R+V Versicherung AG Annual Report

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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.
Shareholder structure As of the balance sheet date, shares in R+V Versicherung AG were held indirectly or directly by the following shareholders belonging to the union of cooperative banks: – DZ BANK AG Deutsche Zentral- Genossenschaftsbank, Frankfurt/Main – WGZ-Bank Westdeutsche Genossenschafts-Zentralbank eG, Düsseldorf – Projekt 7 GmbH, Berlin – Bayerische Raiffeisen Beteiligungs-AG, Munich – Beteiligungs-AG der Bayerischen Volksbanken, Munich – Genossenschaftliche Beteiligungsgesellschaft Kurhessen AG, Kassel – Norddeutsche Genossenschaftliche Beteiligungs-AG, Hanover – 791 branches of Volksbank and Raiffeisenbank throughout Germany Related parties In the report prepared in accordance with section 312 of the Aktiengesetz (AktG – German Public Companies Act) on related parties, the Board of Management declared that, according to the circumstances known to it at the time the transactions mentioned in the report were performed, the Company received adequate consideration for each transaction, and that it did not take or fail to take any other measures subject to disclosure. 25 New Group structure In August 2002, the Executive bodies of R+V Versicherung AG, R+V Lebensversicherung AG and R+V Allgemeine Versicherung AG approved a new Group structure. The new Group structure will bundle the operating insurance companies under the umbrella of two new holding companies. All interests in the holding companies will be held by R+V Versicherung AG. R+V KOM- POSIT Holding GmbH holds the interests in companies in the property and casualty insurance classes, i.e. R+V Allgemeine Versicherung AG, R+V Rechtsschutzversicherung AG, KRAVAG-LOGISTIC Versicherungs-AG and KRAVAG-ALLGE- MEINE Versicherungs-AG. R+V Personen Holding GmbH comprises the business of R+V Lebensversicherung AG, R+V-Pensionsfonds AG and Krankenversicherung AG. This gives the R+V Group a forwardlooking structure that will pave the way for strategic activities in the future. Grouping togerther the operating insurance companies on a single level under the new holding companies enables the Group to assign clear management and performance responsibility.
Page 1 and 2: 2002 R+V Versicherung AG Annual Rep
Page 3 and 4: Content Management Report 4 Proposa
Page 5 and 6: However, the significant increase i
Page 7 and 8: Developments on the international r
Page 9 and 10: However, the events of September 11
Page 11 and 12: As a result of the relatively poor
Page 13 and 14: Business development and position o
Page 15 and 16: Liability business developed negati
Page 17 and 18: Including interest on deposits and
Page 19 and 20: In terms of sums insured, the portf
Page 21 and 22: Overall, gross premium income decli
Page 23: Major claim events such as ”Petro
Page 27 and 28: Investment risks: In order to creat
Page 29: Significant events and outlook The
Page 32 and 33: Proposal on the Appropriation of Pr
Page 34 and 35: Balance Sheet as of December 31, 20
Page 36 and 37: Equity and liabilities 36 2002 2001
Page 38 and 39: Income Statement for the period fro
Page 40 and 41: 40 2002 2001 € € € € 8. Ext
Page 42 and 43: Premiums and discounts were amortiz
Page 44 and 45: List of Shareholdings Shares in aff
Page 46 and 47: Notes to the Balance Sheet Statemen
Page 48 and 49: Assets C. Investments Present value
Page 50 and 51: Notes to the Income Statement I. 1
Page 52 and 53: Dr. Jürgen Förterer Chairman Wolf
Page 54 and 55: Auditors’ Report We have audited

R+V Versicherung AG Annual Report

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