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Hannover Re raises dividend after double-digit increases in earnings and premium

Gross premium for the Group up by 19.9% to EUR 33.3 billion
Group net income improves by 14.2% to EUR 1.41 billion
Major loss expenditure including reserve established for possible losses in connection with the war in Ukraine higher than budgeted
Combined ratio increases to 99.8%
Life and health reinsurance with result on record level
Return on investment clearly above target at 3.2%
Capital adequacy ratio under Solvency II remains on very high level at 251.9%
Return on equity clearly beats target at 14.1%
Proposed dividend distribution of EUR 6.00 per share including special dividend
Outlook for 2023 confirmed – Group net income of at least EUR 1.7 billion expected under IFRS 17

Hannover Re increased its Group net income by 14.2% in the 2022 financial year to the record level of EUR 1.41 billion (previous year: EUR 1.23 billion) and thereby achieved the guidance that had been detailed more closely in November 2022.
In view of the good business development it is envisaged that the dividend will continue to rise at the same time. The Executive Board and Supervisory Board will propose to the Annual General Meeting a dividend distribution of altogether EUR 6.00 (EUR 5.75). This is composed of an increased ordinary dividend of EUR 5.00 (EUR 4.50) per share and a special dividend of EUR 1.00 (EUR 1.25) per share.
“In the 2022 financial year we once again demonstrated Hannover Re’s resilience,” said Jean-Jacques Henchoz, Chief Executive Officer of Hannover Re. “The environment in which we are operating remains challenging. Property and casualty reinsurance, in particular, saw heavy losses in 2022 from natural catastrophes, the war in Ukraine and the pandemic. Thanks to good profit contributions from the investments and from life and health reinsurance, we were nevertheless able to deliver a pleasing Group net income. Building on this success, we can offer our shareholders the prospect of an even more attractive dividend.”
Group gross premium posts further double-digit growth
The Group gross premium booked by Hannover Re grew by 19.9% to EUR 33.3 billion (EUR 27.8 billion); adjusted for exchange rate effects, the increase would have been 12.7%. Net premium earned climbed by 22.9% to EUR 29.7 billion (EUR 24.1 billion). Growth would have reached 15.7% at constant exchange rates.
The operating profit (EBIT) improved by 20.3% to EUR 2.1 billion (EUR 1.7 billion). Group net income rose by 14.2% to EUR 1.41 billion (EUR 1.23 billion). Hannover Re thus achieved the more detailed profit guidance provided in November, under which it had anticipated Group net income at the lower end of the range from EUR 1.4 billion to EUR 1.5 billion. Earnings per share reached EUR 11.66 (EUR 10.21).
Return on equity of 14.1% clearly beats minimum target
The shareholders’ equity of Hannover Rück SE amounted to EUR 8.1 billion (EUR 11.9 billion) as at 31 December 2022. The decrease was driven by the rise in interest rates, which substantially reduced the prices of fixed-income securities in the investment portfolio.
The return on equity increased to 14.1% (10.8%) on account of the higher profit and lower shareholders’ equity. It thus clearly beat the minimum target of 900 basis points above the risk-free interest rate, which would have been 9.4% for 2022.
The book value per share reached EUR 67.09 (EUR 98.55). The total policyholders’ surplus (including non-controlling interests and hybrid capital) stood at EUR 12.5 billion (EUR 15.7 billion).
The capital adequacy ratio under Solvency II, which measures Hannover Re’s risk-carrying capacity, amounted to 251.9% as at 31 December 2022 (31 December 2021: 243.1%) and thus remained comfortably above the limit of 180% and the internal threshold of 200%.
“In the 2022 financial year we further improved our already very robust capital adequacy ratio,” said Chief Financial Officer Clemens Jungsthöfel. “At the same time, we are looking back on several financial years with above-average loss expenditures and will therefore adhere even more closely to our prudent reserving policy going forward in 2023.”
Property and casualty reinsurance: Gross premium shows significant growth
The various rounds of treaty renewals in property and casualty reinsurance during 2022 passed off favourably for Hannover Re. Business showed gratifying growth, with significantly improved prices and conditions in some areas. The clear improvement in prices and conditions was also sustained in the renewals as at 1 January 2023.
The gross written premium in property and casualty reinsurance increased by 26.1% in the 2022 financial year to EUR 24.2 billion (EUR 19.2 billion). Growth would have reached 17.9% at constant exchange rates. Net premium earned was up by 30.2% at EUR 21.6 billion (EUR 16.6 billion). Growth of 22.0% would have been booked at unchanged exchange rates.
The net expenditures from large losses in the 2022 financial year surpassed expectations for the sixth year in succession. They added up to EUR 1.7 billion (EUR 1.3 billion) and thus clearly exceeded the budgeted level of EUR 1.4 billion. The largest individual losses were Hurricane Ian with a net strain of EUR 322 million, the severe flooding in Australia at a cost of EUR 233 million as well as winter storm Ylenia in Central Europe in an amount of EUR 107 million. Furthermore, Hannover Re constituted an IBNR reserve of EUR 331 million for possible losses from the war in Ukraine.
Losses from the previous year, including amounts of EUR 106 million for the drought in Brazil and EUR 54 million for floods in Malaysia, took an additional toll on the result.
