Our portfolio of assets under own management grew in the year under review to EUR 23.0 billion (EUR 20.8 billion). This corresponds to an increase of 10.6% and can be attributed above all to the very positive operating cash flow and the appreciation of key foreign currencies against the euro, although the increase in the fair values of fixed-income securities in connection with the observed yield declines on government bonds in our main currency areas also played a role. The balance of unrealised gains on fixed-income securities and bond funds increased to EUR 891.3 million (EUR 414.7 million).

Deposits with ceding companies, which are shown under the investments, totalled EUR 18.9 billion (EUR 12.4 billion) in the year under review.

Our capital and reserves – excluding the disposable profit – stood at EUR 1,381.7 million (EUR 1,381.7 million). The total capital, reserves and technical provisions – comprised of the capital and reserves excluding disposable profit, the subordinated liabilities, the equalisation reserve and similar provisions as well as the net technical provisions – grew during the year under review to EUR 35,406.7 million (EUR 30,866.0 million). Based on the increase in the total capital, reserves and technical provisions, the balance sheet total of Hannover Rück SE grew to EUR 45.0 billion (EUR 35.9 billion).

A dividend of EUR 3.00 per share, equivalent to EUR 361.8 million (EUR 361.8 million), was paid in the year under review for the 2013 financial year.

It will be proposed to the Annual General Meeting on 6 May 2015 that a dividend of EUR 3.00 plus a special dividend of EUR 1.25 per share should be paid for the 2014 financial year. This corresponds to a total distribution of EUR 512.5 million. The dividend proposal does not form part of this consolidated financial statement.