We are a successful Life reinsurer
Life reinsurance business in the financial year 2001 produced a good result which grew by 23.6% to € 36 million. After years of steady expansion and similarly steady profits, Life reinsurance registered the sharpest growth of all classes last year. At 24.2%, the Life insurance class accounted for a substantial portion of the total premium volume of the Gerling Global Re Group. In the wake of strategic regearing, our sights are set on achieving a long-term balance in the premium volume generated by Life and Property business.
We will optimize our processes, reduce costs and focus the expertise – especially the underwriting expertise – of our staff on profitable business with long-standing clients.
Last year again, we terminated a considerable volume of business which failed to meet our profit targets. As we were able to put across substantial premium increases at the same time, however, we could achieve an appreciably better combined ratio in both gross and net business in 2002. To that extent, the 2001 renewal campaign was a success and put an end to the ruinous competition of recent years. A continuation of this trend was urgently needed to make up for marketwide asset erosion.
We are looking for a powerful strategic partner
To achieve our goal of improved profitability as swiftly as possible, we are looking for a strategic partner. With the market as it is at present, enabling reinsurers once again to put across higher premiums, now is a good time to invest in our well-established international reinsurance network. Furthermore, improvements in negotiated conditions were speeded up by the events of 11 September and other major loss inci- dents. The Gerling Global Re Group will systematically harness the re- structuring process it has instituted to enhance profitability, e.g. by combining the experience of our staff with the financial flexibility of a strategic partner.