Gesamtverband der Deutschen Versicherungswirtschaft e. V. Statistical Yearbook of German Insurance 2018

Transcription

1 Gesamtverband der Deutschen Versicherungswirtschaft e. V. Statistical Yearbook of German Insurance 2018

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3 Gesamtverband der Deutschen Versicherungswirtschaft e. V. Statistical Yearbook of German Insurance 2018

4 II Imprint Published by: Gesamtverband der Deutschen Versicherungswirtschaft e. V. (GDV) German Insurance Association Wilhelmstraße 43/43G D Berlin Tel.: Fax: The German Insurance Association (GDV) is listed in the Joint Transparency Register of the European Commission and the European Parliament for interest representatives. The GDV identification number is The contents of this publication have been created with the required diligence. However, it cannot be guaranteed that the information provided is complete, correct, up-to-date or appropriate; it is the reader s responsibility to decide on the use of the information. Responsible for content: Klaus Wiener Editor: Jakob Lahrsow Assistant editors: Ursula Küpper, Patrick Höppner, Daniel Kuschmierz, Marcel Stechert Distributed by: Verlag Versicherungswirtschaft GmbH, Klosestraße 22, D Karlsruhe, Picture: Cover: Adobe Stock / MaZi ISSN

5 III Preface The insurance industry is of vital importance for the development of modern economies. After all, protection against risks is giving private households the financing predictability they need; moreover, it is often an indispensable precondition for entrepreneurial action. Demographic change, geopolitical risks on the rise and the rapidly increasing process of digitisation are confronting society and economy with major challenges. In this complex risk environment, the German insurers are making an invaluable contribution to providing security: Over 433 million insurance policies clearly demonstrate the high importance of insurance protection for individuals and companies alike. The German insurance companies employ more than half a million people, and as long-term investors of almost 1.6 trillion euros, they are also a crucial source of funding for both the private and the public sector. For many years, the Statistical Yearbook of German Insurance has been providing a wealth of information on the development of the industry and its social and economic framework conditions. We hope that the 2018 edition, as its predecessors, will prove a useful and reliable source of information and contribute to a better understanding of the insurance industry among experts and the general public. Berlin, August 2018 Dr. Wolfgang Weiler Dr. Frank von Fürstenwerth

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7 Content V Insurance industry overall 1 27 Life insurance Health insurance Property & casualty insurance Reinsurance Overall economic data Social statistical data International reference figures

8 VI List of tables Insurance industry overall Key figures of private insurance 1 Insurance companies by class of business 2 Insurance companies by legal form 3 Insurance companies and premium income by federal state 4 Insurance premium income by class of business 5 Insurance premium income by legal form 6 Insurance benefits by class of business 7 Insurance portfolio by class of business 8 Insurance density and insurance penetration by class of business 9 Employment in the insurance industry by federal state 10 Employees in the insurance industry by field of activity 11 Self-employed insurance intermediaries and advisers 12 Share of distribution channels in new business in the insurance industry 13 Development of the investments of the insurance industry 14 Investment portfolio of the insurance industry 15 Investment portfolio of primary insurers 16 Selected alternative investments of primary insurers 17 Solvability of the insurance industry 18 Foreign-controlled German primary insurers 19 Foreign primary insurers with German business by way of European passport 20 German insurance business written by primary insurers based inside the EEA 21 Insurance business written by German primary insurers in EEA countries by country 22 by class 23 Cross-border direct investment in the insurance industry 24 Market concentration in primary insurance 25 Insurance industry in comparison to other industries 26 Insurance premium tax and fire brigade tax 27 Life insurance Life insurance companies by legal form 28 Business development life insurance, Pensionskassen and pension funds 29 in life insurance 30

9 List of tables VII of Pensionskassen 31 of pension funds 32 Premium income in life insurance 33 Life insurance, Pensionskassen and pension funds regular and single premiums 34 premiums by type of insurance 35 Life insurance regular and single premiums 36 premiums by type of insurance 37 New business in life insurance by type of business 38 Riester pensions business in force and new business 39 Basisrenten business in force and new business 40 Occupational pensions: direct insurance and reinsurance business in force 41 Supplementary insurance business in force in life insurance 42 Insurance benefits in life insurance 43 Cash benefits paid in life insurance 44 Investment portfolio of life insurance companies 45 Long-term business development of Pensionskassen 46 of pension funds 47 Healthcare insurance Healthcare insurance companies by legal form 48 Business development in healthcare insurance 49 Premium income in healthcare insurance by type of insurance 50 Private comprehensive healthcare and compulsory long-term care insurance, business in force 51 Selected types of private healthcare insurance, business in force 52 Additional insurance to statutory healthcare insurance, business in force 53 Insurance benefits in healthcare insurance 54 Insurance benefits paid in healthcare insurance by type of insurance 55 by type of benefit 56 Compulsory long-term care insurance 57 Additional long-term care insurance 58 Investment portfolio of healthcare insurance companies 59

