Group segment report
| Segmentation of assets | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 30.9.2018 | 31.12.2017 | 30.9.2018 | 31.12.2017 | 30.9.2018 | 31.12.2017 | 30.9.2018 | 31.12.2017 |
| Assets | ||||||||
| Fixed-income securities – held to maturity | 229,407 | 259,284 | 61,647 | 71,898 | – | 5,000 | 291,054 | 336,182 |
| Fixed-income securities – loans and receivables | 2,419,484 | 2,417,894 | 34,695 | 37,270 | – | – | 2,454,179 | 2,455,164 |
| Fixed-income securities – available for sale | 24,025,420 | 23,662,710 | 8,642,560 | 7,617,113 | 19,229 | 2,085 | 32,687,209 | 31,281,908 |
| Equity securities – available for sale | 34,579 | 37,520 | – | – | – | – | 34,579 | 37,520 |
| Financial assets at fair value through profit or loss | 74,745 | 56,652 | 597,326 | 244,222 | – | – | 672,071 | 300,874 |
| Other invested assets | 3,601,571 | 3,612,795 | 257,071 | 189,441 | 39,085 | 49,219 | 3,897,727 | 3,851,455 |
| Short-term investments | 310,879 | 342,744 | 301,859 | 615,925 | – | – | 612,738 | 958,669 |
| Cash and cash equivalents | 585,810 | 610,585 | 222,089 | 213,065 | 10,777 | 12,056 | 818,676 | 835,706 |
| Total investments and cash under own management | 31,281,895 | 31,000,184 | 10,117,247 | 8,988,934 | 69,091 | 68,360 | 41,468,233 | 40,057,478 |
| Funds withheld | 2,192,628 | 1,636,993 | 9,012,040 | 9,098,019 | – | – | 11,204,668 | 10,735,012 |
| Contract deposits | 1,367 | (121) | 158,817 | 167,975 | – | – | 160,184 | 167,854 |
| Total investments | 33,475,890 | 32,637,056 | 19,288,104 | 18,254,928 | 69,091 | 68,360 | 52,833,085 | 50,960,344 |
| Reinsurance recoverables on unpaid claims | 1,439,530 | 1,443,869 | 183,617 | 207,660 | – | (194) | 1,623,147 | 1,651,335 |
| Reinsurance recoverables on benefit reserve | – | – | 899,549 | 959,533 | – | – | 899,549 | 959,533 |
| Prepaid reinsurance premium | 160,518 | 96,383 | 583 | 19 | (39) | – | 161,062 | 96,402 |
| Reinsurance recoverables on other reserves | 510 | 1,269 | 2,813 | 6,032 | – | – | 3,323 | 7,301 |
| Deferred acquisition costs | 972,559 | 841,911 | 1,391,186 | 1,386,335 | – | – | 2,363,745 | 2,228,246 |
| Accounts receivable | 2,912,779 | 2,458,038 | 1,571,847 | 1,363,610 | (416) | (524) | 4,484,210 | 3,821,124 |
| Other assets in the segment | 2,606,134 | 1,351,426 | 824,856 | 792,297 | (2,006,905) | (671,162) | 1,424,085 | 1,472,561 |
| Assets held for sale | 1,013,204 | – | – | – | (1,505) | – | 1,011,699 | – |
| Total assets | 42,581,124 | 38,829,952 | 24,162,555 | 22,970,414 | (1,939,774) | (603,520) | 64,803,905 | 61,196,846 |
| Segmentation of liabilities | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | 30.9.2018 | 31.12.2017 | 30.9.2018 | 31.12.2017 | 30.9.2018 | 31.12.2017 | 30.9.2018 | 31.12.2017 |
| Liabilities | ||||||||
| Loss and loss adjustment expense reserve | 23,926,337 | 24,130,443 | 4,269,496 | 4,248,296 | – | (194) | 28,195,833 | 28,378,545 |
| Benefit reserve | – | – | 9,237,122 | 8,977,946 | – | – | 9,237,122 | 8,977,946 |
| Unearned premium reserve | 3,686,379 | 3,332,083 | 281,999 | 209,111 | – | – | 3,968,378 | 3,541,194 |
| Provisions for contingent commissions | 251,779 | 162,620 | 245,569 | 231,840 | – | – | 497,348 | 394,460 |
