Market conditions were difficult again in 2012. The economic and financial crisis also left its mark on the insurance industry, making it a tough year for Delta Lloyd. Further sharp falls in interest rates in particular significantly affected our operations and put our results under pressure. The continued downward trend in interest rates was, of course, beyond Delta Lloyd’s control - but forced us to take action to minimise the impact. This and a rigorous risk management policy were the key items on the management agenda of the Executive Board and the supervision agenda of the Supervisory Board in 2012.