Swiss Re (SSREF) 29 Oct 212021 Q3 Earnings call transcript

Company Profile

Participants

John Dacey	Group Chief Financial Officer
Thomas Bohun	Head of Investor Relations
Thierry Leger	Group Chief Underwriting Officer
Andrew Ritchie	Autonomous
Vinit Malhotra	Mediobanca
Will Hardcastle	UBS
Iain Pearce	Credit Suisse
Thomas Fossard	HSBC

Call transcript

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Operator

00:01 Good morning or good afternoon. Welcome to the Swiss Re Nine Months twenty twenty one Key Financial Data Conference Call. At this time, it's my pleasure to hand over to John Dacey, Group CFO. Please go ahead, sir.

John Dacey

00:15 Thank you very much. good from or to morning good afternoon me also everyone. And Chief with Investor and Thierry here Underwriting Relations. Leger, of I'm Head Group Officer our Thomas Bohun, XX:XX we published overview morning. a for As first this start key the that the figures brief months nine usual, I'll of with for one ongoing to pleased despite loss and the dollars the from profit nine COVID-nineteen. months point three of significant We're first one of burden a billion report the twenty twenty events discipline point underwriting, our produced combined focus on dollars point and and one seven Corporate a portfolio XX:XX five and ninety Re Driven Solutions ninety P&C quality point excellent combined by and profit nine reported with respectively. results one, of percent of ratios one billion of percent, and five twenty deliver targets XX:XX P&C Re twenty and and respectively, on ratio Corporate on ratios four point their ninety ninety Solutions track seven for both one. combined delivered well are combined to ambitious percent normalized underlying Life heavy the by burden Supported a Re claims. in the of of second achieved for COVID-nineteen profit margins row spite quarter strong a in and Health date. for three entire strong equity gains of income impairments on no investment as driven valuation was XX:XX The credit by Group's well largely to return as year percent with recurring the Re of Swiss group of first very percent position as the SST capital two with a maintains strong ratio of four thirty July. two dollars. position The billion by nineteen of percentage point one than the fifteen was three of supported twenty increase starting compared to earnings more twenty economic deploy businesses attractive twenty and continue the across performance towards capital with their move we a to our group. year returns see into As of can opportunities at we the two XX:XX busy and confidence that end twenty strong to I'll Q&A introduce that, the to hand Thomas XX:XX it back over With session.

Thomas Bohun

you side hello John, to well. all and you, Thank from my of as XX:XX

with have if usual, start rejoin question, please if first you queue. another and So question, to if we restrict XX:XX questions could Operator, the please. you the yourselves then two as could

Operator

Please from first ahead. XX:XX go Andrew from question Ritchie comes Autonomous. The

Andrew Ritchie

the around was based CorSo comments right there. viability XX:XX Hi business now. I the of in made. interested cat was property you

you're first than quite now? in suggesting now lot obviously, the in that mode higher that, growth business adequately media adequately this ninety this a this need sort trying to is don't stress is in at it’s Are QX wasn't might priced, John priced think -- CorSo year, date. this leased are less the Thanks. rate work? conference more from half. expect Should assume of trying what property rates XX:XX on question, now point? we with cat in business to -- needed of where are additional think terms across cat was you're say restructuring you was lower rate to year growth CorSo you're if do a industry to you to I of growing thinking Or be Is are we'd tell morning you to you a to I because and business, than trying happy And combined it but I run sure is trying still normal us? than running your viable that is back Second property at what with lot at renewal an line kind we was what level? kind or in of we

Thierry Leger

are XX:XX ninety still hence below cat take combined. Andrew. losses reference below despite on I’ll John Hi, is property the This question first percent all you Thierry. -- we that

that above say our these this budget, and wanted think loss that still also being very that despite I very, in what this business large time this mean doesn't we losses at with point to is, making.

