talanx group annual report 2011 en

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Key figures of the Group segments Industrial Lines Retail Germany Retail International ■ Major acquisitions and cooperation arrangements in the Netherlands and Vietnam ■ Satisfactory underwriting result despite a high number of natural catastrophes, e.g. in Asia ■ Significant rise in EBIT despite lower investment result �.� �.� �.��.� �.� �.��.��.� �.� �.��.��.� �.� �.��.� �.��.� �.� �,� �,� �,��,��,��,��,��,� �,� �,��,��,� �,� �,��,� �,��,� �,� ■ Very good growth in new business, especially in co- insurance business and with unit-linked products ■ Sales of property/casualty insurance products perform well ■ Lower costs improve under writing result and thus EBIT despite restructuring expenses �.� �.� �.� �.� �.��.� �.� �.� �.��.� �.� �.� �.��.� �.��.� �.� �,� �,� �,� �,��,� �,� �,��,��,� �,��,� �,� �,� �,��,� �,� �,� ■ Several acquisitions in Latin America concluded, still under way in Poland ■ Gross premium income rises thanks to acquisitions but also through organic growth ■ EBIT doubled compared to previous year thanks to good underwriting and investment result Gross written premium Gross written premium Gross written premium In EUR billion �.� �.� �.� �.� �.� �.� �.� �.� �.� �.� �.� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �� In EUR billion In EUR billion �.� Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) In EUR million In EUR million In EUR million �,� �� .� �.� �.� �.� �� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� .� �,� � � � �
.� ,� �.� �,� Non-Life Reinsurance Life/Health Reinsurance ■ Strong growth in gross premiums thanks to satisfactory renewals ■ Unusually high claims expenditure weighs heavy on EBIT ■ Good net investment income Gross written premium �.� �.� �.� �.� �.� �.� �.� �.� �.� �.� �.� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �,� �.� �� ,� �,��,��,� �,� �,� �,� �,� �,� �,� �,� ��.� ��.� ��.��.� ��.� ��.��.� ��.� ��.��.� ��.� ��.� ��.� ��.� ��.� ��.� ��.� �.� �.� �.� �.��.� �.� ��,� ��,��,� ��,� ��,��,� ��,� ��,� ��,��,� ��,� ��,� ��,� ��,� ��,� ��,� ��,� �,� �,� �,� �,��,� �,� �� .� �.� �.� �.� �.� �,� �,� �,� �.� �,� �,� �� ■ Volatility on financial markets and debt crisis open up new business potentials ■ Rise in business volume, for instance in emerging countries ■ Situation on financial markets reduces EBIT despite encouraging underwriting performance Corporate Operations ■ Segment comprises in-house service companies, Group investment management, reinsurance broker and Talanx AG ■ Further rise in investments under own management ■ EBIT improves thanks to absence of special effects that impacted the previous year Gross written premium Investments under own management �.� �,� �.� �.��.� �.� �.� �.� �.� �.� �.� �.� �� Operating profit (EBIT) Operating profit (EBIT) Operating profit (EBIT) �� In EUR million �� In EUR million In EUR million �� In EUR billion In EUR billion In EUR billion �,� �� ,� �� .� �� –�� –�� –�� –�� –�� –�� –�� –�� –�� –��–�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� –�� .� ��,� –�� –��
Page 1: Group Annual Report 2011 Straightfo
Page 5 and 6: OuR VISION Talanx is the leading gl
Page 7 and 8: Our brands HDI-Gerling focuses part
Page 9 and 10: By contrast with the technical acco
Page 11 and 12: Dr. Heinz-Peter Roß Torsten Leue D
Page 13 and 14: Supervisory Board Committees Compos
Page 15 and 16: A further focus of our deliberation
Page 17 and 18: The annual financial statements are
Page 19 and 20: You can stand and work better on a
Page 21 and 22: Re-launch with a modern and efficie
Page 23 and 24: Forward together with a goal-orient
Page 25 and 26: under its own power and through acq
Page 27 and 28: Our targets: ambitious, but achieva
Page 29 and 30: Our premium volume has risen steadi
Page 31 and 32: Our target: to be fit for the futur
Page 33 and 34: Group management report. Detailed i
Page 35 and 36: Overall assessment of the economic
Page 53 and 54:
Overall assessment of the economic
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Nature of risks Notes on the consol
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Nature of risks Notes on the balanc
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Our Locations Argentina L’UNION d
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Italy Hannover Re Services Italy S.
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Glossary. A-C Accumulation risk Und
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L-P Lapse rate for life insurance p
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Index of key terms Acquisitions Cen
Page 307 and 308:
ie Ireland. Hannover Life Re (Irela
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talanx group annual report 2011 en

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