The Executive Board of the Hannover Re Group is very satisfied with the development of business in 2015. Not only did the company achieve its targets for important key indicators such as the operating profit (EBIT) and Group net income, return on equity and combined ratio, in some cases it also clearly surpassed them. This is all the more gratifying given that the business environment for reinsurers remains intensely competitive. The investment income and the generated return on investment developed successfully despite the continued low level of interest rates. Group net income rose to the highest level ever recorded in the company’s history at more than EUR 1 billion. The company’s shareholders’ equity also showed a very pleasing increase, as a consequence of which the total policyholders’ surplus surpassed the previous year’s record figure to reach a new all-time high. At the time of preparing the management report, the business position of the Hannover Re Group remains highly favourable and its financial strength has been further reinforced.