Good afternoon, everyone. The report in front of us is basically a direct continuation of our development over the past quite a few years in many ways. This is the Sampo you will recognize, with a great deal of stability and excellence in our operational performance. As in the past few years, we show good growth. Much of this, also this time, comes from rate increases, and also this time, the increases are marginally ahead of a rather stable claims inflation for our Nordic business, that is the majority of what we write. We have continued to polish our underwriting and distribution abilities with the ever-increasing budget for technology, and the result is, again, an underlying improvement of the margin development.
The UK insurance market is going through a rather unusual period, where we stay true to our principles of prioritizing underwriting, but also addressing all opportunities that arise. We seem to be doing extremely well on a relative basis. There are no big discontinuities in the investment markets either, and with the increase in interest rates and duration from last year, our running yield is now at a significantly higher level than in the past few years, at 3.8% for P&C. It remains to be seen, though, where the world is heading. We cannot let the volatile investment markets affect our underwriting operations. Finally, on this slide, the process to list Mandatum is on track. I strongly believe that Mandatum will benefit from becoming an independent company.
Mandatum has really shown through the past couple of years that they can perform strongly in very varying market conditions. Asset under management now grew to about EUR 11.2 billion. On the Nordic business, in the P&C operations, there is little further to add for the overall picture. There's no significant change in the behavior in the market. The Nordic P&C market has remained disciplined. Inflation is a little higher now for motor than property, but the average remains 4%-5%. Wage inflation outlooks support that this should not increase. Rate actions in commercial Norway and industrial have been rationally received by the market. There have been a number of large fire claims and an unusual rock slide, NatCat, in the Nordics.
We have looked very carefully into the details of these events. All the evidence says that this is noise, expensive noise, but stochastical noise. In the U.K., there's now a wealth of public data showing quite dramatic rate hikes over the past quarter and also in July, leading to increased shopping. The number of customers actually finding cheaper offers are fewer than the shopping numbers might indicate. In Hastings, we have been able to increase the number of motor customers a bit and home insurance a lot. The fact that U.K. inflation and claims inflation, in particular, is behaving differently than most of continental Europe and Scandinavia is also well-publicized, and we have adjusted our full year outlook to reflect this.
Whatever happens with inflation, we will continue to price rationally, this is part of Sampo Group, and maybe even with slightly more conservatism going forward after this unique period of claims inflation. A technical comment on Hastings is also that Hastings has grown by 37% in a year, and IFRS 17 drives up upfront distribution costs, which is another significant reason for the adjusted outlook. Frequencies in our markets are close to expectations in the Nordics and slightly, marginally high in the UK, but only an issue because of the compounding in the UK with the inflation in average claims. With the uniquely rapid hardening of the UK market and with our performance in, in the market, we are more confident, not less, that we will be able to deliver a strong 2024 in the UK.
One particularly pleasing part of our performance that I wanted to point out or bring out, is the quality of our growth in the Nordics. Private lines growth is now again above 5%, despite car sales staying at low levels, the same low levels as last year, even coming down some 4% in our most important market, Sweden. This is now driven by good performance in home and personal insurance. Online sales is increasing again, one of our strongest channels, at 22% of total private line sales in Q2. Retention, as I already mentioned, has remained extremely high by historical comparisons and supports the growth, of course.
The Hastings page here, I think I have already covered, but just reiterating that I think we have created a lot of value there by growing in the segments we have focused on, by being very early with rate hikes, and now expecting claims inflation to moderate. As usual, we're not optimists, but we will be conservative and careful in our approach and only grow when our customer offering is superior and when we get the prices we want. Our standard performance to targets page, we have a more modest underwriting growth this quarter at 3% in local currencies, tempered by the large loss and NatCat outcome, and also the claims inflation in the UK. The numbers over the planning period are, of course, still excellent, and we do not expect to see a repeat of the negative stochastic elements of our business every quarter.
A small note on the cost ratio is that we do not work extremely hard to smooth this one every quarter, as, for instance, we do not capitalize IT investments in If P&C, and they vary between quarters, naturally. I expect to see the usual 20 basis points or so improvement at the end of the year. Over the long run, we have been able to do this for some 15 years. This is very supportive for our position in the market. Assuming the spin-off of Mandatum proceeds according to plan, Q4 will be the first time we report as a pure P&C insurer. Given the momentum we have in our business, given the attractive market conditions and market conditions in the Nordics, and given the rapidly improving dynamics in the UK, I'm confident that we can continue to drive attractive shareholder value creation.
