8 Insurance information
For the year ended 31 December
Premiums earned and fees assessed against policyholders
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|
2012 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
|
Premiums earned, thereof: |
|
|
|
|
|
|
|
Direct |
|
179 |
2 196 |
1 204 |
|
3 579 |
|
Reinsurance |
16 097 |
10 506 |
385 |
196 |
6 |
27 190 |
|
Intra-group transactions (assumed and ceded) |
–278 |
250 |
278 |
–250 |
|
0 |
|
Premiums earned before retrocession to external parties |
15 819 |
10 935 |
2 859 |
1 150 |
6 |
30 769 |
|
Reinsurance ceded to external parties |
–3 490 |
–1 885 |
–575 |
–158 |
|
–6 108 |
|
Net premiums earned |
12 329 |
9 050 |
2 284 |
992 |
6 |
24 661 |
|
|
|
|
|
|
|
|
|
Fee income from policyholders, thereof: |
|
|
|
|
|
|
|
Direct |
|
|
|
587 |
|
587 |
|
Reinsurance |
|
64 |
|
134 |
|
198 |
|
Intra-group transactions (assumed and ceded) |
|
8 |
|
–8 |
|
0 |
|
Gross fee income before retrocession to external parties |
|
72 |
|
713 |
|
785 |
|
Fee income ceded to external parties |
|
|
|
|
|
0 |
|
Net fee income |
0 |
72 |
0 |
713 |
0 |
785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
|
Premiums earned, thereof: |
|
|
|
|
|
|
|
Direct |
|
624 |
2 564 |
946 |
|
4 134 |
|
Reinsurance |
16 594 |
10 481 |
473 |
191 |
1 |
27 740 |
|
Intra-group transactions (assumed and ceded) |
–228 |
254 |
228 |
–254 |
|
0 |
|
Premiums earned before retrocession to external parties |
16 366 |
11 359 |
3 265 |
883 |
1 |
31 874 |
|
Reinsurance ceded to external parties |
–1 824 |
–1 392 |
–343 |
–39 |
|
–3 598 |
|
Net premiums earned |
14 542 |
9 967 |
2 922 |
844 |
1 |
28 276 |
|
|
|
|
|
|
|
|
|
Fee income from policyholders, thereof: |
|
|
|
|
|
|
|
Direct |
|
|
|
401 |
|
401 |
|
Reinsurance |
|
56 |
|
85 |
|
141 |
|
Intra-group transactions (assumed and ceded) |
|
|
|
|
|
0 |
|
Gross fee income before retrocession to external parties |
|
56 |
|
486 |
|
542 |
|
Fee income ceded to external parties |
|
|
|
|
|
0 |
|
Net fee income |
0 |
56 |
0 |
486 |
0 |
542 |
For the year ended 31 December
Claims and claim adjustment expenses
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|
2012 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
|
Claims paid, thereof: |
|
|
|
|
|
|
|
Gross claims paid to external parties |
–9 553 |
–8 341 |
–1 915 |
–2 868 |
–18 |
–22 695 |
|
Intra-group transactions (assumed and ceded) |
–818 |
–130 |
818 |
130 |
|
0 |
|
Claims before receivables from retrocession to external parties |
–10 371 |
–8 471 |
–1 097 |
–2 738 |
–18 |
–22 695 |
|
Receivables from retrocession to external parties |
1 620 |
2 209 |
379 |
293 |
|
4 501 |
|
Net claims paid |
–8 751 |
–6 262 |
–718 |
–2 445 |
–18 |
–18 194 |
|
|
|
|
|
|
|
|
|
Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof: |
|
|
|
|
|
|
|
Gross – with external parties |
910 |
–42 |
400 |
297 |
4 |
1 569 |
|
Intra-group transactions (assumed and ceded) |
1 219 |
–85 |
–1 225 |
91 |
|
0 |
|
Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties |
2 129 |
–127 |
–825 |
388 |
4 |
1 569 |
|
Reinsurance ceded to external parties |
316 |
–398 |
95 |
–29 |
|
–16 |
|
Net unpaid claims and claim adjustment expenses; life and health benefits |
2 445 |
–525 |
–730 |
359 |
4 |
1 553 |
|
|
|
|
|
|
|
|
|
Claims and claim adjustment expenses; life and health benefits |
–6 306 |
–6 787 |
–1 448 |
–2 086 |
–14 |
–16 641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
|
