Operating segments
Group functions and consolidation
Group functions
In € million |
2020 |
2019 |
2018 |
|---|---|---|---|
Operating expenses (net) |
–80.0 |
–48.5 |
–68.4 |
Net investment income |
96.2 |
356.3 |
309.8 |
Earnings before taxes |
–48.5 |
255.0 |
185.6 |
In the Group functions segment, operating expenses rose by 65.0 per cent to €80.0 million (2019: €48.5 million).
Net investment income amounted to €96.2 million (2019: €356.3 million).
Earnings before taxes fell to €–48.5 million in the 2020 financial year (2019: €255.0 million).
Consolidation
In € million |
2020 |
2019 |
2018 |
|---|---|---|---|
Net investment income |
135.4 |
–286.2 |
–248.3 |
Earnings before taxes |
193.4 |
–232.1 |
–198.7 |
In the Consolidation segment, net investment income amounted to €135.4 million in 2020 (2019: €–286.2 million).
Earnings before taxes amounted to €193.4 million (2019: €–232.1 million).
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.
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.