KEY FIGURES DESCRIBING FINANCIAL DEVELOPMENT        
    Group Parent Company
    2008 2007 2006 2008 2007 2006
           

Turnover

EUR million

 36 530 446 43 496 409
   

Premiums written
before reinsurers’ share

EUR million

 85 117 124 75 82 90
   

Operating profit/loss

EUR million

 -49 262 287 -32 267 291

Total earnings

EUR million

 -262 194 388 -266 219 392
   

Expense ratio

  

of expense loading

%

 105.2 110.9 111.3 100.0 103.7 102.7

of balance sheet total

%

 0.5 0.8 0.7 0.4 0.5 0.5
   

Net investment income at fair
values on capital employed

%

 -3.8 5.3 6.5 -4.0 5.6 6.5
   

Return on assets at fair values

%

 -3.4 5.1 8.0 -3.8 5.6 8.2
   

Solvency margin

EUR million

 967 1 184 1 430 968 1 200 1 427

Equalisation provision

EUR million

 30 29 29 30 29 29

Solvency capital

EUR million

 997 1 214 1 460 998 1 229 1 457
   

Solvency ratio

%

 19.9 21.9 27.4 19.9 22.4 27.5
   

Average number of employees

   63 236 222 11 12 14

 

 

 

ANALYSIS OF RESULT        
  Group Parent Company

EUR million

 2008 2007 2006 2008 2007 2006
             

Premiums written net

 85 116 124 75 82 90

Investment income and charges, unrealised
gains/losses, changes in book value

 -49 413 322 -32 414 318

Claims paid

 -538 -424 -410 -536 -413 -393

Change in technical provisions before
additional benefits (customer benefits)
and change in equalisation provision

 480 202 298 480 210 299

Operating expenses

 -21 -39 -38 -15 -21 -20

Other underwriting income and charges

 0 0 0 - - -

Balance on technical account before
additional benefits (customer benefits)
and change in equalisation provision

 -44 269 296 -27 272 295
             

Other income and charges

 -5 -6 -9 -4 -4 -4

Share of associated undertakings’ profits/losses

 0 0 0 - - -
             

Operating profit/loss

 -49 262 287 -32 267 291
             

Change in equalisation provision

 0 0 0 0 0 0

Additional benefits (customer benefits)

 -9 -411 -315 -9 -411 -314
             

Profit/loss before extraordinary items

 -58 -149 -27 -42 -144 -23
             

Extraordinary charges

 - -2 - - -2 -
             

Profit/loss before appropriations and tax

 -58 -151 -27 -42 -146 -23
             

Tax on profit

 2 0 0 0 0 0
             

Profit/loss for financial year

 -57 -151 -28 -42 -146 -23

 

 

 

PREMIUMS WRITTEN        
  Group Parent Company

EUR million

 2008 2007 2006 2008 2007 2006
             

Life insurance

 25 44 46 17 17 19

Capital redemption contracts

 0 0 0 0 0 0

Pension insurance

 60 72 78 58 64 71

Total

 85 116 124 75 82 90
             

Unit-linked insurance

            

Foreign

 2 8 6 - - -
             
             
CLAIMS INCURRED        
  Group Parent Company

EUR million

 2008 2007 2006 2008 2007 2006
             

Claims paid

            

Life insurance

 268 178 198 267 171 183

Pension insurance

 218 188 166 218 188 165

Surrenders

 49 55 43 49 52 42

Claims settlement expenses

 3 3 3 3 2 3

Total

 538 424 410 536 413 393
             

Change in provision for
claims outstanding

 48 121 99 49 121 99
             

Claims incurred in total

 587 545 509 584 534 492

 

 

 

SOLVENCY        

Solvency I

 Group Parent Company

EUR million

 2008 2007 2006 2008 2007 2006
             

Solvency margin

            

