Annual Report 2011 - R+V Versicherung
Annual Report 2011 - R+V Versicherung
Annual Report 2011 - R+V Versicherung
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20<br />
Profitability / Financial situation / Assets situation / Supplementary report<br />
for the <strong>2011</strong> fiscal year compared with 267.5 m euros in the<br />
previous year. The net interest yield was 9.6% compared with<br />
8.4% in the previous year.<br />
Other earnings and expenditure<br />
Other earnings amounted to 46.3 m euros in the reporting year<br />
(2010: 31.9 m euros). Services and interest income formed a<br />
significant proportion of this.<br />
Other expenditure amounted to 52.6 m euros (2010: 39.0 m<br />
euros). It essentially includes operating costs, which are<br />
accompanied by income from cost transfer to Group companies<br />
as well as interest and consultancy costs and association and<br />
member contributions.<br />
The increase both in other income and in other expenditure<br />
is essentially attributable to the fact that remuneration to<br />
members of the Board of Directors was paid in full from <strong>2011</strong> by<br />
the contractually authorised company, <strong>R+V</strong> <strong>Versicherung</strong> AG.<br />
If Group management functions are remunerated herewith, a<br />
management expenses allocation is charged in the context of<br />
service offsetting.<br />
The result from foreign currency conversion amounted to 4.4 m<br />
euros (2010: 0.4 m euros).<br />
Extraordinary result<br />
As a result of waiving the option to distribute the valuation<br />
difference of pension obligations in accordance with BilMoG,<br />
extraordinary expenses amounted to 2.6 m euros.<br />
Overall result<br />
The result from normal business activities was 138.6 m euros<br />
(2010: 216.4 m euros). After taking extraordinary and tax expenditure<br />
of 40.7 m euros (2010: 40.3 m euros) into account,<br />
this resulted in net income of 95.2 m euros (2010: 176.3 m<br />
euros).<br />
From the <strong>2011</strong> net income, 10.6 m euros were transferred to<br />
retained earnings and 84.6 m euros were reported as net<br />
retained profits.<br />
It is proposed to the <strong>Annual</strong> General Meeting to utilise the net<br />
retained profits to pay a dividend of 6.90 euros per individual<br />
share.<br />
Financial situation<br />
Capital structure<br />
On the reporting date, the shareholder’s equity of <strong>R+V</strong> <strong>Versicherung</strong><br />
AG increased to 1,846.2 m euros (2010: 1,835.6 m<br />
euros).<br />
The subscribed capital of 318.5 m euros as well as capital<br />
reserves of 1,278.4 m euros remained unchanged on the previous<br />
year.<br />
<strong>R+V</strong> <strong>Versicherung</strong> AG also subjected itself to an annual Group<br />
rating by Standard & Poor’s in <strong>2011</strong>. The company was upgraded<br />
to an AA-rating.<br />
Guarantee funds rose by 359.0 m euros to 4,196.9 m euros<br />
compared with the previous year. Despite the strong growth<br />
of the company, the guarantee fund ratio remained at a high<br />
level of 287.8% (2010: 288.8%). The shareholders’ equity ratio<br />
amounted to 126.6% (2010: 138.1%).<br />
Assets situation<br />
Capital investments portfolio<br />
The capital investments of <strong>R+V</strong> <strong>Versicherung</strong> AG increased in<br />
the fiscal year <strong>2011</strong> by 265.6 m euros or 7.8%. The capital investments<br />
portfolio thus had a value of 3,652.7 m euros as at<br />
31 December <strong>2011</strong>. At 58.3% (2010: 57.7%), the capital investments<br />
of the company are largely invested in affiliated companies<br />
and holdings. The funds available for new investment
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