Good morning from Hanover. Bernd Sablowsky speaking, at the occasion of the Talanx's results call for the first six months and the second quarter of 2022. I'm together here with Jan, my CFO. Jan will give you a rundown through our numbers and the results. As usual, and already announced by Stuart, after the presentation, we'll have a Q&A session. As usual, you'll find all the information, material and documents on our website, where we will also have a replay of this call. Having said this, I hand over to Jan. Thank you, Bernd, and good morning, everybody, and thanks for joining our call. Would have to assess the first half year, I just can say that we at Talanx, we are very pleased with the results of the first six months. The bottom line is up to EUR 560 million, which is, by the way, a record result. This is despite a very challenging environment. If you look at the nat cat losses, which we had, in the first half year, as well as Ukraine. The profitability is up to 11.8%, and we are very proud that we can show a growth above 17%. This growth clearly outperforms our peers, and it's also a signal from our customers that they trust in the resiliency of Talanx, which is very good. If you go to page three, there you see what I've just said a little bit in writing. There you can see that the growth rate is 17.7% and currency adjusted, 14%. Pretty strong. We are to increase our outlook for the growth to a high single digit growth written premium increase for the full year. Currency adjusted, if we were to have the same currency exchange rates as we have them as of today, it would be a 10% plus. We don't know where the currency is going, and this is why we have adjusted this for currency effects. With regard to the bottom line, we keep our guidance stable. We confirm the range given the resiliency we have for the full year. We expect the profit to be in between EUR 1.05 billion and EUR 1.15 billion. This should also help to deliver return on equity of 10% or more. This will partly also depend on the development of the interest rates, as the interest rates heavily impact the equity as well as the denominator in the calculation. If you go to page four, there you can see that we are a very well-diversified group. Here on the two charts, the blue colors represent the primary insurance, the gray color is reinsurance, and you can see the earnings mix as well as the premium mix. If you go to the first half of the year, next page, please. There you can see that we had 40% of our premiums related to the primary insurance and 43% of the profits in the first half year also to the primary insurance. It's a very well-balanced picture, which gives us the confidence that we can deliver as we are very resilient also in terms of the earnings mix which we have. Please go to the next page. There you can see the technical performance during the course of the first six months. There we had a significant impact of the large losses. First of all, Ukraine. In total, for the group, we reserved EUR 346 million. I will dig into that one a little bit later. If you were to exclude this Ukraine war, the war of the Russians in Ukraine, the effect from our numbers, the combined ratio would have been at 96%. Without that, it's 98.4%. We do not only see in these figures the Ukraine, but also the Nat C at burden and also inflation. We have a very conservative reserving. You're already familiar with it, and therefore, for the new claims to happen, we obviously have included more conservative inflation assumptions in that one. If you go to the next page, there you can see the large loss development. In total, we had a large loss burden of EUR 1,083 million during the course of the two quarters, which exceeds our large loss budget by EUR 267 million. What does that mean? For the full year, we have increased the expected large loss budget. We have increased it. As you're all familiar with this, we are always booking in our accounts higher of the two numbers of budget or experience large losses. This EUR 1,083 million is already included in our EUR 560 million net income, which we show after two quarters. What is also worth mentioning here, I just want to point out that the Nat Cat development was very heavy during the first quarters. There were the floods in Australia with EUR 259 million. The storms in Europe is approximately EUR 180 million. There are other floods in South Africa with EUR 84 million, hail in France, and you could add also more than EUR 50 million in floods in Malaysia, to the large loss event list here. What does that show? It does show that the climate change is there, that we have a higher frequency and a higher severity of the claims related to it. As an insurance group, we can deal with this challenge. We have to adjust our prices to it, and we are doing so. As a society, I think all of us, we should notice that we have to do something against climate change here. The Nat Cat development was clearly above our expectation. Much better than our expectation was the development of man-made large losses, just EUR 65 million. It's very low compared to previous year, but this may change. It's also a little bit a result of the very well executed