Operating segments
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).