10 VIII List of tables Property & casualty insurance Property & casualty insurance companies by legal form 60 Business development in property & casualty insurance 61 Premium income in property & casualty insurance by class 62 Claims expenditure in property & casualty insurance by class 63 Technical results in property & casualty insurance by class 64 Number of contracts and claims in property & casualty insurance 65 Number of contracts in property & casualty insurance by class 66 Number of claims in property & casualty insurance by class 67 Business development in motor insurance (total) 68 in motor vehicle third party liability insurance 69 in motor vehicle full own damage insurance 70 in motor vehicle partial own damage insurance 71 in motor accident insurance 72 in property insurance (total) 73 in private property insurance 74 in comprehensive insurance on buildings 75 in comprehensive insurance on contents 76 in non-private property insurance 77 in industrial / commercial / agricultural property insurance 78 in engineering insurance 79 in general liability insurance 80 in private accident insurance 81 in legal expenses insurance 82 in marine and aviation insurance 83 Premium income in marine and aviation insurance by class 84 Business development in credit, surety and fidelity insurance 85 in roadside assistance 86 Investment portfolio of property & casualty insurance companies 87 Reinsurance Premium income and claims expenditure of reinsurance companies 88

11 List of tables IX Premium income of reinsurance companies by class 89 Technical results of reinsurance companies by class 90 Investment portfolio of reinsurance companies 91 Overall economic data Development of population Development of life expectancy 93 Development of mortality 94 Development of number of households 95 Volume and structure of employment 96 Gross domestic product and its components at current prices 97 price-adjusted 98 Private and public investment 99 Building activity and stock of residential buildings and dwellings 100 Business start-ups and insolvencies 101 Healthcare sector 102 Number of vehicles on the road 103 Road accidents 104 Transportation of goods 105 Wages and salaries 106 Disposable income, consumption and savings 107 Consumer price index for private households 108 Development of selected price indexes 109 Expenditure on motor vehicles 110 Assets of private households 111 Financial assets of private households by type of investment 112 Acquisition of financial assets by private households by type of investment 113 Acquisition of financial assets by private households in the long term 114 Incidence of private and occupational pension schemes 115 Equipment of private households with durable goods 116 Interest rates, bond yields and share prices 117 Social statistical data Social welfare budget by function, type and source of finance 118 Statutory pension insurance 119

12 X List of tables Statutory healthcare insurance 120 Social long-term care insurance 121 Statutory accident insurance 122 Statutory unemployment insurance 123 Tax-financed basic social security systems 124 International reference figures The world s largest insurance markets primary insurance (total) 125 life insurance 126 non-life insurance 127 Insurance density and penetration of important countries primary insurance (total) 128 life insurance 129 non-life insurance 130 Premium income of important reinsurance locations 131 Population in selected advanced economies 132 Employment in selected advanced economies 133 Gross domestic product in selected advanced economies 134 Consumer prices and savings ratio in selected advanced economies 135 Financial situation of private households in Europe 136 Public finances in selected advanced economies 137 Cross-border economic relations 138 Interest rates and bond yields in selected advanced economies 139 Share prices, residential property prices and oil price in Europe and the USA 140 Exchange rates 141 Economy and population in selected emerging markets 142

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14 XII Abbreviations AGV ALG a.o. BA BaFin BI BMAS BMF BMG DAX DIHK DIW DM DRV ECB EEA EFTA EI EIB EStG EU EUROSTAT FRG GDP GDV Arbeitgeberverband der Versicherungsunternehmen (Employers Association of Insurance Companies) Arbeitslosengeld (unemployment benefits) and others Bundesagentur für Arbeit (Federal Employment Agency) Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Financial Supervisory Authority) until 2002 Bundesaufsichtsamt für das Versicherungswesen (BAV) (Federal Supervisory Office for Insurance Companies) business interruption insurance Bundesministerium für Arbeit und Soziales (Federal Ministry of Labour and Social Affairs) Bundesministerium der Finanzen (Federal Ministry of Finance) Bundesministerium für Gesundheit (Federal Ministry of Health) Deutscher Aktienindex (German Stock Index) Deutscher Industrie- und Handelskammertag (Association of German Chambers of Industry and Commerce) Deutsches Institut für Wirtschaftsforschung (German Institute for Economic Research) Deutsche Mark Deutsche Rentenversicherung (German Federal Pension Insurance Agency) European Central Bank European Economic Area European Free Trade Area engineering insurance European Investment Bank Einkommensteuergesetz (Income Tax Act) European Union Statistical Office of the European Communities Federal Republic of Germany gross domestic product Gesamtverband der Deutschen Versicherungswirtschaft e.v. (German Insurance Association)