With that, Sami, I think we open up for questions.
Yes, thank you, Torbjörn. Operator, we're now ready for the Q&A.
Ladies and gentlemen, as a reminder, if you would like to ask a question or make a contribution on today's call, please press star one. To withdraw your question, please press star two. Our first question is from Jakob Brink from Nordea. Please go ahead.
Thank you, good afternoon. First question, on the prior year gains, which are relatively high this quarter, would it be possible to give some more details on, on that, please? The second question, if I should take them all now, on 20th of June, you sent out this announcement about the internal capital model application, expected in H1 next year, you also had a comment regarding changing to the Swedish regulator. I guess that will take place after the demerger of Mandatum in October. Just given that the Swedish regulator has already approved the internal model, could this approval then actually happen already this year? Lastly, on buybacks, now you've finished your buyback early August.
Given the liquidity position and solvency, I would have thought you would maybe restart a new one now, but what should we think here, please?
Knut, let's test the technical connections here.
All right. Thank you, Torbjörn, and good afternoon, Jacob. I hope you can hear me. On the internal model, we, we tried to be, sort of, use all the information we had in terms of timing. It's correct that the, the, change of regulator will happen basically on the day that we do the demerger, meaning beginning of October. We will send in that application for the internal model on that particular day, to, to make it very concrete. Then, then, of course, the Swedish regulator will do a, a proper and professional job with that application, which also was indicated by the timetable, meaning that we expect to, to get that in place next year. I don't expect that to happen this year.
That does not mean that I expect more challenges with our internal model because of the reasons you mentioned, and also because of the fact that the Swedish regulator has been a part of this process in Finland already. They, they know what we are doing, so to speak. If, if I should take the buyback as well, maybe, Torbjörn. We, we, we have a, we, we just completed the buyback. Of course, we, we do have a, in some ways, a big capital distribution coming up, if you like, in terms of the Mandatum demerger. Then we will review our capital management framework later this year and present the new capital management framework at the Capital Markets Day in December.
That and the additional benefits we get from internal model obviously would mean that I expect us to have a strong solvency position following the demerger, and we will get continue to consider that solvency position in terms of the best use as we have done over the last three years.
Finally, on prior gains, well, first of all, the fact that we have strong reserves and always have had strong reserves will come as no surprise to anyone. Morten, what have you done?
Yeah, first, a small reminder that, of course, IFRS 17 gives us some sort of automatic run of gains as we build up the risk adjustment reserve and then sort of are in later years, of course, releasing that. That's, of course, a smaller part. There's nothing in particular sort of to really report. Of course, this is a combination of movement of individual prior claims and then movements on different lines of businesses, but nothing really particularly to report about. Of course, 6% is clearly about what you would expect in a normal quarter. It's also not unusual to have a bit of volatility on a quarterly basis.
We continue with the same sort of reserving philosophy, sort of with strong reserve, conservative reserves.
Okay, thanks a lot. Very clear.
Our next question is from Alexander Evans from Citigroup. Please go ahead.
Yeah, thanks for taking my questions. Firstly, just on the, the 50 basis points in improvement in, adjusted, adjusted risk ratio. Just wondered if you could give a, a little bit of color here. I think, you were saying sort of claims inflation is, is roughly stable. How is sort of pricing developed, and, and how do you expect that to develop going forward? And sort of what are you seeing from, from competitors here? If I, for example, look at the, the greater in premium growth in, in motor, this is only 3%. I mean, is that reflective of a little bit of churn that you're seeing in, in that segment, or do you actually think claims inflation is, is a little bit lower for, for motor, let's say?
And then just on, on Hastings, we've had the introduction of the UK Consumer Duty, so I was just wondering if you could elaborate how you think the FCA will approach this for insurers and what Hastings has done to prepare for this. Thanks.
Yeah. I'll start with your kind of fairly, fairly long question on the risk ratio sort of improvement. The situation is fairly stable now over the last few quarters. We see an inflation about 4%-5% on the total Nordic level, and we continue implementing price increases of 5%-6% on the Nordic level. A pretty stable situation. Growth in motor, yes, it's 3%, but it's, we're having still a bit of headwind from the low new car sales in Sweden.
