Balance Sheet & Income Statements

Consolidated Balance Sheet as of December 31, 2018

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Assets
12/31/2018
EUR mn
12/31/2017
EUR mn
Change
Cash and cash equivalents 17,234 17,119 0.7%
Financial assets carried at fair value through income 7,611 8,177 -6.9%
Investments 550,923 546,828 0.7%
Loans and advances to banks and customers 108,270 104,224 3.9%
Financial assets for unit-linked contracts 115,361 119,141 -3.2%
Reinsurance assets 16,400 16,375 0.2%
Deferred acquisition costs 27,709 23,184 19.5%
Deferred tax assets 959 931 3.0%
Other assets 39,209 37,731 3.9%
Non-current assets and assets of disposal groups classified as held for sale 125 14,329 -99.1%
Intangible assets 13,767 13,262 3.8%
Total assets 897,567 901,300 -0.4%

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Liabilities and equity
12/31/2018
EUR mn
12/31/2017
EUR mn
Change
Financial liabilities carried at fair value through income   11,626 11,291 3.0%
Liabilities to banks and customers 14,222 12,746 11.6%
Unearned premiums 22,891 21,442 6.8%
Reserves for loss and loss adjustment expenses 73,054 73,292 -0.3%
Reserves for insurance and investment contracts 529,687 513,687 3.1%
Financial liabilities for unit-linked contracts 115,361 119,141 -3.2%
Deferred tax liabilities 4,080 4,906 -16.8%
Other liabilities 40,232 39,639 1.5%
Liabilities of disposal groups classified as held for sale 62 13,662 -99.5%
Certificated liabilities 9,199 9,596 -4.1%
Subordinated liabilities 13,475 13,295 1.3%
Total liabilities 833,888 832,698 0.1%
Shareholders' equity 61,232 65,553 -6.6%
Non-controlling interests 2,447 3,049 -19.7%
Total equity 63,679 68,602 -7.2%
Total liabilities and equity 897,567 901,300 -0.4%

Consolidated Income Statements 2018

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2018
EUR mn
2017
EUR mn
Change
Gross premiums written 77,824 77,345 0.6%
Ceded premiums written -5,141 -4,912 4.7%
Change in unearned premiums (net) -1,211 -1,007 20.3%
Premiums earned (net) 71,472 71,427 0.1%
Interest and similar income 21,616 21,848 -1.1%
Income from financial assets and liabilities carried at fair value through income (net) -3,301 -1,204 174.2%
Realized gains/losses (net) 6,096 6,546 -6.9%
Fee and commission income 11,534 10,937 5.5%
Other income 24 36 -33.2%
Total income 107,442 109,590 -2.0%
Claims and insurance benefits incurred (gross) -54,459 -56,644 -3.9%
Claims and insurance benefits incurred (ceded) 2,302 5,427 -57.6%
Claims and insurance benefits incurred (net) -52,157 -51,218 1.8%
Change in reserves for insurance and investment contracts (net) -9,684 -14,427 -32.9%
Interest expenses -1,035 -1,149 -9.9%
Loan loss provisions -2 -25 -93.9%
Impairments of investments (net) -3,152 -1,160 171.7%
Investment expenses -1,333 -1,269 5.0%
Acquisition and administrative expenses (net) -24,600 -25,702 -4.3%
Fee and commission expenses -4,302 -3,857 11.5%
Amortization of intangible assets -375 -154 143.4%
Restructuring charges -398 -477 -16.6%
Other expenses -6 -5 11.7%
Total expenses -97,043 -99,442 -2.4%
Income before income taxes 10,399 10,148 2.5%
Income taxes -2,696 -2,941 -8.3%
Net income 7,703 7,207 6.9%
Net income attributable to:      
Non-controlling interests 241 404 -40.3%
Shareholders 7,462 6,803 9.7%

As of March 8, 2019 (publication of the Annual Report)

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.