Premiums
In 2013, Raiffeisen Insurance increased the premium volume written, including the savings portion of unit- and index-linked life insurance, by 7.2 per cent to € 878.5 million (2012: € 819.4 million). Recurring premiums rose by 7.6 per cent to € 825.3 million (2012: € 767.1 million), while single premiums increased by 1.7 per cent to € 53.1 million (2012: € 52.3 million).
Including the savings portion of unit- and index-linked life insurance, premiums earned in the Raiffeisen Insurance segment amounted to € 767.7 million (2012: € 705.2 million). Retained premiums earned (in accordance with IFRS) increased by 8.4 per cent to € 570.6 million in 2013 (2012: € 526.5 million).
The premiums written in property and casualty insurance rose by 8.6 per cent to € 145.7 million (2012: € 134.1 million), while the corresponding figure for life insurance increased by 6.9 per cent to € 732.8 million (2012: € 685.2 million). The Raiffeisen Insurance segment does not offer health insurance.
Retained premiums earned (in accordance with IFRS) increased by 6.1 per cent to € 76.8 million in property and casualty insurance (2012: € 72.3 million) and by 8.7 per cent to € 493.9 million in life insurance (2012: € 454.2 million). Including the savings portion of unit- and index-linked life insurance, premiums earned in life insurance amounted to € 690.9 million (2012: € 632.9 million).
Benefits
Retained insurance benefits in the Raiffeisen Insurance segment increased by 9.2 per cent to € 630.0 million in 2013 (2012: € 577.0 million). Retained insurance benefits in property and casualty insurance rose by 11.3 per cent to € 52.9 million (2012: € 47.5 million), while the figure for life insurance increased by 9.0 per cent to € 577.1 million (2012: € 529.5 million). This meant that the loss ratio in property and casualty insurance amounted to 68.8 per cent in 2013 (2012: 65.6 per cent).
Operating expenses
Operating expenses less reinsurance commission received and profit shares from reinsurance business in the amount of € 26.2 million (2012: € 33.5 million) declined by 16.6 per cent to € 111.7 million in 2013 (2012: € 134.0 million) due to the annual adjustment of assumptions for the calculation of deferred acquisition costs. Operating expenses in property and casualty insurance fell by 11.7 per cent to € 16.6 million (2012: € 18.8 million), while the figure for life insurance declined by 17.4 per cent to € 95.2 million (2012: € 115.3 million).
The cost ratio after reinsurance in the Raiffeisen Insurance segment, i.e. the ratio of total operating expenses less reinsurance commission received and profit shares from reinsurance business ceded to premiums earned, including the savings portion of unit- and index-linked life insurance, decreased to 14.6 per cent in 2013 (2012: 19.0 per cent).
Investment result
In 2013, net investment income in the Raiffeisen Insurance segment declined slightly by 7.3 per cent to € 251.6 million (2012: € 271.4 million).
Profit from ordinary activities
Raiffeisen Insurance’s profit from ordinary activities increased by 7.0 per cent to € 64.6 million in the year under review (2012: € 60.4 million). The profit from ordinary activities in property and casualty insurance rose by 74.9 per cent to € 9.1 million (2012: € 5.2 million), while the figure in life insurance remained essentially unchanged year-on-year at € 55.5 million (2012: € 55.2 million).
