The Health Insurance Group announced its 2016 half year trading results:

• New business sales up 8% vs H1 2015, to £7.1m (Annual Premium Income)
• Product portfolio increased by 8% vs H1 2015, to £124.7m (Annual Premium Income).
• Revenues up 5% vs H1 2015, to £7.5m.

Brett Hill, Managing Director for The Health Insurance Group said, "Against the backdrop of a fiercely competitive private healthcare market and economic uncertainty we are delighted to report strong increases in sales, portfolio and revenues for 2016."

"In a varied yet progressive year we have continued innovating our core private healthcare programmes focusing on wellness and prevention while diversifying our expanding product portfolio, adding employee assistance services and specialist kidnap & ransom cover for international workers.  Meeting the obligations of auto-enrolment has posed a challenge for some SMEs, and we have made sure that we are able to support them in meeting their commitments through our partnership with Johnson Fleming."

"While the market will remain challenging and clients continue to make ever greater demands from us for excellence in service delivery, product diversity and value, the business remains resilient and continues on an upward trajectory.  We enter the second half of the year with some exciting innovations in development, giving us optimism and confidence that we are continuing to offer the kind of insurance solutions that meet the needs of our many UK and international retail, SME and small corporate clients."

Compulsory insurance, voluntary top up covers, differences between what you can sell to locals and expatriates, rules on overseas investors, compulsory local partnerships, economic sanctions, and even local politics are all things that insurers and brokers must understand - as are newer factors of controls on insurance and healthcare prices, and recent compulsory health insurance rules for travellers or students.

Competition for business is not just from global groups, as regional groups and strong national insurers also want a slice of the market.

Test your knowledge of the International PMI and international health insurance industry with the 2nd part of the IPMI Industry Knowledge Test.

Do you follow the crowd to the Gulf, or see more potential in Africa, Asia and South America?

1. Who moved from Lausanne to Montreux recently?
2. Which about to be merged US insurer pulled out of China in 2013?
3. Which insurer should never confused with a month?
4. Who owns Astrenska?
5. Who offers major medical expanses in Several Latin American countries?
6. Which Asian country has hospitals accredited by a French body and why?
7. Which island is part of the USA but has different ACA rules from the states?
8. Which country was about to bring in universal healthcare until the due elections?
9. Which are the top 3 countries for expats in China?
10. Name the 3 countries where competition commissions have looked at healthcare and links with health insurance?

RELATED: Take the IPMI 1st test here.

If you struggle to answer all or most of these questions you may need the new IPMI report that answers all of these questions plus many more. 

DOWNLOAD THE IPMI 2016 REPORT MEDIA KIT AND CONTENTS, CLICK HERE.

Zurich Insurance Group (Zurich) reported a business operating profit (BOP) of USD 2.9 billion and net income attributable to shareholders of USD 1.8 billion for the full-year ended December 31, 2015.

Chairman and Chief Executive Officer ad interim Tom de Swaan said, “This is a disappointing result, reflecting the previously announced challenges in our General Insurance business and restructuring charges, and we have taken rigorous actions to improve profitability. This includes re-underwriting or exiting unprofitable portfolios, increasing cost efficiency and further simplifying the organization. The remainder of the Group continues to perform well, with both Global Life and Farmers making further progress in the execution of their strategies.”

“Given the challenges within General Insurance, it is unlikely that the Group will achieve its target of a business operating profit after tax return on equity of 12-14% in 2016. Nevertheless, Zurich is on track to achieve its other targets for 2014 to 2016. The Zurich Economic Capital Model ratio stood at 114% as at the end of September, within our target range, and the Group expects to deliver cash remittances in excess of USD 10 billion for the period, well ahead of our target.”

“Given the Group’s healthy cash generation and the strong capital position the Board proposes an unchanged dividend of CHF 17 per share. The Board has also concluded that it is important to maintain the Group's capital strength and flexibility in the current circumstances and has, therefore, decided not to return additional capital to investors at this time.”

“We have accelerated our efficiency program and now aim to exceed the previously communicated cost savings target for 2016 of USD 300 million, and are on our way to achieving group-wide cost savings of more than USD 1 billion by the end of 2018. These savings will be achieved through the application of new technology, lean processes and the offshoring and near shoring of some activities. We estimate that as a result of these necessary measures around 8000 roles across Zurich will be affected by the end of 2018. This figure includes initiatives completed or announced in 2015.”

