is manager of the Accounting Department
Phone: +49 211 4554-239
In 2017, Deutsche Rück has continued its solid performance of previous years with a combination of growth and a strengthening of its assets. The Group's gross premium income rose by 2.3 % to €1.2 billion in 2017. As well as a slight improvement in the operating result before tax, the Group, consisting of Deutsche Rückversicherung AG and its subsidiary Deutsche Rückversicherung Switzerland Ltd, once again achieved good investment income. Equity capital before appropriation of profit rose by more than €17 million to €529.2 million. The equalisation reserves were strengthened significantly by €23.8 million. The rating agency Standard & Poor's confirmed its “A+” rating of the Group with a stable outlook, praising the Group’s extremely strong capital base, secure earnings situation and conservative policy on the recognition of reserves.
Growth in gross premium income to €1.2 billion came from non-life and life reinsurance and was attributable to connections in both Group of German Public Insurers and market business.
In terms of claims, the positive trend from previous years continued. In particular, liability, accident and motor insurance business as well as fire business contributed to the improvement in the gross loss ratio from 58.1 % to 56.0 %. Expenses for insurance operations remained stable at the parent company and fell significantly at DR Swiss. This is reflected in the improvement of almost six percentage points in the net expense ratios for the business as a whole (to 30.6 %) and non-life business (to 29.3 %). The Deutsche Rück Group thus remains highly competitive in relation to other reinsurers. The good performance of previous years continued with a combined ratio in non-life business of 96.4 % in net terms.
In view of persistently low interest rates, the Group is highly satisfied with its investment income, which, at €57.2 million, is well above the previous year's figure of €41.3 million.