restructuring in Industrial Lines business that we were able to reduce it, but it's some statistical effect in it also is quite low. In a nutshell, we've exceeded our large loss budget during the course of the first half year, mainly due to Ukraine, but also due to Nat Cat. We had some support from a very low number of man-made losses. If we then go to the next page, we just want to mention again that Talanx has started the year with quite some resiliency reserves in place, which the total amount is above EUR 3 billion for the group as a whole, and this will help to manage inflation. How are we doing that? First of all, in our normal business, we have to adapt prices to the new inflation assumptions. We have to put in our pricing. Second, with regards to the reserving for all new claims, also, this new inflation assumptions are included. This is obviously also a burden in the loss ratios as of the current year. I think all of you're very much used to the very conservative approach where Talanx is a little bit traditionally different to some of the peers. This gives us also the confidence where we stand that we can meet our outlook, despite all the effects we have to deal with. If we go to the segments, I would like to start with Industrial Lines. We are very, very pleased with the development in Industrial Lines. It's not only profitable again, but it's also growing. If you see here the growth, it's our growth champion in the second quarter. The operating result is slightly up. It's a very conservative reserving. The combined ratio for the half year is 96.5%. We have set out the outlook at 97.% something for the full year. In the second quarter, we even had a 95.9%, and it's, again, I would just mention it, they were able to strengthen resiliency, but it's also a little bit a lucky result in the second quarter, given the low man-made losses which we had. We know that in Industrial Lines, it's a volatile business. You may have some wonderful quarters. You may also have some quarters with a combined above 100%. For the full year, the expectation is 97.% something, around that, and they will meet their targets. We are very confident there. If we then go to Retail Germany, there in total, we have a shrinking net income, which is driven by P&C. I will explain on that one later on a little bit. We have a positive development of the premiums. We are growing, in particular in P&C and in those areas where we want to grow, which is in particular the SME business. We are also growing, if we look at the new business in Life. We don't see that in the premium development, so in so much in the figures given that we had a lot of policies were terminated, but on normal course. They were not terminated by the customers, they were just expiring, which is a specific effect due to the history of the portfolio. If we dig into a little bit more on the next page on P&C, I think it's worth to go a little bit more into detail because we have here a worsening of the combined ratio. I just want to mention a few effects to set it into context. First of all, we had a Nat Cat burden due to the storms in Germany. This Nat Cat burden is reflected in the figures a little bit more as we bought less reinsurance protection compared to previous years. The self-retention for that one is higher. This is also then reflected in the combined ratio. Second, we have a normalization of the claims frequency close to the pre-corona level. Third, we have claims inflation impacts, in particular in the motor business. Yes, there is a challenge, and the challenge going forward, in particular, is to adapt the prices to what is needed under new inflation assumption. But the business unit is already working on that one. In addition, they will restructure some of the portfolios which are more exposed to inflation, that are property lines. That we are confident that we will see some improvement there. Second, what is very positive in Germany is the development of Germany Life. I already mentioned that we were able to increase the new business in annual premium equivalence. We increased it by 12% and 30% of which in biometric products. Second, we were able to significantly increase the result despite the fact that the net investment income is significantly low. I think I should explain that a little bit more in detail. Given the increase in the interest rate, there was no need for additional funding for Zinszusatzreserve. Therefore, we have reduced the realized gains significantly here in the portfolio. Overall, the situation in Life has turned to be much, much better. If you look at the Solvency II capital adequacy ratios, on average for the German Life entities, it's now 349%, which is a very strong number and which should enable us to some capital upstream actions going forward. It's a very positive development here. We go to Retail International. First of all, we see a very good growth of 13%, and if you're adjusting that for currency effect, it's 16.9%. It's also aligned with the strategy, so we are growing much faster in the P&C business. We are up 25.5% currency adjusted, even above 30%. Whereas the Life business is going down as we have already set out the expectations to