The growth winners and losers of the composite insurers

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According to the General Association of the German Insurance Industry eV (GDV), property and casualty insurers increased their premium income in domestic direct business without cyber risk, nuclear and property damage liability insurance by 3.6 percent to 73.2 billion euros in 2019.

The number of contracts grew by 2.5 percent to 323.7 million.

Large spread between winners and losers

The individual member companies sometimes differ widely from the average. This is shown by a collection of figures in the 10 | 2020 issue of Insurance magazine.

According to this, the development of total premiums booked in 2019 differs from plus 156 percent to minus 16 percent compared to the previous year.

At the same time, the number of policies in the portfolio grew by up to 62 percent or decreased by up to 22 percent.

Lifestyle Protection is growing the fastest

The front runner in terms of gross premiums is Lifestyle Protection AG with a growth of 156 percent to 42 million euros. The number of policies in the portfolio of the specialist for simple risk products in the Talanx Group rose by 43 percent to 176,000.

The second strongest growth has R + V Direktversicherung AG (R + V 24) to show. Premiums rose by 37 percent to 116 million euros and the number of policies rose by 29 percent.

Those under the brand also grew in double digits Bavariadirekt acting Ovag Ostdeutsche Versicherung AG, the Ammerländer Versicherung VVaG, the Rheinland Insurance AG and the Adler Insurance AG.

In the insurance magazine the Generali Germany AG with almost 62 percent increase in premiums to 2.6 billion euros and an equally high rate of increase in contracts. Apparently only the previous year’s values ​​of the Aachenmünchener Versicherung AG at that time were taken into account and not the portfolio taken over from the former Generali Versicherung AG. The stated rates of increase are therefore unrealistic.

Allianz Direkt is shrinking the most

The relatively largest decline in premiums to EUR 255 million was recorded by Allianz Direct Versicherungs-AG. “The driver for this is a declining portfolio due to the discontinuation of sales via comparison portals,” the company writes in its Annual report (PDF, 827 KB).

Behind it ranks PB Versicherung AG. It lost 13 percent of the contributions to 19.8 million euros. At the same time, the number of policies rose by one percent. The average premium per insurance contract therefore fell.

It was the other way around, among others Axa easy Versicherung AG. She lost 16 percent of the contracts, but only eight percent of the contributions. Other direct insurers were in reverse DA Deutsche Allgemeine Versicherung AG and Cosmos Insurance AG.

In the Old Leipzig Insurance AG is the 1.8 percent decrease to 375 million euros Annual report (PDF, 552 KB) mainly due to an erosion of premiums in the motor vehicle division. “We have parted ways with most of the automotive business,” explains the company.

Confusing information about Dialog and Provinzial Rheinland

The Dialog Insurance AG stands out with strongly negative numbers. However, the company has only been on the market since October 2019. The previous year’s figures are apparently those of Generali Versicherung AG, from which part of the portfolio was taken over. Dialog is satisfied with the course of business (VersicherungsJournal 23.10.2020).

The Provincial Rhineland Insurance AG is also listed as a loser at the insurance magazine. According to the annual report, however, the company has grown (VersicherungsJournal April 29, 2020).

The overview in the insurance magazine contains numerous other key figures. Accordingly, the companies are also far apart when it comes to profitability. The combined ratio is between 59.5 and 119.1 percent (October 21, 2020), depending on the insurer.

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