This was reflected in 4.3 percent growth in the investment portfolio to €923bn (prior year: €885bn). In addition, there were in the region of €102bn (prior year: €96bn or +5.9%) in investments for unit-linked policies.
“The successful and sustained development of this capital forms the basis of adequate provisions for the next generation,” says Peter Schwark, Member of the GDV Management Board with responsibility for retirement provision and securing future commitments. “Capital reserves are the only way to prefinance the demands of tomorrow’s pensioners.”
At the end of 2016, there were 89.3 million contracts with life insurers, pension schemes and pension funds. Pension insurance accounts for a significant portion of this total with approximately 40 million contracts. “This shows that the insurance industry makes a major contribution to expanding supplementary pension provision,” asserts Schwark.
Premium income generated by life insurers, pension schemes and pension funds remained at an extremely high level in 2016 (€90.8bn). Single premiums account for €26.4bn of that total. Regular premiums were slightly down by 0.3 percent. Paid benefits were up by 7.1 percent to €88.9bn. That works out at over €244m worth of payments every day by life insurers to their clients in 2016.