Munich Re Group Annual Report 2006 (PDF, 1.8

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Munich Re Group Annual Report 2006 Notes_Notes to the consolidated balance sheet – Assets The impairment losses largely result from market value adjustments to the special funds of Victoria Lebensversicherung AG amounting to €18m and of DKV AG amounting to €6m. They are distributed between the different Group segments as follows: In the reinsurance segment, – (€13m) is apportionable to life and health and €1m (46m) to property-casualty; in the primary insurance segment, €44m (252m) is apportionable to life and health and – (€8m) to propertycasualty. The additions under “change in consolidated group” are mainly due to the acquisition of the I . sviçre Group. Of the carrying amount of €4,720m as at 31 December in the financial year, €1,164m (–) concerns investment property classified as “non-current assets held for sale”; cf. (16) “Non-current assets and disposal groups held for sale”. Property pledged as security and other restrictions on title amount to €556m (522m). Expenditures recognised in the carrying amount for assets in the course of construction total €60m (39m) at the balance sheet date, and contractual commitments to acquire property amount to €32m (25m). (4) Investments in affiliated companies and associates The fair value of investments in associates amounted to €1,408m (1,353m) at the balance sheet date. An overview of the most important shareholdings is provided on pages 213. 168 The fair value of investment property at the balance sheet date amounted to €6,287m (7,132m). Of this, €1,714m (–) concerns investment property classified as “non-current assets held for sale”; cf. (16) “Non-current assets and disposal groups held for sale”. The valuation is performed for each site individually as at 31 December 2006 except where valuation units are formed. Calculations are carried out both within the Group and by external valuers. Material for the valuation is determining the sustainability of cash inflows and outflows, taking into account the market conditions at the respective property location. The fair value is determined individually per item by discounting the future cash flow to the valuation date. Depending on the type of property, discount rates of 3.0% to 6.5% are used for residential buildings, of 4.0% to 9.5% for office buildings, and of 4.5% to 10.0% for retail. All figures in €m 31.12.2006 Prev. year Affiliated companies 178 184 Associates 1,125 1,128 Total 1,303 1,312 (5) Loans All figures in €m 31.12.2006 Prev. year Mortgage loans 4,779 4,702 Loans and advance payments on insurance policies 603 587 Other loans 24,146 19,506 Total 29,528 24,795 The fair values of the loans at the balance sheet date amounted to €29,312m (25,666m).
Munich Re Group Annual Report 2006 Notes_Notes to the consolidated balance sheet – Assets Contractual period to maturity Carrying amounts All figures in €m 31.12.2006 Prev. year Up to one year 1,192 1,176 Over one year and up to two years 830 847 Over two years and up to three years 1,190 1,108 Over three years and up to four years 1,025 735 Over four years and up to five years 2,089 1,061 Over five years and up to ten years 11,289 11,331 Over ten years 11,913 8,537 Total 29,528 24,795 (6) Other securities held to maturity Carrying amounts Fair values All figures in €m 31.12.2006 Prev. year 31.12.2006 Prev. year Government bonds 10 13 10 13 Debt securities of banks 242 432 247 451 Total 252 445 257 464 Contractual period to maturity Carrying amounts Fair values All figures in €m 31.12.2006 Prev. year 31.12.2006 Prev. year Up to one year 40 167 40 169 Over one year and up to two years 56 39 58 40 Over two years and up to three years 40 61 41 65 Over three years and up to four years 39 43 40 45 Over four years and up to five years 48 41 48 44 Over five years and up to ten years 29 94 30 101 Total 252 445 257 464 Rating on a fair-value basis All figures in €m 31.12.2006 Prev. year AAA 10 13 AA 29 44 A 146 209 BBB or lower 1 2 No rating 71 196 Total 257 464 The rating categories are based on those of the leading international rating agencies. 169
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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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Quarterly figures Balance sheet 31.
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© 2007 Münchener Rückversicherun
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