Capital and reserves

 618 666 811 571 613 759

Difference between fair and
book values of investments

 417 631 699 407 641 689

Deferred tax

 -5 -3 -2 0 0 0

Intangible assets

 -63 -69 -75 -10 -15 -19

Other

 - -41 -3 - -41 -3
  967 1 184 1 430 968 1 200 1 427
             

Equalisation provision

 30 29 29 30 29 29

Minority interest

 0 0 0 - - -

Solvency capital

 997 1 214 1 460 998 1 229 1 457
             

Solvency ratio %

 19.9 21.9 27.4 19.9 22.4 27.5
             

Solvency margin requirement
under Insurance Companies Act

 215 240 237 215 235 229

 

 

 

 
NET INVESTMENT INCOME ON CAPITAL EMPLOYED      
                   
Parent Company 2008 2007 2006
  Net
income
at
current
values
EUR mill.		 Capital
em-
ployed
EUR mill.		 Return
on
capital
em-
ployed
%		 Net
income
at
current
values
EUR mill.		 Capital
em-
ployed
EUR mill.		 Return
on
capital
em-
ployed
%

Net
income
at
current
values
EUR mill.

 Capital
em-
ployed
EUR mill.		 Return
on
capital
em-
ployed
%
                   

Loans

 - 1 - 0 1 4.2 0 1 4.2

Fixed-income securities

 275 3 066 9.0 61 3 152 1.9 17 3 633 0.5

of which bond funds

 -98 1 246 -7.8 -1 1 081 -0.1 7 962 0.7

Other debt securities and
deposits

 32 675 4.7 15 382 3.9 9 287 3.0

of which bond funds

 - - - 1 40 1.3 1 46 3.1

Shares and fund units

 -528 1 900 -27.8 213 2 056 10.3 342 1 717 19.9

Real estate investments

 29 587 4.9 65 478 13.6 45 452 9.9

of which mutual funds and
joint investment companies

 1 297 0.3 40 159 25.2 25 160 15.3

Other investments

 -68 459 -14.9 22 438 4.9 16 394 4.2

Investments in total

 -261 6 687 -3.9 375 6 507 5.8 429 6 485 6.6

Income, charges and
operating expenses not
allocated to investment classes

 -6   -0.1 -9   -0.1 -9   -0.1
                   

Net investment income
at fair values

 -267 6 687 -4.0 366 6 507 5.6 420 6 485 6.5

 

 

 

INVESTMENT MIX AT FAIR VALUES      
             
Parent Company Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  Fair value
EUR mill.		 Percentage
% 		Fair value
EUR mill.		 Percentage
%		 Fair value
EUR mill.		 Percentage
%
             

Loans

 1 0.0 1 0.0 2 0.0

Fixed-income securities

 3 161 52.6 3 408 50.1 2 851 42.1

includes bond funds

 1 107 18.4 1 295 19.0 971 14.3

Other debt securities and deposits

 655 10.9 486 7.2 869 12.8

includes bond funds

 - - 155 2.3 - -

Shares and fund units

 1 204 20.1 1 912 28.1 2 169 32.0

Real estate investments

 656 10.9 541 7.9 463 6.8

includes mutual funds and
joint investment companies

 331 5.5 240 3.5 141 2.1

Other investments

 327 5.4 453 6.7 420 6.2

Total

 6 004 100.0 6 801 100.0 6 774 100.0
             

Modified duration of the
fixed-income portfolio

 11.4   2.5   4.7  

 

 

 

ANALYSIS OF NET INVESTMENT INCOME    
Parent Company      
EUR million     2008     2007     2006
       

Direct net income

      

Loans

 - 0 0

Fixed-income securities

 370 123 122

Other debt securities and deposits

 30 17 6

Shares and fund units

 281 148 102

Real estate investments

 16 15 13

Income, charges and operating expenses not allocated to
investment classes

 -6 -9 -9
       

Changes in book values

      

Shares and fund units

 -512 184 135

Fixed-income securities

 -216 -67 -53

Real estate investments

 4 3 2

Other investments

 - 0 0
       

Net investment income at book values

 -32 414 318
       

Changes in difference between fair and book values

      

Shares and fund units

 -440 -67 155

Fixed-income securities

 197 12 -59

Real estate investments

 8 7 6

Other investments

 2 0 0
       

Net investment income at fair values

 -267 366 420
       

Derivative instruments in net investment income
(included in the above)

 636 11 13