15 Abbreviations XIII GNP GewO ILO IMF ins. KfW MA OECD para. PKV SCR SE SGB StBA TPL UN WTO gross national product Gewerbeordnung (Trade, Commerce and Industry Regulation Act) International Labour Organization International Monetary Fund insurance Kreditanstalt für Wiederaufbau (Reconstruction Credit Institute) motor accident Organisation for Economic Co-operation and Development paragraph Verband der Privaten Krankenversicherung e.v. (Association of German Private Healthcare Insurers) Solvency Capital Requirement European stock corporation (Societas Europaea) Sozialgesetzbuch (Social Security Code) Statistisches Bundesamt (Federal Statistical Office) third party liability United Nations World Trade Organization value equal to zero value not available x value not meaningful

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17 Key figures of private insurance 01 insurance companies 1 (numbers) total of wich: life insurers healthcare insurers property & casualty insurers reinsurers premium income (in EUR m) primary insurance 2, 3 36,000 69, , , , , ,987 4 life insurance 3 13,215 27,403 61,225 90,355 92,659 90,774 90,657 healthcare insurance 4,830 9,546 20,712 33,270 36,822 37,258 39,010 4 property & casualty ins. 5, 6 17,955 32,939 49,398 55,219 64,422 66,296 68,320 reinsurance 7 7,141 13,713 28,843 36,191 48,689 49,796 share of premium income in premium income primary insurance (as %) life insurance healthcare insurance property & casualty ins. 5, insurance benefits (in EUR m) primary insurance 8 34,101 71, , , , ,096 life insurance 8, 9 15,157 34,909 88, , , , ,622 healthcare insurance 10 4,567 9,504 24,050 38,612 44,134 43,830 property & casualty ins. 5, 11 14,352 26,840 40,404 43,281 48,146 49,253 50,118 insurance portfolio (numbers in m) primary insurance investment portfolio (in EUR bn) primary and reinsurers , , ,596.6 employment (numbers in 1,000) insurance industry employees self-employed ins. intermediaries / advisers 1 life, healthcare, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds under German federal supervision carrying on actual business as per end of year 2 written gross premiums 3 from 2010 incl. Pensionskassen and pension funds covered by the GDV statistics 4 provisional figure 5 German direct business; without nuclear insurance and pecuniary damage liability insurance; until 2002 without fidelity insurance; until 2009 without aviation insurance as well as aircraft and spacecraft liability insurance 6 without insurance premium tax; insurance classes covering fire incl. fire brigade tax 7 earned premiums of reinsurers incl. additional charges, net of retrocession 8 without Pensionskassen and pension funds; from 2015 incl. deposit receivables from the insurance business assumed as reinsurance cover 9 cash benefits paid to policyholders and increase in liabilities to policyholders 10 total expenditures on benefits paid, premium refunds and allocations to ageing reserve 11 gross claims incurred for the accounting year 12 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms as at 30 June of the respective year 13 as per end of year Source: compilation from following tables

18 02 Insurance companies by class of business year numbers total number of insurance companies 1 life insurers federal supervision healthcare insurers of which: property & casualty insurers reinsurers federal and Land supervision , , , , , , , , , , , , , , , , , , , , , , , , , life insurers, healthcare insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds under German supervision carrying on actual business as per end of year 2 incl. insurance companies without actual business 3 as at 31 March 1954 Source: BaFin

19 Insurance companies* by legal form** 03 year numbers joint stock companies 1 mutual insurance associations insurance institutions under public law other * life insurers, healthcare insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds under German supervision carrying on actual business, without small mutual insurance associations under Land supervision mostly limited to a particular region; until 1980 only insurance companies under federal supervision; as per end of year ** joint stock companies that due to their ownership structure are part of the public sector and joint stock companies whose shareholders are mutual insurance associations are included in joint stock companies 1 incl. SE 2 mostly German branches of foreign-based insurance companies, from 2000 without branches of insurance companies based inside the EEA Source: BaFin, own calculations

