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Outlook
In view of the interrelations between the parent company and the Group companies and the former’s large share of business within the Group, we would refer here to our remarks contained in the section entitled Outlook for 2017, which also reflect in particular the expectations for Hannover Rück SE.
Given that the loss-heavy year of 2001 will no longer be included in the 15-year observation period used to calculate the equalisation reserve, Hannover Rück SE additionally anticipates a positive one-off effect from the release of equalisation reserves in 2017 that is expected to significantly increase the profit for the financial year reported under the German Commercial Code (HGB).
In terms of the dividend for the current financial year, we envisage a payout ratio in the range of 35% to 40% of the IFRS Group net income. This ratio may increase in light of capital management considerations if the present comfortable level of capitalisation remains unchanged.