Note 20 Restructuring provision

In 2012, the Group set up total provisions of USD 9 million and released USD 4 million.

The increase in provisions in the Reinsurance Property & Casualty and the Admin Re® business segments of USD 7 million and USD 2 million in 2012, respectively, are related to office structure simplification costs and leaving benefits.

Changes in restructuring provisions are disclosed in the “Other expenses” line in the Group’s income statement.

For the years ended 31 December, restructuring provision developed as follows:

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2011
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Total

Balance as of 1 January 

92

5

 

 

 

97

Increase in provision

17

 

 

9

 

26

Release of provision

–7

 

 

 

 

–7

Costs incurred

–59

–3

 

 

 

–62

Balance as of 31 December

43

2

0

9

0

54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2012
USD millions

Property & Casualty Reinsurance

Life & Health Reinsurance

Corporate Solutions

Admin Re®

Group items

Total

Balance as of 1 January 

43

2

 

9

 

54

Increase in provision

7

 

 

2

 

9

Release of provision

–4

 

 

 

 

–4

Costs incurred

–14

–1

 

 

 

–15

Balance as of 31 December

32

1

0

11

0

44