Against the backdrop of the European debt crisis – which has still to be overcome – and the associated uncertainties, we shall maintain the conservative orientation of our investment portfolio. Similarly, with regard to our holdings of corporate bonds from the financial sector we shall continue to attach considerable importance to broad diversification. The share of these instruments in our total portfolio will be kept largely unchanged. What is more, we shall strive for a neutral maturity structure of assets and liabilities.

We expect the further enlargement of the investment portfolio to positively affect investment income, although the average return will decline owing to the protracted low level of interest rates. In view of the low returns on secure investments, we shall step up our investments in products with attractive risk premiums and selectively enlarge our portfolio in the areas of alternative investments and real estate.

Given the present economic expectations and high capital requirements, our cautious stance on investments in listed equities remains unchanged.