a) All risks assumed by an insurer or reinsurer in a defined sub-segment (e.g. line of business, country) or in their entirety;
b) Group of investments defined according to specific criteria.


Agreed remuneration for the risks accepted from an insurance company. Unlike the earned premium, the written premium is not deferred.

Present value of future profits (PVFP)

Intangible asset primarily arising from the purchase of life and health insurance companies or portfolios. The present value of expected future profits from the portfolio assumed is capitalised and amortised according to schedule.

Price earnings ratio (PER)

A valuation ratio of a company's share price compared to its per-share earnings.

Primary insurer

cf. → direct insurer


Direct insurer's loss amount stipulated under → non-proportional reinsurance treaties; if this amount is exceeded, the reinsurer becomes liable to pay. The priority may refer to an individual loss, an → accumulation loss or the total of all annual losses.

Probability level

cf. → confidence level

Property and casualty (re-)insurance

By way of distinction from operations in our Life & Health reinsurance business group, we use this umbrella term to cover our business group comprised essentially of property and casualty reinsurance, specialty lines and structured reinsurance products.

Proportional reinsurance

Reinsurance treaties on the basis of which shares in a risk or → portfolio are reinsured under the relevant direct insurer's conditions. → Premium and losses are shared proportionately on a pro-rata basis. This is in contrast to
non-proportional reinsurance.

Protection cover

Protection of segments of an insurer's portfolio against major losses (per risk/per event), primarily on a non-proportional basis.


Liability item as at the balance sheet date to discharge obligations which exist but whose extent and/or due date is/are not known. Technical provisions, for example, are for claims which have already occurred but which have not yet been settled, or have only been partially settled (= provision for outstanding claims, abbreviated to: claims provision).

Provision for unearned premiums (also: unearned premium reserve)

Premium written in a financial year which is to be allocated to the following period on an accrual basis. This item is used to defer the written premium.

Purchase cost, amortised

The cost of acquiring an asset item including all ancillary and incidental purchasing costs; in the case of wasting assets less scheduled and/or special amortisation.