3 Insurance information
Premiums earned and fees assessed against policyholders
For the years ended 31 December
| Download |
2015 |
Property & Casualty Reinsurance |
Life & Health Reinsurance1 |
Corporate Solutions |
Life Capital1 |
Total |
||
|
|||||||
Premiums earned, thereof: |
|
|
|
|
|
||
Direct |
|
39 |
2 732 |
1 197 |
3 968 |
||
Reinsurance |
15 301 |
11 353 |
872 |
143 |
27 669 |
||
Intra-group transactions (assumed and ceded) |
57 |
595 |
–57 |
–595 |
0 |
||
Premiums earned before retrocession to external parties |
15 358 |
11 987 |
3 547 |
745 |
31 637 |
||
Retrocession to external parties |
–268 |
–1 420 |
–168 |
–30 |
–1 886 |
||
Net premiums earned |
15 090 |
10 567 |
3 379 |
715 |
29 751 |
||
|
|
|
|
|
|
||
Fee income from policyholders, thereof: |
|
|
|
|
|
||
Direct |
|
|
|
323 |
323 |
||
Reinsurance |
|
50 |
|
91 |
141 |
||
Gross fee income before retrocession to external parties |
|
50 |
|
414 |
464 |
||
Retrocession to external parties |
|
–1 |
|
|
–1 |
||
Net fee income |
0 |
49 |
0 |
414 |
463 |
||
| Download |
2016 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Total |
Premiums earned, thereof: |
|
|
|
|
|
Direct |
|
45 |
2 879 |
1 293 |
4 217 |
Reinsurance |
17 166 |
12 204 |
968 |
173 |
30 511 |
Intra-group transactions (assumed and ceded) |
113 |
594 |
–113 |
–594 |
0 |
Premiums earned before retrocession to external parties |
17 279 |
12 843 |
3 734 |
872 |
34 728 |
Retrocession to external parties |
–271 |
–1 357 |
–231 |
–178 |
–2 037 |
Net premiums earned |
17 008 |
11 486 |
3 503 |
694 |
32 691 |
|
|
|
|
|
|
Fee income from policyholders, thereof: |
|
|
|
|
|
Direct |
|
|
|
410 |
410 |
Reinsurance |
|
40 |
|
89 |
129 |
Gross fee income before retrocession to external parties |
|
40 |
|
499 |
539 |
Retrocession to external parties |
|
1 |
|
|
1 |
Net fee income |
0 |
41 |
0 |
499 |
540 |
Claims and claim adjustment expenses
For the year ended 31 December
| Download |
2015 |
Property & Casualty Reinsurance |
Life & Health Reinsurance1 |
Corporate Solutions |
Life Capital1 |
Group items |
Total |
Claims paid, thereof: |
|
|
|
|
|
|
Gross claims paid to external parties |
–8 651 |
–8 931 |
–2 726 |
–2 310 |
–38 |
–22 656 |
Intra-group transactions (assumed and ceded) |
–739 |
–456 |
739 |
456 |
|
0 |
Claims before receivables from retrocession to external parties |
–9 390 |
–9 387 |
–1 987 |
–1 854 |
–38 |
–22 656 |
Retrocession to external parties |
540 |
1 168 |
278 |
54 |
|
2 040 |
Net claims paid |
–8 850 |
–8 219 |
–1 709 |
–1 800 |
–38 |
–20 616 |
|
|
|
|
|
|
|
Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof: |
|
|
|
|
|
|
Gross – with external parties |
567 |
218 |
754 |
726 |
37 |
2 302 |
Intra-group transactions (assumed and ceded) |
941 |
–37 |
–941 |
37 |
|
0 |
Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties |
1 508 |
181 |
–187 |
763 |
37 |
2 302 |
Retrocession to external parties |
–550 |
26 |
–59 |
–31 |
|
–614 |
Net unpaid claims and claim adjustment expenses; life and health benefits |
958 |
207 |
–246 |
732 |
37 |
1 688 |
|
|
|
|
|
|
|
Claims and claim adjustment expenses; life and health benefits |
–7 892 |
–8 012 |
–1 955 |
–1 068 |
–1 |
–18 928 |
Acquisition costs
For the year ended 31 December
| Download |
2015 |
Property & Casualty Reinsurance |
Life & Health Reinsurance1 |
Corporate Solutions |
Life Capital1 |
Total |
||
|
|||||||
Acquisition costs, thereof: |
|
|
|
