UNIQA Insurance Group AG to Discuss Acquisition of AXA SA Subsidiaries in Poland, the Czech Republic and Slovakia Call Transcript

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

Question: Rahul A. Parekh - JP Morgan Chase & Co, Research Division - Analyst : Sorry, my line -- there was some issue with my line. And I just have a couple of questions from my side. One is, I just wanted to understand what is the normalized earnings of this AXA unit overall in terms of operating earnings? If you could give us some figures or range that you think is the normalized earnings of that business. And my second question is that on the capital synergies, if you could elaborate if you have some indication on what will be the capital synergies in terms of the uplift to the solvency ratio? And what do you expect there? And my last question is on your funding is that what would you expect your pro forma debt leverage to be post your funding transaction?

Question: Rahul A. Parekh - JP Morgan Chase & Co, Research Division - Analyst : Okay. Just one follow-up, if I may. When you mentioned in your PPT that the solvency ratio is expected to be in the upper third of your target range of 155% to 190%, does that include the capital synergies or does it not?

Question: Thomas Unger - Erste Group Bank AG, Research Division - Analyst : I have a couple, if I may. First of all, on the earnings accretion, I think we have established that you are expecting EUR 80 million to be added on the bottom line. Do you expect to maintain not recording the dividends, do you expect to maintain the high payout ratio this year and also in the coming years? So will these earnings feed through to this dividend to the shareholders in the coming years? The next one on the customer base. The customers that you're adding are around 5 million in Poland and Czech Republic, Slovakia. Are these -- are there any significant overlaps between AXA and UNIQA? Or all of these customers new to UNIQA? And then two, if I may, is there -- will there be any goodwill created in the transaction? Can you give us maybe the book value of the units that you're buying? And lastly, as I understand that you're also adding asset management, investment management in Poland. What is the strategy for those mutual and pension funds there? And how does that affect UNIQA's current asset management in the group?

Question: Thomas Unger - Erste Group Bank AG, Research Division - Analyst : Okay. But on the Polish pension fund and the life and pensions business there, is there any plan to -- or in general, of the units that you're acquiring? And maybe specifically in Poland, is there a plan to dispose of any units or segments, pieces of the assets that you're acquiring? without the prior written consent of Thomson Reuters. 'Thomson Reuters' and the Thomson Reuters logo are registered trademarks of Thomson Reuters and its affiliated companies. FEBRUARY 10, 2020 / 1:00PM, AXAF.PA - UNIQA Insurance Group AG to Discuss Acquisition of AXA SA Subsidiaries in Poland, the Czech Republic and Slovakia Call