Annual Report 2017

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10 year overview
Stock markets Share performance Dividend Annual General Meeting Investor relations activities Sustainability reporting and ratings Shareholding structure Analyst ratings Share data
Foundations of the Group
Business model Management system
Value-based management Operational management system
Research and development
Report on economic position
Macroeconomic climate and industry-specific environment
Macroeconomic climate Industry-specific environment
Business development
Property & Casualty reinsurance Life & Health reinsurance Investments Total result
Overall assessment of the business position Results of operations
Property & Casualty reinsurance Life & Health reinsurance Investments
Financial position and net assets
Investment policy Investments Analysis of the capital structure Management of policyholders’ surplus Group shareholders’ equity Financing and Group debt Analysis of the consolidated cash flow statement Financial strength ratings Information pursuant to § 315
Information on Hannover Rück SE
Results of operations Development of the individual lines of business Assets and financial position Risks and opportunities Other information Outlook
Group non-financial information statement
Introduction Description of the business model Group and sustainability strategy Responsible enterprise management Compliance Stakeholder dialogue Sustainable insurance solutions ESG criteria in asset management Customer orientation and satisfaction Executive development / Employee advancement Employee retention Diversity
Opportunity and risk report
Risk report
Strategy implementation Major external factors Risk capital Risk management Risk management system Internal control system Risk landscape of Hannover Re Internal risk assessment Underwriting risks in property and casualty reinsurance Underwriting risks in life and health reinsurance Market risks Counterparty default risks Operational risks Other risks
Opportunity report
Overall assessment by the Executive Board
Enterprise management
Declaration on Corporate Governance
Corporate Governance Declaration of Conformity Further enterprise management principles Working practice of the Executive Board and Supervisory Board Compliance Risk monitoring and steering
Remuneration report
Remuneration Executive Board Remuneration Supervisory Board Loans to members of the management boards and contingent liabilities Securities transactions and shareholdings Remuneration of staff and senior executives
Outlook
Forecast
Economic developments Property & Casualty reinsurance Life & Health reinsurance Investments Outlook 2018
Consolidated balance sheet Statement of income Statement of comprehensive income Statement of changes in shareholders’ equity Cash flow statement Notes Auditor's report Responsibility statement
Report of the Supervisory Board Supervisory Board Members
Global presence Strategic business groups History

7.3 Reinsurance result

Reinsurance result  
in EUR thousand20172016 1
Gross written premium17,790,50616,353,622
Ceded written premium1,696,0821,749,624
Change in unearned premium(437,768)(163,914)
Change in ceded unearned premium(24,986)(29,808)
Net premium earned15,631,67014,410,276
Other technical income822470
Total net technical income15,632,49214,410,746
Claims and claims expenses paid10,324,1039,688,056
Change in loss and loss adjustment expense reserve1,868,9761,123,269
Claims and claims expenses12,193,07910,811,325
Change in benefit reserve(571)83,010
Net change in benefit reserve(571)83,010
Commissions3,588,1063,057,375
Change in deferred acquisition costs146,05598,987
Change in provision for contingent commissions57,21920,254
Other acquisition costs14,14116,292
Other technical expenses3,7813,997
Administrative expenses411,297401,545
Net technical result(488,505)115,935
  • 1 Restated pursuant to IAS 8 (cf. section 3.1 of the notes)

With regard to the claims and claims expenses as well as the change in the benefit reserve the reader is also referred to section 6.7 “Technical provisions”. The change in the benefit reserve relates exclusively to the life and health reinsurance segment. The administrative expenses amounted to altogether 2.6% (2.8%) of net premium earned.

Other technical income
in EUR thousand20172016
Other technical income (gross)3,6574,110
Reinsurance recoverables2,8353,640
Other technical income (net)822470
Commissions and brokerage, change in deferred acquisition costs
in EUR thousand20172016 1
Commissions paid (gross)3,801,3023,240,829
Reinsurance recoverables213,196183,454
 
Change in deferred acquisition costs (gross)128,46617,764
Reinsurance recoverables(17,589)(81,223)
 
Change in provision for contingent commissions (gross)52,84923,661
Reinsurance recoverables(4,370)3,407
 
Commissions and brokerage, change in deferred acquisition costs (net)3,499,2702,978,642
  • 1 Restated pursuant to IAS 8 (cf. section 3.1 of the notes)
Other technical expenses
in EUR thousand20172016
Other technical expenses (gross)5,9015,434
Reinsurance recoverables2,1201,437
Other technical expenses (net)3,7813,997
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6.7 Technical provisions

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