Outlook 2022
Currency-adjusted GWP growth
mid single-digit % growth
Net return on investment
Group net income
between EUR 1,050 and EUR 1,150m
Return on equity
Dividend payout
35 –45% DPS at least stable y/y


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 2022 is based on a large loss budget of EUR 410m in Primary Insurance, of which EUR 310m in Industrial Lines. The large loss budget in Reinsurance 2022 is EUR 1,300m.

Midterm targets


Note: Targets are relevant as of FY2019. EPS CAGR until 2022 (base level: original Group net income Outlook of ~EUR 850m for 2018). The risk-free rate is defined as the 5-year rolling average of the 10-year German Bund yield. Targets are subject to large losses staying within their respective annual large-loss budgets as well as no major turmoil on currency and/or capital markets.