Munich Re Group Annual Report 2006 (PDF, 1.8

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Consolidated financial statements and notes / Affiliated companies / Auditor’s report Consolidated financial statements Making our underwriting profitable and managing our processes with expertise and a constant view to optimisation – these are key to our success.
Munich Re Group Annual Report 2006 Consolidated financial statements and notes Consolidated financial statements Consolidated balance sheet 142 Consolidated income statement 144 Statement of recognised income and expense 145 Group statement of changes in equity 146 Consolidated cash flow statement 147 Segment reporting 148 – Segment assets 148 – Segment equity and liabilities 150 – Segment income statement 152 – Investments 154 – Gross premiums written 155 Notes to the consolidated financial statements Application of International Financial Reporting Standards (IFRSs) 156 Declaration of conformity with the German Code of Corporate Governance as per Section 161 of the German Stock Companies Act 156 Figures for previous years 156 Consolidation 156 Recognition and measurement 157 Changes in accounting policies 157 Standards or changes in standards not yet entered into force 158 Assets (A) Intangible assets 159 (B) Investments (C) Investments for the benefit of life insurance policyholders 159 who bear the investment risk 160 (D) Ceded share of technical provisions 160 (E) Receivables 160 (F) Cash at bank, cheques and cash in hand 160 (G) Deferred acquisition costs 160 (H) Deferred tax assets 160 (I) Other assets 161 Equity and liabilities (A) Equity 161 (B) Subordinated liabilities 161 (C) Gross technical provisions (D) Gross technical provisions for life insurance policies 161 where the investment risk is borne by the policyholders 163 (E) Other accrued liabilities 163 (F) Liabilities 163 (G) Deferred tax liabilities 163 Foreign currency translation 164 Notes to the consolidated balance sheet – Assets (1) Goodwill 165 (2) Other intangible assets 167 (3) Land and buildings, including buildings on third-party land 167 (4) Investments in affiliated companies and associates 168 (5) Loans 168 (6) Other securities held to maturity 169 (7) Other securities available for sale 170 (8) Other securities held for trading 171 (9) Deposits retained on assumed reinsurance 173 (10) Other investments 174 (11) Ceded share of technical provisions 174 (12) Receivables 174 (13) Deferred acquisition costs 175 (14) Deferred tax 176 (15) Other assets 176 (16) Non-current assets and disposal groups held for sale 177 Notes to the consolidated balance sheet – Equity and liabilities (17) Equity 178 (18) Subordinated liabilities 180 (19) Unearned premiums 180 (20) Provision for future policy benefits 181 (21) Provision for outstanding claims 182 (22) Other technical provisions (23) Gross technical provisions for life insurance policies 186 where the investment risk is borne by the policyholders 187 (24) Other accrued liabilities 187 (25) Bonds and notes issued 192 (26) Deposits retained on ceded business 192 (27) Other liabilities 192 Notes to the consolidated income statement (28) Premiums 193 (29) Investment result 194 (30) Other income 195 (31) Net expenses for claims and benefits 196 (32) Operating expenses 197 (33) Other expenses 197 (34) Finance costs 197 (35) Taxes on income 198 Disclosures on the uncertainties of future cash flows from insurance contracts (36) Risks from insurance contracts in the life and health segment 200 (37) Risks from insurance contracts in the property-casualty segment 203 (38) Risks from reinsurance and retrocessions 206 Other information (39) Parent 207 (40) Related parties 207 (41) Personnel expenses 207 (42) Long-term incentive plans 207 (43) Remuneration report 209 (44) Employee share-ownership programmes 209 (45) Number of staff 210 (46) Auditor’s fees 210 (47) Contingent liabilities, other financial commitments 210 (48) Leasing 211 (49) Events after the balance sheet date 211 (50) Earnings per share 211 (51) Proposal for appropriation of profit 212 Affiliated companies, participating interests and other shareholdings 213 Auditor’s report 216 141 Financial statements
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Munich Re Group Annual Report 2006
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The Munich Re Group Our operations
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Munich Re Group in 2006 Tireless an
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Notable events in 2006 / Letter to
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Munich Re Group / Parameters / Busi
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Glossary / Index of key terms / Imp
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Quarterly figures Balance sheet 31.
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© 2007 Münchener Rückversicherun
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