Concordia Insurance: Balance 2021 exceeds all expectations

Photo: Concord

The Concordia management team: Johannes Grale, Henning Mettler, Dr. Stefan Hahnekopf, Wolfgang Glaubitz and Lothar See.

Concordia is more than satisfied with the balance of the past financial year 2021. All the group’s objectives were exceeded. The insurer sees itself on a path to success.

Concordia Versicherungen can look back on a successful financial year 2021. This is the positive conclusion of CEO Dr. Stefan Hanekopf at this year’s Annual General Meeting. The Group was able to increase its premium income by 2.8 percent to EUR 878.2 million. Concordia Versicherungs-Gesellschaft AG once again had a significant share in this and was able to increase premium income from the self-concluded business by three percent to €621.9 million. Instead, the Concordia oeco Leben had to accept a wear of 1.7 per cent. Concordia Krankenversicherung achieved strong sales growth of 11.6 percent.

Once again, all of the company’s internal group targets for growth, profits and costs were exceeded. The Board of Directors thanks the entire staff for the good result. As in previous years, employees share the results. In addition to the standard special payments, you will receive an additional special payment of 0.7 monthly salaries.

Concordia Insurance: Claim Expenses uploaded

Premium income in the direct business of Concordia Versicherungs-Gesellschaft aG increased by three percent to €621.9 million. “It is particularly gratifying that almost all lines of business have contributed to this positive development,” explains Dirk Gronert, member of the board of property and casualty insurance. The main drivers of growth were residential buildings (+6 percent) and other property lines (+7.1 percent). Pleasant growth was also achieved in the areas of motor vehicle liability and comprehensive insurance, with premium increases of +0.8 percent and +2.3 percent.

The group announced that the main factors influencing the claims side were the continued restricted mobility caused by corona, a significant increase in the average claims spend due to delivery bottlenecks and price increases and low freight. of natural hazards of widespread natural hazards compared to The market. The damage caused by the “Bernd” storm represented a loss expense (gross) of 28.7 million euros. All in all, the loss ratio (gross) was 63.9 percent, above the level of the previous year. The combined (net) ratio was still positive at 95.4 percent.

Capital investments: significantly better than internal planning

According to Henning Mettler, director of equity investments, investments performed well despite a challenging market. The portfolio went from 1,302.0 million euros to 1,414.6 million euros. With 36.2 million, the result was above internal planning.

Taking into account the tax expense of twelve million euros, Concordia obtains a net profit of the year of 15 million euros after the 12 million euros of the previous year. According to the statutes, this will be transferred to retained earnings. As a result, the capital stock increased again and reached a rate of 69.1 percent in relation to the registered gross premium. The solvency ratio increased from 376 percent to 397 percent.

Abrasion in Concordia oeco life insurance

According to the company, the current low interest rate environment also affected the business development of Concordia oeco Lebensversicherung. With recorded contributions of €171.4 million, there were 1.7 percent fewer books in 2021 than in the previous year. While single premium business fell by €3.5 million, regular premiums rose slightly by 0.4 percent to €148.1 million. On the other hand, the group reported a significant increase in sales of its “green product line”. Sales figures there were up 23 percent.

The life insurer’s investments also performed positively. The portfolio went from 2,387.6 to 2,458.1 million euros. The company’s solvency ratio also evolved positively. The regulatory solvency ratio increased from 271 percent to 350 percent.

Concordia health insurance: growth of more than eleven percent

Concordia Krankenversicherung was able to further expand its business in 2021. The increase in premium income of 11.6 percent to €84.5 million was well above the industry average. The stability of the portfolio and the sustained good level of new business in the area of ​​people with comprehensive insurance contributed to this renewed positive evolution. The number of people with full insurance increased by 11.1 percent to 17,203. The number of people with supplemental insurance increased 2.4 percent to 108,932.

In the 2021 financial year, 40.1 million euros were paid in services to customers. The insurer emphasizes that around 40 percent of all bills are now sent digitally through the billing app. “The quality of an insurer is reflected in the processing of claims. On average, our clients have the money in their accounts within eight days,” says Johannes Grale, Concordia board member. According to Grale, almost 50 percent of all submissions are refunded within two days thanks to the high degree of automation.

The investment portfolio in health insurance grew by 9.4 percent year-on-year to 442.8 million euros. The solvency ratio is 539 percent after 462 percent the previous year.

Outlook 2022

Against the background of the uncertainties caused by the current corona pandemic, the significant increase in inflation rates and the war in Ukraine and its future effects, which cannot yet be estimated, Concordia Insurance Group expects a growth in insurance premiums. around 3.5 percent by 2022. On the claims side, the Group expects expenses to continue to rise.

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