Claims paid, thereof: |
|
|
|
|
|
|
|
Gross claims paid to external parties |
–10 421 |
–8 564 |
–3 086 |
–2 269 |
–2 |
–24 342 |
|
Intra-group transactions (assumed and ceded) |
–1 417 |
–334 |
1 422 |
331 |
–2 |
0 |
|
Claims before receivables from retrocession to external parties |
–11 838 |
–8 898 |
–1 664 |
–1 938 |
–4 |
–24 342 |
|
Receivables from retrocession to external parties |
1 713 |
1 230 |
425 |
65 |
|
3 433 |
|
Net claims paid |
–10 125 |
–7 668 |
–1 239 |
–1 873 |
–4 |
–20 909 |
|
|
|
|
|
|
|
|
|
Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof: |
|
|
|
|
|
|
|
Gross – with external parties |
1 581 |
–482 |
1 189 |
511 |
6 |
2 805 |
|
Intra-group transactions (assumed and ceded) |
1 695 |
121 |
–1 698 |
–118 |
|
0 |
|
Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties |
3 276 |
–361 |
–509 |
393 |
6 |
2 805 |
|
Reinsurance ceded to external parties |
–1 035 |
–46 |
–25 |
–26 |
|
–1 132 |
|
Net unpaid claims and claim adjustment expenses; life and health benefits |
2 241 |
–407 |
–534 |
367 |
6 |
1 673 |
|
|
|
|
|
|
|
|
|
Claims and claim adjustment expenses; life and health benefits |
–7 884 |
–8 075 |
–1 773 |
–1 506 |
2 |
–19 236 |
Acquisition costs
| Download |
|
2012 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
|
Acquisition costs, thereof: |
|
|
|
|
|
|
|
Gross acquisition costs with external parties |
–3 522 |
–2 057 |
–362 |
–177 |
–3 |
–6 121 |
|
Intra-group transactions (assumed and ceded) |
55 |
–14 |
–55 |
14 |
|
0 |
|
Acquisition costs before impact of retrocession to external parties |
–3 467 |
–2 071 |
–417 |
–163 |
–3 |
–6 121 |
|
Retrocession to external parties |
1 151 |
284 |
117 |
21 |
|
1 573 |
|
Net acquisition costs |
–2 316 |
–1 787 |
–300 |
–142 |
–3 |
–4 548 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
|
Acquisition costs, thereof: |
|
|
|
|
|
|
|
Gross acquisition costs with external parties |
–3 429 |
–2 005 |
–432 |
–34 |
|
–5 900 |
|
Intra-group transactions (assumed and ceded) |
49 |
–2 |
–49 |
2 |
|
0 |
|
Acquisition costs before impact of retrocession to external parties |
–3 380 |
–2 007 |
–481 |
–32 |
|
–5 900 |
|
Retrocession to external parties |
619 |
309 |
75 |
2 |
|
1 005 |
|
Net acquisition costs |
–2 761 |
–1 698 |
–406 |
–30 |
0 |
–4 895 |
Reinsurance recoverable on unpaid claims and policy benefits
For the year ended 2013 the Group recorded a reinsurance recoverable of USD 8.3 billion. The concentration of credit risk is regularly monitored and evaluated. The reinsurance programme with Berkshire Hathaway and subsidiaries accounts for 62% of the Group’s reinsurance recoverable.
Reinsurance receivables
Reinsurance receivables as of 31 December were as follows:
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|
USD millions |
2012 |
2013 |
|
Premium receivables invoiced |
1 254 |
1 482 |
|
Receivables invoiced from ceded re/insurance business |
447 |
446 |
|
Assets arising from the application of the deposit method of accounting and meeting the definition of financing receivables |
1 322 |
1 273 |
|
Recognised allowance |
–109 |
–101 |
Policyholder dividends
Policyholder dividends are recognised as an element of policyholder benefits. The relative percentage of participating insurance of the life and health policy benefits in 2012 and 2013 was 8% and 7%, respectively. The amount of policyholder dividend expense in 2012 and 2013 was USD 124 million and USD 139 million, respectively.