talanx group annual report 2011 en

Group key figures 2011 2010 2009
Talanx Group overall
Gross written premium In EUR million 23,682 22,869 20,923
by regions
Germany In % 38 39 42
Central and Eastern Europe (CEE) In % 4 3 2
Rest of Europe In % 26 27 27
North America In % 14 16 16
Latin America In % 7 6 5
Australia/Asia In % 9 7 6
Other countries In % 2 2 2
Net premium earned In EUR million 19,456 18,675 5) 17,323
Underwriting result In EUR million –1,690 –2,036 –1,031
Net investment income In EUR million 3,262 3,224 5) 2,658
Operating profit (EBIT) In EUR million 1,245 1,032 1,497
Net profit/loss for the period (after financing costs and taxes) In EUR million 897 667 5) 893
Group net income (after non-controlling interests) In EUR million 520 216 5) 485
Return on equity 1) In % 10.0 4.5 5) 11.8
Breakdown by segments 2)
Industrial Lines
Gross written premium In EUR million 3,138 3,076 3,077
Net premium earned In EUR million 1,375 1,413 1,405
Underwriting result In EUR million 155 –57 134
Investment result In EUR million 204 231 240
Operating profit (EBIT) In EUR million 321 185 334
Retail Germany
Gross written premium In EUR million 6,710 6,823 6,614
Net premium earned In EUR million 5,461 5,502 5,158
Underwriting result In EUR million –1,258 –1,631 –945
Investment result In EUR million 1,530 1,577 1,207
Operating profit (EBIT) In EUR million 110 –44 209
Retail International
Gross written premium In EUR million 2,482 2,233 1,827
Net premium earned In EUR million 1,862 1,738 1,403
Underwriting result In EUR million –43 –136 –99
Investment result In EUR million 159 151 121
Operating profit (EBIT) In EUR million 54 27 –42
Non-Life Reinsurance
Gross written premium In EUR million 6,826 6,340 5,753
Net premium earned In EUR million 5,961 5,395 5,237
Underwriting result In EUR million –264 78 136
Investment result In EUR million 880 779 610
Operating profit (EBIT) In EUR million 629 909 760
Life/Health Reinsurance
Gross written premium In EUR million 5,270 5,090 4,529
Net premium earned In EUR million 4,789 4,654 4,078
Underwriting result In EUR million –281 –290 –258
Investment result In EUR million 512 508 525
Operating profit (EBIT) In EUR million 225 276 371
Combined ratio in non-life insurance and reinsurance 3) In % 101.0 100.9 96.7
Combined ratio of the property/casualty insurers In % 96.6 104.5 96.6
Combined ratio in non-life reinsurance In % 104.2 98.3 96.7
2011 2010 2009
Policyholders’ surplus In EUR million 11,321 10,771 9,156
Shareholders' equity of Talanx AG In EUR million 5,421 4,945 5) 4,574
Non-controlling interests In EUR million 3,285 3,035 2,579
Hybrid capital In EUR million 2,615 2,791 2,003
Investments under own management In EUR million 75,750 72,461 67,036
Total investments In EUR million 87,467 83,422 76,385
Return on investment 4) In % 4.0 4.2 3.7
Total assets In EUR million 115,268 111,100 5) 101,213
Staff Capacities 17,061 16,874 16,921
1) Net profit/loss for the year without non-controlling interests relative to average equity without non-controlling interests
2) Before elimination of intra-Group cross-segment transactions
3) Combined ratio adjusted for interest income on funds withheld and contract deposits, before elimination of intra-Group cross-segment transactions
4) Investment result without interest income on funds withheld and contract deposits relative to average investments under own management
5) Adjusted on the basis of IAS 8