The losses incurred from the pandemic can now also be better quantified for property and casualty reinsurance. Among other things, a positive run-off was recorded in the credit, surety and political risks line. On the other hand, the pandemic-related losses in accident and health insurance in the Asia-Pacific region were substantially higher than expected. All in all, the developments described above gave rise to a charge of EUR 269 million in the year under review.
The combined ratio increased to 99.8% (97.7%) on account of the considerable loss expenditure and the provision made for possible losses from the war in Ukraine. The underwriting result including interest on funds withheld and contract deposits totalled EUR 46 million (EUR 383 million) in property and casualty reinsurance. The operating profit (EBIT) declined by 10.6% to EUR 1.4 billion (EUR 1.5 billion). The contribution made by property and casualty reinsurance to Group net income fell by 18.7% to EUR 880 million (EUR 1.1 billion).
Life and health reinsurance: Result reaches record level
In life and health reinsurance the expenditures connected to the Covid-19 pandemic were halved in the 2022 financial year to EUR 276 million (EUR 582 million). The bulk of this amount was attributable to mortality covers in the United States, the largest market for mortality insurance products.
The pandemic-related strains contrasted with positive income of EUR 87 million. This derived from an extreme mortality cover that Hannover Re has placed on the capital market in regular tranches since 2013.
Hannover Re further expanded its portfolio of financial solutions business in numerous markets. In this segment Hannover Re offers its worldwide clients covers that vary widely in structure and are designed to deliver capital and solvency relief and assist with prefinancing.
The gross premium volume in life and health reinsurance rose by 5.8% to EUR 9.0 billion (EUR 8.5 billion). The increase would have been 1.0% at constant exchange rates. Net premium earned was up by 6.9% at EUR 8.0 billion (EUR 7.5 billion); growth would have amounted to 1.7% adjusted for exchange rate effects. The operating result (EBIT) tripled to EUR 737 million (EUR 223 million). The contribution made by life and health reinsurance to Group net income reached a record level of EUR 588 million (EUR 197 million).
Return on investment comfortably beats target at 3.2%
Hannover Re’s portfolio of assets under own management grew to a slightly higher volume than in the previous year at EUR 56.9 billion (EUR 56.2 billion).
Ordinary investment income excluding interest on funds withheld and contract deposits rose sharply to EUR 2.0 billion (EUR 1.6 billion). Investment income from assets under own management grew by 8.9% to EUR 1.8 billion (EUR 1.7 billion). The resulting average return of 3.2% comfortably outperformed the guidance of more than 2.5%.
This was driven above all by considerably stronger earnings booked from the portfolio of inflation-linked bonds due to higher inflation expectations, with Hannover Re reporting income here of altogether EUR 458 million in the 2022 financial year.
Net gains on disposals amounted to EUR 99 million (EUR 281 million). Positive effects here derived from, among other things, the sale of the equity portfolio and the contribution of participating interests in the private equity sector to a joint venture. They were opposed by losses realised from the regrouping of fixed-income investments into higher-yielding instruments, which made it possible to boost the return from new investments and reinvesting activities.
Net investment income including interest on funds withheld and contract deposits was higher than in the comparable period at EUR 2.1 billion (EUR 1.9 billion).
Outlook 2023: Net income of at least EUR 1.7 billion
The consolidated financial statement for 2023 will be drawn up for the first time in accordance with the new accounting standards IFRS 17 and IFRS 9.
For 2023, Hannover Re expects to grow its reinsurance revenue in total business by at least 5% assuming constant exchange rates. Based on the treaty renewals as at 1 January 2023, the currency-adjusted growth in reinsurance revenue should again be stronger in property and casualty reinsurance than in life and health reinsurance.
Hannover Re anticipates a contribution of around EUR 1.6 billion to the operating result (EBIT) from property and casualty reinsurance in 2023, with life and health reinsurance set to contribute around EUR 750 million.
Group net income should reach at least EUR 1.7 billion. This is conditional on major loss expenditure not significantly exceeding the budgeted level of EUR 1.725 billion and also assumes that there are no exceptional distortions on capital markets and the Covid-19 pandemic has no further material effect on the result in life and health reinsurance.
The asset portfolios should continue to show moderate growth – assuming stable exchange rates and interest rate levels. The return on investment from assets under own management should reach at least 2.4%.
Hannover Re’s dividend policy remains unchanged. It is envisaged that the ordinary dividend will at least be on the level of the previous year. This will be supplemented by a special dividend provided the capital resources exceed the capital required for future growth and the profit target is achieved.
“In view of advancing climate change, considerable expenditures for large losses and protracted geopolitical conflicts, the risk situation worldwide will remain challenging for the foreseeable future,” Henchoz said. “Against this backdrop, Hannover Re’s solid and reliable reinsurance protection will continue to be highly sought-after among our clients. At the same time, though, our own resilience will be called on even more than it has to date. With the significant improvements in prices and conditions obtained in the 1 January renewals, we have put in place a crucial basis for meeting these challenges. My assessment of Hannover Re’s sustained earning power is correspondingly upbeat. This optimism is reflected not least in another increase in the ordinary dividend.”

