Annual Report 2003 - Hannover Re

PROFIT AND LOSS ACCOUNT
for the 2003 financial year
Figures in EUR thousand
2003
1.1.–31.12.
2002
1.1.–31.12.
I. Technical account
1. Earned premiums, net of retrocession
a) Gross written premiums 6 539 297 7 295 282
b) Retrocession premiums 2 824 139 3 511 837
3 715 158 3 783 445
c) Change in the gross provisions for unearned premiums (+/-) (52 748) (265 615)
d) Change in the provisions for unearned provisions,
retrocessionaires' share (+/-) 32 881 46 110
(19 867) (219 505)
3 695 291 3 563 940
2. Allocated investment return transferred from the
non-technical account, net of retrocession 67 122 79 437
3. Claims incurred, net of retrocession
a) Claims paid
aa) Gross 3 045 700 4 103 589
bb) Retrocessionaires' share 1 662 254 1 924 112
1 383 446 2 179 477
b) Change in provisions for outstanding claims
aa) Gross (595 639) (372 088)
bb) Retrocessionaires' share (569 773) 109 588
(1 165 412) (262 500)
2 548 858 2 441 977
4. Changes in other technical provisions, net of retrocession
a) Net life assurance provision (160 925) (305 973)
b) Other net technical provisions 377 (308)
(160 548) (306 281)
5. Bonuses and rebates, net of retrocession 577 133
6. Operating expenses, net of retrocession
a) Gross acquisition expenses 1 509 365 1 581 463
b) Less:
commissions and profit commissions received on retrocession 716 757 756 736
792 608 824 727
7. Other technical charges, net of retrocession 1 230 2 993
8. Subtotal 258 592 67 266
9. Change in the equalisation reserve and similar provisions (301 778) (90 550)
10. Net technical result (43 186) (23 284)
30