Consolidated Income Statement
from 1 January to 31 December 2011

1.

Premiums written (retained)

31

a) Gross

5,348,827

5,379,138

b) Reinsurers’ share

–204,558

–202,414

5,144,268

5,176,724

2.

Change due to premiums earned (retained)

a) Gross

–35,080

–39,260

b) Reinsurers’ share

–3,710

1,158

–38,791

–38,103

3.

Premiums earned (retained)

32

a) Gross

5,313,746

5,339,878

b) Reinsurers’ share

–208,268

–201,256

5,105,478

5,138,622

4.

Income from fees and commissions

33

Reinsurance commission and profit shares from reinsurance business ceded

31,820

14,483

5.

Net investment income

34

226,576

872,316

of which profit from associated companies

1,934

22,012

6.

Other income

35

91,677

115,542

Total income

5,455,551

6,140,962

7.

Insurance benefits

36

a) Gross

–4,098,345

–4,566,133

b) Reinsurers’ share

106,287

107,848

–3,992,058

–4,458,285

8.

Operating expenses

37

a) Acquisition costs

–1,011,610

–935,746

b) Other operating expenses

–568,513

–426,230

–1,580,123

–1,361,977

9.

Other expenses

38

–152,803

–132,899

10.

Amortisation of goodwill

–24,160

–14,481

Total expenses

–5,749,144

–5,967,641

11.

Operating profit

–293,593

173,321

12.

Financing costs

–31,975

–31,492

13.

Profit on ordinary activities

–325,568

141,830

14.

Income taxes

39

81,719

–50,967

15.

Net profit/loss

–243,849

90,863

of which consolidated profit

–245,614

42,266

of which minority interests

1,765

48,597

Earnings per share¹⁾ in € 

16

–1.73

0.30

Average number of shares in circulation

142,165,567

142,165,567