Managing Board and Supervisory Board remuneration

The Company remuneration guidelines are based on the provisions of Solvency II and include standards intended to prevent the remuneration rules from creating incentives to assume excessive risk and to avoid conflicts of interest to the extent possible. The Company guidelines include further provisions for key positions – in particular variable remuneration for these positions – that are generally aimed at promoting sustainability and careful dealing with risks. Corresponding Group guidelines apply to all insurance and reinsurance companies within the insurance group and therefore apply to all significant subsidiaries included in the consolidation scope.

Remuneration policy for Managing Board Members of the Company

Managing Board remuneration takes into account the importance of the Group and the responsibility that goes with it, the economic situation of the Company, and the appropriateness of the remuneration in the market environment.

The remuneration policy includes, in particular, detailed provisions concerning the relationships between the remuneration components, the provision of a company pension and other details. It also outlines situations in which deviations from the provisions of the remuneration policy are permitted.

In addition to specifying the maximum amount of variable remuneration in relation to fixed remuneration, it also specifies – in accordance with statutory requirements – the relationship between fixed remuneration, contractual bonuses and any special remuneration included in total remuneration.

The remuneration policy describes in detail the provisions concerning Managing Board bonuses that are aimed at ensuring the sustainability of company performance.

The remuneration policy also stipulates that Managing Board members with terms of office beginning in 2020 may only be granted an entitlement to a company pension starting at the beginning of their term of office if they have already held positions in the Group for at least 5 years and that the maximum amount of the entitlement granted depends on the length of time the position is held.

A variety of fringe benefits provided to Managing Board members, such as anniversary bonuses, company cars and insurance, are also described in detail.

Detailed information for financial year 2020 will be available in the remuneration report, which will be published on the Company website by the legally required deadline.

Remuneration policy for Supervisory Board Members

The remuneration policy specifies the remuneration to be received by the members of the Supervisory Board, including their objectives and principles, and is to be approved by the Annual General Meeting.

Detailed information for financial year 2020 will be available in the remuneration report, which will be published on the Company website by the legally required deadline.

Supervisory Board remuneration does not include stock options or similar instruments.