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Business review of the Gerling Global Re Group

The accounting and valuation principles adopted for the IAS-based con- solidated financial statements of the Gerling Global Re Group were the same as those applied by Gerling-Konzern Versicherungs-Beteiligungs- AG (GKB), Cologne, to the financial statements of the Gerling Group as a whole.

Due to the application of IAS 39 for the first time, previous years’ fig- ures have been adjusted. For business assumed from our sister company Gerling-Konzern Lebensversicherungs-AG (GKL), Cologne, we now follow the standard adopted by that company, i.e. we no longer apply FAS 60, which previously formed the basis for Life reinsurance accounting. Busi- ness assumed from GKL is thus assessed on the basis of FAS 120. In accordance with IAS 8, the requisite adjustments for previous years have been made through equity with no impact on results. Previous-year results have been adjusted accordingly.

Deposits retained on assumed reinsurance business have been reported for the first time as Investments (previously: Other assets). The income relating to them is thus posted as net investment income. Previous-year results have been adjusted accordingly.

2001

2000

1999

€ million

€ million

€ million

5,849.9

5,195.5

4,529.3

–582.8

85.6

12.9

Gerling Global Re Group premiums and results

Gross premiums Loss/profit for the period

12.6% premium growth Further rise in foreign business ratio

The gross premium income of the Gerling Global Re Group grew by a further € 654.4 million or 12.6% to € 5,849.9 million in the year under review. Foreign business again expanded against the backdrop of anoth- er downturn in premiums from domestic business. As in the preceding year, exchange rate movements had a positive impact on premium growth.

16 Gerling Global Re Group

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