Global reinsurance
We combine all markets worldwide under global reinsurance, with the exception of our target markets of Germany and North America and the specialty lines. This segment also encompasses worldwide catastrophe business, facultative reinsurance, the reinsurance of agricultural risks and Shariacompliant retakaful business.
The premium volume grew by 8.4% to EUR 2,398.7 million (EUR 2,213.4 million). As already explained, the 2011 financial year was overshadowed by an extraordinarily heavy major loss incidence in global reinsurance. Against this backdrop, the combined ratio climbed to 112.3% (106.1%). The operating profit (EBIT) consequently contracted from EUR 111.9 million to EUR 19.2 million.