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Outlook for 2013/2014

Looking beyond the current financial year, we expect essentially favourable conditions in non-life reinsurance and life/ health reinsurance.

In non-life reinsurance we are guided exclusively by profit rather than growth targets. Our goal here is to achieve an EBIT margin of at least 10% each year.

The life and health reinsurance business group expects to generate organic growth of between 5% and 7% in gross premium income. We continue to attach considerable importance to the profitability of the business written and are targeting – depending on the nature of the underlying business – an EBIT margin in the range of 4% to 8%.

It remains our aim to generate consistent double-digit growth in the value of new business.

On the Group level our return-on-equity target is at least 750 basis points above the risk-free interest rate. Both the earnings per share and the book value per share also constitute central management ratios and performance indicators for our company. Our strategic objective is to increase these key figures – together with the operating profit (EBIT) – by double-digit margins every year.

Profit and growth targets
IVC/net premium earned
MCEV increase on the basis of the adjusted MCEV of the previous year after elimination of capital changes and changes from currency effects
Risk-free interest rate + cost of capital
750 basis points above the risk-free return
Business group Key data Strategic targets
Non-life reinsurance Combined ratio ≤ 100%
  Net catastrophe loss expectancy in EUR million ≤ 560
  EBIT margin ≥ 10%
  IVC margin1 ≥ 2%
Life and health reinsurance Gross premium growth2 5-7%
  EBIT margin ≥ 6%
  MCEV growth3 ≥ 10%
  Increase in the value of new business ≥ 10%
Group Investment return ≥ 3.5%4
  Minimum return on equity ≥ 10.2%5
Triple-10 targets
EBIT growth ≥ 10%
Growth in earnings per share ≥ 10%
Growth in book value per share ≥ 10%


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