Premiums collection

(€ million) 31.12.2011 31.12.2010 Fourth quarter
2011
Fourth quarter
2010
Gross written premiums (**) 69,159.2 73,187.8 17,832.3 19,358.5
Change like for like (*) -5.5%
-7.6%
Life gross written premiums (**) 46,393.8 51,098.1 12,008.9 13,826.1
Change like for like (*) -9.3%
-13.0%
Non-life gross written premiums 22,765.4 22,089.7 5,823.4 5,532.4
Change like for like (*) 3.2%
6.1%

(*) On equivalent terms: on equivalent exchange rates and consolidation area compared to the same period of the previous financial year.

(**) Taking into account premiums related to investment contracts, which amount at € 3,186.5 million at 31 December 2011 (€ 4,752.4 million at 31 December 2010).

Total written premiums gross of reinsurance — which also include premiums related to investment contracts — amounted to € 69,159.2 million (down 5.5% on equivalent terms compared to 31 December 2010), as a result of the differing performances of the life and non-life segments.

Confirming the trends shown throughtout 2011, the decline in written premiums was entirely attributable to the drop in premiums of the life segment (down 9.3% on equivalent terms), which amounted to € 46,393.8 million.

This performance was influenced also by the higher short-term return rates of the government issues that affected some of the major European countries, which favored short-term banking products to the detriment of single premiums. The latter infact declined 24%. In contrast, written premiums oriented to the accumulation of long-term savings, less influenced by the market rate, typical of the annual premium products recorded a growth (up 3.4% on equivalent terms).

On the other hand, the growth trend was reinforced for the non-life segment, which reported premiums of € 22,765.4 million. The increase of 3.2% on equivalent terms was due both to the increase in the average premium for the Motor line, realized in particular in the three Group’s major countries of operation, and the growth of all businesses in the Non-motor line, mostly in France, in Central and Eastern Europe and in Latin America.

Group life written premiums at 31.12.2011

 

Group non life written premiums at 31.12.2011

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Revenue development by segment70.88 KB