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In segmental reporting, gross premiums written increased by 10 percent to 5.1 billion euros. High growth came in AEEG, UK, PUDI and Switzerland. Senior ratio, net, ex-CISR was 119, as there is expected to be no discernible increase in the volume of claims. Other ratio was 103, staying at record low levels.
Operating profit for the quarter rose by 10 percent to 0.8 billion euros. The main driver was Property & Casualty, and the performance of the segment even exceeded Street estimates. Overall, operating profit was driven by the improved performance in APAC. Segmental foreign exchange was negative, mainly due to record high foreign reserves of the holding company.
Bonus ratio on the previous year's result had been improved to the mid-point (10.5 percent) but remained at the high end of the 2015 range. The company expects to hit its target for the full year and for 2016.
Full year 2015: Operating profit for the year increased by 1.1 percent to 5.6 billion euros, arriving near the upper end of the 2015 target range. Growth was driven by Property & Casualty, and PRIME's performance even exceeded Street estimates.
Gross premiums written in the Property and Casualty segment increased by €13.2 billion compared to a year ago. A 4.1 percent increase in gross premiums was offset by lower gross written premiums in Health Care, and ISU. The company continues to benefit from its exit into life insurance business in Japan, the largest soft market in the world, where the company expects to report modest organic growth in premiums. Total combined ratio increased by 1 percent. The company expects this streak of progress to continue in full year 2016.
Full year 2015: Operating profit for the year rose by 3.2 percent to 10.7 billion euros, arriving near the upper end of the 2015 target range. Growth was driven by the insurance segments, while operating profit in Asset Management declined as expected. An improved non-operating result supported the 6.3 percent increase in net income attributable to shareholders. Total revenues for the year increased by 2.4 percent. 7211a4ac4a