“Our key priorities in 2016 will be turning around our General Insurance business and continuing actions to position the Group for 2017 and beyond, including enhancing efficiency and sharpening the Group’s retail footprint. We have an excellent management team in place that will be further strengthened with the arrival of Mario Greco, who will lead preparations for the new strategic cycle.”

Aetna have announced fourth-quarter 2015 operating earnings of $482.1 million, or $1.37 per share, a per-share increase of 12 percent over the fourth quarter of 2014. Full-year 2015 operating earnings were $2.7 billion, or $7.71 per share, a per-share increase of 15 percent over full-year 2014. Net income for the fourth quarter of 2015 was $320.8 million, or $0.91 per share. Full-year 2015 net income was $2.4 billion, or $6.78 per share. Net income for the fourth quarter and full year of 2015 includes $0.46 per share and $0.93 per share of net charges, respectively.

“Aetna achieved record annual operating revenue and operating earnings in 2015, and delivered full-year operating EPS that was above our most recent projection,” said Mark T. Bertolini, Aetna chairman and CEO. “Aetna’s strong 2015 results speak to our continued focus on disciplined pricing and execution of our growth strategy. Based on this performance, we are projecting 2016 operating earnings per share of at least $7.75.

“We continue to work diligently with the Department of Justice and state regulators toward final approval of our proposed acquisition of Humana, and we continue to advance our integration readiness plans. We have obtained seven of the necessary state approvals, and we believe we remain on track to close the transaction in the second half of 2016,” said Bertolini.

“We are quite pleased with the strength of our fourth quarter and full year results,” said Shawn M. Guertin, Aetna executive vice president and CFO. “Aetna’s operating results continue to be supported by strong cash flow and operating margins.

“Our Government business saw strong growth in membership and premiums, as well as improved underwriting margins. These reflect our ongoing execution of strategies to improve our margin profile in Medicare, as well as strong performance in our Medicaid business,” said Guertin.

Health Care segment results

Health Care, which provides a full range of insured and self-insured medical, pharmacy, dental and behavioral health products and services, reported:

• Operating earnings were $492.8 million for the fourth quarter of 2015 compared with $447.6 million for the fourth quarter of 2014. Operating earnings increased primarily as a result of higher underwriting margins in Aetna's Government business and higher fees and other revenue, partially offset by an increase in general and administrative expenses as described in Operating expenses above.
• Net income was $360.9 million for the fourth quarter of 2015 compared with $373.9 million for the fourth quarter of 2014.
• Operating revenues were $14.4 billion for the fourth quarter of 2015 compared with $14.1 billion for the fourth quarter of 2014. The increase is due primarily to membership growth in Aetna's Government business as well as higher premium yields in Aetna's Commercial business, partially offset by membership losses in Aetna's group Commercial Insured products. Total revenues were $14.4 billion and $14.1 billion for the fourth quarters of 2015 and 2014, respectively.
• Sequentially, fourth-quarter 2015 medical membership remained flat at 23.5 million at December 31, 2015.
• Aetna's fourth-quarter 2015 Commercial MBR improved over the fourth quarter of 2014 primarily as a result of increased favorable development of prior-period health care cost estimates primarily related to Aetna's Individual Commercial business.
• Aetna's fourth-quarter 2015 Government MBR improved over the fourth quarter of 2014 primarily as a result of actions impacting revenue and medical costs designed to solve for the gap between Medicare premiums and medical costs and other expenses.
• In the fourth quarter of 2015, Aetna experienced favorable development of prior-period health care cost estimates in its Commercial, Medicaid and Medicare products, primarily attributable to third-quarter 2015 performance.
• Prior-years' health care costs payable estimates developed favorably by $840.6 million and $580.8 million during 2015 and 2014, respectively. This development is reported on a basis consistent with the prior years' development reported in the health care costs payable table in Aetna's annual audited financial statements and does not directly correspond to an increase in 2015 operating results.

Full-year 2015 operating earnings for Health Care were $2.7 billion, compared with $2.4 billion in 2014. Operating earnings increased primarily as a result of higher underwriting margins in Aetna's Government business, partially offset by an increase in general and administrative expenses. Full-year 2015 net income for Health Care was $2.4 billion compared with $2.2 billion in 2014.

