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Note 9 Insurance information

For the year ended 31 December

Premiums earned and fees assessed against policyholders

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2011
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Total

Premiums earned, thereof:

 

 

 

 

 

 

Direct

 

27

1 837

1 138

 

3 002

Reinsurance

13 076

10 073

452

167

22

23 790

Intra-group transactions (assumed and ceded)

–116

109

116

–109

 

0

Premiums earned before retrocession to external parties

12 960

10 209

2 405

1 196

22

26 792

Reinsurance ceded to external parties

–2 825

–1 892

–476

–299

 

–5 492

Net premiums earned

10 135

8 317

1 929

897

22

21 300

 

 

 

 

 

 

 

Fee income from policyholders, thereof:

 

 

 

 

 

 

Direct

 

 

 

650

 

650

Reinsurance

 

83

 

155

 

238

Intra-group transactions (assumed and ceded)

 

16

 

–16

 

0

Gross fee income before retrocession to external parties

 

99

 

789

 

888

Fee income ceded to external parties

 

–12

 

 

 

–12

Net fee income

0

87

0

789

0

876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012
USD millions

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

For the year ended 31 December

Claims and claim adjustment expenses

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2011
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Consoli-
dation

Total

Claims paid, thereof:

 

 

 

 

 

 

 

Gross claims paid to external parties

–9 285

–8 147

–2 120

–3 094

4

 

–22 642

Intra-group transactions (assumed and ceded)

–1 214

–121

1 214

121

 

 

0

Claims before receivables from retrocession to external parties

–10 499

–8 268

–906

–2 973

4

 

–22 642

Receivables from retrocession to external parties

1 545

1 991

263

390

 

 

4 189

Net claims paid

–8 954

–6 277

–643

–2 583

4

0

–18 453

 

 

 

 

 

 

 

 

Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof:

 

 

 

 

 

 

 

Gross – with external parties

–486

36

652

514

–2

15

729

Intra-group transactions (assumed and ceded)

1 500

67

–1 500

–67

 

 

0

Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties

1 014

103

–848

447

–2

15

729

Reinsurance ceded to external parties

559

–106

30

17

 

 

500

Net unpaid claims and claim adjustment expenses; life and health benefits

1 573

–3

–818

464

–2

15

1 229

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses; life and health benefits

–7 381

–6 280

–1 461

–2 119

2

15

–17 224

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Consoli-
dation

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

0

–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

0

1 553

 

 

 

 

 

 

 

 

Claims and claim adjustment expenses; life and health benefits

–6 306

–6 787

–1 448

–2 086

–14

0

–16 641

Acquisition costs

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2011
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Consoli-
dation

Total

Acquisition costs, thereof:

 

 

 

 

 

 

 

Gross acquisition costs with external parties

–2 745

–2 024

–298

–298

–8

–7

–5 380

Intra-group transactions (assumed and ceded)

7

–27

–7

27

 

 

0

Acquisition costs before impact of retrocession to external parties

–2 738

–2 051

–305

–271

–8

–7

–5 380

Retrocession to external parties

890

306

125

38

 

 

1 359

Net acquisition costs

–1 848

–1 745

–180

–233

–8

–7

–4 021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Consoli-
dation

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

0

–4 548

Reinsurance receivables

Reinsurance receivables as of 31 December were as follows:

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USD millions

2011

2012

1

During 2012 the Group revised its classification of reinsurance receivables and, as a result, the notional amounts of some receivables that were previously classified as premium receivables invoiced are now classified as receivables from ceded re/insurance business. The 2011 figures have been revised accordingly.

Premium receivables invoiced

1 6811

1 254

Receivables from ceded re/insurance business

7471

447

Assets arising from the application of the deposit method of accounting and meeting the definition of financing receivables

707

1 322

Recognised allowance

–132

–109

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 2011 and 2012 was 7% and 8%, respectively. The amount of policyholder dividend expense in 2011 and 2012 was USD 134 million and USD 124 million, respectively.