Both the worldwide natural catastrophe events and fire-related losses in 2017 negatively impacted the result. This was partly compensated by the increase of the number of third party reinsurance contracts, both life and non-life, which added premium out of new business.
The life business result improved due to favourable claims development. The investment result increased primarily due to realised gains. Our operating expenses are in line with last year.
At a glance:
- Gross written premium of € 255 million
- Total equity of € 272 million
- Net profit of € 0.3 million
Since 1 January 2016 Solvency II has been the new solvency regime for insurers and reinsurers in the European Union. For calculating the required Solvency II capital, Achmea Reinsurance uses a partial internal model. The non-life natural catastrophe risk model has been approved by the Dutch supervisor. For the other Solvency II (sub)risks, the standard formula is used. The table shows the solvency ratios as per 31 December 2017 and 31 December 2016.
The decrease in eligible own funds of € -8.8 million had a number of causes. The dividend payment of € 9.4 million to the shareholder, Achmea B.V., in December 2017 and the losses caused by worldwide natural catastrophes during the second half of 2017 had a negative impact on the Own Funds. These negative developments were partly offset by positive financial results of our asset portfolio and our Life business