Group Insurance segment results

Group Insurance, which includes group life, disability and long-term care products, reported:

• Operating earnings were $21.7 million for the fourth quarter of 2015 compared with $21.3 million for the fourth quarter of 2014.
• Net income was $17.8 million for the fourth quarter of 2015 compared with $23.2 million for the fourth quarter of 2014, primarily reflecting net realized capital losses during the fourth quarter of 2015.
• Operating revenues were $618.3 million for the fourth quarter of 2015 compared with $615.6 million for the fourth quarter of 2014. Total revenues were $612.5 million and $618.5 million for the fourth quarters of 2015 and 2014, respectively.

Full-year 2015 operating earnings for Group Insurance were $136.0 million, compared with $171.0 million in 2014. Operating earnings for 2015 decreased compared with 2014, primarily due to lower underwriting margins in Aetna's Long-Term Care and Life products as well as lower net investment income, partially offset by higher underwriting margins in Aetna's Disability products. Full-year 2015 net income for Group Insurance was $135.5 million, compared with $179.6 million in 2014.

Anthem, Inc. announced that fourth quarter 2015 net income was $180.9 million, or $0.68 per share. These results included net negative adjustment items of $0.46per share. Net income in the fourth quarter of 2014 was $506.7 million, or $1.80 per share, which included net negative adjustment items of $0.06 per share.

Excluding the items noted in each period, adjusted net income was $1.14 per share in the fourth quarter of 2015, a decrease of 38.7 percent compared with adjusted net income of $1.86 per share in the prior year quarter (refer to the GAAP reconciliation table for a reconciliation to the most directly comparable measure calculated in accordance with U.S. generally accepted accounting principles, or “GAAP”).

Full year 2015 net income totaled approximately $2.6 billion, or $9.38 per share, including net negative adjustment items of $0.78 per share. Full year 2014 net income was approximately $2.6 billion, or $8.99 per share, including net negative adjustment items of $0.36 per share. Excluding the items noted in each period, adjusted net income was $10.16 per share for the full year of 2015, an increase of 8.7 percent from $9.35 per share in 2014 (refer to the GAAP reconciliation table).

“Our solid fourth quarter results reflected a continuation of our positive operating momentum as we ended the year serving 38.6 million members across our Commercial and Government markets. As we look ahead to 2016, we remain well-positioned to continue advancing affordability, quality and choice for our members. We believe our strategy will be enhanced with the pending acquisition of Cigna, which we continue to expect should close in the second half of 2016," said Joseph Swedish, chairman, president and chief executive officer.

“We are pleased with our performance in the fourth quarter and our full-year 2015 results of $10.16 in adjusted EPS. Our 2015 performance and favorable medical cost trends set a strong starting point for 2016,” said Wayne DeVeydt, executive vice president and chief financial officer.

CONSOLIDATED HIGHLIGHTS

Membership: Medical enrollment totaled approximately 38.6 million members at December 31, 2015, an increase of approximately 1.1 million members, or 2.9 percent, from 37.5 million at December 31, 2014. Medicaid enrollment increased by 721,000 members and the Commercial & Specialty Business enrollment increased by 314,000 medical members as the Company experienced growth of 328,000 and 104,000 in the National and Local Group markets, respectively, partially offset by a decrease of 118,000 members in the Individual business. Enrollment also grew in theMedicare business and Federal Employee Program by 35,000 and 30,000, respectively.

Medical enrollment decreased by 102,000 members, or 0.3%, sequentially during the fourth quarter of 2015. The decrease reflected enrollment losses in the National and Individual businesses, partially offset by gains in the Medicaidbusiness.

Operating Revenue: Operating revenue was $20.0 billion in the fourth quarter of 2015, an increase of approximately $1.2 billion, or 6.6 percent, versus the nearly $18.8 billion in the prior year quarter. The growth in revenue reflected premium increases to cover overall cost trends and higher enrollment in the Medicaid and Commercial self-funded businesses. These increases were partially offset by a decline in Local Group fully insured and Individual enrollment.

Benefit Expense Ratio: The benefit expense ratio was 87.0 percent in the fourth quarter of 2015, an increase of 250 basis points from 84.5 percent in the prior year quarter. The increase was largely driven by an increase in the Individual and Local Group businesses, which included higher favorable prior period reserve development in the 4^th quarter of 2014 than in the 4^th quarter of 2015 and the timing of medical cost experience. The increase was partially offset by improved medical cost performance in certain markets in the Medicare business.

