Bild Presseinformation: News und Infos für Journalisten

News und Infos für Journalisten

Aktuelle Presseinformationen zu Markt- und Verbraucherstudien, der Entwicklung des Gothaer Konzerns, neuen Versicherungsprodukten, Personalien sowie relevanten Verbraucherthemen. Ein breites Forum für Fachfragen bieten Pressekonferenzen und Workshops für Journalisten mit Online-Akkreditierung.

Pressesprecherin

Martina Faßbender

Bild: Martina Fassbender, Pressesprecherin



0221 308-34531

0221 308-34530

E-Mail-Kontakt



Weitere Ansprechpartner


Karriere bei der Gothaer

Gestalten Sie die Zukunft der Gothaer


Die Gothaer bietet motivierten Mitarbeitern vom ersten Tag an erfüllende, verantwortungsvolle Aufgaben - und bei entsprechender Leistung interessante Entwicklungsperspektiven. Halten Sie jetzt auf unserem Stellenmarkt nach Ihrem Traumjob Ausschau.


Stellenmarkt

Starten Sie jetzt Ihre Karriere bei der Gothaer

Ob als Berufserfahrener, Absolvent, Student oder Schüler - wir suchen Mitarbeiterinnen und Mitarbeiter, die fachlich überzeugen und zu uns passen.


Kontinuierliche Weiterbildung und Talentförderung

Wir fördern kontinuierlich die Professionalität von Führungskräften, Projektleitern, Mitarbeitern, Auszubildenden und Studierenden sowie ganzen Organisationseinheiten durch geeignete Qualifizierungs- und Entwicklungsmaßnahmen.


Entdecken Sie unsere fairen Leitlinien und Leistungen

Die Gothaer bietet motivierten Mitarbeitern vom ersten Tag an erfüllende, verantwortungsvolle Aufgaben - und bei entsprechender Leistung interessante Entwicklungsperspektiven. Sie können sich auf respektvolles und faires Miteinander verlassen.


Bild Kundencenter online: Verwalten Sie Ihre Versicherungs-Verträge online

Was können wir für Sie tun?


Haben Sie eine Frage, brauchen Sie weitere Informationen oder möchten Sie uns einen Brief oder ein Fax senden? Wir stehen Ihnen gerne zur Verfügung. Hier finden Sie alle Kontaktmöglichkeiten.


Kontaktieren Sie uns

Das Gothaer Magazin

Freuen Sie sich auf interessante Stars, exklusive Hintergrundstories sowie Reportagen aus den Bereichen Gesundheit, Reise, Trend, Auto und Sport.


Gothaer Magazin

Die Gothaer Ratgeber

Wir möchten, dass es Ihnen gut geht. Unsere Ratgeber unterstützen Sie mit wertvollen Tipps und praktischer Hilfe.



Ratgeber "Gesundheit"

Ratgeber "Sicheres Zuhause"


Auf einen Blick

Hier finden Sie unsere jeweils aktuellen Versicherungsbedingungen und Produktinformationen sowie wichtige Gesetzesinformationen und Online-Formulare.


Auf einen Blick

Hier finden Sie unsere jeweils aktuellen Versicherungsbedingungen und Produktinformationen sowie wichtige Gesetzesinformationen und Online-Formulare.


Corporate news

Latest news

  • All segments making contribution to Group growth
  • Group profit boosted by over 54.5 percent
  • Investment result up 28.0 percent
  • Group equity 29.5 percent higher

Cologne, 2 July 2013- Gothaer Group can look back on a successful 2012 financial year: gross premiums written rose 3.2 percent to 4,181 million Euro (2011: 4,050 million Euro) in 2012 and, hence, above the market level (market: 2.0 percent). All segments contributed to tGroup's growth: property/casualty grew 2.9 percent, life 3.0 percent and health insurance 4.3 percent.

