Outlook 2021
Currency-adjusted GWP growth
high single-digit % growth
Net return on investment
Group net income
between EUR 900m and EUR 950m
Return on equity
8.5 - 9.0%
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).