20 04 Insurance companies and premium income by federal state* federal state number of insurance companies Baden-Wuerttemberg Bavaria Berlin Brandenburg Bremen Hamburg Hesse Lower Saxony Mecklenburg- Western Pomerania North Rhine- Westphalia Rhineland-Palatinate Saarland Saxony Saxony-Anhalt Schleswig-Holstein Thuringia Germany premium income in EUR m 1 Baden-Wuerttemberg 14,593 19,407 24,614 28,923 30,804 32,353 Bavaria 43,737 51,379 64,174 66,304 78,660 81,493 Berlin 2, ,506 1,238 1,336 1,462 Brandenburg Bremen Hamburg 12,689 13,412 13,864 11,154 10,388 9,941 Hesse 12,587 15,355 16,971 15,016 17,400 17,529 Lower Saxony 10,180 12,349 17,066 21,695 28,265 31,543 Mecklenburg- Western Pomerania North Rhine- Westphalia 42,023 46,930 56,066 61,726 66,683 66,324 Rhineland-Palatinate 3,443 4,983 6,942 8,862 9,818 9,798 Saarland 788 1,328 1,829 2,993 3,561 3,129 Saxony Saxony-Anhalt Schleswig-Holstein 1,084 1,708 2,247 2,383 3,297 3,007 Thuringia Germany 144, , , , , ,800 * life, healthcare, property & casualty insurers and reinsurers under German supervision (incl. public insurers under Land supervision) as per end of year without small mutual insurance associations under Land supervision mostly limited to a particular region, assignment to federal state by company headquarters 1 earned gross premiums Source: BaFin

21 Insurance premium income* by class of business 05 year in EUR m primary insurance 1, 2 life 1 healthcare total regular 3 total regular 4 single 5 2 property & casualty , ,501 1, , ,676 5,068 2,068 6, ,000 35,419 13,215 12, ,830 17, ,888 68,507 27,403 26,022 1,381 9,546 32, , ,480 45,201 41,223 3,978 16,408 49, , ,555 61,225 54,444 6,781 20,712 49, , ,584 75,244 65,844 9,400 27,348 55, , ,392 79,585 66,445 13,140 30,331 54, , ,424 85,248 64,255 20,993 31,468 54, , ,813 90,355 63,323 27,031 33,270 55, , ,190 86,801 63,908 22,893 34,667 56, , ,849 87,340 64,603 22,737 35,628 58, , ,506 90,826 64,899 25,927 36,051 60, , ,304 93,676 64,400 29,275 36,323 62, , ,809 92,659 64,564 28,095 36,822 64, , ,926 90,774 64,372 26,402 37,258 66, , , ,657 64,195 26,463 39, ,320 change against previous year as % x average annual rates of change as % * written gross premiums 1 from 2005 incl. Pensionskassen and pension funds covered by the GDV statistics 2 from 2013 figures not comparable to previous year due to a change in the collection of data 3 without single premiums from life insurance 4 until 2000 incl. single premiums from supplementary insurance in life insurance 5 until 2000 without single premiums from supplementary insurance in life insurance 6 German direct business; without insurance premium tax; insurance classes covering fire incl. fire brigade tax; without nuclear insurance and pecuniary damage liability insurance; until 2002 without fidelity insurance; until 2009 without aviation insurance as well as aircraft and spacecraft liability insurance 7 provisional figure 8 statistical special effect, adjusted rate of change: 3.5 % 9 adjusted rate of change due to a change in basic population Source: GDV; PKV; BaFin

22 06 Insurance premium income* by legal form** year market share as % 3 joint stock companies 1 mutual insurance associations insurance institutions under public law other * life insurers, healthcare insurers, property & casualty insurers, reinsurers, Pensionskassen and funeral expenses funds, until 1985 without reinsurance companies; until 1970 insurance companies under German federal supervision, from 1975 to 1989 insurance companies under federal and Land supervision, from 1990 insurance companies under German supervision without small mutual insurance associations under Land supervision mostly limited to a particular region ** joint stock companies that due to their ownership structure are part of the public sector and joint stock companies whose shareholders are mutual insurance associations are included in joint stock companies 1 incl. SE 2 mostly German establishments of foreign-based insurance companies, from 1994 without establishments of insurance companies based inside the EEA 3 share of legal form in gross premiums; until 1985 written gross premiums, from 1990 earned gross premiums 4 due to modified classification, figures not comparable to previous year Source: BaFin, own calculations

