Expense Ratio/administration

 
Life segment
(€ million) 31.12.2011 31.12.2010
Net acquisition costs and other commissions 4,064.1 4,057.7
Investment management expenses (*) 176.5 266.6
Other administration costs 1,118.3 1,078.9
Total 5,358.9 5,403.2

(*) Before elimination of intragroup transacrions between segment

 
31.12.2011 31.12.2010 Fourth
quarter
2011
Fourth
quarter
2010
Expense ratio 11.6% 10.4% 12.6% 10.4%
Acquisition costs / net premiums 9.3% 8.3% 10.2% 8.4%
Administration costs / net premiums 2.3% 2.1% 2.3% 2.0%
Expense ratio by country
 
Administration costs on average ins. Provisions
Expense ratio Acquisition ratio  Administration ratio 
(%) 
31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010 31.12.2011 31.12.2010
Total Group 0.34 0.35 11.6 10.4 9.3 8.3 2.3 2.1
Italy 0.33 0.34 9.7 8.7 7.6 6.8 2.1 1.9
France 0.14 0.19 9.5 8.2 8.2 6.9 1.3 1.3
Germany 0.22 0.22 12.8 12.4 11.4 11.1 1.4 1.3
Central and Eastern Europe 1.25 1.30 19.8 17.3 14.6 12.4 5.2 4.9
Rest of Europe 0.47 0.48 12.1 9.8 8.8 7.1 3.4 2.7
of which Spain 0.11 0.12 4.4 6.7 3.5 5.7 0.8 1.0
of which Austria 0.51 0.53 13.3 13.4 9.7 9.5 3.6 3.9
of which Switzerland 0.74 0.80 18.6 19.6 13.3 13.8 5.3 5.8
Rest of World 1.20 1.21 16.3 15.2 8.4 8.0 7.9 7.1