17.06.2009
Annual Report Press Conference 2009
“Although the collapse of global financial markets has affected us as well, the ARAG Group has demonstrated its strength over the course of the crisis,” noted Dr. Paul-Otto Faßbender, Chairman of the ARAG Board of Management, with regard to developments during business year 2008 at the presentation of the Group’s annual financial statements. In spite of the recession, the family enterprise recorded a 1.4 percent gain in premium revenue from € 1.34 billion to € 1.36 billion. Thanks to consistent pursuit of its conservative business policy, ARAG has maintained a solid position in the insurance business. Underwriting earnings rose by a substantial 30.1 percent from € 48.5 million to € 63.1 million. On the basis of these very good results, the Group increased its risk reserves and wrote off € 90.8 million on securities. Income from normal business activity declined accordingly from € 60.2 million to € 22.0 million. “The shareholders consider the earnings situation acceptable. Thanks largely to our very good underwriting earnings, the Group can continue to act with confidence even during the financial crisis,” explained Dr. Paul-Otto Faßbender.