Db life

from Wikipedia, the free encyclopedia
db life
legal form Corporation
founding September 1, 1989
resolution January 1, 1995
Reason for dissolution Merger with Deutscher Herold
Seat Wiesbaden
Branch Insurance

The Life Insurance AG, Deutsche Bank , often with db-life abbreviated, was a German life insurance companies . The subsidiary of Deutsche Bank existed from September 1, 1989 and merged with the Deutsche Herold in 1995 with retroactive effect from January 1 .

History and background

At the end of the 1980s, the first rumors arose about the establishment of a life insurance company of Deutsche Bank, which changed from the then prevailing trend towards an all-finance group . If the bank had founded its own building society in 1987 , rumors grew and in March 1988 the name of the former Allianz board member Peter Gessner was named as a player. Under the guise of his company GFM Gesellschaft für Finanzmarketing mbH , in which Deutsche Bank had joined as a partner, the project, which had been started in May 1987 and was led by actuary Michael Renz , who had been poached by Condor , was pushed forward.

With a board resolution on December 14, 1988, the founding of the life insurance company was finally initiated and, less than a year later, Deutsche Bank's life insurance company started operations on September 1, 1989. Johann Wieland , previously responsible for the group development department and thus the entry into the insurance sector, became the first chairman of the board. In addition to Renz, he was supported by Sven-Michael Slottko and Martin Wagener as other board members.

The db-Leben came up with an innovation by responding to the criticism of the lack of transparency in the life insurance industry with annual account statements on which the policyholder can split his contribution in terms of the savings component, the component for risk protection and the component for administrative costs and the repayment of the Was able to see closing commission. In particular, the industry-standard zillmerisation of 3.5 percent of the insured sum was waived and, in addition to a repayment installment that was lower at the beginning of the term due to a partial zillmerization compared to the industry, the repayment of the commission was distributed over the contract period, which was shown annually in the account statement. In terms of sales, the bank advisors in the bank's branches were used. The company also wanted to counter the criticism of high administrative costs by using savings with a specially developed IT solution for this purpose, for which solutions from IBM and SAP were only used in subsystems , and optical data storage of publishing documents.

In 1990, the first full financial year of db-Leben, the company concluded 71,000 insurance contracts, with the gross premiums written amounting to DM 143.5 million and a total interest rate of 8 percent on the insurance assets . While the insurance company continued to grow, Deutsche Bank acquired a 30 percent stake in the Gerling Group in 1992 and also acquired a stake in the previous family business, Deutscher Herold, with particular interest in its sales subsidiary Bonnfinanz . In 1993, the stake in Deutsche Herold was increased from 56% to over 65% through the purchase of the shares in Swiss Re , and Deutsche Herold was transformed into a holding company for the insurance business of the Deutsche Bank Group, but the Herold merged with db-Leben negated at the time. On June 30th of that year db-Leben was sold to the Herold, at the same time the Deutsche Bank announced that it wanted to take over the Deutsche Herold completely. On August 31, 1995, Deutsche Herold and db-Leben were merged with retroactive effect from January 1 of that year. The new company traded under the name Deutscher Herold Lebensversicherungs-AG of Deutsche Bank and ranked fifth with premium income of 3.3 billion DM - just under 1 billion DM from db-Leben and 2.4 billion DM from Deutsche Herold the life insurers in Germany.

Individual evidence

  1. ↑ Rita Lansch in the Handelsblatt of March 18, 1988: "DEUTSCHE BANK / Bausparkasse sales force should also sell other products. Insurance industry expects the establishment of a life insurance. "
  2. ↑ a b c manager magazin from September 1, 1989: "A case for life artists"
  3. ↑ Handelsblatt of April 18, 1991: “DB-LEBEN. Full steam ahead from the start "
  4. ↑ Handelsblatt dated September 2, 1992: "DEUTSCHE BANK / participation in Herold Group. In addition to insurance, sales are also purchased "
  5. ↑ Handelsblatt dated March 11, 1993: “DEUTSCHE BANK. Herald package increased. "
  6. ↑ Handelsblatt dated June 15, 1993: “DEUTSCHER HEROLD / Cooperation is being intensified. Deutsche Bank continues to increase its stake. "
  7. ↑ a b Handelsblatt dated September 1, 1995: “DEUTSCHER HEROLD / Deutsche Bank emerges. Life insurers go together. "