23 Insurance benefits by class of business 07 year in EUR m total of primary insurance 1, 2 total 3 life 1 healthcare 2 of which benefits paid to policy-holders total 4 of which benefits paid to policy-holders property & casualty ,101 15,157 5,788 4,567 3,592 14, ,253 34,909 17,888 9,504 7,085 26, ,695 61,742 30,817 16,804 10,719 38, ,534 88,080 49,405 24,050 13,615 40, ,722 94,625 64,007 30,455 17,300 39, ,023 95,379 66,462 31,758 17,839 39, ,925 90,869 66,161 33,006 18,898 42, ,310 70,780 71,876 33,648 20,169 41, , ,646 71,196 35,191 21,121 41, , ,361 71,915 38,612 21,916 43, ,266 93,008 84,971 38,484 22,774 43, , ,506 75,745 40,729 23,287 44, , ,392 79,417 41,695 24,349 49, , ,395 84,418 42,168 24,791 45, , ,501 82,002 44,134 25,908 48, , ,013 87,667 43,830 26,592 49, ,622 76,841 27, ,118 change against previous year as % x x x average annual rates of change as % without Pensionskassen and pension funds 2 from 2013 figures not comparable to previous year due to a change in the collection of data 3 cash benefits paid to policyholders and increase in liabilities to policyholders 4 total expenditures on benefits paid, premium refunds and allocations to ageing reserve 5 gross claims incurred for the accounting year, German direct business; without nuclear insurance and pecuniary damage liability insurance; until 2002 without fidelity insurance; until 2009 without aviation insurance and aircraft as well as spacecraft liability insurance 6 provisional figure 7 adjusted rate of change due to a change in basic population Source: GDV; PKV

24 08 Insurance portfolio by class of business year contracts (numbers in m) total of primary property & insurance 1, 2 life 1 healthcare 2, 3 casualty change against previous year as % x -1.2 x x x average annual rates of change as % from 2005 incl. Pensionskassen and pension funds covered by the GDV statistics 2 from 2013 figures not comparable to previous year due to a change in the collection of data 3 number of persons with comprehensive cover and supplementary insurance contracts, without compulsory long-term care insurance and special types of insurance 4 German direct business; without nuclear insurance and pecuniary damage liability insurance; until 2000 without marine insurance; until 2006 without credit, surety and fidelity insurance; until 2009 without aviation insurance and aircraft as well as spacecraft liability insurance 5 as at 1 January 2014 in life insurance a residual debt insurance portfolio was transferred from a non-member to a member company, figures not comparable to previous year 6 provisional figure 7 adjusted rate of change due to a change in basic population Source: GDV; PKV; BaFin

25 Insurance density and insurance penetration by class of business 09 year 1 insurance density 2 insurance penetration 4 total life 3 care health- in EUR as % property healthcare & casualty total life 3 property & casualty , , , , , , , , , , , , , , , , , ,096 1, ,188 1, ,217 1, ,255 1, ,321 1, ,372 1, ,360 1, ,355 1, ,393 1, until 1980 former FRG territory, from 1991 Germany 2 written gross premiums of primary insurers, in relation to inhabitants 3 from 2001 incl. Pensionskassen and pension funds covered by the GDV statistics 4 written gross premiums of primary insurers, in relation to GDP 5 insurance density: revision of population statistics, figures not comparable to previous year 6 partly provisional figures Source: GDV

26 10 Employment in the insurance industry by federal state federal state total 1 ployees 2 em- numbers in 1,000 self-employed ins. intermediaries / advisers 3 total 1 employees self-employed ins. intermediaries / advisers 3 Baden-Württemberg Bavaria Berlin Brandenburg Bremen Hamburg Hesse Lower Saxony Mecklenburg- West Pomerania North-Rhine Westphalia Rhineland-Palatinate Saarland Saxony Saxony-Anhalt Schleswig-Holstein Thuringia Germany Baden-Württemberg Bavaria Berlin Brandenburg Bremen Hamburg Hesse Lower Saxony Mecklenburg- West Pomerania North-Rhine Westphalia Rhineland-Palatinate Saarland Saxony Saxony-Anhalt Schleswig-Holstein Thuringia Germany employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms as well as self-employed insurance intermediaries / advisers 2 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms; as at 30 June 3 as per end of year Source: AGV/BA; DIHK; GDV

27 Employees in the insurance industry by field of activity* 11 year 1 total 2 insurance companies total 3 office staff trainees 4 field staff numbers in 1, * BA data for insurance industry not directly comparable to AGV data for insurance companies 1 until 1985 former FRG territory, from 1990 Germany 2 employees subject to social security contributions in primary insurance and reinsurance companies and insurance intermediation firms; as at 30 June 3 office staff, field staff and trainees, without employees in passive phase of partial retirement according to the Partial Retirement Act; as per end of year 4 Kaufleute für Versicherungen und Finanzen (insurance and finance clerks), general office occupations a.o. 5 revised figure for 2014 Source: AGV; AGV/BA