Medical claims reserves established at December 31, 2014, developed moderately better than the Company’s expectation during 2015, which resulted in offsetting adjustments for the risk stabilization programs from Health Care Reform.

Medical Cost Trend: For the full year 2015, underlying Local Group medical cost trend was at the lower half of our previously guided range of 6.5% - 7.5%. The Company anticipates that medical cost trends will be in the range of 7.0% - 7.5% in 2016.

Days in Claims Payable: Days in Claims Payable (“DCP”) was 42.7 days as of December 31, 2015, an increase of 0.4 days from 42.3 days as of September 30, 2015. The increase was primarily due to changes in the timing of claims payments between periods.

SG&A Expense Ratio: The SG&A expense ratio was 16.3 percent in the fourth quarter of 2015, an increase of 10 basis points from 16.2 percent in the fourth quarter of 2014. The increase was primarily driven by higher costs to support strong membership growth in 2015, partially offset by the impact of higher enrollment in the Medicaid business, which carries a lower average SG&A expense ratio than the consolidated company average.

Operating Cash Flow: Operating cash flow was $949.1 million, or 5.2 times net income in the fourth quarter of 2015, and approximately $4.1 billion, or 1.6 times net income for full year 2015. The Company’s 2015 results include the impact of approximately $500 million in timing items related to government and vendor payments. For 2016, the company expects operating cash flow to be greater than $3.0 billion, which includes the impact of the timing items referenced above.

Share Repurchase Program: The Company did not repurchase any shares of its common stock during the fourth quarter of 2015 due to the pending acquisition of Cigna. During 2015, the Company repurchased approximately 10.4 million shares of its common stock, or 3.9 percent of the shares outstanding as of December 31, 2014, for $1.5 billion, or a weighted-average price of $145.50. As of December 31, 2015, the Company had nearly $4.2 billion of Board-approved share repurchase authorization remaining.

Cash Dividend: During the fourth quarter of 2015, the Company paid a quarterly dividend of $0.625 per share, representing a distribution of cash totaling $163.1 million.

Investment Portfolio & Capital Position: During the fourth quarter of 2015, the Company recorded net realized gains on investments totaling $30.6 million and other-than-temporary impairment losses totaling $28.5 million. During the fourth quarter of 2014, the Company recorded net realized gains of $43.8 million, partially offset by other-than-temporary impairment losses totaling $13.5 million.

As of December 31, 2015, the Company’s net unrealized gain position in the investment portfolio was $367.5 million, consisting of net unrealized gains on equity securities totaling $389.7 million and net unrealized losses on fixed maturity securities totaling $22.2 million. As of December 31, 2015, cash and investments at the parent company totaled approximately $1.4 billion.

Discontinued Operations: In late December 2013, the Company entered into agreements to divest its 1-800 CONTACTSsubsidiary and related assets. The sales were completed on January 31, 2014. As a result, the current and prior period operating results of 1-800 CONTACTS have been classified as discontinued operations, net of the related tax effects.

2014 was dubbed "Year Of The Data Breach" and 2015 wasn't much better with numerous well-known brands reporting data breaches in 2015. At International Private Medical Insurance (iPMI) Magazine we received and published various cyber and IT security news articles under the new brand, CyberPolicy, with the help of our sister publication Healthcare Technology Magazine.

Read the most popular cyber and IT security and data breach news for the global insurance and healthcare industry, click the headlines below:

Aviva Launches Cyber Cover

The Evolution Of Cyber Risk

Swiss Re Corporate Solutions Joins Forces With Ibm To Offer Cyber Risk Protection

Head Of FBI's New York Cyber Branch To Join K2 Intelligence

Austin Berglas Speaks With The New York Times On Carefirst Data Breach

Increased Cyber Attacks On Shipping And Logistics Highlight The Need For Preventative Strategy

Fireeye And Ace Group Announce Strategic Alliance To Mitigate Cyber Risk

Insurers' Aggregation Risk On Cyber Claims In Check

AIG Expands Cyber Risk Management Offering With Leading Cybersecurity Experts

Worldwide Spending On Cyber Security Close To $70 Billion A Year

Version 1.3 of the International Private Medical Insurance Provider Directory is out now.

