Group segment report
| Segmentation of assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 30.9.2017 | 31.12.2016 | 30.9.2017 | 31.12.20161 | 30.9.2017 | 31.12.2016 | 30.9.2017 | 31.12.20161 |
| Assets | ||||||||
| Fixed-income securities – held to maturity | 275,974 | 342,793 | 72,012 | 134,045 | 5,000 | 8,117 | 352,986 | 484,955 |
| Fixed-income securities – loans and receivables | 2,357,112 | 2,539,270 | 37,840 | 24,324 | – | – | 2,394,952 | 2,563,594 |
| Fixed-income securities – available for sale | 23,948,504 | 24,337,185 | 7,604,583 | 7,831,889 | – | 13,099 | 31,553,087 | 32,182,173 |
| Equity securities – available for sale | 41,325 | 905,307 | – | – | – | – | 41,325 | 905,307 |
| Financial assets at fair value through profit or loss | 60,229 | 73,352 | 235,826 | 224,230 | – | – | 296,055 | 297,582 |
| Other invested assets | 3,484,647 | 3,391,140 | 191,275 | 210,413 | 52,980 | 70,677 | 3,728,902 | 3,672,230 |
| Short-term investments | 319,669 | 259,598 | 617,410 | 565,899 | – | 13,490 | 937,079 | 838,987 |
| Cash and cash equivalents | 683,855 | 579,112 | 194,308 | 267,623 | 14,103 | 1,932 | 892,266 | 848,667 |
| Total investments and cash under own management | 31,171,315 | 32,427,757 | 8,953,254 | 9,258,423 | 72,083 | 107,315 | 40,196,652 | 41,793,495 |
| Funds withheld | 1,544,263 | 1,263,533 | 9,256,680 | 10,409,726 | – | – | 10,800,943 | 11,673,259 |
| Contract deposits | (84) | (105) | 170,713 | 170,610 | – | – | 170,629 | 170,505 |
| Total investments | 32,715,494 | 33,691,185 | 18,380,647 | 19,838,759 | 72,083 | 107,315 | 51,168,224 | 53,637,259 |
| Reinsurance recoverables on unpaid claims | 1,857,333 | 1,250,770 | 220,886 | 255,716 | (194) | (194) | 2,078,025 | 1,506,292 |
| Reinsurance recoverables on benefit reserve | – | – | 964,947 | 1,189,420 | – | – | 964,947 | 1,189,420 |
| Prepaid reinsurance premium | 179,661 | 133,858 | 93 | 1,069 | (38) | – | 179,716 | 134,927 |
| Reinsurance recoverables on other reserves | 629 | 3,590 | 6,284 | 8,641 | – | – | 6,913 | 12,231 |
| Deferred acquisition costs | 835,021 | 758,429 | 1,416,143 | 1,505,604 | – | – | 2,251,164 | 2,264,033 |
| Accounts receivable | 2,534,430 | 2,130,342 | 1,417,530 | 1,547,740 | – | -52 | 3,951,960 | 3,678,030 |
| Other assets in the segment | 1,209,903 | 1,115,251 | 740,363 | 723,648 | (669,644) | (681,631) | 1,280,622 | 1,157,268 |
| Assets held for sale | – | 15,086 | – | – | – | – | – | 15,086 |
| Total assets | 39,332,471 | 39,098,511 | 23,146,893 | 25,070,597 | (597,793) | (574,562) | 61,881,571 | 63,594,546 |
| 1 Adjusted pursuant to IAS 8 | ||||||||
| Segmentation of liabilities | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 30.9.2017 | 31.12.2016 | 30.9.2017 | 31.12.20161 | 30.9.2017 | 31.12.2016 | 30.9.2017 | 31.12.20161 |
| Liabilities | ||||||||
| Loss and loss adjustment expense reserve | 24,658,784 | 24,010,367 | 4,239,896 | 4,119,245 | (194) | (194) | 28,898,486 | 28,129,418 |
| Benefit reserve | – | – | 9,084,328 | 10,355,798 | – | – | 9,084,328 | 10,355,798 |
| Unearned premium reserve | 3,559,076 | 3,171,056 | 197,899 | 169,595 | – | – | 3,756,975 | 3,340,651 |
