talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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50<br />
The Talanx Group Strategy Enterprise<br />
managem<strong>en</strong>t<br />
The most important companies within Retail Germany<br />
and their key figures 1)<br />
Figures in EUR million<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 />
Business<br />
developm<strong>en</strong>t<br />
Property/casualty insurance products<br />
HDI-Gerling Firm<strong>en</strong> und Privat Versicherung AG<br />
Assets and<br />
financial position<br />
<strong>2011</strong> 2010 2009<br />
1. Gross writt<strong>en</strong> premium including premiums under unit-linked life<br />
and annuity insurance 750 708 725<br />
2. Savings elem<strong>en</strong>ts under unit-linked life and annuity insurance — — —<br />
3. Ceded writt<strong>en</strong> premium 53 55 71<br />
4. Change in gross unearned premium –2 1 2<br />
5. Reinsurers’ share in the change in gross unearned premium — — 3<br />
Net premium earned 695 654 653<br />
6. Claims exp<strong>en</strong>diture (gross) 537 465 418<br />
Reinsurers’ share 32 31 43<br />
Claims exp<strong>en</strong>diture (net) 505 434 375<br />
7. Acquisition costs and administrative exp<strong>en</strong>ses (gross) 279 266 280<br />
Reinsurers’ share 8 12 12<br />
Acquisition costs and administrative exp<strong>en</strong>ses (net) 271 254 268<br />
8. Other underwriting income 3 1 1<br />
Other technical exp<strong>en</strong>ses 1 5 1<br />
of which: amortisation of PVFP — — —<br />
Other technical result 2 –4 —<br />
Net underwriting result –79 –38 10<br />
9. a. Investm<strong>en</strong>t income 62 67 87<br />
b. Investm<strong>en</strong>t exp<strong>en</strong>ses 11 29 20<br />
c. Interest income on funds withheld and contract deposits –1 — —<br />
Net investm<strong>en</strong>t income 50 38 67<br />
Other income/exp<strong>en</strong>ses –53 –10 –30<br />
Result before goodwill impairm<strong>en</strong>ts –82 –10 47<br />
Investm<strong>en</strong>ts 1,663 1,691 1,607<br />
Investm<strong>en</strong>ts for the account and risk of holders of life insurance policies — — —<br />
Reinsurance recoverables on technical provisions 91 95 103<br />
Deferred acquisition costs 20 20 1<br />
Technical provisions 1,338 1,248 1,230<br />
In %<br />
Administration exp<strong>en</strong>ses ratio (gross) 15.4 16.7 16.4<br />
Administration exp<strong>en</strong>ses ratio (net) 16.6 18.1 18.3<br />
Acquisition cost ratio (gross) 21.9 20.8 22.1<br />
Acquisition cost ratio (net) 22.4 20.7 22.7<br />
Claims ratio for property/casualty insurance products (gross) 71.8 65.7 57.5<br />
Claims ratio for property/casualty insurance products (net) 72.4 66.9 57.5<br />
Combined ratio of the property/casualty insurers (net) 111.5 105.7 98.5<br />
Net earnings 3.0 2.3 4.2<br />
1) Before consolidation
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