talanx group annual report 2011 en
talanx group annual report 2011 en
talanx group annual report 2011 en
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56<br />
The Talanx Group Strategy Enterprise<br />
managem<strong>en</strong>t<br />
The most important companies in Retail International<br />
and their key figures 1)<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 />
Assets and<br />
financial position<br />
HDI Seguros S. A., Brazil HDI Asekuracja TU S. A., Poland<br />
<strong>2011</strong> 2010 2009 <strong>2011</strong> 2010 2009<br />
Figures in EUR million<br />
1. Gross writt<strong>en</strong> premium including premiums under<br />
unit-linked life and annuity insurance 810 669 461 248 240 193<br />
2. Savings elem<strong>en</strong>ts under unit-linked life and annuity insurance — — — — — —<br />
3. Ceded writt<strong>en</strong> premium 44 25 19 25 24 41<br />
4. Change in gross unearned premium –63 –51 –33 –11 –10 —<br />
5. Reinsurers’ share in the change in gross unearned premium –15 –5 –3 –2 –3 –1<br />
Net premium earned 718 598 412 214 209 153<br />
6. Claims exp<strong>en</strong>diture (gross) 540 438 281 148 190 127<br />
Reinsurers’ share 41 33 4 10 25 25<br />
Claims exp<strong>en</strong>diture (net) 499 405 277 138 165 102<br />
7. Acquisition costs and administrative exp<strong>en</strong>ses (gross) 205 172 131 69 70 56<br />
Reinsurers’ share 2 1 1 2 1 9<br />
Acquisition costs and administrative exp<strong>en</strong>ses (net) 203 171 130 67 69 47<br />
8. Other underwriting income 1 — — 4 3 2<br />
Other technical exp<strong>en</strong>ses 12 8 4 7 5 14<br />
of which: amortisation of PVFP — — — — — —<br />
Other technical result –11 –8 –4 –3 –2 –12<br />
Net underwriting result 5 14 1 6 –27 –8<br />
9. a. Investm<strong>en</strong>t income 66 44 25 19 19 16<br />
b. Investm<strong>en</strong>t exp<strong>en</strong>ses 9 5 — 3 1 2<br />
c. Interest income on funds withheld and contract deposits — — — — — —<br />
Net investm<strong>en</strong>t income 57 39 25 16 18 14<br />
Other income/exp<strong>en</strong>ses –24 –22 –9 –1 –2 –2<br />
Result before goodwill impairm<strong>en</strong>ts 38 31 17 21 –11 4<br />
Investm<strong>en</strong>ts 526 464 322 324 336 270<br />
Reinsurance recoverables on technical provisions 107 70 39 55 64 49<br />
Deferred acquisition costs 68 63 50 15 15 13<br />
Technical provisions 634 572 390 363 389 297<br />
In %<br />
Administration exp<strong>en</strong>ses ratio (gross) 2.9 2.9 2.5 12.1 13.5 13.5<br />
Administration exp<strong>en</strong>ses ratio (net) 3.0 3.0 2.6 13.4 14.9 16.9<br />
Acquisition cost ratio (gross) 24.5 24.9 28.1 17.0 16.9 15.3<br />
Acquisition cost ratio (net) 25.2 25.6 29.0 18.0 18.1 13.5<br />
Claims ratio for property/casualty insurance products (gross) 73.9 72.3 66.4 64.2 83.4 71.5<br />
Claims ratio for property/casualty insurance products (net) 71.2 69.2 68.0 66.4 80.3 73.6<br />
Combined ratio of the property/casualty insurers (net) 99.5 97.8 99.7 97.8 113.3 104.1<br />
Net earnings 11.6 9.7 9.6 4.8 5.9 10.4<br />
1) Before consolidation<br />
2) Other companies (property/casualty and life insurance products) and consolidation within the segm<strong>en</strong>t<br />
3) For technical reasons, no separate figures for life and non-life for Italy in 2009 are available, so the totals for 2009 are shown in property/casualty<br />
4) Adjusted on the basis of IAS 8
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