it. The net income is impacted at Retail International by special effects due to the deconsolidation of our Russian entity. There was a deconsolidation loss of EUR 23 million, which was compensated by one-off EUR 15.9 million in Poland. In total, it's a negative thing. If you were excluding those two effects, the results would be slightly positive, slightly above previous year. All in all, we are pleased with the result of Retail International, keeping in mind that the inflation pressure in some of the countries where Retail International is operating in is pretty high, and the management has a lot of action underway to cope with the challenges of inflation there. All in all, good results. With regard to the reinsurance, you are already able to listen to the call of Hannover Re. We are very happy with the results which they were showing and we also are very happy with the profitable growth at Hannover Re. Let me now dig into the investment income and some other aspects of our results. First of all, the overall investment income is down, but the main factor here, you can see it, under the number two here on page 17, is that we have reduced realized net gains due to the fact that there was no need for additional Zinszusatzreserve funding. It's driven by German Life. Next to that, we had rather little, compared to the peers, write-offs to account for in the first 2 quarters. The ordinary investment income is up. We are able to achieve higher yields if we reinvest our bonds currently. The assets under own management at period end are down, but what you see here is the increase of interest rates and its effect on the market values. The market values are down due to higher interest rates. On a consolidated level, we would have had an increase in assets of more than EUR 6 billion, given that the group is growing. All in all, a very stable result from the net investment income. In order to underline what I've just said, on the next page, we have again shown you the structure of our investment portfolio, which is very conservative. We call it as our low beta approach, and we are going to continue with that. Also for the future, we expect to be a little bit less volatile under the current accounting standards. Maybe there will be some change under the IFRS 17 and 9 accounting starting from next year due to the FVPL assets. Going to page 19, there is the development of the equity. You've seen the numbers of our peers here in Germany. If you compare our equity developments to theirs, we are slightly better off than the peers who just recently announced their figures with regard to the equity development. I just want to mention it again and again, this is really an accounting mismatch issue, what you see here. The good news is under IFRS 17, the development will be different given that then on the IFRS 17 and 9, you will have the same discounting factors on the asset side as well on the liability side of the balance sheet. There will be much, much less movement of the equity due to the interest rate changes. It will be much, much more stable. Where you can see already this kind of accounting in practice is on the next page, which is our Solvency position. The Solvency position stands after two quarters at 211%, which is slightly above our target range, 150%-200%. It's slightly down compared to the previous quarter, but this is just due to the effect that we have reduced our subordinated capital by EUR 500 million by paying back the outstanding Tier 2 bond of EUR 500 million. Let's go to the outlook. First of all, we confirm our group net income. It should be in between EUR 1.05 billion and EUR 1.15 billion for the full year. Given the resiliency of the group shouldn't be a problem to deliver on that one. We expect a high single-digit growth at the currency-adjusted number here, as I already mentioned that at current exchange rate will translate into more than 10%, but we don't know where the exchange rates will be at the year-end. High single-digit growth number, all the rest, and the return on equity in total should be around 10%. If the interest rates remain high, it will be above, even above this 10%. All in all, after six months, we at Talanx, we are very pleased with the results so far that we were able to achieve despite the Nat Cat burden, which we've seen in our figures, and despite the Ukraine, where we have been also in comparison to our peers, quite conservative in reserving. I would like to dig into kind of once again, with regard to the Ukraine, please keep in mind that 80% of the reserves which we have set out are IBNR reserves, so incurred. We believe that they are incurred, but they were not reported yet by our customers or cedents. It's a quite conservative number, which we have included in our numbers here. Having said that, I'm happy to answer your questions. Ladies and gentlemen, we will now begin with the question-and-answer session. If you have dialed in by telephone, please press star followed by one on your telephone to register for a question. If you wish to remove yourself from the question queue, please press star followed by two. Questions can also be raised by using the chat box on the webcast page at