It was possible to boost Group profit 54.5 percent to 224 million Euro (2011: 145 million Euro). Group equity climbed 29.5 percent to 1,528 million Euro. "Recent years were marked by the debt crisis, and uncertainty on the financial markets was severe. Which is why it is all the more gratifying that Gothaer Group was able to hold and expand its strong position despite difficult underlying conditions. Continuity and dependability have had sustainably positive effects on our financial strength and competitive position", says Group CEO Dr. Werner Görg.

Rating agencies confirm corporate ratings in June

In June of this year, the rating agencies Fitch Ratings and Standard & Poor's confirmed their corporate ratings for the core companies in Gothaer Group and go on assessing the outlook as "stable". Below an overview of the results:

Investment result significantly improved

The Company significantly improved its 2012 investment result by 28.0 percent to 1,162 million Euro. Jürgen Meisch, CFO and in charge of capital investments in the Gothaer Group, continues to pursue further diversification of the bond portfolio by broadening investments outside the euro zone. He is backing structured interest products with built-in derivatives and exploiting market volatilities to vary tactically the investments' duration. "I believe the trend in industrial bonds is stable, which is why we are backing fresh issues, private placements and promissory note bonds. Another focus for us is on senior and junior loans to medium-sized industrial firms offering interesting investment fields. In addition, we propose to further expand investments in the area of renewable energies", says Meisch.

Private clients, too, can benefit from the competence of the capital-investment experts by subscribing to the funds of Gothaer Asset Management AG. They have been reporting good success since they were issued in 2008: the accumulated performance across five years, according to Morningstar Direct as per 21.05.2013, amounts to 20.91 percent for Gothaer Comfort Ertrag, 28.76 percent for Gothaer Comfort Balance – which was upgraded from A to A+ by Scope Ratings – and 22.96 percent for Gothaer Comfort Dynamik. "Our asset-managing funds show a good five-year track record and offer an excellent vehicle for building up assets in the long term", Meisch stresses.

Gothaer Allgemeine growth stronger than in previous year

Gross premiums written by Gothaer Allgemeine Versicherung AG, at 1,466 million Euro, were above the 2011 level (2011: 1,426). "Our property/casualty insurer occupies a very good position especially among small- and medium-sized enterprises", reports Thomas Leicht, Gothaer Allgemeine's CEO. "Our guarantor of success for corporate clients is Gothaer's risk advice which, for these clients, provides an important module for securing the survival of their companies and extends across the areas of fleet management, the valuation of buildings and factory equipment, the assessment of flood risks, and risk analysis in environmental and product liability," Leicht goes on. Hence, premiums in this segment were up 4.5 percent on the previous year. For the current flood disaster, the company is reckoning with pre-reinsurance claims expenditure amounting to approx. Euros 60 million.

Gothaer Leben with growth and stronger intrinsic value in a low-interest environment

The 2012 gross premiums written by Gothaer Lebensversicherung AG rose to 1,267 million Euro (previous year: 1,244 million Euro). The product launch in 2012 – Gothaer's occupational disability insurance – was a market success from the word go. In the very first year, we were able to conclude policies with a premium volume totalling more than 260 million Euro, offering the most family-friendly occupational disability cover on the market. In the second half of 2013, Gothaer Lebensversicherung will roll out a further product novelty: BasisVorsorge-ReFlex. This will combine a pension scheme with coverage for the fundamental risks of occupational disability and long-term care, so that it constitutes an ideal pension scheme offering four-fold protection. The life insurer was quick to shape and occupy strategic new business fields early on: as a result, these new business fields already make up most of the new business today. Unit-linked products account for 30 percent, biometric products for 24 percent and company pension schemes for 39 percent of the new business. "With our strategic alignment and the innovative expansion of our business fields, we are achieving a broader intrinsic value as well as growth. This is important when viewed against the background of Solvency II and is a guarantor of success in a low-interest environment – also for our clients," says Dr. Helmut Hofmeier, Gothaer Lebensversicherung AG's CEO.

"What is gratifying for our clients is that our all-in return in the case of deferred annuities is still 4.4 percent even in a negative interest environment", Hofmeier goes on to say. "Here, clients also cover constantly rising life expectancy in addition to earning decent interest", he adds.

