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Business development

Life insurers, too, are finding themselves increasingly affected by the economic climate and general legal environment. On the international financial markets investors struggled above all with the protracted low level of interest rates. The dominant topics in Europe continued to be the debt crisis and the new capital requirements for insurers that are to be implemented with Solvency II.

Initially planned for 2013, the adoption of Solvency II continues to be delayed, prompting debate as to whether uncontroversial parts of the new capital rules – such as those relating to risk management and reporting requirements – should be implemented earlier on a gradual basis in the intervening period. We have engaged intensively with all areas of the new Solvency II requirements and we believe that we and our clients are well prepared for their implementation. Going forward, we will be at our clients’ side as an expert partner to assist them with individual reinsurance solutions.

Markets in the United States, United Kingdom, Germany, France and Australia continue to play a pivotal role for our company. In the US we remain focused first and foremost on the areas of mortality solutions and senior markets, together with financial solutions business – which enjoyed particularly vigorous growth in the year under review. In European markets we have concentrated increasingly on the area of longevity, retirement provision and long-term care, in which growing demand is evident.

We continued to successfully expand our involvement in emerging markets. In this regard, we stepped up our activities above all in Central and Eastern Europe, Asia and Latin America and achieved pleasing portfolio growth.

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