Business development in the Central Functions in 2014

The companies in the Central Functions generated EUR 1,289.84 million in premiums written in 2014. This represented a decrease of 1.1% compared to the premium volume in the previous year, and was due to the lower volume of business recorded by VIG Re in the area of indirect life insurance. The Central Functions recorded a loss of EUR 2.24 million in 2014 (2013: EUR -133.31 million). This was a significant improvement over 2013. It must be noted that the result in the previous year was negatively affected by goodwill write-downs and impairment of a trademark, although negative effects were also felt in 2014 from the write-down of Central Point. Central Point is beneficial owner of the insurance software solution using the name SAP Smile. Further details are provided on page 123 of the notes to the consolidated financial statements.