The result posted in life and health reinsurance was adversely affected in the year under review by one-time charges associated with treaty recaptures in our legacy US mortality portfolio. This contrasted with, among other things, the positive underlying development of our business in international life and health reinsurance.
New business growth in Asia and good results in many parts of Europe, for example, were highly gratifying. Viewed from a global perspective, there was high demand for reinsurance solutions to cover longevity risks, driven in part by the exacting capital requirements placed on primary insurers for such business. Consequently, we booked another increase in the profit contribution from our financial solutions business. The performance of the legacy US mortality portfolio that we had acquired in 2009 was less satisfactory. Treaty recaptures prompted by our announced rate increases led to a one-time charge to earnings here of EUR 272.6 million. Allowing for the necessary release of an expense reserve, non-recurring pre-tax strains of EUR 185.4 million were incurred.
Gross premium income in life and health reinsurance rose by a modest 1.7% to EUR 7.2 billion (EUR 7.1 billion). Adjusted for exchange rate effects, growth would have come in at 4.6%. The Value of New Business (VNB) amounted to EUR 290 million, again beating the targeted level of EUR 220 million.
Investment income decreased by 12.3% in the financial year to EUR 491.8 million (EUR 560.6 million) owing to lower realised gains. Of the total investment income, EUR 319.6 million (EUR 343.5 million) was attributable to assets under own management and the remaining EUR 172.2 million (EUR 217.1 million) to securities deposited with ceding companies.
The operating profit (EBIT) rose by 12.5% to EUR 275.9 million (EUR 245.2 million) on the back of the good underlying risk experience. The improved profitability is pleasing because the aforementioned recaptures in legacy US mortality business gave rise to a one-off charge to the result, but further strains going forward are thereby largely eliminated. Group net income for our Life & Health reinsurance business group increased by 7.7% to EUR 185.9 million (EUR 172.6 million).