|
|
||
Gross acquisition costs with external parties |
–3 898 |
–2 137 |
–492 |
–233 |
–6 760 |
||
Intra-group transactions (assumed and ceded) |
–6 |
–72 |
6 |
72 |
0 |
||
Acquisition costs before impact of retrocession to external parties |
–3 904 |
–2 209 |
–486 |
–161 |
–6 760 |
||
Retrocession to external parties |
68 |
244 |
27 |
2 |
341 |
||
Net acquisition costs |
–3 836 |
–1 965 |
–459 |
–159 |
–6 419 |
||
Claims and claim adjustment expenses
For the year ended 31 December
| Download |
2016 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Total |
Claims paid, thereof: |
|
|
|
|
|
Gross claims paid to external parties |
–8 546 |
–10 032 |
–2 563 |
–3 384 |
–24 525 |
Intra-group transactions (assumed and ceded) |
–502 |
–477 |
502 |
477 |
0 |
Claims before receivables from retrocession to external parties |
–9 048 |
–10 509 |
–2 061 |
–2 907 |
–24 525 |
Retrocession to external parties |
342 |
1 205 |
223 |
227 |
1 997 |
Net claims paid |
–8 706 |
–9 304 |
–1 838 |
–2 680 |
–22 528 |
|
|
|
|
|
|
Change in unpaid claims and claim adjustment expenses; life and health benefits, thereof: |
|
|
|
|
|
Gross – with external parties |
–2 014 |
392 |
257 |
833 |
–532 |
Intra-group transactions (assumed and ceded) |
702 |
–34 |
–702 |
34 |
0 |
Unpaid claims and claim adjustment expenses; life and health benefits before impact of retrocession to external parties |
–1 312 |
358 |
–445 |
867 |
–532 |
Retrocession to external parties |
–283 |
–17 |
20 |
–83 |
–363 |
Net unpaid claims and claim adjustment expenses; life and health benefits |
–1 595 |
341 |
–425 |
784 |
–895 |
|
|
|
|
|
|
Claims and claim adjustment expenses; life and health benefits |
–10 301 |
–8 963 |
–2 263 |
–1 896 |
–23 423 |
Acquisition costs
For the year ended 31 December
| Download |
2016 |
Property & Casualty Reinsurance |
Life & Health Reinsurance |
Corporate Solutions |
Life Capital |
Total |
Acquisition costs, thereof: |
|
|
|
|
|
Gross acquisition costs with external parties |
–4 458 |
–2 094 |
–589 |
–137 |
–7 278 |
Intra-group transactions (assumed and ceded) |
–16 |
–59 |
16 |
59 |
0 |
Acquisition costs before impact of retrocession to external parties |
–4 474 |
–2 153 |
–573 |
–78 |
–7 278 |
Retrocession to external parties |
69 |
210 |
56 |
15 |
350 |
Net acquisition costs |
–4 405 |
–1 943 |
–517 |
–63 |
–6 928 |
Reinsurance recoverable on unpaid claims and policy benefits
As of 31 December 2015 and 2016, the Group had a reinsurance recoverable of USD 6 578 million and USD 7 461 million, respectively. The concentration of credit risk is regularly monitored and evaluated. The reinsurance programme with Berkshire Hathaway and subsidiaries accounted for 52% of the Group’s reinsurance recoverable as of year-end 2015 and 40% as of year-end 2016.
Reinsurance receivables
Reinsurance receivables as of 31 December were as follows:
| Download |
USD millions |
2015 |
2016 |
Premium receivables invoiced |
1 441 |
1 717 |
Receivables invoiced from ceded re/insurance business |
201 |
177 |
Assets arising from the application of the deposit method of accounting and meeting the definition of financing receivables |
171 |
141 |
Recognised allowance |
–56 |
–60 |
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 2015 and 2016 was 8% and 10%, respectively. The amount of policyholder dividend expense in 2015 and 2016 was USD 126 million and USD 279 million, respectively.