I think we talked about this many, many times, that sort of with the car damage warranty, three-year system that they have in Sweden, this is giving us a bit of a headwind when still sort of the new car sales in Sweden is, on a yearly basis, around 280,000 last year, sort of, whilst it was at peak levels, around 400,000. If you adjust for that, sort of, you would see sort of more reasonable growth figures also in, in motor. As I said, sort of 50 basis points improvement in the underlying risk ratio, coming basically from all business areas, 40 basis points year to date.
Hastings and Consumer Duty, customer duty, of course, new regulation, giving the obligation to create good solutions for, for clients. We have always had that at the forefront, and Hastings has a, a, a tradition of having that at the forefront of their minds. There has been a lot of work with the details in IT systems and so forth, but we are well prepared and don't expect any disruption to our business, possibly opportunities rather from the market. Remember, in GIPP, the GIPP reform actually provided us with good opportunities in the market rather than the opposite. There has been some discussions around premium financing in the UK.
We have an APR that is not, not different from the rest of the market, and maybe this is more a pronounced problem in other parts of the finance industry than the non-life insurance.
Thanks. Can I just, sorry, follow up on with Morten on what sort of peers, what sort of you're seeing peers do in the market with rate and how they're sort of interacting?
The competition?
Yes.
Yeah. No, I'd, I'd say sort of, competition is still very disciplined in, in, in the Nordic market, and I think we see all the major players, implementing, significant, price increases in, in line with sort of the inflation that you see. I think the, the market remain, disciplined. Absolutely.
Perfect. Thank you very much.
Ladies and gentlemen, as a reminder, please press star one to register your question. Our next question is from Jan Erik Gjerland from ABG. Please go ahead.
Thank you for taking my questions as well. I just wanted to get a little bit in deeper into the Mandatum, and if you could shed some more light into the, how the CSM margin have been impacted from the change in the interest rate this quarter, and how the investment return of EUR 50 million is, is evolved. Is it purely the this on top of the guaranteed rate levels that you have to distribute, or is it some, some sort of a windfall gains in that investment book that we should be aware of when it comes to Mandatum? Secondly, could you shed some more, even more light into the run of gains this quarter, the 6%, as you said, Morten, is a little bit higher than normal. Is it interest rates?
Is it change in behavior somewhere that is the driver? Or, what is the real driver behind these changes in each of the business units, if possible? Finally, do you have any outlook for the heavy rain in the Nordics these days called Hans? That will be also very helpful into the third quarter. Thank you.
By way of introduction before the others, Morten and Knut pick up. The run of gains, there's no trend here, just remember that. We, we have no target, as some other companies do, for our provisioning, it's fair and prudent and strong, and according to the new IFRS 17 regulations, it's not supposed to meet at any target. We had a strong run of gain this, this quarter. Morten can possibly give you a little bit more detail, but don't expect this to be anything else than, than a, a number that will vary over time.
Morten, you will always also discuss the rains, which are which are destroying some nice summer days here in the Nordics, but is much seem to be much less of an insurance issue, maybe than the large loss in Norway in June. If you start.
Yeah, no, it's not that much to add on, on the run of gain. I mean, it's, it's not coming from one place or one line of business or one business area. It's kind of a number of places and also some single movements on old, large, large claims. There will be volatility on, on the prior gains over time. Over time, of course, we do expect certain positive run of gain. I mean, with the IFRS 17, again, with the, the risk adjustment reserve, you get some of that sort of prudency automatically into the books. There's nothing really special there. When it comes.
No changes to the interest rates, et cetera, which we saw last year, which was a sort of big move?
No.
This quarter.
Not this quarter.
Okay.
When it comes to the weather in the Nordics, it's sunny and great here in Helsinki, at least. Which is sort of, I think, important to remember that sort of we are a well-diversified sort of company. It's quite natural that there are sort of, storms, cloudburst in the months of July, August, September, in the Nordics. We typically have that in any sort of third quarter. Of course, early to say something about the exact magnitude of this, but I mean, to me, this is a natural event that we typically have sort of in a quarter and even might have more of in a quarter.
This is normal sort of in our business, and so far, nothing is spectacular from an insurance perspective, at least.
Knut, your favorite question on Mandatum.
Yeah, did you have a follow-up there, Jan Erik, to, to Morten? It sounded like you had a follow-up.
Yeah, just, just on the heavy weather side, we saw Gävle two years ago being underwater. Was that sort of a more, even more expensive, weather-related stuff than this, as you had mentioned to Björn in the start here?
