Annual Report 2011 - R+V Versicherung

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Management Report 4 Business development and basic conditions / Overview of the business development of R+V Versicherung AG PREMIUM INCOME BROKEN DOWN ACCORDING TO THE KEY INSURANCE CLASSES In domestic Group business, as in previous years, the significantly increased premiums in the motor classes of the direct insurance companies had a particular impact. Moreover, there were increases in written premiums in the accident and liability classes. Outside Group business, the subscribed premium volume from domestic cedents, particularly in the motor and accident classes also increased significantly. The strategic orientation of R+V Versicherung AG towards a diversified geographical risk portfolio was shown in the continued major importance of foreign business: written gross Annual Financial Statements 35 Further Information 62 13 2011 2010 Change 2011 2010 Change EUR million Gross Gross Gross % Net Net Net % Life 28.2 28.0 0.7 13.4 11.4 17.1 Accident 49.8 52.8 -5.8 49.7 52.5 -5.4 Liability 52.8 56.5 -6.7 52.6 56.4 -6.7 Motor 387.8 334.8 15.8 384.2 331.0 16.1 Fire 409.3 387.8 5.5 404.3 380.1 6.4 Marine & Aviation 92.9 94.2 -1.4 92.9 93.7 -0.9 Others 471.7 417.1 13.1 461.5 403.9 14.2 Total 1,492.4 1,371.2 8.8 1,458.5 1,329.0 9.7 REINSURANCE KEY PERFORMANCE INDICATORS premiums rose by 8.0% to 1,056.5 m euros (2010: 978.4 m euros), so that the share of foreign business in total premiums was 70.8% (2010: 71.4%). Here, significant premium increases were achieved in the reinsurance markets in the USA and the UK as well as in the markets attended by the Singapore branch. With the rise in written gross premiums, the written net premiums also rose by 9.7% to 1,458.5 m euros (2010: 1,329.0 m euros). At 97.7%, the retention rate remained at the high level of the previous year. 2011 Total thereof Group thereof external 2010 Total thereof Group thereof external EUR million Gross Gross Gross Gross Gross Gross Written premiums 1,492.4 331.1 1,161.3 1,371.2 312.9 1,058.3 Domestic 435.9 326.8 109.1 392.7 305.7 87.0 Foreign 1,056.5 4.3 1,052.2 978.4 7.1 971.3 Claim 1,196.5 261.3 935.2 1,046.9 256.3 790.6 Domestic 329.2 259.4 69.7 313.9 250.6 63.3 Foreign 867.3 1.9 865.4 733.0 5.7 727.3 Costs 378.1 84.2 293.8 339.6 78.3 261.2 Domestic 110.8 82.7 28.0 96.5 74.2 22.3 Foreign Result before equalisation 267.3 1.5 265.8 243.1 4.1 239.0 provision -76.4 -4.7 -71.8 -28.7 -19.0 -9.7 Domestic 1.8 -8.5 10.3 -15.3 -16.6 1.2 Foreign -78.3 3.8 -82.1 -13.4 -2.4 -11.0
14 Overview of the business development of R+V Versicherung AG PREMIUMS WRITTEN EUR million 1,600 1,200 800 400 0 741 716 885 856 TOTAL BUSINESS NON-LIFE 1,147 1,101 1,371 1,329 2007 2008 2009 2010 Gross premiums written Net premiums written 1,492 1,459 2011 2009 2010 2011 Reported gross loss ratio 73.9 77.5 80.2 Gross expenses ratio 26.4 25.1 25.1 Gross combined ratio 100.3 102.6 105.3 A high number of weather-related disasters and the extreme cumulation of major earthquakes led to 2011 being the year with the highest overall losses from natural disasters to date. Although a smaller number of approximately 820 natural disasters was registered than in the previous year, the overall financial losses of approximately 380 bn US dollars worldwide were almost two thirds higher than in 2005, the most loss intensive year to date. Particularly the earthquakes in Japan and New Zealand, the series of tornados in the USA, the floods in Brisbane/Australia and Thailand as well as cyclone Yasi in Australia impacted on R+V Versicherung AG. Also Hurricane Irene, which devastated the Eastern seaboard of the USA, put pressure on the result. In total, the gross major loss charges (losses > 3.0 m euros) as at 31 December 2011 were 376.4 m euros which corresponded to 25.2% of gross premiums. The