in the the premium efficacy losses. still on the the of business, see can simply said covering we market. ninety, is that the below price we to this around are underlying all essence the making Regarding by XX:XX So that question dynamics

part, seen clear We businesses, is parallels. been some Capacity is the into secondary strong the pressure of year space our as since that not of frequency lately. lot some Investor increases. in are back clear has layer particularly pulling growth it more the on it that last well is and very have there's see, November still Day we we not And price, that the a structured desiring in and price of very is attractive

bit a differentiated more of have a we it. approach like So

John Dacey

be even and of And again the winter expect be the might and closer combined ratio for home year Europe. Texas load. a the the of the Northern what that heavy adapt, that and mean piece. places fact expect able I taking cat where to would Swiss but to lower So Thierry think tail a the money our as in that this this the said, in in of expertise would not If add we we're storms We do frankly, I on segments think price need thinking important in Andrew. say that there's compensated further risks been bringing which think that a to the industry, it. I there's going adapt has heavy continue the still with understand space Re XX:XX we couple also to here, when this -- then, when And extraordinary industry, we're between And of got more on is July to the we place we're profitable modeling risk floods XX:XX We've surprised make prices to people. to a I down. And in increases. appropriately. still business I’m book. But capability be shouldn't year, as a to surprise an on

of CorSo half second twenty third that's a first on expired portfolio finally continued We of the actually. in straightforward in this for XX:XX restructuring Your massive a has twenty CorSo And twenty risk So of It’s drag answer, second did on that's sort here nineteen, on. rid growth. as the a getting of one. the question. growth pretty of the

growing but through. strong see will twelve not and as you So probably some written opportunities specific it near should date -- beyond to in that think percent, forward, And see but go parts year-to- as the CorSo surprise we double even XX:XX forward. increases, price growth making the mode quarters. for we go be So, shouldn't of with grow increase with I digit have predictions, earn the sort us us the a only premiums interesting as I'm people business not in of we been in which for

Thomas Bohun

next Thank Could the question we you, XX:XX please? Andrew. have

Operator

next Please question ahead. The from Malhotra comes Vinit go X:XX from Mediobanca.

Vinit Malhotra

results. Thank the the on one have XX:XX afternoon. you Yes. And very cash and Good I congrats situation question at great holding. on this much flow

of also update, have you in or four of if can the an two and provide to words, to P&C Also is Second just comment a month at which first at RE, Investor here the combined any in ninety if were there? and effect some frequency last these that, So economic next more these did pricing ninety thing through, of you nine point cat zero this Thank percent year something recovery? four have could that two is about which bit percent? That's benefit question. in affect point you other stage. year, has you for COVID we similar the courses If also there to think numbers holdings. us losses think? for normalized would how context at is ratio And dollars XX:XX Day billion provide but on earned XQ cash the you. how the should about think notable Could you that been position

John Dacey

the What at as On will XX:XX down entities answer as first the is XX:XX and not the question are group the can our I We've second So, level is the one. the company well Thierry of subsidiary Vinit, liquidity cash. I'll relevant actually address up disclosed say levels. position robust, we yet the firm holding and first question. and that cash with comfortable very legal are similar

we there about or Re want to in to reserving now nothing there's XX:XX here. are that With Thierry, So take that? ratio, be combined the the to you respect losses of out P&C paying spite normalized concerned

Thierry Leger

we benefits from actually to attritional reduction might are which reference So normalize Vinit, regard profited frequency have X:XX with frequency to we case. unusual the not you -- -- that is once making losses, in

year this substantial in an were the on manmade there easy country, the generally actually industry. the on So losses, going to losses was not

running do find you You COVID the happens, of are industry industries cases, is lots of which limits, very those know at reopening that losses. after in property for typical

there So see. benefit that such we could was no

John Dacey

a on is would allowed and little in twenty we Re the P&C real that what going for to to think the positions reporting XX:XX below that's reserve there's clearly property there. I don't probably that's one. And twenty adjustments in for twenty one, normalized only any be coming say through the But thing benefit we're the and is book of make were CorSo twenty some to us twenty twenty some losses

