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Patrick Saner

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53

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2024-02-22

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2024-02-22

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1. “So it is a picture of, I think, relative resilience, but I think we also need to recognize that several indicators, particularly when you think about the optic in delinquencies, particularly in the US, but also what we are seeing in Germany, just shows that there is stress in parts of the economy and that warrants a lot of monitoring going forward. So we also shouldn't take the eyes off the ball there.”

   2024-02-22 · Forward Guidance · Swiss Re’s Patrick Saner on Soft Landing Scenario, Central Bank Balance Sheet Policy, and Inflation Volatility · IDENTIFIED FROM THE TRANSCRIPT

2. “Acceleration, but I also think that markets and analysts have swerved between hard landing and no landing, a soft landing and so on. And I think that's kind of the theme that we are continuing to see. Now, in the Eurozone, I think the situation is a little bit different. pretty fragile right now, but I also think that one shouldn't necessarily extrapolate Germany's weakness with other parts in the Eurozone economy because there are signs that actually Spain, Portugal, Italy are doing reasonably well. Now, having said that, Europe is in a state of economic stagnation and actually has been for over a year. So the picture there does look a lot more precarious compared to what we are seeing in the US. But again, if you look at labor markets, for example, then, you know, they are holding up pretty well, including the European Union.”

   2024-02-22 · Forward Guidance · Swiss Re’s Patrick Saner on Soft Landing Scenario, Central Bank Balance Sheet Policy, and Inflation Volatility · IDENTIFIED FROM THE TRANSCRIPT

3. “Well, I focus on everything that really changes the economic inflation rates and longer-term capital market outlook. And together with the team, look a lot at alternative scenarios that could be important for the insurance industry and institutional asset allocators overall. Now, with regards to the economic outlook, I think there is quite a distinction between geography so if we maybe start with the US, then I think the macro outlook is a pretty decent one overall. The US has shown and continues to show quite some growth resilience. Many indicators are actually suggesting either a pretty broad-based bottoming or potentially even an optic in momentum in Q1 if you look at ISMs, the variety of labor market data, but also commercial industrial loan standards and so on. So we might be looking at the temporary re-”

   2024-02-22 · Forward Guidance · Swiss Re’s Patrick Saner on Soft Landing Scenario, Central Bank Balance Sheet Policy, and Inflation Volatility · IDENTIFIED FROM THE TRANSCRIPT