In the reinsurance segment, the premium volume written fell in 2014 by 27.2 per cent to €1,189.3 million (2013: €1,633.1 million). On the other hand, the volume of retained premiums earned (according to IFRS) rose slightly by 0.7 per cent to €1,080.9 million (2013: €1,073.6 million).
Retained insurance benefits increased in 2014 by 2.3 per cent to €800.8 million (2013: €782.5 million). This includes the burden of losses (retained) due to flood damage in Austria, Bosnia and Herzegovina and Serbia as well as an increased burden due to major claims amounting to about €96 million.
Operating expenses, not including reinsurance commissions received and the share of profit from reinsurance ceded, which amounted to €8.2 million (2013: €3.9 million), increased marginally by 0.5 per cent to €335.1 million (2013: €333.6 million).
Net investment income rose in 2014 to €31.3 million (2013: €21.8 million).
Due to the rise in the volume of benefits, profit/(loss) from ordinary activities in the re-insurance segment decreased to minus €30.5 million (2013: minus €18.0 million).