The development of business in 2018 was impacted by, among other factors, major loss expenditure in excess of the expected level – albeit considerably lower than the heavy burden incurred in the previous year – and one-time charges resulting from steps taken to improve our US mortality business in life and health reinsurance.
Group net income improved by 10.5% to EUR 1,059.5 million (previous year: EUR 958.6 million) and is thus in line with our guidance of more than EUR 1 billion. This performance was supported by better-than-expected investment income.
Please find below a brief summary of the development of our two business groups – Property & Casualty reinsurance and Life & Health reinsurance – and our investments. More detailed information is to be found in section "Property & Casualty reinsurance".