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abroad, deductions were made for acquisition commissions. In one case, zillmerization of the premium funds was raised to the Zillmer rate of 35% contained in the premium calculation.

III. Provision for outstanding claims (including annuity provision)

The provision for outstanding claims relating to business assumed for reinsurance was calculated on the basis of data supplied by ceding companies.

Where no such data were available, amounts were estimated. In the case of treaties expected to result in a loss in the light of run-off statis- tics and other information available, as well as in the case of excess of loss treaties, additional provision was made in excess of that advised by ceding companies.

In Marine and Aviation business where no provision was advised by ceding companies, lumpsum provision was made in accordance with technical requirements.

Annuity provisions were basically calculated on the basis of data supplied by ceding companies, less retrocessionaires’ shares for business ceded to reinsurance.

The provision for outstanding surrenders and return premiums was calculated exclusively on the basis of data supplied by ceding companies.

IV. Provision for profit-related and not profit related premium refunds

The provision posted here was calculated exclusively on the basis of data supplied by ceding companies.

V. Equalization provision and similar provisions

Provision for the equalization of fluctuations in annual loss expenditure as well as provisions for the insurance of nuclear plant and pharma- ceutical risks were calculated in accordance with Section 341 h of the German Commercial Code (HGB) in conjunction with Sections 29 and 30 of the Ordinance Governing the Accounting Practices of Insurance Com- panies.

VI. Other underwriting provisions

Other underwriting provisions were basically calculated on the basis of provisions advised by ceding companies.

In the case of business ceded to reinsurance, provision was basically made on the basis of treaty shares.

74 Notes to the Financial Statements

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