Gothaer Kranken: Growth in insureds and premium income

Gross premiums written by Gothaer Krankenversicherung AG, at 851 million Euro, were 1.5 percent above the 2011 level. The number of insureds rose 1.8 percent to 574,429 from 31 December 2011 to 31 December 2012. "Here, collective business has evolved into a real growth driver: compared with the 2011/2012 premiums, the premium in group insurance rose 6.2 percent and, in individual business, by 1.1 percent – meaning that business with collectives is becoming more and more important for us", sums up Michael Kurtenbach, CEO at Gothaer Krankenversicherung AG. In this way, the growth rates in insureds with supplementary insurance at Gothaer Krankenversicherung, too, have been well above the market for years now.

Gothaer Towarzystwo Ubezpieczeń S. A.: Conversion fully on track

As part of its strategy of expansion into the Central and Eastern European growth region, the Gothaer Group in 2010 acquired the Polish non-life insurer Polskie Towarzystwo Ubezpieczeń S. A., which in 2012 was renamed Gothaer Towarzystwo Ubezpieczeń S. A. – or GTU for short. The company's gross premiums written, viz. PLN 504.6 million stood 5.5 percent above the 2011 level. In implementing its strategic alignment by 2016, the company is fully on track, and its market position was again improved: as per end-2012, GTU is among the top 10 on the Polish market. GTU focuses on private clients and SMEs. In the private client segment, the idea behind a simple and modular product range is to work efficiently and at low cost, and to reduce dependency on car-insurance business. Here, the company is making great strides: the share of car insurance has already dipped from 79 percent (May 2010) to 69 percent (December 2012). In the corporate client segment, Gothaer's success model is being implemented: GTU has logically been focusing on SMEs, offering tailored-to-suit products and professional underwriting, and has already been able to increase its share in corporate clients from 10 percent (end-2010) to 26 percent (end-2012).

Contact

Sabine Essing

Investor Relations

+49 221 308-34543

sabine_essing@gothaer.de

Further corporate news

  • All segments contributing to Group growth
  • Investment result up a likely 11 percent
  • Group equity up a likely 19 percent
  • Group net profit for the year up by over 3 percent
  • More woman in management - Gothaer adapting early on to demographic change

Cologne, 4 December 2012

The Gothaer Group is set to fully achieve its growth targets for the year 2012: as things stand now, gross premiums written are due to rise 2.9% to 4.167bn Euros in 2012 (previous year: 4.050bn Euros) - whereas the market has managed a mere 1.5%. Group growth has been given a boost by all segments: Property/Casualty is up 3.1%, the Life area 2.5%, and Health likewise 3.1%. Consolidated profit for the year is up 3.4% to 150m Euros. "Despite debt crisis, high volatility and uncertainty on the financial markets, we have shown in 2012 as well that the Gothaer Group can score success even in turbulent times by offering excellent advice and solution-geared products for its clients," says Dr Werner Görg, Gothaer Group CEO, summing up the gratifying business developments. "For 2013, we are again reckoning with growth above the market. Our current agenda is headed by the expansion of our range for corporate clients, the implementation of the unisex judgement and the continuation of our internationalization strategy in Central and Eastern Europe," adds Görg.

Investment result significantly improved

In spite of the ongoing trend with declining reinvestment yields and an enormously difficult investment environment, CFO Jürgen Meisch is expecting 2012 to bring the scheduled investment results and stable net interest returns for all risk carriers: the bottom line is likely to be a rise in the investment result by 10.8% to over 1bn Euros. Group equity will probably have risen by 18.8% to 1.4bn Euros.

Current investment focuses are on long-dated mortgage/covered bonds as well as the longer-term bonds of supranational organizations with significant yield advantages relative to federal government bonds (Bunds). In addition, there is the acquisition of bonds from countries in the non-euro area, e.g. Lithuania, and the increase in the exposure of structured interest products. New issues, too, from the industrial and utilities sectors and high-quality, but illiquid credit instruments are prime targets for new investment at Gothaer.

