Outlook 2022
Currency-adjusted GWP growth
~10% (> EUR 50bn)
Net return on investment
Group net income
between EUR 1,050 and EUR 1,150m
Return on equity
Dividend payout
35 – 45% of IFRS earnings 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 Russian war in Ukraine has emerged as an additional uncertainty factor. The targeted dividend payout is subject to the regulator‘s approval.

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.