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Liability insurance

Gross premium income from Liability insurance in € million

400 300 200 100

2001 2000 1999

333

300

267

1998

1997

257

259

Sharp rise in loss expenditure

Gross premium income from Liability insurance again increased significantly in the year under review. Revenues rose by € 33.9 million or 11.3%, climbing from the preceding year’s € 299.5 million to € 333.4 million. In contrast to previous years, the lion’s share of this upturn was due to domestic business.

Owing to a number of major losses and additional provisions for US run-off business, loss expenditure was considerably higher than in the financial year 2000. The net cost ratio for accounting purposes moved up from the preceding year’s 61.9% to 91.5% in the year under review. The net cost ratio, however, decreased by 2.1 percentage points.

As a result of the high loss expenditure, Liability business for own account produced an underwriting deficit of € 67.9 million before allo- cation to the equalization provision. The preceding year’s result was a € 7.8 million surplus.

2001

2000

1999

1998

1997

80

69

66

67

72

Accident insurance

Gross premium income from Accident insurance in € million

100 50

Growth fuelled mainly by foreign business

Gross premium income from Accident business increased again, climb- ing by € 10.4 million or 15.0% from the preceding year’s € 69.2 million to € 79.6 million in the year under review. The growth was fuelled mainly by foreign business.

42 Gerling-Konzern Globale Rückversicherungs-AG/Management Report

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