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:
www.rabobank.com and www.interpolis.com