28 12 Self-employed insurance intermediaries and advisers* year total numbers in 1,000 total tied insurance intermediaries 1 insurance intermediaries insurance agents with authorization 2 insurance brokers product accessory intermediaries 3 insurance advisers * as per end of year, 2008: as at April tied agents registered by insurance companies under section 34d para. 4 GewO 2 tied agents representing one or multiple insurance companies licensed by the competent Chamber of Industry and Commerce 3 traders who mediate insurance as a supplement to the products or services provided as part of their principal activity and perform their activity as an insurance intermediary on direct behalf of one or several insurance intermediaries who have received authorization or of one or several insurance companies (section 34d para. 3 GewO) 4 traders who provide professional insurance advice without remuneration from an insurance company or being otherwise dependent on it (section 34e GewO) Source: DIHK

29 Share of distribution channels in new business in the insurance industry 13 life insurance 1 single-tied or insurance group intermediaries as % as main occupation as side job employed field staff brokers and multiple agents brokers multiple agents credit institutions as single-tied intermediaries as brokers and multiple agents direct selling other healthcare insurance 3 single-tied or insurance group intermediaries as main occupation as side job employed field staff brokers and multiple agents brokers multiple agents credit institutions as single-tied intermediaries as brokers and multiple agents direct selling other property & casualty insurance 4 single-tied or insurance group intermediaries as main occupation as side job employed field staff brokers and multiple agents brokers multiple agents credit institutions as single-tied intermediaries as brokers and multiple agents direct selling other according to total of mediated premiums 2 incl. comparison websites 3 according to mediated monthly premium 4 property, accident, liability, motor and legal expenses insurance; according to mediated annual premium Source: GDV

30 14 Development of the investments of the insurance industry* year accounting year's balance sheet values 1 in EUR bn net new investments 2 change against previous year as % in EUR bn in EUR bn gross new investments change against previous year as % in EUR bn disinvestments change against previous year as % , , , , , , , , , , , , , average annual rates of change as % x x 12.9 x x x 17.2 x x x 14.3 x x x 12.3 x x x 9.0 x x x -2.6 x * life, healthcare, property & casualty and reinsurers, without Pensionskassen and pension funds; data from BaFin s primary insurance and reinsurance statistics 1 without deposit receivables from business assumed as reinsurance cover and investments where the risk is carried by policyholders (in particular from unit-linked life insurance) 2 difference between investments at the beginning and end of the year 3 property & casualty insurers without property, livestock and hail insurers and mutual ship insurance associations Source: BaFin

31 Investment portfolio of the insurance industry* in EUR bn life insurers healthcare insurers property & casualty insurers reinsurers total 1, , , ,596.6 total of primary insurers 1, , , , ,351.0 by class of business in EUR bn primary insurers, total life insurers 2017 healthcare insurers property & casualty insurers bonds and debentures 1, shares participating interests real estate other investments total 1, as % of investments bonds and debentures shares participating interests real estate other investments total * without Pensionskassen and pension funds; as per end of year; incl. deposit receivables from the insurance business assumed as reinsurance cover; without investments where the investment risk is carried by the policyholder (in particular from unit-linked life insurance) Source: BaFin, GDV

32 16 Investment portfolio of primary insurers* in absolute figures type of investment in EUR bn bonds and debentures , , , , ,147.3 mortgages loans loans to credit institutions and current account balances loans to public sector loans to companies policy loans other Pfandbriefe / covered bonds listed bonds bonds and debentures included in funds subordinated loans and profit participation rights other bonds and debentures shares directly held held in funds participating interests real estate directly held held in funds other investments total 1, , , , , ,351.0 * without Pensionskassen and pension funds; as per end of year; incl. deposit receivables from the insurance business assumed as reinsurance cover; without investments where the investment risk is carried by the policyholder (in particular from unit-linked life insurance) 1 in particular government bonds (central government, federal states and municipalities) as well as bonds of government-related issuers (e.g. KfW, EIB) and corporate bonds 2 including government bonds and bonds of government-related issuers held via funds, Pfandbriefe / covered bonds and corporate bonds a.o. Source: BaFin, GDV

