Our portfolio of assets under own management grew in the year under review to EUR 25.7 billion (EUR 23.0 billion). This corresponds to an increase of 11.8% and can be attributed above all to the very positive operating cash flow and the appreciation of various currencies against the euro. The balance of unrealised gains on fixed-income securities and bond funds contracted to EUR 610.3 million (EUR 891.3 million). This reflected the yield increases observed in the course of the year under review – especially on US Treasuries – as well as higher risk premiums for corporate bonds.

Deposits with ceding companies, which are shown under the investments, totalled EUR 15.6 billion (EUR 18.9 billion) in the year under review.

Our capital and reserves – excluding the disposable profit – stood at EUR 1,631.7 million (EUR 1,381.7 million). The total capital, reserves and technical provisions – comprised of the capital and reserves excluding disposable profit, the subordinated liabilities, the equalisation reserve and similar provisions as well as the net technical provisions – fell during the year under review to EUR 33,416.7 million (EUR 35,406.7 million). The balance sheet total of Hannover Rück SE consequently decreased to EUR 44.9 billion (EUR 45.0 billion).

A dividend of EUR 3.00 plus a special dividend of EUR 1.25 per share, equivalent to EUR 512,5 million (EUR 361.8 million), was paid in the year under review for the 2014 financial year.

It will be proposed to the Annual General Meeting on 10 May 2016 that a dividend of EUR 3.25 plus a special dividend of EUR 1.50 per share should be paid for the 2015 financial year. This corresponds to a total distribution of EUR 572.8 million. The dividend proposal does not form part of this consolidated financial statement.