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 – Equity and liabilities (25) Bonds and notes issued All figures in €m Munich Re America Corporation 31.12.2006 Prev. year * , Princeton 7.45%, US$500m, Senior Notes 1996/2026 ERGO International AG, Düsseldorf 2.25%, €345m, Bonds Exchangeable into E.ON AG Shares 2001/2006 378 423 0.75%, €345m, Bonds Exchangeable into Sanofi-Aventis S.A. Shares 2001/2006 – 674 Total 378 1,097 * Formerly American Re Corporation The fair value of the notes issued by Munich Re American Corporation amounts to €434m (485m) at the balance sheet date. The ratings of the bonds and notes are given on page 101f. ERGO International AG’s bonds exchangeable into E.ON AG shares were redeemed mainly through conversion in the first and third quarters of 2006, whilst its bonds exchangeable into Sanofi-Aventis S.A. shares were redeemed as planned through repayment. (26) Deposits retained on ceded business Deposits retained on ceded business are collateral for technical provisions covering business ceded to reinsurers and retrocessionaires. The changes in deposits retained on ceded business generally derive (27) Other liabilities The accounts payable on primary insurance business mainly contain liabilities towards policyholders resulting from accumulated participation in surplus, premium deposits and insurance contracts without significant risk transfer. Of the amounts due to banks totalling €975m at 31 December 2006, €231m (–) concerns disposal groups held for sale; cf. (16) “Non-current assets and disposal groups held for sale”. The miscellaneous liabilities contain liabilities of €189m (166m) resulting from reinsurance contracts without significant risk transfer. 192 from the changes in the relevant technical provisions covering ceded business. Except for an amount of €23m (21m), the contractual period to maturity of the deposits retained on ceded business is up to 12 months. All figures in €m 31.12.2006 Prev. year Amounts payable on primary insurance business 4,316 4,697 Accounts payable on reinsurance business 2,627 3,194 Amounts due to banks 975 2,126 Miscellaneous liabilities 2,097 2,271 Total 10,015 12,288 Besides this, €210m (172m) of the other liabilities is apportionable to tax liabilities, €6m (37m) to liabilities for social security, and €140m (143m) to liabilities for interest and rent. In the previous year, this item also included €63m for the derivative components of ERGO International AG’s exchangeable bonds, which were redeemed in the financial year. Remaining terms of the other liabilities Carrying amounts All figures in €m 31.12.2006 Prev. year Up to one year 6,992 9,206 Over one year and up to two years 72 180 Over two years and up to three years 384 37 Over three years and up to four years 39 348 Over four years and up to five years 55 99 Over five years and up to ten years 594 449 Over ten years 1,879 1,969 Total 10,015 12,288
Munich Re Group Annual Report 2006 Notes_Notes to the consolidated income statement Notes to the consolidated income statement (28) Premiums Reinsurance Primary insurance Total Life and health Property-casualty Life and health Property-casualty Prev. Prev. Prev. Prev. Prev. All figures in €m * 2006 year 2006 year 2006 year 2006 year 2006 year Gross premiums written 6,914 6,952 13,791 13,699 11,605 12,329 5,126 5,219 37,436 38,199 Change in unearned premiums – Gross –2 –47 –268 –131 6 5 87 121 –177 –52 Gross earned premiums 6,916 6,999 14,059 13,830 11,599 12,324 5,039 5,098 37,613 38,251 Ceded premiums written 387 457 1,040 1,108 169 216 330 297 1,926 2,078 Change in unearned premiums – Ceded share –3 1 30 31 – – – 5 27 37 Earned premiums – Ceded 390 456 1,010 1,077 169 216 330 292 1,899 2,041 Net earned premiums 6,526 6,543 13,049 12,753 11,430 12,108 4,709 4,806 35,714 36,210 * After elimination of intra-Group transactions across segments. Premiums from long-term insurance business, especially in the segments life and health, are recognised in full as earned premiums and income when they become due. In the case of unit-linked business, only those parts of the premium used to cover the risks and associated costs are included. Of the gross premiums written from short-term insurance business, the portions attributable to periods after the balance sheet date are posted as unearned premiums; cf. Note (19). Unearned premiums are reversed, in accordance with the reduction in risk, over the duration of the contracts. 193
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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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Consolidated financial statements a
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Page 238: © 2007 Münchener Rückversicherun
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