Credit Suisse announced technical delay of publication of 2022 Annual Report

Credit Suisse Group announced that it will delay the publication of its 2022 Annual Report and related Annual Report on Form 20-F foldlowing a late call on the evening of March 8, 2023, from the U.S. Securities and Exchange Commission (SEC) in relation to certain open SEC comments about the technical assessment of previously disclosed revisions to the consolidated cash flow statements in the years ended December 31, 2020, and 2019, as well as related controls. For more information, please see Note 1 – Summary of significant accounting policies – revisions of prior period financial statements to the consolidated financial statements for the period ended December 31, 2021, in our annual report on Form 20-F for the fiscal year ended December 31, 2021. Management believes it is prudent to briefly delay the publication of its accounts in order to understand more thoroughly the comments received. We confirm the 2022 financial results as previously released on February 9, 2023, are not impacted by the above.
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Zurich publishes 2022 Annual Report including disclosure on sustainability achievements

Annual Report details strong performance in 2022 and ambition to accelerate execution of customer-focused strategy in new 2023-2025 financial cycle
Integrated sustainability disclosure (ISD) highlights achievements like customer satisfaction, innovative customer solutions and progress on responsible investment targets
Invitation to the Annual General Meeting 2023 of Zurich Insurance Group Ltd published; all members of the Board of Directors stand for re-election

