Package policies successful Higher income from services Results Decline in gross profit Share portfolio value development 38 Rabobank Group Annual Report 2002 This is partly the result of specific advertising campaigns in co operation with the local Rabobanks. In 2002, total premium income Key figures - Insurance from the life insurance business amounted to EUR 2,404 million, (in EUR millions) 2002 2001 change down 15%. Insurance premium income 3,660 3,926 -7% - Non-life 1,256 1,093 15% - Life 2,404 2,833 -15% Income from non-life insurance activities rose by 15% in 2002 to EUR 1,256 million. Part of the increase is due to growth of the num Income from services 242 223 9% ber of package policies. The average number of categories insured per policy likewise rose. Gross profit 77 201 -62% FTEs 5,215 4,788 9% Income from services in the fields of pensions and occupational health and safety (absenteeism management, health and safety services and reintegration) increased by 9% in 2002 to EUR 242 million. Occupational health and safety showed a particularly strong increase. Gross profit declined by 62% to EUR 77 million in 2002. Lower investment returns and significantly higher non-life charges are the main contributors to this decline. The agricultural sector in particu lar was hit hard by the storm of October 2002. Interpolis is the mar ket leader in this sector. At end 2002, the market value of Interpolis' share portfolio was lower than the purchase price as a result of the strong decline in share prices. The difference was charged to income. An amount of EUR 192 million was included in Value adjustments to financial fixed assets. More about insurance? Go to: and

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Annual Reports Rabobank | 2002 | | pagina 40