We are thoroughly satisfied with the development of our business in the year under review. We further improved on the record profit of 2013 and – at EUR 985.6 million – achieved the highest ever Group net income in company history. This is especially gratifying in view of the fact that market conditions for reinsurers in the financial year just ended were even more challenging than in the comparable period and the protracted low level of interest rates has curtailed opportunities to generate returns on the investment side.

Please find below a brief summary of the development of our two business groups – Property & Casualty and Life & Health reinsurance – and our investments. More detailed information is to be found here.