any point during the session. Kindly add your name, function, and email to be identified. The Q&A session will begin with the questions asked by telephone. If you're using speaker equipment today, please lift the handset before making your selections. Anyone who has a question may press star followed by one on your telephone or type a question using the chat box. The first telephone question is from the line of Darius Satkauskas from KBW. Please go ahead. Morning. Thank you for taking my questions. My first question is, you increased combined ratio guidance, Retail Germany and Retail International for full year 2022. It seems that part of the reason is large losses and the other inflation. You flagged in the past growing primary lines reserve redundancy as something to sort of to be a defense for inflation. And you mentioned that in your introductory remarks. Why not release some of that prudence to offset some of the pressure in the quarter? That's my first question. And the second question is, Retail International has been printing around 95% combined ratio for quite a while, even though inflation in countries such as Turkey has been high for a long time. What has changed, and are you still comfortable with roughly 95% combined ratio run rate in the medium term? Thank you. First of all, to answer the first part of your question, Darius, we believe that EUR 560 million net income is a very good number for, and there was no need for further release of reserves. It's rather an environment with a lot of uncertainty, where we are a little bit traditionally different in terms of conservatism, where we believe that building and retaining resiliency is very important. That's first question. Second, the overall long-term target for Retail International is 96%. Crystal clear. That's it should be around 96% there. Yes, we will make use of some resiliency reserves during the course of this year in Retail International. It's also needed to be crystal clear here due to the change in the accounting, because we had such a conservative reserving in this business unit that from an accounting perspective, it was slightly too conservative, and therefore, we will make use of some resiliency reserve during the course of the year in Retail International. Does that answer your question? Yes, that's great. Thank you. Thank you, Darius. Anything else, Darius? Okay. Okay, the next question is from the line of Michael Huttner from Berenberg. Please go ahead. Thank you very much. Lovely results despite the increased resiliency. My first question, can you give a figure for the increased resiliency? 'Cause you mentioned it several times, so maybe you have something. The second is on the motor combined ratio in Germany, if you could give us a figure, a feel for where it is now and how you see it developing in terms of pricing come November or January. Two more, if I may. One, you mentioned several times that you'd increase the resiliency, including new inflation assumptions. I just wondered if you could give us a feel for where we are now on that. The last one, and I know you didn't mention it, so it's a hopeful question. What's the cash outlook? I remember you have this target of 1.5 times the dividend, kind of cash or capital at holding. I just wondered where you see this coming out. Thank you. Thank you for your questions, Michael. I noted four questions. If I missed something, just ask again, please. First of all, increased resiliency. We have increased resiliency in the Industrial Lines. This is where we have increased resiliency. Please keep in mind two effects which work in parallel. One effect is for new claims, our reservings will continue to be conservative. We have put in inflation assumptions. That was your third question. Our inflation scenario is 7.3%, 3%, and then above 2.5%. We have different assumptions for the Eurozone. I cannot recall it from my head for the dollar. We have increased our inflation assumptions quite significantly. This is inserted also in the way how the people do the claims reserving. You see that in current year claims. Second to that, you will have an impact on the claims which are currently in the process of winding up, because when they were made, they were not reserved with those higher inflation assumptions I just mentioned. They were also reserved with rather conservative inflation assumptions, so clearly above the ECB outlook numbers. We'll have to increase that. For the total picture of resiliency, what I would expect, if inflation is to stay, and I think that's the overall assumption which we should have, this will, to a certain part, buy into the overall resiliency. We are much, much better off than most of our peers with our resiliency reserves here. I just want to mention that again because we do have them, and we are not in a position where you have to account for or start to account for inflation in the stock of your claims, which you already have on your book. Two effects here. I hope that has brought some color into that one. Second, you asked for the combined ratio in motor, and I just have to double-check. It should be, I think during the course of the first half year was something 101 or something