3 Insurance information
Premiums earned and fees assessed against policyholders
For the year ended 31 December
Download |
2014 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Premiums earned, thereof: |
|
|
|
|
|
|
Direct |
|
758 |
2 745 |
651 |
|
4 154 |
Reinsurance |
16 233 |
11 431 |
705 |
165 |
|
28 534 |
Intra-group transactions (assumed and ceded) |
–157 |
272 |
157 |
–272 |
|
0 |
Premiums earned before retrocession to external parties |
16 076 |
12 461 |
3 607 |
544 |
|
32 688 |
Retrocession to external parties |
–478 |
–1 249 |
–163 |
–42 |
|
–1 932 |
Net premiums earned |
15 598 |
11 212 |
3 444 |
502 |
0 |
30 756 |
|
|
|
|
|
|
|
Fee income from policyholders, thereof: |
|
|
|
|
|
|
Direct |
|
|
|
363 |
|
363 |
Reinsurance |
|
54 |
|
90 |
|
144 |
Intra-group transactions (assumed and ceded) |
|
|
|
|
|
0 |
Gross fee income before retrocession to external parties |
|
54 |
|
453 |
|
507 |
Retrocession to external parties |
|
–1 |
|
|
|
–1 |
Net fee income |
0 |
53 |
0 |
453 |
0 |
506 |
Download |
2015 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Premiums earned, thereof: |
|
|
|
|
|
|
Direct |
|
736 |
2 732 |
500 |
|
3 968 |
Reinsurance |
15 301 |
11 354 |
872 |
142 |
|
27 669 |
Intra-group transactions (assumed and ceded) |
57 |
244 |
–57 |
–244 |
|
0 |
Premiums earned before retrocession to external parties |
15 358 |
12 334 |
3 547 |
398 |
|
31 637 |
Retrocession to external parties |
–268 |
–1 420 |
–168 |
–30 |
|
–1 886 |
Net premiums earned |
15 090 |
10 914 |
3 379 |
368 |
0 |
29 751 |
|
|
|
|
|
|
|
Fee income from policyholders, thereof: |
|
|
|
|
|
|
Direct |
|
|
|
323 |
|
323 |
Reinsurance |
|
50 |
|
91 |
|
141 |
Intra-group transactions (assumed and ceded) |
|
|
|
|
|
0 |
Gross fee income before retrocession to external parties |
|
50 |
|
414 |
|
464 |
Retrocession to external parties |
|
–1 |
|
|
|
–1 |
Net fee income |
0 |
49 |
0 |
414 |
0 |
463 |
Claims and claim adjustment expenses
For the year ended 31 December
Download |
2014 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Claims paid, thereof: |
|
|
|
|
|
|
Gross claims paid to external parties |
–10 176 |
–9 120 |
–2 068 |
–2 153 |
–9 |
–23 526 |
Intra-group transactions (assumed and ceded) |
–427 |
–238 |
428 |
238 |
–1 |
0 |
Claims before receivables from retrocession to external parties |
–10 603 |
–9 358 |
–1 640 |
–1 915 |
–10 |
–23 526 |
Retrocession to external parties |
1 022 |
1 162 |
345 |
68 |
|
2 597 |
Net claims paid |
–9 581 |
–8 196 |
–1 295 |
–1 847 |
–10 |
–20 929 |
|
|
|
|
|
|
|
Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof: |
|
|
|
|
|
|
Gross – with external parties |
1 662 |
–967 |
–136 |
459 |
–22 |
996 |
Intra-group transactions (assumed and ceded) |
395 |
8 |
–395 |
–8 |
|
0 |
Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties |
2 057 |
–959 |
–531 |
451 |
–22 |
996 |
Retrocession to external parties |
–969 |
–39 |
–228 |
–19 |
|
–1 255 |
Net unpaid claims and claim adjustment expenses; life and health benefits |
1 088 |
–998 |
–759 |
432 |
–22 |
–259 |
|
|
|
|
|
|
|
Claims and claim adjustment expenses; life and health benefits |
–8 493 |
–9 194 |
–2 054 |
–1 415 |
–32 |
–21 188 |
Acquisition costs
For the year ended 31 December
Download |
2014 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Acquisition costs, thereof: |
