Munich Re Group Annual Report 2006 (PDF, 1.8

Munich Re Group Annual Report 2006 Notes_Notes to the consolidated balance sheet – Assets
Contractual period to maturity
Amortisation includes accrued interest as well as write-downs. The
impairment losses comprise write-ups and write-downs stemming
from changes in the assumptions underlying the calculations, which
require a retrospective adjustment in the measurement.
Carrying amounts
All figures in €m 31.12.2006 Prev. year *
Up to one year 8,350 9,361
Over one year and up to two years 75 59
Over two years and up to three years 30 7
Over three years and up to four years 317 178
Over four years and up to five years 3 2
Over five years and up to ten years 18 25
Over ten years 32 16
Total 8,825 9,648
* Adjusted owing to first-time application of IAS 19 (rev. 2004).
(13) Deferred acquisition costs
Reinsurance Primary insurance Total
Life and health Property-casualty Life and health Property-casualty
All figures in €m * 31.12.2006 Prev. year 31.12.2006 Prev. year 31.12.2006 Prev. year 31.12.2006 Prev. year 31.12.2006 Prev. year
Gross 1,811 1,873 916 1,068 5,071 4,815 500 466 8,298 8,222
Ceded share 31 15 77 70 –13 5 13 8 108 98
Net 1,780 1,858 839 998 5,084 4,810 487 458 8,190 8,124
* After elimination of intra-Group transactions across segments.
Development of gross deferred acquisition costs
All figures in €m 2006 Prev. year
Status at 31 Dec. previous year 8,222 8,450
Currency translation differences –110 158
Change in consolidated group/Other 59 –464
Newly deferred acquisition costs 1,926 1,122
Changes
– Amortisation –1,861 –980
– Impairment losses 62 –64
Status at 31 Dec. financial year 8,298 8,222
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