Zurich Insurance Group (Zurich) published its 2022 Annual Report, outlining the strength of the Group’s financial performance, strategy, business structure and corporate governance. It also includes non-financial metrics in the integrated sustainability disclosure (ISD).
The Annual Report details how Zurich delivered very strong profits for the full year 2022 – with the highest business operating profit since 2007. It also describes Zurich’s journey at the end of the second three-year financial cycle of the strategy to transform into a simpler, more innovative and customer-centric organization.
The ISD reports on the progress made toward sustainability ambitions and includes a scenario-based climate risk assessment, which confirms the resilience of Zurich’s strategy. The Group reports a strong customer retention rate of 83% in core retail markets1 and 85% in Property & Casualty commercial insurance2. Revenues from sustainable solutions, which include products and services that have a positive environmental or social impact, increased from USD 289 million in 2021 to USD 566 million3 in 2022 across the regions. Investment in climate solutions like solar and wind farms rose 6% to USD 8.7 billion. The Group also saw an increase in the internal hire ratio of 3 percentage points to 71%, while 29% of senior management4 are female, compared to 26% in 2021.
“The future remains uncertain, but our business is incredibly resilient due to the strength, flexibility and resourcefulness of our people,” said Michel M. Liès, Chairman of the Board of Directors. “We have always proactively addressed environmental and societal concerns through our philanthropy, internal policies and ESG strategy. I am confident these traits will serve us well in the years ahead.”
Group Chief Executive Officer Mario Greco added: “The Annual Report describes how we delivered on our targets for the 2020-2022 cycle despite an extremely challenging environment. We achieved an industry-leading total shareholder return and continuously supported our customers and communities by adapting rapidly to changing circumstances. I am immensely proud of our employees for what we have achieved and how we achieved it.”
Zurich has also launched a new online sustainability highlights hub that replaces the annually published Sustainability Report.
Annual General Meeting 2023
Zurich Insurance Group Ltd (ZIG) also published today the invitation to the Annual General Meeting (AGM) 2023, which takes place on April 6, 2023 at the Hallenstadion in Zurich, Switzerland. The Board of Directors is looking forward to welcoming shareholders in person again.
Among the items on the agenda are the re-elections of the Chairman and all current members of ZIG’s Board of Directors and Remuneration Committee as well as the revision of the Articles of Association to meet, among others, the requirements of the reform of Swiss corporate law that came into force on January 1, 2023. Among other items, it is proposed to replace the existing authorized share capital with a capital band.
1 Argentina, Australia Life and Property & Casualty (P&C), Austria, Brazil, Chile, Ecuador, Germany, Hong Kong, Indonesia Life and P&C, Ireland, Italy, Japan Life and P&C, Mexico, Malaysia, Portugal, Santander, Spain, Switzerland and the UK, excluding the affinity partners in Brazil, Germany, Indonesia P&C and the bank joint ventures with Banco Sabadell and Banco Santander.2 Australia, Belgium and Luxemburg, Brazil, Canada, Colombia, Denmark, Finland, France, Germany, Italy, Middle East, the Netherlands, Norway, Russia, Singapore, Spain, Sweden, Switzerland, the UK, the U.S., (excluding Crop & International Programs & Leisure Travel).3 2021 numbers not restated for solutions approved as sustainable during 2022. Further details can be found in the ISD of the Annual Report 2022.4 Senior management represents the combination of career level D and E.

Nationale-Nederlanden Bank publishes 2021 Annual Report

Nationale-Nederlanden Bank has published its 2021 Annual Report. The report provides extensive information on the bank, its strategy, business, financial performance and governance.
Nationale-Nederlanden Bank’s annual report is available for download here. 

Zurich releases 2021 Annual Report and Sustainability Report

Annual Report features new integrated sustainability disclosure underscoring Zurich’s focus on conducting business responsibly and transparently
Sustainability Report highlights actions on climate, inspiring confidence in a digital society and strengthening the sustainability of the workforce
Zurich publishes the agenda for the Annual General Meeting that takes place on April 6, 2022, without the physical presence of shareholders
Peter Maurer up for election to Board of Directors, while all the other Board members stand for re-election

Zurich Insurance Group (Zurich) today published its online-only 2021 Annual Report and Sustainability Report, highlighting both its financial strength and ambition to be one of the most impactful and responsible businesses in the world.
The Annual Report includes the newly created integrated sustainability disclosure (ISD), which adheres to the recommendations of several internationally recognized standards . As part of the ISD, Zurich also shares the key findings of its first portfolio-level climate risk scenario analysis. This provides deeper insight into the challenges and opportunities associated with climate risk and assesses the resilience of the Group’s strategy. Zurich discloses the indicators most material to its business and stakeholders in the ISD.
The ISD also includes reporting on Zurich’s ambitions under the three pillars of its sustainability framework and the indicators used to measure progress on them. Together with the Sustainability Report, the ISD underscores Zurich’s efforts to embed sustainability into all parts of the business and aim for the highest standards of transparency.
“I am proud to chair the Board of a company that combines a sustainable focus on all our stakeholders’ interests with a decisive strategic execution and a deep sense of corporate responsibility,” said Michel M. Liès, Chairman of the Board of Directors. “Zurich may be 150 years old, but it is stepping up its efforts to fulfil its obligations as a modern business: to create value that is sustainable, transparent and benefits people and the planet.”
Zurich’s Group Chief Executive Officer Mario Greco added: “We’ve made remarkable progress toward our 2022 targets and are confident we will meet or exceed these goals. Yet financial success is only the beginning. As an insurer, our role in society is to promote behavior that reduces risk and builds resilience. Only by taking action ourselves, and inspiring others to do the same, can we help to build resilience of our communities and planet in the long term.”
Annual Report
The Annual Report gives an overview of Zurich’s strategy, business structure, executive bodies, corporate governance, remuneration, risk management, financial performance and business environment.
In the integrated sustainability disclosure (ISD), Zurich also plots its performance on non-financial metrics, including customer satisfaction, employee demographics and diversity, charitable contributions, and responsible investment.
At the same time, the publication provides a cross section of stories from the people who work for and with Zurich, bringing to life its values and making the company what it is today.
Topics include:

