In the 2023–2025 strategic period, we achieved and even exceeded our self-imposed goals earlier than expected. Therefore, we are now setting new medium-term goals until 2027.

The key is our cultural transformation, which has made the implementation of our focused strategy possible. For us, culture is strategy. This is reflected in our results. Since 2018, our net profit has almost tripled, from around 700 million to an expected 1.9 billion euros this year. During this time, we have achieved average annual double-digit growth of 18%, which outpaces the competition.

In addition to the continued strong performance of Hannover Re, we have significantly raised the level of our primary insurance business. Since 2022, our primary insurance revenue has increased by about 35%, and profits have almost doubled. This has increased the contribution of primary insurance to group profits to nearly 50%.

It’s just one factor. Through the acquisition of Liberty’s entities in Latin America, we have risen to the number two position in the property insurance market there. The acquisition will contribute more than 80 million euros to our group result in 2024, after financing costs.

We have strengthened our earnings quality by improving resilience. External assessors certify that we have resilience reserves totalling 3.7 billion euros, an increase of 1 billion euros during the strategic cycle since 2022.

We’ve also bolstered our resilience in this area. Over the past two years, we deliberately realised around 500 million euros in hidden losses on investments, to reinvest at higher interest rates and enhance future profits. Moreover, we’ve maintained a conservative low-beta approach, with nearly 82% of our investments in fixed-income securities, 93% of which are investment grade.

No. Our equities allocation remains at 1%. For our risk-return profile, it makes more sense to allocate significantly more risk capital to insurance technology than to capital investments.

We’ve long aimed for a balanced profit contribution between primary and reinsurance. In 2018, primary insurance accounted for about 30%. Now, thanks to stronger profit growth in primary insurance, it has reached 47%, bringing us close to our strategic goal.

Our primary insurance is a diversified yet focused property insurer. About 50% of its revenue comes from corporate and specialty business, while the other half is divided between international business (36%) and German retail and commercial business (18%).

Roughly half of our revenue comes from mature Western European markets. The other half primarily comes from growth markets, such as Central and Eastern Europe, Latin America, and the Asia-Pacific region.

Offering efficient insurance is a key competitive factor. Our growth is partly due to being the cost leader in 93% of our portfolio segments, including reinsurance, corporate and specialty, and international retail. However, we still have progress to make in German retail, which currently contributes 7% to the group result.

The entire German motor insurance market is facing challenges due to high claims inflation, which we cannot escape. With the measures we’re implementing, we’re confident of returning to profitability next year.

In a challenging market, we need to focus even more on our strengths. In property insurance, this includes business with companies and professionals. In life insurance, we see opportunities in biometric products and partnerships with banks.

Across all segments, including German retail, our goal is to achieve a strategic return on equity of at least 12%.

We aim to significantly improve our cost position there as well.

Reducing the share of the German retail and commercial business is not a strategic goal. However, since markets outside Germany are growing faster, its proportional contribution will likely decrease mathematically.

With a combined ratio of 92.4% in primary insurance after nine months this year, I believe we’re well-positioned to meet our group targets by 2027.

No. In corporate and specialty, which has doubled its revenue since 2022 to around 10 billion euros, we are a global player. With about 5,100 international programs, we can serve large customers worldwide. Here, we’ll continue to grow profitably. In German retail, we aim for stability given the challenging market environment, as it provides significant and consistent dividend contributions.

Our strategic setup in Retail International allows us to continue gaining market share profitably. Over the past two years, the segment has grown by 4 billion euros to 9.3 billion euros, half of which was organic.

This segment has grown profitably, with a combined ratio of 91% and premiums rising from 4.5 billion euros in 2018 to 10 billion euros today – a very positive development.

We’re confident in continuing to gain market share profitably due to our strategic positioning and cost leadership.

Latin America and Central and Eastern Europe offer significant growth potential. With higher insurance penetration in these regions, we see a market potential of around 100 billion euros by 2040.

The Liberty acquisition has elevated our position in Latin America and improved regional diversification. Latin America and Europe now each contribute around 50% of insurance revenue.

Currently, Latin American private and commercial insurance contributes about 45% to the segment result, making it significant.

No. We aim to gain profitable market share. Latin America will strengthen, not dilute, Talanx’s return on equity in primary insurance over the medium term.

It’s well advanced but will continue until about 2027 due to IT migration. We’ve already realized over 50 million euros in synergies this year, around 40% of the total, within the first year post-merger.

We’ve signaled to the market that we’ll achieve all cost synergies related to the Liberty acquisition in Latin America by 2027, within three years of closing.

We aim to grow profitably, both organically and inorganically. In our core markets, particularly in Mexico, where we’re not yet among the top five property insurers, acquisitions are possible. We’re also open to acquisitions in corporate and specialty, such as profitable niches in the U.S., the world’s largest insurance market.

For inorganic growth, we have a mid-single-digit billion-euro budget. I’d prefer five 1 billion euro acquisitions over one 5 billion euro deal. Ultimately, the focus is on whether an acquisition creates value and aligns with our strategy.

We can achieve our new goals without acquisitions. From 2024 to 2027, we aim to increase our net profit by 30% to over 2.5 billion euros. Cost leadership, focus, diversification, and a culture that supports entrepreneurship give me confidence that we’ll meet these goals.

Our goal is to pay shareholders a dividend of 4 euro per share for 2027, a 50% increase compared to this year. By increasing our dividend reserve factor – the ratio of retained earnings under HGB to the dividend –we ensure that dividends can continue to rise annually, even in challenging economic years.

In the past, this has varied and been influenced by one-time effects. Now, until 2027, we aim for a dividend increase significantly exceeding profit growth: 30% profit growth versus a 50% dividend increase.