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 (14) Deferred tax 31.12.2006 Prev. year * All figures in €m Assets Liabilities Assets Liabilities Losses carried forward and tax credits 1,228 – 2,061 – Intangible assets 11 243 10 259 Investment property 68 221 27 219 Investments (other than property) 1,336 2,199 514 1,751 Technical provisions 2,057 1,381 2,139 1,389 Pension provisions 311 1 291 – Claims equalisation provisions – 3,296 – 2,854 Other 359 815 171 729 Total 5,370 8,156 5,213 7,201 * Adjusted owing to first-time application of IAS 19 (rev. 2004). Of the carrying amount of deferred tax assets totalling €5,370m at 31 December 2006, €16m (–) concerns disposal groups held for sale. Of the carrying amount of deferred tax liabilities totalling €8,156m, €65m (–) relates the such disposal groups; cf. (16) “Non-current assets and disposal groups held for sale”. Development of owner-occupied property 176 (15) Other assets These mainly comprise owner-occupied property totalling €2,534m (2,680m), plant and equipment and inventories totalling €335m (352m), deferred expenses from the conclusion of insurance contracts amounting to €60m (82m), and other deferred items of €82m (175m). All figures in €m 2006 Prev. year Gross carrying amount at 31 Dec. previous year 3,416 824 Accumulated depreciation and accumulated impairment losses at 31 Dec. previous year 736 141 Carrying amount at 31 Dec. previous year 2,680 683 Currency translation differences –10 11 Change in consolidated group 1 –79 Additions 20 67 Disposals 108 2 Impairment losses reversed Depreciation and impairment losses 18 2 – Depreciation 57 54 – Impairment losses 65 87 Reclassification 55 2,139 Carrying amount at 31 Dec. financial year 2,534 2,680 Accumulated amortisation and accumulated impairment losses at 31 Dec. financial year 750 736 Gross carrying amount at 31 Dec. financial year 3,284 3,416 The additions from the change in the consolidated group derive primarily from the acquisition of the I . sviçre Insurance Group. The impairment losses for owner-occupied property are mainly due to market value adjustments at Hamburg-Mannheimer Versicherungs-AG totalling €38m. The impairment losses are distributed between the different Group segments as follows: in the reinsurance segment, €5m (6m) is apportionable to life and health and €10m (20m) to property-casualty; in the primary insurance segment, €40m (58m) is apportionable to life and health and €10m (3m) to property-casualty. Of the carrying amount of €2,534m for “owner-occupied property” at 31 December in the financial year, €66m (–) concerns owner-occupied property classified as “held for sale”; cf. (16) “Non-current assets and disposal groups held for sale”. The fair value of the property at the balance sheet date amounted to €2,790m. Of this, €126m is for owner-occupied property classified as “held for sale”. The expenditures recognised in the carrying amount for assets in the course of construction totalled €7m for property and €11m for plant and equipment at the balance sheet date. Commitments to acquire property totalled €1m at the balance sheet date and commitments to acquire plant and equipment €10m.
Munich Re Group Annual Report 2006 Notes_Notes to the consolidated balance sheet – Assets (16) Non-current assets and disposal groups held for sale At the end of November 2006 – upon conclusion of a bidding process – the Munich Re Group contractually committed to sell both investment and owner-occupied property in Germany with a total book value of €918m. The assets concerned, and the share of the provision for deferred premium refund and the deferred taxes apportionable to them, have been classified in disposal groups as “held for sale”. The items involved are commercial and residential buildings located mainly in large cities but also in medium-sized centres. At the time of classification, no income or expense was recognised because the sale prices less the costs to sell of the items were higher than the Group’s carrying amounts. Subsequent valuation at the balance sheet date did not give rise to any recognised income or expense either. Items for which ownership was transferred before the end of the financial year and which were therefore no longer recognised at the balance sheet date involve investment property amounting to €82m and owner-occupied property totalling €50m. In the segment reporting, the disposal groups are recognised in the segments life and health and property-casualty. In December 2005, ERGO Versicherungsgruppe AG signed agreements with GFKL Financial Services AG under which the latter would A large proportion of the contractually committed items are still recognised in the Group balance sheet at the reporting date, because the transfer of ownership did not or will not take place until the financial year 2007. Besides this transaction, the Munich Re adopted a plan in 2006 to sell its majority stake in the closed-end real estate fund OIK Mediclin. The fund is the owner of 21 hospital properties, which are recognised in the consolidated balance sheet as investment property with a carrying amount of €444m. The active marketing of the stake began in the fourth quarter of 2006. Thereupon, the assets and liabilities of the fund were combined in a disposal group and classified as “held for sale”. Neither the first-time valuation of the disposal group at the date of classification nor its subsequent valuation at the balance sheet date gave rise to any recognised income or expense. Our shares in the fund are expected to be sold in the business year 2007. Balance sheet items relating to disposal groups at the reporting date Assets All figures in €m 31.12.2006 Prev. year * B. Investments I. Land and buildings, including buildings on third-party land Thereof: 4,720 5,798 – Investment property held for sale 1,164 – H. Deferred tax assets Thereof: 5,370 5,213 – Deferred tax assets relating to disposal groups 16 – I. Other assets Thereof: 3,541 3,964 – Owner-occupied property held for sale 66 – Total assets relating to disposal groups 1,246 – Liabilities All figures in €m 31.12.2006 Prev. year * C. Gross technical provisions IV. Other technical provisions Thereof: 10,835 10,534 – Provision for deferred premium refunds relating to disposal groups F. Liabilities –169 – III. Other liabilities Thereof: 10,015 12,288 – Amounts due to banks relating to disposal groups 231 – G. Deferred tax liabilities Thereof: 8,156 7,201 – Deferred tax liabilities relating to disposal groups 65 – Total liabilities relating to disposal groups 127 – * Adjusted owing to first-time application of IAS 19 (rev. 2004). acquire its majority stake in the ADA-HAS Group, an IT systems specialist. The governing bodies and cartel authorities have given the formal approvals still outstanding when the agreements were signed, so that the sale was completed in the first quarter of 2006. 177
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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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