To go directly to any chapter, simply click All references to chapters, notes, internet pages, etc. on the headline or the page number. within this report are also linked. CONTENT A _ To Our Investors Pages 1 – 14 2 Letter to the Investors 4 Supervisory Board Report 12 Mandates of the Members of the Supervisory Board 13 Mandates of the Members of the Board of Management B _ Corporate Governance Pages 15 – 52 16 Statement on Corporate Management (part of the Group Management Report) 25 Takeover-Related Statements and Explanations (part of the Group Management Report) 27 Remuneration Report C _ Group Management Report Pages 53 – 116 54 Business Operations 57 Non-Financial Statement 75 Business Environment 77 Executive Summary of 2021 Results 78 Property-Casualty Insurance Operations 80 Life/Health Insurance Operations 83 Asset Management 85 Corporate and Other 86 Outlook 2022 90 Balance Sheet Review 92 Liquidity and Funding Resources 95 Reconciliations 97 Risk and Opportunity Report 116 Integrated Risk and Control System for Financial Reporting D _ Consolidated Financial Statements Pages 117 – 194 118 Consolidated Balance Sheet 119 Consolidated Income Statement 120 Consolidated Statement of Comprehensive Income 121 Consolidated Statement of Changes in Equity 122 Consolidated Statement of Cash Flows NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 125 General Information 145 Notes to the Consolidated Balance Sheet 161 Notes to the Consolidated Income Statement 166 Other Information E _ Further Information Pages 195 – 204 196 Responsibility Statement 197 Independent Auditor’s Report 204 Auditor’s Report