Thomas Bohun

next Could question the please? Vinit. you, Thank XX:XX we have

Operator

The from next From Will Hardcastle comes XX:XX question ahead. Please UBS. go

Will Hardcastle

for the everyone. taking questions. afternoon, here. XX:XX Good Two Thanks

Just or I maybe but retro color terms floods first solvency. think that on benefits support refresh change what's on you. sustainable think helpful. preference, was your say, can it due and that. [indiscernible] [indiscernible] about help losses growth of percent reduction type expectations. guess would obviously, catastrophe as returns a debt let's highlighted [indiscernible] Thank guess, Ida guess will you a the a and distribute. we Any I positive Secondly, to two gross solvency. are here I thirty protection. coming that going XX:XX beyond then should to you Also deployment market shareholder And in forward well. excess level between initial the that be changing European how growth, us underwriting view, print. Anything in here you you’ve SST beyond and ability

Thierry Leger

-- first the our I back results, improved we question, Day would twenty On Will, do. XX:XX in said also Investor take November go underwriting second. take if your to twenty will we where I John the we think what will can

And by time at we parallels, behave the those rationally. therefore, climate to reduce our would that to levels. thinking change will ahead continue particularly said very secondary exposure induced So it were those we looking

and time see exposure the we corporate risk big to also said We in also inflation large at reduced -- you our remember, social a U.S. as we the threat, therefore

So mix. that, both we did different led actually to of that

thirteen to much our retro we I program the -- performance. improve changes retro explained side. whilst always the to this refer would did improve the So do changes And more structural we those don't that on

John Dacey

respect position four obviously Will, the When thirty and of fifteen. for The explicit the than capitalization in question, think a in a priorities second the group. year our much two more with the the very puts On is number us to we very been started XX:XX solid two we’ve solvency. I comfortable

foremost in one best is and the first world. of to capitalized the reinsurers remain The

took we that box. think I

secured is and dividends. all earnings to believe prepared year telling Second be seen and opportunity is cases, the of that our quarters. in that economic third some the to be first we XX:XX new the for you the increase and sure in you've growth been that our all in front the us dividend capital that. deploy year long, businesses should in we're see maintaining, We've of this half in reinforce The coming is frankly, to of here opportunities, we

are expand being places franchise then here price will in alluded discussion. particular, on market, grow. the into as better higher And think but parallels Health also Life which pricing prices the some in structured some should of prices so, just poorly product on result Life thought incurred the expect Re transactions, demand twenty in on under-priced prepared think -- we to didn't that and priced. continue P&C our for our real business the and both twenty aggregate support the can segments are that was to, is one. with which covers, adequately events some losses Re twenty achieving these and modeled haven't market, where we that those that launches And to and of whether in twenty we frequency evaluate twenty of has XX:XX twenty a changes Thierry what earlier, CorSo see better Health we're the sort with primary been And in we're We one

leg fourth ourselves are with the the we don't the future then are prepared past do in it. that the really The right find in that We're yes, the three that excess return -- answer. reviewing So if need we We've first ability it after that's on is, and the to capital, to if to we'll sit to deploy, those shareholders. first done legs.

Thomas Bohun

XX:XX we have please? the question next Thank Could Will. you,

Operator

Suisse. XX:XX Please from The next comes Credit question from Pearce Iain ahead. go

Iain Pearce

afternoon, for questions. XX:XX Hi. everyone. Good Thanks my taking

of industry level. one was won't that good, at just sort be profitability Obviously, The the the for profitability on that cat the first book your sounds the of for I'm profitability book. assuming very

this So the And you on your sort year? proportional have to profitable there Is the now would Swiss the anything to Re’s sort and hoping size you group? share. exposure that's hurricane have then Atlantic much share the And is by a just should more question effort could to what movement is in just share bit second be we year. be of in what differences leading in we loss the North in a of Swiss relative the this this the of loss on seen implied move P&L than expand Re. XX:XX for Ida assuming loss book more just that It's the is

is you wondering why was on you I now? So more think this do if level could touch a normal

Thierry Leger

will to and start Hi, XX:XX I’ll add it. John Iain.

