Life Primary Insurance
Key figures: Life Primary Insurance 1)
| 2007 | 2006 | 2005 | 2004 | 2003 2) |
Figures in EUR million |
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Gross written premium | 5,354 | 4,603 | 2,964 | 1,768 | 1,022 |
Net premium earned | 3,803 | 3,228 | 2,085 | 1,029 | 757 |
Net investment income | 1,092 | 861 | 450 | 225 | 147 |
Operating result (EBIT) | 128 | 111 | 55 | 50 | 45 |
1) The years 2005, 2004 and 2003 are of only limited comparability due to changes in segment allocation 2) On the basis of US GAAP | |||||
The Group segment of Life Primary Insurance combines two promising sectors: the Life Insurance Division and the Bancassurance Division.
The Life Insurance Division operates on the market with the brands HDI-Gerling and Aspecta. HDI-Gerling offers the complete product range spanning traditional and unit-linked solutions for old-age provision as well as term and disability covers. A core concentration is occupational retirement provision across all methods of implementation. Aspecta is a specialist and pioneer in the product segment of unit-link provision.
The term "bancassurance" refers to the sale of insurance products through a bank’s distribution channels. Not only does the division cooperate with a number of banks and partner Sparkasse savings institutions, it also works together with a post office partner, namely the Hungarian postal service.
Life Insurance Division
Following the integration of the Gerling companies in the Life Insurance Division in October 2006, the HDI-Gerling life group can look back on its first full financial year. Grouped together under HDI-Gerling Leben Serviceholding, its members in Germany include the companies HDI-Gerling Lebensversicherung AG, HDI-Gerling Pensionsfonds AG, HDI-Gerling Pensionskasse AG, HDI-Gerling Pensionsmanagement AG and Aspecta Lebensversicherung AG. In the international arena the Group is represented by companies in Poland, Liechtenstein and Luxembourg.
The Life Insurance Division is superbly positioned from a marketing standpoint: the distribution channels range from tied agents to brokers and multiple agents as well as direct sales. HDI-Gerling is thus able to cover virtually the entire marketing spectrum. The Aspecta brand is especially interesting for independent sales partners. Nevertheless, HDI-Gerling Life and HDI-Gerling Pensionskasse also work together with independent agents in the areas of individual and occupational retirement provision.
Including premiums from unit-linked life insurance and unit-linked annuity insurance, gross written premium surged by 25% in 2007 to almost EUR 3.2 (2.5) billion. Net premium earned climbed 31% to EUR 1.9 (1.4) billion, although it should be borne in mind that in this division too the Gerling companies were only included in the statement of income for nine months in 2006. If Gerling were taken into account for the full 2006 financial year, the increase in gross premium would have been 11%.
The in-force portfolio excluding riders grew by 3% to 3.34 (3.25) million policies.