R+V Versicherung AG Annual Report

16
Development of investments in € million
2500
2000
1500
1000
500
1150
1125
1998 1999
1219
1369
2000 2001
2002
As a result of the implementation of the
new Group structure, the direct interests
held in R+V Lebensversicherung AG and
R+V Pensionsfonds AG, which was established
in fiscal 2002, are now held by R+V
Personen Holding GmbH, while the interests
in R+V Allgemeine Versicherung AG
are held by R+V KOMPOSIT Holding
GmbH.
During the past year, R+V Versicherung AG
participated in capital increases at its Italian
subsidiaries.
The interests in KRAVAG-LEBEN Versicherungs-AG
acquired by KRAVAG-SACH
Versicherung des Deutschen Kraftverkehrs
VaG and KRAVAG-HOLDING AG were sold
to R+V Lebensversicherung AG.
With respect to new operational investments,
the focus was on fixed-income
securities.
2145
The valuation reserves in the investments
carried at cost increased by €599.3 million
to €1,723.9 million. The reserve ratio for the
entire investment portfolio thus amounts to
80.4% (previous year: 82.1%).
Investment result
Current investment income (excluding interest
on deposits) increased substantially by
€216.1 million to €321.1 million during the
year under review. This was primarily due to
income from the profit transfer agreements
signed with R+V Personen Holding GmbH
and R+V KOMPOSIT Holding GmbH.
Taking into account current expenses
of €5.4 million, an ordinary result of
€315.7 million was generated.
As part of the measures taken to restructure
the Group, capital gains of €455.5
million were recorded in respect of shares
in affiliated companies. Of the total hidden
reserves realized by R+V Versicherung AG
and its subsidiaries, a special dividend of
€639.5 million will be distributed to shareholders
and reallocated to the equity of
R+V Versicherung AG reported on the face
of the balance sheet within the framework
of a pay-out take-back procedure. Apart
from increasing transparency, this conversion
will strengthen the earnings power of
the union of cooperative banks without
affecting the assets of R+V Versicherung
AG.
Overall, the net investment result rose substantially
to €784.3 million from €101.8 million
in the previous year on account of the
special factors described. In contrast, the
crisis on the stock markets played only a
minor role in the Group’s earnings due to
the low proportion of the portfolio accounted
for by listed shares.