Outlook

Outlook 2021
Currency-adjusted GWP growth
~5%
Net return on investment
~2.5%
Group net income
upper end of the range between
EUR 800m and EUR 900m
Return on equity
above 8.0%
Dividend payout
35 – 45% DPS at least stable y/y

Note: All targets are subject to large losses not exceeding the large loss budget, no turbulences on capital markets and no material currency fluctuations. The targeted dividend payout is subject to the regulator‘s approval.

The Outlook 2021 is based on a large loss budget of EUR 410m (2020: EUR 360m) in Primary Insurance, of which EUR 331m in Industrial Lines (2020: EUR 301m). The large loss budget in Reinsurance stands at EUR 1,100m (2020: EUR 975m).