Capital market environment

Capital market trends in 2013 were generally positive, with the DAX gaining around 25% in the year under review. This development was supported by the expansionary monetary policy of leading central banks, by lower risk premiums on bonds issued by private companies and southern European countries, by the continued recovery of key early indicators, and by strong economic performance in Germany. On the stock markets this was of particular benefit to many export-driven industrials. For example, the MDAX gained around 39%. Share price growth in the insurance sector was also above-average in 2013, as in the previous year. The Stoxx Europe 600 Insurance Index, for instance, gained around 29%.