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Consolidated Balance Sheet as of December 31, 2021

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Assets
12/31/2021
EUR mn
12/31/2020
EUR mn
Change
Cash and cash equivalents 24,214 22,443 7.9%
Financial assets carried at fair value through income 19,604 21,191 -7.5%
Investments 663,649 656,522 1.1%
Loans and advances to banks and customers 124,079 116,576 6.4%
Financial assets for unit-linked contracts 158,346 137,307 15.3%
Reinsurance assets 56,731 20,170 181.3%
Deferred acquisition costs 23,756 21,830 8.8%
Deferred tax assets 1,910 1,006 89.9%
Other assets 48,264 45,573 5.9%
Non-current assets and assets of disposal groups classified as held for sale 145 1,790 -91.9%
Intangible assets 18,732 15,604 20.0%
Total assets 1,139,429 1,060,012 7.5%

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Liabilities and equity
12/31/2021
EUR mn
12/31/2020
EUR mn
Change
Financial liabilities carried at fair value through income   20,891 24,079 -13.2%
Liabilities to banks and customers 15,468 14,722 5.1%
Unearned premiums 27,501 25,341 8.5%
Reserves for loss and loss adjustment expenses 86,974 80,897 7.5%
Reserves for insurance and investment contracts 632,061 611,096 3.4%
Financial liabilities for unit-linked contracts 158,346 137,307 15.3%
Deferred tax liabilities 5,626 8,595 -34.5%
Other liabilities 86,596 49,005 76.7%
Liabilities of disposal groups classified as held for sale 0 1,134 -100.0%
Certificated liabilities 10,788 9,206 17.2%
Subordinated liabilities 10,956 14,034 -21.9%
Total liabilities 1,055,207 975,417 8.2%
Shareholders' equity 79,952 80,821 -1.1%
Non-controlling interests 4,270 3,773 13.2%
Total equity 84,222 84,594 -0.4%
Total liabilities and equity 1,139,429 1,060,012 7.5%

Consolidated Income Statements 2021

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2021
EUR mn
2020
EUR mn
Change
Gross premiums written 86,063 82,986 3.7%
Ceded premiums written -7,567 -6,752 12.1%
Change in unearned premiums (net) -840 -520 61.7%
Premiums earned (net) 77,656 75,714 2.6%
Interest and similar income 23,137 21,395 8.1%
Income from financial assets and liabilities carried at fair value through income (net) -2,008 -69 2,813.5%
Realized gains/losses (net) 9,432 10,256 -8.1%
Fee and commission income 13,998 12,049 16.2%
Other income 24 163 -85.6%
Total income 122,230 119,508 2.3%
Claims and insurance benefits incurred (gross) -62,926 -61,818 1.8%
Claims and insurance benefits incurred (ceded) 5,804 4,728 22.8%
Claims and insurance benefits incurred (net) -57,121 -57,091 0.1%
Change in reserves for insurance and investment contracts (net) -13,716 -12,976 5.7%
Interest expenses -1,159 -999 16.0%
Loan loss provisions -11 -15 -27.4%
Impairments of investments (net) -1,331 -5,467 -75,7%
Investment expenses -1,962 -1,640 19.7%
Acquisition and administrative expenses (net) -31,422 -26,644 17.9%
Fee and commission expenses -5,000 -4,024 24.2%
Amortization of intangible assets -307 -260 17.9%
Restructuring and integration expenses -666 -788 -15.5%
Other expenses -15 -0 24,164.9%
Total expenses -112,710 -109,905 2.6%
Income before income taxes 9,502 9,604 -0.9%
Income taxes -2,415 -2,471 -2.2%
Net income 7,105 7,133 -0.4%
Net income attributable to:      
Non-controlling interests 495 326 51.7%
Shareholders 6,610 6,807 -2.9%

As of March 4, 2022 (release of the Annual Report 2021)

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.