Life and health
At €7.1bn (7.3bn), the gross premiums written in life and health reinsurance were below the previous year’s level owing to currency translation effects. Adjusted to eliminate the effects of changes in exchange rates, premium income showed an increase of 3.6%. While there was a decline in premium volume in life reinsurance due to a scheduled reduction of large-volume treaties, premium income in health reinsurance was up significantly. The operating result of €934m (1,075m) and the consolidated result of €573m (714m) were both lower than in the previous year, reflecting the impact of the financial crisis on the investment result. The market-consistent European Embedded Value of total life reinsurance business dropped to €6,116m (6,662m), predominantly owing to currency translation effects. The impact of the financial crisis resulted only in a moderate decrease in overall earnings to €498m (859m). By contrast, value added by new business rose markedly to €356m (277m). |
Annual Report 2008
