Operating segments

Reinsurance

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Reinsurance

In € million

2019

2018

2017

Premiums written

1,129.2

1,098.3

1,091.6

Insurance benefits (net)

–700.4

–682.4

–692.5

Operating expenses (net)

–303.7

–299.6

–320.2

Cost ratio (after reinsurance)

29.5%

30.4%

31.9%

Earnings before taxes

33.5

20.9

3.2

Technical provisions (net)

1,406.4

1,352.1

1,458.2

In the segment, the premium volume written rose by 2.8 per cent to €1,129.2 million in 2019 (2018: €1,098.3 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 index-linked life insurance Reinsurance (graphic)

The volume of (net, in accordance with ) rose by 4.4 per cent to €1,029.3 million (2018: €985.6 million).

Net rose by 2.6 per cent to €700.4 million in 2019 (2018: €682.4 million).

, less reinsurance commission and share of profit from ceded in the amount of €10.1 million (2018: €8.6 million), increased by 1.4 per cent to €303.7 million (2018: €299.6 million).

Net investment income climbed to €29.5 million in 2019 (2018: €23.5 million).

This brought earnings before taxes in the reinsurance segment up by 60.4 per cent to €33.5 million (2018: €20.9 million).

Reinsurance
An insurance company insures part of its risk via another insurance company.
Premiums earned
The actuarial premiums earned that determine the income for the year. In order to determine these, the changes to the unearned premiums, the cancellation provisions and the premium volume not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
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.