Press release 24 May 2012
2011 was a truly successful year for life insurance company VORSORGE Lebensversicherung. The specialist insurer for unit-linked policies within the ERGO Insurance Group saw a significant increase in its figures for both new and existing business. Premiums rose to above 500 million euros for the first time. In 2012, VORSORGE hopes to continue this growth trend on the basis of transparency and high-performance services.
In the 2011 financial year, VORSORGE Lebensversicherung AG, together with its subsidiary VORSORGE Luxemburg Lebensversicherung S.A, managed some 385,000 (371,000 ) contracts with premiums totalling 555 (430) million euros. “The VORSORGE companies have managed to increase their premium volume by 29.1 percent on the previous year. This is a remarkable achievement and proof of the confidence which our customers and sales partners place in us”, stated Frank Wittholt, member of the Board of Management of VORSORGE Lebensversicherung AG.
Strong business links with banking partners
Cumulated new business of both companies stood at 225 (118) million euros, almost twice that of the previous year. This encouraging increase was largely due to investment-type single-premium product developed jointly by VORSORGE and HypoVereinsbank. “This success proves that the decision to focus more on business with banking partners was the right one”, said Dr. Andreas Jahn, member of the Board of Management of VORSORGE Lebensversicherung AG.
Success in all business segments
The insurance portfolio of VORSORGE’s German business also grew last year. The number of contracts rose to 149,500 (141,000), an increase of 6 percent. Including TPA business, VORSORGE AG was able to increase its portfolio by 6.3 percent to 301,000 contracts (283,000). TPA stands for third-party administration, i.e. administrative services provided to other primary insurers. Gross premiums written for direct business rose by 7.7 percent to 186 (172) million euros. Regular premiums amounted to 170 (158) million euros, while single-premium business stood at 16 (14) million euros. Together with TPA business, VORSORGE managed contracts with premiums written totalling 357 (326) million euros. This represented a marked increase of 9.6 percent on the previous financial year. The administration expense ratio, at 2.52 percent, was the same as in the previous year, while the acquisition expense ratio stood at 3.85 percent.
Retirement products - a growth market
Consumers are becoming increasingly aware of the need to make provision for old age, and VORSORGE will benefit from this trend. “Unit-linked polices offer many configurations for personal retirement plans. Our customers are able to gear their contracts entirely to their individual needs, be it in terms of the tariff they choose or in determining the right investment strategy”, stated Frank Wittholt, stressing VORSORGE’s expertise in the field of unit-linked provision products.
The annual reports of VORSORGE Lebensversicherung AG and VORSORGE Luxemburg Lebensversicherung S.A. can be downloaded in German from www.vorsorge-leben.de and www.vorsorge-leben.lu under the menu option “Unternehmen”.
Annual report 2011 VORSORGE Lebensversicherung AG - PDF file (German version)
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VORSORGE is a specialist insurer for custom-made development and administration of innovative unit-linked products for old-age provision. They are sold under the VORSORGE brand or as so-called white label products by other ERGO brands and third-party insurers and sales organisations. With individual software solutions, VORSORGE deals with administration and customer service. In addition to all options of corporate pension schemes, the brand also offers lifelong working time accounts to employers. Together with its subsidiary VORSORGE Luxemburg, the company managed about 385.000 contracts in 2011 with a premium volume of 555 million euros.
VORSORGE is a member of the ERGO Insurance Group and thus part of Munich Re, one of the world's leading reinsurers and risk carriers.
More at www.vorsorge-leben.de
This press release contains forward-looking statements that are based on current assumptions and forecasts of the management of VORSORGE. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forwardlooking statements or to conform them to future events or developments.