In the medium term, the Gothaer Group will be investing some 500m Euros in renewable energies with the focus on Europe. "From this investment we are expecting attractive returns of between 6 and 8%. Stable cash flows, long maturities, plannable income and a low correlation with other capital investments make this investment form very interesting for us," says CFO Meisch. Planning also calls for holdings in five hydropower plants in Turkey, the Barth solar farm in Mecklenburg-West Pomerania and the Markbygden windfarm in Sweden.

Rating agencies confirm company ratings

In 2012, too, the rating agencies Fitch Ratings (Fitch) and Standard & Poor's (S&P) confirmed their positive assessments for the core companies in the Gothaer Group and again classify the outlook as "stable". The rating results reflect the sound capital resources, the strong business position and the advanced processes and systems in risk management. "We feel our approach, based on a systematic continuation of our strategy of value-oriented corporate management, is being confirmed here," says Görg.

Significant gender shift at all management levels

Gothaer is facing the challenges posed by demographic change and also strengthening the work/life balance. Which is why the increase in the share of women in management functions is the stated goal of Gothaer's HR strategy, and the success speaks for itself: the share of women across all management levels rose from 15.8% in 2005 to 21.2% in the year 2012. Thanks to a comprehensive package of measures, the Cologne service insurer now has a higher share of women in management than the sector as a whole.

Gothaer Allgemeine: Strong growth impetus from corporate clients

Gross premiums written at Gothaer Allgemeine Versicherung AG, viz. a likely 1.458bn Euros, are 2.3% above the 2011 level. The property/casualty insurer has for years had high growth rates, above all among corporate clients. "We lay great stress on comprehensive advice for our private and corporate clients. In order to offer our corporate clients even more comprehensive insurance cover from one source, we launched a new business field in July of this year with the roll-out of D&O insurance," reports Thomas Leicht, CEO at Gothaer Allgemeine. The ongoing focus is on the strengthening of the international units in all core segments in order to give globally operating companies backup in their foreign activities as well.

Gothaer Leben: Market edge thanks to early creation of strategic business fields

Gross premiums written at Gothaer Lebensversicherung AG are set to rise by year's end to a likely 1.259bn Euros, putting them above the 2011 level (+1.2%). This is an increase for the life insurer stronger than the market, which will probably contract by 0.5%. "Production in the strategic business fields of company pension schemes, unit-linked annuity products and biometric solutions has made a substantial contribution to this growth. What is more, these business fields do much to expand the risk result and have a positive impact on income: the strategic realignment that was carried out years ago is now generating considerable market advantages for us, when viewed against the background of Solvency II," says Dr Helmut Hofmeier, CEO of Gothaer Lebensversicherung AG. A case in point showing the strength of Gothaer Leben in the strategic business fields is the successful launch in April 2012 of stand-alone occupational disability insurance: thus, in spite of the formation of higher additional interest reserves (Zinszusatzreserven), the Company can post stable net profit for the year, and can do so while adhering to the minimum allocation and the grant of additional surpluses going beyond this.

Gothaer Kranken: Growth in insured persons and premiums

Gross premiums written at Gothaer Krankenversicherung AG, viz. a likely 879m Euros, are 3.1% above the 2011 level. The number of insured persons will rise to 573,950 by year's end. "Gothaer Krankenversicherung is very successfully selling supplementary health insurance. In the last five years, the numbers at Gothaer Krankenversicherung have grown twice as fast as the market," says Michael Kurtenbach, CEO of Gothaer Krankenversicherung AG, summing up. For the health service provider, collective business is growing more and more in importance: hence, premiums in collective business rose by 3.3%, while business in individual insurance was only 1,3% up.


Gothaer Poland: Change of name successfully completed and premiums up

October saw PTU being renamed Gothaer TU, a step taken in order to exploit name recognition and confidence in the Gothaer brand on the Polish insurance market as well. Gross premiums written by GTU, at a likely 129.7m Euros, are 11.6% above the 2011 level. So the Gothaer Group is benefiting as planned from the enormous growth rates on the Polish insurance market. In early 2012, GTU had adopted its strategic alignment until the year 2016, and implementation of the strategy is on track. The company is focusing on private clients and small-to-medium-sized enterprises (SMEs) and is building up a company division geared specifically to tailored-to-suit product solutions for SMEs.


