content_image/26072.jpg content_image/26073.jpg
_ Total revenues increased 5.3 percent to 42.3 (40.2) billion euros. After adjustment for consolidation and currency effects, revenues grew by 10.9 percent. 

_ The revenues from investment-oriented life insurance products contained therein increased 10.8 percent to 21.6 billion euros. Their share of total revenues was 51.1 percent. 

_ The expense ratio, in relation to total premium income, improved significantly to 7.9 (10.0) percent. _ Investment income grew 31.2 percent to 9.8 billion euros. 

_ A change in the tax law resulted in an income tax charge amounting to 428 million euros for German life and health insurers. 

_ Net income fell to – 48 (19) million euros. 

## Earnings after taxes 

<img src='content_image/26072.jpg'>

## Investments 

<img src='content_image/26073.jpg'>