|
|
|
|
|
|
Gross acquisition costs with external parties |
–3 514 |
–2 681 |
–462 |
–184 |
|
–6 841 |
Intra-group transactions (assumed and ceded) |
25 |
–1 |
–25 |
1 |
|
0 |
Acquisition costs before impact of retrocession to external parties |
–3 489 |
–2 682 |
–487 |
–183 |
|
–6 841 |
Retrocession to external parties |
107 |
193 |
24 |
2 |
|
326 |
Net acquisition costs |
–3 382 |
–2 489 |
–463 |
–181 |
0 |
–6 515 |
Claims and claim adjustment expenses
For the year ended 31 December
Download |
2015 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Claims paid, thereof: |
|
|
|
|
|
|
Gross claims paid to external parties |
–8 651 |
–9 415 |
–2 726 |
–1 826 |
–38 |
–22 656 |
Intra-group transactions (assumed and ceded) |
–739 |
–214 |
739 |
214 |
|
0 |
Claims before receivables from retrocession to external parties |
–9 390 |
–9 629 |
–1 987 |
–1 612 |
–38 |
–22 656 |
Retrocession to external parties |
540 |
1 168 |
278 |
54 |
|
2 040 |
Net claims paid |
–8 850 |
–8 461 |
–1 709 |
–1 558 |
–38 |
–20 616 |
|
|
|
|
|
|
|
Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof: |
|
|
|
|
|
|
Gross – with external parties |
567 |
148 |
754 |
796 |
37 |
2 302 |
Intra-group transactions (assumed and ceded) |
941 |
–3 |
–941 |
3 |
|
0 |
Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties |
1 508 |
145 |
–187 |
799 |
37 |
2 302 |
Retrocession to external parties |
–550 |
26 |
–59 |
–31 |
|
–614 |
Net unpaid claims and claim adjustment expenses; life and health benefits |
958 |
171 |
–246 |
768 |
37 |
1 688 |
|
|
|
|
|
|
|
Claims and claim adjustment expenses; life and health benefits |
–7 892 |
–8 290 |
–1 955 |
–790 |
–1 |
–18 928 |
Acquisition costs
For the year ended 31 December
Download |
2015 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Admin Re® |
Group items |
Total |
Acquisition costs, thereof: |
|
|
|
|
|
|
Gross acquisition costs with external parties |
–3 898 |
–2 229 |
–492 |
–141 |
|
–6 760 |
Intra-group transactions (assumed and ceded) |
–6 |
–1 |
6 |
1 |
|
0 |
Acquisition costs before impact of retrocession to external parties |
–3 904 |
–2 230 |
–486 |
–140 |
|
–6 760 |
Retrocession to external parties |
68 |
244 |
27 |
2 |
|
341 |
Net acquisition costs |
–3 836 |
–1 986 |
–459 |
–138 |
0 |
–6 419 |
Reinsurance recoverable on unpaid claims and policy benefits
As of 31 December 2014 and 2015, the Group had a reinsurance recoverable of USD 6 950 million and USD 6 578 million, respectively. The concentration of credit risk is regularly monitored and evaluated. The reinsurance programme with Berkshire Hathaway and subsidiaries accounted for 60% of the Group’s reinsurance recoverable as of year-end 2014 and 52% as of year-end 2015.
Reinsurance receivables
Reinsurance receivables as of 31 December were as follows:
Download |
USD millions |
2014 |
2015 |
Premium receivables invoiced |
1 355 |
1 441 |
Receivables invoiced from ceded re/insurance business |
341 |
201 |
Assets arising from the application of the deposit method of accounting and meeting the definition of financing receivables |
779 |
171 |
Recognised allowance |
–86 |
–56 |
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 2014 and 2015 was 8% and 8%, respectively. The amount of policyholder dividend expense in 2014 and 2015 was USD 113 million and USD 126 million, respectively.