Life and health reinsurance business delivered another solid contribution to the successful result posted by the Group in the year just ended. The general business climate remained competitive, especially in mature life insurance markets. We were nevertheless able to identify potential new business opportunities for our long-standing clients based on our proven, partnership-based approach and we additionally acquired new customers through active marketing efforts, attractive conditions and comprehensive service support. This had favourable implications for our gross premium income: gross premium increased in the reporting period just ended to EUR 7.7 billion (EUR 6.5 billion), equivalent to growth of 19.7%. Adjusted for exchange rate effects, the growth of 9.5% exceeded our target growth range for gross premium of between 5% and 7%. Similarly, at EUR 542,6 million we also beat our planned target of more than EUR 180 million for the Value of New Business in the year under review.

Our investment income grew by 15.5% in the year under review to EUR 709.2 million (EUR 614.2 million). Of this, EUR 334.3 million (EUR 258.5 million) was attributable to assets under own management; the remaining EUR 374.9 million (EUR 355.7 million) derived from securities deposited with ceding companies.

The operating profit (EBIT) reached an extremely satisfactory level of EUR 405.1 million (EUR 263.8 million). The EBIT margins within the individual reporting categories developed as follows: for mortality and morbidity business we fell short of the 6% target with an EBIT margin of 3.6%. Longevity business reached its targeted EBIT margin of 2.0% at 4.5%. In the financial solutions reporting category we booked another exceptionally good result. The generated EBIT margin of 18.1% clearly exceeded the target margin of 2%. The life and health reinsurance segment thus posted very good Group net income of altogether EUR 289.6 million (EUR 205.0 million) in the financial year just ended. This represents an increase of 41.3%.