The 2010 financial year was a very pleasing one for Hannover Re. We generated vigorous growth and our highest Group net income to date of EUR 749 million. Although our operational business was impacted by a heavy major loss incidence and the sale of our US subsidiary Clarendon Insurance Group, this was more than offset by a special effect associated with the release of provisions for tax proceedings that have now been resolved.

We accomplished our goals for the year under review and are confident of doing so in 2011 as well.