Financial markets influence results

  • A commercially and strategically successful year despite the negative effect of instable markets; the quality of operating income after deduction of individual items strongly improved compared with 2010
  • Fall in profits due in particular to lower profits achieved on the investment portfolio, amortisation of goodwill and lower transaction volumes on the financial markets
  • Revenue almost on a par with 2010, Assets under Administration up 5% in second half year despite lower markets
  • Partnership with dwpbank on target; costs in Q4 up slightly due to non-recurring costs, total costs in 2011 nonetheless stable
  • Solvency risen to 26% as at 31 December 2011. Surplus liquidity rose further in Q4 to an average of € 1.5 billion (Q4 2010: €1.1 billion)
  • Proposed dividend of €0.50 which, at 71%, is in the middle of the external target range and underlines our confident outlook. Dividend yield for 2011 is therefore 5.8%.

  • the full text of the press release including the Consolidated Balance Sheet and Consolidated Income Statement (PDF in a new window)