Combined ratio continued at a strong level and was 27.1% in Q2 (24.3% in Q1). Solvency was at 260%. Private asset management AuM was up 5% q/q to EUR 2.6bn (EUR 2.4bn in Q2 2022), 2% below our estimate. SolarWind III had its first closing in Q2 with EUR 286m of commitments and the company expects continue strong demand due to significant number of investors in active due diligence. Taaleri targets EUR 700m of commitments for SW III (we have modelled EUR 700m in 2025E). On initial take, we expect consensus to make slightly positive underlying estimate revision despite somewhat higher costs based in Renewable energy. We have a fair value range of EUR 10.1-11.6 per Taaleri share.
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