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SIGNAL IDUNA Group 2004
Growth in all insurance business areas -
administration costs further on decrease
Dortmund / Hamburg. The SIGNAL IDUNA Group Dortmund / Hamburg increased their total sales results in 2004 by 18 percent, thus achieving a double-digit result again. The group was able to grow in all insurance business areas and achieve a decrease of administration costs. Moreover, the newly-established SIGNAL IDUNA Rückversicherungs AG in Switzerland had a very good start. "We have achieved important goals and were able to significantly increase our market share. We have thus established ourselves among the ten largest German insurance companies", said the Chairman of the Board, Reinhold Schulte at the balance sheet conference 2005 in Dortmund.
The premium income in the insurance business grew by 5.3 percent to a level of EUR 4.5 billion. The gross expenditure for insured events decreased by 0.3 percent. The ratio of administration costs decreased from 6.5 percent to 6.2 percent. In all their cost-cutting measures, the group managed to avoid redundancy for operational reasons. It is a goal that we keep striving for.
The capital investments of SIGNAL IDUNA grew to EUR 34.2 billion last year. Net earnings of EUR 1.5 billion were achieved from capital investments of the insurance companies of the Group, which amounted to EUR 28.6 billion. In 2004 the net yield of 5.2 percent was very satisfactory.
Just like in the previous business years, all companies of the Group waived taking advantage of the options specified in § 341 b of the German Commercial Code. This way, SIGNAL IDUNA still continues to show no hidden expenses.
The largest enterprise of the SIGNAL IDUNA Group, SIGNAL Krankenversicherung a.G., maintained its position as the fourth largest enterprise for private health insurance in Germany in 2004: The company achieved an excellent result, increasing the premium income by 7.2 percent to approximately two billion Euros. More than 1.9 million people are insured with SIGNAL Kranken.
The life-insurance enterprises of the SIGNAL IDUNA Group have developed satisfactory in the context of the reform of retirement provisions: the premium income grew by 3.4 percent to EUR 1.6 billion. The SIGNAL IDUNA pension fund grew strongly again, almost doubling its contract and contribution volume within one year. As of December 31st, 2004 the company had 135,533 contracts with a contribution of over 100 million Euros.
SIGNAL Kranken and IDUNA Leben received from ASSEKURATA rating agency in the sub-category "Security" the top-grade "excellent". The Chairman of the Board Reinhold Schulte said: "This is a clear proof that our clients' money is in good hands at SIGNAL IDUNA."
The composite area of SIGNAL IDUNA achieved a growth of contributions by 4.6 percent, while decreasing expenditure for insured events. The combined ratio was reduced by the composite companies to a level of 97.4 percent.
Also, the affiliated financial companies of the Group, SIGNAL IDUNA Asset Management GmbH founded in 2003, CONRAD HINRICH DONNER BANK AG, HANSAINVEST Hanseatische Investment GmbH and SIGNAL IDUNA Bauspar AG contributed to the growth of the SIGNAL IDUNA Group. Since 2004 clients of the CONRAD HINRICH DONNER BANK AG can use online banking and online financial services.
The group employs 13,750 people. Thus, the number of employees remained constant in comparison with the previous year (13,810 employees). 4,718 agencies operated for the Group in terms of sales.
The Chairman of the Board Reinhold Schulte said: "Traditionally, SIGNAL IDUNA cares a lot about training young people. We have again increased the number of apprentices in comparison to the previous year, namely by 32 to a total of 506."
In the area of insurance, SIGNAL IDUNA has more than 10.6 million clients and contracts.
After the booming years of 2003 and 2004, the new business started rather restrained this year, just as the overall trend in the business was. Still, Mr. Schulte is optimistic with regard to the future growth of the SIGNAL IDUNA Group: "Due to major cuts on behalf of the government in all areas of provision, people have to act for themselves in order to keep their standard. Our companies offer just the right solutions for this situation. We are one of the few financial service providers who can offer insurance, banking products, investment and building society savings from one hand."
SIGNAL Biztosító Rt.
SIGNAL Insurance, Budapest, founded in 1993 grew stronger than the market average in 2004 again. The company achieved a growth of over 13 percent and had a premium income of EUR 38.4 million. Thus SIGNAL Insurance, Budapest was able to establish itself at the eighth place among a total of 28 insurance enterprises in the Hungarian market. A strong decrease of cost and damage ratios as well as capital gains that were significantly higher than the market average contributed to the best result in the still young history of SIGNAL Insurance, Budapest.
SIGNAL IDUNA Polska Towarzystwo Ubezpieczen S.A.
SIGNAL IDUNA Zycie Polska Towarzystwo Ubezpieczen S.A.
The Polish companies of the SIGNAL IDUNA Group continued their development. In the area of non-life insurance, travel insurance experienced a particularly dynamic growth. The premium income reached almost EUR 6 million.
Also, the life insurance company of SIGNAL IDUNA Poland was on the rise in the past business year. Group tariffs for corporate clients contributed to this positive development in particular.
SIGNAL IDUNA Rückversicherungs AG
SIGNAL IDUNA Rückversicherungs AG having its registered office in Zug (Switzerland) has successfully commenced business operations in 2004. Already the first business year brought EUR 30.3 million reinsurance premiums from non group business.
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