The Cologne Re expects a net profit for 2004 of approx. € 330 million before taxes (previous year: € 325.4 million) and approx. € 225 million after taxes (previous year: € 211.2 million) under US GAAP.

The 2004 underwriting account closed with a profit of approx. € 40 million (previous year: loss of € 87.3 million), which equates to a combined ratio of 98.4% (previous year: 102.8%).

Gross written premiums totalled approx. € 3.4 billion, which was just over 10% below the previous year's figure of € 3.7 billion.

Current income from investments in 2004 amounted to € 245.8 million (previous year: € 289.8 million). Realized capital gains totalled € 39.4 million (previous year: € 122.9 million).

The shareholders' equity of the Cologne Re Group will increase by around 18% to € 1.4 billion.

The Cologne Re will hold its General Meeting on 29 June 2005.

Cologne, 8 March 2005

Kölnische Rückversicherungs-Gesellschaft AG
The Board of Executive Directors
Theodor-Heuss-Ring 11
50668 Cologne