Medical insurance underwriters and providers are represented and International Private Medical Insurance Magazine would like to take this opportunity to say a warm thank you to all of the guide sponsors including ALC Health, Antaé, Cigna Global iPMI, Expatriate Group, GeoBlue, Globality Health, Healthcare International, Integra Global and Wellaway.

GET LISTED

List your company in the iPMI Magazine iPMI company guide. Working hand-in-hand with your own company micro website on iPMIM, this guide can land-your-brand on the desk of an eclectic worldwide readership.

Version 1.2 of the International Private Medical Insurance Provider Directory is out now with the addition of Antaé, a leading employee benefits firm based in Switzerland.

Based in Lausanne in Switzerland, Antaé is specialised in advice, design and distribution of international mobility solutions: private medical insurance, travel health insurance, assistance and security, protection, kidnap and ransom, pension. Our clients are international corporate businesses and organisations, NGOs, international private schools and international students in Switzerland. Antaé is FINMA registered – N° 28246

Medical insurance underwriters and providers are represented and International Private Medical Insurance Magazine would like to take this opportunity to say a warm thank you to all of the guide sponsors including ALC Health, Antaé, Cigna Global iPMI, Expatriate Group, GeoBlue, Globality Health, Healthcare International, Integra Global and Wellaway.

GET LISTED

List your company in the iPMI Magazine iPMI company guide. Working hand-in-hand with your own company micro website on iPMIM, this guide can land-your-brand on the desk of an eclectic worldwide readership.

Health Insurance Innovations, Inc. announced financial results for the second quarter ended June 30, 2015. 

Second Quarter 2015 Consolidated Financial Highlights

• Revenue was $22.7 million, an increase of 8.6% over $20.9 million in the second quarter of 2014.
• Total collections from customers, which our industry refers to as premium equivalents, was $38.5 million, an increase of 3.5% over $37.2 million in the second quarter of 2014.
• Adjusted EPS was $0.08, compared to $0.09 in the second quarter of 2014. EPS per diluted share was a net loss of $0.04, compared to net income of $0.05 in the second quarter of 2014.
• Adjusted EBITDA was $1.8 million, compared to $2.1 million in the second quarter of 2014.
• Record policies in force as of June 30, 2015, totaled 113,000, a 14.1% increase from 99,000 as of June 30, 2014.

"By the end of the second quarter 2015, our sales were in line with our growth expectations, and we expect this trend to continue for the remainder of 2015. Our overall sales results for the quarter reflect the adverse impact of the government's annual enrollment period and the one-time special tax enrollment period for ACA plans, which ended on April 30^th. We now have better knowledge and data of sales trends during the open enrollment period that will reflect in future forecasts. In addition, the next ACA open enrollment period is expected to be 90 days shorter, and we expect additional growth as a result. I am pleased with the investments and progress that HII is making in building the leading innovative, consumer- and technology-centric platform in the affordable individual health insurance market," said Michael Kosloske, HII's Chief Executive Officer.

Pat McNamee, HII's President, commented, "I am excited by the opportunities available to HII to meaningfully penetrate the large market for affordable health insurance products. Since my joining the company two months ago, we have been rebuilding the team at HII to support our growth strategies with a focus on core execution, distribution and product expansion. In the second quarter, we have already expanded and diversified our distribution network, adding two new key components including a brokerage distribution network and a new direct-to-consumer network, AgileHealthInsurance.com. We now have four distinct channels of distribution: owned call centers, non-owned call centers, brokerages, and online direct-to-consumer via AgileHealthInsurance.com."

Mr. McNamee continued, "We are setting the stage for 2016 by layering new opportunities over our core business, including AgileHealthInsurance.com, our brokerage distribution channel, new and expanded products, and leveraging our technology solutions to meet the consumer needs of the vast and growing base of customers in need of affordable health insurance alternatives. We believe we are making the right investments at the right time for the long-term benefits of all our stakeholders – our shareholders, partners, employees and customers."

2015 Full Year Guidance

For the full year 2015 we expect revenue between $97 million - $103 million and adjusted earnings per share between $0.18 - $0.25.

Second Quarter Financial Discussion

During the second quarter of 2015, we changed the structure of our operating segments to a single reportable segment. HealthPocket is no longer a separate reportable segment. We believe one segment is more appropriate as a result of our anticipated internal fulfillment of HealthPocket's client referral leads by HII's owned call centers and the launch of AgileHealthInsurance.com.

