talanx group annual report 2011 en

46
The Talanx Group Strategy Enterprise
management
The major companies in Industrial Lines
and their key figures 1)
Talanx Group. Annual Report 2011
Research and
development
Markets and
general conditions
Business
development
Property/casualty insurance products
HDI-Gerling Industrie
Versicherung AG
Assets and
financial position
HDI Versicherung AG,
Austria
2011 2010 2009 2011 2010 2009
Figures in EUR million
1. Gross written premium including premiums under unit-linked life and annuity insurance 2,721 2,530 2,524 105 192 193
2. Savings elements of premiums under unit-linked life and annuity insurance — — — — — —
3. Ceded written premium 1,563 1,338 1,386 67 124 122
4. Change in gross unearned premium –67 –1 –15 –1 –1 1
5. Reinsurers’ share in change in gross unearned premium –31 14 –51 –1 –2 —
Net premium earned 1,122 1,177 1,174 38 69 72
6. Claims expenditure (gross) 2,043 1,646 1,524 72 142 123
Reinsurers’ share 1,201 642 698 44 92 69
Claims expenditure (net) 842 1,004 826 28 50 54
7. Acquisition costs and administrative expenses (gross) 485 463 508 21 37 37
Reinsurers’ share 230 190 241 14 26 27
Acquisition costs and administrative expenses (net) 255 273 267 7 11 10
8. Other underwriting income 106 5 1 1 2 3
Other technical expenses –6 –7 55 — 1 2
of which: amortisation of PVFP — — — — — —
Other technical result 112 12 –54 1 1 1
Net underwriting result 137 –88 27 4 9 9
9. a. Investment income 263 250 276 6 10 11
b. Investment expenses 74 30 53 1 1 4
c. Interest income on funds withheld and contract deposits 2 — — — — —
Net investment income 191 220 223 5 9 7
Other income/expenses –71 25 –23 — — —
Result before goodwill impairments 257 157 227 9 18 16
Investments 6,229 5,946 5,762 160 309 247
Reinsurance recoverables on technical provisions 3,884 3,325 3,350 89 146 162
Deferred acquisition costs 17 16 2 1 2 2
Technical provisions 7,779 7,481 7,224 172 297 262
In %
Administration expenses ratio (gross) 6.3 7.2 6.8 10.8 10.2 9.8
Administration expenses ratio (net) 15.0 15.4 14.5 29.5 27.9 26.6
Acquisition cost ratio (gross) 11.9 11.2 13.5 9.2 9.4 9.2
Acquisition cost ratio (net) 7.8 7.8 8.3 –11.9 –11.7 –13.1
Claims ratio for property/casualty insurance products (gross) 77.3 65.2 62.0 68.9 74.1 62.9
Claims ratio for property/casualty insurance products (net) 65.1 84.3 75.0 71.6 69.5 73.5
Combined ratio of the property/casualty insurers (net) 87.7 107.5 97.8 89.3 85.7 87.0
Net earnings 3.1 3.8 4.1 2.1 3.1 3.0
1) Before consolidation
2) Other companies as well as consolidation within the segment if applicable