talanx group annual report 2011 en

52
The Talanx Group Strategy Enterprise
management
The most important companies in Retail Germany
and their key figures 1)
Talanx Group. Annual Report 2011
Research and
development
Markets and
general conditions
HDI-Gerling Lebensversicherung
AG
Business
development
Life insurance products
Assets and
financial position
neue leben Lebens-
versicherung AG
2011 2010 2009 2011 2010 2009
Figures in EUR million
1. Gross written premium including premiums under unit-linked life and annuity insurance 2,405 2,486 1,999 1,065 1,029 943
2. Savings elements under unit-linked life and annuity insurance 658 683 329 90 105 98
3. Ceded written premium 152 228 138 17 17 18
4. Change in gross unearned premium — –7 –81 — — —
5. Reinsurers’ share in the change in gross unearned premium — –12 — — — —
Net premium earned 1,595 1,580 1,451 958 907 827
6. Claims expenditure (gross) 2,190 2,442 1,844 1,215 1,140 1,039
Reinsurers’ share 45 76 86 5 7 9
Claims expenditure (net) 2,145 2,366 1,758 1,210 1,133 1,030
7. Acquisition costs and administrative expenses (gross) 178 268 172 73 84 40
Reinsurers’ share 81 74 35 4 4 4
Acquisition costs and administrative expenses (net) 97 194 137 69 80 36
8. Other underwriting income 5 2 2 — 3 1
Other technical expenses 132 161 42 2 33 18
of which: amortisation of PVFP 40 85 38 2 33 18
Other technical result –127 –159 –40 –2 –30 –17
Net underwriting result –774 –1,139 –484 –323 –336 –256
9. a. Investment income 1,088 1,104 884 438 357 356
b. Investment expenses 211 110 287 87 26 97
c. Interest income on funds withheld and contract deposits –25 –27 –26 –1 –1 –1
Net investment income 852 967 571 350 330 258
Other income/expenses –46 126 –49 1 2 3
Result before goodwill impairments 32 –46 38 28 –4 5
Investments 19,432 19,617 18,528 8,075 7,974 7,351
Investments for the account and risk of holders of life insurance policies 3,727 3,753 1,478 674 690 557
Reinsurance recoverables on technical provisions 2,069 2,349 731 28 26 22
Deferred acquisition costs 1,084 860 604 250 226 214
Technical provisions 20,661 20,862 19,755 7,963 7,720 7,326
In %
Administration expenses ratio (gross) 1.7 1.9 1.7 1.0 3.3 3.1
Administration expenses ratio (net) 2.6 3.0 2.3 1.1 3.8 3.5
Acquisition cost ratio (gross) 5.7 8.9 7.3 5.9 4.8 1.2
Acquisition cost ratio (net) 3.5 9.2 7.2 6.0 5.0 0.9
Claims ratio for property/casualty insurance products (gross) — — — — — —
Claims ratio for property/casualty insurance products (net) — — — — — —
Combined ratio of the property/casualty insurers (net) — — — — — —
Net earnings 4.5 5.2 3.2 4.4 4.3 3.6
Lapse rate of life insurance products 5.9 4.9 6.3 5.2 5.2 5.8
Acquisition costs (life) in % of premium income from new business 1.3 3.4 3.5 2.9 2.4 0.4
1) Before consolidation
2) Merger of PBV Lebensversicherung AG and PB Lebensversicherung AG on 1 January 2011
3) Other companies (property/casualty and life insurance products) and consolidation within the segment
4) Adjusted on the basis of IAS 8