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As far as primary insurance business in Germany is concerned, we expect premium income to grow. The business volume in our portfolio is likely to remain virtually stable owing to changes in the reinsurance structure. With the implementation of Solvency II postponed again until probably after 2016, the expected surge in demand for reinsurance protection will be delayed – although in certain isolated cases we did see our clients decide to increase their purchasing of reinsurance protection.

The situation in motor insurance should continue to improve. As regards the loss-making state of affairs in fire and fire loss of profits insurance we are also seeing efforts to rehabilitate the business in the current year. Overall, given the protracted low level of interest rates and the associated difficulties in generating sufficient investment income, it is our expectation that the discipline shown on the technical pricing side will be maintained.

The treaty renewals as at 1 January 2013 for our portfolio in North America delivered a pleasing outcome in terms of the rate level. Demand for high-quality reinsurance protection continued to rise in these markets too. Rates in US property business were broadly stable, although increases were obtained owing to the effects of Hurricane Sandy. The trend towards an adequate rate level should also be sustained on the casualty side in 2013. We shall continue to benefit from this as the year progresses, since barely half of our North American portfolio was renewed on 1 January 2013. In some areas, including for example professional indemnity, we noted a trend towards clients carrying higher retentions. In Canada we are seeing a stable market environment with indications of further improvements in rates, and we are therefore looking to expand our portfolio here.

For the current financial year we anticipate an enlarged premium volume, driven both by new business and the enlargement of existing participations. We are also seeking to further expand our agency business. All in all, we expect the result generated by our portfolio in North America to show further improvement on the previous year.

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