Higher income from services
All in One Policy
Business Compact Policy
Results
Key figures - insurance
46 Rabobank Group Annual Report 2003
Income from services, mainly in the fields of pensions and occupational
health and safety (absenteeism management, health and safety services
and reintegration) increased by 15% in 2003 to EUR 279 million. Income
from pensions showed a particularly strong increase.
The All in One Policy, introduced by Interpolis in 1997, enables clients to
insure against losses in the categories traffic, home, third-party liability,
legal assistance and recreation within a single policy. The premium
discount increases in line with the number of categories insured. At the
end of 2003, Interpolis had written more than 1.1 million All in One
Policies.The total non-life premiums from private individuals, the greater
part of which related to All in One Policies, amounted to EUR 571 million,
up 14% on 2002.
The Business Compact Policy is to small and medium-sized businesses
what the All in One Policy is to private individuals. During 2003, the
number of Business Compact Policy taken out passed the 200,000 mark;
at the end of 2003, the number of policies written was more than
204,000, up 7%.The average number of objects insured per policy
increased from 5.6 to 6.0. Premium income rose by 7% to EUR 432 million.
After the difficult year in 2002, Interpolis' results improved sharply in 2003.
Operating profit doubled to EUR 174 million, mainly thanks to the
improved result on ordinary activities (excluding investment results).
In addition, the market value of Interpolis' share portfolio increased
sharply in 2003. As a result, part of the value adjustments to financial
fixed assets recorded last year could be reversed. A few business units
produced disappointing results however. The results of People Work,
for example, were lower than expected.The merger of various units into
a single business, political measures and falling figures for absenteeism
due to illness resulted in higher costs and lower income. A reorganisation
has meanwhile been started in order to bring expenses more into line
with the level of activities.The results of the Corporate Non-life unit
remained negative but showed a marked improvement on the
disappointing year 2002. A more individual approach and better
segmentation should help to improve results.
www.rabobank.com and www.interpolis.com
(in EUR millions)
2003
2002
change
Insurance premium
3,893
3,661
6%
Non-life gross premiums
- Life
2,436
2,161
13%
in EUR millions
- Non-life
- Reinsurance
1,278
179
1,192
308
7%
-42%
600
Income from services
279
Operating profit
174
242
77
15%
126%
