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Consolidated Statement of Income for the 2008 Financial Year

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Figures in EUR thousand   2008 2007
  Notes 1.1.–31.12. 1.1.–31.12.
Gross written premium   8,120,919 8,258,901
Ceded written premium   886,621 1,036,950
Change in gross unearned premium   (113,480) 298,490
Change in ceded unearned premium   (59,193) (227,511)
Net premium earned   7,061,625 7,292,930
Ordinary investment income 7.1 829,786 859,020
Profit/loss from investments in associated companies 7.1 4,199 11,028
Income/expense on funds withheld and contract deposits 7.1 199,587 220,108
Realised gains on investments 7.1 379,202 244,046
Realised losses on investments 7.1 492,756 69,735
Unrealised gains and losses on investments 7.1 (119,718) (18,771)
Total depreciation, impairments and appreciation of investments 7.1 480,420 71,982
Other investment expenses 7.1 41,421 51,968
Net investment income   278,459 1,121,746
Other technical income 7.13 7,294 1,130
Total revenues   7,347,378 8,415,806
Claims and claims expenses 7.2 4,702,127 5,031,071
Change in benefit reserves 7.2 421,342 397,934
Commission and brokerage, change in deferred acquisition costs 7.2, 7.13 1,635,941 1,759,010
Other acquisition costs 7.2 11,676 12,571
Other technical expenses 7.2, 7.13 12,166 20,081
Administrative expenses 7.13 216,047 204,358
Total technical expenses   6,999,299 7,425,025
Other income and expenses 7.14 (200,011) (62,779)
Operating profit/loss (EBIT)   148,068 928,002
Interest on hybrid capital 7.8 77,442 77,600
Net income before taxes   70,626 850,402
Taxes 7.5 205,610 47,452
Net income (loss) from continuing operations   (134,984) 802,950
Net income (loss) from discontinued operations   – 35,085
Net income (loss)   (134,984) 838,035
thereof      
Minority interest in profit and loss   (7,997) 116,372
Group net income (loss)   (126,987) 721,663
Earnings per share      
Earnings per share in EUR 7.11 (1.05) 5.98
from continuing operations in EUR   (1.05) 5.69
from discontinued operations in EUR   – 0.29