| | 31 December 2023 | 31 December 2022 |
|---|---|---|
| Claims ratio | 77.0% | 75.2% |
| Commission ratio | 12.3% | 14.5% |
| Expense ratio | 6.1% | 6.5% |
| | | |
| Combined ratio | 95.4% | 96.3% |
| | 31 December 2023 | 31 December 2022 |
|---|---|---|
| Property & Casualty (P&C) | 93.6% | 92.5% |
| Disability | 93.5% | 96.7% |
| P&C and Disability | 93.5% | 94.4% |
| Health | 98.9% | 101.2% |
The claims, commission and expense ratios can be calculated based on the following information:
| | 31 December 2023 | 31 December 2022 |
|---|---|---|
| Insurance contract revenue | 5,379 | 4,242 |
| Allocation of reinsurance premiums paid | -122 | -92 |
| Net insurance contract revenue | 5,257 | 4,150 |
| | | |
| Insurance claims and benefits | -4,267 | -3,337 |
| Amounts recoverable from reinsurers | 110 | 75 |
| Adjustment to the insurance claims and benefits | 106 | 141 |
| Adjusted net insurance claims and benefits | -4,050 | -3,122 |
| | | |
| Insurance service operating expenses | -966 | -873 |
| Of which: Incurred commission expenses | -646 | -603 |
| Insurance service operating expenses excluding incurred commission expenses | -320 | -270 |
The definition of Non-life ratios has changed due to the introduction of IFRS 17 Insurance contracts. Comparative figures have been adjusted accordingly.
Similar to IFRS 4, the IFRS 17 Non-life ratio indicates the insurance related profitability of a non-life insurance contract. The measurement of the Non-life ratio changed with the change in accounting regime since the underlying IFRS 4 components are no longer part of the P&L. To measure the Non-life ratio based on the new definition, the insurance service expenses are divided by the insurance contract revenue, including adjustments on the insurance service result in line with the operating result definition (see chapter 7.4.3 and chapter 7.10).
In 2023, adjustments to the insurance claims and benefits (€ 106 million) consist of € 87 million impact of changes of inflation on the Liability for Incurred Claims and € 19 million related to changes to future services on onerous contracts.
In 2022, adjustments to the insurance claims and benefits (€ 141 million) consist of € 93 million impact of the 10% increase of the legal minimum wage, € 25 million impact of changes of inflation on the Liability for Incurred Claims and € 23 million related to changes to future services on onerous contracts.