Financial targets

Capital generation

Capital generation of EUR 4.1 billion cumulatively; excluding market impacts and one-time items, and after holding funding and operating expenses.

Dividend

Dividend pay-out to shareholders between 45% and 55% of capital generation.¹⁾ 

Return on shareholders' equity

Return on shareholders' equity of more than 10% on an annual basis.

Capital framework

The current capital framework and related target ranges remain unchanged for the years 2019-2021:

• The Solvency II ratio target range remains at 150% to 200%; the 2018 Solvency II ratio amounted to 211%
• Holding excess cash to remain in target zone of EUR 1.0 to 1.5 billion; year-end 2018 level was EUR 1.3 billion
• Gross financial leverage ratio targeted to be between 26% and 30%; year-end 2018 level was 29.2%
• Maintain a capitalization required for a financial strength AA- rating

Read more in the press release on the new medium term financial targets (February 14, 2018)

^{1 Assuming markets move in line with management's best estimate, no material regulatory changes and no material one-time items other than already announced restructuring programson.}