Outlook for 2011/2012

Looking beyond the current financial year, we expect continuing favourable conditions in our two business groups of non-life reinsurance and life/health reinsurance.

In non-life reinsurance we are guided exclusively by profit rather than growth targets. Our goal here is to achieve an EBIT margin of at least 10% each year.

In life and health reinsurance we have set ourselves an annual growth target of 10% to 12% for gross premium income. Along with our organic growth we anticipate – as in the case of the ING transaction – portfolio acquisitions from the developed insurance markets. We are targeting an EBIT margin in the range of 6% to 7%.

On the Group level our return-on-equity target is at least 750 basis points above the risk-free interest rate. Both the earnings per share and the book value per share also constitute central management ratios and performance indicators for our company. Our strategic objective is to increase these key figures – together with the operating profit (EBIT) – by double-digit margins every year.