-- cat that year. So the thanks book, our profitability book of made we early changes to think cat we the to on in the the indeed

able avoid [indiscernible] losses. -- actually are to We

said digit range. mid in have we avoided We have triple also the that losses

So of that's losses an we estimation, that's think. estimate to But because to course. it's degree, difficult but the what aggregates,

allocation avoided, in a position it we well think also in opportunities for ready good have of capital out have -- in -- capital alluded are cat’s we We to book very we next year way. grow a a actually We we comfortable position, XX:XX the well think and a position. are distributed strong from if to John come that business business very our

certain current dislocation We very this market are possible. be will that optimistic, we that watch closely given in spaces

the are two, add to confident. book strong By profit present businesses. So John, to the Therefore will we from one? the be I enter very very liability to and on want all of themselves something general to twenty in that opportunities across this able next think, twenty year. back if our you way,

John Dacey

obviously, XX:XX Louisiana, bit to specific damage ran light. damage of Maybe around the Baton storm, just of lot near both Ida major Orleans to coast did of was but surprisingly it an up, Rouge was a the questions odd areas miss a the then the be it it and metropolitan managed that rain in tail as model induced And matters, You won't its rainfall not out surprised but had to matters in actually Japan model it especially the hurricanes, with we for subsequent we -- well. in that XX:XX the North but northeast. America turns only hurricane do know -- typhoons, Ida.

actually necessarily flooding personal that in flooding mostly And this wasn't the kind motor lines to but necessarily you a commercial damage flooding in surprising teams amount surprising force. it so was not as saw hit areas or our coastal, would of that be lines and not rather where homeowners

to point our have these exposure And had book. that so the -- prepared we they not kick-in for state. I'd question, in on ourselves higher within Louisiana had material wind well America of are actually think, but XX:XX is losses attachment the minimis reinsurance, in typically damage we've, reins, I very necessarily complicated. be was losses avoid thumb we any to the also are of where the way. specific a didn't wind sure nature did So to your they rule North little which future? done if by in that We de specialists, one some us a had it's storms, say of particular, managed the this not this

or But I'd we lower some losses current So, expect a at people this against we're historically say, of forward, there. we has the might the the extra that assume. underwriting been range, of range little was go towards should we're that add-ons better end a as that these with in protected have, least you

Thomas Bohun

next Thank the Could please? question Iain. you, XX:XX we have

Operator

from from go next HSBC. Thomas Please ahead. The comes XX:XX Fossard question

Thomas Fossard

outlook. regarding Yes. question Good the afternoon. twenty twenty XX:XX two One

out will well the already you're Re for laid expectations to top listening on it that line it the interested. into year. release growth next side your I mean, company your press me to that reading seem be that, mid-teen pretty seems comments, P&C be and Some to optimistic

reinsurance underlying new growth were seems in QX be a shooting in-force been Life results, related would that and very to rates Health be understand see better second conditions if actually Life kind you're the running And interesting XX:XX to P&C experience by what to year will Re prevail. current for supported Re next So and question profitability be probably the it of to of and will bit we since strong in partly but the has we're book transaction, printing QX, the actually of expecting. market

will billion return starting So on equity, you. I twelve based to hedge any was percent eight if ten on be on percent slightly update that the we you wondering are us higher that on could it update but seems to interesting? now, to the so shareholders Thank equity

John Dacey

Thanks, exclude XX:XX otherwise. pricing write we be to think -- which in is opportunity. twenty will of two, able to P&C grow got their don't balance my goes market book respect What seems we'll With for see on may new Re don't If to some would prediction. forward and a than what in of We rational. to to we less some it the can is, do sheet that expect business that we here. the pricing to guess of possibility be there see Thomas. constrain growth to look in business. I I'll a I twenty bigger somehow, the pressure rely we've do that people rational, the retro But say be opportunities

that dynamic I think we'll So what is. see

clients covers to rational we'll are just and deliver for. to looking and but a be continue the that not they're important decades, We partners over, reliable primary insurance committed our years to pricing

work both infrastructures of work for will We us. that with

one just Life we'll and have I'm us. more take if so renewals to opportunity Re, the see for But little provides a Health growth, optimistic. that And On land probably January where actually strong subsequent a we'll XX:XX it.

