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Balance Sheet & Income Statements

Consolidated Balance Sheet as of December 31, 2020

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Assets
12/31/2020
EUR mn
12/31/2019
EUR mn
Change
Cash and cash equivalents 22,443 21,075 6.5%
Financial assets carried at fair value through income 21,191 13,187 60.7%
Investments 656,522 625,746 4.9%
Loans and advances to banks and customers 116,576 112,672 3.5%
Financial assets for unit-linked contracts 137,307 132,168 3.9%
Reinsurance assets 20,170 17,545 15.0%
Deferred acquisition costs 21,830 24,777 -11.9%
Deferred tax assets 1,006 1,133 -11.2%
Other assets 45,573 44,532 2.3%
Non-current assets and assets of disposal groups classified as held for sale 1,790 3,555 -49.6%
Intangible assets 15,604 14,796 5.5%
Total assets 1,060,012 1,011,185 4.8%

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Liabilities and equity
12/31/2020
EUR mn
12/31/2019
EUR mn
Change
Financial liabilities carried at fair value through income   24,079 18,049 33.4%
Liabilities to banks and customers 14,722 13,445 9.5%
Unearned premiums 25,341 25,468 -0.5%
Reserves for loss and loss adjustment expenses 80,897 77,541 4.3%
Reserves for insurance and investment contracts 611,096 588,023 3.9%
Financial liabilities for unit-linked contracts 137,307 132,168 3.9%
Deferred tax liabilities 8,595 6,538 31.5%
Other liabilities 49,005 47,904 2.3%
Liabilities of disposal groups classified as held for sale 1,134 2,236 -49.3%
Certificated liabilities 9,206 9,209 0.0%
Subordinated liabilities 14,034 13,238 6.0%
Total liabilities 975,417 933,820 4.5%
Shareholders' equity 80,821 74,002 9.2%
Non-controlling interests 3,773 3,363 12.2%
Total equity 84,594 77,364 9.3%
Total liabilities and equity 1,060,012 1,011,185 4.8%

Consolidated Income Statements 2020

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2020
EUR mn
2019
EUR mn
Change
Gross premiums written 82,986 82,919 0.1%
Ceded premiums written -6,752 -5,547 21.7%
Change in unearned premiums (net) -520 -1,458 -64.4%
Premiums earned (net) 75,714 75,914 -0.3%
Interest and similar income 21,395 22,433 -4.6%
Income from financial assets and liabilities carried at fair value through income (net) -69 -1,609 -95.7%
Realized gains/losses (net) 10,256 7,276 41.0%
Fee and commission income 12,049 12,296 -2.0%
Other income 163 158 3.1%
Total income 119,508 116,469 2.6%
Claims and insurance benefits incurred (gross) -61,818 -59,532 3.8%
Claims and insurance benefits incurred (ceded) 4,728 3,681 28.4%
Claims and insurance benefits incurred (net) -57,091 -55,851 2.2%
Change in reserves for insurance and investment contracts (net) -12,976 -13,726 -5.5%
Interest expenses -999 -1,110 -10.0%
Loan loss provisions -15 -2 854.9%
Impairments of investments (net) -5,467 -1,824 199.7%
Investment expenses -1,640 -1,494 9.7%
Acquisition and administrative expenses (net) -26,644 -26,247 1.5%
Fee and commission expenses -4,024 -4,509 -10.7%
Amortization of intangible assets -260 -196 32.5%
Restructuring and integration expenses -788 -426 85.1%
Other expenses -0 -6 -98.9%
Total expenses -109,905 -105,391 4.3%
Income before income taxes 9,604 11,077 -13.3%
Income taxes -2,471 -2,776 -11.0%
Net income 7,133 8,302 -14.1%
Net income attributable to:      
Non-controlling interests 326 387 -15.8%
Shareholders 6,807 7,914 -14.0%

As of March 5, 2021 (release of the Annual Report 2020)

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.