Asstel: Gothaer Krankenversicherung`s biggest supplier of supplementary health insurance

Gross premiums written at Asstel Sachversicherung AG, viz. a likely 44.9m Euros, are 5.6% above the 2011 level. Gross premiums written by Asstel Lebensversicherung AG, at a likely 210.7m Euros, are 1.3% below the previous year's level. "Our good slots in product rankings and the relaunch of the website are making a huge contribution to the growth in numbers," says Dr Mathias Bühring-Uhle, Asstel board member.

Your contact

Sabine Essing
Presse und Unternehmenskommunikation

+49 221 308-34543

+49 221 308-34530

sabine_essing@gothaer.de

  • Gross premiums written grow 1.2 percent and, hence, above market
  • Equity capital climbs 2.5 percent
  • Continuation of internationalization strategy: acquisition of Platinum AG in Romania

Cologne, 26 June 2012

The Gothaer Group can look back on a successful 2011 financial year: gross premiums written rose 1.2 percent to 4,050m euros (previous year: 4.003m euros) and, hence, above the market (market: -0.4 percent). It was possible to boost the consolidated profit by 35.4 percent to 145m euros (previous year: 107m euros). The Group's equity climbed 2.5 percent to 1,178m euros. "We are very satisfied when we look back on the year 2011 and are now devoting our efforts to face the current challenges that follow from the unisex judgement and Solvency II", says Dr Werner Görg, Group CEO, summing up. "For 2012, we are again expecting premium growth above the market. We will go on extending our product range for corporate customers and also support German companies in their activities abroad. At the same time, we will continue our internationalization strategy in Central and Eastern Europe", said Görg.

In 2011/2012, too, the rating agencies Fitch Ratings, Standard & Poor´s and Assekurata confirmed their positive assessments for the Gothaer Group's core companies and still graded the outlook as "stable".

Acquisition of Romanian non-life insurer Platinum AG
With the acquisition of 67 percent in the Romanian non-life insurer Platinum AG, the Gothaer Group is continuing its growth strategy in this region that had started in 2010 with the purchase of the Polish insurer PTU. Romania, with a population of 21.4m, is the second-largest country in Central and Eastern Europe and has hardly been affected by the current sovereign-debt problems. Insurance penetration and density are very low even for Eastern Europe. "Platinum is an ideal platform for entering the Romanian market. With Gothaer´s financial backup and its technical know-how, the company is set to further evolve into a strong provider in the non-life sector together with an outstanding local management. We expect Romania to take a similarly positive development like Poland over the last 20 years", explains Jürgen Meisch, Gothaer´s CFO.

Result from capital investment significantly increased
Despite sovereign-debt crisis, high volatility and much uncertainty on the financial markets, the Company in 2011 increased its result from capital investments by a significant 10.5 percent to 908m euros. "To cushion the currently very uncertain situation on capital markets, we are investing in prime German mortgage bonds with long maturities and in covered bonds, and are acquiring government bonds of `intermediate states´, like Belgium and France, and of non-euro EU countries, like Poland and the Czech Republic. In addition, quanto bonds of non-European states and high-quality, though illiquid credit instruments, like secured loans, AAA-ABS tranches and promissory notes, play an important role in our investment portfolio", says Meisch, discussing the focuses of the current investment strategy. Another important investment field is that of renewable energies: in close collaboration with the experts of Gothaer Allgemeine´s market-leading "Renewable energy" team, the Group will be investing an initial 500m euros in renewables with a focus on Europe. The advantages: attractive and planable income, stable cash flows, long maturities and a low correlation between income and capital market.

