Gross premium income
Gross premium income in € million
4,000 3,000 2,000 1,000
Gross premium income rose by 11.2%
Gross premium revenues increased by 11.2% to € 3,103.5 million (p.y. € 2,791.8 million) in the year under review.
In Germany, gross premium volume decreased by 2.1% to € 1,286.8 million (p.y. € 1,314.7 million).
Gross premium income generated outside Germany grew by 23.0% to € 1,816.7 million (p.y. € 1,477.1 million). The increase was due to both business expansion in foreign markets and general premium adjust- ments. These amply made up for the impact of negative shifts in ex- change rates. Foreign business thus accounted for 58.5% (p.y. 52.9%) of total business volume.
Premium income from Property/Casualty business rose by 9.3%, climb- ing from the preceding year’s figure of € 1,983.9 million to € 2,168.5 million in the year under review. As in previous years, most of the increase came from expansion abroad. In the German market, premi- um income grew by only 3.1%. The percentage of total gross premium volume generated by Property/Casualty business decreased again, moving down from the preceding year’s level of 71.1% to 69.9%.
Premium revenues from Life and Health business increased by € 127.1 million or 15.7% to € 935.0 million. This upturn was entirely due to for- eign business. In Germany, premium receipts decreased. Owing to the gratifying growth of gross premium volume, the percentage of premium income contributed by Life and Health business rose further, from 28.9% to 30.1%.
Net premium income increased by € 435.6 million or 20.2% to € 2,588.4 million in the year under review. The upturn was considerably sharper than that of gross premium income because of changes in the structure of retroceded business. The retention rate thus increased to 83.4% (p.y. 77.1%).