like that. We will double-check on that. I'll come back to that one. Fourth question was with regard to the cash outlook. I got the number. It was 102% was the combined ratio in the motor business in Germany for six months. It was heavily impacted by the storms. Please keep that in mind in a higher self-retention as we bought less reinsurance for that one. The fourth question you had, Michael, was with regard to the cash outlook. That's a very good one. We are growing clearly above our own expectations, and it's profitable growth. We expect future profits coming out of that. We see overall that we were able to achieve the premiums which compensate us already for the inflation effects. This is a positive. Obviously, this growth will also drive some capitalization needs. Therefore, I would like to mention, we will come with a new dividend policy by the sixth of December at our Capital Markets Day. We have learned from all of you that you would expect something more. I want to set out the expectation that the dividend outlook should be stable or upwards, and I will continue to underline upwards. You should keep in your thoughts also that if we are growing so on such a wonderful way as like it is currently, we love this growth, and we will finance this growth also. That's very clear. I hope that brought some color into all the four questions. Thank you very much. That's very clear. As a reminder, if you'd like to ask a telephone question, please press star followed by one on your touchtone telephone, or you can write in on the ask a question box on the webcast. We have one more telephone question from the line of Thomas Fossard from HSBC. Please go ahead. Oh, yeah. Yes, good morning, Jan, and good morning, Bernd. Two or three questions on my side. Maybe you could comment a bit more on the specific situation you are facing in Germany. It seems that, you know, we are hearing a lot of pretty downbeat comments on Germany at the present time regarding inflationary pressure. Maybe for us to put everything into perspective, it would be interesting to better understand, you know, what you're facing really in terms of loss cost inflation in your German book, and how you have reacted to this through prices year to date. You know, how much you think you would have to do more in the coming quarter. The second question would be on the Industrial Lines combined ratio in Q2, which were pretty strong. Can you put additional comments regarding a resiliency buffer build-up or reserve release, the COVID-19 reserve releases? And how should we look at the combined ratio on a normalized basis for the coming quarter? Thank you. Yeah. Thank you, Thomas. I start with Retail Germany. First of all, we have continued our conservative reserving approach also in Retail Germany, and that does mean that we have a normalization of the claims frequency in Retail Germany to pre-COVID level. We have an increase in the average claims due to inflation, and this has been accounted for in the first two quarters already. This has led to various actions by the management team of Retail Germany. They have increased the prices in motor already two times, and maybe a third time will be needed. They are assessing that currently. They are restructuring those parts of the portfolios, in particular in property, which are more exposed to inflation. They are a little bit more selective here, working on that one. They're continuing their path on cost reductions, which was already set out before that. There are quite some actions underway. For the result of Retail Germany as a whole, they are able to compensate the lower results partly by higher results in the life business. If you look at the proportions of life and non-life in Germany, this is a little bit a strange animal within the group because the only business where we have more life business than non-life business. This should balance a little bit the picture of Retail Germany. Second, with regards to Industrial Lines business, we are very, very pleased with the combined ratio which we have seen, and it's a very conservative reserving. We have built up resiliency buffers despite the inflationary environment in Industrial Lines. Given that we know our business and we know how volatile Industrial Lines business is, I do not want to raise the expectation that 95.9% is something for the year-end. Obviously, I can't rule that out also, but it's a volatile business. We have set out the expectation, the 97% for the full year, and it will be reduced by one percentage point till 95% is reached. I can't rule out that Industrial Lines may be even a little bit faster in their path. Well, we want to wait a little bit for that one because it's also a little bit the case of the hurricane season is coming, and so on. It's always difficult after two quarters already to give an outlook here. With regard to hurricanes, two lines of business are exposed most to it, Reinsurance and Industrial Lines. Excellent. Thank you, Jan. Maybe one additional comment, regarding, you know, the low level of the water on the Rhine River. I know it has been the case couple of years ago. At that time, I remember that it has triggered a lot of concern