Gothaer Allgemeine: Strategic business fields further expanded
Gothaer Allgemeine Versicherung AG's gross premiums written, at euros 1,426m, were above the 2010 level (previous year: 1,402m euros). "Our property/casualty insurer is very well positioned among corporate and private customers. Starting in July, we will be extending our range for corporate customers to include D&O, so that we will be offering, from one shop, even more comprehensive insurance", reports Thomas Leicht, CEO, Gothaer Allgemeine. Gothaer has been offering worldwide insurance cover in non-life and liability for many years now and is also further expanding its international units. In 2011, the service insurer grew 5.5 percent - in terms of gross premiums written - in the corporate-customer segment.

Another strategic business field is that of renewable energies with the core business fields Wind, Biogas and Solar. In many European countries, like Germany, France, Austria, Belgium and the Netherlands, Gothaer is the leading wind-energy insurer. PTU, too, can report a successful launch into the wind farm business: in 2012, five wind farms have already been insured. Altogether, wind farm projects are insured in 25 European countries. In 2011, the company also succeeded in building up a leading role in Eastern Europe: Gothaer is now market leader in Lithuania, Estonia and Croatia as well.

Roll-out of D&O insurance business in July
With over 200m euros premium income in commercial and industrial liability insurance, Gothaer is among the leading providers in Germany when it comes to insuring liability risks. Starting in July 2012, the Cologne-based service insurer will be re-establishing and expanding this business field. "We've been engaged in directors-and-officers insurance successfully since 1996 already within the scope of the VOV co-insurance pool", explains Leicht. "As insurer with the biggest business share in the VOV pool, we will offer our own D&O insurance as of now and expand this business area. We see great potential here, since we estimate that only 30 percent of small- and medium-sized enterprises have D&O insurance", Leicht goes on.

Gothaer Leben: Pioneer on market with option for unisex
Gothaer Lebensversicherung AG´s gross premiums written in 2011 were on the decline along with the rest of the sector and reached 1,244m euros. To start with, during the 2011 year-end sales, the focus was on policies for regular premium payments with insurance starting in early 2012 - these premiums will not become visible until 2012. Second, the Life insurer in 2011, much more consciously than the rest of the market again, dispensed with the underwriting of single-premium endowment policies.

"It is gratifying that production in the strategic business fields of company pension schemes (+44 percent), unit-linked life insurance products (+36 percent) and biometric solutions (+9 percent) made a considerable contribution to this growth," says Dr Helmut Hofmeier, CEO at Gothaer Lebensversicherung AG.

In December 2012, the new unisex tariffs with the same benefits for the same premiums for both men and women are being rolled out. Since the beginning of June, Gothaer Lebensversicherung AG has been offering its customers a retroactive switch option for policies newly concluded. With this option, customers can convert their gender-based insurance tariff retroactively since the start of insurance into the unisex follow-up tariff concerned, so that they are on the safe side.

Gothaer Kranken: Customer base and premium income growing
Gothaer Krankenversicherung AG´s gross premiums written, at 837.9m euros, were 5.0 percent above the 2010 level. The number of insured as per 31 December 2011 rose 3.8 percent to 564,451. "Here, the collective business has evolved into an important growth engine: compared with the 2011/2010 premiums, the premiums in group insurance rose 9.5 percent and in individual business by 4.6 percent ? this makes business with collectives more and more important for us", sums up Michael Kurtenbach, CEO, Gothaer Krankenversicherung AG. This is also reflected in the broader customer base: renowned companies, like Sparkasse Köln/Bonn, the Metro Group and Wincor Nixdorf, are company health insurance customers and offer their staff benefit-rich insurance cover with a lower group tariff. Since the end of May, the Company has been highly productive thanks to an ultra-modern portfolio-management system, and is able to handle the low-price supplementary-insurance business by more automated processing at much lower cost than the sector.

