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While it can be expected that recent events will have an impact on us, our financial position remains very strong. We have given careful consideration to statements issued by the European Insurance and Occupational Pensions Authority (EIOPA) and the Federal Financial Supervisory Authority (BaFin) over the recent days with respect to dividend payments and share buy-backs. Management is also cognizant of the fact that many of our 700,000 retail shareholders (as of May 6, 2020, day of the Annual General Meeting) as well as many pension funds and other institutional investors rely on our dividend as an important part of their income. Therefore, after having considered and weighed up all arguments, the Board of Management has decided to confirm its intention to propose a dividend of 9.60 euros per share for the financial year 2019 to this year’s Annual General Meeting (AGM).
Nevertheless, in light of the current situation the Board of Management has decided to suspend the second 750 mn euros tranche of our ongoing share buy-back program. We will consider the appropriateness of this tranche when the financial and economic impact of the COVID-19 pandemic starts to become clearer.
We strive to offer attractive dividends to our shareholders. The framework for this is determined by our net income and the need for an adequate capitalization.
Please note: This dividend policy represents the current intention of the Board of Management and the Supervisory Board and may be revised in the future. Also, the dividend payment in any given year is subject to specific dividend proposals by the Board of Management and the Supervisory Board, each of which may elect to deviate from this dividend policy if appropriate under the then prevailing circumstances, as well as to the decision of the Annual General Meeting.