That's not possible to say.
That it seems to be more infrastructure.
That's not possible to me, and remember that we were not the company that was hit the most by the Gävle accident.
No. Well, how would you say your market shares are in the areas where you are seeing these storms these days? You are normally greater in the cities rather larger than in the non-urban areas.
That is, that is correct. Again, I think it's, it's, it's too early to speculate, and, and I think this, this is not sort of, again, a significant event, from, our perspective. This is sort of-
Let we put it this way, Morten here. We would be at least... This event maybe haven't even ended yet, but we would be surprised, you and I, if it reached our reinsurance program.
Oh, yeah. Oh, yeah.
Okay, thank you.
As a final reminder, please press Star one to register your question. Our next question is from Nadia Ciarrocchi , from J.P. Morgan. Please go ahead.
Hi. Afternoon, everyone. Just going back to Hastings and the potential impact from the implementation of the FCA Consumer Duty, if I may. More specifically, I was just quite interested in the ancillary income. I was wondering if Hastings has made any changes to their ancillary product offerings, because I'm just trying to understand if there's been any impact there and whether ancillary product sales have been reduced. Thank you.
Nadia, we heard you, but we didn't hear you great there. Just to check, your question was about whether Hastings made any changes to the installment income or premiums finance product ahead of the FCA Consumer Duty?
Yes. Well, more specifically. Yes, more specifically for the installment income and also the ancillary product.
We have not had to change any product, not installment income either, in preparation for, for this, new regulation.
Okay, great. Thank you so much.
Our next question is from Michele Ballatore, from KBW. Please go ahead.
Yes, thank you. Two questions from me. First, on the Hastings and If collaboration, you have a very interesting slide. If you can maybe give some more details on in which way this synergies are developing, especially in the pricing and the claims, and also the EUR 30 million of benefits that you have realized. I mean, where do they sit, in If or Hastings, exactly which the combined ratio or? Thank you.
Yeah, I can start with that. The synergies between If and Hastings, the largest ones are in, within sort of pricing, and then within claims. In pricing, it's kind of a long, long list of initiatives. I think the important thing is that sort of our pricing specialists are now working closely with the Hastings pricing specialist, and obviously, exchanging all side type of insight, but also, exchanging methods, tools, including sort of working on, on, system for sort of, calculating rates. So, it's kind of not one single area, but sort of a, a lot of sort of initiatives in sort of the pricing field.
When it comes to claims, it's also the same, but perhaps the largest synergy potential there is to the learnings that we take from fraud and fraud detection, where Hastings are more advanced than, I think, companies in general in the Nordic region, and where we obviously benefit from that. Of the synergies realized so far, most of them have materialized in If, but the synergies goes both ways.
Thank you.
Our next question is from Jaakko Tyrväinen from SEB. Please go ahead.
Yes, good afternoon. It's Jaakko from SEB. I could continue on the, on the elevated weather claims, at least across in Europe. Should we expect those to result in increasing reinsurance prices towards 2024 in the Nordics? If so, what would be kind of Sampo's mitigating actions for such event or moves?
I think the reinsurance market, so far at least, has been hardening. Of course, it's a little bit difficult for us to predict sort of the development, but I think it's, it's, it's not unfair to expect certain hardening in to continue in that market, which actually is beneficial for us. Because a hardening reinsurance market is supporting the rate increases that we are pushing through in upper commercial and large corporate segments. I think, of course, we as an insurance group, are taking most of the risk ourselves, having a high net retention. I think a continued hardening reinsurance market is, is, actually beneficial for us.
If you look at more than what you pay for reinsurance, on in the core programs for a year, it's, it's EUR 80 million or something like that. This is, this is tiny for us compared to, the group volumes.
Yes.
Okay, good. Thanks. Then my second one, regarding the inflation and, and pricing, I think we are seeing some signs of a bit of a at least CPI evening towards autumn and, and 2024. How about the inflation that you are on, or you're seeing in your claims? Are you seeing that leveling off, going forward, and, and have you seen the Nordic P&C market already reacting to, to this? Are you, should we expect more moderate price hike going forward, or, or is the current 5%-6% good enough?
The third consecutive quarter when we see roughly the same claims inflation. That's not unnatural since we have a lot of long-term, large agreement with the main suppliers. It shouldn't change more month-on-month.
All right. That's all from me. Thanks.