PTU: Restructuring and integration fully on schedule
Within the scope of its strategy to expand in the growth region of Central and Eastern Europe, the Gothaer Group acquired the Polish insurer PTU in 2010. In 2011, PTU was fully consolidated in the annual financial statements for the first time. PTU's gross premiums written, at 116.1m euros, are 6.1 percent above the 2010 level. In implementing its strategic alignment until 2016, PTU is fully on schedule: it already improved its market position from rank 12 to 11 - by 2016, PTU is to be one of the top 10 non-life insurers in Poland. PTU is focussed on private customers and on SMEs. In the private-customer segment, work is to be made efficient and low-cost thanks to a simple and modular product offer, and the dependence on motor business is to be reduced. Here, the company is well on track, since the motor share has already fallen from 79 percent (May 2010) to 69 percent (May 2012). In the corporate-customer segment, Gothaer's success model is being taken over: consequently, PTU with tailored-to-suit products and professional underwriting is focussing on medium-sized companies. As per September, the position of CEO is being refilled with Anna Włodarczyk-Moczkowska.

Asstel with definite existing customer business
Asstel Sachversicherung AG´s gross premiums written, at 42.5m euros, were 17.0 percent above the 2010 level. Asstel Lebensversicherung AG´s gross premiums written sank in line with the market by 2.3 percent to 213.4m euros. "Our success in product rankings and the relaunch of our website made an enormous contribution to growth in our existing customer business", says Dr Mathias Bühring-Uhle, Board member at Asstel. Where the customer base still stood at a good 461,000 at year´s end 2010, the company already counted just under 520,000 customers at the end of 2011 (+12.0 percent).

Please find statements by Group CEO Dr Werner Görg on the 2011 financial year and on the 2012 outlook on Gothaer's website (www.gothaer.de) in the press area under "Bilanzpressekonferenz 2012" (2012 balance sheet press conference).

Your contact

Sabine Essing
Presse und Unternehmenskommunikation

+49 221 308-34543

+49 221 308-34530

sabine_essing@gothaer.de

Cologne, 21 June 2011

Thanks to systematic, value-geared corporate management and capital investment based on sound, sustainable current income, the Gothaer Group can look back on a successful 2010 financial year: Consolidated profit for the year was up 7% to 82m euro (previous year: 76m euro), while the segments Property/Casualty insurance (+ 1.2%) and Health (+ 7.3%) - in terms of premium income - grew at a rate above the market average, and the Group's equity rose 8% to 1.153bn euro. Gross premiums written, at 4.002bn euro, were below the previous year's figure (4.249bn euro). The fall is due to a deliberate reduction in business with single-premiums in life insurance. "We can look back on last year with much satisfaction and are now devoting our efforts to the challenges posed by the introduction of Solvency II and the unisex judgement of the ECJ," sums up Dr Werner Görg, CEO of the Gothaer Group. "For 2011, we are reckoning with premium growth in all corporate divisions, and the investment result, too, is in all likelihood set to go on to improving," said an optimistic Görg at the financial statements press conference in Cologne.

Economic implications of Solvency II

  • 2010 financial year: Ratios further improved
  • Consolidated profit for year up 7 % to 82m euro
  • Result from investments up 24 % to 822m euro

In the light of current developments, Group CEO Görg talked about the economic implications of Solvency II. Due to the in-depth debate surrounding specific regulations and to technical errors in this set of rules, the economic impact of Solvency II has been very much neglected hitherto, said Görg. Owing to the new capital requirements for shares and real estate, insurers are being regulated excessively, and the result, Görg pointed out, is a fall in the direct holdings of real estate and shares. This is causing the sector to lose its important function as a stabilizing element in Germany's economy. As a consequence, investment in real estate and the capital measures of German companies are functions being assumed by foreign investors. In the transfer of state and public tasks from social insurance to the insurance sector, too, companies, he said, are now faced with low margins and too-high capital requirements. "The underlying economic conditions for delegating state tasks in pension and long-term care insurance must not be artificially worsened for insurers. Private-sector principles, like profit orientation and capital cover, must not be subordinated to state stipulations on price and product policy," demanded Görg. He called for a fundamental political decision on whether a complete change in the rules is compatible with future economic developments.