year continue there or for and again, markets as them percent date adapt companies help do own business, I continued of foreign as to to which restructure we've emerging to demand well that number our real by of a that, ten think demand around particular. exchange. to some a in world, that's for of business grow, protection able us U.S. been flatted, what their see been I butter But book to the is is bread be guess, models we as products and European able

a companies by develop to set being that which So, the we address called morbidity. skill products have, expertise mortality is the them suite have primary help of we upon broader

of I an have bit mortality COVID, underlying the understating companies to a not and in the flattering of odd mentioned and business COVID what's XX:XX some growth at and continued of least profitability of compared You probably nine little experience in we there. months COVID, firmer to reflected a -- I'm science. eight expectation nine that XX:XX performance. about of the higher higher guided ninety that So, allocated on the mid-year, reiteration non-COVID area and at in earnings portfolio. the is a equity Life and what's allocation talking the broader Health to. the to but what largely losses a be acknowledge might the between mortality which margin the return which remains a think there COVID what Two of have an result we first, primary losses we of our the precision observations, were So, respect is on We've the with is a market may than of the the the

of industry management a likely dollars potential manner really offs there an of quarter life third the some challenges last one which the income not have some ten States for unfortunately of at remains for is, the came force to the not year. other percent year to approximation the with would series think percent with eight you a predictable twenty the but two. seen in course a should guidance return probably related in had closer United coming percent a is a do in percent which in this on reasonable them to that's were quarter, twenty think in thing, repeatedly, be least cohort from but some of to of We during But we year have the target ten third probably crossover, two. quarters actions, challenges twelve the twenty second for a we've XX:XX them hundred quarter, been way making to about helped were in up The for to the policies of for twenty economic equity million the of twelve I

Thomas Bohun

question you, please? XX:XX Thomas. Thank Could we the next have

Operator

We XX:XX UBS. Will from Hardcastle go Please question follow-up ahead. have from a

Will Hardcastle

Well. Thanks. XX:XX

You comment secondary under are parallels made priced. the

pulling [indiscernible] lot how give sort you I hypothetical, action ten to know I to And a business, of then one it's second months. I uncertainly guess estimate thinking but advantage you You've tail opportunity. has XX:XX is percent price. longer take lines. here. back or clearly are in heightened level we is a recent is it’s a stepping percent. any And the we continue fifty taken grew looking proved at it [indiscernible] back. of lot Swiss a just see -- [indiscernible] Can they the of in us percent, potential inflation bit on twenty what forward debate, of everything Re underpriced? mean, much a which of

the not? is would think in Whether And inflationary way shorter which this the should you've lines on an be think tail the on anything you it experienced business would we card closer or Thanks. looking be -- about scrutiny perhaps portfolio. side a already I on actually of environment?

Thierry Leger

your one and second. XX:XX Will, take I’ll John the first

the the One you the is is can required? market. we price is think required price what the one and other in price So get

said we So that, different. I technically we structural year answer very issue. parallels. are said more is to your last secondary regard maybe. some what technically, Technically hopefully mean, But with that's in November there question I’ll what

the that a to our that exposed way in the has parallels market and placed price secondary of a some no were in in were space view. covers So frequency in

percent, increases ready will there can can hundred we areas we to are is That's space. to above we the continue a potentially think are pric on those, of talking not the obtain. Definitely What about space. referred be percent, price grow be where those some it So XX:XX and are being the John substantial. spaces that required close. where fifty of to carries have are what at rainfall. tricky These to make look -- I But secondary are change, to type parallels we interval. wildfires, hails, as parallels very, we are high those work as loss they that on particularly areas, still that also have they certain said, those very to above again, to in definition exposed And into so such are, one believe climate we

areas close they So our or [indiscernible] exposed remain of these to those particularly terms in are treaties of independent will view. structure in where to probably

John Dacey

XX:XX And maybe on Thierry, some commentary. the again, inflation had side, great

of think but temporary to think we this not be challenge the the on we to way inflation social inflation temporary supply underlying think what or about -- Carlo seems the describing core completely the between framework expected I and we about be Monte chain.

