talanx group annual report 2011 en

28 Talanx Group. Annual Report 2011
The Talanx Group can look back on an altogether highly satisfactory
2011 business year: its gross premium income increased by 4%; its
investment profits stayed much the same as in the previous year, despite
the difficult capital market environment. Talanx had to cope with very
high claims but nevertheless achieved one of the best results in its
history. Its operating profit (EBIT) showed a double-digit percentage
increase; the Group net income more than doubled. This improvement
in results was driven by primary insurance: the Group’s diversification
paid off.
The Group’s corporate development in 2011 was characterised mainly
by acquisitions and alliances: to achieve stronger growth in its target
markets of Latin America and Eastern Europe, the Group has purchased
companies in Mexico, Argentina, Uruguay and Poland. With the aim of
gaining profitable market shares on our home market, we started to
invest in building client-focused, efficient structures in our German retail
business in the year under review.
Gross written premium
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Operating profit (EBIT)
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In EUR billion
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1) Adjusted on the basis of IAS 8
Investments
(excluding funds held by ceding companies)
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1) Adjusted on the basis of IAS 8