R+V Versicherung AG Annual Report

In terms of sums insured, the portfolio
developed as follows:
19
2002 2001
€m €m
Reinsurance business assumed
Sum insured Capital 14,404.3 14,419.5
Annuity 5,261.4 4,857.5
Business ceded
Sum insured Capital 2,696.3 2,507.8
Annuity 1,132.4 1,277.7
Retained for own account
Sum insured Capital 11,708.0 11,911.7
Annuity 4,129.0 3,579.8
Accident
Growth in premium volume in domestic
and foreign business
Accident
Gross premiums in € million
40
30
20
10
33,5
2000
36,5
2001
39,3
2002
2000 2001 2002
Gross loss ratio % 41,3 49,8 49,0
Gross expense ratio % 52,5 48,8 52,3
Gross combined ratio % 93,9 98,6 101,3
Accident insurance saw an increase in both
the gross and the net premium volume from
domestic business. While gross premium
income rose by €1.6 million, or 7.0%,
from €22.4 million to €24.0 million, retained
premiums increased by €1.7 million, or
7.5%, from €22.3 million to €24.0 million.
Foreign business developed along similar
lines. Gross premium income improved
by €1.2 million, or 8.5%, to €15.3 million,
with net premium income declining by
€1.6 million, or 13.3%, to €14.1 million.
Overall, gross premium income grew by
7.6% to €39.3 million, while net premium
income rose 9.6% to €38.1 million.
General accident ended the year with a net
loss of €0.7 million (previous year: a profit
of €10.4 million). Despite an increased loss
ratio in the year under review, an allocation
was made in accordance with the calculation
criteria for the equalization provision.
As a result, this class recorded a loss of
€1.2 million (previous year: a profit of
€8.6 million).
The premium volume from motor vehicle
accident insurance was due almost exclusively
to domestic business. As a result of
the higher retentions by primary insurers in
the R+V Group in previous years, reduced
belated premiums led to a premium volume
that was 60.8% lower in gross terms and
61.7% lower in net terms than the belated
prior-year level. This insurance class
closed the year with a profit of €0.1 million
(previous year: a profit of €0.3 million).
Liability
Rising loss ratios depress earnings
Restructuring measures in Germany and
abroad pushed down premium income.
While the gross premium volume from
domestic business fell by 8.6% to €28.2
million, the figure for foreign business
declined by 13.3% to €16.6 million. The
retention premium in domestic business
fell by 17.0% to €22.0 million and rose in
foreign business by 27.4% to €10.9 million.