Q&A with the CEO Commercial Insurance Sierra Signorelli on discipline and strategy in underwriting.
Q&A with Group Chief Digital and Technology Officer Ericson Chan, outlining his vision for boosting Zurich’s digital capabilities.
Zurich’s collaboration with non-profit Instituto Terra to restore 700 hectares of nature in Brazil’s Atlantic Forest in an eight-year project, which also features in the cover photo. Zurich also serves as the main global partner for Amazônia, the latest exhibition of photographer and climate activist Sebastião Salgado.
Zurich Resilience Solutions, which meets the growing demands from customers to provide a suite of services around risk prevention and mitigation in a number of areas, including resilience to the impacts of climate change and also cybersecurity.

Sustainability Report
In its Sustainability Report, Zurich outlines the actions it has taken in 2021 to be one of the world’s most responsible and impactful businesses. Intended to complement the ISD, the Sustainability Report provides further details on Zurich’s sustainability framework, which focuses the three pillars: a 1.5°C future, work sustainability and building confidence in a digital society.
Topics include:

Emissions reduction in investment and underwriting portfolios, direct investment in solutions, and engagement with companies to bring about change, including a case study on how Zurich is using its influence as investor to urge companies it invests in to set their own targets for a 1.5ºC future.
Measures to cut emissions from Zurich’s own operations globally, with cuts to air travel, fleet, food, paper and real estate.
The launch of Zurich’s Supplier Code of Conduct to embed sustainability into its supply chain and use its buying power as a force for good.

Annual General Meeting 2022
The company has also published today the invitation to the Annual General Meeting (AGM) 2022 of Zurich Insurance Group Ltd (ZIG), which will take place on April 6.
Due to the development of the COVID-19 pandemic, it is necessary to make safety a priority again for this year’s AGM. In accordance with Swiss legislation on the measures to combat COVID-19, the Board of Directors has therefore decided to hold the AGM 2022 without the physical presence of shareholders, who can exercise their rights via the Independent Voting Rights Representative.
Among the items on the agenda are the re-election of the Chairman and all current members of ZIG’s Board of Directors, including the election of Peter Maurer as a new member, assuming his role as October 1, 2022 only.

NN Group published 2021 Annual Report

NN Group today published its 2021 Annual Report: Serving customers in times of change, an integrated review of the company’s performance. 
NN Group’s Annual Report is available for download at  www.nn-group.com/annual-report. The carbon footprint analyses of our proprietary assets and the EU Taxonomy disclosures have been incorporated in the Annual Report as of this year. Together with this report, NN Group publishes a Solvency & Financial Condition Report and a Total Tax Contribution Report. Next to that, NN Investment Partners publishes a Responsible Investment Report.  
NN Group filed the Annual Report 2021 with the Netherlands Authority for the Financial Markets in European single electronic reporting format (ESEF). All these reports are published on NN Group’s corporate website in the Investors/Financial reports section. Other documents related to NN Group’s annual general meeting of shareholders (AGM), including the agenda, will be available from 6 April 2022 at www.nn-group.com. The AGM will be held on 19 May 2022.

UBS publishes Annual Report 2020

The Annual Report 2020 provides comprehensive and detailed information on the firm, its strategy, business, governance and compensation, financial performance and risk, treasury and capital management, as well as on the regulatory and operating environment for the 2020 financial year.
It presents the fully audited results for the year ending 31 December 2020. UBS’s net profit attributable to shareholders for 2020 was USD 6,557 million and diluted earnings per share were USD 1.77, compared with unaudited net profit of USD 6,629 million published on 26 January 2021.
The Annual Report and associated disclosures are available here. The Annual Report 2020 is filed with the US Securities and Exchange Commission on Form 20-F.