reported gross loss ratio amounted in the reporting year in the non-life segment to 80.2% (2010: 77.5%). As a result, the combined gross loss/expenditure ratio in this business segment was 105.3% compared with 102.6% in the previous year. Prior to the change in the equalisation provision and similar provisions, the technical result for total business fell by 59.7 m euros in the reporting year to - 96.0 m euros (2010: - 36.3 m euros). The equalisation provision and similar provisions were reinforced by an allocation of 98.7 m euros (2010: 10.4 m euros) resulting in an own account technical result of - 194.7 m euros (2010: - 46.7 m euros). The result from capital investments amounted to 342.8 m euros in the reporting year (2010: 273.7 m euros). This was indirectly marked by the profit and loss transfer agreements with the two large group companies R+V Lebensversicherung AG and R+V Allgemeine Versicherung AG. Furthermore, the capital investments result includes dividends from R+V Luxembourg Lebensversicherung S.A. The balance from other income and other expenditure improved to - 6.3 m euros (2010: - 7.2 m euros). Extraordinary expenditure of 2.6 m euros resulted from a changed valuation of pension obligations in the previous year in the context of the BilMoG. After taking tax expenditure of 40.7 m euros into account (2010: 40.3 m euros), a net income of 95.2 m euros remained for the year (2010: 176.3 m euros). Business developments in the individual classes Life Gross premium income at previous year’s level The active writing of life reinsurance business was discontinued in 2004. The extension of the portfolio in 2011 to 7.8 m euros is attributable on the one hand to the restructuring of the takeover by Assimoco Vita and, on the other hand, to the
Page 1 and 2: R+V Versicherung AG ANNUAL REPORT 2
Page 3 and 4: 2 R+V Consolidated Group - simplifi
Page 5 and 6: 4 Business development and basic co
Page 11 and 12: 10 Business development and basic c
Page 13: 12 Business development and basic c
Page 17 and 18: 16 Overview of the business develop
Page 19 and 20: 18 Overview of the business develop
Page 21 and 22: 20 Profitability / Financial situat
Page 23 and 24: 22 Supplementary report / Risk repo
Page 25 and 26: 24 Risk report fulfilment of obliga
Page 27 and 28: 26 Risk report The expected cash fl
Page 29 and 30: 28 Risk report / Forecast Strategic
Page 31 and 32: 30 Forecast Developments on the cap
Page 33 and 34: 32 Appendix to the Management Repor
Page 35 and 36: 34 Proposal on the appropriation of
Page 37 and 38: 36 Balance sheet Balance sheet as o
Page 39 and 40: 38 Balance sheet LIABILITIES in EUR
Page 41 and 42: 40 Income statement Income statemen
Page 43 and 44: 42 Income statement in EUR 2011 201
Page 45 and 46: 44 Accounting and valuation methods
Page 47 and 48: 46 Accounting and valuation methods
Page 49 and 50: 48 List of shareholdings SHARES IN
Page 51 and 52: 50 List of shareholdings ASSOCIATES
Page 53 and 54: 52 Notes to the balance sheet Notes
Page 55 and 56: 54 Notes to the balance sheet B. CA
Page 57 and 58: 56 Notes to the balance sheet B. II
Page 59 and 60: 58 Notes to the balance sheet F. I.
Page 61 and 62: 60 Notes to the income statement No
Page 63 and 64: 62 Supervisory Board of R+V Versich
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64 Personnel expenditure / Informat
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66 Auditor’s fees and services /
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68 Report of the Supervisory Board
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70 Glossary Glossary Accumulation A
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72 Glossary Loss ratio Percentage r
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Addresses of R+V Insurance Companie
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