Balance Sheet & Income Statements

Consolidated Balance Sheet as of December 31, 2019

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Assets
12/31/2019
EUR mn
12/31/2018
EUR mn
Change
Cash and cash equivalents 21,075 17,234 22.3%
Financial assets carried at fair value through income 13,187 7,611 73.3%
Investments 625,746 550,923 13.6%
Loans and advances to banks and customers 112,672 108,270 4.1%
Financial assets for unit-linked contracts 132,168 115,361 14.6%
Reinsurance assets 17,545 16,400 7.0%
Deferred acquisition costs 24,777 27,709 -10.6%
Deferred tax assets 1,133 959 18.1%
Other assets 44,532 39,209 13.6%
Non-current assets and assets of disposal groups classified as held for sale 3,555 125 2,741.2%
Intangible assets 14,796 13,767 7.5%
Total assets 1,011,185 897,567 12.7%

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Liabilities and equity
12/31/2019
EUR mn
12/31/2018
EUR mn
Change
Financial liabilities carried at fair value through income   18,049 11,626 55.2%
Liabilities to banks and customers 13,445 14,222 -5.5%
Unearned premiums 25,468 22,891 11.3%
Reserves for loss and loss adjustment expenses 77,541 73,054 6.1%
Reserves for insurance and investment contracts 588,023 529,687 11.0%
Financial liabilities for unit-linked contracts 132,168 115,361 14.6%
Deferred tax liabilities 6,538 4,080 60.2%
Other liabilities 47,904 40,232 19.1%
Liabilities of disposal groups classified as held for sale 2,236 62 3,530.8%
Certificated liabilities 9,209 9,199 0.1%
Subordinated liabilities 13,238 13,475 -1.8%
Total liabilities 933,820 833,888 12.0%
Shareholders' equity 74,002 61,232 20.9%
Non-controlling interests 3,363 2,447 37.4%
Total equity 77,364 63,679 21.5%
Total liabilities and equity 1,011,185 897,567 12.7%

Consolidated Income Statements 2019

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2019
EUR mn
2018
EUR mn
Change
Gross premiums written 82,919 77,824 6.5%
Ceded premiums written -5,547 -5,141 7.9%
Change in unearned premiums (net) -1,458 -1,211 20.4%
Premiums earned (net) 75,914 71,472 6.2%
Interest and similar income 22,433 21,616 3.8%
Income from financial assets and liabilities carried at fair value through income (net) -1,609 -3,301 -51.3%
Realized gains/losses (net) 7,276 6,096 19.4%
Fee and commission income 12,296 11,534 6.6%
Other income 158 24 551.9%
Total income 116,469 107,442 8.4%
Claims and insurance benefits incurred (gross) -59,532 -54,459 9.3%
Claims and insurance benefits incurred (ceded) 3,681 2,302 59.9%
Claims and insurance benefits incurred (net) -55,851 -52,157 7.1%
Change in reserves for insurance and investment contracts (net) -13,726 -9,684 41.7%
Interest expenses -1,110 -1,035 7.2%
Loan loss provisions -2 -2 5.2%
Impairments of investments (net) -1,824 -3,152 -42.1%
Investment expenses -1,494 -1,333 12.1%
Acquisition and administrative expenses (net) -26,247 -24,600 6.7%
Fee and commission expenses -4,509 -4,302 4.8%
Amortization of intangible assets -196 -375 -47.6%
Restructuring and integration expenses -426 -398 7.0%
Other expenses -6 -6 -3.5%
Total expenses -105,391 -97,043 8.6%
Income before income taxes 11,077 10,399 6.5%
Income taxes -2,776 -2,696 3.0%
Net income 8,302 7,703 7.8%
Net income attributable to:      
Non-controlling interests 387 241 60.7%
Shareholders 7,914 7,462 6.1%

As of March 6, 2020 (release of the Annual Report 2019)

Note: Where past years' figures have been adjusted as a consequence of changes to accounting regulations or their application, these restatements are considered in the tables retroactively. Therefore the figures above may differ from the figures originally published in the Annual Reports and Interim Reports.