As a reinsurer which provides insurance companies with consistency throughout reinsurance cycles and beyond, we strive for a suitable balance between risk and return while maintaining a strong equity base. Since 2009 we have been expanding our client base in the European market. This strategy clearly bears fruit as we were able to boost our volume of business with clients beyond the group of our shareholder cedants. However, this premium growth could not compensate for the planned hike in retentions in business with our shareholders. A higher claims burden was more than offset by an outstanding investment result. On this account, we obtained a surplus which permitted us to add to the equity base of our company.

In the 2010 financial year, gross premiums written amounted to €920 million. Property segments had the largest share in premiums with more than 63%. Casualty accounted for almost 23% and life for close to 5%. In total, the Group earned €3.7 million in net profit for the year after tax.

In the 2010 financial year, claims expenditure in our property lines grew due to numerous windstorms, periods of severe frost, floods and above all storm Xynthia. Our net loss ratio – exclusive life reinsurance – rose to 73.8%. The expense ratio came to 29.8% and our combined ratio reached 103.6%.

2010 was a successful year concerning our non-technical business. Our investment result swelled to €59.4 million. In total, the Group earned €3.7 million in net profit for the year after tax. This permitted us to add to the capital base of our company. At the end of the 2010 financial year, our equity capital equalled 89% of our earned premiums. It came to €532 million, €247 million of which accounted for equalization reserves.