Operating segments

Reinsurance

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Reinsurance

In € million

2017

2016

2015

Premiums written

1,091.6

1,130.8

1,112.1

Insurance benefits (net)

–692.5

–694.7

–720.1

Operating expenses (net)

–320.2

–330.5

–315.7

Cost ratio (after reinsurance)

31.9%

32.3%

31.1%

Earnings before taxes

5.5

18.1

–2.1

Technical provisions (net)

1,458.2

1,461.6

1,432.6

In the segment, the premium volume written fell in 2017 by 3.5 per cent to €1,091.6 million (2016: €1,130.8 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 earned (net, in accordance with ) fell by 1.9 per cent to €1,003.0 million (2016: €1,022.7 million).

Net fell slightly in 2017 by 0.3 per cent to €692.5 million (2016: €694.7 million).

less reinsurance commission and share of profit from ceded in the amount of €8.3 million (2016: €7.8 million) fell by 3.1 per cent to €320.2 million (2016: €330.5 million).

Net investment income rose in 2017 to €31.0 million (2016: €29.9 million).

Earnings before taxes in the reinsurance segment fell to €5.5 million (2016: €18.1 million).

Reinsurance
An insurance company insures part of its risk via another insurance company.
Premiums
Total premiums written. All premiums from contracts written in the financial year from business acquired by the company directly and as inward reinsurance.
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).
Insurance benefits
Total of insurance benefit payments and changes in the claims provision during the financial year in connection with direct insurance and reinsurance contracts (gross). This involves net insurance benefits when reduced by the amount ceded to reinsurance companies. This does not include claims settlement expenses and changes in the provisions for claims settlement expenses.
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.
Reinsurance
An insurance company insures part of its risk via another insurance company.