Munich Re Group Annual Report 2006 (PDF, 1.8

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Munich Re Group Annual Report 2006 Notes_Notes to the consolidated income statement (31) Net expenses for claims and benefits The change in the provision for future policy benefits (net) contains €100m (170m) in unrealised gains/losses from unit-linked life insurance. Expenses for claims and benefits include expenses for policyholders’ bonuses. Of this, €1,504m (1,493m) is for the allocation to the provision for premium refunds on the basis of national regulations, €289m (52m) ** for the change in the provision for deferred premium refunds recognised in the income statement, and €387m (202m) for direct crediting. The “other underwriting result” for life primary insurance mainly includes interest on policyholders’ accumulated credit. Expenses for profit commission in reinsurance are shown under operating expenses, not under expenses for claims and benefits. 196 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 Claims and benefits paid Change in technical provisions 5,752 5,331 8,340 8,656 9,538 10,049 2,875 2,791 26,505 26,827 – Provision for future policy benefits 211 574 36 60 1,442 2,439 35 37 1,724 3,110 – Provision for outstanding claims –720 –393 719 3,207 246 91 –81 582 164 3,487 – Provision for deferred premium refunds – –9 1 4 2,152 1,891 23 17 2,176 1,903 Other technical result –2 8 24 16 202 200 5 9 229 233 Gross expenses for claims and benefits Ceded share 5,241 5,511 9,120 11,943 13,580 14,670 2,857 3,436 30,798 35,560 Claims and benefits paid Change in technical provisions 120 252 554 960 61 94 322 209 1,057 1,515 – Provision for future policy benefits 3 83 – – 128 121 – – 131 204 – Provision for outstanding claims 83 18 20 186 –7 2 –153 269 –57 475 – Provision for deferred premium refunds – – – – – – – 1 – 1 Other technical result – – – – – – – 13 – 13 Ceded share of expenses for claims and benefits Net 206 353 574 1,146 182 217 169 492 1,131 2,208 Claims and benefits paid Change in technical provisions 5,632 5,079 7,786 7,696 9,477 9,955 2,553 2,582 25,448 25,312 – Provision for future policy benefits 208 491 36 60 1,314 2,318 35 37 1,593 2,906 – Provision for outstanding claims –803 –411 699 3,021 253 89 72 313 221 3,012 – Provision for deferred premium refunds – –9 1 4 2,152 1,891 23 16 2,176 1,902 Other technical result –2 8 24 16 202 200 5 –4 229 220 Net expenses for claims and benefits 5,035 5,158 8,546 10,797 13,398 14,453 2,688 2,944 29,667 33,352 * After elimination of intra-Group transactions across segments. ** Adjusted owing to first-time application of IAS 19 (rev. 2004).
Munich Re Group Annual Report 2006 Notes_Notes to the consolidated income statement (32) Operating expenses 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 ** Acquisition costs 35 106 83 45 1,235 1,513 1,030 993 2,383 2,657 Administration expenses 261 249 813 787 442 487 639 696 2,155 2,219 Amortisation of acquired insurance portfolios 1 3 – – 15 26 – – 16 29 Reinsurance commission and profit commission 1,791 1,683 2,958 2,989 19 20 11 12 4,779 4,704 Gross operating expenses 2,088 2,041 3,854 3,821 1,711 2,046 1,680 1,701 9,333 9,609 Ceded share of acquisition costs –16 10 –12 1 20 16 – – –8 27 Commission received on ceded business 174 77 273 262 8 25 52 53 507 417 Operating expenses – Ceded share 158 87 261 263 28 41 52 53 499 444 Net operating expenses 1,930 1,954 3,593 3,558 1,683 2,005 1,628 1,648 8,834 9,165 * After elimination of intra-Group transactions across segments. ** Adjusted owing to first-time application of IAS 19 (rev. 2004). (33) Other expenses In addition to foreign currency exchange losses of €1,176m (511m), “other expenses” mainly include expenses for services rendered of €298m (278m), interest and similar expenses of €203m (144m), other write-downs of €119m (70m), and other tax of €22m (32m). They also contain expenses of €78m (101m) for owner-occupied property, some of which is also leased out. Finance costs by financing instrument (34) Finance costs By finance costs we understand all interest and other expenses directly attributable to strategic debt. Debt has a strategic character for us if it does not have an original, direct link with our operative business. All figures in €m 2006 Prev. year Subordinated bonds issued by Munich Re Finance B.V., Amsterdam 239 238 Exchangeable bonds of Munich Reinsurance Company, Munich * – 31 Exchangeable bonds of ERGO International AG, Düsseldorf 16 32 Senior notes of Munich Re America Corporation ** , Princeton 30 30 Bank borrowing of ERGO AG, Düsseldorf 9 31 Bank borrowing of Munich Re America Corporation ** , Princeton 13 13 Other 3 3 Total 310 378 * Redeemed in the second quarter of 2005. ** Formerly American Re Corporation. 197
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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 222 and 223: Glossary / Index of key terms / Imp
Page 236 and 237: Quarterly figures Balance sheet 31.
Page 238: © 2007 Münchener Rückversicherun
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