The 2009 financial year passed off highly satisfactorily for Hannover Re: for the first time we were able to generate an operating profit (EBIT) in excess of one billion euro. The appeal of reinsurance as a capital management tool for our clients grew in the year under review, enabling us to push through appreciable rate increases. After years of declining premium income we achieved substantial growth in non-life reinsurance in 2009. We are also highly gratified by the development of life and health reinsurance. Given the weakened solvency position of life insurers, there was stronger demand here for reinsurance solutions. With the acquisition of a large US life reinsurance portfolio we have set course for further profitable growth in life and health reinsurance. We are similarly satisfied with the development of our investments.