Q2 should be a clear improvement upon a turbulent first quarter, helped by strong financial markets, good premium growth and a higher AuM. We’ve lifted our Q2 and 2020 estimate for EPS, but have kept 21/22e relatively unchanged. Solvency should benefit from strong equity markets and tighter spreads, but lower rates and a sharp VA reduction means we see a slide to 151% (155%) excl. transitionals and a flat 172% q/q incl. transitionals.
