Reports on the principal companies
€ 3,136.2 million
€ 2,775.5 million
€ –470.9 million
€ 138.5 million
€ 7,158.6 million
€ 7,132.8 million
Gerling-Konzern Globale Rückversicherungs-AG (GKG), Cologne
Gross premiums Loss ratio (net)* Cost ratio (net) Loss/profit after tax Investments
benefit and claim payments in relation to earned premiums
The gross premium income of Gerling-Konzern Globale Rückversiche- rungs-AG grew by € 360.7 million or 13.0% to € 3,136.2 million in the financial year 2001. Set against recessive premiums in Germany was again a marked increase in revenues from foreign markets, with ex- change rate movements having a negative impact on growth.
Owing to reduced retrocession costs, net premium receipts grew more sharply than gross premium volume. Written net premiums increased by € 480.2 million or 22.4% to € 2,620.4 million (p.y. € 2,140.2 million).
The exceptionally high loss expenditure was due mainly to World Trade Center claims. The loss burden was compounded, however, by other major loss incidents, run-off losses from natural catastrophes in previ- ous years and a high additional reserving requirement for asbestos- related run-off in the United States. As a result, the net loss ratio moved up to 116.6% (p.y. 85.3%).
The carrying value of investments rose to € 7,158.6 million in the year under review. Net income from investments was unsatisfactory at € 313.7 million (p.y. € 380.4 million).
Gerling Global Re Group 21