On the call, management said the proposal was made with a view to balance the interests of all stakeholders – shareholders, policyholders and, importantly, regulators (Austrian and EIOPA) who have maintained their guidance of caution on dividends. CEO Stadler said that despite the ban on dividends last year, the group still honoured its €1.15 proposal after intense discussions with the regulator. This time they therefore decided to be more cautious and set the dividend at a more conservative level.