We have a question from Vinit Malhotra from Mediobanca. Please go ahead.
Good afternoon. Thank you for taking my question. Just two very quick simple ones, please. One is just the slide 55, I think today shows new car sales are up 8% year-on-year, although a low level. I'm just wondering if it's helping already, or will there be some kind of a lag effect from this? The second one is also premium related. I see a Finland growth of 12% in 2Q. Is there something to note here? Because it seems to be very strong. Thank you.
I think when it comes to the new cars sold, what typically affect our premiums is the amount of new cars sold in Sweden. Again, they sort of... Sorry for repeating this, but in Sweden, they have this car damage warranty, which means that when you buy a car, it comes with a 3-year insurance. You get a, get a multiplier effect in a way when car sales in Sweden is going up or down. That's why kind of our figures and, and growth is in particularly impacted by the development in, in Sweden. Hopefully, the Swedes will start buying cars again, and then that will be visible in, in our growth figures.
When it comes to, to, to Finland, again, on a quarterly basis, gross written premiums would of course, be impacted by sort of a couple of large wins. The Finnish business is performing strong. We have record high retention rates, really good growth in all business areas. Quite a strong position for us, sort of in, in, in the Finnish market, sort of, obviously, sort of the second quarter gross written premium is elevated a bit. So I think it's more fair to look at the year-to-date development.
Sure. Swedish car sales are not growing yet, is it, compared to last year? Because I don't see the data, so I don't-
No, I think Torbjörn mentioned that in, in the beginning, that I think that those are pretty flattish, I think even down 3% or something like that.
Okay, sorry for that.
Our next question is from Darragh Quinn from RBC. Please go ahead.
Hi, everyone. Joel, just one question, please, on, on UK motor, claims frequency specifically. Can you say how has claims frequency trended between Q1 and Q2? Did they go from 10% below pre-pandemic levels to 5%, any indication like of the sort? Thank you.
I didn't recognize the numbers that you mentioned.
Sorry, could you just repeat the question? It was a bit difficult to hear you, yeah.
Yep. Yep, sure. I'll speak a bit louder. Yeah, the question, which is on motor claims frequency in the UK, I just wanted to get a sense of how it has trended between Q1 and Q2. I was saying just illustratively, for example, if it has gone from 10%, below pre-pandemic levels to 5% in Q2, something like that.
First of all, claims frequency is, of course, coming back to the pre-pandemic levels. Compared to our expectations, this is some time ago, so we have to project, of course, for pricing. Compared to our expectations, they are very close, both in Q1 and Q2. This is not a major deviation, like the claims inflation for severities is.
Got it. Thank you.
We have another question from Jan Erik Gjerland from ABG. Please go ahead.
Thank you for taking my following up. I just wanted to check this Mandatum question also not answered earlier by Knut Arne. The CSM margin, et cetera, how should we think about the interest rate changes this quarter impact to the CSM margin, and how would it affect the second half of this year when it comes to the overall margin? Secondly, on the Mandatum, the roughly EUR 50 million on financial income, is that kind of any kind of called profit sharing or anything above the hurdle rate going into that number at all when it comes to versus the guaranteed levels? If so, how should we treat that going forward with the higher running yields also seeing in the Mandatum business? Thank you.
Sorry for not answering your question when you first asked there, Jan Eric. In terms of the rate movements in the second half and the impact on Mandatum's. In the, sorry, in the second quarter, and the impact on Mandatum, it was CSM, it was benign. There were no drama at all in terms of normalized assumption or CSM assumptions compared to rate developments in the second quarter. In terms of the investment income, neither was there any special items there, which in the second quarter, which impacted the net investment income, and you have the split of the net finance result in those two components in our investor presentation.
In terms of outlook for, for the second half, I, I will be a bit careful to answer that. We're about to do a demerger, writing a prospectus. Mandatum will publishing a prospectus. Mandatum will talk about its own business in a few weeks' time. Also in terms of targets and, and view and, and profit model going forward. I, I welcome you to listen to that during the, the month of September, prior to the, to the, demerger.
Perfect. Thanks a lot for that.
We have a question from Yudish Chicooree from Autonomous Research. Please go ahead.
