Swiss Re AG Management Dialogue Transcript

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

Question: Ivan Bokhmat - Barclays Services Corp - Analyst : Ivan Bokhmat from Barclays. Andreas, my first question would be, I think, on the mentions of the inorganic growth that you made several during your presentation. So I was just wondering whether you could talk a little bit more about with the potential timing of it, what phase of the cycle do you think it will be appropriate? What type of expertise or particular gaps you want to address? And maybe what are you waiting for?

Question: Ivan Bokhmat - Barclays Services Corp - Analyst : It's Ivan Bokhmat again. Just wanted to follow up a little bit on the things you were mentioning. Well, one on the plan to see a little bit less captures external. I'm just wondering what's the rationale here? And wouldn't it be more logical to increase the session given the market becomes a little softer, so you can collect fees from that. And then the second question, I mean, I'm just trying to understand the dividend message a little bit better. But the way I understood it is that extra buyback beyond the $500 million that we should consider as recurring would come towards the level of $250 million as the ceiling where you would pay down potentially? And secondly, should we think about it with the view of this 14% IRR, if you're unable to deploy capital organically above that level, this is when -- this is when extra buyback comes in. .