In property and casualty reinsurance we assume risks from primary insurers in accordance with our margin-oriented underwriting policy. This risk transfer reduces the underwriting risks carried by our clients and optimises their capital requirement. In this way, our clients can increase their underwriting capacity and take on additional attractive risks.
Thanks to a prudent reserving policy, broad diversification and our low expense ratio, we are one of the most profitable property and casualty reinsurers in the world. Our value proposition encompasses:
A centralised underwriting policy combined with local talent is the key to our success, enabling us to ensure consistent underwriting decisions. Our cycle management and our underwriting policy geared to target margins constitute the basis for selective growth: we prefer to expand our market shares during hard market phases or following market-changing.
|Key figures for Property & Casualty reinsurance|
|in EUR million||2017||+ / -
|Gross written premium||10,710.9||+16.4%||9,204.6||9,338.0||7,903.4||7,817.9|
|Net premium earned||9,158.7||+14.7%||7,985.0||8,099.7||7,011.3||6,866.3|
|Underwriting result 2||15.5||-96.9%||503.1||452.4||371.9||350.5|
|Net investment income||1,209.3||+34.2%||900.9||945.0||843.6||781.2|
|Operating result (EBIT)||1,120.2||-16.4%||1,340.3||1,341.3||1,190.8||1,061.0|
|Group net income||837.3||-11.8%||949.9||914.7||829.1||807.7|
|Earnings per share in EUR||6.94||-11.8%||7.88||7.58||6.88||6.70|
|EBIT margin 1||12.2%||16.8%||16.6%||17.0%||15.5%|
|Combined ratio 2||99.8%||93.7%||94.4%||94.7%||94.9%|
1 Operating result (EBIT) / net premium earned
2 Including expenses on funds withheld and contract deposits
In life and health reinsurance we similarly 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. We support promising start-ups with financing to cover their initially high business acquisition costs.
We act responsively, flexibly, efficiently and undogmatically. This makes us one of the leading life and health reinsurers with a global presence. Our value proposition encompasses:
We offer reinsurance concepts for both growth markets and companies in transition and we seek to find alternative sales channels and solutions for risks that are difficult to quantify. Furthermore, we support products for underserved end consumers in the life and health insurance market. We cultivate our customer relationships as long-term partnerships with the goal of developing needs-based solutions for our customers.
The total number of services that we offer cannot be specified owing to the complex, specialised and in some cases individually tailored contractual arrangements.
|Key figures for Life & Health reinsurance|
|in EUR million||2017||+ / -|
|Gross written premium||7,079.6||-1.0%||7,149.0||7,730.9||6,458.7||6,145.4|
|Net premium earned||6,472.8||+0.7%||6,425.0||6,492.4||5,411.4||5,359.8|
|Claims and claims expenses||5,666.8||+3.4%||5,480.3||5,459.0||4,636.2||4,305.7|
|Change in benefit reserve||0.6||-100.7%||-83.0||101.1||28.6||146.5|
|Own administrative expenses||210.7||+4.3%||202.0||197.3||175.7||156.7|
|Other income / expenses||170.6||+154.1%||67.1||35.9||25.1||-42.9|
|Operating result (EBIT)||245.2||-28.6%||343.3||405.1||263.8||150.5|
|Net income after tax||172.6||-31.7%||252.9||289.6||205.0||164.2|
|Earnings per share in EUR||1.43||-31.7%||2.10||2.40||1.70||1.36|
|EBIT margin 2||3.8%||5.3%||6.2%||4.9%||2.8%|
1 Restated pursuant to IAS 8 (cf. section 3.1 of the notes of the Annual Report 2017)
2 Operating result (EBIT) / net premium earned