Development of premium income
Gross premium income in the financial year just ended amounted to EUR 6.1 billion (EUR 5.3 billion). This represents a pleasing increase of 14.9%. Adjusted for exchange rate fluctuations, growth would have come in at 9.8% – hence comfortably beating our target of premium growth in the range of 5% to 7%. With net premium earned standing at EUR 5.4 billion (EUR 4.8 billion), our retention retreated slightly to 89.3% (91.0%).
Our Mortality business contributed the bulk of gross premium at EUR 2,824.6 million (EUR 2,623.6 million). The considerable strategic importance that we attach to Financial Solutions business is borne out by the premium volume of EUR 1,536.6 million (EUR 1,117.6 million). Premium of EUR 883.6 million (EUR 884.9 million) was booked in the Longevity sector in the year under review. Morbidity business generated gross premium of EUR 813.0 million (EUR 644.1 million).