The gross premium income booked in the year under review totalled EUR 5.3 billion, an increase of 3.5% relative to the previous year’s premium volume of EUR 5.1 billion. At constant exchange rates growth would have come in at 5.2%. With net premium earned standing at EUR 4.8 billion (EUR 4.7 billion), our net retention retreated slightly to 91.0% (91.7%).

In geographical terms, we sustained our overall premium level year-on-year in the United States and the United Kingdom, while in Australia and Africa we generated pleasing increases. Premium growth in emerging markets is also extremely positive; special mention should be made here of China, Korea, Latin America and Islamic markets.

Breakdown of gross written premium by lines of business

enlarge

We generally concentrate on the life and annuity lines, i.e. the assumption of mortality and longevity risks. We generated 89.3% of our total premium income in these segments in the year under review.

The various covers associated with the biometric risk segment of morbidity accounted for 8.7% of our written premium worldwide in the year under review. Accident business contributed the most modest share of our premium income, amounting to 2.0%.