Life and Health insurance
Gross premium income from Life and Health Insurance in € million
As a result of our business strategy, gross premium income from Health reinsurance decreased by a further € 36.5 million to € 14.7 million.
The underwriting account showed a deficit of € 7.1 million.
In terms of growth and profits, 2001 was the best year ever in the histo- ry of Life reinsurance.
Owing to sound risk management, the terrorist attacks of 11 September 2001 had no major impact on Life reinsurance business. Gross losses were limited because of the degree of diversification and high propor- tion of individual business in the portfolio and were additionally reduced by effective protective coverage of our catastrophe hazards portfolio.
Gross premium income registered double-digit growth, increasing by € 163.6 million or 21.6% to € 920.3 million. This was the net result of 34.8% expansion of foreign business and a 5.3% downturn in domestic premium revenues.
The retention rate rose from 78.4% to 82.7%.
The underwriting surplus improved by € 45.7 million to € 51.2 million (p.y. € 5.5 million). This was partly shaped by a change in reserving methods. The effects are described in the notes to the financial state- ments.
Gerling-Konzern Globale Rückversicherungs-AG/Management Report 41