Swiss Re AG Management Dialogues Transcript

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

Question: Kamran Hossain - JPMorgan Cazenove - Analyst : Kamran Hossain, JPMorgan. Just one kind of big picture question. It seems like in the P&C business, you could have pushed a little bit harder than the kind of better than 85% given how well things are going this year. When you were thinking about where to set that number versus the $4.4 billion and relative to the $3.6 billion initial target last year, how much did like reliability of earnings come into your decision making around that? I think you said you can look at peers and they've -- some of them have delivered very well. How much consistency factoring in did you have when thinking about those kind of numbers?

Question: Kamran Hossain - JPMorgan Cazenove - Analyst : Kamran Hossain, JPMorgan. Just one question following up on the investment side. I think I don't know whether the chart you put in on recurring income yield versus reinvestment yield is purely like indicative, but you can see a flattening of the recurring income yield. Should we expect that or not? Because it feels like if your investment yield is above the recurring income yield, it should -- the recurring income yield should tick up. So just clarification on that. And the second question is around, I guess the indication that you expect kind of neutral experience on reserves this year. So kind of net release nothing. I guess if you look back at the last few years, clearly, the US liability has been the negative headline, but there's been some really positive development elsewhere in the business. Why should we not expect that over the coming year or so or was this again just a $4.4 billion and you want to be far more than 50-50 on that? And if you do get those releases and you do get so more than $4.4 billion, I don't know if you're going to get, say the world is going well, what will you do with that? Will you use it to build buffers, or I don't know if it's blue sky and hopeful scenario, but just interested in how that might play out in your thoughts.

Question: Kamran Hossain - JPMorgan Cazenove - Analyst : The recurring -- why is the recurring income you're recurring after given the real estate rates that are going up?