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Life and health reinsurance

The business model

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Key figures for life and health reinsurance
in EUR million 2012 + / –
previous year
2011 2010 2009 2008
1 Operating result (EBIT)/net premium earned
Gross written premium 6,057.9 +14.9% 5,270.1 5,090.1 4,529.3 3,134.4
Premium deposits 2,001.3 +17.4% 1,704.4 1,617.9 2,331.8 2,181.2
Gross premium incl. premium deposits 8,059.2 +15.6% 6,974.6 6,708.0 6,861.0 5,315.6
Net premium earned 5,425.6 +13.3% 4,788.9 4,653.9 4,078.7 2,784.9
Premium deposits 1,886.0 +16.4% 1,619.7 1,414.7 2,125.9 2,126.9
Net premium incl. premium deposits 7,311.6 +14.1% 6,408.6 6,068.6 6,204.5 4,911.8
Investment income 685.1 +33.7% 512.6 508.2 520.1 245.5
Claims expenses 4,010.9 +20.5% 3,328.6 3,135.8 2,743.0 1,674.7
Change in benefit reserves 529.4 -14.6% 619.7 653.5 563.7 421.3
Commissions 1,098.0 +11.4% 985.8 1,022.8 926.2 743.4
Own administrative expenses 144.1 +10.4% 130.6 118.7 98.3 70.1
Other income/expenses (37.2)   (19.2) 53.0 107.1 (0.2)
Operating result (EBIT) 291.1 +33.7% 217.6 284.4 374.7 120.7
Net income after tax 230.9 +26.7% 182.3 219.6 298.1 78.3
Earnings per share in EUR 1.91 +26.7% 1.51 1.82 2.47 0.65
Retention 89.3%   91.0% 91.7% 90.7% 89.3%
EBIT margin1 5.4%   4.5% 6.1% 9.2% 4.3%
Key figures for life and health reinsurance
in EUR million 2012 + / –
previous year
2011 2010 2009 2008
1 Operating result (EBIT)/net premium earned
Gross written premium 6,057.9 +14.9% 5,270.1 5,090.1 4,529.3 3,134.4
Premium deposits 2,001.3 +17.4% 1,704.4 1,617.9 2,331.8 2,181.2
Gross premium incl. premium deposits 8,059.2 +15.6% 6,974.6 6,708.0 6,861.0 5,315.6
Net premium earned 5,425.6 +13.3% 4,788.9 4,653.9 4,078.7 2,784.9
Premium deposits 1,886.0 +16.4% 1,619.7 1,414.7 2,125.9 2,126.9
Net premium incl. premium deposits 7,311.6 +14.1% 6,408.6 6,068.6 6,204.5 4,911.8
Investment income 685.1 +33.7% 512.6 508.2 520.1 245.5
Claims expenses 4,010.9 +20.5% 3,328.6 3,135.8 2,743.0 1,674.7
Change in benefit reserves 529.4 -14.6% 619.7 653.5 563.7 421.3
Commissions 1,098.0 +11.4% 985.8 1,022.8 926.2 743.4
Own administrative expenses 144.1 +10.4% 130.6 118.7 98.3 70.1
Other income/expenses (37.2)   (19.2) 53.0 107.1 (0.2)
Operating result (EBIT) 291.1 +33.7% 217.6 284.4 374.7 120.7
Net income after tax 230.9 +26.7% 182.3 219.6 298.1 78.3
Earnings per share in EUR 1.91 +26.7% 1.51 1.82 2.47 0.65
Retention 89.3%   91.0% 91.7% 90.7% 89.3%
EBIT margin1 5.4%   4.5% 6.1% 9.2% 4.3%

As one of the five largest, internationally operating and established life and health reinsurer we offer our clients worldwide reinsurance protection in all lines of life and health insurance. With 23 units in 19 countries, we have an outstanding international network at our disposal and are present on all five continents.

Our operational market cultivation is organised into seven regional and three worldwide business centers. Hannover, Ireland and Bermuda are the main risk carriers in life and health reinsurance, ensuring efficient capital utilisation that benefits from the diversification effects of a broadly spread risk profile. We put special emphasis on our expertise in the longevity sector; for this reason we have set up a stand-alone “Longevity” Business Center in Hannover with global responsibility so as to concentrate the indepth experience that we have gathered worldwide over several decades. In order to cater even better to the considerable potential offered by Asia we have also created an “Asia” Business Center, which is extensively supported by our local offices.

Our business model is geared to current market conditions and customer needs, and is therefore subject to change over time. As a first step, therefore, we have refined our reporting structure and are henceforth dividing the business into Financial Solutions and Risk Solutions; further differentiation is made between Longevity, Mortality and Morbidity under the umbrella of Risk Solutions.

Financial Solutions covers all treaties in which the primary emphasis is on financing or capital management components. Reinsurance treaties focused first and foremost on the transfer of mortality risks are allocated to the Mortality category. Allocation to the Longevity and Morbidity categories is similarly determined by the underlying risks. In this context, Morbidity encompasses not only health business but also other “survival risks” such as disability and critical illness. This means that the reporting structure now puts the focus on the individual risk types.

Our clients value us not simply as a financially strong partner but also because of our customer orientation and flexible service. Customer needs are diverse and extremely varied in their nature. These needs range – along with conventional business – from financially oriented solutions through ideas on how to optimise their risk management to manifold forms of reinsurance service, including for example innovative product concepts, underwriting systems, actuarial research studies and seminars.

Thanks to our decentralised approach, our employees are available directly on the spot and are equipped with superb knowledge of the local (re)insurance market. They are usually native speakers closely familiar with the region’s culture. This local market know-how combined with our worldwide expertise enables us to deliver individually tailored and comprehensive customer support.

Life and health reinsurance: New reporting structure

Life and health reinsurance: New reporting structure (diagramm) enlarge zoom

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