33 Investment portfolio of primary insurers* in percentages 16 type of investment as % bonds and debentures mortgages loans loans to credit institutions and current account balances loans to public sector loans to companies policy loans other Pfandbriefe / covered bonds listed bonds bonds and debentures included in funds subordinated loans and profit participation rights other bonds and debentures shares directly held held in funds participating interests real estate directly held held in funds other investments total * without Pensionskassen and pension funds; as per end of year; incl. deposit receivables from the insurance business assumed as reinsurance cover; without investments where the investment risk is carried by the policyholder (in particular from unit-linked life insurance) 1 in particular government bonds (central government, federal states and municipalities) as well as bonds of government-related issuers (e.g. KfW, EIB) and corporate bonds 2 including government bonds and bonds of government-related issuers held via funds, Pfandbriefe / covered bonds and corporate bonds a.o. Source: BaFin, GDV

34 t18 17 Selected alternative investments of primary insurers* type of investment in EUR bn (share in total investments as %) primary insurers, total 1 private equity (0.3) 7.2 (0.6) 12.8 (1.0) 13.6 (1.0) 17.2 (1.3) directly held asset-backed securities and credit-linked notes asset-backed securities and credit-linked notes held in funds 6.9 (0.7) 5.6 (0.5) 4.5 (0.3) 4.8 (0.4) 3.6 (0.3) 5.7 (0.6) 7.9 (0.7) 6.6 (0.5) 6.9 (0.5) 6.9 (0.5) hedge funds 3, (0.4) 5.5 (0.5) 2.8 (0.2) 3.0 (0.2) 3.8 (0.3) investments with commodity 4 ( ) ( ) 2.3 (0.2) 2.9 (0.2) 3.4 (0.3) risks life insurers 1 private equity (0.3) 5.0 (0.7) 8.6 (1.0) 9.0 (1.0) 11.2 (1.2) directly held asset-backed securities and credit-linked notes asset-backed securities and credit-linked notes held in funds 5.8 (0.9) 4.2 (0.6) 2.6 (0.3) 2.8 (0.3) 2.3 (0.3) 3.3 (0.5) 4.9 (0.7) 4.4 (0.5) 4.6 (0.5) 4.5 (0.5) hedge funds 3, (0.5) 3.2 (0.4) 1.4 (0.2) 1.1 (0.1) 1.7 (0.2) investments with commodity 4 ( ) ( ) 1.1 (0.1) 0.8 (0.1) 1.4 (0.1) risks healthcare insurers private equity (0.3) 0.9 (0.5) 1.5 (0.6) 1.7 (0.6) 2.2 (0.8) directly held asset-backed securities and credit-linked notes asset-backed securities and credit-linked notes held in funds 0.5 (0.4) 0.5 (0.3) 0.9 (0.4) 0.9 (0.4) 0.5 (0.2) 1.1 (0.9) 0.8 (0.5) 1.0 (0.4) 1.0 (0.4) 0.9 (0.3) hedge funds 3, (0.4) 0.7 (0.4) 0.9 (0.4) 1.4 (0.5) 1.5 (0.6) investments with commodity 4 ( ) ( ) 0.9 (0.3) 1.3 (0.5) 1.4 (0.5) risks property & casualty insurers private equity (0.4) 1.1 (0.8) 2.7 (1.7) 3.0 (1.8) 3.8 (2.2) directly held asset-backed securities and credit-linked notes asset-backed securities and credit-linked notes held in funds 0.6 (0.5) 0.4 (0.3) 0.9 (0.6) 1.1 (0.6) 0.8 (0.5) 1.3 (1.0) 1.8 (1.3) 1.2 (0.7) 1.4 (0.8) 1.5 (0.9) hedge funds 3, (0.5) 0.8 (0.6) 0.4 (0.3) 0.5 (0.3) 0.6 (0.4) investments with commodity 4 ( ) ( ) 0.4 (0.2) 0.7 (0.4) 0.7 (0.4) risks * as per end of year 1 without Pensionskassen and pension funds 2 direct and indirect investment 3 investments in hedge funds and tied to hedge funds 4 directly and in funds Source: BaFin, GDV

35 Solvability of the insurance industry* 18 reporting date life insurance 1 1 January December December 2017 insurance companies subject to Solvency II property & casualty insurance 1 January December December 2017 reinsurance 1 January December December 2017 standard formula users solvency ratio own funds eligible for SCR solvency capital requirement (SCR) numbers numbers as % in EUR bn in EUR bn * 2016: figures for total market, source: Bafin; 2017: figures for total market in life insurance, market coverage in property & casualty insurance and reinsurance over 98 % respectively, source: GDV 1 without Pensionskassen and pension funds Source: BaFin; GDV

