The following remarks about the expected development of the Talanx Group and its business environment are subjective assessments. They are based on well-founded expert assessments as well as plans and forecasts that we consider coherent but the materialization of which is uncertain. Although we arrived at the underlying assumptions with great diligence and to the best of our knowledge, the possibility cannot be ruled out – in view of the fundamental uncertainties applicable to statements regarding the future – that actual developments may diverge from the developments anticipated here. Forecasting reliability has been made even more difficult by the global interlinking of economic relations and capital markets. Even though signs of an upturn are currently emerging in large areas of the global economy, the danger of fresh setbacks cannot be underestimated. What is more, it should be borne in mind that there is a time lag before the relevant macroeconomic influencing factors make themselves felt on the insurance markets. For this reason, too, some after-effects of the recent financial and economic crisis will probably continue to reverberate in the insurance industry in the years ahead.