R+V Versicherung AG Annual Report

Key contributions to the premium volume
came from the credit and bonds, storm,
livestock, health, hail/crop, legal, comprehensive
home contents and fidelity insurance.
Loss ratios developed differently to the
previous year. While improvements were
made in the net loss ratios disclosed on
the balance sheet for burglary and theft,
water damage, hail/crop, credit and legal
insurance, the opposite was true for the
comprehensive home contents, comprehensive
homeowners, storm, engineering,
livestock, bonds, fidelity and health insurance
classes.
Profits were generated in the burglary and
theft, water damage, hail/crop and legal
insurance classes, while technical losses
were recorded in the credit and bonds,
livestock, engineering, storm, health, comprehensive
home contents, comprehensive
homeowners and fidelity insurance classes.
Overall, the other insurance classes generated
a net loss of €15.7 million in the year
under review (prior year: €–2.4 million).
Following withdrawals from the equalization
provision, the loss fell to €13.1 million (prior
year: €–8.2 million).
Staff development
As of December 31, 2002, the number of
people employed in comparison to the previous
year was as follows:
24
2002 2001
Total number of employees 232 225
of whom:
Full-time 204 193
Part-time 23 26
Employees with
fixed-term contracts 5 6
223 people were employed at the head
office in Wiesbaden (previous year: 216)
and nine people were employed at the
branch office in Singapore, as in the previous
year.
Contractual relations within the
R+V Group
Members of the Boards of Management
of a number of R+V Group companies also
hold similar positions at other R+V Group
companies.
R+V companies have concluded service
agreements within the Group. In line with
these agreements, cross-enterprise services
are performed by one of the following companies
– R+V Versicherung AG, R+V Allgemeine
Versicherung AG, R+V Lebensversicherung
AG or Rhein-Main Assistance
GmbH. The services performed for the
other companies primarily extend to the
following areas: sales, investments, asset
management, accounting, premium collection,
financial control, legal, auditing, communications,
personnel management, general
administration and IT. The companies
receiving these services are charged after
these have been provided; they have rights
of instruction and control over the outsourced
areas.
In addition, the companies of the R+V
Group have concluded an agreement on
central cash management and a central
financial clearing system.