Metlife releases annual sustainability report

In its annual Sustainability Report, released today, MetLife disclosed that the total value of the COVID-19 relief and support the company and MetLife Foundation have provided comes to more than a quarter of a billion dollars.In another key development, the report highlighted how MetLife grew its portfolio of Responsible Investments under management by more than 10 percent year over year, from more than $52 billion in 2018 to more than $58 billion in 2019.  “MetLife works every day to build a more sustainable world,” said MetLife President and CEO Michel Khalaf. “That has been the nature of our business for over 152 years. We make and keep long-term promises that sustain individuals, families and communities — and we make long-term investments that sustain economic prosperity.”Highlights of the company’s progress in 2019 include:

MetLife Investment Management (MIM), the company’s third-party asset management business, signed the Principles for Responsible Investment, a United Nations–backed framework for addressing environmental, social and governance issues.
MetLife and MIM sustained job growth, wealth creation, and financial stability by investing $600 billion in total assets under management for policyholders and clients in businesses of all kinds.
To help promote a more inclusive workplace and society, MetLife signed the CEO Action for Diversity & Inclusion pledge and joined the Catalyst CEO Champions For Change initiative. The company also became the first insurer to join the U.N. Women Global Innovation Coalition for Change, an effort to advance women in technology and entrepreneurship.
MetLife was included in the Bloomberg Gender-Equality Index — a distinction the company has now earned five years in a row — and was recognized by the Women’s Forum of New York as a “Corporate Champion” for the high representation of women on its Board of Directors.
MetLife achieved carbon neutrality for the fourth consecutive year and met all of its 2020 environmental goals a year early. For example, the company reduced its annual energy consumption by 33 percent between 2012 and 2019, vastly exceeding its targeted reduction of 10 percent.
For the fourth year in a row, MetLife earned a spot on the Dow Jones Sustainability North America Index. The company was also the top-ranked insurer on Newsweek magazine’s inaugural list of America’s “Most Responsible Companies.”
MetLife once again received a Leadership grade on climate change in the annual CDP Investor Report. In addition, the company won the U.S. Environmental Protection Agency’s ENERGY STAR Partner of the Year Award, in recognition of how it has advanced energy efficiency best practices.

“The essence of what MetLife does is to promote a sustainable future for all our stakeholders,” said Mike Zarcone, head of Corporate Affairs and Sustainability for MetLife. “We demonstrate this commitment through our support for employees and customers, our investments in the economy, our charitable donations, and our strong environmental stewardship.”
MetLife’s 2019 Sustainability Report references internationally recognized reporting frameworks created by the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD).The GRI Standards provide a framework for companies to measure and communicate their economic, environmental, social and governance performance. The SASB Standards identify industry-specific sustainability reporting metrics. TCFD offers guidance for companies on how to communicate their management of climate risks and opportunities.By applying these frameworks, MetLife joins thousands of companies around the world in quantifying the non-financial impact of its business activities.
To view the report and learn more about MetLife’s sustainability work, please visit metlife.com/sustainability.

ABN AMRO publishes Integrated Annual Review 2018 and Annual Report 2018

Today, ABN AMRO published its 2018 Integrated Annual Review, Annual Report of ABN AMRO Group N.V. and ABN AMRO Bank N.V., and additional disclosures.
Kees van Dijkhuizen, CEO of ABN AMRO: “In 2018, ABN AMRO launched a refreshed strategy built around our purpose ‘Banking for better, for generations to come’. This means supporting our clients in their transition to sustainability, reinventing the customer experience and building a future-proof bank. Our financial performance, growing client demand and the support of our colleagues to help build a more sustainable society and our investments in digitalisation are all examples of Banking for better.”
In the Integrated Annual Review 2018, ABN AMRO provides a broad audience a concise view of the bank’s environment, strategy, results achieved in 2018 and the way the bank creates value for its stakeholders. For this Review, ABN AMRO used the International Integrated Reporting Framework. The Annual Report Group and Bank and Annual Financial Statements provide information about the bank’s financial and non-financial performance in compliance with regulatory requirements.
For more information, please go to www.abnamro.com/annual-report