We have been very successful in implementing our 3+One program. Allianz has recaptured its ability to operate profitably in every conceivable setting. This is demonstrated by our performance, even under difficult conditions, in the financial and insurance markets. A strengthened capital base, higher operating profitability and less complexity were the objectives signified by the “3” in our program. Not only were these goals achieved; in some areas they were substantially exceeded. We will nevertheless continue to work on these goals and will continue replacing what is good with what is better. Moving forward, our main focus will now be on sustainably boosting our competitiveness and shareholder value, the “+One” in the Allianz program. This dimension, too, has already seen considerable progress. Our strategic initiatives “Sustainability” and “Customer Focus”, together with the new operating model, will produce top results, and are already improving our performance in some areas. Nonetheless, the progress made is not enough to enhance our position on a truly sustainable basis in a highly competitive environment. In particular, we recognize the need to improve growth and market share in our core markets.
