talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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116<br />
The Talanx Group Strategy Enterprise<br />
managem<strong>en</strong>t<br />
The Strategic ori<strong>en</strong>tation of our Group segm<strong>en</strong>ts at a glance:<br />
Group segm<strong>en</strong>t Our mission and strategic tasks<br />
Industrial Lines Growth on international markets<br />
Developm<strong>en</strong>t into a global player<br />
Talanx Group. Annual Report <strong>2011</strong><br />
Research and<br />
developm<strong>en</strong>t<br />
Markets and<br />
g<strong>en</strong>eral conditions<br />
Retail Germany Expansion of market shares with a view to improving profitability<br />
Elimination of cost disadvantages<br />
Establishm<strong>en</strong>t of clear and simple organisational structures<br />
Closer cli<strong>en</strong>t focus<br />
Retail International Growth in strategic target markets<br />
Optimisation of activities in existing markets<br />
Business<br />
developm<strong>en</strong>t<br />
Non-Life Reinsurance To become one of the world’s most profitable non-life reinsurers<br />
Correct and accurate assessm<strong>en</strong>t of risks<br />
Technically founded pricing and contract terms and an adequate level of reserving<br />
Life/Health Reinsurance To become one of the three largest globally operating Life/Health reinsurers and achieve above-average<br />
profitability within five years<br />
Double-digit growth in volume and profitability indicators<br />
Regional and biometric balance of the portfolio<br />
Probable developm<strong>en</strong>t of the Group<br />
For the Talanx Group on a consolidated basis, we are striving for<br />
organic growth in gross booked premiums on a par with the improvem<strong>en</strong>t<br />
rates of the past two years. The Industrial Lines, Retail<br />
International and reinsurance divisions are expected to play a<br />
major part in achieving this aim. Further contributions will be made<br />
by acquisitions such as the already announced purchases of the<br />
Europa Group and Warta in Poland.<br />
Industrial Lines<br />
HDI-Gerling Industrie Versicherung AG is one of the biggest insurers<br />
in Europe and one of the market leaders in Germany, measured in<br />
terms of premium volume. Rising premium income and expanding<br />
international business underline its strong position among the<br />
global competition. This basis allows us to look forward to further<br />
<strong>en</strong>couraging premium growth. Most of the increase should – in<br />
view of our already high domestic market p<strong>en</strong>etration – be g<strong>en</strong>erated<br />
abroad.<br />
We int<strong>en</strong>d to achieve this increase in premium volume in the<br />
Industrial Lines by means of the following activities: we want to<br />
expand our leadership of co-insurers on international insurance<br />
programmes and to build up and upon cooperation arrangem<strong>en</strong>ts.<br />
A further focus is on further developing innovative, complex insurance<br />
solutions, e.g. in the fields of r<strong>en</strong>ewable <strong>en</strong>ergy resources and<br />
pioneer technologies. In addition, we int<strong>en</strong>d to exploit all sales<br />
pot<strong>en</strong>tials via cross-selling to further boost premium income. We<br />
are expecting longterm pressure on premiums as a result of ess<strong>en</strong>-<br />
Assets and<br />
financial position<br />
tially constant demand for cover in times of increasing insurance<br />
capacities. In the motor line of business, by contrast, historically<br />
low premium levels lead us to expect a moderate increase in rates.<br />
In the fire line, high claims due to natural catastrophes in the year<br />
under review will probably lead to rate increases in some markets.<br />
In the curr<strong>en</strong>t market situation, meticulous underwriting and risk<br />
managem<strong>en</strong>t are ess<strong>en</strong>tial. Building upon the good capital base of<br />
our Industrial Lines segm<strong>en</strong>t, one of our strategic aims is to successively<br />
increase our ret<strong>en</strong>tions in the coming years so as to profit<br />
super-proportionally from premium growth.<br />
As in previous years, the best opportunities for growth are in our<br />
opinion to be found outside of Germany. For this reason, we int<strong>en</strong>d<br />
to reinforce our efforts as a global player in 2012 and 2013. With the<br />
Dutch company Nassau Verzekering Maatschappij N. V., Rotterdam,<br />
incorporated for the first time in the second quarter of <strong>2011</strong>, which<br />
focuses as an established niche insurer on special lines of business<br />
such as professional liability, D&O insurance and crisis managem<strong>en</strong>t<br />
as a service, we want to consist<strong>en</strong>tly pursue our defined<br />
objectives. Europe-wide we are striving to expand our industrial<br />
lines in the areas of local business, small and medium <strong>en</strong>terprises,<br />
and international insurance programmes. Our target regions<br />
outside of Europe continue to be Latin America, (South-)East Asia<br />
and the Arabian p<strong>en</strong>insula. Thanks to the expansion of HDI Seguros<br />
Madrid (Spain) into a hub for industrial insurance solutions in Latin<br />
America and our strategic partnership with PVI Holdings, the leading<br />
Vietnamese industrial insurer, we are well on the way. In India<br />
the launch of our joint v<strong>en</strong>ture with Magma is scheduled for 2012.<br />
New branches have op<strong>en</strong>ed in Canada and are planned for Singapore.<br />
We are also looking into setting up a pres<strong>en</strong>ce on the Arabian<br />
p<strong>en</strong>insula.