Group segment report as at 31 March 2018
| Segmentation of assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 31.3.2018 | 31.12.2017 | 31.3.2018 | 31.12.2017 | 31.3.2018 | 31.12.2017 | 31.3.2018 | 31.12.2017 |
| Assets | ||||||||
| 227,582 | 259,284 | 71,813 | 71,898 | – | 5,000 | 299,395 | 336,182 | |
| Fixed-income securities – loans and receivables | 2,415,202 | 2,417,894 | 36,028 | 37,270 | – | – | 2,451,230 | 2,455,164 |
| Fixed-income securities – available for sale | 22,830,421 | 23,662,710 | 8,693,585 | 7,617,113 | 10,056 | 2,085 | 31,534,062 | 31,281,908 |
| Equity securities – available for sale | 37,533 | 37,520 | – | – | – | – | 37,533 | 37,520 |
| Financial assets at fair value through profit or loss | 63,010 | 56,652 | 247,330 | 244,222 | (213) | – | 310,127 | 300,874 |
| Other invested assets | 3,528,749 | 3,612,795 | 189,204 | 189,441 | 44,014 | 49,219 | 3,761,967 | 3,851,455 |
| Short-term investments | 385,001 | 342,744 | 618,787 | 615,925 | – | – | 1,003,788 | 958,669 |
| Cash and cash equivalents | 765,140 | 610,585 | 271,844 | 213,065 | 11,277 | 12,056 | 1,048,261 | 835,706 |
| Total investments and cash under own management | 30,252,638 | 31,000,184 | 10,128,591 | 8,988,934 | 65,134 | 68,360 | 40,446,363 | 40,057,478 |
| Funds withheld | 1,918,167 | 1,636,993 | 9,078,703 | 9,098,019 | – | – | 10,996,870 | 10,735,012 |
| Contract deposits | (119) | (121) | 176,903 | 167,975 | – | – | 176,784 | 167,854 |
| Total investments | 32,170,686 | 32,637,056 | 19,384,197 | 18,254,928 | 65,134 | 68,360 | 51,620,017 | 50,960,344 |
| Reinsurance recoverables on unpaid claims | 1,379,689 | 1,443,869 | 210,500 | 207,660 | (194) | (194) | 1,589,995 | 1,651,335 |
| Reinsurance recoverables on benefit reserve | – | – | 946,329 | 959,533 | – | – | 946,329 | 959,533 |
| Prepaid reinsurance premium | 154,943 | 96,383 | 129 | 19 | (110) | – | 154,962 | 96,402 |
| Reinsurance recoverables on other reserves | 593 | 1,269 | 7,386 | 6,032 | – | – | 7,979 | 7,301 |
| Deferred acquisition costs | 1,050,485 | 841,911 | 1,350,011 | 1,386,335 | – | – | 2,400,496 | 2,228,246 |
| Accounts receivable | 2,878,556 | 2,458,038 | 1,391,422 | 1,363,610 | (471) | (524) | 4,269,507 | 3,821,124 |
| Other assets in the segment | 2,386,818 | 1,351,426 | 838,130 | 792,297 | (1,671,930) | (671,162) | 1,553,018 | 1,472,561 |
| Total assets | 40,021,770 | 38,829,952 | 24,128,104 | 22,970,414 | (1,607,571) | (603,520) | 62,542,303 | 61,196,846 |
| Segmentation of liabilities | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 31.3.2018 | 31.12.2017 | 31.3.2018 | 31.12.2017 | 31.3.2018 | 31.12.2017 | 31.3.2018 | 31.12.2017 |
| Liabilities | ||||||||
| 24,028,828 | 24,130,443 | 4,152,542 | 4,248,296 | (194) | (194) | 28,181,176 | 28,378,545 | |
| Benefit reserve | – | – | 8,951,458 | 8,977,946 | – | – | 8,951,458 | 8,977,946 |
| Unearned premium reserve | 4,184,038 | 3,332,083 | 234,505 | 209,111 | – | – | 4,418,543 | 3,541,194 |
| Provisions for contingent commissions | 167,538 | 162,620 | 237,123 | 231,840 | – | – | 404,661 | 394,460 |
