Group segment report as at 31 March 2017
| Segmentation of assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 31.3.2017 | 31.12.2016 | 31.3.2017 | 31.12.2016 | 31.3.2017 | 31.12.2016 | 31.3.2017 | 31.12.2016 |
| Assets | ||||||||
| 277,265 | 342,793 | 80,500 | 134,045 | 5,000 | 8,117 | 362,765 | 484,955 | |
| Fixed-income securities – loans and receivables | 2,455,027 | 2,539,270 | 31,457 | 24,324 | – | – | 2,486,484 | 2,563,594 |
| Fixed-income securities – available for sale | 24,425,519 | 24,337,185 | 7,974,100 | 7,831,889 | 6,778 | 13,099 | 32,406,397 | 32,182,173 |
| Equity securities – available for sale | 967,125 | 905,307 | – | – | – | – | 967,125 | 905,307 |
| Financial assets at fair value through profit or loss | 68,085 | 73,352 | 254,553 | 224,230 | – | – | 322,638 | 297,582 |
| Other invested assets | 3,335,055 | 3,391,140 | 207,807 | 210,413 | 66,041 | 70,677 | 3,608,903 | 3,672,230 |
| Short-term investments | 303,414 | 259,598 | 523,924 | 565,899 | – | 13,490 | 827,338 | 838,987 |
| Cash and cash equivalents | 755,951 | 579,112 | 289,202 | 267,623 | 5,332 | 1,932 | 1,050,485 | 848,667 |
| Total investments and cash under own management | 32,587,441 | 32,427,757 | 9,361,543 | 9,258,423 | 83,151 | 107,315 | 42,032,135 | 41,793,495 |
| Funds withheld | 1,343,595 | 1,263,533 | 10,575,497 | 10,409,726 | – | – | 11,919,092 | 11,673,259 |
| Contract deposits | (103) | (105) | 187,229 | 170,610 | – | – | 187,126 | 170,505 |
| Total investments | 33,930,933 | 33,691,185 | 20,124,269 | 19,838,759 | 83,151 | 107,315 | 54,138,353 | 53,637,259 |
| Reinsurance recoverables on unpaid claims | 1,174,342 | 1,250,770 | 265,997 | 255,716 | (194) | (194) | 1,440,145 | 1,506,292 |
| Reinsurance recoverables on benefit reserve | – | – | 1,095,701 | 1,189,420 | – | – | 1,095,701 | 1,189,420 |
| Prepaid reinsurance premium | 191,391 | 133,858 | 1,204 | 1,069 | (126) | – | 192,469 | 134,927 |
| Reinsurance recoverables on other reserves | 563 | 3,590 | 11,748 | 8,641 | – | – | 12,311 | 12,231 |
| Deferred acquisition costs | 797,072 | 758,429 | 1,422,007 | 1,439,660 | – | – | 2,219,079 | 2,198,089 |
| Accounts receivable | 2,655,595 | 2,130,342 | 1,324,890 | 1,547,740 | – | (52) | 3,980,485 | 3,678,030 |
| Other assets in the segment | 1,030,912 | 1,115,251 | 907,014 | 723,648 | (815,583) | (681,631) | 1,122,343 | 1,157,268 |
| Assets held for sale | 15,086 | 15,086 | – | – | – | – | 15,086 | 15,086 |
| Total assets | 39,795,894 | 39,098,511 | 25,152,830 | 25,004,653 | (732,752) | (574,562) | 64,215,972 | 63,528,602 |
| Segmentation of liabilities | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 31.3.2017 | 31.12.2016 | 31.3.2017 | 31.12.2016 | 31.3.2017 | 31.12.2016 | 31.3.2017 | 31.12.2016 |
| Liabilities | ||||||||
| 23,979,880 | 24,010,367 | 4,316,340 | 4,119,245 | (194) | (194) | 28,296,026 | 28,129,418 | |
| Benefit reserve | – | – | 10,204,177 | 10,289,854 | – | – | 10,204,177 | 10,289,854 |
| Unearned premium reserve | 3,551,502 | 3,171,056 | 183,630 | 169,595 | – | – | 3,735,132 | 3,340,651 |
| Provisions for contingent commissions | 134,102 | 127,865 | 238,748 | 234,525 | – | – | 372,850 | 362,390 |
