The company is forecasting average premium growth of at least 10 percent a year for the Retail International Division over the medium term. The combined ratio is supposed to be a maximum of 96 percent (2012: 96.2 percent).

Premium income for the Industrial Lines Division is forecasted to grow on average between 3 and 5 percent each year, the combined ratio should not exceed the favourable level of 96 percent (2012: 95.1 percent). The retention rate of currently 46 percent is to be expanded to an average of 60 to 65 percent. This will reduce the expenditure on reinsurance premiums.

The Retail Germany Division will contribute to the planned increases in earnings by cost savings and the resulting improvement in combined ratio. The objective is for the combined ratio to come down to 97 percent or lower (2012: 100.6 percent). Gross premium income will remain stable or increase slightly and hence follow the general sector trend in Germany.

According to the plans, non-life reinsurance will increase its premiums over the medium term by an average of 3 to 5 percent, the premiums for life and health reinsurance will go up by an average of 5 to 7 percent.

These targets are subject to the condition that major claims remain in line with expectations and that no turbulence occurs in the currency and capital markets. The goal of paying out 35 to 45 percent of the Group’s net income in accordance with IFRS as dividend remains unchanged.