| Funds withheld | 337,972 | 400,290 | 548,766 | 574,496 | – | – | 886,738 | 974,786 |
| Contract deposits | 71,623 | 72,056 | 3,817,053 | 3,877,151 | – | – | 3,888,676 | 3,949,207 |
| Reinsurance payable | 540,008 | 512,372 | 524,287 | 467,869 | – | – | 1,064,295 | 980,241 |
| Long-term liabilities | 293,893 | 250,122 | – | – | 1,492,258 | 1,491,951 | 1,786,151 | 1,742,073 |
| Other liabilities in the segment | 1,960,851 | 1,948,148 | 3,580,375 | 1,705,864 | (1,648,177) | (682,176) | 3,893,049 | 2,971,836 |
| Total liabilities | 31,584,751 | 30,808,134 | 22,046,109 | 20,292,573 | (156,113) | 809,581 | 53,474,747 | 51,910,288 |
| Segment statement of income | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 1.1. – 31.3.2018 | 1.1. – 31.3.2017 | 1.1. – 31.3.2018 | 1.1. – 31.3.20171 | 1.1. – 31.3.2018 | 1.1. – 31.3.2017 | 1.1. – 31.3.2018 | 1.1. – 31.3.20171 |
| 3,578,731 | 2,814,721 | 1,766,230 | 1,731,898 | – | – | 5,344,961 | 4,546,619 | |
| thereof | ||||||||
| From insurance business with other segments | – | – | – | – | – | – | – | – |
| From insurance business with external third parties | 3,578,731 | 2,814,721 | 1,766,230 | 1,731,898 | – | – | 5,344,961 | 4,546,619 |
| Net premium earned | 2,424,861 | 2,165,747 | 1,574,380 | 1,572,303 | 37 | 42 | 3,999,278 | 3,738,092 |
| Net investment income | 267,994 | 243,388 | 122,774 | 148,324 | 696 | 1,168 | 391,464 | 392,880 |
| thereof | ||||||||
| Change in fair value of financial instruments | (69) | 554 | 6,246 | 10,440 | (115) | (49) | 6,062 | 10,945 |
| Total depreciation, impairments and appreciation of investments | 11,011 | 10,857 | 8 | 8 | – | – | 11,019 | 10,865 |
| Income / expense on funds withheld and contract deposits | 7,874 | 5,156 | 50,831 | 67,734 | – | – | 58,705 | 72,890 |
| Claims and claims expenses | 1,655,542 | 1,472,695 | 1,298,679 | 1,389,752 | – | – | 2,954,221 | 2,862,447 |
| Change in benefit reserve | – | – | (24,193) | (37,047) | – | – | (24,193) | (37,047) |
| Commission and brokerage, change in deferred acquisition costs and other technical income / expenses | 622,814 | 553,618 | 301,521 | 281,982 | – | – | 924,335 | 835,600 |
| Administrative expenses | 54,749 | 48,762 | 52,976 | 51,656 | 73 | 86 | 107,798 | 100,504 |
| Other income and expenses | (20,861) | (24,252) | 27,753 | 55,487 | (1,576) | (825) | 5,316 | 30,410 |
| Operating profit / loss (EBIT) | 338,889 | 309,808 | 95,924 | 89,771 | (916) | 299 | 433,897 | 399,878 |
| Interest on hybrid capital | – | – | – | – | 17,721 | 17,708 | 17,721 | 17,708 |
| Net income before taxes | 338,889 | 309,808 | 95,924 | 89,771 | (18,637) | (17,409) | 416,176 | 382,170 |
| Taxes | 78,853 | 76,561 | 44,075 | 25,466 | (6,123) | (6,242) | 116,805 | 95,785 |
| Net income | 260,036 | 233,247 | 51,849 | 64,305 | (12,514) | (11,167) | 299,371 | 286,385 |
| thereof | ||||||||
| Non-controlling interest in profit or loss | 25,210 | 17,881 | 751 | 3,703 | – | – | 25,961 | 21,584 |
| Group net income | 234,826 | 215,366 | 51,098 | 60,602 | (12,514) | (11,167) | 273,410 | 264,801 |
|
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