General Reinsurance AG
Financial Results for 2006 of Cologne Re
Kölnische Rückversicherungs-Gesellschaft AG / Final Results Release of an Ad hoc announcement according to § 15 WpHG, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- The Cologne Reinsurance Corporation publishes its financial results for 2006. The consolidated financial statements were prepared on the basis of the International Financial Reporting Standards (IFRS). In the 2006 business year the Cologne Re Group increased net income before taxes to Euro 494.0m (previous year: Euro 438.0m). However, as a consequence of contributions to tax provisions the net result of Euro 246.2m was below the previous year’s result of Euro 275.5m. The underwriting result improved to Euro 146.2m (previous year: Euro 136.4m). This equals a combined ratio of 94.8% (previous year: 95.3%). Once again, life/health as well as property/casualty reinsurance closed with an underwriting profit. The investment income of Euro 355.9m was significantly above the previous year’s amount of Euro 300.7m. Due to currency the investment portfolio including cash and cash equivalents of Euro 8,678.0m was slightly lower than the previous year’s amount of Euro 8,728.0m. The focus of the investments continued to be on high quality fixed income securities. The consolidated shareholders’ equity increased by 7.1% to approximately Euro 1.8bn. The Cologne Reinsurance Corporation closed with a net income of Euro 130.1m (previous year: Euro 142.0m). It will be proposed to the Annual General Meeting to declare a minimum dividend of 4% on subscribed capital, i.e. Euro 2.3m or 11 cents per share as stipulated by law. Furthermore it will be proposed to the Annual General Meeting that the remaining disposable profit be allocated to retained earnings in order to further strengthen the company’s capital base. The Cologne Re’s Annual General Meeting will be held on June 26, 2007. Cologne, April 18, 2007 Kölnische Rückversicherungs-Gesellschaft AG The Management Board Theodor-Heuss-Ring 11 50668 Köln DGAP 18.04.2007 ---------------------------------------------------------------------- Language: English Issuer: Kölnische Rückversicherungs-Gesellschaft AG Theodor-Heuss-Ring 11 50668 Köln Deutschland Phone: 0221-9738-559 Fax: 0221-9738-695 E-mail: abader@genre.com www: www.genre.com ISIN: DE0008422007, DE0008422023 WKN: 842200, 842202 Indices: Listed: Amtlicher Markt in Frankfurt (General Standard), Düsseldorf End of News DGAP News-Service ---------------------------------------------------------------------------
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