| Funds withheld | 388,395 | 400,290 | 568,202 | 574,496 | – | – | 956,597 | 974,786 |
| Contract deposits | 69,541 | 72,056 | 3,726,967 | 3,877,151 | – | – | 3,796,508 | 3,949,207 |
| Reinsurance payable | 782,657 | 512,372 | 580,471 | 467,869 | (71) | – | 1,363,057 | 980,241 |
| Long-term liabilities | 321,115 | 250,122 | – | – | 2,235,344 | 1,491,951 | 2,556,459 | 1,742,073 |
| Other liabilities in the segment | 1,745,747 | 1,948,148 | 3,177,064 | 1,705,864 | (2,026,202) | (682,176) | 2,896,609 | 2,971,836 |
| Liabilities related to assets held for sale | 2,237,720 | – | – | – | – | – | 2,237,720 | – |
| Total liabilities | 33,409,670 | 30,808,134 | 22,086,890 | 20,292,573 | 209,071 | 809,581 | 55,705,631 | 51,910,288 |
| Segment statement of income | ||||||||
|---|---|---|---|---|---|---|---|---|
| Property and casualty reinsurance | Life and health reinsurance | Consolidation | Total | |||||
| in EUR thousand | ||||||||
| Gross written premium | 9,657,530 | 8,199,345 | 5,334,865 | 5,284,223 | – | – | 14,992,395 | 13,483,568 |
| thereof | ||||||||
| From insurance business with other segments | – | – | – | – | – | – | – | – |
| From insurance business with external third parties | 9,657,530 | 8,199,345 | 5,334,865 | 5,284,223 | – | – | 14,992,395 | 13,483,568 |
| Net premium earned | 8,016,834 | 6,752,623 | 4,756,819 | 4,788,710 | 114 | 121 | 12,773,767 | 11,541,454 |
| Net investment income | 783,931 | 946,721 | 369,108 | 432,695 | 2,332 | 3,115 | 1,155,371 | 1,382,531 |
| thereof | ||||||||
| Change in fair value of financial instruments | 1,438 | 1,201 | 18,452 | 20,913 | – | – | 19,890 | 22,114 |
| Total depreciation, impairments and appreciation of investments | 36,925 | 33,938 | 23 | 37 | – | – | 36,948 | 33,975 |
| Income/expense on funds withheld and contract deposits | 26,594 | 13,437 | 136,673 | 166,707 | – | – | 163,267 | 180,144 |
| Claims and claims expenses | 5,333,793 | 5,164,008 | 4,033,022 | 4,272,166 | – | – | 9,366,815 | 9,436,174 |
| Change in benefit reserve | – | – | 74,850 | (59,851) | – | – | 74,850 | (59,851) |
| Commission and brokerage, change in deferred acquisition costs and other technical income/expenses | 2,287,821 | 1,739,940 | 826,501 | 777,194 | – | – | 3,114,322 | 2,517,134 |
| Administrative expenses | 162,609 | 157,788 | 158,495 | 158,722 | 201 | 104 | 321,305 | 316,614 |
| Other income and expenses | (12,923) | (35,922) | 122,161 | 132,762 | (3,973) | (4,385) | 105,265 | 92,455 |
| Operating profit/loss (EBIT) | 1,003,619 | 601,686 | 155,220 | 205,936 | (1,728) | (1,253) | 1,157,111 | 806,369 |
| Financing costs | – | – | – | – | 58,028 | 53,832 | 58,028 | 53,832 |
| Net income before taxes | 1,003,619 | 601,686 | 155,220 | 205,936 | (59,756) | (55,085) | 1,099,083 | 752,537 |
| Taxes | 268,891 | 96,618 | 61,067 | 65,706 | (19,718) | (19,486) | 310,240 | 142,838 |
| Net income | 734,728 | 505,068 | 94,153 | 140,230 | (40,038) | (35,599) | 788,843 | 609,699 |
| thereof | ||||||||
| Non-controlling interest in profit or loss | 62,356 | 56,319 | 1,152 | 4,503 | – | – | 63,508 | 60,822 |
| Group net income | 672,372 | 448,749 | 93,001 | 135,727 | (40,038) | (35,599) | 725,335 | 548,877 |
|
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