As a reinsurer which provides clients with consistency throughout reinsurance cycles and beyond, we strive for a suitable balance between risk and return while maintaining a strong equity base. Our objective is a continuous and healthy growth based on a thoughtful and disciplined underwriting policy. In the past ten years gross premiums written by Deutsche Rück Group doubled. Net premiums more than tripled in the same period, amounting to €663 million in 2009. In total, the Group earned €19.5 million in net profit for the year after tax.

Deutsche Rück Group provides insurance companies in Europe with reinsurance coverage in multiple lines. In 2009 property segments had the largest share in premiums. Casualty accounted for over 25% and life for more than 5%. We are continuously expanding our treaty business in Europe on a new basis and offer capacities for natural catastrophe exposures.

We always keep a watchful eye on costs. We are not compromising our client services but emphasize a well-managed and efficient organization with high professional standards. This is why our administrative expenses are well below the market average. In 2009 – an unremarkable year in terms of claims – we achieved a reasonable combined ratio of 98%.

Due to our strong equity base, we are not forced to react to short term capital market developments. Our capital investments, including deposits retained, nearly tripled in the last ten years. In 2009 they amounted to €1,625 million. Due to an allocation to the equalization reserves of €28 million we further increased our already high level of security.

*) excl. life reinsurance