Good afternoon, everyone. I've got two questions, please. The first one is on claims inflation. I, I appreciate you, you said that it's been in change for the past three quarters. I was wondering whether there were any significant underlying trends we should be aware of, considering what your peers have, have flagged in, in, you know, in the past month. Just thinking on top of my head, so, you know, I think some of your peers have talked about higher motor frequency in Norway and Denmark, and also some severity issues in Norwegian motor due to FX, for example. I was wondering whether there's anything particular in your radar that, you know, we should be aware of on this claims inflation. That's my first question.
My, my second question is, is on actually, you know, on the UK and, and, and Consumer Duty. I appreciate you said your APR is very much in line with the market. I guess one of the concerns, I guess, I have and other people have is whether the APR, currently being charged by insurers in the market is too high. You know, the number that we see, you know, in, in certain, in, in the press and mentioned by some players, is interest rates in the region of 25%. I guess the, the, the question is whether you think that that is, a reasonable level for, for premium finance, and whether that delivers actually meets the fair value test of the FCA, I guess?
Thank you.
I can start on the claims inflation and, and frequencies. I think the, the, the short answer to this is that we see a very stable situation at the moment. Again, claims inflation, remaining at the 4%-5% level on the total If Group level, being very stable now over the last few quarters. Same with motor frequencies. Of course, over the last couple of years, sort of there's been a normalization after COVID, but we do see, again, on the total Nordic level, very stable motor frequencies and, and, and really no issues. Of course, you can have monthly movements between sort of countries, but we see a very stable situation, sort of that, and, and where we, we are very able to predict sort of now the development that we've seen.
On Consumer Duty.
Great. Thank you very much.
On Consumer Duty, it's easy to get into a discussion about, okay, so is this APR reflecting risk? Is credit, how big is the credit risk, et cetera, et cetera. I think one, one has to have perspective here. The U.K. market is far away or away, nowhere near adequate profitability at the moment with the claims inflation that we've seen, the market has to address that. If that... It does. It is the most rapidly hardening market that I've seen in my 30-year career, anywhere in the world. Okay, then, then if one would have to change the features in one product or, or some product, then we would have to change pricing accordingly. Okay, yeah, I appreciate that. So, so, so it's kind of...
It, it's probably you're saying that there's probably a, a, a rebalancing that's, that's required between products, I guess, like probably a less high margin on, on, on several products, including premium finance, and probably better possibility on, on the core motor product. Is, is that what you're trying to say, basically? Yes. Hello? Sorry.
Yes. The, the answer is no longer than that.
Yudish, just to be clear, we're very happy with our product as it is.
Yes.
you know,
Okay.
Just, just so that that's-
Obviously, yes. Thank you, Sami. I, I said earlier that we did not have to change our products because of the Consumer Duty reform. If you, you talked about the market, if the market had an issue with this, if the authorities had an issue with the market's behavior, then the market would have to address also this. All right. Okay. Thank you.
We have another question from Tryfonas Spyrou from Berenberg. Please go ahead.
Hi there. Apologies if you may have partly answered this, I joined the call a bit late. Can you maybe just briefly comment on which lines of business and which geographies you think rates are more adequate, and the ones you feel more comfortable about and which and vice versa? That'll be one question. Thank you.
Sorry, Tryfonas, there was a bit of a trouble on the line there again. Could you, could you just take that one again, please?
Yeah. I was wondering whether you can comment on, when it comes to the Nordics, which lines of business and geographies do you think pricing versus inflation is better? In other words, which lines are more rate adequate and which areas do you feel there is more to be done to get to, to a better level versus your expectations?
Yeah, I think, for us, we have a situation sort of where the profitability, the underlying profitability is very strong and similar in all business areas and all geographies. We don't see any sort of larger differences and, and, and any sort of portfolios where we have, any, any particular challenges, really. Claims inflation per line of business is, of course, varying. It's, it's clearly higher in motor than in property. Property sort of inflation peaked already sort of, two years ago, sort of when, when material prices sort of, skyrocketed. Yeah, motor is higher, property is a bit lower, but again, a very stable development now, and our models have been very accurate in, in predicting this.
We used to say, Morten, a couple of quarters ago, that all claims inflation numbers were between, say, 3% and 6%, something like that, for the Nordics. That's probably still true, isn't it?
That's probably still true, sort of, property being again at the lower end of that, motor being at the higher end of that.
Next question, please.
There are no further questions, so I will hand you back to your host to conclude today's conference. Thank you.
Okay. Thank you for your attention, and we look forward to seeing you all on the road soon. Thank you very much.