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Business development
We are thoroughly satisfied with the development of business in the 2016 financial year. With Group net income of EUR 1,171.2 million we actually surpassed the anticipated level of at least EUR 950 million. We thus improved by a further 1.8% on the record result of the previous year. This development is particularly gratifying because market conditions for reinsurers remain extremely challenging and the low level of interest rates is increasingly restricting our potential returns. The year-end result was once again supported by a burden of major losses that came in below the envisaged budget.
Please find below a brief summary of the development of our two business groups – Property & Casualty and Life & Health reinsurance – and our investments. More detailed information is to be found here.