Personal insurance

Comprised of life, health and casualty insurance.


Agreed fee paid in exchange for assumption of risk by an insurance company.

Premiums written

Direct business premiums written are comprised of set premiums, not including premium or fire service taxes, plus policyholder collateral payments, reduced by premiums cancelled during the fiscal year. In indirect business, the premiums written correspond to the premiums that the ceding insurer has indicated for offset. In co-insurance business, the premiums written by each co-insurer correspond to the share of premiums allotted to it.

Present value

Current value of a cash amount to be received in the future, calculated by discounting with a known discount rate.

Price-earnings ratio

A financial ratio for evaluating shares. The price-earnings ratio (P/E ratio) shows the price of the share in relation to the earnings per share in a comparative period or future period. If the comparative period is defined as one year, the price-earnings ratio is the end-of-year price divided by the earnings per share for the year.

Profit participation

See profit-related premium refunds.

Profit-related premium refunds

The policyholder's profit participation in the profit of the insurance class in question (life / health / property and casualty).

Profit-unrelated premium refunds

Contractually accorded refund of premiums to the policyholder.

Provision for unearned premiums

The portion of premiums written that were specified for the period following the annual financial statement reporting date and are therefore not included in the income for the financial year. These premiums are used to cover obligations arising after the balance sheet reporting date.