Higher Payout Ratio, Increased Dividend Per Share Plus New Share Buy-back Announced

MUNICH--(BUSINESS WIRE)--February 23, 2024

12M 2023:

• Total business volume rises 5.5 percent to 161.7 billion euros
• Operating profit increases 6.7 percent to 14.7 billion euros primarily driven by the Life/Health business segment
• Shareholders’ core net income excellent at 9.1 billion euros, up by 30.3 percent

4Q 2023:

• Total business volume advances 7.8 percent to 39.6 billion euros
• Operating profit surges by 17.0 percent to 3.8 billion euros driven by the Life/Health business segment, supported by solid results in all other business segments
• Shareholders’ core net income of 2.4 billion euros, up by 46.4 percent
• Strong Solvency II capitalization ratio of 206 percent1 after proposed dividend pay-out

Outlook:

• 2024 operating profit target at 14.8 billion euros, plus or minus 1 billion euros2

Other:

• Management to propose a dividend per share of 13.80 euros, an increase of 21.1 percent from 2022
• Regular dividend payout ratio increased to 60 percent (from 50 percent). This new dividend policy shall already apply to the dividend for fiscal year 2023
• In addition to this, a renewed share buy-back program of up to 1 billion euros announced