Strategy

Within our Group strategy 2025 we are continuing our growth path and increase our ambition with the guiding principle "from Stabilization to Acceleration".

1) By 2025 with normalised Group net income 2022 baseline of EUR 1,250m
2) Dividend per share for FY2022 paid in 2023; subject to Supervisory Board and AGM approval
3) Planned dividend per share for FY2025 paid in 2026

Optimising the capital management to maximise financial flexibility within the Group, providing solid capital resources at all times and ensuring dividend growth:

• Allocation of capital to grow business only when strategic and profitability criteria are met
• Ongoing optimisation of the Group's capital structure to ensure liquidity at holding level (increase remittance ratio of primary insurance) and of our subsidiaries' local capital resources
• Optimised dividend policy with dividend growth

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

• “Hire” – We think recruiting in a target group-oriented and holistic way.
• “Develop” – We empower our employees in a tailored manner through attractive development paths.
• “Inspire” – We inspire our employees to actively develop our culture and foster entrepreneurship.
• “Xperience” – We create spaces and make our culture tangible.

The strategies of our divisions are based on the Group strategy. Our clear strategic ambition is to increase the profit share from primary insurance.

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 P/C 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:

• Constantly pursuing our Net-Zero goal for 2030 in our operations worldwide and 25% emission reduction until 2025 in Germany
• Net-Zero 2050 target for underwriting and withdrawal from thermal coal infrastructure until 2038
• Net-Zero 2050 target for investment and reduction of CO2 intensity of the liquid portfolio by 30% by the end of 2025
• Social focus especially in diversity and (employee) education