Report on other subsidiaries
Gerling Global Sweden Reinsurance Company (GGSRe Stockholm), Stockholm
The company noted exceptional growth in 2001, raising revenues by € 142.8 million to € 182.4 million. This upturn is largely due to the reinsurance of part of the portfolio of a ceding company which took over an insurer. The profit after tax also showed a marked increase, rising by € 1.3 million to € 4.3 million.
Gerling Global Life Reassurance Company (UK) Ltd. (GGL London), London
GGL London continued its expansive course. In 2001, its premium volume grew by 56.1% to € 92.8 million. The company itself ended the year under review with a loss after tax of € 1.0 million.
Gerling Global Reinsurance Company Ltd. (GGR Dublin), Dublin
Premium revenues rose by 28.5% to € 95.5 million in the year under review. The growth was fuelled by both Life and Indemnity reinsurance. Owing to World Trade Center claims and another major loss, the company posted a loss after tax of € 8.0 million despite an otherwise profitable portfolio.
Gerling Global Reinsurance Company (GGR Toronto), Toronto
GGR Toronto increased its premium volume by 14.0% to € 89.7 million. Despite the global turbulence in Property insurance markets, the company continued to steer a profitable course, achieving € 1.3 million profit after tax in 2001.
Gerling Global Reinsurance Company of South Africa Ltd. (GGRe Johannesburg), Johannesburg
The company registered premium income totalling € 57.0 million, which was 22.2% less than in the preceding year. The premium downturn was largely due to the cessation of new Life business. At € 3.3 million, prof- it after tax was € 0.1 million more than in the financial year 2000.
Gerling Global Life Reinsurance Company of Australia Pty. Ltd. (GGL Sydney), Sydney
After an extraordinary increase in premium income in 2000 – a rise due to the assumption of a portfolio – gross premiums were recessive in the year under review, rolling back € 14.6 million (20.2%) to € 57.8 million. Despite the continued difficult state of Australian Disablement business, GGL Sydney achieved € 0.8 million profit after tax in comparison with a loss of € 10.0 million in the preceding year.
Gerling Global Re Group 27