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:
| Download |
|
2011 |
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 |
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 |