iptiQ last time, you said you thought it was worth something like $2 billion. Do you have a kind of number that we should put into or some of the parts at the moment?