21 Restructuring provision
In 2015, the Group set up a provision of USD 13 million for restructuring costs, and released USD 2 million.
The increase of the provision in the Property & Casualty Reinsurance business segment of USD 11 million is mostly related to 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 |
2014 |
Property & Casualty Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Balance as of 1 January |
64 |
0 |
10 |
0 |
74 |
Increase in provision |
16 |
|
|
|
16 |
Release of provision |
–3 |
|
|
|
–3 |
Costs incurred |
–15 |
|
–3 |
|
–18 |
Effect of foreign currency translation |
–5 |
|
–1 |
|
–6 |
Balance as of 31 December |
57 |
0 |
6 |
0 |
63 |
| Download |
2015 |
Property & Casualty Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Balance as of 1 January |
57 |
0 |
6 |
0 |
63 |
Increase in provision |
11 |
1 |
|
1 |
13 |
Release of provision |
–2 |
|
|
|
–2 |
Costs incurred |
–28 |
–1 |
–1 |
–1 |
–31 |
Effect of foreign currency translation |
–3 |
|
|
|
–3 |
Balance as of 31 December |
35 |
0 |
5 |
0 |
40 |