| Provisions for contingent commissions | 155,963 | 127,865 | 213,260 | 234,525 | – | – | 369,223 | 362,390 |
| Funds withheld | 401,484 | 456,877 | 591,443 | 777,196 | – | – | 992,927 | 1,234,073 |
| Contract deposits | 69,003 | (3,628) | 4,005,548 | 4,301,971 | – | – | 4,074,551 | 4,298,343 |
| Reinsurance payable | 636,790 | 675,669 | 454,040 | 539,581 | 573 | 786 | 1,091,403 | 1,216,036 |
| Long-term liabilities | 255,224 | 313,378 | – | – | 1,491,849 | 1,490,840 | 1,747,073 | 1,804,218 |
| Other liabilities in the segment | 1,925,822 | 2,150,083 | 1,700,750 | 1,659,712 | (696,689) | (696,723) | 2,929,883 | 3,113,072 |
| Total liabilities | 31,662,146 | 30,901,667 | 20,487,164 | 22,157,623 | 795,539 | 794,709 | 52,944,849 | 53,853,999 |
| 1 Adjusted pursuant to IAS 8 | ||||||||
| Segment statement of income | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 1.1–30.9.2017 | 1.1–30.9.2017 | ||||||
| Gross written premium | 8,199,345 | 7,120,505 | 5,284,223 | 5,333,465 | – | 52 | 13,483,568 | 12,454,022 |
| thereof | ||||||||
| From insurance business with other segments | – | – | – | (52) | – | 52 | – | – |
| From insurance business with external third parties | 8,199,345 | 7,120,505 | 5,284,223 | 5,333,517 | – | – | 13,483,568 | 12,454,022 |
| Net premium earned | 6,752,623 | 5,925,274 | 4,787,892 | 4,841,137 | 121 | 141 | 11,540,636 | 10,766,552 |
| Net investment income | 946,721 | 642,494 | 432,695 | 494,689 | 3,115 | 9,211 | 1,382,531 | 1,146,394 |
| thereof | ||||||||
| Change in fair value of financial instruments | 1,201 | 493 | 20,913 | 28,817 | – | (72) | 22,114 | 29,238 |
| Total depreciation, impairments and appreciation of investments | 33,938 | 60,968 | 37 | 23 | – | – | 33,975 | 60,991 |
| Income / expense on funds withheld and contract deposits | 13,437 | 18,646 | 166,707 | 231,242 | – | – | 180,144 | 249,888 |
| Claims and claims expenses | 5,164,008 | 4,013,783 | 4,272,166 | 4,113,086 | – | 367 | 9,436,174 | 8,127,236 |
| Change in benefit reserve | – | – | (60,669) | 81,699 | – | 20 | (60,669) | 81,719 |
| Commission and brokerage, change in deferred acquisition costs and other technical income / expenses |
1,739,940 | 1,481,301 | 777,194 | 727,649 | – | 2 | 2,517,134 | 2,208,952 |
| Administrative expenses | 157,788 | 154,647 | 158,722 | 149,427 | 104 | 117 | 316,614 | 304,191 |
| Other income and expenses | (35,922) | (23,105) | 132,762 | 26,428 | (4,385) | (3,080) | 92,455 | 243 |
| Operating profit / loss (EBIT) | 601,686 | 894,932 | 205,936 | 290,393 | (1,253) | 5,766 | 806,369 | 1,191,091 |
| Interest on hybrid capital | – | – | – | – | 53,832 | 53,858 | 53,832 | 53,858 |
| Net income before taxes | 601,686 | 894,932 | 205,936 | 290,393 | (55,085) | (48,092) | 752,537 | 1,137,233 |
| Taxes | 96,618 | 244,267 | 65,706 | 78,258 | (19,486) | (15,723) | 142,838 | 306,802 |
| Net income | 505,068 | 650,665 | 140,230 | 212,135 | (35,599) | (32,369) | 609,699 | 830,431 |
| thereof | ||||||||
| Non-controlling interest in profit or loss | 56,319 | 35,217 | 4,503 | 3,278 | – | – | 60,822 | 38,495 |
| Group net income | 448,749 | 615,448 | 135,727 | 208,857 | (35,599) | (32,369) | 548,877 | 791,936 |
| 1 Adjusted pursuant to IAS 8 respectively IFRS 3 | ||||||||