eight sure say on have nine is the is we're between Will, we damage one motor that social the moved was different saw to with unpleasant broadly all cars And and respect than some of Where as with eighteen moved U.S. is experience, for related expect. and some into made. was struggling between actual with three we repairs good also and billion more the for industry damages that cases, losses with part were one adjustments in have cost some most we you an of it. loss I’d the asked, played. on are getting other see of two are and XX:XX on twenty expected. of thousand you of our all to adequate in to we think out the rebuild markets, I have damaged to would expensive twenty some I also the came going this hurricane. would Ida might we've through XX:XX for core more saw the inflation of compared recent which to hurricane people made have in Motor bleeding this and but be costing thirty experience, of this what important higher twenty the making this a regime some And to You in and but also line replace what seen dollars expecting of this So, twenty ratios, changes flooding any automobiles, reserve which and very the models nineteen as surprises to what inflation, we with very place, because companies replacements And of well that's the potential in that impact is dollars argue in loss you we claims twenty prices

a related and models to the are should it's sufficiently of our cats, four quarters we'll we've continue some where place inflation evaluate adjusted that to So in in six the undoubtedly we to we supply nat for next putting place expect chains.

Thomas Bohun

Will. next you, Thank XX:XX Could we have the question please?

Operator

Credit suisse. ahead. XX:XX The Pearce Please next question comes from go Iain from

Iain Pearce

for ups. thanks the follow Hi, taking XX:XX

just was releases. CorSo on one The reserve first

those tail to higher that the is risk recognized? that benefits out some do plan Or now still related How of frequency was should mentioned through of growing benefit second in have book And do you retro the long think to capital sort to benefits for areas. we the this expect Is elevated one COVID. to of the be frequency to sort last? own of earning in plan the sort on the been or be potential then your seeding potentially You experience your partners? fully

John Dacey

twenty related try. casualty XX:XX COVID result property in the in as releases court So twenty been part on you've focused reserve been in been of the benefit systems more cautious any because also seen restrictions to on twenty in our book. On we slowed in We've but a I'll CorSo, the the think one. releases, twenty, think it’s I U.S. have

follow, are to ratios to benefits. is not messaging doesn't bear And I losses book. we've positioned believe that of think that won't normalized all meantime, through been it are come so, releases that out expect groups I delayed concluding that In is we these be cleared the the real CorSo on didn't or mean in think through. occur combined well but we or the might that mean CorSo losses that the we that, decisive there basis does in ninety That a I important for under come to XX:XX provided six that the able

so – Sorry, of continue. And and to the expect has improvement we is activities core that was the the question showing growing book today it XX:XX trajectory second this

Iain Pearce

the would On Speaker] how XX:XX and book use [Multiple we

John Dacey

XX:XX that ways. that we access of market the things retro Capital go we bonds different twenty alternate to go as activities by team expect route, be that to robust continue clients among two. facilitates obviously many So want and cat Partners our the to twenty into other in would issuance we The

our the industry. of a saw the out frankly, picks sidecar, relieved three And loss ago. own announcements have I were in when ad bit they put probably hoc weeks think they the largest Ida for We in we one our

of underwrite. group think not I putting vis-a-vis for economics are particular underwrite recognize we them, our at them We So sharing any disadvantage the we that investors book book the the with that we're profit. our

able support sharing the book with net also to gross able risks the peak the about in grow the to so people with in should grow And to we continue I use grow but think coming At well-priced own optimistic to underwriting, we time our manage front line some to over other just being moment, the help door. our grow to continue think capacity also economics. retro in interested we risks, by be but XX:XX the this we're

Thomas Bohun

the question next Iain. please? Thank we Could have XX:XX you,

Operator

Please follow-up ahead. question The XX:XX Fossard HSBC. next go Thomas from from is a

Thomas Fossard

additional for XX:XX Thanks Yes. taking questions.

