Operating segments

Reinsurance

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Reinsurance

In € million

2021

2020

2019

Premiums written

1,469.5

1,162.7

1,129.2

Insurance benefits (net)

–788.0

–700.6

–700.4

Operating expenses (net)

–359.8

–311.0

–303.7

Cost ratio (net after reinsurance)

29.3%

29.4%

29.5%

Earnings before taxes

95.6

58.3

33.5

Technical provisions (net)

1,564.6

1,373.6

1,406.4

In the segment, the volume of written rose in 2021 by 26.4 per cent to €1,469.5 million (2020: €1,162.7 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 (, in accordance with ) increased by 16.4 per cent to €1,229.2 million (2020: €1,056.1 million).

Net rose by 12.5 per cent to €788.0 million in 2021 (2020: €700.6 million).

less reinsurance commissions received and the share of profit from ceded of €10.4 million (2020: €12.2 million) rose by 15.7 per cent to €359.8 million (2020: €311.0 million).

investment income increased to €33.7 million in 2021 (2020: €6.9 million).

Earnings before taxes in the reinsurance segment increased by 64.0 per cent to €95.6 million (2020: €58.3 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.
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 premiums not yet written are taken into account, along with the gross premium volume written attributable to the financial year.
Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as 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 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.
Reinsurance
An insurance company insures part of its risk via another insurance company.
Net
The part of risk which is assumed but that the insurer/reinsurer does not cede as reinsurance.