The optimal dividend policy is derived under general conditions which allow variable risk parameters and discounting. For the compound Poisson distribution claim model as well as for the Wiener process claim model higher moments of the sum of the discounted dividend payments are derived and the optimal dividend policy is derived. For models with barriers for dividends the higher moments of the sum of the discounted dividend payments are derived. The combination of the time of ruin and higher moments are also considered as criterion for dividend policy. An outlook on the application of the application of the distribution function of the discounted dividend payments is also given.