Operating segments
Group functions and consolidation
In € million |
2021 |
2020 |
2019 |
|---|---|---|---|
Operating expenses (net) |
–67.9 |
–80.0 |
–48.5 |
Net investment income |
606.8 |
96.2 |
356.3 |
Earnings before taxes |
377.9 |
–48.5 |
255.0 |
In the Group functions segment, operating expenses dropped by 15.1 per cent to €67.9 million (2020: €80.0 million).
Net investment income increased to €606.8 million (2020: €96.2 million).
Earnings before taxes increased to €377.9 million in the 2021 financial year (2020: €–48.5 million).
Consolidation
In € million |
2021 |
2020 |
2019 |
|---|---|---|---|
Net investment income |
–631.9 |
135.4 |
–286.2 |
Earnings before taxes |
–564.1 |
193.4 |
–232.1 |
Net investment income in the consolidation segment in 2021 amounted to €–631.9 million (2020: €135.4 million).
Earnings before taxes were €–564.1 million (2020: €193.4 million).
Operating expenses
This item includes acquisition expenses as well as 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.
Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as reinsurance.