Dr. Cyril Roux:

Sure. In 2013, the underwriting loss was €189 million. That is a loss. It was the first year in the underwriting cycle in which there was a large loss. That 2013 figure would have been known about towards the end of 2014. We had acted long before then. We had detected the trends.

This was in 2014 when the first reliable information that claims were not just bobbing up and down and trends were being sustained emerged. That is when it became clear that the underwriting cycle was becoming acute, but we had acted by then. We asked the firms to take the actions for which we were allowed to ask, namely, to revise their business plans, explain to us how they could sustain their business models with the discrepancies between premiums and claims, set a budget for the losses that they were willing to take via distribution channels and explain how their reinsurance cover would work. The actions have worked. These companies are solvent. The parental support, reinsurance cover and capital injections have worked.