is manager of the Accounting Department
Phone: +49 211 4554-239
The Deutsche Rück Group began 2020 on a stronger footing, having once again significantly increased its security. The Deutsche Rück Group recorded a slight increase in net premiums earned of 1 % to EUR 736 million in the 2019 financial year. Gross premiums written remained almost constant, at EUR 1,108 million. At the same time, there was an increase in net claims expenditure and expenses for insurance operations.
The winding-up of residual credit business that began at the Group in 2018 continued to have an impact on development of premiums in the last financial year. Premiums fell in residual credit business and in engineering insurance. In contrast, the Group recorded positive growth in life insurance business and in the property lines such as fire, homeowners’ comprehensive insurance and extended coverage, which almost offset this decline. The burden from reported major losses was significantly lower in the year under review than in the previous year. At the subsidiary DR Swiss, gross premiums written fell by 7.4 % to CHF 269.9 million (previous year: CHF 291.6 million).
The Deutsche Rück Group once again strengthened its assets on a lasting basis, leading to a significant rise in security to EUR 639.2 million. This was due to positive investment income of EUR 50.4 million, which was down slightly on the previous year’s figure of EUR 57.2 million.
The strength of the Group’s assets is reflected in its strong capital base at AAA level. The rating agency Standard & Poor’s once again confirmed its rating of “A+” with a stable outlook in 2019, recognising the Group’s sustainable and very strong capital base coupled with a secure earnings position and supported by risk-commensurate underwriting and a conservative strategy for the recognition of reserves.