| Funds withheld | 397,905 | 456,877 | 680,428 | 777,196 | – | – | 1,078,333 | 1,234,073 |
| Contract deposits | 658 | (3,628) | 4,401,140 | 4,301,971 | – | – | 4,401,798 | 4,298,343 |
| Reinsurance payable | 763,583 | 675,669 | 315,154 | 539,581 | 725 | 786 | 1,079,462 | 1,216,036 |
| Long-term liabilities | 270,287 | 313,378 | – | – | 1,491,135 | 1,490,840 | 1,761,422 | 1,804,218 |
| Other liabilities in the segment | 2,343,614 | 2,150,083 | 1,697,397 | 1,659,712 | (794,553) | (696,723) | 3,246,458 | 3,113,072 |
| Total liabilities | 31,441,531 | 30,901,667 | 22,037,014 | 22,091,679 | 697,113 | 794,709 | 54,175,658 | 53,788,055 |
| Segment statement of income | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 1.1. – 31.3.2017 | 1.1. – 31.3.2016 | 1.1. – 31.3.2017 | 1.1. – 31.3.2016 | 1.1. – 31.3.2017 | 1.1. – 31.3.2016 | 1.1. – 31.3.2017 | 1.1. – 31.3.2016 |
| 2,814,721 | 2,502,137 | 1,731,898 | 1,761,397 | – | 52 | 4,546,619 | 4,263,586 | |
| thereof | ||||||||
| From insurance business with other segments | – | – | – | (52) | – | 52 | – | – |
| From insurance business with external third parties | 2,814,721 | 2,502,137 | 1,731,898 | 1,761,449 | – | – | 4,546,619 | 4,263,586 |
| Net premium earned | 2,165,747 | 1,961,310 | 1,566,352 | 1,580,659 | 42 | 49 | 3,732,141 | 3,542,018 |
| Net investment income | 243,388 | 207,167 | 148,324 | 157,578 | 1,168 | 1,500 | 392,880 | 366,245 |
| thereof | ||||||||
| Change in fair value of financial instruments | 554 | (1,957) | 10,440 | 12,424 | (49) | – | 10,945 | 10,467 |
| Total depreciation, impairments and appreciation of investments | 10,857 | 13,755 | 8 | 8 | – | – | 10,865 | 13,763 |
| Income / expense on funds withheld and contract deposits | 5,156 | 4,075 | 67,734 | 79,475 | – | – | 72,890 | 83,550 |
| Claims and claims expenses | 1,472,695 | 1,316,531 | 1,389,752 | 1,365,098 | – | (328) | 2,862,447 | 2,681,301 |
| Change in benefit reserve | – | – | (43,214) | (24,855) | – | 11 | (43,214) | (24,844) |
| Commission and brokerage, change in deferred acquisition costs and other technical income / expenses | 553,618 | 496,244 | 282,198 | 258,391 | – | 1 | 835,816 | 754,636 |
| Administrative expenses | 48,762 | 48,229 | 51,656 | 46,616 | 86 | 61 | 100,504 | 94,906 |
| Other income and expenses | (24,252) | (7,812) | 55,487 | 12,544 | (825) | (326) | 30,410 | 4,406 |
| Operating profit / loss (EBIT) | 309,808 | 299,661 | 89,771 | 105,531 | 299 | 1,478 | 399,878 | 406,670 |
| Interest on hybrid capital | – | – | – | – | 17,708 | 17,847 | 17,708 | 17,847 |
| Net income before taxes | 309,808 | 299,661 | 89,771 | 105,531 | (17,409) | (16,369) | 382,170 | 388,823 |
| Taxes | 76,561 | 80,538 | 25,466 | 26,799 | (6,242) | (5,376) | 95,785 | 101,961 |
| Net income | 233,247 | 219,123 | 64,305 | 78,732 | (11,167) | (10,993) | 286,385 | 286,862 |
| thereof | ||||||||
| Non-controlling interest in profit or loss | 17,881 | 14,809 | 3,703 | 876 | – | – | 21,584 | 15,685 |
| Group net income | 215,366 | 204,314 | 60,602 | 77,856 | (11,167) | (10,993) | 264,801 | 271,177 |