regarding potential business interruption claims. Maybe in between times, this line of business has even more developed or the pickup in terms of buying this type of coverage has further increased among your German industrial clients. Could you shed some light on how Talanx could be exposed and if this is potentially a material thing to have in mind? Thank you. That's a very good question, Thomas. You are absolutely right with regard to business interruption claims. There we have quite some increases in the claims and this low water on the Rhine, we had an extensive discussion yesterday on that one. That will cause two effects. The harbor of Rotterdam, which is quite important. They have a lot of shipping, the small ships over the Rhine from Rotterdam. In addition, you have more or less a traffic jam on the sea off before Hamburg and Rotterdam. The supply chain problems, they are currently increasing for the industry in Germany as a whole due to what you've just mentioned. With regard to our exposure, I just want to give a green light. We haven't increased our exposure here. With regard to price adjustments in what we need to get in Industrial Lines, business interruption, or we already reflect the specific exposures in the prices we ask for in Industrial Lines. Thank you. Does that answer your question, yeah? Yes, that's okay. Thank you, yeah. Currently, there are no more telephone questions. I would like to turn you over to Bernd for the written in webcast questions. Yes. We have three webcast questions from Hadley Cohen from Deutsche. I start with the last one because it's picking up on the Rhine water level we just touched upon. Hadley wanted to know what that means. As Jan said just a minute ago, we do not see us affected strongly by the low water levels at the Rhine. The other two questions Hadley raised, I read them out. How much of the missing German P&C combined ratio is related to inflation that we are currently seeing, and how much is conservatism related to the outlook for inflation expectations going forward? In other words, how do we get comfort that the combined ratio in German P&C is not going to deteriorate further? The question number two Hadley has in mind is, can you please provide an update on your current reinvestment rates and how this compares with the underlying running yields? Those are the two questions. Maybe we start. With regard to Retail Germany, obviously there's some work to do also going forward, but we are confident that maybe not in this year, but maybe in most likely in the next years, we will have the combined ratio down below 100%. That is what we expect. Second, with regard to the reinvestment yields. The reinvestment yields are close to 2.3% for the first half of the year, which is clearly above the previous years, where it was 90 basis points lower. I hope this will answer both questions. I think Michael Huttner is again in the line with questions. Yes. We have a follow-up telephone question from Michael Huttner from Berenberg. Please go ahead. Fantastic. Thank you. I had three questions. One is the specialty business and I'm a bit puzzled you've got it's now about a third, as I understand it, of your Industrial Lines business in terms of premiums. If the combined ratio, I'm assuming there you're still just putting the money aside, is 100%, that would imply that the rest of the Industrial Lines business is well below the 96% or 95.9% that you reported. I'm just wondering if you could give us a bit of color from this. Also, when will you release profits from specialty? When will you... What is the right time? The second is on the Solvency. I think this is the first time you've reported Solvency at the same time as you report results. I just wondered how come? What made the change possible or, you know, is there something new? The third question is, maybe, can you give us a little bit of a feel for how you see IFRS 17? The comments from, I think it was Munich Re, is that shareholders equity will, plus CSM is roughly equal to Solvency II own funds. Of course, you've got to adjust for debt, but any indications would be very helpful. Thank you. Yeah. Okay. Thank you, Michael. First of all, the ratio HGS, HG, you're pretty right. At HGS, given the speed of the growth, we are quite conservative also in reserving there. The rest of the business, we call it HG business, HDI Global business, is very profitable and currently showing already better combined ratios than the ones which are reported on business unit level as a whole. This is very pleasing. Second, the release of profits with HGS, when will it start and what do we expect? We will increase the profits from HGS during the course of the next years. It will be stepwise, and obviously in the end, it should be according to their premium. It's in the long term, but it won't happen too fast as we are growing the business here. They need to have some buffers also in the HGS business. It will take some time. Third, the Solvency ratio, we were able to publish them as we have speeded up some models and that we are able to also calculate an expectation of the Solvency ratio, which is pretty stable, and that's what we have published. We wanted