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 (7) Other securities available for sale Carrying amounts Unrealised gains/losses Amortised cost All figures in €m Fixed-interest securities – Government bonds 31.12.2006 Prev. year 31.12.2006 Prev. year 31.12.2006 Prev. year – Germany 10,576 12,513 5 467 10,571 12,046 – Rest of EU 16,382 17,725 –20 549 16,402 17,176 – USA 5,157 4,671 –27 17 5,184 4,654 – Other 4,784 5,203 368 444 4,416 4,759 – Corporate debt securities 29,713 30,090 322 1,259 29,391 28,831 – Other 30,269 28,904 144 916 30,125 27,988 Non-fixed-interest securities 96,881 99,106 792 3,652 96,089 95,454 – Shares – Investment funds 23,268 22,523 7,992 6,874 15,276 15,649 – Equity funds 1,257 1,089 434 295 823 794 – Bond funds 491 461 16 24 475 437 – Real estate funds 457 361 5 17 452 344 – Other 561 912 48 111 513 801 26,034 25,346 8,495 7,321 17,539 18,025 Total 122,915 124,452 9,287 10,973 113,628 113,479 The corporate debt securities mainly comprise mortgage bonds with a high credit rating. Items pledged as security and other restrictions on title amount to €6,141m. €2,671m (6,166m) of the securities shown are loaned to third parties. Measurement at fair value results in valuation reserves of €9,287m (10,973m) in comparison with amortised costs. Of this – after deduction of provisions for deferred premium Disposal proceeds in the financial year 170 refunds, deferred taxes, minority interests and consolidation effects – unrealised gains and losses of €6,184m (6,036m) have been posted in equity (other reserves). All figures in €m 2006 Prev. year Fixed-interest securities Non-fixed-interest securities 71,578 87,820 – Quoted 23,938 15,882 – Unquoted 823 242 Total 96,339 103,944 Realised gains and losses All figures in €m 2006 Prev. year Gains on disposal 3,397 3,748 Thereof: – Fixed-interest securities 283 850 – Non-fixed-interest securities 3,114 2,898 Losses on disposal 842 403 Thereof: – Fixed-interest securities 444 225 – Non-fixed-interest securities 398 178 Total 2,555 3,345
Munich Re Group Annual Report 2006 Notes_Notes to the consolidated balance sheet – Assets Contractual period to maturity of fixed-interest securities Carrying amounts Amortised cost All figures in €m 31.12.2006 Prev. year 31.12.2006 Prev. year Up to one year 8,122 9,270 8,030 9,231 Over one year and up to two years 7,120 8,905 7,040 8,843 Over two years and up to three years 8,964 9,922 8,706 9,855 Over three years and up to four years 6,580 8,146 6,583 7,988 Over four years and up to five years 7,552 6,742 7,411 6,568 Over five years and up to ten years 31,307 28,564 30,586 27,528 Over ten years 27,236 27,557 27,733 25,441 Total 96,881 99,106 96,089 95,454 Rating of fixed-interest securities on a fair-value basis All figures in €m 31.12.2006 Prev. year AAA 59,122 60,841 AA 18,436 22,917 A 13,860 10,870 BBB 4,100 3,159 Lower 479 397 No rating 884 922 Total 96,881 99,106 The rating categories are based on those of the leading international rating agencies. (8) Other securities held for trading The securities held for trading include fixed-interest securities totalling €836m (900m), non-fixed-interest securities totalling €13m (9m) and derivatives held for trading amounting to €494m (970m). Derivatives are used by Munich Re to hedge against currency, interest-rate and other market-price risks. This is done at the Group Disclosure of derivatives by balance sheet item companies within the framework of individual supervisory regulations and additional internal company directives. The risk of default is practically non-existent in the case of products traded on the stock exchange. Over-the-counter products, on the other hand, harbour a theoretical risk in the amount of the replacement costs. Therefore, in the Munich Re Group, only top-quality counterparties are selected for such transactions. All figures in €m Qualifying for Fair value hedge accounting Balance sheet item 31.12.2006 Prev. year Positive No Yes Investments, other securities held for trading Other assets 494 16 970 66 Negative No Yes Liabilities, other liabilities –238 –128 Total 272 908 171
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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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