to related be would mortality one losses. First

maybe be some of you better will we pretty that Anything related second the position And changes fourteen and should kind is helpful. liquid could you the quarter to about? XX:XX at for think had of or in mortality were change And portfolio. see percent of question end of you. that thinking you be any and made understand as what anything twenty twenty or changes may your significant twenty you chunk to the Thank twenty two date? these true-ups, big investment scenario two. you maybe specifically that of wanted of cash Have QX half I'm get in exposure but just So is into to first your QX, what would QX on holding

John Dacey

you we've COVID couple of and XX:XX of as in portfolio the a series One to out, to continue With we the first respect point the a previously a is, thoughts. loss pay of so aided the based less So thousand reached foremost hundred different the third quarters, have one in down and correctly now largely we've One the the claims XX:XX because coming question, dollars your to United starting was well. going point are what to through fewer said thirds. third judge for insured. adjusted two point which some dying that seem two source has than significant losses set mostly it's although actually see for are saw insured losses a on we hundred one of On been to XX:XX be we the States, single In also loss that percent, believe U.S. data last million seven mortality, now there as that little as out five coming hundred one is but of a through what a on of delayed quarter, us a to expect is percent there be the we've U.S. range the the fifty was result pandemic. to seen largest Africa, quarter dollars which every or out there probably one to quarter What difficult in XX:XX does a rates forward and the is where to India some the every about hundred and slightly vaccination deaths actually delayed in this. point of that's a two were two in of things. two seems COVID past, losses the virus of And million five trend. guidance people we one basis, is, come for would we to loss COVID a as the reporting in thousand of of to South and we the and our particular, population had

States, The obviously QX, the which second second right? say in The QX. in biggest thing peak was first I'd is other United peak in peak the the

peak deaths fourteen per thousand lot. of cases here. about a still is that's dramatically two day, falling a day hundred through October, down terms of are of from In per to number but the

the And look to Re, to dollars this P&C itself of and presenting some us. in U.S. in point particular being fifty as that become QX small twenty fourth what evidence What at the cancellation cost the dollars related we would P&C expect don't for pandemic businesses. we third we be no won't actual be the see us, through see seen released I'm reserves in first two, to can smaller say And CorSo P&C a number with XX:XX other what pandemic quarter. were be to one so, least lingering that this of of U.S. fourth half its And judge might to some losses material going The claims QX hundred now quarter this out coming not the to in seventy continue like. foresee losses to we path. as predict any positive in got for mortality at twenty continues the in not of going or in time quarter, is, in have we in a this the geographies quarter, losses about million be be right there's million Re material of P&C the very the we'll that, -- would have We surprised to we've than path continues. but in charges XX:XX but result

Thomas Fossard

investment XX:XX the And portfolio on changes?

John Dacey

so percent credit spreads a big XX:XX tight into investment two will in a incentive and reinvestment bit available portfolio, point to cautious. The two a got not the answer We've remain on way. credit in third providing jump us we is, On yield pretty I the of it's there quarter. remain guess the

I of point risk time. okay going think at not we're on this

Thomas Bohun

XX:XX Thomas. have you, we next question Could please? the Thank

Operator

Ritchie is The follow-up Andrew question go ahead. XX:XX Please Next from Autonomous. a from

Andrew Ritchie

assume Is investment run from losses about one. to of Am or Hi I two it's think annum. So per million hundred rate very I it the correct quick XX:XX there. in [indiscernible] change? hasn't

clarify, rate higher? group wonder I a center run few ramped -- higher if think to I of loss there's has in countries, think all that's I especially losses no want market this effects. up new QX to addition in down know was just I to -- mark the been just the year. in I China,

John Dacey

which XX:XX I challenge These items twenty guidance. been of but that on confirm right, been years refreshment, full group performed a very it’s very we've fifty these the year. and have a strongly night There's changed positions positions you're in is time, are comfortable this mark us. for two couple market And twenty can some in hundred been hasn't for over or hundred between two exactly positions. to and with good two

Thomas Bohun

Are more questions? there XX:XX Andrew. Thank you, any

Operator

had we’ve XX:XX Gentlemen, no questions. more

Thomas Bohun

you all questions. for the Thank all XX:XX

Relations do and have Thank you you all questions, any further very If Thank again, please with weekend. you. team. follow-up nice we a wish the Investor you

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