Successful sale of the premium bonds
The subscription period for the second Gothaer member bond was scheduled from 23 May to 24 June. Customer interest in the "6% Gothaer bond" was so great that the Company was forced to end the sales period three days after the start already, since the subscribed sum far exceeded the total issue volume of 50m euro. So, every member will now receive a share in the amount of the minimum subscription of 5,000 euro. The residual volume will be allocated in proportion to members' various total subscription volumes. The Company will notify its customers of the details in writing by the end of June. "We are delighted that our customers are showing such a strong interest in Gothaer and wish to participate directly in the Company's success. It's great that our members feel an even closer association with Gothaer, so that membership of a mutual insurer becomes an even better experience," said a satisfied Group CEO Görg.

Result from investments up 24 %
With a focus on credit bonds the Company benefited substantially from gratifying market developments and was able to make up for the unrealized losses sustained in nearly all segments in the wake of the financial crisis. The result from investments, at 822m euro, was well above the previous year's value of 665m euro (+ 23.7%). Against the backdrop of the introduction of Solvency II, investments in risk assets, like shares, private equity and hedge funds, were still at a historically low level. "Investments performed well despite turbulent markets and now promise sound income for the Group and our customers in the long term," commented Jürgen Meisch, CFO.

Gothaer Allgemeine with focus on renewable energies
Gross premiums written by Gothaer Allgemeine Versicherung AG, at 1.4bn euro, were at the 2009 level. The net reserve ratio was boosted significantly from 200.6% to 217.2% - that creates security and premium stability for the years ahead. The Company's good underwriting performance can be seen, inter alia, in the gross claims ratio which, at 63.7%, is well below the sector's average of 69.3%.

"Since 1990, renewable energies, with the core business fields wind, biogas and solar, have formed a major focus," reports Thomas Leicht, CEO, Gothaer Allgemeine. In many European countries, like Germany, France, Austria, Belgium and The Netherlands, the Company is already the leading wind-energy insurer. Overall, wind-farm projects are insured in 24 European countries. In 2011, it was possible to build up a leading market position in Eastern Europe as well. Gothaer is now also market leader in this segment in Lithuania and Estonia. In total, premiums in this business field rose over 14% to 46m euro.

Gothaer Leben with new generation of provision for pension benefits
The fall in gross premiums written by Gothaer Lebensversicherung AG is due to the deliberate decision to reduce business with single-premiums (decline in premiums by 17.5% to 1.184bn euro). With VarioRent ReFlex, October 2010 saw the launch of a new generation of provision for pension benefits - provision that combines the aspects of return and security and has already been taken up by more than 8,000 private customers. Starting in August, the new generation of provision for pension benefits, which has received several awards, will also be available as direct insurance. "We are pleased that we have yet again been able to expand growth in the strategic business fields of company pension schemes, unit-linked annuity policies and biometric solutions," said Dr Helmut Hofmeier, CEO at Gothaer Lebensversicherung AG.

Gothaer Kranken: Premium income now 830m euro
Gothaer Krankenversicherung AG increased its premium income by 7.3%, reaching 830m euro in 2010. The number of insureds as per 31 December 2010 rose 5.3% to 543,541, and the healthcare service provider reported growth among both those with supplementary insurance and the fully insured. "Gothaer Krankenversicherung is still witnessing gratifying developments. The underwriting profit ratio - one of the most informative ratios to illustrate the Company's balance-sheet situation - of 11.1%, was again above the market average of 10.4%," sums up Michael Kurtenbach, CEO at Gothaer Krankenversicherung AG. Collective business has evolved into an important growth driver: In the first months of 2011, collective business was up 8.6%. Individual business grew by 5.3%.

Asstel with top slots in ratings and rankings and growth in all business fields
Gross premiums written by Asstel Leben (life) rose to 218.5m euro (previous year: 217.5m euro) and, at Asstel Sach (non-life), to 36.1m euro (previous year 36.0m euro). As in recent years, the Company leads the field in numerous rankings and ratings, occupying top positions. "We are happy that the number of our customers rose 23% from January to April 2011 compared with the same period in 2010. At the end of April 2011, 482,916 customers were insured with Asstel," explains Dr Mathias Bühring-Uhle, management board member at Asstel.

Topics of interest