Outlook for 2014/2015

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

In non-life reinsurance we anticipate growth in premium volume averaging around 3% to 5%. We are looking to generate an EBIT margin of at least 10%.

In the coming years, as in recent years, organic growth of between 5% and 7% should be attainable in life and health reinsurance. We expect an EBIT margin of at least 6% for the areas of mortality and morbidity business; in financial solutions and longevity business an EBIT margin of at least 2% is anticipated.

The return on investment of 3.4% targeted for 2013 is, however, likely to decrease further in 2014.

Our strategic objective on the Group level is to achieve a return on equity at least 750 basis points above the risk-free interest rate. We also seek to increase both the earnings per share and the book value per share (including dividends paid) by at least 10% annually.