Results depressed by high losses
Insurance funds and provisions increased by € 79.2 million to € 1,209.5 million in the financial year 2001.
Owing to the negative developments in international capital markets, the preceding year’s investment result could not be matched. Investment activity in the year under review yielded a reduced surplus of € 674.4 million.
The extraordinary income of € 102.0 million resulted from an injection by Gerling-Konzern Versicherungs-Beteiligungs-AG to cover future risks, especially Motor risks. Set against this was a corresponding increase in the provision for outstanding claims.
Together with the high loss expenditure, this led to a loss before tax of € 826.5 million (p.y. € 63.5 million profit). After deduction of tax income totalling € 244.1 million, the Income Statement showed a loss of € 582.8 million.