- Gross written premiums: EUR 4,161 million (-1.5%), of which:
- L&H Germany: EUR 2,254 million (-1.0%)
- P&C Germany: EUR 769 million (+2.3%)
- International: EUR 1,137 million (-4.8%)
- Net earned premiums: EUR 4,252 million (-0.2%)
- Net claims and benefits: EUR 4,352 million (+22.5%)
- Net operating expenses: EUR 922 million (-7.8%)
- Investment result: EUR 1,156 million (+68.0%)
- Combined ratio:
- P&C Germany: 92.1% (-2.6 pp.)
- International: 91.8% (-1.5 pp.)
- Consolidated result: EUR 119 million (-31.4%), of which:
- L&H Germany: EUR 8 million (-95.7%)
- P&C Germany: EUR 36 million (3Q2018: EUR (18) million)
- International: EUR 76 million (+415.7%)
A quick look at above figures show that ERGO's profit from the third quarter was impacted by a 95.7% decrease on German Life and Health result. ERGO stated that the company is currently on track to achieve its profit target, of around EUR 400 million for the year 2019.
The ERGO Property and Casualty (P&C) Germany segment generated a profit of EUR 36 million (%) in Q3, driven by a good technical result. ERGO International posted a result of EUR 76 million (%). This was mainly due to a very good operating result; last year's figure was adversely affected in part by losses from the sale of companies outside Germany.
ERGO Life and Health (L&H) Germany contributed a result of EUR 8 million (%) - last year's figure had benefited from positive one-off effects. The same applies to ERGO's operating result of EUR 291 million (%). Adjusted for the previous year's effects, ERGO therefore showed an overall improvement.
The combined ratios in P&C Germany, the figure improved to 92.1% for Q3 (pp.) and 92.0% for Q1-3 (pp.). ERGO International posted a combined ratio of 91.8% for Q3 (pp.) and 94.1% for Q1-3 (pp.).
Overall premium income across all lines totaled EUR 4,344 million in Q3 2019 (%), while the gross premiums written amounted to EUR 4,161 million (%). The slight year-on-year decrease was mainly due to the sale of companies outside Germany; after adjusting for this effect, premium income remained stable.
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