6.9 Contract deposits (liabilities)

The contract deposits on the liabilities side increased by EUR 832.7 million in the year under review from EUR 4,634.9 million to EUR 5,467.6 million. The contract deposits item on the liabilities side encompasses balances deriving from non-traditional life insurance contracts that are to be carried as liabilities. The rise was due principally to growth in new business in the area of life reinsurance.

For further details of the recognition of contract deposits please see our explanatory remarks in Section 3.2 “Summary of major accounting policies”.