Strategy

Our Group Strategy continues our growth path and increases our ambition in line with our guiding principle of “from Stabilisation to Acceleration”.

We maximise financial flexibility within the Group, providing solid capital resources at all times and ensuring long-term dividend growth:

• Capital is only allocated to grow businesses if strategic and profitability criteria are met
• Ongoing optimisation of the Group’s capital structure to ensure adequate liquidity both at holding company level (by increasing the profits transferred from primary insurance operations) and at the level of our subsidiaries' local capital resources
• Optimised dividend policy and continuous dividend growth

Our goal is to be an attractive employer with an identity-forming culture:

• “Hire” – We tailor our recruiting to our target groups and take a holistic approach.
• “Develop” – We empower our employees by offering attractive, customised development paths.
• “Inspire” – We inspire our employees to actively develop our culture and foster entrepreneurship.
• “Xperience” – We create spaces and make our culture tangible.

Our divisions’ strategies are based on our Group strategy. Our clear strategic ambition is to increase the share of profits generated by our primary insurance operations.

Enhancing our good market position by:

• Being/striving to be a leading international insurance programmes (IP) and captive insurance provider
• Combining our new underwriting culture coupled with lean operations
• Transforming into a specialty powerhouse and fully leveraging market position

Focus on growth initiatives, after successful completing optimization program:

• SME (small and medium enterprises) business is the key growth initiative
• Become a market-leading bancassurance franchise
• Profitability campaign in life insurance

TOP 5 property/casualty insurer in core markets(1) in Latin America and Central/Eastern Europe:

• Profitable organic and non-organic growth
• Continuous focus on technical excellence
• Portfolio diversification

1) Core markets: Brazil, Chile, Mexico, Poland, Türkiye

• Building on existing strengths in reinsurance, especially as regards competitiveness and profitability
• Building innovation capabilities to create optionality
• Pursuing long-term focus on APAC region
• Secure and selectively expand position as a Global Player

Our sustainability strategy is based on focused implementation of ESG-specific aspects in investment, underwriting and operations as well as the Group's social commitment:

• In our own operations, we pursue our global objective of achieving GHG neutrality by 2030 (including offsetting of remaining emissions)
• Our ambition in underwriting is to achieve net zero by 2050, supporting our clients on their path toward more sustainable business models
• Reducing our GHG intensity (1) by 55% by 2030 supports our ambition in investments to achieve net zero by 2050
• A social focus, particularly in the areas of diversity and employee education

(1) Reduction in the GHG intensity of the liquid corporate bond portfolio (including covered bonds, equities and near-public sector issuers) by 2030 compared to the 2019 base year