Operating segments

Reinsurance

Reinsurance

In € million

2016

2015

Premiums written

1,130.8

1,112.1

Insurance benefits (net)

–694.7

–720.1

Operating expenses (net)

–330.5

–315.7

Cost ratio (after reinsurance)

32.3%

31.1%

Earnings before taxes

18.1

–2.1

Technical provisions (net)

1,461.6

1,432.6

In the reinsurance segment, the premium volume written rose in 2016 by 1.7 per cent to €1,130.8 million (2015: €1,112.1 million). The volume of premiums earned (net, in accordance with IFRSs) increased by 0.8 per cent to €1,022.7 million (2015: €1,014.4 million).

Net insurance benefits fell in 2016 by 3.5 per cent to €694.7 million (2015: €720.1 million).

Operating expenses less reinsurance commission and share of profit from reinsurance ceded in the amount of €7.8 million (2015: €8.2 million) grew by 4.7 per cent to €330.5 million (2015: €315.7 million).

Net investment income rose in 2016 to €29.9 million (2015: €27.7 million).

Earnings before taxes in the reinsurance segment increased to €18.1 million (2015: €–2.1 million).