In property and casualty reinsurance we assume risks from primary insurers in accordance with our margin-oriented underwriting policy. This risk transfer enables our clients to reduce their underwriting risks and optimise their capital requirement. In this way, our clients can increase their underwriting capacity and take on additional attractive risks.
A centralised underwriting policy combined with local talent is the key to our success; it ensures consistent underwriting decisions. Our effective cycle management with a focus on profitability constitutes the basis for selective growth: we expand our market shares only during hard market phases or following market-changing events.
|Key figures for Property & Casualty reinsurance|
|in EUR million||2016||+ / –
|Gross written premium||9,204.6||-1.4%||9,338.0||7,903.4||7,817.9||7,717.5|
|Net premium earned||7,985.0||-1.4%||8,099.7||7,011.3||6,866.3||6,854.0|
|Net investment income||900.9||-4.7%||945.0||843.6||781.2||944.5|
|Operating result (EBIT)||1,340.3||-0.1%||1,341.3||1,190.8||1,061.0||1,091.4|
|Group net income||949.9||+3.8%||914.7||829.1||807.7||685.6|
|Earnings per share in EUR||7.88||+3.8%||7.58||6.88||6.70||5.68|
|1 Adjusted pursuant to IAS 8
2 Operation result (EBIT) / net premium earned
3 Including expenses on funds withheld and contract deposits
In life and health reinsurance we offer our customers reinsurance concepts and solutions that are tailored to their needs. By giving them access to our extensive databases we assist primary insurers with, among other things, medical underwriting and pricing. This enables our customers to write their business sustainably. We support promising start-ups with financing to cover their initially high business acquisition costs.
We act responsively, flexibly, efficiently and undogmatically, making us one of the leading life and health reinsurers with a global presence. Our value proposition encompasses:
We offer reinsurance concepts and solutions with a clear focus on growth markets, underserved end consumers in the life and health insurance market, alternative sales channels, risks that are difficult to quantify as well as companies in transition. We cultivate our customer relationships as long-term partnerships with the goal of developing needs-based solutions for the individual requirements of our customers.
|Key figures for Life & Health reinsurance|
|in EUR million||2016||+ / -
|Gross written premium||7,149.0||-7.5%||7,730.9||6,458.7||6,145.4||6,057.9|
|Net premium earned||6,432.4||-0.9%||6,492.4||5,411.4||5,359.8||5,425.6|
|Claims an claims expenses||5,480.3||+0.4%||5,459.0||4,636.2||4,305.7||4,023.5|
|Change in benefit reserve||80.5||-20.4%||101.1||28.6||146.5||529.4|
|Own administrative expenses||202.0||+2.4%||197.3||175.7||156.7||144.1|
|Other income / expenses||67.1||+86.9%||35.9||25.1||(42.9)||(36.7)|
|Operating result (EBIT)||343.3||-15.3%||405.1||263.8||150.5||279.0|
|Net income after tax||252.9||-12.7%||289.6||205.0||164.2||222.5|
|Earnings per share in EUR||2.10||-12.7%||2.40||1.70||1.36||1.84|
|1 Adjusted pursuant to IAS 8
2 Operating result (EBIT) / net premium earned