to publish the Solvency development in line also with this IFRS 4 equity development, given that this IFRS 4 equity development is showing just an accounting mismatch and does not reflect adequately. Like Munich Re has told you also, the development of the equity base of the company. Fourth, the IFRS 17 and IFRS 4 development, like my colleague at Munich Re has said, we are very positive with regard to the future development because IFRS 17 will provide us or will reduce the accounting mismatch to a minimum. There will be still some minor accounting mismatch things, but overall it reduces significantly. For you as an analyst, it will be much easier to reconcile from IFRS 17 to Solvency II. Yeah. This should provide with additional comfort with regard to the capital we are running with, which we need for the business, if you want to reassess that. I'm very positive here on that one. Any feel I suppose what I'm really asking, your ROE, so you gave a figure on the IFRS 4 of around 10%, maybe more if the current interest rates stay where they are. Is that the figure we might see on the IFRS 17? I wouldn't rule it out, but I think it's more information to come on our Capital Markets Day on December sixth. All of us in the industry, we are currently learning something about IFRS 17. I have to admit that. We will provide you with additional information on the Capital Markets Day with regard to that one. That should help you to build your guidance going forward. I cannot rule out what you've just mentioned. Last question, if I may. I'm really sorry. You know, we hear all this stuff about gas prices, and here in the U.K., I think we're going to pay GBP 4,000 a year or something like that to heat our houses. Can you give a feel for how this affects, A, your business? You know, would it reduce frequency in motor or would Industrial Lines do you have some issues there? B, would the government, because everybody will suffer from this, then say to all the corporates, "Please don't pay as much because, you know, it doesn't look good"? Yeah. Let's start with the first, how does it impact our business? Well, I think we will have a traditional recession impact. Yeah. If the people have less money in their pockets, then it will be more difficult to ask for adequate prices in particular in the retail businesses. In the wholesale businesses, there I would expect to see two effects in parallel. One is the recessionary effect. Yeah. The second one is, we have a lot of indexation in our insurance contracts in the wholesale business. So we have an insured sum, which is adapted to inflation year by year. So we expect some growth to happen due to inflation simply because we have to adapt the indexation in the contract, which is done on a regular basis. We have some inflation protection built in the way how we write business. In particular, Industrial Lines, as you asked for it, will benefit from that one. Two effects. The recessionary is obviously negative. This inflation indexation, which we have in many, many contracts, is a positive. Would the dividend policy or the capital management be influenced by thoughts that if everybody's suffering, corporates shouldn't be seen to be too generous? Well, we will communicate our dividend policy on December sixth. In terms of thoughts, obviously, we have to look at the picture as a whole. So far, I haven't received any calls from politicians, "do not show too much dividend or so." Yeah, that's what I can tell you at this point in time. That's very helpful. Thank you. Sorry about all these questions and well done on the profit. No, no. They're very good questions, Michael. Thank you. We have another follow-up question from the line of Thomas Fossard from HSBC. Please go ahead. Yes. One additional question, Jan, is, given you raised your combined ratio guidance for Retail Germany and International, but kept the 2022 net income guidance unchanged. Can you comment where we should expect the offset coming from, given Hannover Re has also kept its guidance unchanged? I'm not sure where, you know, where is the missing or what is the missing part? Yeah, Thomas. Two things to be mentioned. First of all, we will have a higher investment income also in Retail International, as we are also there invested in inflation linkers quite significantly. This will increase investment income. Second, we have some, or we have in Retail International, even huge resiliency reserves, and they are so huge that from an accounting perspective, they are not really, or they are also not really capital efficient. There will be some release of resiliency reserves during the course of the year in Retail International. Okay. That's clear. Thank you, Jan. There are no further questions at this time, and I would like to hand back to Bernd Sablowsky for closing comments. Please go ahead. All right. Thanks everybody for joining and asking all these questions, which we happily answer. If there's anything else you need in the course of today or in the days to come, please do not hesitate to reach out to Bernd Sablowsky or myself. Other than that, we talk to each other again at the occasion of Q3 numbers. Thanks for listening, and talk to you soon.