R+V Versicherung AG Annual Report

Income Statement for the period from
January 1 to December 31, 2002*
38
2002 2001
€ € € €
I. Technical account
1. Premiums earned – net:
a. Gross premiums written 957,885,754 1,028,543,084
b. Reinsurance premiums ceded 334,996,177 622,889,577 415,809,225
c. Change in provision for unearned premiums – gross –41,541,313 –17,558,066
d. Change in provision for unearned premiums – reinsurers’ share 13,621,075 –27,920,238 3,416,120
594,969,339 598,591,914
2. Allocated investment return – net 20,554,117 13,365,604
3. Other technical income – net 1,508,815 4,252,062
4. Claims incurred – net
a. Claims paid
aa. Gross 606,640,514 589,354,261
bb. Reinsurers’ share 239,179,762 367,460,752 255,307,416
b. Change in provision for claims outstanding
aa. Gross 68,159,399 86,277,406
bb. Reinsurers’ share –46,900,593 115,059,992 8,207,058
482,520,744 412,117,193
5. Change in other technical provisions – net
a. Mathematical provision – net 7,422,344 –46,484,166
b. Other technical provisions – net –2,492,500 –1,641,382
4,929,844 –48,125,549
6. Bonus and rebates – net 530,019 105,674
7. Operating expenses – net
a. Operating expenses – gross 307,128,378 300,735,368
b. Less:
reinsurance commissions and profit participations received 87,182,489 112,143,249
219,945,889 188,592,119
8. Other technical expenses – net 520,259 557,688
9. Subtotal –81,554,796 –33,288,643
10. Change in the equalization provision and similar provisions 17,370,114 –10,909,718
11. Balance on technical result – net –64,184,681 –44,198,361
* In the case of “thereof” notes, the figures for the previous year are shown in parentheses.