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:

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2014
USD millions

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

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2015
USD millions

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