Second quarter revenues of $22.7 million and premium equivalents of $38.5 million increased by 8.6% and 3.5%, respectively, as compared to the second quarter of 2014. The increases were primarily due to the increase in the total number of policies in force as a result of our continuing expansion of our distribution network and continued success in providing quality ancillary insurance products as supplements to our individual and family plans ("IFP"). We have consolidated short term medical and hospital indemnity policies which have a similar financial profile as IFP. Going forward we will report two categories: IFP and ancillary products. By policy type, the 2015 second quarter mix of revenues was as follows: 71% IFP and 29% ancillary products. A reconciliation of premium equivalents to revenues for the three and six months ended June 30, 2015 and 2014 is in the financial supplement included in this press release.

Adjusted gross margin, which is calculated starting with revenues and then adjusted for third party commissions, and credit card and ACH fees, increased to $11.0 million or 28.6% of premium equivalents for the second quarter of 2015, compared to $10.1 million of adjusted gross margin and 27.2% of premium equivalents in the same period in 2014. A reconciliation of premium equivalents to revenues and adjusted gross margin for the three and six months ended June 30, 2015 and 2014 is included within this press release.

Selling, general and administrative ("SG&A") expenses were $10.4 million in the second quarter of 2015, compared to $8.6 million in 2014. The increase in SG&A expense was primarily driven by the impact of acquisitions and investments in innovations to drive sustainable growth in 2015 and beyond, as well as restructuring costs in our continued effort to control future SG&A costs.

EBITDA was $0.6 million in the second quarter of 2015, compared to $1.6 million in the same period in 2014. Adjusted EBITDA is calculated starting with EBITDA, which is then further adjusted for items that are not part of regular operating activities, including acquisition costs and other non-cash items such as stock-based compensation. Adjusted EBITDA was $1.8 million in the second quarter of 2015, compared to $2.1 million in the same period in 2014. A reconciliation of net (loss) income to EBITDA and adjusted EBITDA for the three and six months ended June 30, 2015 and 2014 is included within this press release.

Cash and short term investments totaled $8.8 million at the end of the second quarter of 2015, and the Company has no debt. Cash decreased by $1.7 million during the quarter primarily due to a $2.0 million increase in advanced commissions that we provide to our distributors. As of the end of the second quarter of 2015, our advance commissions totaled $10.0 million.

Solid underlying earnings

Underlying earnings increase to EUR 549 million as fee business growth and the stronger US dollar were partly offset by lower US life & protection results, including adverse mortality of EUR 17 million
Equity and interest rate hedging programs main drivers of fair value losses of EUR 293 million
Net income amounts to EUR 350 million
Return on equity of 8.2% and 8.9% excluding capital allocated to run-off businesses

Continued strong profitable sales

US retirement plans and asset management main drivers behind gross deposits of EUR 16.8 billion and net deposits of EUR 3.2 billion
New life insurance sales level at EUR 518 million
Accident & health and general insurance sales stable at EUR 248 million
Market consistent value of new business of EUR 183 million impacted by low interest rates

Increase in interim dividend supported by strong cash flows

Operational free cash flows excluding market impacts and one-time items of EUR 388 million
Holding excess capital of EUR 1.5 billion and gross leverage ratio improves to 27.7%
Interim dividend increases to EUR 0.12 per share; dilutive effect of stock dividend to be neutralized
More clarity obtained on Solvency II; ratio expected to be in the range of 140 - 170%

Alex Wynaendts, CEO said, "Aegon's businesses delivered solid results this quarter, despite adverse mortality experience in the United States and the negative impact from our hedging programs on net income. At the same time, we are pleased with the high level of sales as we continue to secure new distribution agreements and reach many new customers in all our markets.

"Executing on our strategy to ensure our businesses support our long-term growth ambitions, we sold our Canadian operations as well as Clark Consulting in the US. In addition, we have further improved our risk profile by hedging EUR 6 billion of longevity reserves in the Netherlands and by reducing balances of our legacy variable annuity products in the US.

"While uncertainties on Solvency II remain, we have obtained clarity on a number of items - including treatment of the US - which allows us to tighten the range of expected outcomes. Furthermore, we have applied for the use of our internal model and are currently awaiting regulatory approval.

"I am also pleased to announce that our strong capital position and growing cash flows enable us to raise the interim dividend to 12 eurocents."