R+V Versicherung AG Annual Report

On the whole, gross premium income
decreased by €5.2 million, or 10.4%, to
€44.9 million and net premium income by
€2.2 million to €32.9 million.
Expenses for large claims such as “Lipobay”
or “Sulzer” increased loss ratios in the
year under review. The reported net loss
ratio jumped by 18.3% to 79.0% and the
net expense ratio by 6.4% to 30.9%. These
factors led to a loss of €3.3 million (previous
year: a profit of €5.2 million) in the
balance on technical account, producing a
loss of €3.6 million (previous year: €–2.7
million) after allocation to the equalization
provision.
Motor
Decline in premium volume – unsatisfactory
earnings development
20
Liability
Gross premiums in € million
50
40
30
20
10
40,3
2000
50,0
2001
44,9
2002
2000 2001 2002
Gross loss ratio % 49,3 33,7 72,2
Gross expense ratio % 39,9 30,5 31,6
Gross combined ratio % 89,2 64,2 103,7
Motor
Gross premiums in € million
250
200
150
100
50
125,3
2000
211,6
2001
106,1
2002
2000 2001 2002
Gross loss ratio % 76,0 79,4 92,8
Gross expense ratio % 21,1 20,0 19,1
Gross combined ratio % 97,1 99,4 111,9
After a decline in rates over many years,
the premiums on the German motor vehicle
insurance market in particular climbed significantly
once more. Nevertheless, retention
increases by R+V Allgemeine Versicherung
AG plus restructuring effects caused a
decline in gross premium income from
domestic business. The premium volume
fell by €104.0 million, or 66.7%, to €51.9
million. The retention premium also fell as a
result, by €24.9 million, or 32.3%, to €52.3
million. Trends in foreign business were less
pronounced. The gross premium volume
dropped slightly by €1.5 million, or 2.7%,
to €54.2 million, while the net premium
remained almost constant at €51.1 million
(previous year: €51.0 million).