36 19 Foreign-controlled German primary insurers* country of origin total 1 life insurers healthcare insurers 2016 premiums in EUR m 2 (number of insurance companies) property & casualty insurers France 10,211.8 (6) 3,278.0 (2) 2,875.8 (1) 4,058.0 (3) United Kingdom 16.8 (1) 16.8 (1) - (-) - (-) Italy 10,676.8 (9) 5,018.1 (3) 2,038.4 (2) 3,620.2 (4) Malta 3.1 (1) - (-) - (-) 3.1 (1) Netherlands (2) (2) - (-) - (-) Austria (1) - (-) - (-) (1) Spain (1) - (-) - (-) (1) total EU 21,660.7 (21) 8,668.8 (8) 4,914.2 (3) 8,077.7 (10) Russia 53.0 (1) - (-) - (-) 53.0 (1) Switzerland 5,273.7 (6) 4,254.1 (3) - (-) 1,019.6 (3) other countries 5,898.8 (3) 5,898.8 (3) - (-) - (-) total 32,886.2 (31) 18,821.7 (14) 4,914.2 (3) 9,150.3 (14) market share as % 3 total * German insurance companies with foreign direct or indirect majority interests of more than 50 %; allocation by country of origin according to majority shareholder s headquarters 1 without Pensionskassen and pension funds 2 written gross premiums 3 in terms of written gross premiums Source: BaFin

37 Foreign primary insurers with German business by way of European passport 20 year 1 numbers life branches non-life EEA non-eea EEA non-eea operating by way of freedom of services as per end of year 2 only companies from the EEA Source: BaFin

38 21 German insurance business written by primary insurers based inside the EEA* year life premiums in EUR m 1 (market share as % 2 ) total through branches by way of freedom of services (0.4) 155 (0.3) 59 (0.1) ,211 (1.9) 162 (0.3) 1,049 (1.7) ,150 (6.7) 981 (1.3) 4,169 (5.4) ,251 (6.6) 927 (1.2) 4,324 (5.5) ,528 (6.9) 1,019 (1.3) 4,509 (5.6) ,158 (6.4) 999 (1.2) 4,159 (5.2) ,321 (5.1) 1,066 (1.3) 3,255 (3.9) ,667 (5.1) 1,161 (1.3) 3,506 (3.9) ,888 (5.6) 2,261 (2.6) 2,627 (3.0) ,702 (5.4) 2,235 (2.6) 2,467 (2.8) ,903 (5.4) 2,297 (2.6) 2,606 (2.8) ,755 (5.1) 2,389 (2.5) 2,366 (2.5) ,934 (5.4) 2,289 (2.5) 2,645 (2.9) non-life (0.9) 518 (0.7) 123 (0.2) (1.2) 455 (0.6) 391 (0.5) ,529 (2.9) 1,521 (1.7) 1,008 (1.2) ,829 (3.2) 1,700 (1.9) 1,128 (1.3) ,261 (3.6) 1,982 (2.2) 1,280 (1.4) ,254 (3.6) 1,960 (2.2) 1,294 (1.4) ,991 (4.2) 2,368 (2.5) 1,623 (1.7) ,028 (4.3) 2,503 (2.7) 1,526 (1.6) ,090 (6.2) 4,290 (4.4) 1,800 (1.8) ,480 (5.4) 3,788 (3.7) 1,691 (1.7) ,351 (6.1) 4,632 (4.4) 1,718 (1.6) ,894 (7.4) 5,558 (5.2) 2,336 (2.2) ,614 (6.1) 4,996 (4.6) 1,619 (1.5) total (0.7) 673 (0.6) 182 (0.2) ,057 (1.5) 617 (0.5) 1,440 (1.1) ,679 (4.7) 2,502 (1.5) 5,177 (3.1) ,080 (4.8) 2,627 (1.6) 5,452 (3.3) ,789 (5.2) 3,001 (1.8) 5,789 (3.4) ,412 (4.9) 2,959 (1.7) 5,453 (3.2) ,312 (4.7) 3,434 (1.9) 4,878 (2.7) ,694 (4.7) 3,664 (2.0) 5,030 (2.7) ,978 (5.9) 6,551 (3.5) 4,427 (2.4) ,182 (5.4) 6,023 (3.2) 4,158 (2.2) ,253 (5.8) 6,929 (3.5) 4,324 (2.2) ,649 (6.3) 7,946 (4.0) 4,703 (2.3) ,548 (5.8) 7,285 (3.6) 4,263 (2.1) * primary insurance companies based in other EEA countries 1 written gross premiums, direct business 2 share in total direct business in Germany Source: BaFin, own calculations