Operating segments

Reinsurance

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Reinsurance

in € million

2018

2017

2016

Premiums written

1,098.3

1,091.6

1,130.8

Insurance benefits (net)

–682.4

–692.5

–694.7

Operating expenses (net)

–299.6

–320.2

–330.5

Cost ratio (after reinsurance)

30.4%

31.9%

32.3%

Earnings before taxes

20.9

3.2

18.1

Technical provisions (net)

1,352.1

1,458.2

1,461.6

In the reinsurance segment, the premium volume written rose in 2018 by 0.6 per cent to €1,098.3 million (2017: €1,091.6 million).

Premiums written including savings portions from unit-linked and index-linked life insurance Reinsurance

In € million

Premiums written including savings portions from unit-linked and indexlinked life insurance Reinsurance (bar chart)

The volume of premiums earned (net, in accordance with ) fell by 1.7 per cent to €985.6 million (2017: €1,003.0 million).

Net insurance benefits rose in 2018 by 1.4 per cent to €682.4 million (2017: €692.5 million).

less reinsurance commission and share of profit from reinsurance ceded in the amount of €8.6 million (2017: €8.3 million) fell by 6.4 per cent to €299.6 million (2017: €320.2 million).

Net investment income decreased in 2018 to €23.5 million (2017: €28.7 million).

By contrast, earnings before taxes in the reinsurance segment increased sharply to €20.9 million (2017: €3.2 million).

IFRSs
International Financial Reporting Standards. Since 2002 the term IFRSs has applied to the overall concept of standards adopted by the International Accounting Standards Board. Standards already adopted beforehand continue to be referred to as International Accounting Standards (IASs).
Operating expenses
This item includes acquisition expenses, portfolio management expenses and the expenses for implementing reinsurance. The operating expenses remain for the company’s own account following deduction of the commissions and profit participation received from the reinsurance business ceded.